Look Back on Crypto Market (Week of June 19-25) - Look at the most important moves and news in crypto over the last week.

    Binance Labs announced investments in 5 projects in Incubation Program season 5

    Binance Labs Incubation Program is a chain-agnostic program that focuses on empowering innovative projects to shape the future of Web3. Since then, the program has gone through 5 seasons and selected potential projects. In this Season 5, Binance Labs granted funding to five exceptional projects, including Bracket Lab, DappOS, Kryptoskatt, Mind Network, and zkPass. 

    Do Kwon was sentenced to 4 months in prison for using the fake passport

    Terraform Labs CEO Do Kwon and CFO Han Chang-joon were each sentenced to 4 months in prison for using fake passports. In his trial for using the fake passport, Do Kwon told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency.

    Bitcoin whales bought 3.5 billion BTC amid crypto market downturn

    As the crypto market struggles to recover from the recent weeks of downturn, Bitcoin whales have been actively accumulating BTC while its price is still low.

    Deutsche Bank filed for crypto custody license

    Banking giant Deutsche Bank AG has applied for regulatory permission to operate as a crypto custodian in Germany. The move came just days after asset management giant BlackRock filed with the SEC to create a spot bitcoin ETF.

    Bitcoin surged to $30,000

    On June 22, Bitcoin price bounced up, surpassing the $27,000 level and reaching the $30,000 mark. Bitcoin trading volume reached $33.3 billion while its market cap is $583 billion.

    WisdomTree submitted a new filing for spot Bitcoin ETF

    WisdomTree, a global exchange-traded fund and exchange-traded product sponsor and asset manager, has submitted a filing through which it intends to gain approval from the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). The move comes after BlackRock also filed for a spot Bitcoin ETF, showing the growing interest of Bitcoin in the traditional finance sector.

    Invesco reapplied for Bitcoin ETF

    After Blackrock and Wisdomtree, leading US investment management company Invesco has reapplied for Bitcoin ETF.

    The US government moved 1,500 BTC?

    According to data from Dune Analytics, 1,500 BTC (equivalent to more than $40 million) moved out of wallets that are holding Bitcoin of the US government.

    Bitcoin Price Soared to $138K on Binance.US

    Last week, on Binance.US, Bitcoin jumped to $ 138,000 of the BTC/USDT trading pair. Its price suddenly increased in just a few seconds and then quickly returned to its original price like other bitcoin spot markets.

    Fed: Crypto is an asset class and stablecoins are currencies

    Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. central bank should play a “robust federal role” in overseeing stablecoins, a sizable slice of the overall crypto market that legislators are trying to craft rules for. Powell also remarked that cryptocurrencies, like Bitcoin, have “staying power.”

    Bankrupt Three Arrows Capital (3AC) returns Crypto Market under new name “3AC Ventures”

    3AC Ventures has been announced as the newest partner of OPNX, the crypto exchange led by two founders of Three Arrows Capital, Zhu Su and Kyle Davies, launched in April 2023. On the  fund’s new website, it wrote: “3AC Ventures is focused on superior risk-adjusted returns without leverage”.

    Valkyrie joined the race for spot Bitcoin ETF

    Valkyrie Investments, a crypto-focused asset management company, has filed an app for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC). Bitcoin ETF is a group of assets linked to the price of BTC that are bought, securitized, and sold by companies or traded on traditional exchanges instead of crypto exchanges.

    Binance exec summoned to testify before Congress

    Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, has requested the summoning of Guilherme Haddad, the director of Binance Brazil, to appear before the Brazilian parliament as part of an ongoing Parliamentary Commission of Inquiry (CPI) investigation into alleged pyramid schemes in the country.

    Prime Trust halted withdrawals and deposits

    Prime Trust announced that it has suspended deposits and withdrawals after the project received a request from the Nevada Financial Commission.

    US SEC approved leveraged Bitcoin ETF for the first time

    Volatility Shares “2x Bitcoin Strategy ETF” became the first leveraged crypto ETF to launch in the US after the US Securities and Exchange Commission (SEC) approved it on Friday, a executive told CoinDesk.

    OPNX launched oUSD stablecoin, inspired by LUNA and FTX

    The community was stirred up as Open Exchange (OPNX) – the exchange founded by Zhu Su and Kyle Davies – announced the launch of the stablecoin oUSD. According to the project, this stablecoin can overcome collateral, trust, and liquidity problems. These are all problems that have ruined the crypto market, they said.

    Wintermute sued for helping Celsius manipulate the market

    Wintermute, one of the most prominent market makers in the crypto industry, was sued for allegedly assisting Celsius in “wash trading” and causing the platform’s downfall.

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