- Regulatory Action and Warnings: The US Treasury sanctioned crypto exchange Garantex again, while the FBI warned of fictitious law firms targeting crypto scam victims. Wall Street and consumer advocates are also urging edits to the GENIUS Act on stablecoins.
- Institutional Adoption and Hiring: Citigroup is exploring crypto custody, and traditional finance giants like Charles Schwab and Fidelity are hiring crypto talent, signaling a push into digital assets.
- Mining Developments: Trump-backed American Bitcoin ordered 16K Bitmain ASICs, while Block targets a 10-year lifecycle for Bitcoin mining rigs. TeraWulf secured a $3.7B AI hosting deal backed by Google.
- Market Volatility and Predictions: Bitcoin experienced a sharp sell-off after a hot US inflation report, briefly hitting all-time highs before dropping. Ether price prediction markets bet ETH will hit $5K by the end of August.
- Exchange and Partnership News: Coinbase finalized its Deribit acquisition, and Bitpanda launched in the UK with growth targets. Vietnam’s state-run Military Bank partnered with Dunamu to launch a crypto exchange. Gemini launched a self-custodial smart wallet.
- Technology and Innovation: ZK-proofs are gaining traction in blockchain applications, influencing US policy and bank infrastructure. Ripple’s exec explains why XRP Ledger is uniquely suited for real-world asset tokenization.
Analysis:
- The crypto market is seeing a blend of regulatory scrutiny and institutional interest, suggesting a maturing industry navigating growing pains.
- Infrastructure development in mining and AI hosting indicates a diversification of revenue streams for crypto companies.
- Market volatility remains a key characteristic, influenced by macroeconomic factors and speculation.