Crypto Market Moves: Cardano Soars, Toncoin Sinks, SEC Adapts

In recent cryptocurrency news, Cardano (ADA) experienced a significant surge, while Toncoin (TON) faced notable whale activity. Additionally, a recent SEC update impacted major cryptocurrencies like Solana and Cardano. These developments were highlighted in a podcast by Altcoin Buzz, covering crucial updates in the crypto market.

Cardano saw a remarkable 300% increase in inflows into its crypto investment products, according to the latest data. This surge is attributed to the upcoming “Chang” hard fork, set to enhance decentralization on the Cardano blockchain. The hard fork includes the adoption of a Cardano Constitution, which will establish governance principles. The increased investor interest in Cardano is seen as a strategic move ahead of this major upgrade.

Meanwhile, Toncoin, the token associated with Telegram, witnessed significant whale activity. Over a seven-day period, large holders sold approximately 1.4 million TON tokens. This selling pressure led to a 15% decline in TON’s value. The net flow of large holders decreased by 97%, signaling a shift in market sentiment. If selling continues, the price of Toncoin could drop further. However, a potential rebound is possible if accumulation resumes.

Whereas in regulatory news, the U.S. Securities and Exchange Commission made significant changes to its lawsuit against Binance. The SEC no longer alleges that Binance offered certain digital assets, including Solana and Cardano, as unregistered securities.

This update could impact the classification of these assets and their trading status in the U.S. The lawsuit initially targeted multiple cryptocurrencies, accusing Binance of offering unregistered securities.

Furthermore, the U.S. government moved $2 billion worth of Bitcoin, sparking reactions within the crypto community. This transfer came shortly after former President Donald Trump made pro-crypto statements, promising not to sell the government’s Bitcoin holdings. Trump’s remarks, alongside a legislative proposal to classify Bitcoin as a strategic reserve asset, reflect a growing interest in integrating cryptocurrencies into national economic strategies.

UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses:

10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek
19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c

We believe this represents a 10,000 BTC deposit to an institutional… https://t.co/0aULBXGd8P pic.twitter.com/RTwtaqvMmM

— Arkham (@ArkhamIntel) July 29, 2024

These developments indicate a dynamic and evolving crypto landscape, with regulatory decisions and market activities shaping the future of digital assets. The information was presented by Altcoin Buzz, a well-known source for cryptocurrency news and analysis.

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