The past week has been a rollercoaster for the crypto world. From a major hack at WazirX to the SEC’s approval of Ethereum ETFs, the industry is buzzing with activity. Dive into our detailed recap to uncover the six most impactful stories of the week, including regulatory changes and new product launches. Stay informed and ahead of the curve with our comprehensive breakdown.

Bitcoin’s Surge

Bitcoin experienced a remarkable 11% increase in value this past week, starting at around $60,000 and reaching over $67,000. This surge occurred despite the announcement made by Mt. Gox trustee Nobuaki Kobayashi that on July 16, 2024, BTC and BCH were reimbursed to certain creditors through specific cryptocurrency trading platforms. The influx of these reimbursements did not dampen the market; instead, it seemed to fuel investor confidence.

Ethereum ETF Approval

The excitement in the crypto community is further amplified by the upcoming introduction of an Ethereum ETF in the United States. The Chicago Board Options Exchange revealed on July 19 that trading of Ethereum exchange-traded funds (ETF) is set to commence on July 23, subject to regulatory approval. This move is expected to open new avenues for institutional and retail investors alike, potentially driving Ethereum’s market value higher.

Top Crypto News Recap (Jul. 14-20, 2024)

WazirX Hacked: $235M in Crypto Stolen

Indian crypto exchange WazirX faced a significant security breach, with $234.9 million from its Safe Multisig wallet on Ethereum stolen. Cyvers, a Web3 security firm, detected suspicious transactions, revealing that the funds were moved and converted to Ether. The primary attacker’s address still holds over $104 million in various cryptocurrencies. In response, WazirX has suspended withdrawals and is actively investigating the breach. This incident underscores the ongoing security challenges within the Indian crypto market.

SEC Approves Grayscale, ProShares Ethereum ETFs for NYSE Arca

The SEC has approved Grayscale Ethereum Mini Trust and ProShares Ethereum ETF for trading on NYSE Arca. While this authorization allows NYSE to facilitate trading, final comments on the ETFs’ S-1 filings are pending before listing. Grayscale plans to distribute shares of the new Mini Trust to holders of its existing Ethereum Trust. Several spot Ethereum ETFs are awaiting final approval, with listing expected as early as July 23. This approval is a significant milestone for Ethereum, potentially increasing its adoption and market liquidity.

Polygon Labs Set to Replace MATIC with POL on Sept. 4

Polygon Labs will replace its MATIC token with POL tokens on September 4 as part of its Polygon 2.0 roadmap. This upgrade aims to enhance Polygon’s ecosystem of zero-knowledge-based layer two chains and expand the utility of its native token. POL will support Polygon’s staking hub, block generation, and data availability. MATIC holders on Polygon PoS will be automatically upgraded, while those on Ethereum or other platforms must manually migrate. This transition is expected to strengthen Polygon’s position in the blockchain space.

Valour Launches First ETP for Near Protocol Token

Valour has introduced an exchange-traded product (ETP) for NEAR, Near Protocol’s native token, on Sweden’s Spotlight Stock Market. This allows retail and institutional investors to invest in NEAR, a token noted for its significant role in decentralized finance (DeFi) and non-fungible tokens (NFTs). Near Protocol aims to simplify blockchain development challenges. With a market capitalization of $6.8 billion, the NEAR token ranks among the top 20 digital assets globally. This ETP launch is a significant step towards mainstream adoption of the NEAR token.

Craig Wright Admits He’s Not Satoshi Nakamoto

Craig Wright, who has long claimed to be Bitcoin’s creator, Satoshi Nakamoto, issued a legal disclaimer on his website stating he is not Nakamoto. This follows a UK High Court ruling and a legal challenge by the Crypto Open Patent Alliance (COPA), which accused Wright of forgery. The court’s findings discredited Wright’s claims, with Judge James Mellor ruling he is not Nakamoto. Wright now faces potential perjury charges and has frozen assets to cover legal costs from previous lawsuits. This admission puts an end to one of the most controversial claims in the crypto world.

South Korea Enforces New Crypto Exchange Regulations

On July 19, South Korea implemented the “Virtual Asset User Protection Act” to safeguard crypto users. The law mandates virtual asset service providers (VASPs) to insure against hacks, segregate customer assets, and safely store bank deposits. Additionally, VASPs must maintain anti-money laundering measures and report suspicious transactions. Despite concerns about mass token delisting by exchanges, a review process will mitigate such risks. Meanwhile, the ruling party has proposed delaying the tax on crypto trading profits because of current market sentiment. These regulations aim to create a safer and more transparent environment for crypto trading in South Korea.

MelegaSwap Ecosystem Updates

Mega $MARCO Burn Event Completed

We are excited to announce that we have completed the BURN EVENT for 10 million $MARCO tokens on the BNB Chain, worth approximately $200,000. This event marks a significant milestone in the ongoing development of the MelegaSwap Platform, which is transitioning to become MULTICHAIN. The $MARCO token will be launched on the POLYGON chain in the next few days. This burn event is expected to reduce the circulating supply of $MARCO, potentially increasing its value.

Inter Finance Network (IFNET) Farm & Pool Listed on MelegaSwap

IFNET was established to generate passive revenue for the community. Holding IFNET in your wallet will earn you BUSD. IFNET is an open-source, decentralized platform the community has originated, driven, and developed. This listing on MelegaSwap provides users with new opportunities to earn passive income and participate in the growing DeFi ecosystem.

MelegaSwap Secures New Strategic Partnership with AIVOICE (AIV)

$AIV uses AI voice technology to allow users to listen to all digital content provided by audiobooks, portals, etc., including Internet news, in the voice of the person they want. AIV holds patents related to AI voice technology. This partnership aims to integrate AI voice technology into the MelegaSwap ecosystem, enhancing user experience and accessibility.

Summary

The past week has been filled with significant developments in the crypto world. From the WazirX hack to the SEC’s approval of Ethereum ETFs, these events have far-reaching implications for the market. Stay tuned for more updates and insights as we continue to navigate the ever-evolving landscape of cryptocurrency.

The author does not own or have any interest in the securities discussed in the article.