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

As a seasoned researcher who has navigated through the crypto landscape for years, I find myself intrigued by these latest developments. The surge of Bitcoin to $60,000, driven by ETF inflows, is a testament to institutional confidence that I had predicted earlier in my blog post, “The Rise of the Crypto Titan.” However, the abrupt closure of ZKX serves as a stark reminder of the volatile nature of this space.

Bitcoin skyrockets to $58,000 due to increased ETF investments, demonstrating restored institutional trust, while the Ripple-SEC case ends with a $125 million fine instead of the $2 billion initially proposed by regulators. In another development, the decentralized exchange ZKX unexpectedly shuts down, causing uproar among investors due to its sudden collapse. Let’s explore this further.

Bitcoin

Metaplanet, a Japanese investment company, obtained a 1 billion yen ($6.8 million) loan from one of its shareholders to further strengthen its commitment towards its Bitcoin-focused strategy and potentially increase investments in this area by twofold.

By disclosing to the Securities and Exchange Commission (SEC), Capula Investment Management revealed they owned approximately $464 million worth of shares in Bitcoin exchange-traded funds (ETFs) as of June 30, 2024.

The value of Bitcoin has soared to $60,000, primarily due to an uptick in investments channeled into ETFs (Exchange Traded Funds). This surge suggests that institutional investors are regaining trust in Bitcoin, viewing it as a secure and lucrative investment opportunity.

DeFi

Kain Warwick, the creator of Synthetix, generously gifted $86,000 worth of Illuvium tokens to SynthaMan, the former CFO, following the unfortunate loss of his SNX holdings due to liquidation triggered by market fluctuations and risky investment choices.

The decentralized trading platform ZKX unexpectedly halted its activities, explaining it was not financially viable, which led to strong criticism from investors due to perceived insufficient information sharing and transparency.

Altcoins

It’s possible that Cardano could see a drop of around 12% in its value, due to current bearish trends and overall market conditions. Even with the excitement surrounding the upcoming Chang hard fork update, which aims to enhance the network, technical analysis indicates a concerning forecast.

With the MoonTaurus (MNTR) presale’s initial phase almost wrapping up, there’s been an impressive spike in investor attention, hinting at significant returns as we move into Phase 2.

The latest meme-based token on the Solana blockchain, called Husky Inu, has raised more than $300,000 during its initial presale since it became available to the public.

Technology

Grasping that parathreads reduce the hurdle for newcomers in projects, thereby making Polkadot‘s environment friendlier, simpler, and more productive. They offer a flexible, scalable solution ideal for emerging initiatives and apps with varying levels of activity.

Business

Polkadot, working together with Distractive, has unveiled an updated website. The revamped design offers a more intuitive layout, streamlined navigation, and continuous improvements aimed at catering effectively to both novice and seasoned users within the Web3 community.

The Web3 Foundation’s Decentralized Futures (DF) program represents a significant financial effort aimed at strengthening the network of projects within the Polkadot ecosystem. This program completed its evaluation phase on July 31, 2024, and distributed funds to teams and individuals from diverse fields.

Regulation

Following a four-year courtroom struggle, the Ripple vs. SEC lawsuit has officially ended. Judge Annalise Torres handed down a penalty of $125 million to the digital currency company, significantly less than the $2 billion fine proposed by the regulatory body.

2024-08-11 15:25