Here are some of the major developments from the world of crypto over the past few days
Bitcoin ETFs have suffered a $1.3 billion Bitcoin outflow in the previous two weeks of trade, although analysts predict markets to rise in the coming months. According to Farside Investors statistics, the overall outflow for Bitcoin ETFs was $1.298 billion over the past two trading weeks, with Grayscale leading with $517.3 million.
In the same time span, the price of Bitcoin BTC $61,349 fell 11.6%, from $69,476 on June 10 to $61,359 at the time of writing. The current withdrawals from spot Bitcoin ETFs have been the worst since April, when the BTC investment vehicles reported cumulative net outflows of more than $1.2 billion between April 24 and the beginning of May.
BTC and ETH are really holding up remarkably well compared to the rest of the market, with critical support at 63,000 and 3,400, respectively, and remain firmly inside the price range over the last several months," said Jonathan de Wet, Chief Investment Officer of ZeroCap. The numerous of experts believe that the impact of Mt. Gox creditor repayments would be far less severe than previously thought.
Tether, the stablecoin powerhouse, is continuing to change its flagship US dollar-pegged stablecoin USDT by suspending the issue of new USDT tokens on multiple additional blockchains. The corporation will stop minting Tether USDT $1.00 on the Eos and Algorand blockchains on June 24, according to an official announcement on its blog on Monday.
According to Tether, deleting Eos and Algorand-based USDT minting is consistent with the company's commitment to preserving equilibrium in the Tether ecosystem. Eos and Algorand are only two of 17 blockchains that support Tether transactions over several networks, including as Ethereum, Tron, Solana, The Open Network (TON), and others.
Algorand-based Ether ETH $3,383 has an even lower share of overall USDT circulation, accounting for around $17 million of the USDT supply, or roughly 0.01% of total circulating USDT. Tether has abandoned more blockchains than only Eos and Algorand in order to issue fresh USDT.
The US Securities and Exchange Commission's (SEC) case to establish Ether as securities may not have been as strong as it appeared. The SEC concluded its inquiry into whether Ether is a security on June 19. Laura Brookover, a Consensys lawyer, said the SEC will no longer claim that Ether is a security, in response to pressure to remove subpoenas following recent ETH events.
According to a letter from Consensys, the SEC's clearance of spot Ether exchange-traded funds suggested that it had changed its position to define ETH as a commodity rather than a security, but not everyone concurs.
However, the Commission has not officially supported Consensys' argument. Still, Carol Goforth, a professor at the University of Arkansas School of Law who specializes in business organizations and securities regulation, says that the SEC's approval of a spot Ether ETF does not imply that ETH is a commodity.