Bitcoin Price: US$ 58,038.82 (+2.35%)
Ethereum Price: US$ 3,066.65 (+1.58%)
Uniswap Labs urged the SEC to drop its proposal to regulate DeFi, citing a Supreme Court decision limiting agency power and arguing that the SEC’s proposed amendments to the Exchange Act stretch statutory text too far and would lead to inconsistent guidance. Meanwhile, Circle launched its euro-backed stablecoin EURC on the Base network, making it the first time EURC is available on an Ethereum layer-2 and compliant with the new MiCA regulation, potentially facilitating global e-commerce and forex trades. Concurrently, Hut 8 announced an expansion of its Bitcoin mining operations with a deal for 205 megawatts of power in West Texas, increasing its energy infrastructure to approximately 1.3 gigawatts and benefiting from low wholesale power pricing. In response to the recent halving, Bitcoin miners like CleanSpark and Marathon Digital have been diversifying revenue streams and securing equity financing, although daily revenues have declined by 63% since the halving, with Bitcoin trading at $57,683.
Invesco and Galaxy set management fees for their Invesco Galaxy Ethereum ETF at 0.25%, signalling increased competition among ETF sponsors ahead of the anticipated rollout of spot Ether funds, with fees lower than Grayscale’s Ethereum Trust. Meanwhile, the Crypto Fear & Greed Index dropped to its lowest level since January 2023, driven by selling pressures from the German government and Mt. Gox creditors, although some Bitcoin investors took advantage of the dip, leading to the strongest weekly performance for Bitcoin funds in over a month. Concurrently, the TON Application Chain and Polygon announced a partnership to bring EVM functionality to the TON ecosystem, aiming to expand the range of decentralised applications available to TON network users, including DeFi and gaming solutions. Despite the growth in the TON ecosystem, there has been a rise in phishing attacks on the blockchain, highlighting the need for increased security measures for its expanding user base on Telegram.
Cryptocurrency adoption in Argentina has surged amid a 276% inflation spike, with the country leading the Western hemisphere in crypto adoption and a significant number of users favouring stablecoins like USDT over other cryptocurrencies. Despite Argentina’s efforts to regulate the market, none of its top exchanges have registered with the national securities regulator, highlighting ongoing regulatory challenges. Meanwhile, the German government continued its Bitcoin sell-off, recently moving substantial amounts of BTC in preparation for further sales, impacting market sentiment and coinciding with reduced miner activity and potential signs of a market bottom. Despite increased crypto losses in 2024, primarily driven by attacks on centralised exchanges, there are indicators suggesting Bitcoin may be ready to rebound, as evidenced by recent price movements and technical analysis.
Bitcoin ETF investors demonstrated robust confidence amidst market fluctuations, as US-based funds saw their highest net inflows in more than a month, reaching $295 million on July 8. The influx primarily flowed into BlackRock’s iShares Bitcoin Trust ETF and Fidelity’s Wise Origin Bitcoin Fund, amid ongoing concerns about significant BTC sell-offs by the German government and the impending repayments from Mt. Gox creditors. Concurrently, in Australia, DigitalX secured regulatory approval to introduce its spot Bitcoin ETF on the ASX, becoming the second such approval following VanEck’s recent entry. Meanwhile, Ethereum prepares for its inaugural $2 million “Attackathon,” aiming to bolster its protocol through a comprehensive security audit event, open to global participation from security researchers.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
