Ripple to Pay Massive Penalties, Final Judgment Says; Here’s How Many Bitcoins Michael Saylor Holds, Ethereum ETFs Skyrocket With $98 Million Inflows: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the crypto world never ceases to surprise me. Today, let’s delve into three significant stories that have caught my attention.

As a dedicated researcher delving into the dynamic realm of cryptocurrencies, let me share with you the most significant headlines from the past 24 hours. Here are today’s top three stories that have captured my attention in the ever-evolving crypto world.

Ripple ordered to pay massive penalties: Details

Based on the final verdict announced on August 7th, Ripple, a leading fintech company based in San Francisco, has been ordered to pay a civil penalty of $125 million to the Securities and Exchange Commission (SEC). According to the judgment, Ripple must comply with this penalty within thirty days following its issuance. The SEC will hold the funds, along with any interest and income they generate, until further instructions from the court. This final verdict marks the apparent conclusion of Ripple’s prolonged legal battle with the SEC, which began in December 2020. In response to this significant development, Ripple CEO Brad Garlinghouse has expressed his thoughts on social media platform X, praising the court for significantly reducing the SEC’s initial demand (penalties of $2 billion) by approximately 94%, and terming the ruling a “victory for Ripple, the industry, and the rule of law.”

Here’s how many Bitcoins Saylor holds

During a recent interview with Bloomberg, MicroStrategy co-founder Michael Saylor disclosed the extent of his Bitcoin holdings, stating that he owns around 17,732 Bitcoins (approximately $1 billion in value) and has not sold any since then. Saylor emphasized that while Bitcoin is known for its volatility, it still outperforms all other options for long-term wealth management. He further explained that Bitcoin can generate “generational wealth” for families or corporations. Saylor pointed out that the advantage of Bitcoin lies in its ability to be liquidated instantly, anywhere in the world, or held for an extended period without requiring active management or business skills.

Ethereum ETFs skyrocket with $98 million inflows, reach $7 billion in total

After several days without growth, Ethereum spot ETFs started to show a positive trend. This was followed by a significant increase in investments and then four consecutive days of withdrawals, primarily due to Grayscale’s ETHE, which continues to experience withdrawals. According to data from SosoValue, on August 6, there was a total net inflow of approximately $98 million into Ethereum spot ETFs, marking the second day in a row with inflows, having seen around $48 million on August 5. These inflows occurred during the market’s recovery from the recent cryptocurrency market crash, raising spirits within the community that had been discouraged by frequent outflows. Yesterday, the total net asset value of Ethereum ETFs was $7.06 billion; however, it currently stands at $6.63 billion due to another wave of withdrawals.

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2024-08-08 19:15