Market Dips and Silver Linings: Weekly Crypto Update

1ATH.Studio
3 min readJun 21, 2024

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Amidst the market turbulence this week, we highlight the noteworthy events of the week.

SEC Drops Investigation into Ethereum 2.0: A Major Win for the Crypto Industry

The SEC has officially closed its investigation into whether Ether (ETH) is a security, as announced by Ethereum developer Consensys. This decision signifies that the SEC will not pursue charges alleging that sales of ETH are securities transactions. Consensys celebrated this as a “major win” for Ethereum developers, technology providers, and industry participants.

ZKsync Token Launches with Strong Market Presence

The ZKsync token, now trading at approximately $0.18, went live on Monday and is available on multiple crypto exchanges. With a market cap exceeding $600 million and a fully diluted value of $3.9 billion, the token has seen a trading volume of nearly $4 billion since launch. The maximum supply is 21 billion, with over 3.6 billion tokens currently circulating. ZKsync can be traded on exchanges including Bybit, Gate.io, and KuCoin.

Bitcoin Hits One-Month Low Amid Market Outflows and Economic Concerns

Bitcoin fell to a one-month low this week, as outflows from digital-asset investment products and the prospect of prolonged high US borrowing costs weighed on the cryptocurrency market. The largest digital asset dropped as much as 2.7% on Tuesday, trading at approximately $65,300

Tether Launches New Synthetic Dollar Backed by Gold

TETHER Holdings, the issuer of the largest stablecoin in the cryptocurrency market, has announced the creation of a new synthetic dollar backed by gold. This token, named aUSDT, was launched on Tether’s Alloy platform and operates via smart contracts on the Ethereum Mainnet blockchain. Users can mint aUSDT through over-collateralisation by depositing another Tether token that tracks the value of gold.

ZachXBT Earns $150K Arkham Bounty for Exposing Shkreli as DJT Creator

Arkham awarded $150,000 to crypto sleuth ZachXBT for exposing Martin Shkreli as the force behind the DJT token.

“ZachXBT provided definitive proof at 11:49 p.m. UTC that Martin Shkreli created the DJT token,” Arkham announced on X.

MicroStrategy Bolsters Bitcoin Holdings with $786M Acquisition

MicroStrategy (MSTR), the largest corporate holder of bitcoin (BTC), has acquired an additional 11,931 BTC for $786 million. Led by Executive Chairman Michael Saylor, the company now holds 226,331 bitcoins valued at nearly $15 billion, up from 214,400 BTC in April.

Winklevoss Twins Support Trump Election Bid with $2Million

Gemini CEO Tyler Winklevoss and President Cameron Winklevoss have each contributed $1 million to former President Donald Trump’s campaign. Tyler highlighted the Biden Administration’s aggressive stance against crypto, accusing it of using government agencies to undermine the industry. This marks a significant political move by prominent crypto executives.

U.S. Spot Bitcoin ETFs Experience Fifth Day of Net Outflows

Spot bitcoin ETFs in the U.S. recorded their fifth consecutive day of net outflows, totaling $139.88 million on Thursday. Grayscale’s GBTC led with $53 million in outflows, followed by Fidelity’s FBTC at $51 million. Bitwise’s BITB saw $32 million, VanEck’s ETF had $4 million, and the fund from Invesco and Galaxy Digital logged $2 million in outflows.

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