Bitcoin ETFs in the US attract inflows for seven consecutive days
On July 16, Bitcoin exchange-traded funds (ETFs) in the United
States saw a net inflow of $422.5 million, marking the most robust
investment day since early June. This phenomenon occurred during a
streak of seven consecutive days of gains, during which the funds
accumulated over $1 billion in investments. BlackRock’s ETF
(NASDAQ:IBIT) dominated the inflows, garnering over $260 million,
representing a significant portion of the day’s total. Fidelity’s
ETF (AMEX:FBTC) also stood out, attracting $61.1 million. Other
funds received less than $30 million each, except for GBTC, DEFI,
and BTCW, which saw neither inflows nor outflows.
Grayscale launches fund focused on decentralized AI
Grayscale, a leader in crypto asset management, announced a new
fund targeting decentralized artificial intelligence. The Grayscale
Decentralized AI Fund LLC offers investors the opportunity to
explore the promising niche of AI in the crypto world. The fund,
which will be adjusted quarterly, includes various AI protocols
like Bittensor (COIN:TAOBUST) and Filecoin (COIN:FILUSD), along
with other assets focused on decentralized AI services, solutions
for centralized AI challenges, and essential infrastructures like
data storage and cloud computing.
Bitcoin eyes $70,000 and XRP outperforms other cryptocurrencies in
bullish week
Bitcoin (COIN:BTCUSD) experienced a slight decline of 1.2% in
the last 24 hours, trading at $64,318.81, but the outlook remains
positive with traders setting a target of $70,000. The
cryptocurrency reached an intraday high of $66,139.00, driven by
Donald Trump’s choice of a pro-crypto vice president, signaling
potential favorable policies in the future. Reduced selling
pressure, motivated by payments initiated to Mt. Gox creditors,
also helps boost market sentiment. Fernando Pereira of Bitget
suggests caution, advising investors to wait for a correction
before buying due to the current resistance zone. “Despite the
bullish sentiment analysis for BTC, it’s ideal to wait for a
pullback to enter long positions on BTC, as we are in the strongest
price resistance zone, between 61.8% and 78.6% of fibo. Don’t let
greed take over; patience is key in the market,” Pereira
commented.
Meanwhile, Ripple (COIN:XRPUSD) stands out, outperforming other
major cryptocurrencies with a 40.7% increase in one week. This jump
occurred after the introduction of new indices and reference rates
for XRP by CME and CF Benchmarks, which helped form a triangular
pattern on the charts. Currently, XRP is up 6.17%, trading at
$0.615700, after reaching a peak of $0.6347.
Trump considers Jamie Dimon for Treasury Secretary in future term
Donald Trump, former US president and Republican candidate,
indicated in an interview with Bloomberg that he might nominate
Jamie Dimon, CEO of JPMorgan, as his Treasury Secretary if
re-elected. Trump also intends to keep Jerome Powell as chairman of
the Federal Reserve. Despite past tense relations and mutual
criticisms, Trump expressed respect for Dimon, highlighting a
possible shift in stance toward figures he previously criticized.
Jamie Dimon, the CEO of JPMorgan, is known for his strongly
critical views on cryptocurrencies. He has been vocal about the
risks and limitations he sees in cryptocurrencies, often describing
them as tools for illicit activities like money laundering, tax
evasion, and trafficking.
German government prioritized liquidity in bitcoin sale without
optimizing return
According to Miguel Morel of Arkham Intelligence, the German
government focused on quickly selling its Bitcoin reserve without
aiming to minimize market impact or maximize profits. The sales
were conducted through transfers to various cryptocurrency
exchanges to leverage available liquidity. This method suggests a
strategy focused on immediate liquidity without considering the
optimization of the sales process, which negatively influenced
Bitcoin’s price (COIN:BTCUSD) until the resources were
exhausted.
Core Scientific predicted as leader in high-performance computing
hosting
Brokerage firm B Riley highlighted Core Scientific (NASDAQ:CORZ)
as a future leader in high-performance computing (HPC) hosting
after the company secured significant contracts with CoreWeave and
demonstrated experienced management. The brokerage upgraded the
company’s rating to “Buy,” raising its stock price target from
$0.50 to $13. This optimism is based on HPC agreements and the
expectation of more lucrative deals, reflecting a positive
long-term outlook for the digital mining sector.
Charles Hoskinson proposes decentralized identity solutions for
security on X
After a hacking incident involving AI developer Ben Goertzel on
X (formerly Twitter), Charles Hoskinson, founder of Cardano
(COIN:ADAUSD), suggested to Elon Musk the implementation of
decentralized identifiers (DIDs) to enhance the platform’s
security. Hoskinson believes that DIDs could verify and protect
digital identities, reducing the risks of hacks and unauthorized
access. He offered to integrate the solution at no cost,
emphasizing the need for robust identity infrastructure for X.
TON to launch bitcoin bridge for DeFi expansion
The TON Foundation, which supports The Open Network
(COIN:TONCOINUSD), announced the imminent launch of TON Teleport
BTC, a bridge for secure Bitcoin transfers, facilitating user
interaction with the DeFi world on the TON network. This system
aims to enable Bitcoin owners to engage in decentralized finance
(DeFi) activities in the TON ecosystem while maintaining asset
security. The implementation will be characterized by transparency
and will not require a central issuer, with each Bitcoin being
fully backed and transactions validated through smart
contracts.
Valor launches ETP for NEAR token in Swedish market
Valor, part of DeFi Technologies, announced the launch of an
exchange-traded product (ETP) for the native token of the Near
Protocol (COIN:NEARUSD), to be traded on Sweden’s Spotlight Stock
Market. The Near Protocol is known for its decentralized platform
that facilitates app development, and Valor is a company of DeFi
Technologies, which manages approximately $600 million in assets.
This ETP allows investors to bet on the native NEAR token, which
has an impressive market capitalization of around $6.8 billion,
positioning NEAR among the top 20 global digital assets. The
initiative reflects growing acceptance and interest in more
diversified crypto investments.
Worldcoin faces price manipulation allegations after token schedule
change
The Worldcoin project (COIN:WLDUSD), which uses eye-scanning
technology for identification, is facing accusations of price
manipulation and fraud. After announcing a delay in the release of
80% of its native tokens, extending the unlock period from three to
five years, the WLD token price rose significantly. Accusations
have emerged suggesting that changes in emissions and contracts
could be influencing prices, raising suspicions of insider trading
by the team.
OKX announces support for The Open Network in its wallet, marking
100th blockchain integration
OKX, one of the world’s largest cryptocurrency exchanges,
expanded its wallet capabilities by adding support for The Open
Network (COIN:TONCOINUSD), reaching 100 blockchain integrations on
the mainnet. The OKX wallet now supports over 10,000 decentralized
applications and 300,000 tokens, offering users access to a vast
crypto ecosystem.
Nansen and Aptos collaborate to enhance blockchain analytics
Nansen, a leader in blockchain analytics, partnered with Aptos
(COIN:APTUSD) to provide onchain analytics and data for the Aptos
ecosystem. This collaboration aims to strengthen the Aptos network,
providing users with advanced analytical tools that can drive
growth and identify emerging trends. The newly launched Aptos
Growth Dashboard by Nansen will offer valuable insights into
network activities, such as transactions, active addresses, and
contract deployments, helping monitor the health of the Aptos
ecosystem.
Polymarket hires Nate Silver to enhance prediction market analytics
As the US presidential campaign heats up, Polymarket, a
crypto-based prediction market platform, hired Nate Silver,
renowned statistician, as a consultant, revealed Axios. Silver is
known for his accurate election analyses previously done by
FiveThirtyEight. The platform has already moved $265 million in
bets for this election, positioning Donald Trump as the favorite
with a 70% chance. With Silver on board, an expansion in prediction
markets is expected.
Binance executive detained in Nigeria until October after trial
adjournment
Tigran Gambaryan, a Binance executive, will remain detained in
Nigeria until October after his money laundering trial was
adjourned by the Supreme Federal Court. Judge Emeka Nwite postponed
the trial to October 11 due to the lack of a crucial medical
report. Gambaryan, who has been in custody since February, is
facing deteriorating health and was seen in a wheelchair during the
last hearing.
Nigeria begins reassessment of its national blockchain policy
The Nigeria Steering Committee has begun reassessing the
policies guiding the implementation of the National Blockchain
Policy, announced Chimesie Chuta, committee chairman. The process,
initiated on July 17, is part of an effort to update and expand the
scope of the country’s blockchain strategy, covering sectors such
as health and education, and integrating cutting-edge technologies
to strengthen both the public and private sectors.
Rise of layer 2 bitcoin solutions in Asia boosts miners
post-halving
In the Asian tech landscape, layer 2 (L2) bitcoin solutions are
gaining prominence, especially after the recent halving event that
halved mining rewards. This adjustment has motivated miners, who
still dominate over 50% of the global hashrate, to seek alternative
revenue streams. L2 solutions, like Bitlayer and other emerging
projects in the region, are standing out by offering new
opportunities to maintain miners’ profitability while contributing
to innovation in the Asian crypto ecosystem.
Hong Kong prepares legislation to regulate stablecoins
Hong Kong financial authorities announced plans to introduce
legislation focused on fiat-backed stablecoins later this year. The
Financial Services and the Treasury Bureau and the Hong Kong
Monetary Authority, after a public consultation, concluded that the
regulatory regime should cover decentralized stablecoins. The bill
will require stablecoin issuers to obtain a license and considers
maintaining reserves in local banks to enhance user security.
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