Trump Meme Coins Surge, SEC Halts BUSD Investigation, Germany Sells BTC Reserves, ETFs Bounce Back – Weekly Crypto News Recap

Cryptocurrency Market Shifts After Trump Rally Shooting, Paxos Probe Dropped, Germany Empties BTC Stash, and BTC ETFs Recover Net Inflows. This week, crypto headlines were dominated by market reactions to a political rally shooting involving former President Trump, regulators’ withdrawal of a Paxos probe, Germany’s liquidation of its Bitcoin holdings, and the resurgence of spot BTC ETF net inflows. Stay tuned for the latest developments in the dynamic crypto landscape.

• Trump Meme Coins Skyrocket with Double-Digit Growth
• SEC Ends BUSD Investigation
• German Govt Sells Bitcoin: Latest Update
• BTC ETFs Renew Interest: Spot Market Spotlight
• BitMEX Pleads Guilty: BSA Violations Detailed
• US House Unable to Override Biden’s SAB121 Veto

Trump Meme Coins Skyrocket with Double-Digit Growth

Trump meme coins are experiencing unprecedented double-digit growth, with the MAGA coin surging over 14.7% in 24 hours and now trading at $8.32, a 30% increase. This significant uptrend is further fueled by the recent incident where Ex-President Donald Trump was wounded at a rally in Pennsylvania, sparking a surge in popularity for other Trump-inspired meme coins. The market is buzzing with enthusiasm as investors flock to capitalize on this unique opportunity.

Download App for Android

Download App for iOS

SEC Ends BUSD Investigation

The U.S. Securities and Exchange Commission (SEC) has dropped its investigation into Paxos, ending a probe initiated over a year ago. Paxos recently confirmed that the SEC has no plans to pursue enforcement action against the issuance of BUSD, its stablecoin, in partnership with the world’s largest crypto exchange, Binance. This decision marks a significant milestone for the crypto industry, signaling regulatory clarity for stablecoins and their role in the digital asset ecosystem.

German Govt Sells Bitcoin: Latest Update

The German government has sold off its entire Bitcoin holdings, following weeks of sustained sell-offs. Three weeks ago, the Federal Criminal Police Office (BKA) began disposing of 50,000 BTC confiscated from Movie2k.to in 2013, significantly increasing the selling pressure on Bitcoin. The campaign, which involved multiple sales almost daily, has now concluded, representing a significant shift in the German government’s position on cryptocurrency.

Download App for Android

Download App for iOS

BTC ETFs Renew Interest: Spot Market Spotlight

Spot Bitcoin ETFs are experiencing a resurgence of investor interest, reversing a trend of consistent daily net outflows. On July 12, these products attracted $310 million in net inflows, representing the highest level in over a month. For the entire week, they amassed an impressive $1.04 billion in net capital inflows, maintaining positive intraday flows for five straight days. With this renewed interest, Spot Bitcoin ETFs are positioning themselves as a viable investment option in the digital currency market.

BitMEX Pleads Guilty: BSA Violations Detailed

BitMEX, a prominent crypto derivatives platform, has pleaded guilty to violations of the Bank Secrecy Act (BSA), confirming a July 10 disclosure by the U.S. Justice Department. This plea marks the culmination of a four-year investigation into alleged AML (Anti-Money Laundering) provisions flouting in 2020. BitMEX’s executives have previously pleaded guilty and paid individual fines of $10 million each, while the exchange’s admission of guilt signals a significant milestone in the case. This development highlights the importance of compliance with financial regulations in the crypto industry.

Download App for Android

Download App for iOS

US House Unable to Override Biden’s SAB121 Veto

The U.S. House of Representatives failed to override President Biden’s veto on a bill aimed at repealing SAB 121, a move that could have curbed the SEC’s crypto custody oversight. This setback underscores the ongoing debate and regulatory uncertainty surrounding the crypto industry in the U.S. Read on to learn more about this significant political development.