Top Stories of The Week
XRP spikes 3% after Garlinghouse says Ripple dropping SEC cross-appeal
XRP’s price jumped over 3% on Friday, just hours after Ripple Labs CEO Brad Garlinghouse said the company is dropping its cross-appeal against the US Securities and Exchange Commission (SEC) and expects the regulator to do the same.
“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” Garlinghouse said in an X post on Friday. XRP, the cryptocurrency associated with Ripple Labs, spiked 3.36% to $2.18 just five hours after the post, according to CoinMarketCap data.
“We’re closing this chapter once and for all and focusing on what’s most important – building the internet of Value. Lock in,” Garlinghouse added.
Anthony Pompliano’s crypto venture buys $386M in Bitcoin
Crypto entrepreneur Anthony Pompliano’s firm ProCap made its first Bitcoin purchase just days after revealing that it plans to go public later this year.
The Bitcoin financial services firm, ProCap BTC, said on Tuesday that it purchased 3,724 Bitcoin (BTC) for $386 million. The investment is now worth just shy of $400 million at current market prices, as the asset has gained since the buy.
The firm purchased the assets at a time-weighted average price of $103,785 per BTC. The buy follows the ProCap’s announcement on Monday that it plans to go public via a merger with the blank-check company Columbus Circle Capital to become ProCap Financial.
Coinbase claims ‘key role’ in Secret Service’s biggest-ever crypto seizure
Crypto exchange Coinbase says it played a “key role” in supporting a US Secret Service investigation that resulted in the seizure of $225 million linked to crypto investment scams earlier this month.
On June 18, the Department of Justice filed to seize more than $225 million in crypto recovered by the Secret Service that was allegedly stolen by online investment scammers, which Agent in Charge Shawn Bradstreet said at the time was the largest cryptocurrency seizure in the agency’s history.
Coinbase said in a blog post on Tuesday that it joined several other exchanges in an “investigative sprint” with the Secret Service in 2024 to identify scam victims, analyze chain flows and help build a case to seize the crypto.
Bitcoin treasury trend is new altseason for crypto speculators: Adam Back
Bitcoin treasury adoption by public companies has become the new altcoin season for cryptocurrency speculators, Adam Back said on Monday.
Bitcoin treasury season “is the new ALT SZN for speculators,” said Back, co-founder and CEO of Blockstream and the inventor of Hashcash. “Time to dump ALTs into BTC or BTC treasuries,” he added.
Bitcoin treasury firms are buying BTC “on repeat to increase Bitcoin per share,” tapping into different funding methods such as convertible note offerings to accumulate more of the world’s first cryptocurrency, making them attractive for investors, Back explained.
FTX rejects 3AC’s $1.5B claim, citing ‘failed trading strategy’
Lawyers acting for the collapsed crypto exchange FTX have rebuked a $1.53 billion recovery claim from Three Arrows Capital’s (3AC) liquidators, arguing the losses resulted from a risky trading strategy that should not be paid for by creditors.
3AC liquidators initially filed a $120 million claim in FTX’s bankruptcy case in June 2023 and expanded it to $1.53 billion in November 2024, alleging claims including breach of contract, fiduciary duty and unjust enrichment.
The liquidators alleged FTX held $1.53 billion in the hedge fund’s assets that were liquidated to settle liabilities in 2022, contributing to 3AC’s collapse, arguing the transactions were avoidable and FTX debtors had delayed providing the information that would have uncovered the liquidation.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $107,465, Ether (ETH) at $2,425 and XRP at $2.19. The total market cap is at $3.29 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Maple Finance (SYRUP) at 28.43%, Sei (SEI) at 28.00% and Pudgy Penguins (PENGU) at 22.85%.
The top three altcoin losers of the week are Curve DAO Token (CRV) at 10.80%, Kaia (KAIA) at 10.30% and Celestia (TIA) at 10.24%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“I believe there is about a 91% chance of MSTR qualifying for the S&P 500 in Q2.”
Jeff Walton, financial analyst
“Weekly view on $COIN looks very bullish, even if it is due for a pullback.”
Andy Heilman, investment adviser
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it.”
Anthony Pompliano, crypto entrepreneur
“US stock futures nearing all-time highs, fueled by…
cointelegraph.com