- Regulatory Landscape: US Senator Cynthia Lummis is drafting a crypto tax bill to clarify tax treatment for staking, mining, and lending. Bitstamp has been granted a license to operate in Singapore following new Monetary Authority regulations.
- Enforcement Actions: WhiteRock Finance founder to be extradited over $30M ZKasino case following arrest in UAE. Tornado Cash co-founder Roman Storm’s trial on money laundering and conspiracy charges is scheduled for July 14. The IRS Criminal Investigation division has been criticized for failing to meet standards in seizing and holding crypto.
- RWA Tokenization: Ondo Finance and Pantera Capital are launching a $250 million fund, Ondo Catalyst, to boost tokenized real-world asset projects, signaling growing interest in RWA tokenization.
- ETH Market Dynamics: ETH traders are eyeing a $3,200 target following a “golden cross” pattern, although some derivatives data present a less bullish outlook. Corporate ETH treasuries growth could potentially drive Ether price to $2,800.
- Bitcoin Market Analysis: Bitcoin price is aiming for new highs, but bearish divergences suggest resistance around $110,000. Bulls need to hold above $109,000 to improve chances for a breakout to a new all-time high.
- XRP Potential Rally: XRP could rally to $2.65 driven by a bullish trading pattern and excitement around Ripple Labs’ US banking license application. XRP futures open interest jumps 30% targeting $3.20.
Analysis:
- The increasing regulatory scrutiny and enforcement actions highlight the growing need for clarity and compliance within the crypto space.
- The surge in RWA tokenization funds signals a significant trend towards bridging traditional finance with digital assets.
- Mixed market signals for Bitcoin and Ethereum suggest continued volatility and the importance of considering multiple metrics for investment decisions.