Summary of important events (07.08-07.14)

1. Top 2 Hot Events of Last Week 

US June CPI data recorded 3.0%, lower than expected

The Bureau of Labor Statistics' closely watched consumer price index increased by 3.0% annually, down from 4.0% in May. Economists had forecast a rise of 3.1%. Despite the headline number inching ever closer to the Fed's 2% target, stickier core figures have fueled speculation that the central bank will raise interest rates later this month after pushing pause on its hiking cycle in June. 

Ripple won against SEC after 3 years of lawsuit, Coinbase and other cryptocurrency exchanges relisted XRP

On July 13, Judge Analisa Torres ruled in favor of Ripple Labs, stating that XRP was not a security in the case brought by the SEC. The court recognized the sale of XRP as not constituting investment solicitation, extending the ruling to institutional sales by Ripple. However, the SEC has responded, stating that it accepts part of the court's ruling and will continue to review the related decisions. Coinbase, Binance.US, Kraken Pro, Crypto.com, and other exchanges have relisted XRP for trading.

2. Cryptocurrencies & Exchanges

On July 10, Binance announced the launch of the 32nd project, Arkham (ARKM).

On July 10, Bitget updated its July reserve proof, with a BTC reserve ratio of 454%.

On July 12, Binance.US responded to the suspension of BCH withdrawals, stating that token reserves are sufficient and the withdrawal pause was due to a technical issue in deposit sweeping system.

On July 13, Huobi responded to concerns about asset decreases, stating that it was due to a lack of updates from a third-party data platform, and they have already reached out to the team to update the addresses and data.

On July 13, the FTX claims website came back online.

On July 14, Coinbase relisted XRP trading pairs and resumed trading activities.

On July 14, Gemini is actively exploring the launch of XRP spot and derivative trading.

3. Regulatory Updates

On July 11, the Financial Conduct Authority (FCA) in the UK cracked down on illegal cryptocurrency ATMs.

On July 12, US senators reintroduced the Responsible Financial Innovation Act, proposing that the US CFTC regulate crypto exchanges.

On July 12, South Korea required its domestic companies involved in cryptocurrency to disclose their cryptocurrency holdings in their financial statements from 2024.

On July 13, South Korea’s Financial Services Commission is proposing amendments to the Electronic Securities Act and the Capital Market Act to institutionalize security tokens.

4. Market Updates

On July 9, Hong Kong Stock Exchange-listed company Linekong Interactive Group, invested $590,000 to acquire approximately 19 bitcoins.

On July 11, the Dubai cryptocurrency regulatory agency suspended the license of BitOasis cryptocurrency exchange.

On July 11, CBOE announced agreements with Coinbase for five spot BitcoinETFs.

On July 12, Grayscale sent a letter to the District of Columbia Circuit Court of Appeals, appealing the approval of a Bitcoin leverage ETF by the SEC while rejecting the approval of a Bitcoin spot ETF.

On July 12, Celsius filed a lawsuit against liquidity staking platform StakeHound, accusing it of failing to return $150 million worth of ETH, MATIC, DOT, and other tokens.

On July 12, the US government transferred the Bitcoin seized from the Silk Road.

On July 13, the first Bitcoin ETF in Europe is expected to be launched publicly this month, delayed by 12 months from the initial plan.

On July 13, the SEC officially initiated the review process for the Bitwise Bitcoin ETF application.

On July 14, the Indonesian Commodity Futures Trading Regulatory Agency announced plans to launch a cryptocurrency exchange in Indonesia this month.

On July 14, Multichain announced that both team funds and servers are under the control of CEO Zhaojun, and the team was forced to stop operations.

5. Statements from Individuals/Organizations

On July 8, Hong Kong Financial Secretary Paul Chan: Hong Kong has opened new paths and areas, including green finance and Web3.0.

On July 8, cryptocurrency financial services company Matrixport founded by Wu Jihan: Bitcoin is expected to surge to $125,000 by the end of 2024.

On July 9, Coinbase's Chief Legal Officer: The US SEC ignores the clear and unmistakable warnings of the Supreme Court just last week against regulatory overreach in major questions reserved to Congress.

On July 10, CZ: FUD and pressure create tight teams internally, while collaboration and cooperation build trust externally.

On July 10, Standard Chartered Bank: the price of Bitcoin would rise to around $50,000 by the end of this year.

On July 10, Vitalik Buterin: Bitcoin needs scalability solutions like Plasma or ZK Rollups to expand its use cases.

On July 11, Ripple's Chief Technology Officer: a summary judgment on the lawsuit with the SEC could be reached by the end of September.

On July 11, Temasek Chief Investment Strategist: Temasek has no plans to invest in cryptocurrency companies due to regulatory uncertainties.

On July 11, Bank for International Settlements: Crypto’s “inherent structural flaws” make it unsuitable as a monetary tool.

On July 13, Galaxy Digital founder: US will approve Bitcoin ETFs, the price rise will start before the end of the year.

On July 13th, the SEC Chairman criticized Coinbase for offering "conflicting services" and the issue of “limited risk monitoring”.

On July 13, US SEC Chairman: Coinbase provides “conflicting services” and lacks “effective risk oversight”.

On July 13, Coinbase Chief Legal Officer: Coinbase responded to the US SEC’s statement of intention to sue.