Crypto Weekly Roundup: MicroStrategy Buys More BTC And More

Bitcoin’s moment in the sun is affirming the steadfast crypto supporters, especially Michael Saylor’s company MicroStrategy, which has continued to fill up its BTC reserves. Let’s find out more. 

Bitcoin

Michael Saylor’s Microstrategy has bought a further 12,333 bitcoins for around $347 million, bringing its total to 152,333 bitcoins.

Major asset manager Fidelity is preparing to submit its own application for a spot bitcoin exchange-traded fund (ETF), joining other big money asset managers such as BlackRock. 

With Bitcoin gathering strength above $30,000, another strong move to the upside could be on the way.

Ethereum

HSBC Hong Kong, a subsidiary of one of the world’s largest banking and financial services organizations, has recently added support for Bitcoin and Ethereum futures ETFs. 

Mastercard is planning to launch a blockchain-based marketplace for financial applications, propelling the evolution of payment solutions beyond traditional parameters.

Altcoins

As bitcoin makes its break higher, the spark this has given to the whole crypto sector has set the altcoins alight.

Technology

Worldcoin, a cryptocurrency project led by Sam Altman, co-founder of the AI bot ChatGPT, has partnered with digital identity provider Auth0 to manage World ID logins effectively.

Decentralized exchange dYdX has announced plans to launch the public testnet of its Cosmos-based blockchain on the 5th of July, 2023. 

Circle, the issuer of the USD Coin (USDC) stablecoin, has announced the operationalization of its Cross-Chain Transfer Protocol (CCTP) on Arbitrum, a Layer 2 scaling solution for the Ethereum network.

Business

Prominent crypto wallet service provider, Ledger, has announced its latest venture into the world of institutional trading technology.

Tether has recently inked a Memorandum of Understanding (MOU) with the Government of Georgia, which will position Georgia as a central nucleus for blockchain and peer-to-peer technology. 

Affected Voyager customers can now open a Gemini account until July 23, 2023, and withdraw their cryptocurrencies directly in accordance with the distribution process claims.

The new FTX management announced the recovery of $7 billion in liquid assets, calling the development “substantial progress” in asset recovery. 

In a recently leaked internal announcement, Robinhood Markets plans to lay off approximately 150 full-time employees, equating to about 7% of its total workforce.

Nevada’s Financial Institutions Division has placed crypto firm Prime into receivership, having taken control of the company, and has frozen its businesses and operations.

Binance, the world’s largest cryptocurrency exchange, has reversed its decision to delist certain privacy coins in Europe. 

Solana’s Cardinal Labs has announced its decision to wind down operations and shut down, citing economic conditions. 

Regulations

Just as Bitcoin was looking as though it was going to break the critical $31,000 price level, the SEC threw a wrench into the works by rejecting all the latest ETF filings.

Binance’s crypto custody license application has reportedly been rejected by the German BaFin regulator.

Cryptocurrency platform KuCoin has announced that it will be introducing mandatory KYC rules as it looks to embrace regulations. 

Coinbase has filed a motion to dismiss the legal case brought against it by the SEC, citing a lack of jurisdiction and violation of due process. 

The Blockchain Association, a prominent lobbyist group for the cryptocurrency industry in the United States, has called on SEC Chair Gary Gensler to recuse himself from enforcing rules on the crypto space. 

Crypto exchange Kraken has been ordered by a federal court to turn over user account information and transaction history to the IRS so that it can check if the exchange’s users underreported their taxes. 

The House of Lords passed the Financial Services and Markets Bill, which aims to regulate Bitcoin and crypto in the UK.

The Law Commission of England and Wales has published recommendations for the reform and development of the law relating to digital assets to secure the UK’s position as a global crypto hub.

Swiss authorities have reportedly seized over $26 million worth of Bitcoin and other digital assets connected to Terraform Labs and its former executives. 

NFT

Former first lady of the United States Melania Trump has launched a new NFT collection to celebrate the country’s Independence Day, inspired by the nation’s iconic landmarks. 

The much-awaited Azuki Elementals NFT collection has sold out in a record 15 minutes and has raked in a whopping $38 million. 

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.