Bitcoin remains below the $70,000 mark but has edged away from the critical $60,000 support level. Encouragingly, altcoins are also seeing upward movement, with several surpassing nearby resistance thresholds and poised for further gains pending Bitcoin’s trajectory. What’s the latest in the world of cryptocurrencies?
### Latest Updates in Cryptocurrency
**Government BTC Sales**
Recent actions by the German and US governments, involving substantial cryptocurrency sales, have stirred concern among crypto investors, impeding market recovery. Germany, for instance, transferred BTC valued at $95 million to exchanges, while the US moved $11.75 million worth of ETH to an undisclosed destination. Arkham data indicates that Germany has sold approximately 2,700 BTC in the past fortnight alone, a trend viewed unfavorably given their significant BTC reserves worth billions of dollars.
**GME Lawsuit**
Keith Gill, central figure in the 2021 GameStop episode, has once again influenced volatility in GameStop shares between May and June. A class action lawsuit was recently filed in the Eastern District of New York, attributing the stock’s double-digit fluctuations to Gill’s alleged pump-and-dump tactics through extensive social media postings since mid-May. Investors, including plaintiff Martin Radev represented by Pomerantz, cite losses from GME options amid these market swings.
A former federal judge anticipates potential outcomes, with the lawsuit potentially affecting both GME and meme coins linked to the stock’s movements.
**SEC Lawsuit Against Consensys**
Among recent developments, a significant event involves the SEC’s legal action against Consensys, marking a critical regulatory move subsequent to the approval of the Spot ETH ETF. The lawsuit alleges that Consensys accrued more than $250 million in fees from brokerage services via MetaMask, activities the SEC claims were conducted without proper authorization.
“Since January 2023, Consensys has been involved in unregistered securities offerings and sales through crypto asset staking programs, operating as an unregistered broker via its MetaMask Staking service,” the complaint states.
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**Disclaimer:**
The information presented here does not constitute investment advice. Investors should acknowledge the high volatility and associated risks of cryptocurrencies and conduct thorough research before making any investment decisions.
