Bitcoin remains below $70,000 but is moving away from the $60,000 support level. The good news is that altcoins are also on the rise. Altcoins that have surpassed near resistance levels are now waiting for BTC to continue its increase. So, what are the latest developments in the cryptocurrency markets?
Latest Developments in Cryptocurrencies
Ongoing sales by the German and US governments are worrying crypto investors, limiting the recovery. On the other hand, Roaring Kitty will be back in court after the 2021 lawsuit saga.
Government BTC Sales
The governments of Germany and the United States continue their sales. Germany moved $95 million worth of BTC to exchanges. The US transferred $11.75 million worth of ETH to an unknown address. According to Arkham data, the German government’s sales over the last two weeks were around 2700 BTC. This trend is quite unpleasant given their reserves of billions of dollars in BTC.
GME Lawsuit
Keith Gill, known for the 2021 GameStop incident, caused GameStop shares to fluctuate again between May and June. A class action lawsuit was filed due to the company’s shares experiencing double-digit swings. The lawsuit, filed on June 28 in the Eastern District of New York, accuses Gill of pump and dump schemes through numerous social media posts since May 13.
The lawsuit for securities fraud was triggered by some investors’ losses. Represented by the law firm Pomerantz, plaintiff Martin Radev claimed he suffered losses from GME options he bought amid the fluctuations since mid-May due to social media posts.
A former Federal judge argues that this lawsuit will also fail. In the coming days, the acceptance or rejection of the case could cause fluctuations in GME and meme coins initiated specifically for GME.
SEC Lawsuit Against Consensys
Among the recent events, this might be the most significant. Following the approval of the Spot ETH ETF, the SEC has now filed a lawsuit against Consensys, declaring its persistence. The complaint states that Consensys earned over $250 million from brokerage services via MetaMask, which the regulatory body believes were provided without authorization.
“Since January 2023, Consensys has engaged in unregistered securities offerings and sales in the form of crypto asset staking programs and acted as an unregistered broker through its MetaMask Staking service. Consensys collected over $250 million in fees by acting as an unregistered broker.”
