Solana

Donald Trump

<p class="is-style-lead">Ripple received a $125 million fine, while Bitcoin slumped below $50,000 for the first time in six months amid market-wide turmoil. Also, Vice President Kamala Harris’s team began efforts to woo crypto voters. In South America, Brazil approved the first Solana ETF.&nbsp;</p> 
<h2 class="wp-block-heading" id="final-ruling-concludes-ripple-v-sec">Final ruling concludes Ripple v. SEC</h2> 
<ul class="wp-block-list"> 
 <li>Judge Analisa Torres <a href="https://crypto.news/ripple-hit-with-125m-fine-for-securities-violations-xrp-surges-18-post-ruling/" target="_blank" rel="noreferrer noopener">made</a> the final decision in the Ripple v. SEC lawsuit on Aug. 7, imposing a $125 million fine on Ripple for its violations of securities laws from XRP sales to institutions. This ends the 45-month lawsuit in the absence of any appeals.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>The fine was 94% lower than the $2 billion proposed by the SEC, but 12x more than the $10 million suggested by Ripple. Still, Ripple considered it a partial victory, with XRP skyrocketing toward $0.65 shortly after.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Two days after the ruling, Ripple <a href="https://crypto.news/ripple-begins-testing-rlusd-stablecoin-on-ethereum-and-xrp/" target="_blank" rel="noreferrer noopener">revealed</a> that it had begun private beta testing of its proprietary Ripple USD (RLUSD) stablecoin on the Ethereum and XRPL mainnets.</li> 
</ul> 
<h2 class="wp-block-heading" id="bitcoin-drops-below-50-000">Bitcoin drops below $50,000</h2> 
<ul class="wp-block-list"> 
 <li>Last week, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and the rest of the crypto market witnessed the largest widespread decline yet this year. On Aug. 5, BTC <a href="https://crypto.news/bitcoin-slumps-under-50k-losing-12-as-broader-financial-markets-in-turmoil/" target="_blank" rel="noreferrer noopener">collapsed</a> underneath $50,000 for the first time in six months. Liquidations across the market <a href="https://crypto.news/crypto-liquidations-surpass-1b-amid-market-wide-turbulence/" target="_blank" rel="noreferrer noopener">surpassed</a> $1 billion.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Meanwhile, Bitcoin whale accumulation took shape, with <a href="https://crypto.news/bitcoin-whales-accumulate-23b-in-btc-amid-market-uncertainty/" target="_blank" rel="noreferrer noopener">reports</a> confirming the purchase of $23 billion in BTC within 30 days.&nbsp;&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>BTC eventually recovered the $60,000 level as the market rebounded. CryptoQuant’s Ki Young Ju <a href="https://crypto.news/bitcoin-price-to-hit-all-time-high-if-it-stays-above-45k-ceo/" target="_blank" rel="noreferrer noopener">suggested</a> Bitcoin could still reach a new ATH if it holds above $45,000.</li> 
</ul> 
<h2 class="wp-block-heading" id="harris-looks-to-the-crypto-industry">Harris looks to the crypto industry&nbsp;</h2> 
<ul class="wp-block-list"> 
 <li>Last week, Democratic presidential candidate Kamala Harris’s team made efforts to woo crypto voters. On Aug. 6, Harris <a href="https://crypto.news/harris-selects-crypto-cautious-tim-walz-as-vp-candidate-per-reports/" target="_blank" rel="noreferrer noopener">picked</a> Minnesota Governor Tim Walz as her running mate.&nbsp;</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Following this move, the Democratic candidate’s odds of winning the elections shot up from 3% to 46% on Polymarket. Shortly after, Harris <a href="https://crypto.news/kamala-harris-takes-lead-ahead-of-trump-polymarket/" target="_blank" rel="noreferrer noopener">overtook</a> Republican Donald Trump in the polls.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>Further reports confirmed that Democratic stakeholders launched a campaign dubbed “Crypto for Harris” to engage crypto industry leaders on pro-crypto policies.</li> 
</ul> 
<ul class="wp-block-list"> 
 <li>A virtual crypto roundtable meeting occurred on Aug. 8. However, Harris didn’t attend, <a href="https://crypto.news/tyler-winklevoss-how-did-kamala-harris-miss-the-crypto-roundtable/" target="_blank" rel="noreferrer noopener">baffling</a> Gemini co-founder Tyler Winklevoss.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="brazil-approves-solana-etf">Brazil approves Solana ETF</h2> 
<ul class="wp-block-list"> 
 <li>In Brazil, the country’s SEC <a href="https://crypto.news/brazilian-sec-greenlights-first-solana-etf-launch-hinges-on-stock-exchange-approval/" target="_blank" rel="noreferrer noopener">approved</a> the launch of the first Solana ETF last week. However, the product remains in the pre-operational state. The reports confirm that the ETF needs to secure approval from Brazil’s stock exchange B3 to officially launch.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="ftx-to-pay-12-billion-to-creditors">FTX to pay $12 billion to creditors&nbsp;</h2> 
<ul class="wp-block-list"> 
 <li>Judge Peter Castel <a href="https://crypto.news/us-judge-approves-12-7b-settlement-between-ftx-alameda-and-cftc/" target="_blank" rel="noreferrer noopener">ruled</a> that FTX and Alameda Research would pay $12.7 billion to creditors in its settlement with the CFTC, and cease providing any services related to crypto trading.</li> 
</ul> 
<h2 class="wp-block-heading" id="crypto-venture-capital">Crypto venture capital&nbsp;</h2> 
<ul class="wp-block-list"> 
 <li>Several startups <a href="https://crypto.news/crypto-vc-roundup-andrena-raises-18m-vessel-10-million/" data-type="link" data-id="https://crypto.news/crypto-vc-roundup-andrena-raises-18m-vessel-10-million/">secured</a> significant funds last week, including Andrena ($18 million), Vessel ($10 million), Cartridge ($7.5 million) and Pentagon Games ($6 million). </li> 
</ul> 
<ul class="wp-block-list"> 
 <li>CEHV founder Adam Cochran <a href="https://crypto.news/investors-prefer-breakout-trends-over-moonshots-vc/" data-type="link" data-id="https://crypto.news/investors-prefer-breakout-trends-over-moonshots-vc/">discussed</a> in detail how “VCs have slowed investing in crypto by a lot.” “Most of them have LPs that just want to beat index fund returns,” he wrote on X.com. Too many investors are reluctant to make early-stage bets and “don’t actually pursue moonshots, they just throw capital at breakout trends.”</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/what-is-carry-trade-explained/"> How the Yen carry trade led to a global market rout? </a> </p>

Ripple v. SEC final ruling, BTC below $50k, Harris woos crypto voters, Solana ETF | Weekly Recap

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