Weekly Crypto News (12-19 August 2024)

Last week, BitGo, a crypto exchange selected to handle the final repayments to Mt. Gox creditors, confirmed a massive $2 billion Bitcoin (BTC) movement on August 13. This marks a crucial step in closing the chapter on the Mt. Gox saga, which began with the exchange’s collapse in 2014. BitGo is among the last exchanges distributing these repayments, bringing some closure to those affected by one of the most significant events in crypto history.

In the 2024 U.S. presidential race, Vice President Kamala Harris surpassed former President Donald Trump on Polymarket, a popular prediction market platform. Harris’s odds of winning rose to 52%, while Trump’s chances dropped to 46%. The trend continued, with Harris reaching 54% and Trump falling to 44% by August 16. By week’s end, both candidates were neck and neck at 49%. Polymarket reflects public sentiment by allowing users to bet on outcomes, including political races, making these shifts noteworthy.

Spot Bitcoin ETFs (Exchange-Traded Funds) rebounded last week, with net inflows of $36 million on Friday alone, marking a 223% increase from the previous day. Throughout the week, these ETFs accumulated $32.4 million in net inflows, showing renewed investor interest. Spot Bitcoin ETFs offer an accessible way to invest in Bitcoin without directly purchasing the cryptocurrency, which may explain the growing interest.

Crypto startups attracted $130 million in venture capital funding last week, signaling ongoing confidence in the sector. Chaos Labs, a crypto risk management firm, led the pack with a $55 million funding round. AI protocol Sahara AI secured $43 million, with Binance Labs leading the investment. Other notable funding rounds included $15 million for Sling Money, a blockchain payment solutions company, and $11 million for the blockchain firm Essential. This surge in funding underscores the innovation and growth within the crypto industry.