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Crypto News

Consensys: All Legal Charges Dropped

The U.S. Securities and Exchange Commission (SEC) has announced it will no longer pursue legal action against Consensys, a significant milestone for Ethereum and the altcoin market. The SEC ended its investigation into whether Ethereum is a security, which had minimal immediate impact on altcoin prices. The scrutiny began after Ethereum's upgrade to Ethereum 2.0, shifting from proof-of-work to proof-of-stake, which raised legal concerns. The SEC's decision, communicated via formal letters, does not clearly indicate the presence of potential wrongdoing. Ethereum's price rose 2.6% following the news. Additionally, a new Ethereum Spot ETF is expected soon, potentially boosting prices further.

Bitcoin Spot ETFs Suffer Worst Week Since April

Bitcoin Exchange Traded Funds (ETFs) suffered significant losses last week, experiencing five consecutive days of outflows. This marked the worst week for Bitcoin ETFs since early April, coinciding with a broader cryptocurrency market drop that saw Bitcoin lose over $1 billion. Bitcoin Spot ETFs allow investors to buy into the underlying asset without purchasing the physical cryptocurrency, eliminating concerns about over-regulation and the complex 'know your customer' (KYC) processes. Over $900 million flowed out of these funds, with Grayscale's GBTC ETF losing $53 million and Fidelity's FBTC ETF close behind with a $51 million loss. In contrast, BlackRock's IBIT fund saw modest inflows, gaining $1 million due to its low fees.

Massive Meme Coin Plunge as Market Sentiment Plummets

The past week saw a sharp decline in meme coins, contrasting their recent rapid rise. Known for their speculative nature, these assets fell over 50%, highlighting their volatility. Dogecoin (DOGE) and Shiba Inu (SHIB) led the downturn, with drops of 13.9% and 15.6%. Political meme coins like Maga (TRUMP) and Joe Boden (BODEN) fell by nearly 50% and over 40%. Catwifhat (WIF) and Super Trump (STRUMP) also significantly declined. Pepe experienced a smaller decline of about 7%. Investors shifted to more stable cryptocurrencies like Bitcoin and Ethereum. The recovery for meme coins remains uncertain amid ongoing volatility.