June 21, 2024
Crypto

Terra, Bitcoin ETFs, & The US SEC Ignite Speculations


Another week ends with substantial developments witnessed across the broader crypto market globally. Amid these developments, Bitcoin ETFs, Terra, and the US SEC appear to have sparked a tidal wave of speculations among crypto market fanatics.

Some of the most buzzed topics for this week are:

Terra Sparks Inferences

Terraform Labs (TFL), the firm that backed the Terra USD (UST) stablecoin, filed for a Chapter 11 bankruptcy in Delaware this week. Subsequently, some Terra Luna Classic community members received emails that Crypto.com, a renowned cryptocurrency exchange, is delisting the LUNC token.

Meanwhile, the Terra Luna Classic community voted in favor of Proposal 12005, “Consistently set ICA Controller Parameter.” In addition, Proposal 12008, “L1TF Terra Classic core security upgrade package,” also came up for voting. The initial round noted 94% votes in favor, whereas 5% voted “Abstain.” A few community members also voted “no with a veto,” which resulted in the proposal hitting a roadblock.

On the other hand, the Terra Luna Classic burn scaled new heights as it reached the 95 billion mark ahead of Binance’s monthly burn mechanism.

Bitcoin ETFs Impact Bitcoin’s Market Dynamics

Amid the colossal wave of volatility stirred by the inception of spot Bitcoin ETFs, Bitcoin noted outflows worth $25 million, nabbing traders’ attention globally. Meanwhile, CoinShares hyped up the ETF race by slashing its physical Bitcoin fees in Europe, intensifying the rivalry with Invesco and WisdomTree within the European ETF realm.

Simultaneously, BlackRock, Fidelity, and Bitwise appear to be leading the U.S. ETF race as the best ETF service providers. On the other hand, Grayscale recorded phenomenal outflows, although market data showcased a gradual decrease in outflows over time.

Moreover, in the midst of Bitcoin ETFs’ saga, Bitcoin traded with high volatility over the week. After facing a pullback to $38K, the price witnessed a revival and rested back at the $41k mark.

Also Read: FTX Crash: Embattled Crypto Exchange Offloads Crypto Assets to Pay Customers

U.S. SEC’s Legal Chronicles

The U.S. SEC recently filed a response against Ripple, stating that its remedies-related discovery requests are procedurally proper. Aligning with this, the regulatory body sought penalties from Ripple. Whilst, in another legal battle, the regulatory body cited Zakinov vs Ripple Labs in a Binance lawsuit.

Besides, Ripple sent a letter to Magistrate Judge Sarah Netburn regarding significant factual mischaracterization made by the U.S. SEC.

Also Read: Bitcoin (BTC) Price: Legendary Trader John Bollinger Hints Next Step To Watch



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