Here’s a lowdown of the biggest events in the crypto world last week:
Crypto Went Up, Then Down — All thanks to the US Government 💔
While many were excited that Bitcoin (BTC) reached a new all-time high price over $123K, the crypto market said “hold my beer” and reminded us of its unpredictability.
Here’s what happened: The US government said, “We’re not buying Bitcoin anymore.” Instead, their Bitcoin reserve would contain whatever BTC they seize from criminals and what’s left of their current stash. That means no more Bitcoin buying and selling for the administration.
Bitcoin first pumped past $123K, but traders didn’t take the news calmly. Massive sell-offs saw the Bitcoin price quickly dip to about $117K. But while Bitcoin was struggling, many altcoins held their ground against the market winds:
- Ethereum (ETH) increased by 7%+ to surge past $4,500
- Binance Coin (BNB) surged by 7%+ to cross $850
- Cardano (ADA) went up by 20%+ to near $1
- Chainlink (LINK) increased by 15%+ to reach $25
But, in that rollercoaster, over $1 billion worth of trades got wiped out of the crypto market in a single day. Those who went long (predicting coin prices would increase further) were the most burnt, but short traders also got their fair share of the massacre.
TerraUSD and Luna founder, Do Kwon, Pleaded Guilty to Fraud 😮
Remember Do Kwon? The guy behind TerraUSD and Luna, the algorithmic stablecoin company that crashed in May 2022? He admitted guilt to fraud in a US courtroom, telling the world that he played investors.
Finally, the court said, “You will do jail,” and he may be sentenced to up to 25 years behind bars. He’s also going to be paying a heavy $19 million fine, but does justice really make up for Luna investors’ losses 🤔?
The SEC Postponed Solana Exchange-Traded Fund (SOL ETF) Decision Again 😮💨
The U.S. Securities and Exchange Commission (SEC) paused on the much-anticipated Solana ETF approvals. The decision date for filings from Bitwise and 21Shares has been extended to October 16, 2025.
Why the delay? The SEC said it’s to ensure the proposals check all the right boxes, but the market already reacted. Solana slid from about $210 to $190, and traders saw roughly $70 million in SOL liquidated in the chaos.
On the bright side, SOL is picking back up, and analysts like Bloomberg’s James Seyffart are convinced there’s a high chance of the ETF approval happening. According to him, the delay is due to standard regulatory caution. We’ll see how that goes in two months.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
