Crypto Weekly Roundup: Institutions Hot On BTC ETFs, SEC Challenged, & More

Bitcoin prices are soaring again, indicating good tides for more and more institutions that are choosing to go all in on Bitcoin ETFs. Let’s find out more. 

Bitcoin

Four successive days of positive inflows into the US Spot Bitcoin ETFs have coincided with positive growth in the Bitcoin price, quickly putting the last ten weeks of corrective price action behind it.

Investment management giant Millennium Management has officially disclosed holdings of nearly $2 billion in spot Bitcoin ETFs, highlighting the growing interest and investment in Bitcoin ETFs by major institutional players.

El Salvador has mined nearly 474 bitcoins worth almost $29 million over the past three years, thanks to a volcano-powered geothermal power plant. 

Technology

Lens Network, an on-chain social network infrastructure, is preparing for a significant migration to zkSync's ZK Stack hyperchains, with a goal to enhance scalability and user experience in social networking on the blockchain.

Business

Eclipse Labs has replaced Neel Somani following misconduct allegations that emerged last week, resulting in him stepping down as the company’s public face. Former Chief Growth Officer Vijay Chetty will assume the role of the company’s new CEO. 

Security

Two MIT graduate brothers have been arrested and charged with exploiting a vulnerability in the Ethereum blockchain and stealing crypto worth $25 million in just 12 seconds. 

According to recent findings by on-chain investigator ZachXBT, Bahrain-based crypto exchange Rain is reeling from a significant security breach that resulted in a staggering loss of approximately $14.8 million. 

Both BlockTower Capital, a major crypto hedge fund, and DeFi platform Sonne Finance have been exploited, resulting in the loss of a substantial amount of funds. 

Regulation

The Senate passed a bipartisan vote to overturn the SEC's restrictive rule on custodying digital assets, despite concerns raised by President Biden and the SEC regarding investor protection and market stability.

The United States Commodity Futures Trading Commission (CFTC) has announced it has settled charges against cryptocurrency brokerage firm Falcon Labs (FalconX) for $1.8 million in disgorgements and penalties. 

Tether CEO Paulo Ardoino has slammed Ripple chief Brad Garlinghouse for his comments about enforcement action against Tether, adding he was spreading fear, uncertainty, and doubt (FUD) about USDT. 

Uniswap founder Hayden Adams has urged President Joe Biden to change his stance on crypto, adding that the anti-crypto stance of the Democrats could hurt the industry.  

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.