Look Back on Crypto Market (Week of June 26 – July 2) - Look at the most important moves and news in crypto over the last week.

    US President Biden hints at crypto regulation in the latest speech

    US President Joe Biden pointed out the loopholes in the crypto industry at the Bidenomics in Chicago, Illinois, on June 28. He also said that he would make it fair.

    Binance was denied a license by the German financial regulator Bafin

    The German Federal Financial Supervisory Authority (BaFin) has informed Binance exchange of its decision not to grant a crypto custody license.

    Binance’s market share fall further in June

    Binance, the world’s largest crypto exchange in terms of trading volume, continued to see its market share plummet in June.

    MicroStrategy bought more Bitcoin

    MicroStrategy has continued its Bitcoin-buying spree and now holds a total of 152,333 digital coins – today worth $4.5 billion. 

    FTT jumped on news of potential FTX ‘reboot’

    FTT, a utility token by the failed crypto exchange FTX, jumped double digits last week after a report that the company’s caretaker CEO has moved closer to restarting the company.

    TUSD lost its peg to the US dollar

    During early trading hours last Wednesday, TUSD’s value fell to 80 cents to one USD on Binance US before settling around 90 cents to the dollar at the time of writing. Its total market capitalization stayed steady through the early hours before dropping sharply, shedding close to $100 million along the way, according to data from CoinGecko.

    Sui Foundation denied it sold locked staking rewards on Binance

    The team behind the Sui network and its native SUI token has denied allegations that they unlocked SUI staking rewards and “dumped” them on cryptocurrency exchange Binance.

    Memecoin surged 27x after Elon Musk’s tweet

    On the morning of June 26 on Twitter, Elon Musk posted a photo of a cat with the caption “PSYOP”. It seemed like nothing would happen, but somewhere a memecoin with a similar name went up in price because of this tweet.

    PolyNetwork has been attacked

    Attackers issued billions worth of several tokens on Sunday morning after exploiting a smart contract function in cross-chain protocol PolyNetwork’s bridge tool. However, these tokens will not bear much money for attackers due to low liquidity and security precautions.

    Huobi crypto exchange faced major data breach and credential leak

    White hat Aaron Phillips exposed a major data breach at Huobi, one of the world’s largest cryptocurrency exchanges, that occurred in 2021. The leak involved nearly all over-the-counter (OTC) transaction information from 2017 to 2021, including some user and VIP user data and the exchange’s technical infrastructure.

    SEC’s feedback on Bitcoin Spot ETFs

    Feedback from the Securities and Exchange Commission (SEC) that bitcoin spot exchange-traded fund (ETF) applications filed by financial giants is “not an indication that the product is not viable.”  Following the SEC’s feedback, major financial institutions quickly revised and re-filed their Bitcoin ETF applications. Fidelity, WisdomTree, VanEck, Invesco and ARK have reapplied while Blackrock has not taken any action.

    FTX customers have until end-September to submit bankruptcy claims

    Former customers of crypto exchange FTX, trading firm Alameda Research and dozens of affiliated companies have until Sept. 29 to submit claims against the bankruptcy estate and vote on the Chapter 11 restructuring plan.

    Hong Kong’s largest ETF manager is interested in Crypto

    The largest ETF manager in Hong Kong, Hang Seng Investment Management Co., Ltd., is looking into the possibility of integrating cryptocurrencies into their existing products.

    Solana’s Cardinal shut down, citing economic conditions

    Solana’s Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve non fungible tokens (NFT) utility. According to an announcement on Twitter, withdrawals should be made by Aug 26. 

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