SEC drops investigation into Ethereum (ETH), price back above $3.500
The U.S. Securities and Exchange Commission (SEC) is closing its investigation into whether Ethereum (ETH) is a security, as stated by Ethereum developer Consensys. This decision follows Consensys’s request to the SEC to end the investigation after the approval of spot Ether ETFs in May. The SEC’s Enforcement Division indicated it does not plan to recommend any enforcement action. Despite this, Consensys’s lawsuit against the SEC continues, stemming from an earlier Wells notice regarding potential securities law violations by Consensys’s MetaMask crypto wallet.
ETH jumped slightly and again broke $3,500 in the minutes after Consensys reported the SEC had dropped its investigation into Ethereum.
Source: Cointelegraph
Bitcoin hodlers maintain 120% profit despite sideways trading
Bitcoin continues to show profitability for its holders despite recent price stagnation, according to research from Glassnode. In their “The Week On-Chain” newsletter, Glassnode noted that while Bitcoin has been trading sideways, 87% of the circulating supply remains profitable, with many holders maintaining a cost basis below the current spot price. Using the Market Value to Realized Value (MVRV) metric, they highlighted that Bitcoin is, on average, 120% above its purchase price, signaling a continued uptrend. Despite concerns over short-term price drops, the data suggests a strong overall market position for Bitcoin holders.
Source: Cointelegraph
Arkham announces $150,000 reward to identify creator of Trump-themed DJT token
Arkham Intelligence has announced a $150,000 bounty to identify the creator of the Trump-themed DJT token. This token, seemingly playing on the controversial figure of former President Donald Trump, has gained attention within the cryptocurrency community. The initiative by Arkham aims to uncover the person or group responsible for the token’s creation and distribution. This bounty reflects the growing trend of accountability and transparency in the cryptocurrency space, encouraging community members to help trace the origins of such projects and ensure ethical standards are upheld.
Source: The Block