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Ferrari expands cryptocurrency payments to European dealerships

Ferrari (NYSE:RACE) plans to extend its cryptocurrency payment scheme to European dealerships by the end of this month, following a successful launch in the United States last year. This initiative will enable luxury sports car buyers to make digital payments, meeting growing demand from wealthy clients. The strategy is part of the company’s efforts to adapt to modern consumer preferences and align with its carbon neutrality goals by 2030. Ferrari continues to explore expanding this system to other regions, subject to the legal acceptance of cryptocurrencies.

Anticipation and uncertainties in the cryptocurrency market before the Bitcoin Conference

The cryptocurrency market remains in a holding pattern, with Bitcoin’s price (COIN:BTCUSD) stable around $66,000 over the last 24 hours. All eyes are on the Bitcoin Conference in Nashville, where Donald Trump is expected to make significant statements, possibly about including Bitcoin in the US national reserves. Such statements could profoundly impact the market. Meanwhile, Kamala Harris confirmed she will not attend, according to David Bailey, CEO of BTC Inc. and event organizer. Harris’s decision is seen as influenced by the current regulatory environment, perceived as hostile to cryptocurrencies. Additionally, Bailey suggested that Ross Ulbricht’s imprisonment might be a barrier to Harris’s involvement with the crypto community.

Movements in Bitcoin and Ethereum ETFs

On July 23, after twelve consecutive days of inflows, US Bitcoin ETFs experienced outflows totaling $78 million. The Bitwise ETF (AMEX:BITB) led the outflows with $70.32 million, followed by $52.29 million from Ark (AMEX:ARKB) and $27.31 million from Grayscale (AMEX:GBTC). Contrarily, BlackRock’s ETF (NASDAQ:IBIT) recorded an inflow of $71.94 million. Meanwhile, the first day of trading for Ether ETFs saw inflows of $107 million and over $1 billion in trading volume.

Fetch.ai concludes first phase of merger and forms alliance with Ocean Protocol and SingularityNET

Fetch.ai (COIN:FETUSD), now known as Artificial Superintelligence Alliance (ASI), completed the first phase of its merger with Ocean Protocol (COIN:OCEANUSD) and SingularityNET (COIN:AGIUSD) on July 22. Under the new ticker ASI, the three entities are integrated into a single platform. Despite initial trader enthusiasm on July 1, sentiment waned with an 11.9% drop in FET’s price over the past 7 days. Recently, the funding rate stabilized, indicating a potential shift in trader expectations.

Inequality in returns across cryptocurrency sectors

Cryptocurrency markets currently exhibit a sharp dispersion in returns among different sectors. While infrastructure and technology areas perform robustly, consumer-oriented segments like gaming, metaverse, and entertainment lag behind. This suggests that investment and interest are being unevenly directed, favoring sectors with strong technological fundamentals and long-term growth prospects.

Hack on MonoSwap compromises user funds

On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, faced a severe security incident after one of its developers accidentally installed a phishing application. This error led to malware installation, allowing hackers to access the platform’s wallets and contracts, resulting in significant liquidity withdrawal. MonoSwap advised users to withdraw their funds immediately and avoid clicking suspicious links on social media. The company is currently investigating the attack and seeking solutions with the help of venture capitalists.

Mt. Gox begins payments through Bitstamp after a decade

Nearly ten years after Mt. Gox’s collapse due to a major hack, the defunct cryptocurrency exchange’s customers will start receiving payments via Bitstamp on Thursday. Assets including Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD), and Bitcoin Cash (COIN:BCHUSD) were transferred to Bitstamp by Mt. Gox administrators. However, UK customers are excluded from this first round of distributions. This move follows the transfer of assets to several exchanges by the Mt. Gox trust, raising market concerns about potential massive sales of these recovered assets. Kraken has already completed its distribution without causing significant market impact.

Bitget becomes the second-largest crypto wallet in Japan

Bitget Wallet has rapidly grown in Japan, becoming the second-largest cryptocurrency wallet in the country, only behind MetaMask. This 34% growth in Q2 2024 was driven by the introduction of the Bitget Wallet Token (BWB), which incentivized new users with rewards and promotions. The wallet stands out for its advanced features and cross-chain support, catering to various user needs.

Expansion of payment options on Polymarket with MoonPay partnership

Polymarket, a crypto prediction betting platform, has partnered with MoonPay, a payment company, to offer more payment methods to its users. This comes as Polymarket experiences record betting volumes, particularly with growing speculation about the US presidential elections. Through this collaboration, users can use debit and credit cards, Apple Pay, Google Pay, bank transfers, and even buy cryptocurrencies via PayPal. This partnership also involves MoonPay’s Web3 marketing agency, Otherlife, providing additional support to Polymarket. The collaboration not only enhances user experience but also drives the adoption of decentralized platforms, significantly changing how users interact with digital assets daily.

Fold transforms traditional cashback into Bitcoin

New York-based company Fold is revolutionizing cashback rewards by offering bitcoin instead of typical cash rewards on its debit card. So far, Fold cards have processed over $2 billion in transactions, distributing more than $45 million in bitcoin rewards. The company is exploring expansion opportunities, including potential mergers or going public, amid fluctuations and challenges in the crypto market.

Proton launches Bitcoin wallet with email sending feature

Proton, a Swiss developer of privacy-focused apps, announced the launch of a new open-source Bitcoin wallet that allows sending Bitcoin via email. This feature gives users full control over their digital assets, simplifying Bitcoin usage as a payment method. The Proton Wallet employs advanced security technologies and supports two-factor authentication, integrating artificial intelligence to enhance user security. Proton aims to make Bitcoin transactions as accessible and secure as possible, maintaining the decentralization and privacy essential to cryptocurrency.

Fireblocks launches self-service tools for blockchain startups

Fireblocks, an enterprise digital asset management platform, introduced “Fireblocks for Startups,” a suite of self-service tools designed to facilitate treasury management and wallet creation for blockchain startups and SMEs. The launch comes amid significant growth in venture capital funding for Web3 startups, with Fireblocks reporting a 50% increase in users since the early testing of this new offering. The platform offers an integrated solution that simplifies access to blockchains and exchanges, aiming to accelerate the development and security of startup operations.

AgriDex facilitates cross-border agricultural trade on Solana blockchain

AgriDex, a marketplace based on Solana (COIN:SOLUSD) for real-world assets, successfully facilitated an agricultural trade between a South African producer and a London importer. The transaction involved shipping over two hundred bottles of extra virgin olive oil and several boxes of wine. Using the Solana blockchain, AgriDex enabled quick payment with significantly lower fees of 0.15%, compared to high fees of traditional payment methods. This innovation offers faster settlement times and reduced costs, promoting more efficient and profitable trade for producers.