Bitcoin is currently hovering below $70,000, but it is gradually distancing itself from the $60,000 support level. Encouragingly, altcoins are also on the rise. Many altcoins have breached nearby resistance levels and are now poised for further gains, contingent on Bitcoin’s continued upward movement. So, what are the latest happenings in the cryptocurrency market?
## Contents
1. Latest Developments in Cryptocurrencies
2. Government BTC Sales
3. GME Lawsuit
4. SEC Lawsuit Against Consensys
### Latest Developments in Cryptocurrencies
Ongoing sales by the German and US governments are causing concern among crypto investors, hindering the market’s recovery. Meanwhile, Roaring Kitty is set to return to court following the 2021 lawsuit saga. For the latest in technology news, visit NEWSLINKER.
### Government BTC Sales
The governments of Germany and the United States are continuing their cryptocurrency sales. Germany recently transferred $95 million worth of BTC to exchanges, while the US moved $11.75 million worth of ETH to an unknown address. Arkham data reveals that the German government has sold approximately 2700 BTC over the past two weeks. This trend is troubling, especially considering their substantial BTC reserves.
### GME Lawsuit
Keith Gill, notorious for his role in the 2021 GameStop incident, has once again caused fluctuations in GameStop shares between May and June. A class action lawsuit has been filed due to significant swings in the company’s shares. Filed on June 28 in the Eastern District of New York, the lawsuit accuses Gill of executing pump and dump schemes via numerous social media posts since May 13.
The securities fraud lawsuit was sparked by some investors’ losses. Represented by the law firm Pomerantz, plaintiff Martin Radev claimed he suffered losses from GME options purchased amidst the fluctuations triggered by Gill’s social media posts.
A former Federal judge suggests that this lawsuit is likely to fail. Nonetheless, the acceptance or rejection of the case in the coming days could lead to further volatility in GME and meme coins linked to it.
### SEC Lawsuit Against Consensys
One of the most significant recent events is the SEC’s lawsuit against Consensys, following the approval of the Spot ETH ETF. The SEC alleges that Consensys earned over $250 million from unauthorized brokerage services via MetaMask.
“Since January 2023, Consensys has engaged in unregistered securities offerings and sales through crypto asset staking programs and acted as an unregistered broker via its MetaMask Staking service, collecting over $250 million in fees.”
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### Disclaimer:
The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry significant risk. It is advisable to conduct thorough research before making any investment decisions.
