This week, the Crypto Fear & Greed Index hit “Extreme Fear” for the first time in two years, with U.S. Bitcoin ETFs seeing $168.4 million in outflows on August 5. The index dropped to 17 out of 100, the lowest since July 12, 2022, down from 67 on July 29.
Meanwhile, veteran trader Peter Brandt noted that Bitcoin's drop since the April 2024 halving resembles the market before the 2016 bull run. He highlighted similarities in market corrections since past halving dates.
Here are six key crypto news stories from the past week to update you on the latest happenings.
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TOP CRYPTO NEWS RECAP (August 4-10, 2024)
● Ripple Labs' Legal Resolution: A Major Win
● Donald Trump Jr. Plans New DeFi Cryptocurrency Platform
● Celsius Sues Tether for $3.5 Billion Over Bitcoin Collateral
● Vitalik Buterin's Vision for Cross-Chain Interoperability
● Russia Legalizes Cryptocurrency Mining: A New Era Begins
● Immutable Retires NFT Marketplace to Focus on Ecosystem Growth
Ripple Labs' Legal Resolution: A Major Win
On August 7, a Manhattan court ordered Ripple Labs to pay the SEC $125 million for improperly selling the cryptocurrency XRP. This penalty is significantly lower than the $2 billion sought by the SEC.
The case, initiated in 2020, accused Ripple of raising over $1.3 billion through unregistered securities offerings. However, the court ruled that most XRP sales were not unregistered securities, except for those to institutional investors.
Ripple CEO Brad Garlinghouse expressed relief, noting this resolution allows the company to grow. The XRP price surged almost 20% following the ruling.
Donald Trump Jr. Plans New DeFi Cryptocurrency Platform
Donald Trump Jr. has revealed intentions to create a decentralized finance (DeFi) cryptocurrency platform to address banking inequality. During a Q&A on Locals, he clarified that this initiative is not a memecoin but a significant project to challenge traditional banking systems.
He acknowledged that the platform is in early development and may take time to launch. Trump Jr. emphasized the appeal of DeFi for those who feel excluded from traditional financing, urging caution against false tokens claiming affiliation with the Trump family.
Celsius Sues Tether for $3.5 Billion Over Bitcoin Collateral
Celsius, a defunct cryptocurrency platform, has filed a lawsuit against Tether, claiming misappropriation of assets and seeking around $3.5 billion in damages. The suit alleges that during its bankruptcy, Celsius provided Tether with 39,542.42 BTC as collateral for a USDT loan.
Celsius contends that Tether liquidated the BTC without giving it a chance to provide more collateral, while Tether asserts that Celsius requested liquidation. The lawsuit seeks the return of 57,428.64 BTC and over $100 million in damages and legal fees.
Vitalik Buterin's Vision for Cross-Chain Interoperability
Ethereum co-founder Vitalik Buterin recently outlined his vision for improved cross-chain interoperability among Ethereum layer-2 networks. In a post on August 6, he expressed optimism that these interoperability challenges will soon be resolved, enhancing user experience across the Ethereum ecosystem.
Key proposals include EIP-3370, which introduces a new address standard for wallets, and EIP-7683, which aims to facilitate communication between layer-2 networks. Additionally, EIP-3668 seeks to standardize how smart contracts access off-chain data. Buterin believes these developments will soon lead to a smoother, more efficient trading environment.
Russia Legalizes Cryptocurrency Mining: A New Era Begins
In November 2024, Russia will officially legalize cryptocurrency mining following President Vladimir Putin's approval of a new law. This legislation introduces a regulatory framework that distinguishes mining activities from currency issuance, impacting taxation and regulation.
Only registered Russian legal entities and entrepreneurs can conduct large-scale mining, while individual miners are exempt from registration if they adhere to energy consumption limits. Additionally, the law bans misleading cryptocurrency advertising and allows the trading of foreign digital assets, with oversight from the Bank of Russia and other government bodies.
Immutable Retires NFT Marketplace to Focus on Ecosystem Growth
Immutable, a blockchain gaming and NFT platform, announced it would retire its NFT marketplace on August 13 to prioritize expanding its ecosystem through partnerships. The marketplace initially created to showcase features of the Immutable SDK, will be phased out as existing projects flourish independently.
Users' assets will remain secure on the blockchain, linked to their wallets. This decision comes amid a significant decline in NFT sales, with a 45% drop in volume in Q2 2024. Despite the downturn, industry experts maintain confidence in the long-term viability of NFTs.
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