Trump meme coins spike, SEC drops BUSD probe, Germany empties BTC stash, ETFs recover | Weekly Recap

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As an experienced financial analyst, I’ve been closely monitoring the cryptocurrency market for several years now. This past week has been particularly intriguing with a number of significant developments that have shaped the market’s trajectory.

Over the past week, several notable news items emerged: A shooting incident at a political event left former President Donald Trump injured, prompting reactions in the cryptocurrency market; authorities announced they were discontinuing their investigation into Paxos; Germany reportedly sold off its Bitcoins (BTC); and there was a rebound in net inflows for spot Bitcoin exchange-traded funds (ETFs).

Trump meme coins boast double-digit growth

    The MAGA (TRUMP) coin’s market cap surged more than 14.7% over 24 hours. At the time of writing, it’s up over 30% and trading at $8.32 per unit.
    Other meme coins inspired by Ex-President Donald Trump surged after the presumptive GOP nominee was wounded by a gunshot at a rally in Pennsylvania on Saturday, July 13.
  • Paxos confirmed July 9 that the securities regulator disclosed it has no plans to pursue any enforcement action against the issuance of BUSD in collaboration with the world’s largest exchange Binance.
    Three weeks ago, The Federal Criminal Police Office of Germany (BKA) started offloading 50,000 BTC it confiscated from Movie2k.to in 2013, compounding the selling pressure on Bitcoin. With multiple sales nearly every day, this selloff campaign ended last week. 
  • Overall, they commanded a whopping $1.04 billion in net capital inflows throughout last week, recording five consecutive days of positive intraday flows. 
  • The plea came after U.S. authorities charged the exchange and its executives for flouting AML provisions in 2020. While its executives pleaded guilty earlier and paid fines of $10 million each, the exchange’s plea comes four years into the case.

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2024-07-14 16:13