Bitcoin briefly hit $67,000 on some exchanges this week — its highest since mid-June — before getting rejected back to around $64,000. The move came amid a flurry of industry news: BitMEX announced it will shut down in September, the SEC settled its lawsuit with Coinbase, and three protocols lost $35 million in a single day. Bitcoin is still up 2% on the week despite the $3,000 pullback.
BitMEX to close September 23
The crypto exchange BitMEX said it will cease operations on September 23. No reason was given in the announcement, but the exchange has faced regulatory pressure in recent years. Users have until the shutdown date to withdraw funds. The closure marks the end of one of the oldest derivatives platforms in crypto.
SEC and Coinbase settle for $150,000
The U.S. Securities and Exchange Commission settled its lawsuit with Coinbase, agreeing to pay $150,000 in attorney fees and review its internal recordkeeping processes. The settlement closes a chapter that began when the SEC sued the exchange over alleged securities violations. Coinbase did not admit wrongdoing. The relatively small payment suggests the agency may be shifting enforcement priorities.
Three protocols drained of $35 million
On July 23, three crypto protocols were hit by exploits totaling $35 million. The largest was Arbitrum-based AFX Trade, which lost over $24 million in USDC. The other two victims were not named in the facts. The attacks underscore persistent security risks in DeFi, even as the broader market stabilizes.
Bitcoin's $67K rejection and Strategy's pause
Bitcoin's run to $67,000 was short-lived. Sellers stepped in quickly, pushing the price back to $64,000. Meanwhile, Strategy — formerly MicroStrategy — paused its Bitcoin purchases and is instead rebuilding its USD reserve. The company has been the largest corporate holder of Bitcoin, so the pause signals a shift in strategy. Bitcoin dominance dipped below 56% on CoinGecko after hitting over 57% mid-week.
Ethereum, Monero, and the rest of the market
Ethereum challenged $1,950 before settling at $1,855, up 2.4% on the week. CryptoQuant analysts say only two out of five signals suggest ETH has bottomed, meaning further downside is possible. Monero pumped 9% to over $350. UNI and HBAR posted notable gains, while HYPE, ZEC, CC, and DOGE are in the red on a weekly scale. Total crypto market cap sits at $2.295 trillion with 24-hour volume of $61 billion.
EU sanctions target crypto operators
The European Union approved its 21st sanctions package against Russia, this time targeting 11 crypto operators and 94 financial institutions. The move is part of ongoing efforts to combat sanctions evasion using digital assets. The affected operators were not named, but the package signals that regulators are watching crypto as a potential loophole.
Next week, DEX aggregator Odos will shut down. The exact date was not given, but users should move funds before the platform goes dark.
