The total crypto market capitalization dropped dramatically during the week, reaching its lowest level in five weeks at $2.34 trillion. This decline affected almost all top coins, with Bitcoin dropping by over 2.7% during the week. Some analysts suggested that the large sale of Bitcoin by the German government caused the crypto market downturn.
Despite the market struggling significantly over the week, there is also some optimism. The world’s 14th richest man, Michael Dell, founder and CEO of Dell Technologies, has generated excitement with a message suggesting that his company might explore Bitcoin as a possible investment, following the likes of MicroStrategy. Additionally, the SEC dropped its investigation against Ethereum.
To keep you up-to-date with the latest in the crypto world, we have compiled the top cryptocurrency stories of the past week. In this summary, we cover six key developments you might have missed, encompassing both the highs and lows in the ever-evolving crypto market.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (June 16-22, 2024)
● SEC Ends Ethereum Probe, Consensys Says Fight Continues
● Kraken Recovers $3M in Missing Funds After Bug Bounty Dispute
● Winklevoss Twins Donate $2M to Trump, Claim Biden Attacks Crypto
● Standard Chartered Eyes Bitcoin and Ether Trading Desk
● Bitcoin Mining Heats Finnish Town in Innovative Energy Project
● MicroStrategy Secures $800M to Acquire More Bitcoin
SEC Ends Ethereum Probe, Consensys Says Fight Continues
The U.S. SEC is ending its investigation into whether Ether is a security, according to a June 19 post by Ethereum developer Consensys. The SEC's enforcement division notified Consensys that it won't charge Ethereum transactions as securities violations, a win for the Ethereum community.
This follows Consensys' June 7 letter requesting the probe's end after the SEC approved spot Ether ETFs, suggesting ETH is a commodity. However, Consensys' lawsuit against the SEC over its stance on ETH remains active.
Kraken Recovers $3M in Missing Funds After Bug Bounty Dispute
Cryptocurrency exchange Kraken has successfully recovered nearly $3 million in stolen digital assets following a contentious bug bounty incident. On June 9, a security researcher later revealed that blockchain security firm CertiK exploited a vulnerability to withdraw the funds.
Kraken accused CertiK of extortion, claiming the firm demanded a reward and a call with their business development team. CertiK defended its actions, stating the large withdrawal was to test Kraken’s security limits. Kraken’s Chief Security Officer Nicholas Percoco confirmed the funds' return on June 20.
Winklevoss Twins Donate $2M to Trump, Claim Biden Attacks Crypto
Gemini co-founders Cameron and Tyler Winklevoss have pledged $2 million in Bitcoin to Donald Trump's reelection campaign, labelling him the "pro-crypto" choice. They accused President Biden of waging a "war on crypto" through actions like the SEC's enforcement against crypto firms.
The twins' support for Trump contrasts with Biden's regulatory approach, which they argue targets the crypto industry. Despite Trump's legal issues, the Winklevoss brothers remain steadfast in their endorsement, urging the crypto community to back Trump.
Standard Chartered Eyes Bitcoin and Ether Trading Desk
Standard Chartered may soon launch a Bitcoin and Ether trading desk, making it one of the first global banks to enter spot crypto trading. According to Bloomberg, the desk could operate under the bank’s FX trading unit in London.
While the bank hasn't confirmed the move, it acknowledged client demand for crypto trading. The crypto community is optimistic, viewing this as a significant step towards mainstream acceptance. Goldman Sachs also reported increased client interest in crypto assets, highlighting a growing trend among institutional investors.
Bitcoin Mining Heats Finnish Town in Innovative Energy Project
Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has initiated a 2-megawatt pilot project in Finland’s Satakunte region. The project will use excess heat from Bitcoin mining to warm homes for 11,000 residents.
This project, announced on June 20, employs district heating, where centrally heated water is distributed through underground pipes. This innovative approach offers a potential new revenue stream for Bitcoin miners, especially as block rewards are set to halve in 2024, reducing their profitability.
MicroStrategy Secures $800M to Acquire More Bitcoin
MicroStrategy has completed an $800 million convertible note offering to purchase additional Bitcoin for general corporate purposes. The company announced on June 20 that it sold 2.25% convertible senior notes due 2032. This raised about $786 million after expenses. With these funds, MicroStrategy bought 11,931 Bitcoin at approximately $65,883 per BTC, bringing its total holdings to 226,331 BTC. Since 2020, MicroStrategy has made Bitcoin its primary reserve currency, investing heavily despite reporting significant losses in early 2024.
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