LDOUSD Lido DAO Token

Fluctuations in the US bitcoin ETF market and the importance of the $60,000 mark for bitcoin

Bitcoin (COIN:BTCUSD) registered a 2.9% decline in the last 24 hours, hitting $60,200 amid a broad market downturn. Selling pressure may increase due to the imminent asset distributions by the bankrupt exchange Mt. Gox, scheduled for release this week. According to QCP Capital, “this potential dump of up to 140,000 BTC may continue to pressure the market, especially due to uncertainty about the exact release timeline.”

On July 2, US bitcoin exchange-traded funds marked a return to negative flows after five days of gains, with a total net outflow of $13.62 million. Grayscale’s ETF (AMEX:GBTC) led the losses with $32.38 million in outflows, while BlackRock’s ETF (NASDAQ:IBIT) and Fidelity’s ETF (AMEX:FBTC) saw inflows of $14.12 million and $5.42 million, respectively. Despite these movements, the trading volume of the funds was lower than in March, when it reached up to ten billion dollars daily.

Traders often consider round numbers as significant support or resistance levels, and in the case of Bitcoin, the $60,000 mark stands out. This level is crucial because it coincides with the average entry price of bitcoin ETFs, which could trigger liquidations if retested. With over $14 billion in net inflows since the debut of these ETFs, a retest of this price could significantly influence the market, especially in contexts of volatility and strategic investor adjustments.

Bittensor suspends activities after $8 million cryptocurrency theft

Bittensor, a decentralized machine learning network based on blockchain, halted its network operations on July 3 to contain a significant theft after discovering that at least $8 million in digital assets were stolen. The shutdown was an emergency measure to prevent further losses, putting the network into a safety mode that allows block production but prevents transactions. The investigation is ongoing, and it is believed that the theft was caused by a private key leak.

Consensys acquires Wallet Guard to enhance MetaMask security

Consensys has purchased Wallet Guard, a security tool, to enhance protection in the MetaMask digital wallet against theft and fraud. The integration will expand MetaMask’s security capabilities, allowing better defense against scams and malware through advanced threat detection technologies. This initiative aims to increase security for Web3 users, especially in a context of growing risks of hacks and cryptocurrency fraud.

Sydney Sweeney’s X account hacked to promote cryptocurrency scheme

Actress Sydney Sweeney’s X account was compromised and used to promote a pump-and-dump scheme involving a cryptocurrency token called SWEENEY. Deleted posts from the account boosted the token, which moved over $10 million within two hours of its launch. The token’s value plummeted by nearly 90% in one hour but saw a partial recovery. This is the second time Sweeney’s account has been used for a fraudulent cryptocurrency promotion.

Marathon Digital maintains bitcoin reserves

Marathon Digital Holdings (NASDAQ:MARA), the world’s largest bitcoin miner, did not sell any bitcoin last month despite the prolonged market downturn. The company held 18,536 bitcoins, valued at over $1.1 billion in June. While Marathon plans to sell some of its reserves in the future to finance operations and treasury management, it remains committed to increasing its holdings by buying more bitcoins in the market and exploring other opportunities to boost its bitcoin yield.

CleanSpark increases bitcoin production and exceeds hashrate target

CleanSpark (NASDAQ:CLSK), an American bitcoin mining company, increased its bitcoin production by 6.7% in June, exceeding its mid-year hashrate target with 20.4 exahashes per second (EH/s). The company retained most of the 445 bitcoins mined during the month, raising its total to 6,591 BTC. After installing new miners at its Georgia facilities, CleanSpark became the third-largest bitcoin miner, aiming to reach 50 EH/s as its next goal.

Growth in staked Ethereum on Lido despite regulatory challenges

Despite the US SEC classifying staking programs as securities, Lido (COIN:LDOUSD) recorded an increase of 95,616 ETH staked between June 24 and July 1, raising its assets to $33.48 billion. Lido outperformed other platforms in Ethereum (COIN:ETHUSD) deposits and saw a significant increase in activity on Layer 2 networks. Additionally, Lido is promoting decentralization with the launch of a Community Staking Module, facilitating permissionless entry for node operators and encouraging greater individual participation in the protocol.

Bybit expands Web3 ecosystem with new chain integrations

Bybit, a leading Web3 platform, announced the integration of three new chains — SUI (COIN:SUIUSD), ZKLink, and Scroll (COIN:SCRLUSD) — into its ecosystem. With these additions, Bybit users can switch between various chains within the Bybit Wallet extension, enabling access to a wider range of DeFi services and applications. The Bybit Wallet continues to support popular wallets with seed phrases, allowing for a smooth and convenient transition to these new chains.

T-Mobile Deutsche Telekom and Subsquid partner to power decentralized data lake

T-Mobile Deutsche Telekom MMS has partnered with Subsquid, a decentralized data platform, to operate dedicated worker nodes in Subsquid’s data lake. The collaboration aims to enhance security and efficiency in blockchain data retrieval and delivery. Worker nodes process queries and extract necessary information from the data lake for users. The partnership aligns with Deutsche Telekom’s strategy to support decentralized and innovative business models.

KuCoin introduces 7.5% tax for Nigerian users

Starting July 8, global cryptocurrency exchange KuCoin will implement a 7.5% value-added tax (VAT) on transaction fees for users in Nigeria. This measure affects only transaction fees, not the total traded value. Despite KuCoin being among the platforms banned by the Nigerian government, the new policy raises questions about transparency and tax implementation, especially with the Central Bank of Nigeria’s restrictions on crypto-to-fiat conversions.

Bitget seeks licensing in India to improve compliance and services

Bitget, a leading cryptocurrency exchange, is in talks with India’s Financial Intelligence Unit to obtain registration as a Virtual Asset Service Provider (VASP). This registration will allow Bitget to operate in accordance with local laws, improving tax compliance and operational transparency. In addition to facilitating community engagement and educational campaigns, the registration will also help in consumer protection and dispute resolution.

CoinDCX acquires BitOasis and expands presence in the Middle East and North Africa

Indian cryptocurrency exchange CoinDCX has acquired BitOasis, a Dubai-based trading platform, without disclosing financial details of the transaction. This move marks CoinDCX’s entry into the Middle East and North Africa (MENA) market and is part of BitOasis’s efforts to expand its regional presence. Recently, BitOasis also obtained licenses to operate in Bahrain and remains licensed in the United Arab Emirates.

Uniswap sets volume record amid DeFi growth

Uniswap, a leading decentralized exchange (DEX) for cryptocurrencies, achieved a record swap volume, solidifying its crucial position in the decentralized finance (DeFi) sector. This milestone highlights the increasing adoption of DEXs as more flexible and decentralized trading alternatives. In June, the number of swappers on Uniswap reached an unprecedented peak, reflecting the growing demand for decentralized liquidity and the platform’s continued innovation, particularly in Layer 2 solutions that promise faster transactions and lower costs.