Ethereum Dominates Crypto Investments as SEC Closes Investigation

• This week brought significant developments within the cryptocurrency sector, marking an eventful period for the industry.
• From major investments to legal dramas, the crypto landscape continues to evolve at a rapid pace.
• Noteworthy details include substantial investments, legal decisions, and new financial products on the horizon.

This week’s top crypto news covers investments, legal updates, and future trading products, offering profound insights into the ever-changing digital asset ecosystem.

Top Crypto News Highlights This Week

The following summarises the main events in chronological order from June 15 onwards.

Crypto Investments Surge: $1 Billion Injected in May, Led by Ethereum—A recent KuCoin Research report noted that the cryptocurrency sector had disclosed 156 investments in May, totaling approximately $1.02 billion. Ethereum investments led the charge.

Nigeria Drops Tax Evasion Allegations Against Binance Executives—Per Nigerian journalist Alexander Onukwue, the tax evasion charges against Binance executives have been dropped. They remain involved in a separate money laundering case.

SEC Ends Investigation into Ethereum: ConsenSys Announcement—ConsenSys revealed that the US Securities and Exchange Commission has concluded its investigation into Ethereum. This decision was seen positively by investors, causing ETH prices to spike.

Financial Advisors Cautious on Spot Bitcoin ETFs—Samara Cohen of BlackRock noted that financial advisors are hesitant about spot Bitcoin ETFs due to crypto’s volatility and emerging market status.

MicroStrategy’s Substantial Bitcoin Purchase—Led by Michael Saylor, MicroStrategy has acquired an additional 11,931 BTC, valued at nearly $800 million, raising its total Bitcoin holdings to approximately $8.3 billion.

Kraken Gets Back Funds from Whitehat Hack—Kraken’s Chief Security Officer confirmed that funds involved in the controversial whitehat hack have been returned, resolving a major issue between Kraken and Certik.

Polkadot’s Continued Progress: Ecosystem Update—Polkadot unveiled the Join-Accumulate Machine protocol and announced its title sponsorship of Coinfest Asia 2024, showcasing its growing ecosystem.

Ripple CEO Clarifies California Lawsuit Developments—Brad Garlinghouse of Ripple termed the latest updates in the civil lawsuit against him in California as a significant victory, ensuring that the New York ruling remains unaffected.

Standard Chartered to Initiate Bitcoin and Ether Trading Desk—The global bank Standard Chartered is set to launch a trading desk focused on Bitcoin and Ethereum, being one of the first major banks to engage in spot crypto trading.

Fidelity Prepares Ethereum ETF With $4.7 Million Seed—Documents reveal that Fidelity plans to seed its upcoming Ethereum ETF with $4.7 million. However, the related fees have not been disclosed yet.

Conclusion

This week’s developments emphasize the dynamic and evolving nature of the cryptocurrency industry. From significant investments and regulatory news to new financial products, the crypto market continues to present both challenges and opportunities. Keep an eye out for more updates as the sector progresses.