Bitcoin Price: US$ 56,043.79 (+3.84%)
Ethereum Price: US$ 2,461.33 (+1.73%)
Nasdaq has filed for regulatory approval to list options on spot Ethereum ETFs, specifically for Blackrock’s iShares Ethereum Trust (ETHA), marking a significant step towards broader adoption of ETH ETFs, which have already attracted $1.5 billion in net inflows. Despite the SEC not yet authorising options trading on spot Bitcoin ETFs, financial advisers and hedge funds are keenly interested in these products to manage market volatility. CoinShares reported a 110% increase in Q2 revenue, driven by a lucrative FTX claim sale, with its earnings rising to £22.5 million; however, the company faced a loss due to the bankruptcy of FlowBank Holdings SA, leading to an impairment of £21.8 million, though overall, CoinShares experienced strong inflows into its physical cryptocurrency exchange-traded products. Michael Saylor of MicroStrategy advocated for the US to adopt a strategic Bitcoin reserve, likening it to the historic Louisiana Purchase, and highlighted the potential long-term value of Bitcoin. Saylor, a staunch BTC proponent, predicted a future price of $13 million per Bitcoin by 2045 and emphasised the growing support for Bitcoin among political leaders and institutions.
An MEV bot that drained nearly 3,996 Ether from the Ronin network bridge on August 6 has returned almost all of the stolen funds, indicating that the attack may have been accidental. The Ronin team announced that they received 3,991 ETH, worth over $10 million at the time, and rewarded the bot’s owner with $500,000 for their discovery, although the bridge will remain closed until the vulnerability is fixed and audited. Meanwhile, Nassim Taleb, author of *The Black Swan*, criticised Bitcoin as a poor hedge against systemic downturns, citing its significant drop during the recent $510 billion crypto market sell-off, which he argues aligns more closely with speculative assets rather than being a reliable store of value like gold. The crash, attributed to the Bank of Japan’s interest rate hike, also affected the Bitcoin exchange-traded fund (ETF) managed by iShares, which saw a 14% drop, though investors remained steadfast with zero inflows, contributing to heightened fear in the market reflected by the Crypto Fear & Greed Index.
Japanese firm Metaplanet Inc plans to invest $58.76 million in Bitcoin as part of a broader strategy to hedge against currency depreciation, despite recent significant market volatility triggered by the Bank of Japan’s rate hike. The firm has been increasing its Bitcoin holdings since April, aligning its strategy with that of MicroStrategy and viewing Bitcoin as a strategic treasury asset. Meanwhile, Transak has become the first U.S. crypto on-ramp to enable wire transfers, offering a secure and familiar payment method that could significantly boost crypto adoption by making it easier for high-net-worth individuals to invest large amounts in digital assets. This new feature, available with transaction limits between $2,000 and $25,000, aims to bridge traditional finance with digital assets, potentially accelerating the growth of the crypto market. Additionally, the European Union’s MiCA framework, which began implementation on July 1, has cleaned up the stablecoin market and encouraged the development of euro-pegged stablecoins like EURT, launched by Next Generation and Decta on the Stellar blockchain. This regulatory clarity is expected to drive significant growth in the euro-backed stablecoin sector, with predictions of a market capitalisation reaching up to 2 trillion euros by 2028, positioning EURT to compete with major players like Circle and Tether.
Over half of the 50 largest cryptocurrencies by market capitalisation experienced losses in the wake of a $510 billion sell-off, with over 60% losing all gains made in 2024, particularly impacting memecoins like WIF and PEPE. The sell-off was triggered by macroeconomic factors, including the Bank of Japan’s interest rate hike and significant Ether sales by top market makers, contributing to Ether’s price dropping below $2,200. Amid this volatility, Metaplanet Inc plans to invest $58.76 million in Bitcoin as a strategic treasury asset, aligning with MicroStrategy’s approach. Ethereum co-founder Vitalik Buterin unveiled plans for cross-chain interoperability between Ethereum layer-2 networks, emphasising Ethereum Improvement Proposals (EIPs) aimed at standardising communication and data access across chains, which is expected to streamline user experience and foster further development within the Ethereum ecosystem.
Source: https://cointelegraph.com
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