Cryptocurrencies

In the news this week SEC drops investigation

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Top news this week

SEC drops investigation into Ethereum – ConsenSys

The United States Securities and Exchange Commission has decided to drop its investigation into whether Ethereum serves as a security, Ethereum developer ConsenSys revealed on June 19. The investigation focused on whether the 2014 Ethereum ICO constituted an unregistered securities offering. ConsenSys said the SEC’s decision came after it sent a letter to the agency on June 7 asking whether it would end its investigations into Ethereum (ETH), as the regulator approved exchange-traded funds in May. based on the fact that Ethereum is a commodity.” “

Kraken recovers $3 million from CertiK, ending its bug bounty saga

Cryptocurrency exchange Kraken has recovered lost funds from CertiK after a major bug bounty exploitation failure. Kraken confirmed the return of digital assets worth approximately $3 million on June 20, ending the Kraken-CertiK saga. The exchange claimed that a “security researcher” had maliciously removed itself from its vault after discovering and sharing an existing vulnerability. Shortly after, blockchain security firm CertiK publicly identified itself as the “security researcher,” claiming that it had reported an exploit to Kraken that allowed it to withdraw millions of dollars from the exchange’s accounts. CertiK also claimed to have been threatened by the exchange team.

SEC rejects Ripple’s argument for lower penalty

The U.S. Securities and Exchange Commission (SEC) has rejected Ripple’s request for a lower penalty in its legal battle with the regulator, arguing that Ripple’s proposed $10 million penalty is insufficient compared to the $876 .3 million dollars requested. Ripple cited the SEC settlement with Terraform Labs as a reference, but the agency believes the circumstances are not comparable because Terraform agreed to additional measures such as management changes and the return of investor bonuses. The SEC’s proposed penalties for Ripple total approximately $2 billion, including $198.2 million in prejudgment interest, $876.3 million in civil penalties, and an additional $876.3 million for default. payment.

Ethereum Price at $10,000 Is the “Most Asymmetric Bet” in the Cryptocurrency Space – Analyst

Ether hitting the $10,000 mark could be an “asymmetric bet” in current market conditions, according to cryptocurrency analyst Tyler. Although it is currently struggling to break above $4,000, factors such as the upcoming Ethereum exchange-traded fund and a significant drop in Ethereum supply on exchanges could spur this growth. A potential increase to $10,000 would mean a 194% increase from current levels.

Bitwise’s Revised Ethereum ETF Filing Indicates Pantera Interested in $100M Purchase

Bitwise has updated its Ethereum exchange-traded fund (ETF) filing, revealing that Pantera Capital wants to invest up to $100 million in the fund. The expression of interest is non-binding, meaning Pantera can decide to purchase more, less or no shares, the document states. The filings are the final part of the approval process before public trading of Ethereum ETFs is permitted, an event that SEC Chairman Gary Gensler said will happen “sometime this summer.”

Winners and losers

And at the end of the week, Bitcoin (Bitcoin) he is in $64,010ether (Ethereum) In $3,501 And XRP In $0.48. The total market capitalization is $2.34 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Ethereum Name Service. (Anas) By 25.77% Lido Dow (I do) By 14.04% and during (pack) By 13.53%.

The top three altcoin losers this week are zkSync (Zack) At -33.93%, Chili’s (CHZ) at -30.15% and Starknet (You will leave) At -24.81%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most quotes are memorable

“Previous statements from SEC officials on Ethereum’s potential classification could be embarrassing for the agency that claims the classification is ‘clear’.”

Carol Goforthprofessor at the University of Arkansas Law School

“I think the Bitcoin ETF, not in what it is, but in what it means, has had a huge impact. “Over the past two months, we have seen an incredible change in mentality. »

Shiraz Ahmedmanaging partner of Storm Partners

“The growing utility of stablecoins demonstrates their potential to promote economic inclusion and reshape traditional finance.”

Sammy the beginningCEO of Transak

“The SEC’s Enforcement Division has informed us that it will be closing its investigation into Ethereum 2.0.”

ConsensusEthereum Developer

“Soon, not getting involved in cryptocurrencies and digital assets will be an occupational risk.”

Kunal Bhasindigital assets co-led by KPMG Canada

“Corporate adoption has been a dismal failure. It’s an amateur league against professionals.

Marc DegenPresident of Trust Square

Weekly forecast

Bernstein Analysts Predict Bitcoin Price of $200,000 by 2025 Due to One-Time Bitcoin ETF Inflows

Analysts at research and brokerage firm Bernstein expect Bitcoin to reach nearly $200,000 by the end of next year, following strong inflows into exchange-traded funds (ETFs).

Analysts based this prediction on the assumption that spot Bitcoin ETFs could account for around 7% of the total circulating Bitcoin supply by the end of 2025.

“We see Bitcoin ETFs poised for approval on major telecom platforms/large private banks in Q3 and Q4,” Bernstein analysts Gautam Chogani and Mahika Sapra wrote in a note to clients.

Currently, about 80% of spot flows for Bitcoin ETFs come from self-directed retail investors through brokerage platforms, while institutional integration with wireline and wireless transfer companies is still in its infancy, analysts say . They added:

“We expect spot Bitcoin ETFs to reach approximately $190 billion by the market peak in 25E and $3 trillion by 2033.”

FUD for the week

US prosecutors oppose Ethereum developer’s proposal to reduce his prison sentence by 5 years

Officials from the U.S. Department of Justice have written a letter opposing former Ethereum developer Virgil Griffiths’ proposal to reduce his 2022 sentence for violating sanctions against North Korea. Griffiths spoke at the National Cryptocurrency and Blockchain Conference in 2019 about how the country is using cryptocurrencies to evade sanctions and launder money. A judge sentenced the former Ethereum developer to 63 months in prison and a $100,000 fine in April 2022, which considering the time he spent behind bars before his sentencing hearing sentence, places his scheduled release date at January 2026.

The “Pharma Bro” Claims Barron Trump Holds Private Keys to DJT Token

Martin Shkreli, also known as “Pharma Bro,” now claims that Donald Trump’s son, Barron Trump, 18, released the TrumpCoin token with his father’s approval and holds the private keys to his email address. smart contract. Shkreli, who served more than six years in prison for securities fraud, claims Barron Trump contacted him about launching the Solana-based token in April. According to Birdeye data, the token was valued at $146 million as of June 20.

41% of the best ZK airdrop wallets are already sold out – Nansen

Nearly 41% of top wallets that received the new zkSync token (ZK) in the June 17 airdrop sold their entire allocation in one day, contributing to a 34.5% drop in ZK price. Data from blockchain analytics firm Nansen shows that around 41% of tracked addresses have sold their entire airdrop, while 29.2% have sold at least some of their tokens. The total amount sold by the two groups was more than 486 million Zambian crowns. Just over 30% of the top receiving wallets held their ZK tokens. At least 491,000 wallets have requested the airdrop.

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Recent Ethereum Pullback Could Be a Gift: Dynamo DeFi, X Hall of Flame

Patrick Scott doubts that Bitcoin ETF investors will flock to Ether ETFs anytime soon, but he says the general trend will be upward.

Editorial committee

Cointelegraph editors and journalists contributed to this article.

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