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Weekly Recap: MicroStrategy’s BTC Acquisition, Trump’s ETH Move, ETF Drama, Regulatory Updates, and More

This week saw dynamic movements in the crypto space, with MicroStrategy adding substantially to its Bitcoin reserves and intriguing developments involving former U.S. President Donald Trump’s Ethereum holdings. Here’s a breakdown of the key events:

MicroStrategy’s Bitcoin Acquisition & Trump’s Ethereum Moves

MicroStrategy continued its significant Bitcoin accumulation by purchasing an additional 14,620 BTC worth $615 million. This action adds to the firm’s already impressive stash of 189,150 BTC, valued at $7.99 billion. On a different note, reports surfaced indicating that a wallet associated with Trump’s NFT royalties made a sizable transfer of Ethereum to Coinbase.

ETF Drama Involving BlackRock, VanEck, Coinbase, and Bitwise

The drama surrounding the approval of a spot BTC ETF remained a focal point. VanEck updated its filing with the SEC, altering its redemption method. Coinbase, chosen for custody services by BlackRock and others in their ETF filings, made organizational changes, possibly in anticipation of ETF approval. BlackRock hinted at imminent approval and disclosed key participants, while Bitwise announced its own spot BTC ETF launch with substantial seed funding.

Mt. Gox Creditors Receive Compensation

In a long-awaited move, some creditors of the defunct Mt. Gox received their compensations this week, almost a decade post the exchange’s collapse.

Legal Rulings & Zhao’s Legal Battle

Legal proceedings had significant developments. Judge Rakoff ruled that Terra (LUNA) and MIR token were unregistered securities in the SEC vs. Terraform Labs case. Meanwhile, Binance’s founder, Changpeng Zhao, faced legal constraints as a District Court denied his request to leave the U.S. ahead of his sentencing. Despite these challenges, Zhao’s net worth surged by $25 billion this year.

Global Regulatory Shifts

Regulatory efforts took center stage globally. Japan eased end-of-year crypto tax commitments for companies. Hong Kong allowed retail investors to procure regulated stablecoins. Nigerian banks hinted at a stablecoin pegged to the Nigerian naira. Meanwhile, Indian authorities warned against several crypto exchanges, citing anti-money laundering concerns.

This week’s events highlight the evolving landscape of crypto, from major acquisitions to legal battles and regulatory changes that are shaping the industry’s trajectory.

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