U.Today – To keep you up to date with the events in the cryptocurrency world over the past day, U.Today presents the top three news stories.
Sentenced to pay massive fines: Details
As it emerged from the final judgment published yesterday, August 7, San Francisco-based fintech giant Ripple is required to pay a $125 million civil penalty to the SEC. As stated in the document, the company must comply with this obligation within 30 days of the final judgment coming into effect. The SEC must retain the funds, along with any interest and income earned on them, pending a further order from the court. With this final judgment, Ripple’s long-running legal dispute with the SEC, which began in December 2020, is likely at an end. Ripple CEO Brad Garlinghouse has been quick to take to X to comment on this important development; he welcomed the fact that the court reduced the SEC’s initial demand ($2 billion in fines) by approximately 94%, calling the judgment “a victory for Ripple, the industry, and the rule of law.”
Here is how much Bitcoins 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 owns about 17,732 bitcoins (currently worth roughly $1 billion) and that he has not sold any of the coins he owns since then. The MicroStrategy co-founder claimed that despite its volatility, Bitcoin remains superior to any other option available for long-term capital management. Saylor explained that the leading cryptocurrency is capable of creating “generational wealth” for one’s family or corporation. “You can liquidate it at any time, for any amount, anywhere in the world or you can hold it for any amount of time without active management or business acumen,” he added.
ETFs soar with $98 million inflows, reaching $7 billion in total
After several days of stagnant growth, Ethereum spot ETFs had started to gain positive momentum. These ETFs saw one day of significant inflows and then had four consecutive days of outflows, mostly due to Grayscale’s ETHE, which is still experiencing outflows. According to data provided by SosoValue, on August 6, Ethereum spot ETFs saw a total net inflow of around $98 million. This was the second consecutive day of inflows, as they saw inflows of nearly $48 million on August 5. The inflows coincide with the market recovering after the most recent crypto market crash, cheering up the community that started to get discouraged by seeing outflows so frequently. Yesterday, the total net asset value of Ethereum ETFs constituted $7.06 billion; however, currently this metric stands at $6.63 billion as the ETFs were caught in another wave of outflows.
This article was originally published on U.Today
