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<p>This week, the Crypto Fear &amp; Greed Index hit “Extreme Fear” for the first time in two years, with U.S. Bitcoin ETFs seeing $168.4 million in outflows on August 5. The index dropped to 17 out of 100, the lowest since July 12, 2022, down from 67 on July 29.</p><p>Meanwhile, veteran trader Peter Brandt noted that Bitcoin&#39;s drop since the April 2024 halving resembles the market before the 2016 bull run. He highlighted similarities in market corrections since past halving dates.</p><p>Here are six key crypto news stories from the past week to update you on the latest happenings.</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://x.com/meleganews" rel="noopener noreferrer nofollow">&#64;meleganews</a>) on X for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (August 4-10, 2024)</h2><p>●  Ripple Labs&#39; Legal Resolution: A Major Win</p><p>●  Donald Trump Jr. Plans New DeFi Cryptocurrency Platform</p><p>●  Celsius Sues Tether for $3.5 Billion Over Bitcoin Collateral</p><p>●  Vitalik Buterin&#39;s Vision for Cross-Chain Interoperability</p><p>●  Russia Legalizes Cryptocurrency Mining: A New Era Begins</p><p>●  Immutable Retires NFT Marketplace to Focus on Ecosystem Growth</p><h3 id="ripple-labs-39-legal-resolution-a-major-win">Ripple Labs&#39; Legal Resolution: A Major Win</h3><p>On August 7, a Manhattan court ordered Ripple Labs to pay the SEC $125 million for improperly selling the cryptocurrency XRP. This penalty is significantly lower than the $2 billion sought by the SEC.</p><p>The case, initiated in 2020, accused Ripple of raising over $1.3 billion through unregistered securities offerings. However, the court ruled that most XRP sales were not unregistered securities, except for those to institutional investors.</p><p>Ripple CEO Brad Garlinghouse expressed relief, noting this resolution allows the company to grow. The XRP price surged almost 20% following the ruling.</p><h3 id="donald-trump-jr-plans-new-defi-cryptocurrency-platform">Donald Trump Jr. Plans New DeFi Cryptocurrency Platform</h3><p>Donald Trump Jr. has <a href="https://x.com/MrStevenSteele/status/1821702706337390949" rel="noopener noreferrer nofollow">revealed </a>intentions to create a decentralized finance (DeFi) cryptocurrency platform to address banking inequality. During a Q&amp;A on Locals, he clarified that this initiative is not a memecoin but a significant project to challenge traditional banking systems.</p><p>He acknowledged that the platform is in early development and may take time to launch. Trump Jr. emphasized the appeal of DeFi for those who feel excluded from traditional financing, urging caution against false tokens claiming affiliation with the Trump family.</p><h3 id="celsius-sues-tether-for-3-5-billion-over-bitcoin-collateral">Celsius Sues Tether for $3.5 Billion Over Bitcoin Collateral</h3><p>Celsius, a defunct cryptocurrency platform, has<a href="https://tether.io/news/tether-will-defend-itself-against-shake-down-litigation-commenced-by-celsius/" rel="noopener noreferrer nofollow"> filed a lawsuit</a> against Tether, claiming misappropriation of assets and seeking around $3.5 billion in damages. The suit alleges that during its bankruptcy, Celsius provided Tether with 39,542.42 BTC as collateral for a USDT loan.</p><p>Celsius contends that Tether liquidated the BTC without giving it a chance to provide more collateral, while Tether asserts that Celsius requested liquidation. The lawsuit seeks the return of 57,428.64 BTC and over $100 million in damages and legal fees.</p><h3 id="vitalik-buterin-39-s-vision-for-cross-chain-interoperability">Vitalik Buterin&#39;s Vision for Cross-Chain Interoperability</h3><p>Ethereum co-founder Vitalik Buterin <a href="https://x.com/VitalikButerin/status/1820412635244081471" rel="noopener noreferrer nofollow">recently outlined</a> his vision for improved cross-chain interoperability among Ethereum layer-2 networks. In a post on August 6, he expressed optimism that these interoperability challenges will soon be resolved, enhancing user experience across the Ethereum ecosystem.</p><p>Key proposals include EIP-3370, which introduces a new address standard for wallets, and EIP-7683, which aims to facilitate communication between layer-2 networks. Additionally, EIP-3668 seeks to standardize how smart contracts access off-chain data. Buterin believes these developments will soon lead to a smoother, more efficient trading environment.</p><h3 id="russia-legalizes-cryptocurrency-mining-a-new-era-begins">Russia Legalizes Cryptocurrency Mining: A New Era Begins</h3><p>In November 2024, Russia will officially <a href="https://tass.com/economy/1826725" rel="noopener noreferrer nofollow">legalize cryptocurrency mining </a>following President Vladimir Putin&#39;s approval of a new law. This legislation introduces a regulatory framework that distinguishes mining activities from currency issuance, impacting taxation and regulation.</p><p>Only registered Russian legal entities and entrepreneurs can conduct large-scale mining, while individual miners are exempt from registration if they adhere to energy consumption limits. Additionally, the law bans misleading cryptocurrency advertising and allows the trading of foreign digital assets, with oversight from the Bank of Russia and other government bodies.</p><h3 id="immutable-retires-nft-marketplace-to-focus-on-ecosystem-growth">Immutable Retires NFT Marketplace to Focus on Ecosystem Growth</h3><p>Immutable, a blockchain gaming and NFT platform, <a href="https://cointelegraph.com/news/immutable-closes-nft-marketplace-ecosystem-focus" rel="noopener noreferrer nofollow">announced </a>it would retire its NFT marketplace on August 13 to prioritize expanding its ecosystem through partnerships. The marketplace initially created to showcase features of the Immutable SDK, will be phased out as existing projects flourish independently.</p><p>Users&#39; assets will remain secure on the blockchain, linked to their wallets. This decision comes amid a significant decline in NFT sales, with a 45% drop in volume in Q2 2024. Despite the downturn, industry experts maintain confidence in the long-term viability of NFTs.</p><h2 id="header-1">NEWS FROM THE MELEGASWAP ECOSYSTEM</h2><h3 id="a-href-https-godyence-io-rel-noopener-noreferrer-nofollow-godyence-goden-farm-pool-listed-on-melegaswap-a"><a href="https://godyence.io/" rel="noopener noreferrer nofollow">Godyence (GODEN) Farm &amp; Pool Listed on MelegaSwap</a></h3><p>Godyence is a leading innovative PvP game that powers its entire ecosystem. 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More opportunities to join a successful project by maximizing your earnings</p><h3 id="a-href-https-www-xoxotoken-fun-rel-noopener-noreferrer-nofollow-xoxo-xoxo-farm-pool-listed-on-melegaswap-a"><a href="https://www.xoxotoken.fun/" rel="noopener noreferrer nofollow">XOXO (XOXO) Farm &amp; Pool Listed on MelegaSwap</a></h3><p>XOXO is the Polygon Meme Token Everyone&#39;s Been Looking For.</p><h3 id="">•••</h3><p><em><strong>Risk warning:</strong> Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If so, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Website:<a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow"> https://melegaswap.finance</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>X: <a href="https://twitter.com/meleganews" rel="noopener noreferrer nofollow">https://twitter.com/meleg</a><a href="https://twitter.com/meleganews" rel="noopener noreferrer nofollow">anews</a></p><p>Binance Square Page: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p>

Crypto Weekly Recap: Ripple Labs' Legal Win; Celsius Sues Tether; Russia Legalizes Crypto Mining; & More (Aug. 04-10, 2024)

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