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💰 Over $1 billion inflows into Solana in a day
As the cryptocurrency market continues to trade sideways, the decentralized finance (DeFi) platform Solana (SOL) has emerged as one of the standout tokens. In this regard, SOL has experienced significant buying pressure in the last 24 hours. By press time, Solana controlled a market capitalization of $8.96 billion, reflecting an inflow of $1.02 billion within the last 24 hours. The buying pressure has also influenced the asset’s price trajectory, comfortably holding above the $20 support level. Currently, SOL is valued at $22.17, with daily gains of nearly 12%. On the weekly chart, Solana has seen an increase of over 20%. While Solana has generally moved in tandem with the overall market, the recent surge in asset price lacks a specific identifiable catalyst. However, it is worth noting that the asset’s gains align with significant network partnerships. One notable instance is the announcement of collaboration between Coca-Cola (NYSE: KO) in Serbia and Solana NFT platform SolSea for a non-fungible token (NFT) offering during a music event. As part of this deal, the beverage company will distribute 100 limited edition hoodies accompanied by NFTs to select participants.
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📣 Google Cloud Expands Bitcoin-Based Services, Partners With Voltage For Global Expansion
The Bitcoin-Based services offered by Google Cloud are being expanded. In a significant move, Google Cloud, the renowned cloud and data service provider valued at $225 billion, has joined the Bitcoin bandwagon by partnering with Voltage, an infrastructure provider specializing in the Bitcoin Lightning Network. This collaboration aims to expand Bitcoin-based services globally while supporting Voltage’s operational growth. Voltage will leverage Google Cloud’s vast resources to cater to its customers on a global scale. The announcement of this collaboration has generated considerable attention on social media, signaling Google’s increasing interest and acceptance of Bitcoin and Lightning. This move sets Google apart from competitors like Apple, which recently removed a Lightning-friendly decentralized social media protocol from its App Store. With Google Cloud‘s parent company Alphabet’s extensive reach, the collaboration strengthens the position of Lightning in the tech industry, particularly among payment services providers. Google Pay, with millions of users across over 15 countries, further bolsters the company’s influence in the digital payment space.
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💰 Grayscale makes Lido the second-heaviest component in its DeFi Fund
Digital asset manager Grayscale added the Lido protocol's LDO token to its DeFi Fund, making it the second-heaviest component. Grayscale's DeFi Fund is now weighted to include Uniswap (UNI) at 45.46%, Lido (LDO) at 19.04%, Aave (AAVE) at 11.53%, MakerDAO (MKR) at 10.82%, Curve DAO Token (CRV) at 7.03% and Synthetix (SNX) at 6.12%. Lido is a decentralized liquid staking protocol that allows users to keep staked tokens liquid via a stand-in token, or stToken. "In accordance with the CoinDesk DeFi Select Index methodology, Grayscale has adjusted the DeFi Fund’s portfolio by selling certain amounts of the existing Fund Components in proportion to their respective weightings, and using the cash proceeds to purchase Lido (LDO)," Grayscale said in a company release. "No tokens were removed from the DeFi Fund." Lido is a decentralized liquid staking protocol that allows users to keep staked tokens liquid via a stand-in token, or stToken. LDO’s weight in the fund sits at 19.04%, second only to Uniswap’s UNI at 45.46%. Grayscale redefines the composites of its funds quarterly.
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🟠 Binance marketshare at lowest point since beginning of the year
Binance, the largest global cryptocurrency exchange, faces a dwindling marketshare as executives from the firm depart, according to data from The Block's data dashboard. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said. The exits come amid a dip in Binance's marketshare among global exchanges. The firm saw its market share fall from 72% in January to just over 58% at present. The figures represent the marketshare of spot trade volumes for cryptocurrency exchanges with no USD support or USD pairs contributing insignificant volumes. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
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💰 Arbitrum DAO locks up $770 million in ARB tokens into vesting contract
Arbitrum's decentralized autonomous organization has locked up 700 million ARB tokens worth $770 million into a vesting contract. The funds will be released incrementally to the Foundation over a four-year period in a major step for the DAO toward accountability and transparent governance. The move came after the approval of the AIP 1.1 proposal that came amid a controversial governance period within the Arbitrum ecosystem. Earlier this year, the project faced significant backlash over a "special grants" program in the plan that initially sought to allocate over 700 million ARB tokens directly to the Arbitrum Foundation. The Foundation stated the funds would be used to support initiatives built on Arbitrum’s technology. However, the immense scale of the allocation, which was worth over $1 billion at the time, prompted fears over transparency in a project that’s designed to make collective decisions. That led to a subsequent proposal to return the funds from the Foundation back to the DAO which was rejected. Arbitrum is a Layer 2 scalability solution for Ethereum, developed by Offchain Labs.
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📣 Gemini Files Lawsuit Against DCG For Fraud Conspiracy, DCG Calls It A “Publicity Stunt”
Gemini has sued DCG and Barry Silbert for a fraud conspiracy against Genesis creditors. DCG calls it a “publicity stunt”. Mediation process is ending. Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has sued Digital Currency Group (DCG) and its founder Barry Silbert. Gemini alleges that Silbert and DCG were involved in fraud against creditors of Genesis, a cryptocurrency lending platform that filed for bankruptcy last year. According to the complaint, Silbert and DCG conspired with Genesis to create false financial reports to hide the fact that Genesis was insolvent. DCG responded to the lawsuit by calling it a “publicity stunt” by Cameron Winklevoss to deflect blame from himself and Gemini. The mediation process is coming to an end, and the case is expected to be handled under Chapter 11 bankruptcy law. Gemini claims that Silbert and DCG were involved in a carefully crafted fraud against creditors of Genesis. When Genesis notified Gemini that it would terminate the Earn program in October 2022, Silbert reached out to set up a meeting to induce Gemini to continue to Earn. He did this knowing that Genesis was massively insolvent. Silbert claimed that Genesis faced only a timing issue, but this was a lie that hid the gaping hole in Genesis’s balance sheet.
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💰 Celsius Moved Around $74 Million Altcoins Into BTC And ETH After Approval
According to TheBlock, Celsius transferred approximately $74 million in altcoins, including Synthetix, Uniswap, ZRX, and several stablecoins, after being approved to convert altcoins into Bitcoin and Ethereum. One of the transfers went to a wallet linked to the market maker Wintermute. In addition, Arkham’s report also states that network address Celsius (0x1C…9074) has staked 40.96 thousand ETH, worth about $75 million, for ETH2 staking contract through Figment from date May 10 to 12.a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1. According to data from the crypto data platform Arkham, the Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum. They also have around $100 million worth of CELs and approximately $30 million worth of stablecoins, with the remaining altcoins worth around $69 million. Celsius is preparing a plan to refund users “stuck” on the platform. Accordingly, the company will sell all altcoin balances on customer accounts in exchange for BTC & ETH. Except for CEL, which is the native token of Celsius, most are MATIC and ADA. These are all highly liquid coins, with such a selling force that can not be expected to affect the price of these tokens much. This gives users of the platform some peace of mind about the future repayment plan.
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🪙 ETH Burned Yesterday Hits 5336,77, New High Since May 25
Yesterday ETH burned, reaching 5336.77 worth over $10 million, based on the current value of Ethereum at the time of publication ($1,936.69), was burned from Ethereum transactions. This is a record high in a month. The annual net issuance rate for Ether yesterday was -3,352.67 ETH. The Ethereum network set a new milestone with 3.4 million ETH worth about $6.5 billion burned after nearly two years of implementing the EIP-1559 coin-burning mechanism. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation. On August 5, 2021, the Ethereum blockchain implemented a significant upgrade known as EIP-1159. This Ethereum improvement proposal has dramatically changed the fee model. Each transaction now includes a variable base fee adjusted to the current demand for block space. This base fee is either burned or permanently removed from circulation, reducing the Ether supply forever. Thereby increasing the token price. Ethereum is issuing new Ether at a rate of 4% per year, although the rate is expected to drop to around 0.5 -1% as part of the Ethereum 2.0 upgrade. When this happens, many speculate that the burning rate of Ether will be greater than the rate of token issuance, making ETH a deflationary currency.
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💰 Do Kwon Transfers $163 Million Worth Of Bitcoin To Anonymous Wallet
Digital Asset reports that Terraform Labs CEO, Do Kwon transferred 5292 BTC (approximately $163 million) from a Luna Foundation Guard (LFG) Binance wallet to a new anonymous wallet on July 3rd. Prior to this transfer, only 351 BTC had been withdrawn from the wallet on May 8th. On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)’s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset. The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwon’s on-chain assets. On November 2022, it was reported for the first time that 6983 BTC (approximately 155.6 billion won) were stored in this wallet. Since then, all transactions that took place in the wallet have been tracked and reported ten times. Prior to the BTC transfer, a test transfer appeared between the LFG wallet and the anonymous wallet on June 22nd and 23rd, where they exchanged 0.0211 BTC (approximately 870,000 won) three times.
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🟠 Binance Stops Depositing And Withdrawing Of Multichain Tokens From July 7th
According to the official announcement, Binance will suspend support for the deposit and withdrawal of Multichain cross-chain bridge tokens minted through the following network from 08:00 on July 7 until further notice. This is Binance’s latest move towards the troubled Multichain cross-chain bridge. Previously, Binance had temporarily suspended the top-up of tokens via the project-linked bridge the day after this incident. Deposits for pairs POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC have been affected by This situation. The event started on May 24, the Twitter social network stirred up information that the authorities had arrested the Multichain team in China. At the same time, many on-chain signs indicate suspicious movements related to the MULTI token. Multichain has confirmed that some of the project’s cross-chain remittance gateways are not working due to “force majeure reasons, ” with unknown recovery time. According to the update, some cross-chain bridges of the Multichain protocol have been restored and are now operational as of June 5. Tung Dinh, Vice President of Multichain, confirmed the restoration of the Multichain router2 router, showing that the core component of the bridge is back to normal. There is also speculation about the condition of Multichain’s co-founder and CEO, Zhao Jun, that he may have been released from prison.
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📉 Bitcoin, Ether Supply on Exchanges Fell in June: Goldman Sachs
The supply of bitcoin (BTC) and ether (ETH) on exchanges fell in June as ramped-up regulation and crime persuaded holders to prefer self custody, Goldman Sachs (GS) said in a report Tuesday, citing on-chain data. Supply of bitcoin, the largest cryptocurrency by market cap, dropped 4%, nearing the level of December 2022, itself the lowest since November 2020 – and right before the start of the 2021 bull market, the report said. Ether supply slid 5.8% to levels not seen since May 2018. “Major centralized spot exchanges are facing regulatory headwinds putting investors on alert, cyber hacks and theft continue to be a concern across the crypto markets, highlighting asset holders’ preference for self custody, in line with the popular adage ‘not your keys, not your coins’, and specifically for ether, the enablement of staked ether withdrawals has resulted in investors’ preference to stake ether, instead of passively holding on exchanges,” the report said. Goldman noted that June was a record month for bitcoin miners’ inventory sales as miners took advantage of the cryptocurrency’s strong performance. Total monthly BTC inflows from miners to exchanges almost doubled from May to $99 million, it said.
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📣 Bitget To Launch New Product To Expand On Crypto Lending Sector
According to a July 4 news release, Bitget, a well-known crypto-exchange, has entered the “crypto lending” market with the debut of its new product, Crypto Loans. The exchange states the loan product employs a “dual-coin approach.” Those who stake one coin will be compensated with another asset. Customers of Bitget’s new Crypto Loans service will be able to stake low-demand currencies. Bitget will lend such users more liquid assets in exchange. Bitget has established itself in the cryptocurrency industry by providing both copy-trading and crypto-derivatives services, and it is now time to cater to the rising loan demand. Furthermore, the new business hopes to attract a new audience of customers who have been turned down by conventional lenders and are searching for alternative funding options via digital assets. Bitget’s Crypto Loans utilize a dual-coin strategy, allowing customers to stake one of their assets as collateral in return for the option to borrow a matching amount in another currency. Each loan is granted at a fixed interest rate, and the amount borrowed is decided by the collateral’s market value. Loans are granted for a certain length of time.
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🪙 Litecoin Halving Less Than 30 Days, LTC Up 31% In The Last Week
According to Litecoin halving data, 29 days, 20 hours and 45 minutes (1,7682 blocks) are still left before the Litecoin (LTC) block reward halving. The halving is scheduled to take place on August 2, at which point the block reward will drop from 12.5 LTC to 6.25 LTC. Litecoin has been trending on social media as the asset approaches its halving event. Litecoin has seen significant growth over the past 30 days. The price of LTC has increased by more than 27% since the one-month countdown to the Litecoin halving began. Most investors expect the Litecoin price to increase after the halving event, as the number of rewards will decrease, thus increasing demand. However, there are several other factors to consider. Each LTC price halving is usually very chaotic. This includes a significant price pump, a corresponding correction, a price low, and a local rally to the top. After the halving, the price of LTC was corrected from the high at that time. It will then form a new low followed by a sharp rise to a new all-time high. Therefore, we will likely see a post-halving price pump on August 2, 2023. And according to previous halvings, the price could correct before reaching a local top.
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🇧🇾 Belarus Plans To Ban Crypto Trading Between Individuals: Report
According to uz.kursiv.media, Belarus is planning to ban cryptocurrency transactions between individuals to prevent criminal activity and promote transparency. The legislation would require citizens to trade only through official exchanges. Belarus is reportedly working on a bill that would prohibit cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) believes that this will help prevent the withdrawal of funds earned through criminal means. The ministry hopes that this restriction will make it unprofitable for fraudsters to operate within Belarus. Currently, law enforcement authorities have identified 27 instances of illegal cryptocurrency exchanges since the beginning of 2023, with an estimated profit of almost 22 million Belarusian rubles ($8.7 million). While the proposed legislation may seem strict, it is in line with other countries efforts to regulate the cryptocurrency market. Many governments are concerned about the use of cryptocurrencies for illegal activities, such as money laundering and tax evasion. By requiring citizens to trade cryptocurrencies only through official exchanges, the Belarusian government hopes to prevent such activities and ensure greater transparency and control.
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🪙 Binance Conducts 11th Terra Classic Burn, 2.65 Billion LUNC Tokens Burned
Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round. The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase. Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC. The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time. As reported by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao. In June, LUN struggled to surpass the $0.0001 mark and declined below the support level of $0.000090.
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🇺🇸 Presidential Candidate Robert F. Kennedy Jr. Owns Up To $250K In Bitcoin: Report
Presidential candidate Robert F. Kennedy Jr. holds between $100,001 and $250,000 in Bitcoin, raising concerns about potential conflict of interest for the candidate. Presidential candidate Robert F. Kennedy Jr.’s recent BTC holdings have raised concerns about a potential conflict of interest for the candidate. Despite his statements at a Bitcoin conference in May that he was “not an investor,” CNBC uncovered financial records showing that Kennedy holds between $100,001 and $250,000 in BTC. The revelation comes at a time when the digital asset industry is at the forefront of the political sector and has become a key talking point as the 2024 presidential election approaches. Kennedy’s support for the king of crypto has been notable throughout his campaign, and he has gone as far as accepting the digital asset for campaign donations. However, the news of his substantial BTC holdings has led to questions about his objectivity in policymaking, particularly related to the regulation of the cryptocurrency industry. Kennedy has expressed concerns about government-issued digital assets, but his personal financial interest in Bitcoin could be seen as a potential conflict of interest.
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🪙 Bitcoin Spot ETF Will Open Door to New Investors: Volatility Shares Co-Founder
The Bitcoin rally that rode in on the back of investment titan BlackRock’s application for an exchange traded fund for spot markets is still going. Now, with the launch of the first ETF in Bitcoin leveraged futures, hopes are rising that a spot ETF will be next. For many investors, BlackRock’s success could herald a new stage of institutional investors getting involved with Bitcoin, especially if it cracks open the door for other filers to follow it through. In an interview with Decrypt, Justin Young, Volatility Shares' co-founder and president, said that investors looking to get exposure to Bitcoin are looking for the "easiest and most regulated way" to invest in it. For this reason, he said the spot ETF may be the most effective way to do that. Since BlackRock filed for a spot ETF on June 15, Bitcoin’s price has reached its highest levels in over a year. Its application was followed by others, like Fidelity, Valkyrie, and Invesco among others. Though the hype is strong, it runs up against a Securities and Exchange Commission that has capsized previous ETF applicants looking to get involved in Bitcoin spot markets, because of concerns around risks there.
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🇺🇸 Coinbase knew it violated securities law, SEC says
In its latest filing in an enforcement action against U.S. crypto giant Coinbase, lawyers for the U.S. Securities and Exchange Commission took an incredulous tone to the company's argument that it did not know it violated securities laws. The agency also pushed back on a claim that its approval of a 2021 registration statement related to Coinbase's initial public offering meant that its enforcement case had no merit. Judge Polk Failla will review the arguments and make a determination in coming days. "Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase’s registration statement in 2021 the SEC confirmed the legality of Coinbase’s underlying business activities—at that time and for all time," SEC lawyers wrote Judge Katherine Polk Failla of the Southern District Court of New York. "In other words, Coinbase adopted the very legal framework as a basis for making listing decisions that it now claims has no applicability to its activities," they continued.
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💰 Taylor Swift Approved Sponsorship Deal With FTX, Despite Previous Reports: NYT
Music megastar Taylor Swift approved a sponsorship deal with the now bankrupt crypto exchange FTX last year, despite previous reports that she had walked away after conducting her own due diligence on the firm, the New York Times reported on Thursday. Swift signed the sponsorship agreement with FTX following more than six months of discussions but in the end, FTX founder Sam Bankman-Fried pulled out of the deal, according to the New York Times, citing three people with knowledge of the matter. A lawyer suing celebrities who had endorsed FTX had previously said on a podcast that Swift had done due diligence the crypto exchange, asking it to prove that its cryptocurrencies were not unregistered securities, which led her to reject the deal. This led to multiple stories praising Swift’s business intelligence. The decision left Swift's team frustrated and disappointed, according to two of the people. Taylor Swift's management did not immediately respond to a request for comment for this story. News that FTX had pulled out of the deal was also reported by CNBC, quoting a source familiar with the matter. the pop star discussed a deal with FTX worth as much as $100 million that potentially included sponsorship of a tour.
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💰 Shibarium Plans To Launch Mainnet On August 2023 At Blockchain Futurist Conference
Shib chief developer Shytoshi Kusama announced in a blog post that Shibarium, a Layer 2 blockchain solution, is planning to launch its mainnet at the Blockchain Futurist Conference in Toronto this August. SHIB chief developer Shytoshi Kusama announced in a blog post that Layer 2 blockchain solution Shibarium may launch the mainnet at the Blockchain Futurist Conference in Toronto this August. Shibarium will hold a multi-month hackathon while Shib will have two booths, a VIP cabana, and Shibarium. As one of the event’s lead sponsors, the developers believe the conference will provide a much-needed atmosphere to share such good news. The conference is also an opportunity for Shib to strengthen its position as a major player in cryptocurrency. This is a significant undertaking for Shib, as it is roughly their third anniversary and the birthplace of Eth. The conference will also feature Unification, BadIdea.Ai, and new partners announced during the summer Shibarium. Additionally, all projects that have indicated their willingness to build with Shibarium Tech at the conference will be on display. Moreover, Shib will be speaking virtually (via AI) at a conference for the first time.
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🇯🇵 Circle Considers Issuing A Stablecoin In Japan Under Strict New Regulations
Circle is planning to expand its business by considering issuing a stablecoin in Japan once the country’s regulatory framework comes into effect on June 1. According to CoinDesk, Circle co-founder and CEO Jeremy Allaire said that in light of the fact that the stable money management law took effect on June 1, Circle is considering issuing a stablecoin in Japan. If the plan is successful, Japan could become an extremely large market if it is applied to cross-border trade, foreign currency trading and global trade. Circle CEO Jeremy Allaire expressed interest in the Japan partnership he visited last month. In a historic move, Japan’s parliament passed the regulatory framework around stablecoins in early June, providing a safety net for investors. This makes Japan one of the first major economies to pass legislation specifically for stablecoins. Reportedly, Japan’s revised “Payment Services Law” will certify fiat currency-backed stablecoins as “electronic payment methods” and authorize their issuance. The bill provides clarity around the definition of stablecoins, which will now be considered digital currencies and must be linked to a yen or other legal tender, ensuring holders have the right to redeem them at face value.
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📣 Starknet Bridges Over 500K Unique Wallets From Ethereum With $65 Million Deposits
Over 500K unique wallets bridged to Starknet, depositing $65M. ETH dominates bridged assets. JediSwap leads in TVL. According to Nansen’s report, over 500,000 unique wallets have bridged to Starknet from Ethereum, depositing a total of over $65 million on the network. The majority of these wallets have bridged very low amounts, with 60% of depositors bridging between $1 and $100, and 94% of depositors bridging less than $1,000. In terms of wallet age, most wallets (~75%) are less than one year old. The breakdown is as follows: 24.5% of wallets are 1-year-old or older, 41% are between 3-12 months old, 26.6% are between 1-3 months old, 6.78% are between 1 week – 1 month old, and 1.1% are less than 1 week old. ETH is the dominant bridged asset, accounting for nearly 75% of all assets bridged, largely due to it having by far the highest maximum cap imposed by StarkWare. JediSwap is the top protocol by total value locked, with more than 2x the TVL of second place, and the only non-AMM is the lending protocol zkLend – the native L2 money-market protocol built on Starknet. The relatively low TVL can be largely attributed to the restrictions imposed on the network.
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💰 Cardano Total Value Locked In DeFi Hit All-Time High
Cardano (ADA) is seeing its positive growth towards decentralized finance (DeFi), while the current price movement remains largely unchanged. According to data from the DeFiLlama aggregator, ADA Total Value Locked (TVL) across DeFi ecosystems has risen to an all-time high, with the increase being maintained steadily from the start of 2023 to present. At the present time, TVL on DeFi platforms reaches over $210 million, representing 2% of the current total supply of ADA. It is still one of the coins with the highest market capitalization in the crypto market. Although this amount is not being supplemented in Dollar terms because of the token’s price drop, it does demonstrate how much interest investors have in the Cardano DeFi universe. If the measure just tracked the number of mentions, a thread with a high number of mentions may boost the count on its own, even if mentions were low elsewhere on social media. As a result, to gain a more accurate reflection of the trend in the larger market, the social volume only takes into account unique postings. However, in terms of macro factors, Cardano is facing unfavorable factors from the US authorities, namely the U.S. The Securities and Exchange Commission (SEC) has designated ADA as a security token in its lawsuits with US exchanges, which caused its price to plummet in early June.
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🇦🇺 Australian Regulators Attack Binance Offices In Ongoing Investigation
According to Bloomberg, The Australian Securities and Investments Commission (ASIC) is conducting an investigation into Binance, the world’s largest cryptocurrency exchange. According to unnamed sources, ASIC searched the company’s Australian offices as part of an ongoing inquiry into the exchange’s now-defunct local derivatives business. The categorization of retail and wholesale customers by Binance Australia is the subject of ASIC’s investigation. Binance said in April that it would close its local futures exchange while continuing to operate its spot platform. Due to misclassification as wholesale investors, the business claimed to have terminated the derivatives holdings of some Australian customers. ASIC, who had previously suspended Binance Australia’s derivatives license, indicated that their investigation against the business is still continuing and declined to confirm or deny the search activities. The exchange replied by saying its collaboration with local authorities and commitment to achieving regulatory requirements in order to provide fully compliant service to Australian customers.
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💰 Value locked in Solana's liquid staking protocols surged by 91% in H1
The Solana ecosystem has recorded an increase in the value of assets staked into liquid staking protocols, marking a 91% rise year-to-date. By the end of June, a combination of liquid staking protocols, including Marinade Finance, Lido, Jito, JPool, and Socean, had cumulatively held $187 million in staked Solana (SOL) tokens, according to The Block Research. This represents a substantial growth from the initial $98 million staked at the beginning of the year. Kevin Peng, a research analyst at The Block, suggests that the rise in inflows into Liquid Staking Derivatives (LSDs) within the Solana ecosystem could be a result of the considerable growth seen in this niche across the broader crypto space. Specifically, the liquid staking growth on Ethereum following the Shapella upgrade may have spurred a ripple effect that extended to Solana. So far this year, about 1.66 million SOL, equating to $31 million, has been deposited into LSD protocols, which shows that increased inflows are partly responsible for the jump in liquid staking TVL. Another key factor propelling this trend is the increase in the price of Solana’s native token, SOL, which has soared by about 60%.
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🪙 TRON’s First RWA Product stUSDT Exceeds $22 Million in Pledges on Launch Day
According to official data from the TRON website, the total pledged amount for stUSDT has already surpassed $22 million. stUSDT, running on the decentralized platform JustLend, aims to establish a strong connection between individual and institutional investors in the cryptocurrency world and the real world. By leveraging smart contracts, the platform aspires to provide a fair and accessible RWA investment channel for everyone. The launch of stUSDT marks a significant step forward in TRON‘s ecosystem. The early success of stUSDT shows the growing interest and confidence in TRON’s RWA products, as investors understand the potential for big returns while delving into real-world asset investments inside the blockchain ecosystem. This is evidenced by the fact that the early success of stUSDT has been reflected in the early success of stUSDT. stUSDT paves the way for an investing landscape that is more accessible and egalitarian in the field of decentralized finance (DeFi), which is being driven by TRON’s ongoing efforts to develop and expand its product offerings. stUSDT platform, an upcoming welfare event with dates ranging from July 10th to August 10th has been announced.
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🇰🇷 South Korea Passes Crypto Bill for User Protection
South Korea's National Assembly passed the Virtual Asset User Protection Act on Friday, marking the country's first step towards building a legal framework for virtual assets. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions. The bill gives the Financial Services Commission authority to oversee and inspect service providers. The Bank of Korea has the right to request data from service providers. The bill marks the country's first step towards a digital asset legal framework. The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions. Virtual assets have come under more scrutiny in the country following an investigation into a domestic lawmaker's crypto holdings and last year's collapse of Terraform Labs.
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🇹🇭 SEC Thailand Prohibits Crypto Staking And Lending With The Passage Of The New Act
On July 3, 2023, Thailand’s Securities and Exchange Commission (SEC Thailand) issued guidelines for cryptocurrency trading entrepreneurs to disclose risk warnings so that traders are adequately informed about the risks of cryptocurrencies, as well as rules prohibiting digital asset business operators from providing services. Instead, to strengthen investor protection from the hazards of such services, back digital asset custody with returns to deposit staking and lending. To safeguard investors, the rules went into force on July 31, with an injunction prohibiting deposit staking and lending effective on August 30. However, the SEC approved requiring cryptocurrency business operators to disclose warnings of the risks of trading cryptocurrencies at its meeting No. 12/2022 on September 1, 2022, and set to prohibit digital asset business operators from providing services or supporting deposit staking & lending services. The authorities determined to adopt upgrading the rules for revealing risk warnings from cryptocurrency trading to be more suitable at meetings No. 16/2022 on December 1, 2022, and No. 9/2023 on May 11, 2023, so the SEC Thailand has continued to write the regulations for both of these topics.
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📣 Over 60% of Institutional Investors Bullish on Crypto for Next 12 Months: Survey
Institutional investors expressed their belief in more real-world use cases and improvements in regulatory clarity, fueling the drive for crypto adoption. A new survey by Binance Research, the research arm of the world’s largest cryptocurrency exchange, found that most institutional investors are optimistic about the outlook of cryptocurrencies for the next 12 months. The study, dubbed the “Institutional Crypto Outlook Survey,” explored the respondents’ attitudes, preferences, motivations, and adoption toward crypto investments. The respondents comprised a diverse mix of institutional investors with various levels of experience and assets under management (AUM). More than 48% of the participants have over five years of crypto investing experience. Funds with crypto AUM below $25 million made up 52.4% of the surveyees, while those with AUM above $100 million accounted for 22.6%. Regarding allocation, 47.1% of the participants disclosed that they maintained their crypto holdings over the past year, while 35.6% increased theirs within the same period. About half of the respondents expect to increase their crypto possessions with time, while 4.3% would do the opposite in the next year.
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🇺🇸 Bittrex Challenges SEC's Authority in Lawsuit Dismissal Motion
Cryptocurrency exchange Bittrex has submitted a motion to dismiss in its legal dispute with the United States Securities and Exchange Commission (SEC). Bittrex argues that the SEC does not have the authority to regulate cryptocurrencies as securities unless explicitly granted by Congress. This assertion challenges the SEC’s interpretation of existing securities regulations and seeks to establish a more defined regulatory framework accommodating digital assets. In its motion to dismiss, Bittrex has adopted a similar approach to Coinbase, aligning its arguments closely with those made by the larger cryptocurrency exchange. This alignment indicates a strategic move by Bittrex to capitalize on the robust legal framework established by Coinbase and construct a unified defense against the SEC’s lawsuit. Bittrex’s legal team identifies what they perceive as shortcomings in the SEC’s allegations regarding the trading of investment contracts. While both defendants acknowledge that the initial sale of certain crypto assets could be classified as securities contracts, they contend that the same classification does not extend to assets traded on secondary markets.
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