Bitcoin Price: US$ 65,183. 95(+3.19%)
Ethereum Price: US$ 2,632.26 (+2.03%)
Stacks (STX) has gained 30% in value due to the upcoming Nakamoto Upgrade, which aims to enhance DeFi on Bitcoin and introduce a new Bitcoin-pegged token called sBTC. This momentum is fuelled by record smart contract deployments and increased trading volume on the Stacks network, with developers integrating sBTC on platforms like Solana and Aptos to broaden Bitcoin’s utility. In contrast, Wrapped Bitcoin (WBTC) on Aave reached an all-time high despite concerns over its backing, driven by BitGo’s partnership with BiT Global and the resulting controversy. The DeFi community reacted with Sky reconsidering WBTC’s offboarding and 21.co adopting Chainlink’s proof of reserve for improved transparency. Meanwhile, U.S. authorities sanctioned two Russian exchanges, PM2BTC and Cryptex, for their ties to money laundering, with FinCEN identifying PM2BTC as a high-risk entity linked to ransomware and illicit finance. Legal charges were filed against two individuals associated with these exchanges for engaging in “carding” and facilitating bank fraud, and a $10 million reward was offered for information leading to their arrest.
CryptoQuant founder Ki Young Ju’s claim that China controls 55% of Bitcoin’s hashrate sparked debate as it overlooks the global distribution of miners within Chinese mining pools. Despite pools like Antpool and F2pool being headquartered in China, their hashrate includes significant contributions from non-Chinese miners, complicating attempts to pinpoint the exact geographic distribution of Bitcoin’s mining power. Meanwhile, China’s rumoured shift on its crypto policy has fuelled speculation about unbanning Bitcoin, while the proposed Anti-Money Laundering framework seeks to monitor digital assets through collaboration between financial institutions and the central bank, indicating a potential shift in regulatory strategy. In the U.S., SEC Chair Gary Gensler’s efforts to redefine “exchange” and “alternative trading systems” have raised concerns in the crypto space due to their potential impact on DeFi platforms. Despite criticism, Gensler maintains that the digital asset sector is adequately governed by existing regulations, with Prometheum and tZero becoming the first to secure special broker-dealer status for digital asset securities. Billionaire Mark Cuban has expressed interest in replacing Gensler as SEC chair if Kamala Harris wins the presidency, criticising Gensler’s approach to crypto regulations. Harris, meanwhile, has signaled support for advancing blockchain technology, while Trump’s campaign has ventured into DeFi through the launch of World Liberty Financial, drawing mixed reactions from the crypto community.
Guggenheim Treasury Services recently tokenised $20 million in commercial paper on Ethereum, making it the first digital version of this traditional short-term debt instrument. Issued through Zeconomy’s AmpFi.Digital platform, the tokenised paper will enable faster settlements and fractionalised trading, highlighting a growing trend in institutional adoption of tokenised assets, which Chainlink estimates could reach $10 trillion by 2030, driven by blockchain integration and regulatory advancements. The Middle East and North Africa (MENA) region has also become a key player in the crypto space, contributing 7.5% of global transaction volume between July 2023 and June 2024, with most of the activity stemming from institutional investors. The UAE has emerged as a global crypto hub due to regulatory clarity and supportive legal rulings, and the recent approval of custodial insurance products by the UAE Central Bank further strengthens its position as a forward-thinking market. Meanwhile, cybersecurity concerns are escalating, as Web3 security firm Cyvers reported a staggering $2.1 billion in losses from hacks and scams in 2024, surpassing 2023’s total. Centralised finance (CeFi) platforms were hit the hardest, experiencing a 984% year-on-year increase due to major incidents like the $305 million hack of Japanese exchange DMM. Cyvers warned that emerging risks such as AI-driven attacks and quantum computing vulnerabilities necessitate more robust cross-chain security protocols and real-time threat detection, illustrating the evolving landscape of institutional adoption, regional growth, and heightened security threats in the digital asset space.
Jon Atack has received a $100,000 grant from Maelstrom to support his work on the Bitcoin Improvement Proposals repository, highlighting the need for ongoing developer support to enhance Bitcoin’s decentralisation and performance. In the UAE, Dubai’s Virtual Asset Regulatory Authority has introduced stricter rules for crypto marketing that require disclaimers on volatility, contributing to the country’s position as a leading global hub for digital assets. Meanwhile, The Open Network (TON) is gearing up for the launch of Hamster Kombat’s tokens as the Web3 game, which boasts 100 million active users, encounters scaling challenges for its validators. Although Hamster Kombat aims to expand with new payment systems, games, and NFTs, it has faced difficulties, banning over 2.3 million users for cheating despite its rapid growth and high engagement.
Source: https://cointelegraph.com
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