Altcoins joined the rally last week after China announced its largest stimulus package since the pandemic, boosting risk-on demand. In other news, BNY Mellon has received approval from the US SEC to offer crypto custody.

Bitcoin rose by more than 8% last week after the Fed kick-started its easing cycle with a surprise 50 basis points rate cut. The US SEC approved the listing and trading of options for BlackRock’s BTC ETF, and US Presidential candidate Kamala Harris stated that she would “encourage innovative technologies” such as digital assets.

Bitcoin closed the week higher amid rising hopes for a jumbo rate cut at this week’s Fed meeting. Meanwhile, Donald Trump announced the launch of a DeFi platform today. Grayscale revealed the creation of its first closed-end XRP trust in the US, and trading platform eToro reached a $1.5 million SEC settlement.

Bitcoin’s price whipsawed following a disappointing US jobs data on Friday. In other news, Uniswap Labs settled charges from the CFTC over allegedly illegal leveraged and margined commodity trading, VanEck announced it will liquidate its ETH futures ETF, and the Fed issued a cease-and-desist order against crypto-friendly United Texas Bank.

Crypto markets whipsawed despite encouraging US inflation data last week. As of Q2’s end, Goldman Sachs and Morgan Stanley held significant positions in various Bitcoin ETFs, according to recent quarterly filings. Elsewhere, Binance settled its fine with India’s Financial Intelligence Unit, as it eyes a return to the Indian market.

Crypto markets are recovering from the recent sell-off. Meanwhile, the SEC vs. Ripple case ended with a $125 million fine. Collapsed lender Celsius is suing Tether for allegedly improper liquidation of 39,542 BTC. Brazil’s financial regulator approved a SOL spot ETF.

Bitcoin tumbled in tandem with equities on rising fears of a hard landing after weaker than expected US economic data. In other news, Morgan Stanley will allow its financial advisors to advise Bitcoin ETF investments starting this month.

Despite the strong debut of spot ETH ETFs, last week, ETH closed the week in the red.  BTC, on the other hand, rose after US Presidential candidate Donald Trump said he would create a Bitcoin stockpile if reelected. Senator Cynthia Lummis later announced a proposed bill for the US Treasury to buy 1 million BTC as a strategic reserve.