This week was filled with exciting developments in the cryptocurrency industry, with major news coming from various corners of the market. From significant investments to legal battles and new product launches, the past seven days have been eventful for crypto enthusiasts.
One of the highlights of the week was the report that crypto investments hit $1 billion in May, with Ethereum dominating the market. This news came from a report by KuCoin Research, which revealed that there were around 156 investments totaling $1.02 billion in the month of May.
In Nigeria, tax evasion charges against Binance executives were dropped, although they still face money laundering charges. This development was reported by Nigerian journalist Alexander Onukwue, shedding light on the legal battles faced by crypto companies in various jurisdictions.
ConsenSys, a US-based crypto company, announced that the SEC has closed its investigation into Ethereum, leading to a surge in ETH prices. This news was welcomed by investors, who saw it as a positive sign for the future of the cryptocurrency.
On the investment front, MicroStrategy made headlines by purchasing another massive batch of Bitcoin, worth almost $800 million. The company now holds close to $8.3 billion worth of the digital asset, solidifying its position as a major player in the crypto market.
In other news, Kraken confirmed the return of funds from a controversial hack, bringing an end to a saga that had captured the attention of the crypto community. Polkadot also made advancements with the introduction of a new protocol and sponsorship of a major event in Bali.
Ripple CEO Brad Garlinghouse provided important clarifications on a lawsuit in California, calling recent developments a big win for the company. Meanwhile, Standard Chartered announced plans to launch a Bitcoin and Ether trading desk, becoming the first global bank to engage in spot crypto trading.
Lastly, Fidelity revealed plans to seed its Ethereum ETF with $4.7 million, signaling the growing interest in crypto investment products among traditional financial institutions.
Overall, it was a busy week in the world of cryptocurrency, with significant developments shaping the future of the industry. Stay tuned for more updates on this rapidly evolving market.