Last week, the cryptocurrency market saw various interesting developments. A gunman opening fire at a political rally and injuring former President Donald Trump caused a reaction in the market. Meanwhile, regulators decided to drop an investigation into Paxos. Germany also made headlines by emptying its Bitcoin stash. On a positive note, spot BTC exchange-traded funds recorded a recovery in net inflows.
Meme coins inspired by Donald Trump saw significant growth, with the MAGA (TRUMP) coin’s market cap surging by over 14.7% in just 24 hours. The SEC closed its investigation into Paxos, stating they have no plans for enforcement action against the issuance of BUSD. The German government sold off its Bitcoin holdings after weeks of sustained selloffs, following the selling pressure caused by the Federal Criminal Police Office of Germany offloading 50,000 BTC confiscated in 2013.
Spot Bitcoin ETFs saw renewed interest after a period of persistent daily net outflows, with $310 million in net inflows on July 12 alone. BitMEX pleaded guilty to violations of the Bank Secrecy Act, following charges for flouting AML provisions in 2020. Lastly, the US House failed to override a veto from the Biden administration on a bill seeking to repeal SAB121, which could have limited the SEC’s oversight on crypto custody.