Bitcoin concludes with a subtle week: First Mover Americas

• Crypto Market Recap and Notable Stories
• Solana's Smartphone Sales Boosted by BONK Token Airdrop
• Unfortunate Timing for Crypto Exchange Ankex

Crypto Market Recap and Notable Stories

Bitcoin$42,260 -0.64%, the leading cryptocurrency, experienced a considerable surge to 20-month highs last week. However, it now appears to have established a new trading range. Throughout a significant portion of this week, it has been fluctuating between $42,000 and slightly above $43,000. As of the time of reporting, the price is approximately $42,600, having suffered a slight 0.65% drop in the past 24 hours. The Crypto Market Index (CMI) reflects a similar marginal decrease. This index provides a weighted overview of the digital asset market as a whole.

Although there's a high degree of enthusiasm for spot BTC ETFs factored into asset prices, the Securities and Exchange Commission (SEC) isn't anticipated to approve any applications to list such a fund until 2023. As a result, the crypto market is demonstrating a tendency to move sideways for the remainder of the year.

Solana's Smartphone Sales Boosted by BONK Token Airdrop

Solana$104 5.03%'s smartphone sales have seen a substantial uptick due to an airdrop of 30 million BONK tokens extended to owners of the previously underperforming Saga phone. Solana co-founder Raj Gokal announced in a recent Twitter post that Saga sales have increased more than ten-fold in the previous 48 hours. The demand is so high that the phone is expected to sell out before 2023. His associate, Anatoly Yakovenko, even suggested raising the phone's price. BONK, Solana's version of the dog-themed meme coin Dogecoin$0.091 -0.42%, is credited for turning around Saga's fortunes. Users on Discord have reported purchasing the phone specifically to benefit from the airdrop.

Unfortunate Timing for Crypto Exchange Ankex

Crypto custody firm Qredo's crypto exchange, Ankex, has ceased operations. Its CEO, Michael Moro, previously of Genesis Trading, has already transitioned. Ankex had intended to incorporate a non-custodial DeFi approach with features appealing to professional traders, such as a central limit order book. However, the exchange recently announced to its community that the development has been paused. Despite being ready for a public beta launch earlier this year, Ankex must halt its operations at this stage. The crypto exchange may well have fallen victim to ill-timed industry circumstances as the crypto sector recovers from a protracted bear market.

Edited by Jonathan Stoker