This week was tough for the global crypto market, with Bitcoin dropping by over 4.48%. It plummeted from over $70,000 to around $65,000 before stabilizing at approximately $66,000 by press time. This decline had a ripple effect across the crypto industry, causing losses for most major altcoins. However, Toncoin (TON) defied the trend, experiencing a significant 10% increase over the week.
On a more positive note, former United States President Donald Trump vowed to end President Joe Biden’s "war on crypto" if he is elected this year, making this announcement during a speech on his birthday. 
To ensure you’re up-to-date with the latest in the crypto world, we’ve compiled the top cryptocurrency stories of the past week. In this recap, we delve into six key developments you might have missed, covering both the highs and lows in the ever-evolving crypto market.
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TOP CRYPTO NEWS RECAP (June 9-15, 2024)
●      SEC Chair Signals Spot Ether ETF Approval by Summer 2024
●      Terraform Labs Settles SEC Lawsuit for $4.47B
●      Trump Pledges to End Biden’s "War on Crypto"
●      Nigerian Officials Drop Some Charges Against Binance Executive
●      MicroStrategy Upsizes Debt Offering to Buy More Bitcoin
●      Tether Plans $1B Investment in AI and Biotech
SEC Chair Signals Spot Ether ETF Approval by Summer 2024
SEC Chair Gary Gensler indicated that approvals for spot Ether ETFs could be finalized by the summer of 2024. During a June 13 Senate Banking Committee hearing, Gensler stated the SEC might approve S-1 registration statements for these ETFs within three months. Although analysts had anticipated Ether ETFs to trade by June, the SEC has not confirmed an exact date. Earlier, the SEC approved 19b-4 filings from eight companies, but S-1 approvals are needed for trading to commence.
Terraform Labs Settles SEC Lawsuit for $4.47B
Terraform Labs will pay $4.47 billion to settle a civil lawsuit with the SEC following its 2022 collapse. The settlement includes $3.6 billion in disgorgement, $420 million in civil penalties, and $467 million in prejudgment interest. Former CEO Do Kwon is liable for $204 million, covering various penalties. The case stemmed from the Terra ecosystem's collapse, which led to $40 billion in investor losses. Kwon's extradition remains uncertain as courts in Montenegro continue deliberations.
Trump Pledges to End Biden’s "War on Crypto"
Former U.S. President Donald Trump vowed to end President Joe Biden's "war on crypto" if re-elected during a speech in West Palm Beach on his 78th birthday. Trump emphasized making the U.S., particularly Florida, a hub for Bitcoin and crypto activities. He criticized Biden's stance on crypto, asserting that the U.S. would dominate the crypto industry under his leadership. This is because Florida is recognized for its favourable crypto tax policies, bolstering Trump’s promise to enhance its crypto presence.
Nigerian Officials Drop Some Charges Against Binance Executive
Nigerian authorities have dropped tax charges against detained Binance executive Tigran Gambaryan and his colleague Nadeem Anjarwalla. However, they still face money laundering charges from Nigeria's Economic and Financial Crimes Commission, with the case resuming on June 20. Gambaryan's health remains a concern after collapsing in court due to malaria and reportedly suffering from pneumonia. His family criticized the charges as "bogus" and called for his release, highlighting delays in medical care by prison authorities.
MicroStrategy Upsizes Debt Offering to Buy More Bitcoin
MicroStrategy announced a $700-million debt offering due in 2032, up from the initial $500 million, to purchase more Bitcoin. The notes, sold privately to institutional buyers under Rule 144A, will bear 2.25% interest and mature on June 15, 2032. The firm plans to use the estimated $687.8 million net proceeds to acquire additional Bitcoin, adding to its current 214,400 BTC valued at $14 billion. This move underscores MicroStrategy’s aggressive strategy to enhance its Bitcoin holdings.
Tether Plans $1B Investment in AI and Biotech
According to CEO Paolo Ardoino, stablecoin giant Tether plans to invest $1 billion in emerging markets, AI, and biotech within the next year. This move follows Tether’s $2 billion investment in similar technologies over the past two years. Tether's venture capital arm evaluates hundreds of pitches monthly and offers AI computing to invested firms. Ardoino emphasized Tether's focus on tech that reduces reliance on traditional finance and Big Tech, highlighting a distinct investment strategy.
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