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💰 XRP price, activity rise as Ripple's CEO says he expects legal resolution 'very soon'
Recent comments from Ripple's CEO have fueled speculation that the company's years-long legal fight with the SEC could be coming to a close, driving the price of the company's token up and fueling increased user activity on the network. While Ripple CEO Brad Garlinghouse declined to comment on whether Ripple was in active settlement talks with the SEC in a recent Bloomberg interview, the executive said he expects resolution of outstanding legal issues "very soon."
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🪙 Cboe confirms trading launch of 5 spot Ethereum ETFs on July 23
The Chicago Board Options Exchange (Cboe) issued listing notifications for five new spot Ethereum exchange-traded funds (ETFs) scheduled to begin trading on July 23 — confirming reports from earlier in the week. The notifications clarify that the funds are pending final regulatory approval. The five ETFs are 21Shares’ CETH, Fidelity’s FETH, Franklin Templeton’s EZET, Invesco’s QETH, and VanEck’s ETHV.
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🇺🇸 Vitalik Buterin warns against supporting politicians solely based on their pro-crypto stance
Ethereum creator Vitalik Buterin cautioned the crypto community against supporting politicians solely based on their pro-crypto statements and expressed particular concern over a lack of support for “internationalism.” Buterin made the statements in a July 17 blog post, where he highlighted the “growing push” for members of the crypto space to become more political amid concerns about crypto regulation in the EU and US.
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🪙 Bloomberg analyst confirms Ethereum ETFs set to launch next week
The Securities and Exchange Commission (SEC) is anticipated to approve the spot Ethereum exchange-traded funds (ETFs) next week, with trading expected to begin on July 23, Bloomberg senior ETF analyst Eric Balchunas reported on July 15, citing industry sources. The development follows recent communications between the SEC and ETF issuers, signaling a potential green light for the much-anticipated financial products.
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🪙 290,000 ETH Added to Liquid Staking Protocols Ahead of Spot ETF Launch
According to data, liquid staking protocols accumulated an additional 290,000 ether in the past 46 days. This increase raised the proportion of ETH in liquid staking protocols by 0.24%, bringing the total to 11.18% of Ethereum’s 120.2 million circulating supply. At the time of writing, 13.44 million ether is locked into liquid staking protocols, with Lido holding 72.3% of that amount. On May 29, Lido had 9.51 million ETH, which has increased to 9.71 million today.
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🪙 Kraken exec expects Ethereum ETF launch to ‘lift all boats’
Kraken Head of Strategy Thomas Perfumo said spot Ethereum (ETH) ETFs could help the crypto sector while commenting on political developments in the US. He said that the crypto market is “pricing in” $750 million to $1 billion of net inflows to Ethereum products on a monthly basis, which would imply that Ethereum could reach all-time highs between $4,000 and $5,000.
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💰 Bitcoin ETFs achieve $15.5 billion in total inflows
Farside data shows that Bitcoin Exchange Traded Funds (ETFs) experienced another inflow, marking the fifth consecutive trading day of positive inflows. Bitcoin ETFs saw an inflow of $78.9 million. This trend was observed among the four largest ETF issuers, excluding Grayscale, which reported an outflow.
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🇺🇸 SEC Withdraws Enforcement Action Against Paxos' BUSD Stablecoin
The Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, a New York-based issuer of stablecoins, suggesting that stablecoins may not be treated as securities in most cases. This decision comes more than a year after the SEC sent Paxos a Wells Notice concerning the BUSD stablecoin, which is backed by the U.S. dollar and issued in partnership with Binance.
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🇺🇸 Trump emboldens support from Republican voters with pro-crypto stance, survey finds
Republican presidential candidate and former US President Donald Trump has garnered increased support from his party following his recent embrace of cryptocurrencies, according to a new Paradigm-sponsored survey. Last month, Paradigm, a crypto-focused venture capital firm, polled 1,025 likely Republican voters’ views on the emerging industry, revealing their deep trust for the current financial system and their support for Trump.
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🇩🇪 German receives small CoinJoin deposits amid ‘negligible’ $326 million Bitcoin sales
The German government’s Bitcoin wallet received a small amount of Sats from a CoinJoin address amidst its significant selling activity. On-chain data from the crypto analytical platform Arkham Intelligence revealed that the German government wallets received less than $10 in three transactions from CoinJoin addresses today.
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🇩🇪 German government continues to transfer thousands of bitcoins to exchanges and market makers
The German government transferred 133.722 bitcoins to market maker Cumberland DRW today before sending 150 coins to crypto exchange Kraken and 1,000 coins to the B2C2 Group, according to blockchain analytics platform Arkham. It also transferred 300 bitcoins to Coinbase and 300 bitcoins to Bitstamp, as well as 1,000 bitcoins to market maker Flow Traders.
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📊 Web3 Users Surge by 40%, Reaching Historic High in Q2
In the second quarter of 2024, Web3 user engagement hit an all-time high, with approximately 10 million daily unique active wallets (dUAW), marking a 40% increase from Q1. According to a July 4 report by blockchain analytics platform DappRadar, the unprecedented growth spanned various sectors of the decentralized application (DApp) industry, leading to an overall bullish trend.
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🏦 Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users
Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry.
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💰 Trump could be considering Bitcoin as a reserve asset to join the ‘SoftWar’ road to $1 million
Jason Lowery, the author of “SoftWar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” revealed at the start of June that members of Donald Trump’s campaign administration have contacted him regarding his expertise on Bitcoin. In his communications, Lowery stressed the importance of Bitcoin for national security and its strategic significance for the US military, particularly in defending and securing cyberspace.
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🪙 Spot Ethereum ETFs get final sign off to begin trading Tuesday
Some spot Ethereum exchange-traded funds have received the go-ahead and can begin trading on Tuesday, following weeks of back-and-forth on edits to registration statements. The U.S. Securities and Exchange Commission allowed registration forms from 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck and Invesco Galaxy to go effective as of Monday afternoon. Registration forms for the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust also went effective on Monday.
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🏦 BlockFi repayments to creditors to begin this month through Coinbase
Bankrupt crypto lender BlockFi said in a post on X that it will begin interim crypto distributions through Coinbase in July. “The distributions will be processed in batches in the coming months, and eligible clients will receive a notification to the BlockFi account email on file,” the company said. It added: “Please note that non-US clients are unable to receive funds at this time due to the regulatory requirements applicable to them.”
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💰 Bitcoin reaches local price bottom amid indicators of upcoming positive momentum: CryptoQuant
The price of bitcoin seems to have bottomed out after recovering to a high of almost $66,000 earlier this week, according to CryptoQuant analysts. Thursday's CryptoQuant Weekly report noted that the recent drop in bitcoin's price to a low of around $55,000 last Wednesday resulted in the largest realized losses for the digital asset's holders so far in 2024.
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💰 Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7-14 days
Crypto exchange Kraken has received a pair of bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee. Kraken appeared to write in an email to clients, according to a screenshot posted in the Mt. Gox creditors Telegram group. “While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.”.
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🇺🇸 Trump to Address Bitcoin 2024 Conference Despite Assassination Attempt
Former President Donald Trump, who survived an assassination attempt during a rally in Pennsylvania on July 13, is reportedly still scheduled to address the Bitcoin 2024 Conference, taking place in Nashville from July 25 to July 27. According to David Bailey, CEO of Bitcoin Magazine and cryptocurrency advisor to the Trump campaign, he spoke with Trump’s team after the incident and was informed of the former President’s intention to attend.
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🏦 Judge Criticizes Coinbase’s Attempt to Subpoena SEC Chair Gary Gensler
In a July 11 hearing, Judge Katherine Polk Failla expressed skepticism about Coinbase’s efforts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the cryptocurrency exchange. As detailed by Inner City Press, the hearing showcased Coinbase’s persistent efforts to acquire Gensler’s communications, including statements made before he became SEC Chair in 2021.
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🟠 Seven Years of Binance: CEO Richard Teng Shares Insights on Achievements and Future Goals
Binance is celebrating its seventh anniversary, reflecting on its growth and achievements in the rapidly evolving cryptocurrency industry. In an open letter, Binance CEO Richard Teng shared his insights and perspective on the company’s journey and future.
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💰 Bitcoin peaks above $59,000 as US CPI data shows easing inflation
Trading Economics data shows that June’s Core Inflation Rate MoM (Month-over-Month) increased by 0.1%, slightly below the consensus of 0.2% and the previous month’s 0.2%. This suggests a modest deceleration in core inflation, which excludes volatile items like food and energy. Year-over-year (YoY) figures show that Core Inflation stands at 3.3%, down from 3.4% previously and below consensus expectations, indicating a slight easing of core inflation pressures over the year.
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💰 Post-halving volatility triggers significant Bitcoin futures liquidations
Over the past month, Bitcoin has experienced notable price fluctuations, with the price dropping from around $60,000 in mid-May to below $55,000 by early July. This period saw spikes in futures long liquidations, suggesting significant volatility in the market. In early March, as Bitcoin’s price surged toward $70,000, liquidations also spiked exceeding — $180 million. This trend highlights the high-risk nature of leveraged trading during periods of rapid price movement.
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🪙 VanEck, BlackRock and others file amended registration statements for spot Ethereum ETFs as deadline closes in
Monday is the deadline for filing amended registration statements for spot Ethereum exchange-traded funds and some firms have begun turning those in. VanEck filed its amended S-1 registration statement earlier on Monday, which included minimal changes, such as details around custody. Others are expected to be filed throughout the day as firms vying for a spot Ethereum ETF gear up to launch those products.
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💰 Jack Dorsey Envisions Bitcoin Replacing US Dollar — Foresees BTC Reaching $1 Million
Billionaire Jack Dorsey foresees a future where bitcoin could supplant the U.S. dollar as the dominant global currency. He envisions a scenario where bitcoin’s value could soar to $1 million by 2030. Highlighting the cryptocurrency’s decentralized nature, Dorsey underscores its potential to democratize financial systems and reduce reliance on traditional banking institutions.
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🆘 Fake X accounts lead to record-setting crypto phishing attacks of $341 million
Crypto phishing exploits in the first half of this year reached $341 million, surpassing the $295 million scammers siphoned from victims in 2023, according to blockchain security firm Scam Sniffer. Security expert and SlowMist founder Yu Xian said the phishing incidents of the first half of the year showed that the profit margin of these malicious attacks was profitable.
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💰 Bitcoin transfer volume from short-term holders bottoms out post-2024 halving
Bitcoin’s transfer volume from short-term holders in loss to exchanges exhibits notable fluctuations. Glassnode data shows a significant decline in these transfers from January to July. In early 2024, volumes peaked around 90,000 BTC, aligning with market volatility, before stabilizing below 30,000 BTC post-halving in April. Historical data indicates heightened transfer activity during major price downturns.
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📊 Crypto VC investment ‘continued rebound’ in Q2 with $3.2 billion invested – Galaxy
Venture capital investments in crypto continued to rebound in the second quarter, with a total $3.2 billion invested during the period — up 28% compared to $2.5 billion in the previous quarter, according to Galaxy Digital latest research report. Galaxy noted the second quarter’s median pre-money valuation is the highest since the fourth quarter of 2021 and represents an almost all-time high. It attributed the surge to a more competitive market, giving companies greater negotiation leverage in deals.
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