U.Today – To keep you up to date with what’s been happening in the cryptocurrency world over the past day, U.Today brings you the top three news stories.
ordered to pay huge fines: Details
As per the final judgment issued yesterday, August 7, San Francisco-based fintech giant Ripple is ordered to pay a civil penalty of $125 million to the SEC. As stated in the document, the company should fulfill this obligation within 30 days of the final judgment. The SEC should retain the funds along with any interest and income earned thereon until further order from the court. With this final judgment, Ripple’s long-running legal dispute with the SEC, which began in December 2020, has likely come to an end. Ripple CEO Brad Garlinghouse immediately took to X to comment on this significant development; he celebrated the fact that the court reduced the SEC’s initial demand ($2 billion in penalties) by about 94%, calling the ruling “a victory for Ripple, the industry, and the rule of law.”
Here’s How Much Bitcoin Saylor Has
MicroStrategy co-founder Michael Saylor revealed the size of his holdings during a recent interview with Bloomberg. Saylor said he tweeted about four years ago that he owned about 17,732 Bitcoins (now worth about $1 billion) and hasn’t sold any of his holdings since. The MicroStrategy co-founder said that despite its volatility, Bitcoin remains superior to every other long-term capital management option available. Saylor explained that the leading cryptocurrency has the potential to create “generational wealth” for a family or corporation. “You can liquidate it at any time, for any amount, anywhere in the world, or you can hold it for any period of time without any active management or business acumen,” he added.
ETFs surge with $98 million inflow, reaching a total value of $7 billion
After several days of stagnant growth, Ethereum spot ETFs have started to gain positive momentum. These ETFs saw one day of immense inflows, followed by four straight days of outflows, mainly due to Grayscale’s ETHE, which continues to experience outflows. According to data provided by SosoValue, Ethereum spot ETFs saw total net inflows of around $98 million on August 6. This was the second day in a row of inflows, as they saw almost $48 million in inflows on August 5. The inflows coincide with the market’s recovery from the recent cryptocurrency market crash, which cheered up the community that had started to get discouraged by such repeated outflows. Yesterday, the total net asset value of Ethereum ETFs stood at $7.06 billion; however, the figure now stands at $6.63 billion as the ETFs have been hit by another wave of outflows.
