Crypto Weekly Roundup: ZKX Shut Down, SEC v Ripple Wraps Up, & More

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Bitcoin surges to $58,000, fueled by increased ETF inflows, signaling renewed institutional confidence, while the Ripple vs. SEC case concludes with a $125 million fine, far less than the $2 billion sought by regulators. Meanwhile, the decentralized exchange ZKX shut down abruptly, sparking investor outrage over its sudden closure. Let’s dig deeper. 

Bitcoin

Japanese investment firm Metaplanet has secured a 1 billion yen ($6.8 million) loan from one of its shareholders as a means to its plans to double down on its pro-Bitcoin strategy. 

In a filing to the SEC, Capula Investment Management reported holding $464 million in spot Bitcoin ETF shares as of June 30, 2024.

Bitcoin has surged to $60,000, driven by a significant increase in inflows into ETFs, marking a renewed confidence among institutional investors, who are turning to Bitcoin as a stable and promising investment.

DeFi

Synthetix founder Kain Warwick donated $86,000 in Illuvium tokens to former CFO SynthaMan after the latter lost his SNX holdings due to liquidation caused by market volatility and high-risk decisions. 

Decentralized exchange ZKX abruptly ceased operations, citing economic infeasibility and triggering a significant backlash from investors over the lack of communication and transparency.

Altcoins

Cardano is facing a potential 12% decline in its price, driven by recent bearish trends and overall market conditions. Despite the anticipation surrounding the upcoming Chang hard fork upgrade, which is meant to bring improvements to the network, the technical analysis suggests a troubling outlook.

As the first stage of the MoonTaurus (MNTR) presale nears completion, investors are witnessing a remarkable surge in interest, setting the stage for substantial gains as Phase 2 approaches.

The newest memecoin from the Solana blockchain, Husky Inu’s recently launched $HINU presale, has generated over $300,000 since going live. 

Technology

Understand how parathreads significantly lower the barrier to entry for projects, making Polkadot's ecosystem more accessible and efficient by providing a scalable solution for nascent projects and applications with variable activity.

Business

Polkadot has launched a redesigned website in collaboration with Distractive, featuring a more user-friendly interface, simplified navigation, and plans for ongoing enhancements to better serve both new and existing users in the Web3 space. 

The Web3 Foundation's Decentralized Futures (DF) program is a major funding initiative to bolster the Polkadot ecosystem. The program concluded its review process on July 31, 2024, and awarded grants to teams and individuals across various disciplines.

Regulation

After a four-year legal battle, the Ripple vs. SEC case has finally concluded. Federal judge Annalise Torres imposed a $125 million fine on the crypto firm, which is much lower than the $2 billion fine demanded by the regulatory agency. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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