Welcome to this week's crypto recap! It's been an eventful week in the global crypto market, with a series of interesting updates from multiple high-profile lawsuits.
It's good news for #Bitcoin enthusiasts, as the coin saw a surge in price, hitting over $39,000 - a level last seen in May 2022. The price hike was fueled by the Federal Reserve's latest commentary on inflation, which created excitement in the market. 
Additionally, MicroStrategy's announcement of a whopping $600 million $BTC purchase further supported the surge. This purchase comes ahead of the potential approval of all Bitcoin exchange-traded fund (ETF) applications by the U.S. Securities and Exchange Commission.
What are the top news stories you might have missed this week?
Let's dive in!
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 (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (NOVEMBER 19–NOVEMBER 25, 2023)
●      SEC Accelerates Public Input on Crypto ETFs, Fuels Speculation for January Approvals
●      #Celsius Enables Withdrawals for Eligible Crypto Holders Amid Bankruptcy Proceedings
●      KyberSwap Hacker Demands Control Over Kyber Company in Return for Stolen Funds
●      #FTX Granted Approval to Sell $873M of Assets for Creditor Repayment
●      #Genesis and DCG Reach Repayment Agreement, Potentially Ending $620M Lawsuit
●      #CZBinance Steps Down as Binance US Chairman; Investors Sue Ronaldo Over Binance Ties
SEC Accelerates Public Input on Crypto ETFs, Fuels Speculation for January Approvals
The Gary Gensler-led U.S. Securities and Exchange Commission (SEC) has opened a public comment period for Franklin Templeton and Hashdex's Bitcoin ETFs, hinting at a potential accelerated approval process by January 10, 2024. This unexpected development follows the SEC's initiation of a 21-day comment period for Fidelity's Ethereum ETF proposal, reinforcing speculation of a broader regulatory shift towards approving both Bitcoin and Ethereum ETFs simultaneously. 
As public interest grows, the SEC seeks feedback on market manipulation concerns, pricing mechanisms, and liquidity issues on associated exchanges. Bitcoin ($BTC ) and Ethereum ($ETH ) respond positively, hitting new 2023 highs.
Celsius Enables Withdrawals for Eligible Crypto Holders Amid Bankruptcy Proceedings
Celsius, the bankrupt cryptocurrency lending platform, has announced that eligible participants can now withdraw 72.5% of their cryptocurrency holdings, minus transaction fees. This development comes as a crucial step forward for the company and its clients, who have been facing financial instability and legal issues. 
The withdrawals are available to participants falling under specific custody claims, with a withdrawal deadline set for February 28, 2024. The platform has been navigating bankruptcy proceedings and legal challenges while also planning to transition its core business to Bitcoin mining.
KyberSwap Hacker Demands Control Over Kyber Company in Return for Stolen Funds
The hacker responsible for the $46 million KyberSwap exploit has outlined their conditions for returning the stolen funds. The demands, as seen in an on-chain message on Etherscan, include complete executive control over the Kyber company, ownership of its governance mechanism, and all company assets. 
In exchange, the hacker promises to buy out executives, double employee salaries, and provide severance packages. Token holders and investors would also benefit from the transition. Liquidity providers would receive rebates for losses incurred. The hacker sets a deadline of December 10 for the Kyber team to meet their demands, threatening to void the treaty otherwise.
FTX Granted Approval to Sell $873M of Assets for Creditor Repayment
Bankrupt crypto exchange FTX has received court approval to sell approximately $873 million worth of trust assets. The proceeds will be used to repay creditors affected by the exchange's collapse. The assets, sourced from FTX's stakes in trusts issued by Grayscale Investments and Bitwise, include the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE). 
FTX's administrators have been working to recover assets since the collapse, with around $7 billion recovered so far. Meanwhile, FTX's founder, Sam Bankman-Fried, awaits sentencing after being convicted on fraud-related charges.
Genesis and DCG Reach Repayment Agreement, Potentially Ending $620M Lawsuit
Crypto lender Genesis and its parent company, Digital Currency Group (DCG), have reached a repayment agreementthat could bring an end to a $620 million lawsuit. According to the deal, #DCG will repay Genesis's outstanding $324.5 million in loans by April 2024, with Genesis able to pursue any unpaid amounts. The agreement aims to avoid the costs and resources associated with litigation. 
This development is part of Genesis's plan to repay creditors, pending a vote from creditors and a decision from Judge Sean Lean. Genesis has also filed a lawsuit against crypto exchange Gemini for nearly $670 million in transfers.
CZ Steps Down as Binance US Chairman; Ronaldo Sued Over Binance Ties
The world's leading cryptocurrency exchange, Binance, continues to struggle in the midst of legal difficulties. Its former CEO, Changpeng Zhao (CZ), has pleaded guilty to violating the Bank Secrecy Act. CZ, who is stepping down and facing a $150 million penalty, may not leave the United States until 2024. 
On November 28, 2023, Binance US, the American branch of the global cryptocurrency exchange, also announced that Changpeng Zhao is stepping down as chairman of the board of directors. Meanwhile, the exchange assures customers that operations will proceed as usual despite CZ's departure and legal issues.
Simultaneously, soccer star Cristiano Ronaldo faces a lawsuit for promoting Binance's NFTs, accused of involving unregistered securities.
NEWS FROM MELEGA ECOSYSTEM
1.   Lone Coin (LONE) Listed on MelegaSwap Farm & Pool
LoneCoin is a meme token coin based on the Lone Ranger and the Lone Wolf. It incorporates traits of the ranger's honesty and integrity and the wolf's power and strength.
2.   MelegaSwap Doubles PEPBURN, Giving Users More Opportunities to Earn Tokens
MelegaSwap has doubled its PEPBURN rate. This means users can earn twice as many PEP tokens for staking and providing liquidity to the MelegaSwap exchange.
The increased PEPBURN rate is a significant boost for Melega users, as it will make it easier for them to accumulate tokens. Long-term investors can use the increased PEPBURN rate to compound their earnings over time.
3.   Melega Launches the $PEPEBURN DEX Wars Competition
The $PEPEBURN DEX Wars Competition is now open between MelegaSwap and PancakeSwap! This is your chance to win from the 10,000 $PEPEBURN prize pool.
The top three biggest buyers for each DEX will receive rewards:
●      First place: 2,000 PEPEBURN
●      Second place: 1,000 PEPEBURN
●      Third place: 500 PEPEBURN
To learn more, visit the competition announcement.
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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

This week, the crypto market faced significant losses, with Bitcoin falling below $60,000, its lowest point in weeks.BTC declined from a weekly high of $70,000 to around $59,000, following the US government's transfer of over $2 billion in Bitcoin.
In related news, more than 2,200 letters were sent to US senators in 48 hours, urging support for Senator Cynthia Lummis's proposed Strategic Bitcoin Reserve bill.
Additionally, crypto executives are set to meet privately next week with White House aides and Representative Ro Khanna to discuss urgent issues and policy proposals. 
Now, we've handpicked six of the most noteworthy news stories from the past week to keep you in the loop. Join us as we dive into the most impactful events because who doesn't love a good dose of crypto drama?
 
For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (Jul. 28- Aug. 03, 2024)
●      England's Law Commission Proposes New Property Category for Crypto Assets
●      Genesis Completes $4 Billion Restructuring Plan
●      Trump Suggests Bitcoin to Tackle National Debt
●      Congress Receives 2,200 Support Letters After Senator Lummis Proposed Strategic Bitcoin Reserve Bill
●      Ripple Invests $10 Million in Tokenized T-Bills on XRPL
●      Telegram Launches In-App Browser for Decentralized Web Access

England's Law Commission Proposes New Property Category for Crypto Assets
The Law Commission of England and Wales recommended creating a new category of personal property to encompass digital assets like cryptocurrencies and NFTs. In their final report, the commission highlighted the inadequacy of existing classifications, which include tangible and intangible property.
They proposed a "third category" to clearly define and protect the unique features of digital assets, facilitating clearer legal rights and dispute resolutions. A draft bill has been issued, and regulators are reviewing it to ensure robust legal frameworks for the digital asset sector. 
Genesis Completes $4 Billion Restructuring Plan
Genesis, a bankrupt institutional lending platform, completed its Chapter 11 restructuring on August 2, 2024, disbursing $4 billion to creditors. Bitcoin creditors will recover 51.28%, Ether creditors 65.87%, and most altcoin creditors 87.65% of their digital assets.
Solana creditors will receive only 29.58%. Stablecoin and cash creditors are set to recoup 100% in US dollars. A $70 million fund has been established for further legal action against third parties like Genesis’ parent company, Digital Currency Group (DCG). 
Trump Suggests Bitcoin to Tackle National Debt
Former President Donald Trump proposed using Bitcoin to address the U.S.'s $35 trillion national debt, suggesting a "crypto check" could mitigate the crisis. In an interview, Trump highlighted the potential of digital assets, warning that if the U.S. doesn't innovate, other countries will.
The debt has ballooned, with $1 trillion added every 100 days, raising concerns about inflation. Trump and others argue that Bitcoin could hedge against the dollar's devaluation.
Congress Receives 2,200 Support Letters After Senator Lummis Proposed Strategic Bitcoin Reserve Bill
Senator Cynthia Lummis introduced a bill on July 31 to create a U.S. Bitcoin reserve, aiming to bolster national financial reserves with the cryptocurrency. The proposal includes securing 1 million Bitcoins, about 5% of the total supply, with bipartisan support evident from over 2,200 letters sent to senators.
The plan suggests using U.S. Treasury funds to establish secure Bitcoin vaults, potentially positioning the U.S. as a leader in cryptocurrency management and spurring global demand for Bitcoin.
Ripple Invests $10 Million in Tokenized T-Bills on XRPL
Ripple has invested $10 million in OpenEden's initiative to launch tokenized U.S. Treasury bills (T-bills) on the XRP Ledger (XRPL). These TBILL tokens are backed by short-term U.S. government T-bills and collateralized reverse repurchase agreements, marking the first time a traditional finance instrument has been available on a decentralized platform.
The initiative aims to drive institutional access to decentralized finance by tokenizing real-world assets and ensuring security with KYC and AML compliance.
Telegram Launches In-App Browser for Decentralized Web Access
Telegram has introduced an in-app browser that supports decentralized websites, dubbed "TON Sites," available on mobile and desktop. This feature provides instant Web3 access to Telegram's 950 million users, allowing seamless switching between browsing and messaging. 
The platform also launched a Mini App store and introduced a " Stars payment system." Telegram’s new features integrate with The Open Network blockchain, utilizing its cryptocurrency, Toncoin.
NEWS FROM THE MELEGASWAP ECOSYSTEM
Melega (MARCO) Launched on Polygon
MELEGA (MARCO), MelegaSwap's flagship utility token, drives the fast-growing black AMM DEX on the BNB and BASE Chains. It is now extending its reach to the POLYGON Chain.
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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

#MelegaSwap #melega #melegamarco #Genesis #bitcoin☀️

Date- Fri, 02 Aug 2024, 05:15 PM GMT:
In a significant move that has caught the attention of the cryptocurrency market, Genesis Trading has transferred nearly $3 billion worth of Bitcoin (BTC) and Ethereum (ETH). This massive transfer is aimed at returning assets to customers, according to on-chain analytics firm Lookonchain.
Lookonchain announced on X (formerly Twitter) that over the last three days, Genesis Trading has moved 32,256 $BTC , valued at $2.12 billion, and 256,775 $ETH , valued at $838 million, to various addresses. This activity is raising concerns about potential market impacts.

To put this into perspective, between June 12 and July 15, 2024, Genesis Trading transferred 13,291 BTC, worth $830.7 million, to Coinbase. This action led to a significant market reaction, with the BTC price dropping from $68,000 to $55,800, an 18% decline. Market observers are now bracing for a possible similar outcome.
Currently, BTC is trading near $63,162, having experienced a nearly 0.65% price drop in the last hour. Despite this recent dip, BTC has seen a 0.81% gain over the past 24 hours.
As the market processes this substantial transfer, all eyes will be on the price movements of BTC and ETH in the coming days.
#Genesis #GenesisCapital #CryptoNews