5 Things to Know in Crypto This Week 💡

Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries; XRP Leads Rally 💰

• Bitcoin (BTC) surged past $65,000, its highest in four weeks, despite concerns over the Mt. Gox estate moving $2.8 billion worth of BTC for creditor payouts.

• The broader crypto market rallied, with the CoinDesk 20 index (CD20) up nearly 3% and 16 of its 20 constituents in the green.

• XRP led the altcoin surge, climbing 9% on Tuesday and 35% for the week, driven by increased whale holdings and new indices from CME and CF Benchmarks.

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Bloomberg Analyst Says Ethereum Spot ETF to Launch July 23rd 🚀

• Bloomberg analyst Eric Balchunas reports that the SEC is requesting final S-1 applications for an Ethereum spot ETF by Wednesday, with a potential launch date of July 23.

• Ethereum's price spiked 7% to $3,416 and is up 14% over the past two weeks, with potential to reach its previous peak of $4,840 if the ETF is approved.

• Eight entities, including Grayscale, Bitwise, BlackRock, VanEck, ARK 21Shares, Invesco Galaxy, Fidelity, and Templeton Franklin, await SEC approval.

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Trump Odds on Polymarket Hit Another All-Time High After Vance VP Pick 💸

• Trump's Odds Surge: Donald Trump's chances of winning the 2024 presidential election have soared to 72% on Polymarket after selecting Sen. J.D. Vance as his running mate.

• Polymarket Activity: "Yes" shares for Trump on Polymarket are trading at 72 cents, reflecting the market's confidence in his victory. The platform uses smart contracts on the Polygon blockchain and USDC for transactions.

• Vance's Impact: Vance, the first millennial on a major-party ticket and a strong cryptocurrency advocate, is seen as bringing fresh energy to the Republican campaign.

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FTX and CFTC Agree to $12.7B Settlement, Subject to Court Approval ⚖️

• FTX and the U.S. Commodity Futures Trading Commission (CFTC) have agreed to a $12.7 billion settlement, pending court approval, to resolve a 19-month lawsuit.

• The settlement includes $8.7 billion in restitution and $4 billion in disgorgement, with no civil monetary penalty sought by the CFTC.

• The agreement is crucial for FTX's Chapter 11 reorganization plan, aiming to avoid further litigation costs and asset diminution.

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Crypto VC’s Continue to Up Solana Exposure ☀️

• Cypherpunk Holdings, a Toronto-based investment firm, has increased its Solana (SOL) holdings to over 63,000 tokens valued at nearly $14 million, up from 6,131 SOL last month.

• The firm plans to run its own Solana validator and stake 49,917 tokens (worth about $11 million) using its own Solana node, and is also operating a SOL options trading strategy.

• Leah Wald, former CEO of Valkyrie Investments, joined Cypherpunk as chief executive in early July, highlighting the Solana ecosystem's growth and community activity.

• SOL's price has risen to ~$160 in the past 24 hours.

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