This week in crypto was particularly interesting. The long-awaited Mt. Gox repayments are finally coming to an end, marking a significant milestone for those affected by one of the largest crypto exchange collapses in history. Meanwhile, Kamala Harris has taken the lead over Donald Trump in the Harris vs. Trump election race, adding a new twist to the U.S. presidential race. On the investment front, Spot Bitcoin ETFs have seen a strong recovery, indicating renewed optimism among investors. Additionally, crypto startups attracted significant funding, showing continued confidence in the industry’s future.
Read more in the weekly crypto news we’ve prepared to help you stay informed and understand these developments.
Mt. Gox Final Creditor Repayments Begin
Last week, BitGo, a crypto exchange selected to handle the final repayments to Mt. Gox creditors, confirmed a massive $2 billion Bitcoin (BTC) movement on August 13. This marks a crucial step in closing the chapter on the Mt. Gox saga, which began with the exchange’s collapse in 2014. BitGo is among the last exchanges distributing these repayments, bringing some closure to those affected by one of the most significant events in crypto history.
Harris vs. Trump: The Presidential Race Heats Up
In the 2024 U.S. presidential race, Vice President Kamala Harris surpassed former President Donald Trump on Polymarket, a popular prediction market platform. Harris’s odds of winning rose to 52%, while Trump’s chances dropped to 46%. The trend continued, with Harris reaching 54% and Trump falling to 44% by August 16. By week’s end, both candidates were neck and neck at 49%. Polymarket reflects public sentiment by allowing users to bet on outcomes, including political races, making these shifts noteworthy.
U.S. Senate Pushes for Comprehensive Crypto Legislation
In a pivotal development for the crypto industry, Senate Majority Leader Chuck Schumer announced an ambitious goal to pass comprehensive crypto regulations by the end of 2024. This announcement came during a “Crypto4Harris” virtual meeting, where key industry figures and Democratic lawmakers discussed the future of cryptocurrency in the U.S. This potential legislation could bring much-needed clarity and stability to the crypto market.
Spot Bitcoin ETFs See a Surge in Investments
Spot Bitcoin ETFs (Exchange-Traded Funds) rebounded last week, with net inflows of $36 million on Friday alone, marking a 223% increase from the previous day. Throughout the week, these ETFs accumulated $32.4 million in net inflows, showing renewed investor interest. Spot Bitcoin ETFs offer an accessible way to invest in Bitcoin without directly purchasing the cryptocurrency, which may explain the growing interest.
Crypto Startups Secure $130 Million in VC Funding
Crypto startups attracted $130 million in venture capital funding last week, signaling ongoing confidence in the sector. Chaos Labs, a crypto risk management firm, led the pack with a $55 million funding round. AI protocol Sahara AI secured $43 million, with Binance Labs leading the investment. Other notable funding rounds included $15 million for Sling Money, a blockchain payment solutions company, and $11 million for the blockchain firm Essential. This surge in funding underscores the innovation and growth within the crypto industry.
Stay ahead with our weekly crypto news and updates, ensuring you never miss a moment in the fast-evolving world of cryptocurrency. Explore past week’s crypto news here.
