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To keep you updated on events in the crypto world over the past day, U.Today presents the top three news stories.
Ripple ordered to pay massive penalties: Details
As became known from the final judgment released yesterday, Aug. 7, Ripple, fintech giant headquartered in San Francisco, is obliged to pay a civil penalty of $125 million to the SEC. As stated in the document, the company should satisfy this obligation within 30 days following the entry of the final judgment. The SEC should hold the funds, together with any interest and income earned thereon pending further order of the court. With this final judgment, Ripple’s long-lasting legal dispute with the SEC, which began in December 2020, has likely come to an end. Ripple CEO Brad Garlinghouse has promptly taken to X to comment on this significant development; he celebrated the fact that the court reduced the SEC’s initial demand ($2 billion in penalties) by approximately 94%, calling the ruling “a victory for Ripple, the industry and the rule of law.”
Here’s how many Bitcoins Saylor holds
Michael Saylor, MicroStrategy co-founder, revealed the size of his Bitcoin holdings during a recent interview with Bloomberg. Saylor said that he tweeted about four years ago that he owns about 17,732 Bitcoin (currently worth approximately $1 billion) and has not sold any of the coins that he owns since then. MicroStrategy co-founder stated that despite its volatility, Bitcoin remains superior to every other available option for long-term capital management. Saylor explained that the leading cryptocurrency is capable of creating “generational wealth” for one’s family or corporation. “You can liquidate it at any time, any amount, anywhere in the world or you can hold it for any amount of time without active management or business acumen,” he added.
Ethereum ETFs skyrocket with $98 million inflows, reach $7 billion in total
Following several days of stagnant growth, Ethereum spot ETFs had begun to gain positive momentum. These ETFs saw one day of major inflows and then they had four straight days of outflows, mostly due to Grayscale’s ETHE, which is still experiencing outflows. According to data provided by SosoValue, on Aug. 6, the Ethereum spot ETFs saw a total net inflow of around $98 million. This was the second consecutive day of inflows as they saw almost $48 million inflows on Aug. 5. The inflows coincide with the market’s recovery after the most recent crypto market crash, cheering up the community that started to get discouraged seeing outflows so frequently. Yesterday, the total net asset value of Ethereum ETFs constituted $7.06 billion; however, currently this metric stands at $6.63 billion as the ETFs were caught by another wave of outflows.