When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
The United States and Germany have liquidated portions of their Bitcoin reserves. In the last week alone, the US government moved to sell 3,940 Bitcoins (worth around $240 million) seized from a narcotics trafficker in 2014, while the German government dumped 900 Bitcoins.
The US government has become one of the largest holders of Bitcoin, acquiring approximately 200,000 coins (worth around $5 billion) through seizures related to criminal activities. Among notable cases include the seizure of 69,000 coins from Silk Road founder Ross Ulbricht.
Meanwhile, the German Federal Criminal Police Office (BKA) seized almost 50,000 BTC, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website active in 2013.
In addition to the sell-off by the US and German governments, there is also the impending distribution of Bitcoin owed to former customers of the defunct cryptocurrency exchange Mt. Gox, which could involve up to 140,000 BTC entering the market.
Since these sell-offs could invariably drive prices down, they have led to market turbulence and increased volatility. On June 24, the price of Bitcoin reached as low as $59,021.42 for the first time since May 3, about 19% from its March record.
Germany Resumes Bitcoin Sell-Off
Last week, Germany sold around $325 million worth of Bitcoin. More recently, the German government transferred 200 BTC to Coinbase, while the same wallet also moved 200 BTC to Kraken, adding to the possibility of further sales.
German Government Resumes Sell-Off as Bitcoin Dips, El Salvador HODLs (Cryptonews.com)
Bitcoin Could See Selling Pressure in July from Mt. Gox Creditors
JPMorgan analysts have forecasted potential selling pressure in the cryptocurrency markets in July due to the planned distribution of funds to Mt. Gox creditors. The collapse of Mt. Gox, once the world’s largest Bitcoin exchange, left many creditors waiting years to recover their lost assets.
“This fear is justified given the recent behavior of Gemini creditors which are assumed to have liquidated part of the crypto assets received in recent weeks,” analysts led by Nikolaos Panigirtzoglou wrote.
Crypto’s Fear and Greed Index Lowest in 18 Months Amid Mt. Gox Repayments (Techopedia)
VanEck Files for Solana ETF
Investment firm VanEck has filed for a Solana (SOL) exchange-traded fund (ETF) to expose investors to one of the fastest-growing blockchain networks.
“We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH,” VanEck’s head of digital assets research, Matthew Sigel, said.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Julian Assange Reaches Plea Deal with US DOJ
WikiLeaks founder Julian Assange is now a free man after he reached a plea deal with the US Department of Justice (DOJ), resolving his long-standing legal battles. Assange, who has been in legal limbo for years, faced multiple charges related to his role in publishing classified information.
Julian Assange walks free after pleading guilty to US espionage charge in Saipan court (Guardian)
Assange Received $500K Bitcoin Donation
Julian Assange has received a $500,000 Bitcoin donation from an anonymous benefactor, supporting his legal defense. He was required to pay $520,000 to the Australian government for the chartered flight expenses to Saipan and Australia.
After his wife, Stella Assange, initiated a crowdfunding campaign, an anonymous Bitcoiner contributed over 8 Bitcoins to the fund, nearly fulfilling the entire goal of $520,000.
Bitcoiner contributes to Julian Assange’s freedom, pays $500K debt in BTC (Cointelegraph)
US State Department Offers $5M Reward for Missing ‘Crypto Queen’
The US State Department has announced a new $5 million reward for information leading to the arrest of Ruja Ignatova, the so-called “Crypto Queen,” who is wanted for her role in the OneCoin fraud scheme.
Ignatova, who disappeared in 2017, is accused of orchestrating one of the largest cryptocurrency scams, defrauding investors of billions of dollars.
Reward for fugitive ‘Crypto Queen’ raised to $5m (BBC)
Japan’s Metaplanet to Buy Another $6M Bitcoin
Japanese tech firm Metaplanet has announced plans to purchase an additional $6 million worth of Bitcoin. The move comes as Metaplanet seeks to follow MicroStrategy’s strategy of capitalizing on Bitcoin’s potential as a long-term investment. The firm already has $9 million worth of BTC.
Japanese firm Metaplanet Inc. to buy bitcoin worth $6.3 million through bond issuance (The Block)
Kraken Co-Founder Jesse Powell Donates $1M to Donald Trump
Jesse Powell, co-founder of cryptocurrency exchange Kraken, has donated $1 million, predominantly in Ether, to former President Donald Trump. Powell’s donation aligns him with other prominent crypto community figures who have been actively supporting Trump’s campaign.
I just personally donated $1m (mostly #ETH) to @realDonaldTrump.
For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024
The Winklevoss twins, founders of the Gemini cryptocurrency exchange, also revealed their $1 million contributions each to Trump’s campaign.
Gemini Founders Donate $2M in Bitcoin to Support Trump (Techopedia)
US Supreme Court Says No More In-House Tribunals for SEC
The US Supreme Court has ruled against the use of in-house tribunals by the Securities and Exchange Commission (SEC) and other federal regulators. This decision mandates that all enforcement actions must be tried in federal courts.
Supreme Court knocks down Wall Street regulator’s in-house courts (Politico)
Coinbase Accuses SEC, FDIC of Blocking Document Requests
Coinbase has accused the SEC and the Federal Deposit Insurance Corporation (FDIC) of improperly blocking its document requests. Coinbase alleges that the regulators are blocking access to documents that should be available under the Freedom of Information Act (FOIA).
Coinbase sues SEC and FDIC for clarity on crypto rules (Yahoo! Finance)
