Summer Crypto Highlights: The Top 10 Events

Top 10 Crypto Events of Summer 2024

The past three months have been a whirlwind of key events in the crypto landscape. From the launch of Ethereum ETFs to the Pump.fun/SunPump hype, these moments have significantly impacted the industry. Here's a chronologically ordered list of the most influential happenings of the summer:

1. Mt. Gox Repayments Commence

Mt. Gox has initiated the long-awaited repayments to its creditors. As of September 2, approximately 40% of the repayment plan is complete, with 53,000 BTC distributed to 13,000 claimants. The entity intends to repay 70% of its smaller creditors first, with larger claims reserved for later distribution.

2. Ethereum ETF Approval

Ethereum ETFs have been greenlit by regulators and are now trading on three major US stock exchanges: NYSE Arca, Nasdaq, and CBOE BZX. While the ETFs have experienced a negative inflow, Blackrock has reported a net inflow of $1 billion. The approval of Ethereum ETFs is seen as a sign of the growing acceptance of cryptocurrencies as a legitimate asset class.

3. Durov's Arrest in Paris

Pavel Durov, the founder of Telegram, was arrested in Paris as part of an investigation into potential crimes related to his platform. The arrest sparked backlash within the crypto community, with many influencers speaking out against his prosecution. Durov's arrest negatively impacted the price of TON ($TON), the native token of The Open Network blockchain.

4. Trump Embraces Crypto

Former US president Donald Trump has emerged as a vocal advocate for cryptocurrencies during his latest presidential campaign. He has launched his own NFT collection and accepted cryptocurrency donations for his campaign. Trump has also made his crypto portfolio public, including investments in several currencies, notably $3 million in TrumpCoin.

5. German Government Sells Bitcoin

Germany has become a significant player in the crypto market by selling 50,000 $BTC for $2.89 billion. The Bitcoin originated from a movie piracy site that was seized by police in Saxony. The sale contributed to a period of price suppression for Bitcoin.

6. FED Signals Rate Cuts

Federal Reserve Chairman Jerome Powell has hinted at the possibility of interest rate cuts in the future. The prospect of lower interest rates could boost liquidity in the market and potentially trigger a bull run in cryptocurrencies.

7. TON Gains Popularity

TON has emerged as a highly hyped blockchain project due to its integration with Telegram and the launch of mini apps. The blockchain's native token, $TON, has experienced a surge in value and usage.

8. Tether's Profitability

Tether has reportedly achieved remarkable profitability in the first half of 2024, posting a staggering $5.2 billion in net profit. This positions Tether as one of the most lucrative companies worldwide.

9. Jump Trading Sells Ethereum

Jump Trading has reportedly sold a significant amount of staked Ethereum, weighing down the price of the digital asset. The reasons behind these trades remain speculative.

10. Robinhood Acquires Bitstamp

Robinhood has expanded its crypto presence by acquiring Bitstamp, a global cryptocurrency exchange. The deal provides Robinhood access to new markets and enhances its institutional crypto offering.

Conclusion

This summer has witnessed a surge in significant crypto events that have shaped the industry's trajectory. From the approval of Ethereum ETFs to the growing popularity of TON, the acceptance of cryptocurrencies as mainstream assets has accelerated. As the industry continues to evolve, upcoming events like the potential FED rate cuts hold the potential to drive further growth and adoption.