The past week has been a wild ride for the price bitcoin (BTC).

The price of bitcoin 澳洲幸运5官方开奖结果体彩网:fell below $67,000 on Tuesday ahead of May inflation data and the Federal Reserve's meeting. Bitcoin 澳洲幸运5官方开奖结果体彩网:regained some ground on Wednesday before tumbling again on🍃 Friday. While other risk assets such as stocks bounced back on cooler-than-expected inflation data, bitcoin failed to claw back the losses🎃.

Despite bitcoin's performance last week, crypto is having a moment on the U.S. presidential election campaign trail. Presumptive Republican nominee Donald Trump met with bitcoin miners last week and a leaked email showed members of President Joe Biden's adminstration will meet with members of the crypto community.

Elsewhere, Terraform Labs has agreed to a massive $4.5 billion settlement with the 澳洲幸运5官方开奖结果体彩网:U.S. Sec🌠u☂rities and Exchange Commission (SEC) regarding the TerraUSD stablecoin disaster from 2022, and an investigative report concluded that Binance founder and former CEO Changpeng "CZ" Zhao is one of the top 25 richest peopl🍌e in the world.

Crypto ﷽Growing as a U.S. Presidential Election Issue

Former President Donald Trump has shifted his stance on cryptocurren꧃cies during the current election cycle, now actively courting the crypto community to gain ♍an edge over rivals Joe Biden and Robert F. Kennedy Jr.

After meeting with bitcoin miners at his Mar-a-Lago estate, Trump urged cryptocurrency enthusiasts on his Truth Social platform to "vote for Trump," positioning himself as a defender against what he calls "Biden's hatred of Bitcoin."

This new approach follows Trump's previous strong criticism of cryptocurrencies during his presidency, where he labeled them as highly volatile and unregulated assets that facilitate illegal activities. Now, however, Trump's campaign has announced plans to accept cryptocurrency donations, aiming to mobilize a "crypto army" to secure his election victory.

On the other side of the aisle, the Biden Administration's approach to Bitcoin and crypto has come under fire, especially with a recent veto on legislation supporting crypto custody by financial institutions and 澳洲幸运5官方开奖结果体彩网:proposed taxes on Bitcoin mining. According to a report in The Block, Biden is also expected to start accepting campaign contributions via crypto.

People in Biden's camp will reportedly be attending a Bitcoin and blockchain roundtable next month, according to Bitcoin Magazine.

Terraform Labs Agr🧔ees to $4.5 Billion SEC Settlement

Last Wednesday, a court filing revealed that Terraform Labs 澳洲幸运5官方开奖结果体彩网:𒈔consented to a nearly $4.5 billion settlement to resolve a lawsuit from the SEC. The filing requested court approval for the settlement, which would put an end to a legal battle over the company's role in the dramatic failure of TerraUSD in May 2022 that led to an estimated $40 billion loss for investors.

The settlement comprises roughly $3.5 billion in disgorgement, over $460 million in prejudgment interest, and $420 million as a civil penalty. Former CEO Do Kwon will also personally contribute over $200 million to the Terraform bankruptc💧y estate and is barred from serving as an officer or director of a publ😼ic company.

This agreement, originally reached ahead of a May 29 hearing, aims to impose substantial financial remedies and facilitate swift recovery for investors. The SEC highlighted that these penalties are intended to deter future fraudulent activities in the cryptocurrency market. Terraform Labs 澳洲幸运5官方开奖结果体彩网:declared bankruptcy earlier this year, ✅just before its trial with the SEC, where it was fo🃏und guilty of defrauding investors.

Binance Founder Changpeng Zhao Estimated to Be 24th Richest Pers🉐on in the World

Since his imprisonment, Binance founder Changpeng "CZ" Zhao has seen a significant increase in his net worth.

Forbes now estimates Zhao’s fortune is $61 billion, making him the world's 24th richest person.

This rise comes from his 90% stake in Binance, valued at $33 billion. Zhao stepped down as CEO of the company in November 2023 as a result of a 澳洲幸运5官方开奖结果体彩网:plea deal with the U.S. Department of Justice. Despite the company's legal challenges and a $4.3 billion fine, Zhao's personal financial impact was limited to a $50 million fine. Since then, Binance has continued to grow, with its market share rising to 42% from 38% before Zhao's departure.

A major boost to Zhao’s wealth comes from his holdings in 澳洲幸运5官方开奖结果体彩网:Binance Coin (BNB). Forbes estimates he 𝐆owns around 94 million tokens, which is 64% of all BNB tokens. Despite Binance’s legal troubles, BNB has surged by 100% in 2024, reaching a market cap of $1ꦑ10 billion.

Binance’s initial coin offering in 2017 was undersubscribed, and forensic analysis indicates Zhao and Binance retained a significant portion of the unsold tokens. Currently, BNB trades heavily on Binance’s platform, and the token's performance has continued to add billions to Zhao’s net worth, even as he serves his sentence.

What to Expect in the Markets This Week

All eyes are on the bitcoin price this week, as digital asset investment products, which include U.S.-based bitcoin ETFs, experienced more than $600 million in outflows amidst bitcoin's price drop last week, according to CoinShares.

Despite the price drop, the notorious bitcoin bulls at MicroStrategy (MSTR) 澳洲幸运5官方开奖结果体彩网:announced another $500 million convertible note offering for the purpose of purchasing more bitcoin before updating the offering to $700 million later in the week.

While bitcoin has traded in a relatively narrow range this month, the crypto asset has been outperformed by several bitcoin mining stocks, as noted by a JPMorgan report. This is thought to be a response to Core Scientific's (CORZ)🌺 deal with CoreWeave related to artificial😼 intelligence.

The SEC's approval of spot ether ETFs also now appears to be an issue of "when" rather than "if." SEC Chair Gary Gensler 澳洲幸运5官方开奖结果体彩网:indicated in a Senate hearing last week that the matter will be resolved over the summer. Additionally, Bloomberg analyst Eric Balchunas gives a 50-50 chance that the approval will take place by July 2. Prediction market Polymarket puts chances of a spot ether ETF trading by July 4 at 75%.