Trump meme coins pop, Germany sells Bitcoin

Top news from the past week included: The cryptocurrency market reacted after a gunman opened fire at a political rally, injuring former President Donald Trump; regulators closed an investigation into Paxos; Germany dumped its Bitcoin (BTC) stockpile; and spot BTC exchange-traded funds (ETFs) saw a recovery in net inflows.

Trump meme coins The market cap of the double-digit-growth MAGA (TRUMP) coin has increased by more than 14.7% in 24 hours. At press time, it is up more than 30% and was trading at $8.32 per unit. Other meme coins inspired by former President Donald Trump have surged after the presumptive GOP nominee was shot at a rally in Pennsylvania on Saturday, July 13. SEC drops BUSD investigation The U.S. Securities and Exchange Commission (SEC) recently closed its investigation into Paxos, which it launched a year ago. Paxos announced on July 9 that the securities regulator does not plan to take any enforcement action against the issuance of BUSD in collaboration with the world’s largest exchange Binance. German government sells Bitcoin The German government has dumped its Bitcoin holdings after weeks of sustained selling. Three weeks ago, the German Federal Criminal Police Office (BKA) began selling 50,000 BTC it had seized from Movie2k.to in 2013, further adding to the selling pressure on Bitcoin. With multiple sales almost every day, the sell-off ended last week. Spot BTC ETFs rekindle interest Spot Bitcoin ETFs have also seen renewed interest following sustained daily net outflows. On July 12, the products saw net inflows of $310 million, the most in more than a month. Overall, they accounted for a net inflow of $1.04 billion over the past week and have recorded five consecutive days of positive daily inflows. BitMEX admits BSA violations Last week, leading crypto derivatives platform BitMEX pleaded guilty to violating the Bank Secrecy Act, according to a July 10 statement from the U.S. Department of Justice. The appeal comes after US authorities accused the exchange and its executives of violating AML provisions in 2020. While its executives previously pleaded guilty and paid a $10 million fine each, the exchange’s appeal comes in the fourth year of the case. US House of Representatives fails to override Biden’s SAB121 veto The US House of Representatives also failed to override the Biden administration’s veto of a bill that sought to repeal SAB 121, a move that could have limited the SEC’s oversight of crypto custody.