Here is what happened yesterday in the crypto market:
Miners and Whales Dump BTC Amid Rally, Signalling Potentially a Local Top
Despite a recent rally, large holders of Bitcoin, including miners and whales, are liquidating their holdings, which could indicate a “local top” in Bitcoin’s price. This activity is typically watched by traders as a signal of potential price stabilization or retracement after significant gains.
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Crypto ATMs Seized in the UK Amid Growing Scrutiny
Seven cryptocurrency ATMs were seized in London, leading to two arrests on suspicion of money laundering and operating an illegal crypto exchange. This action highlights increasing regulatory pressure and law enforcement efforts against unregistered crypto kiosks in the UK.
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Record Inflows for Crypto Funds as Ether ETPs Surge
Cryptocurrency investment products have experienced unprecedented inflows, totaling $4.4 billion last week, marking the 14th consecutive week of gains. Notably, Ethereum Exchange-Traded Products (ETPs) have surpassed their gains from 2024, indicating strong institutional interest in altcoins.
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BitGo Files for US IPO as Crypto Custody Business Expands
Digital asset custodian BitGo has initiated the process for an Initial Public Offering (IPO) in the United States. This move by a major crypto infrastructure company underscores the industry’s continued push towards integration with mainstream financial markets and increased demand for secure digital asset management.
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UK Explores Selling $7 Billion in Seized Bitcoin to Boost Budget
The United Kingdom is reportedly considering selling over 5 billion British pounds (approximately $6.7 billion) worth of seized Bitcoin. This proposed sale is aimed at addressing a deficit in the country’s budget, showcasing governments’ increasing engagement with seized digital assets for public funds.
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