Spot Ether (ETH) exchange-traded funds have been given the final approval to begin trading in the United States tomorrow, July 23.

On July 22, the United States Securities and Exchange Commission approved the final S-1 registration statements necessary for their launch on their respective stock exchanges, including the Nasdaq, New York Stock Exchange and Chicago Board Options Exchange.

The successful spot Ether ETF issuers include BlackRock, Fidelity, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy.

It comes two monthsafter the SEC greenlit their 19b-4 applications on May 23 — approving a rule change allowing spot Ether ETFs to be listed and traded on their respective exchanges.

The BlackRock-issued iShares Ethereum Trust will be listed on the Nasdaq, while the Grayscale Ethereum Trust will be listed on the NYSE. 

All spot Ether ETFs except the Grayscale Ethereum Trust will offer a base fee between 0.15-0.25%.

However, Fidelity, 21Shares, Bitwise, Franklin and VanEck will waive fees for their spot Ether ETFs until a set time period ceases or their products reach a certain amount in net assets.

The Grayscale Ethereum Mini Trust will also waive fees for the first six months or until it reaches $2 billion in net assets, whichever comes first.

Biden’s withdrawal, Ether ETFs could boost crypto

The spot Ether ETFs were approved in the same week that US President Joe Biden withdrew from the 2024 election.

Related: Ethereum will outperform Bitcoin after ETF launch — K33 Research

Biden’s decision to drop out from the r was described as a “win for crypto assets” by eToro market analyst Josh Gilbert in a recent note to Cointelegraph.

“The longer that we see Trump staying ahead in the election odds, the more crypto assets will price in his victory.”

Industry analysts expect the spot Ether ETFs to muster somewhere between 10-20% of the flows that spot Bitcoin ETFs have seen since those products launched six months ago.

Industry analysts are split on how Ether’s price in the coming months following launch.

Magazine: Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer, X Hall of Flame

Bitcoin (BTC) price dropped to an intra-day low at $66,569 on July 22, less than 24 hours before the much-awaited launch of spot Ethereum ETFs in the United States.

The bullish momentum that propelled BTC above $68,000 falls under question as traders struggle to secure a few daily closes above $68,000.

Apart from the impact of US President Joe Biden’s withdrawal from the November presidential race on Bitcoin’s price, the pioneer cryptocurrency is facing yet another issue: a strengthening US dollar.

Let’s take a closer look at the factors impacting Bitcoin price today.

The US dollar starts to recover

The US dollar Index (DXY), a metric tracking the greenback’s performance against top world currencies, has risen 0.7% from its July 17 low of 103.18 to its current value of 103.85 ahead of the Personal Consumption Expenditures (PCE) Index from the United States.

The PCE print, known as the Federal Reserve’s “preferred” inflation measure, is due July 26, a day after second-quarter gross domestic product and rolling unemployment figures. This could potentially provide tailwinds to the DXY and heighten volatility for Bitcoin and other cryptocurrencies at the end of the week.

DXY 1-day chart. Source: TradingView

From a technical perspective, the US dollar Index looks on track to rise by more than 1.8% to complete a classic V-shaped recovery pattern toward 2024 highs above 106.

Bitcoin bulls book profits amid political uncertainty

Biden’s withdrawal and endorsement of Vice President Kamala Harris for the presidency introduced some volatility to markets.

While the Republican presidential candidate, Donald Trump, has incorporated a pro-Bitcoin stance into his election platform, Harris’s stance on cryptocurrencies remains unclear.

Market intelligence firm sentiment noted that the market appears to react with an “immediate small panic drop in crypto prices” to news of Joe Biden’s stepping aside, as it did with the news of the Trump assassination.

“Though wildly different circumstances, the news of the Trump attempted assassination from 2 weeks ago caused a similar price pattern. Throughout the closing hours of Sunday, prices quickly bounced after an initial drop and are now quite volatile to start the week.”

Source: Santiment

According to 10x Research founder Markus Thielen, Bitcoin’s downturn today could suggest that traders are booking profits ahead of Trump’s speech at the Bitcoin Conference on Saturday, July 27.

“Taking profit, or even shorting Bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise,” wrote Thielen in his newsletter on July 22.

Thielen further noted that Bitcoin is fighting stiff resistance from the 2021 all-time high of $69,000 and that BTC could “rise parabolically” once the price produces a decisive close above that level.

Bitcoin price chart. Source: 10x Research

Related: BTC price 8% off all-time high — 5 things to know in Bitcoin this week

Bitcoin long liquidations ramp up

A sharp movement in the Bitcoin futures market appears to have caused BTC’s price decline over the last 12 hours. The timing of the long liquidations coincided with the sharp drop in the price of the pioneer cryptocurrency.

Data from Coinglass shows that more than $7.16 million in BTC long positions have been liquidated over the last 12 hours. The total liquidations across the crypto market amounted to $41 million, with $23.3 million being long liquidations in the same period.

Crypto liquidations. Source: Coinglass

Typically, long liquidations occur when the price of the asset being traded suddenly drops. This is because traders who were bullish on the asset and had opened long positions face losses since the market has moved against them.

According to data from blockchain data provider CryptoQuant, the number of Bitcoin transferred to exchanges spiked on July 22.

BTC transferred to exchanges. Source: CryptoQuant

Increased exchange inflows for a particular asset suggest increased selling pressure in the market.

With an increasing number of BTC sent to known exchange wallets, investors seem to be taking profits at current prices, explaining the current volatility in Bitcoin price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s recent price surge may be less about speculation over the United States elections and more about market expectations of a weakening US dollar.

According to a July 22 analysis by crypto custodian Copper, the probability of former US President Donald Trump winning a second term in the November elections has led to a rally in prices. However, the movement could be tied to “market expectations that the US dollar will lose ground against other currencies, as it has historically under a Republican White House.”

Bitcoin (BTC) price has rallied more than 6% in the past seven days, jumping from roughly $63,500 on July 15 to around $68,000 at the time of writing.

The report notes that Bitcoin’s market behavior often mirrors that of other major fiat currencies, which rally when the US dollar Index (DXY) declines. This trend was noticeable in 2017 and 2021 when BTC reached all-time highs as the dollar weakened.

The US dollar has decreased by 10% on average during periods when a Republican president has been in office since 1969 — indicating a weaker US dollar relative to other major currencies. On the other hand, the dollar has increased by 8% on average during periods when a Democratic president has been in office since 1969.

DXY Index change under administrations. Source: Copper

“Bitcoin’s dynamics are more complex with a tendency to move in the opposite direction of the US dollar’s strength or weakness. Additionally, any administration which delivers growth would likely see investors returning to more volatile asset classes,” noted Copper’s head of Research, Fadi Aboualfa.

According to Copper’s analysis, it’s not the absolute strength of the DXY that matters, but rather market expectations about its future performance:

“Should markets continue to anticipate a Republican win this year, there might be an assumption of potential for the US dollar to weaken, especially considering it is currently trading at its highest level since 2002.”

DXY Performance

Between 2013 and 2016, during President Barack Obama’s Democratic administration, the DXY rose by 25%. This increase can be attributed to several factors, including the economic recovery following the 2008 financial crisis, overall improved economic conditions in the US compared to other major economies, and growing expectations that the Federal Reserve would eventually begin hiking interest rates. 

In contrast, between 2017 and 2020, under the Republican administration of Donald Trump, the DXY declined by 7%. This period saw significant tax cuts, which initially boosted economic growth but also led to concerns about rising fiscal deficits. Trade tensions and tariffs imposed on other countries have also contributed to a more volatile dollar.

Since 2021, under the Biden administration, the DXY has increased by 14%, according to Copper’s analysis. A combination of factors such as higher inflation expectations, the Federal Reserve’s actions to combat inflation by raising interest rates, and global uncertainties have contributed to the rise of the greenback over the past few years.

Magazine: Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20

Cory Klippsten, the CEO of financial services firm Swan Bitcoin, announced the company would be scrapping its plans for an initial public offering “in the near future” following a shutdown of its mining operations.

In a July 22 X post, Klippsten announced a staff reduction and said the firm was “unlikely to continue with [its] Managed Mining business in the near term.” The CEO said that, without revenue from the mining arm, the company expected to halt its plans for an IPO.

“Swan is pulling back from our accelerated spending plan for our core financial services business,” said Klippsten. “Unfortunately, this includes staff cuts across many functions.”

Source: Cory Klippsten

In January, Swan Bitcoin announced it had launched a mining venture in 2023 and was working to become a publicly traded company in the US within 12 months. The firm said at the time that it had reported $125 million in revenue since 2023 and doubled the number of its staff.

Related: Bitcoin mining revenue hits post-halving yearly low

Klippsten’s announcement came roughly three months after the Bitcoin (BTC) halving cut the mining rewards from 6.25 to 3.125 BTC per block. The event has caused earnings from major mining companies to drop, including Bitfarms — the Canadian firm being targeted by Riot Platforms for a hostile takeover.

Other mining firms have fared better in 2024. German BTC mining firm Northern Data reportedly plans to seek an IPO in the US starting in the first half of 2025. Genesis Digital Assets is also reportedly considering a public offering in the near future.

Magazine: Could a financial crisis end crypto’s bull run?

Asset manager Bryan Courchesne recently appeared on CNBC to discuss Bitcoin's potential to become a strategic reserve asset of the United States government under a future Trump administration.

According to the asset manager, adopting Bitcoin (BTC) as a reserve asset would be difficult but not impossible. Courchesne pointed to the Department of Justice's vast holdings of 200,000 BTC, making the US government the largest holder of Bitcoin behind its pseudonymous creator, Satoshi Nakamoto.

Courchesne explained that the Department of Justice could simply transfer the Bitcoin to the United States Department of the Treasury, Paving the way for the Treasury to begin accumulating and holding the scarce asset long-term.

Bitcoin's potential to become a global reserve asset

Speculation that Bitcoin may become a global reserve asset or a strategic US Treasury asset surged following former President Trump's support for the digital asset industry amid mounting worldwide debt and monetary inflation.

Trump’s pick of JD Vance, a 39-year-old Bitcoin holder, as his running mate also fueled speculation that a future Trump administration could mean a new era for crypto, in which Bitcoin becomes fully integrated into the current financial system.

Related: German MP urges government to stop ‘hasty’ Bitcoin sell-off

Mark Cuban has also imagined a scenario in which widespread inflation and geopolitical instability drive the global population to Bitcoin as a haven to protect their life savings and purchasing power, elevating Bitcoin to the status of a global reserve currency organically. Data from high-inflationary countries like Argentina, Venezuela, and Turkey indicates this is already happening, as populations shift to cryptocurrencies as a hedge against inflation.

Source: Mark Cuban

However, Ari Paul, founder of BlockTower Capital, disagrees. Paul believes that the odds are 10:1 against Bitcoin becoming a strategic reserve asset of the United States in the next four years. The entrepreneur explained that the US Strategic Reserve, a collection of assets held for use in case of national emergencies, may not be officially established even if a future president announces that the US would not sell its Bitcoin holdings.

Magazine: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win: Hall of Flame

Bitcoin (BTC) price rose to its highest level in 40 days on July 22, reaching a $68,518 intraday peak. The 19.4% gains in 10 days were fueled by investors becoming more confident in the United States Federal Reserve cutting interest rates in 2024, the end of Bitcoin selling from the German government, and a more constructive regulatory view, especially in the US.

The bullish momentum led the Bitcoin futures premium, the primary gauge of professional traders’ sentiment, to its highest level in five weeks. Traders now question whether the scenario favors a rally to $72,000 despite the uncertainty from US presidential elections and global socio-political turmoil.

President Biden’s election decision has limited impact on Bitcoin price

President Biden’s choice to dropout of the reelection bid on July 21 increased the likelihood of former President Donald Trump for and his crypto-friendly Vice President pick JD Vance winning the upcoming election. Vance, had previously disclosed holdings of up to $250,000 in Bitcoin and voted in favor of a joint resolution to overturn a regulation that aimed to classify crypto holdings as a liability on banks’ balance sheets.

Regardless of how crypto friendly a potential Trump cabinet could be in 2025, investors are also aware of the independence of the US Federal Reserve (Fed) and the US Securities and Exchange Commission (SEC). Fed Chair Jerome Powell's second term is set to end in May 2026, while Gary Gensler, the current Chair of the SEC, has a five-year mandate set to end in April 2026.

While investors are confident that the Fed will keep interest rates unchanged at 5.25% on July 31, there has been a considerable shift in year-end expectations. According to the CME FedWatch tool, which uses US Treasury yields pricing models, the market presently estimates 47% odds of two interest rate cuts by the Dec. 18 meeting, up from 20.5% one month prior.

China, the world’s second-largest economy, also faces uncertainties as investors were disappointed with the regime's lack of short-term economic stimulus announcements, as reported by Bloomberg. The People’s Bank of China cut the seven-day reverse repo rate for the first time in twelve months on July 22, to 1.7% from 1.8%. Reportedly, Morgan Stanley economists deemed the move “reactive” and a “risk” to their growth estimates for the region.

Bitcoin derivatives suggest $72,000 is possible

To understand how these circumstances affected Bitcoin investors’ risk appetite, one should analyze the BTC monthly futures contract premium. The price on these derivatives tends to differ significantly from regular spot Bitcoin exchanges, unlike perpetual futures (inverse swaps). Typically, a 5% to 10% premium is expected to compensate for the longer settlement period.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

The Bitcoin futures premium rose to 13% on July 22, marking the highest level in five weeks. Although it is below the 16% level from June 7, the current premium indicates a cautiously optimistic sentiment. This is crucial to avoid cascading liquidations if unexpected negative price swings occur.

To determine if this sentiment is present solely in the futures markets, one should analyze the Bitcoin options' 25% delta skew, which measures the relative demand for call (buy) and put (sell) options. A negative skew indicates higher demand for call options, and neutral markets typically hold a -7% to +7% delta skew, indicating balanced pricing between the two instruments.

Bitcoin 2-month options 25% delta skew. Source: Laevitas.ch

Bitcoin’s 25% delta skew metric has remained stable near -9% since July 19, suggesting traders are slightly optimistic about short-term price movements. The last time Bitcoin options showed similar signs of confidence was on May 20, but this was short-lived as the $71,500 resistance proved difficult to overcome.

The latest data points to a healthy Bitcoin bull market aiming for a retest of the $72,000 level. Demand is driven by a mix of factors, including geopolitical uncertainty, confidence in less restrictive central banking economic policies, and a more constructive view of crypto regulation after the SEC dropped major cases and investigations.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple, the blockchain-based digital payments network, has donated $1 million to a candidate in the Massachusetts Republican Party senate primary.

The firm contributed the funds to John Deaton, a lawyer and crypto advocate known for his active role in the crypto community.

Deaton has been a vocal critic of the United States Securities and Exchange Commission (SEC) and its approach to cryptocurrency regulation.

Deaton’s campaign has gained widespread attention, focusing on blockchain technology and digital assets — topics increasingly entering the political domain.

Elon Musk says X and SpaceX headquarters will move to Texas

On July 16, Elon Musk announced that SpaceX and social media platform X would relocate their headquarters to Texas.

The move comes in response to Governor Gavin Newsom’s contribution to Bill AB1955, which Musk criticized for “attacking both families and companies.”

As a vocal supporter of crypto in the past, Musk stated that SpaceX would leave Hawthorne, California, and set down new roots in “Starbase, Texas.”

As one of the strictest financial regulatory climates in the US, Musk also explained that the move is attributable to California’s hostile regulatory environment.

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EU Stripe clients now have crypto purchasing power: Report

The financial service provider Stripe is now enabling clients in the European Union to purchase cryptocurrencies using credit or debit cards through its new crypto integration.

On July 16, a report from the Irish Independent stated that customers in the EU will now be able to purchase Bitcoin (BTC), Ether (ETH) and other cryptocurrencies using Stripe.

Through a Stripe “widget,” online vendors can now facilitate crypto purchases for their customers secured by Know Your Customer regulatory compliance.

John Egan, the head of crypto at Stripe, explained that the expansion will allow merchants to reach “a more global audience” with in-built fraud prevention and identity verification precautions.

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Arkham transfers $487 million ARKMs to Coinbase Prime for tax compliance

Arkham Intelligence, a blockchain analytics platform, has moved $487.24 million in its native token ARKM from its vesting contract to Coinbase Prime custody for tax compliance.

According to data from its platform, $185.28 million of these tokens were owned by Miguel Morel, the CEO of Arkham Intelligence.

On July 17, the firm communicated the need for the move to ensure it stayed regulatorily compliant and followed proper tax payment procedures from July 18 onward.

The token transfer to the exchange means that the ARKM will no longer be visible on the blockchain and also marks the beginning of a linear unlocking cycle for the team, investors, and advisers.

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ETHTrustFund (ETF), a Base network protocol that advertised itself as similar to Olympus or Wonderland, transferred $2 million from its treasury to Tornado Cash and Railgun mixer apps on July 20 and deleted all of its websites and social media accounts. This caused security experts to conclude that the project was a “rug pull” or exit scam. 

The incident was first reported by crypto investor and X user Octoshi on July 21. According to Octoshi, the project’s treasury had been sent to a new address the previous day.

Source: Octoshi

On July 22, blockchain security platform PeckShield shared the report. According to the blockchain security firm, ETHTrustFund developers transferred the funds to mixer apps Tornado Cash and Railgun in an apparent attempt to launder them.

According to an archived version of the ETHTrustFund developer documents, the project was conceived as a decentralized autonomous organization (DAO) with rebasing features, similar to Olympus, Wonderland or other similar projects. The fund issued blockchain-based bonds and sold them to investors in exchange for cryptocurrency. It also “rebased” or issued new ETF tokens to users who staked their tokens in the fund’s smart contracts.

Related: Court-appointed insolvency firm takes over HectorDAO after $2.7M hack

In addition, ETHTrustFund featured a new twist on the classic rebaseDAO idea: instead of constantly rebasing to produce more tokens, the fund would purportedly slow its inflation after a period of time and begin to “debase” or destroy its own ETF tokens, pushing up the remaining tokens’ prices over time. Meanwhile, all of the assets invested into the fund would be used to generate yield for tokenholders.

However, the debasing period appears to have never been reached. According to Octoshi, ETHTrustFund lead developer Peng stopped responding to Telegram messages in April before finally rugging the project on July 20.

Rug pulls continue to be a frequent source of losses to crypto investors. In June, the Gemholic protocol was accused of conducting a $3.5 million exit scam after it allegedly promised refunds to investors before transferring the funds to its own team instead. In March, investors lost $1.4 million when admin accounts associated with the Ordiz bridge deleted their socials and transferred all remaining funds to new accounts, leaving users unable to withdraw from the bridge.

Magazine: Decade after Ethereum ICO: Blockchain forensics end double-spending debate

An unfortunate memecoin trader has lost nearly $8 million worth of digital assets by trading the President Joe Biden-linked Jeo Boden (BODEN) token, while other traders are expecting a potential memecoin season.

Memecoin trader loses nearly $8M on Boden trade

A memecoin trader logged a nearly $8 million loss after selling his Jupiter (JUP) tokens to buy the top of the Boden memecoin.

The unknown memecoin whale’s investment is down nearly 99%, according to popular crypto trader Toby, who wrote in a July 21 X post:

“This trader TWAP'd out of $8m worth of $JUP for $BODEN at the pico top of Boden. He then sold $12.5k worth (0.5% of total) but bag held the rest to now, where he is down near to 98%.”

Boden whale, trades, Source: Toby

Following multiple trades, the whale’s initial $8 million BODEN investment is now worth around $85,000.

Looking at the whale’s holdings, 81% of the wallet "D4PDe" holds Boden tokens, while the remaining 14% is Circle’s USD Coin (USDC), and 3.7% Solana (SOL) tokens.

Wallet ‘D4PDe. Source: CoinStats

At the peak of its valuation, the wallet was worth over $10.8 million at the end of April, which fell to the current $219,000 mark, according to CoinStats data.

Biden-related memecoins tanked over 60% since Biden officially dropped out from the 2024 presidential elections.

BODEN/USD, 7-day chart. Source: CoinMarketCap

Related: Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say

Memecoin season could be around the corner

While Biden-related tokens sharply declined, other memecoins are soaring to new all-time highs, prompting trader expectations of an altcoin season — during which many cryptocurrencies will likely see new all-time highs.

For instance, the Ethereum-based meme token Mogcoin (MOG) reached a new all-time high on July 22, reaching an over $820 million market capitalization, according to GeckoTerminal data.

MOG/WETH, 1-day. Source: GeckoTerminal

The MEW token is up over 39% in the past 24 hours, trading at $0.008126, as of 2:16 p.m. in UTC.

MEW/USD, 7-day chart. Source: CoinMarketCap

The wider memecoin sector could be on track to witness the next phase of the bull cycle, according to popular memecoin trader Zack Ventura.

The trader wrote in a July 22 X post:

“This index is the top memecoins against Bitcoin, tracing back from December 2023. Next leg up memecoin season is loading.”

Memecoin Index/BTC, all-time chart. Source: Zack Ventura

Related: Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Though United States Vice President Kamala Harris has yet to officially win the Democratic nomination for president in 2024, many experts suggest she has an excellent chance to be the party’s candidate, facing off against Republican Donald Trump in November.

At the time of publication, it was unclear whether the Democratic National Convention (DNC) would hold an open primary — allowing any candidate to potentially win the delegates for the top of the ticket — or conduct a “virtual roll call” to decide on a nominee before a critical state deadline. The DNC is scheduled to begin on Aug. 19 in Chicago. However, Ohio’s election laws require parties to certify their presidential tickets by Aug. 7, suggesting that Democrats may take steps to ensure Harris is nominated outside of an open convention.

With the endorsement of US President Joe Biden, Senator Elizabeth Warren, Representative Nancy Pelosi, and many Democratic leaders, Harris may become the party’s candidate in 2024. Until the nomination is official, certain Democrats have a chance of being at the top of the ticket or potentially vice presidential candidates under Harris.

Pete Buttigieg

The Secretary of Transportation under President Biden, Pete Buttigieg has had little involvement with financial policy since 2021 or made public statements on crypto while the mayor of South Bend, Indiana. During his 2020 presidential campaign, Buttigieg said Bitcoin (BTC) should be “treated as a commodity,” suggesting that the US Securities and Exchange Commission (SEC) did not have the authority to bring enforcement actions involving the cryptocurrency.

Josh Shapiro

Pennsylvania Governor Josh Shapiro is another potential presidential or vice presidential candidate on the Democratic ticket with some crypto policy experience. In February 2019, the Pennsylvania Department of Banking and Securities explicitly stated that “virtual currency, including Bitcoin,” did not qualify as money under the state’s money transmission laws. With Shapiro as governor, the department included crypto in this definition.

JB Pritzker

JB Pritzker, who has served as the Illinois Governor since 2019, is also one of the names being considered for the Democratic ticket. In August 2021, Pritzker spoke at crypto trading platform CoinFlip’s offices for the announcement of the company’s new headquarters. The governor said at the time that “the future of cryptocurrency is in Illinois” and encouraged industry leaders to flock to the state.

Gov. Pritzker speaking in August 2021 to announce new CoinFlip headquarters in Illinois. Source: Facebook

Gavin Newsom

In 2022, California Governor Gavin Newsom signed an executive order to harmonize regulatory frameworks for blockchain between the US government and California — one of the first actions of its kind. In October 2023, he also approved a bill — the Digital Financial Assets Law — requiring additional regulations on crypto firms operating in the state. The legislation is set to be enforced beginning in July 2025.

Buttigieg, Pritzker, Shapiro, and Newsom have all endorsed Harris as president. Other potential running mates include Michigan Governor Gretchen Whitmer, who has largely been as silent on crypto as Vice President Harris.

Related: What we know about Kamala Harris’ views on crypto

None of the potential vice president candidates have a rating on Coinbase’s Stand With Crypto initiative, a website that lists what politicians have said and voted regarding digital assets. Vice President Harris’ rating at the time of publication was “pending.”

Trump’s running mate, whom he announced in a social media post amid the Republican National Convention on July 15, is JD Vance. The Ohio senator reported holding up to $250,000 worth of Bitcoin in 2022 and voted in favor of a joint resolution to overturn an SEC rule on banks reporting crypto as a liability on their balance sheets.

Vance’s addition to the Republican ticket followed Trump’s campaign announcing that it would accept crypto donations and enact policies to favor BTC miners if he were reelected in 2024. However, the vice presidential pick previously said Trump was “unfit” to be president, referred to him as “America’s Hitler,” and said that anyone who voted for him was an “idiot.”

Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue

The S&P 500 Index (SPX) plunged about 2% last week, but the weakness in the equity markets could not dampen the enthusiasm of the cryptocurrency traders. Bitcoin (BTC) made a strong comeback, rising roughly 12% for the week.

According to CoinShares da, digital asset investment products witnessed strong inflows of $1.35 billion last week, taking the total inflows in the past three weeks to $3.2 billion. Bitcoin’s strength also resulted in outflows of $1.9 million from short-Bitcoin exchange-traded products.

Daily cryptocurrency market performance. Source: Coin360

Even after the recent rally, Bitcoin remains stuck inside a sideways price action. As the price nears the resistance, the bears are likely to pose a strong challenge. However, analysts are optimistic about Bitcoin hitting a new all-time high.

Could Bitcoin rise to $70,000, or will traders pull the price back below $65,000? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index is correcting in an uptrend, suggesting that the short-term traders are booking profits after a strong rally.

SPX daily chart. Source: TradingView

The index plunged below the 20-day simple moving average (5,504) on July 19, but the bears could not continue the downward move. Buyers are trying to push the price back above the 20-day SMA on July 22 but may find it difficult to do so.

If the index closes below the 20-day SMA, the next stop is likely to be the 50-day SMA (5,416). Contrarily, a rise back above the 20-day SMA will signal that the recent breakdown may have been a bull trap. The index may then again climb toward 5,670.

US dollar Index price analysis

The US dollar index (DXY) has been falling inside a descending channel pattern for several days, indicating a negative sentiment.

DXY daily chart. Source: TradingView

The price bounced off the channel’s support line on July 18, signaling that the bulls are aggressively defending the level. If the price rises above 104.50, the index could reach the 20-day SMA (104.95), which is likely to act as a solid resistance. If the price turns down from the 20-day SMA, it will increase the possibility of a break below the channel. If that happens, the index could decline to 102.50.

Instead, if buyers propel the price above the moving averages, it will suggest that the index may continue to oscillate inside the channel for a while. A break and close above the channel could start a rally to 108.

Bitcoin price analysis

Bitcoin bounced off the $66,000 level on July 21, but the recovery faltered near $68,500 on July 22, indicating that bears are selling on rallies.

BTC/USDT daily chart. Source: TradingView

If the $66,000 level breaks down, the BTC/USDT pair could drop to the 50-day SMA ($63,799) support. A solid bounce off the 50-day SMA will indicate that the sentiment has turned positive and traders are buying on dips. The bulls will then make one more attempt to kick the price to the stiff overhead resistance zone between $72,000 and $73,777.

Contrary to this assumption, if the price dives below the 50-day SMA, it will signal that the bears are in the driver’s seat. The pair could then drop to the 20-day SMA ($61,126).

Ether price analysis

Ether (ETH) rose above the 50-day SMA ($3,425) on July 19, but the momentum did not pick up. This suggests a lack of demand at higher levels.

ETH/USDT daily chart. Source: TradingView

The bears are trying to pull the price back below the 50-day SMA. If they do that, the possibility of a drop to the 20-day SMA ($3,246) increases. This is an important level for the bulls to defend because if it breaks, the ETH/USDT pair may slide to $3,000.

If bulls want to prevent the fall, they will have to defend the moving averages and drive the price above $3,600. The pair could then attempt a rally to the $4,000 to $4,094 resistance zone.

BNB price analysis

BNB (BNB) has been trading inside the large range between $495 and $635 for several days, indicating buying on dips and selling on rallies.

BNB/USDT daily chart. Source: TradingView

The bulls pushed the price above the 50-day SMA ($586) on July 19 but are finding it difficult to extend the rally to $635. Sellers will again try to pull the price below the 50-day SMA. If they do that, the BNB/USDT pair may tumble to the 20-day SMA.

The critical resistance to watch out for in the near term is $635. If bulls overcome this barrier, it will signal that the uptrend is resuming. The pair may then attempt a rally to $722, where the bears may mount a strong defense.

Solana price analysis

Solana (SOL) broke above the downtrend line on July 20, opening the doors for a possible rally to $210.

SOL/USDT daily chart. Source: TradingView

However, the bears are unlikely to give up easily. They will try to stall the rally near $189 and pull the price toward the downtrend line. If the price rebounds off the downtrend line, it will signal that the bulls have flipped the line into support. That will increase the likelihood of a rally to $210.

Contrarily, if the price turns down and breaks below the downtrend line, it will suggest that the bears are making a comeback. The SOL/USDT pair could then plummet to the moving averages.

XRP price analysis

The bears pulled XRP (XRP) below the breakout level of $0.57, but they could not sustain the lower levels. This suggests aggressive buying on dips.

XRP/USDT daily chart. Source: TradingView

The bulls will try to push the price above $0.64, setting the stage for a move to $0.67 and later $0.74. Sellers are expected to defend the $0.74 level with all their might. If the XRP/USDT pair turns down from $0.74, it will signal that the range-bound action may continue for a few more days.

The $0.57 to $0.54 zone is expected to act as a strong support on declines. A break below the zone will tilt the advantage in favor of the bears.

Related: Why is Solana (SOL) price up today?

Toncoin price analysis

Toncoin (TON) has turned down from the moving averages, indicating that the bears are defending the level.

TON/USDT daily chart. Source: TradingView

The 20-day SMA ($7.29) has started to turn down, and the RSI is just below the midpoint, indicating a slight advantage to the bears. The TON/USDT pair could slide to the solid support at $6.77. This level is expected to attract strong buying by the bulls, which could keep the pair inside the $6.77 to $7.72 range for a while.

A break and close below $6.77 will complete a double-top pattern, starting a downtrend. On the other hand, a rise above $7.72 could challenge the stiff overhead resistance of $8.29.

Dogecoin price analysis

Dogecoin (DOGE) turned up from the 20-day SMA ($0.12) on July 19 and broke above the 50-day SMA ($0.13) on July 20.

DOGE/USDT daily chart. Source: TradingView

The 20-day SMA has started to turn up, and the RSI is near the overbought zone, indicating that bulls have the edge. The DOGE/USDT pair could attempt a rally to the overhead resistance at $0.18.

On the downside, the 50-day SMA and then the 20-day SMA are likely to act as strong support. If the price rebounds off the moving averages, it will improve the prospects of the resumption of the relief rally.

Cardano price analysis

Cardano (ADA) has been trading above the moving averages, but the bulls are struggling to push the price above $0.46. This suggests a lack of demand at higher levels.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could remain stuck between the moving averages and $0.46 for some time. If the range resolves to the upside, it will signal the start of an up move toward $0.52, where the bears may mount a strong defense.

Alternatively, if the price continues lower and plummets below the moving averages, it will signal that the bears remain active at higher levels. The pair may then slump to the strong support at $0.35.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The Digital Chamber penned an open letter to Vice President Kamala Harris on July 22 advocating for a more crypto-friendly stance and industry engagement from the potential Democrat nominee, should she secure the party’s 2024 presidential nomination.

The Digital Chamber’s letter outlined three actionable points for a potential Harris campaign, including support for digital assets in the Democrat Party’s platform, a Vice Presidential candidate “sophisticated” in digital asset policy, and lines of communication between the presumptive candidate’s campaign and industry leaders.

Source: The Digital Chamber

The 2024 election shakeup

After weeks of speculation, a letter was posted to Joe Biden’s X social media account on July 21, announcing that the incumbent was dropping out of the 2024 presidential race. This development was hotly contested in predictive markets.

Following the announcement, crypto markets briefly dipped due to the uncertainty created by the election shakeup, though markets rallied later that day, with Bitcoin (BTC) reaching a price of around $68,000.

Related: What we know about Kamala Harris’ views on crypto

Biden reportedly endorsed Harris as the Democratic Party’s nominee, sparking widespread speculation about the 2024 Democratic ticket. Although the vice president has not yet secured the nomination, the current narrative and endorsements from senior-ranking Democrats seem to suggest Harris will be the frontrunner in 2024.

Will Kamala Harris continue the Biden administration's anti-crypto stance?

It is no secret that the Biden administration has been hostile toward crypto and blockchain technology. Gary Gensler’s tenure at the Securities and Exchange Commission was characterized by a bevy of lawsuits and enforcement actions against the blockchain industry.

At this time, the vice president’s views on digital assets are unknown, leaving the industry uncertain about the prospects of a Kamala Harris presidency.

On one hand, a tight election contest may drive Harris to deviate from the current party line to secure the crypto vote. However, past performance may be an indicator of future policy stances. Harris would be inheriting Biden’s donors, political campaign, and the current administrative bureaucracy, leaving little in the way of new input into a potential Harris presidency

Magazine: Ethereum is ‘woefully undervalued’ but growing more powerful: DeFi Dad, Hall of Flame

The NYSE Arca has confirmed its approval to list and trade spot Ethereum exchange-traded funds (ETFs) from asset managers Grayscale and Bitwise.

According to documents filed with the United States Securities and Exchange Commission (SEC) on July 22, the exchange has certified “its approval for listing and registration of the common units” of Grayscale Ethereum Trust and Bitwise Ethereum ETF.

The funds are still pending the security regulator’s authorization to debut, and analysts anticipate a launch date of July 23.

“We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs’ prospectuses have gone “effective,”” said Bloomberg ETF analyst James Seyffart on X.

On July 19, the Chicago Board Options Exchange confirmed the launch of five funds for trading: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF. These funds also wait for “regulatory effectiveness” from regulators.

Related: Ethereum ETFs are coming — Here’s what you need to know

The SEC must approve the funds’ initial securities registration S-1 forms, the final step before trading. On May 23, the agency approved the issuers’ 19-b form proposing rule changes.

To buy Ether (ETH) ETFs, retail users can use a brokerage listing the funds, such as Robinhood or Fidelity. This process is similar to purchasing and trading other ETFs and stocks. Management fees for the vast majority of Ether ETFs will range from 0.15% to 0.25%.

Source: James Seyffart

The ETFs are expected to open the door to other altcoins ETFs, including Solana’s native token, SOL. “Keep in mind after launch there are flows and then add’l ETH products I’m sure, then Solana, and then.. it’s probably never going to end. The dam has broken,” said Bloomberg ETF analyst Eric Balchunas.

Institutional demand for ETH could lead to a supply shortage. A recent report from Kaiko highlighted that Ether’s 1% market depth is low, indicating reduced liquidity. This could result in increased price volatility and drive ETH’s price higher amid rising demand. The cryptocurrency is trading at $3,457 at the time of writing, down 1.4% over the past 24 hours.

Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?

There is a broad misunderstanding in the crypto community about the status of the Securities and Exchange Commission's (SEC) campaign to undermine blockchain innovation in the United States. When Consensys announced in June that the SEC had decided to conclude its "Ethereum 2.0" investigation, it was taken as another signal that a hostile administration was changing its tune.

That, I’m afraid, is simply not true. The SEC is as antagonistic as it has ever been, and that is unlikely to abate until new leadership takes the agency in a new, more productive policy direction.

It’s understandable that people are a bit confused. Both policy wonks and the public at large perceived that the SEC might be rethinking its stance when it did an 11th hour about-face in late May on approval of a spot Ethereum (ETH) exchange-traded product. When that decision was made, the days were numbered for the SEC’s year-long harassment of the Ethereum protocol development community.

It is a big moment, but it hasn’t resulted in the SEC shying away from maintaining very aggressive positions about blockchain software more generally. Look no further than the lawsuit against Consensys in Brooklyn federal court and the imminent lawsuit against Uniswap.

Related: Trump's VP pick, JD Vance, could mean a new era for crypto

The SEC’s lawfare campaign still rests on two propositions — that a lot of tokens (perhaps nearly all, as they keep changing their story) are securities. Then when consumers use certain smart contracts, it turns the developers of those contracts into intermediaries regulated under the securities laws.

The SEC's enforcement division ended an effort to ch

By now, everyone recognizes the SEC’s tactic of maximum ambiguity as to which tokens are securities is intended to give them unfettered discretion in who to investigate and sue. Enforcement actions are the metric that Chairman Gary Gensler points to first when he talks about his leadership record, and it seems that he’s doubled down on boosting the applicable numbers.

This approach might be well designed to get the SEC’s desired headlines, but no one other than the most ardent crypto belligerents believe it’s good policy.

It’s plainly terrible policy. The SEC is playing a never ending game of token whack-a-mole. They spend millions to bring a case identifying a handful of tokens as securities in a space where there are many tens of thousands of tokens, and that list expands every single day.

The reality is that they could litigate until the next ice age and wouldn’t be able to achieve their purported regulatory aims.

As newly announced VP candidate JD Vance correctly pointed out in February, the SEC’s tactics seem to be driving the market in a way that may be worse for the consumer. The meme coin craze is largely the SEC’s creation, while tokens that aim to serve a computer science function are considered too risky to be accessed by US users. If anything, that is backwards.

NEW VIDEO
Ohio Senator JD Vance on Gensler:

He is way way way too political in his regulation of securities.

He has it backwards when wanting to ban useful tokens and seemingly not caring about those without specific utility.

Sen. Vance sees blockchain as key to… pic.twitter.com/yKoNmk4Bm4

— Bill Hughes : wchughes.eth (@BillHughesDC) February 27, 2024

Thankfully, the SEC’s campaign just got a whole lot harder in the wake of the decision in SEC v. Binance. There, the judge said that the SEC’s allegations concerning the secondary trading of tokens on the Binance platform were facially deficient and thus should be dismissed. They relied on a line of reasoning that was “a departure from the Howey test.” Growing is the list of judges who look askance at the SEC’s unctuous explanations as to why a token should be considered an investment contract when it changes hands well after it was issued.

The SEC’s goal with its second tactic — to insist that software developers are securities intermediaries — is to cut the US out of the peer-to-peer blockchain space completely. Despite years of engagement prior to the Gensler regime, the industry is nowhere close to having a workable path to registration of any software product, which allows the SEC to effectively ban US access to such products while they are freely used everywhere else around the globe. “Let the Europeans, Asia, and LatAm lead the way,” seems to be the SEC’s motto. Lawmakers on both sides of the aisle continue to be incensed with this power grab.

Related: Donald Trump’s crypto platform is missing one thing

So is Consensys. Consensys’s legal fight with the SEC — both in Fort Worth and in Brooklyn — will play out over the many months ahead against a watershed political moment for crypto generally. Republican presidential candidate Donald Trump is full-throatedly endorsing an innovation-friendly agenda that seeks to achieve American preeminence in blockchain. He has signaled he will end the SEC's abuses and beat strategic adversaries in this technological race, and his recognition of the assault on crypto has spurred unprecedented support from major industry leaders — including notables such as Marc Andreessen and Ben Horowitz, who have abandoned the Democrats’ camp in favor of Trump.

Industry leaders throughout crypto are supporting the former president’s bid with both their social influence and their capital. Although the Democratic camp is seeking to reclaim a beachhead with the industry, including through closed door meetings with industry leaders, they are too far behind and too unwilling to change their tune.

We will see what happens in November, but the odds of a resounding victory for Trump and even possibly a sweep of the GOP in Congress are getting better by the day. Until then, you should not doubt that the SEC under this leadership will continue to fight tooth and nail against the industry. In 2025 and beyond, that leadership not only must change but also must start walking a more collaborative policy path.

However, a change in administration may not yield that immediately. There is speculation that Gary Gensler would not resign the commission at the end of the Biden administration but instead stay on as a commissioner after being removed as chair in order to sustain the anti-crypto policies (as well as his other expansions of SEC purview) his current 3-2 commission majority has championed. Current commissioner Caroline Crenshaw is also seeking reconfirmation to another term on the commission, although White House and broader support of her has been tepid. She was the commissioner who famously responded to the appeals court smack down of the SEC’s capricious denial of a Bitcoin ETF by insisting the law should be ignored.

We can be optimistic that, while the Senate may reconfirm Crenshaw, Gensler will depart rather than be forced to take a backseat. And perhaps new policy priorities at the agency along with stronger engagement by the Hill will end this war of attrition.

Until that day, we have no choice but to fight.

Bill Hughes is the senior counsel and director of global regulatory matters at Consensys, and a board member at the Blockchain Association. He served in the Justice Department as associate deputy attorney general from 2019-21, and as deputy director in the Executive Office of the President from 2017-19. He obtained an undergraduate degree from Vanderbilt University before obtaining a 

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin (BTC) aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut added to bullish crypto catalysts.

BTC/USD 1-hour chart. Source: TradingView

China enacts "unexpected" rate cuts

Data from Cointelegraph Markets Pro and TradingView showed BTC price moves targeting range highs after a dip below $67,000 earlier in the day.

The upward reversion came amid mixed performances from Asia stocks as China cut several key interest rates in a step that “surprised markets.”

The People’s Bank of China (PBOC) confirmed that it would cut the seven-day reverse repo rate by 0.1% to 1.7%, while the one-year and five-year loan prime rate (LPR) followed suit, sources including Reuters reported.

“The cut today is an unexpected move, likely due to the sharp slowdown in growth momentum in the second quarter as well as the call for 'achieving this year's growth target' by the third plenum,” Larry Hu, chief China economist at global financial services firm Macquarie Group, told the publication.

Reacting, markets commentator Holger Zchaepitz noted that it had been almost a year since the last Chinese rate cut.

“Chinese stock market not really enthusiastic,” he wrote in part of a post on X.

Global interest rates heading lower is a key ingredient for risk asset performance, including crypto. As Cointelegraph reported, the United States has yet to follow China and Europe in beginning a rate cut cycle, with markets expecting this to begin in September.

Adopting a more conservative stance, popular crypto and macro commentator TMXC Trades suggested that China’s select cuts would not have the desired effect.

“Coming into 2024, traders were betting on a massive coordinated global easing cycle (after they totally underestimated hikes) that would reverse half or more of all tightening. Here today in mid-July, virtually none of that has come to pass,” it concluded.

Central bank interest rate expectations. Source: TXMC Trades/X

Bitcoin traders boost talk of all-time highs

Bitcoin itself meanwhile stood before the last cluster of resistance before all-time highs, this including the $69,000 level in play since late 2021.

Related: BTC price 8% off all-time high — 5 things to know in Bitcoin this week

“Bitcoin has cancelled out almost the entirety of the -25.6% retrace,” popular trader and analyst Rekt Capital noted in his latest X analysis.

“It took two weeks to almost fully cancel out a five week retrace.”

BTC/USD comparison. Source: Rekt Capital/X

An accompanying chart compared recent BTC price behavior to other retracements over the bull market, calculating the latest as the uptrend’s deepest.

“Any dips to retest $65,000 would not be out of the ordinary but generally such Weekly Closes have preceded upside to $71,500,” another post continued.

Rekt Capital reiterated the case for new all-time highs in September “at the latest.”

“Bitcoin is back in the range and provides a lot of strength,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, added on the day.

Van de Poppe flagged $65,000 as an important level to hold as support going forward, with the range lows at around $61,000 as the next line of defense below.

“If that's going to happen this week, then we should be good for continuation toward the ATH,” he predicted.

BTC/USDT chart. Source: Michaël van de Poppe/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The massive $235 million hack on the Indian cryptocurrency exchange WazirX on July 18 has raised serious questions about exchange security and the future of cryptocurrency in India. 

The attack unfolded with alarming speed and precision, with Web3 security firm Cyvers being among the first firms to detect “multiple suspicious transactions” involving WazirX’s “Safe Multisig” wallet on Ethereum.

Source: Cyvers Alerts

The attacker was able to move a staggering $234.9 million worth of funds to a new address, with each transaction’s caller being funded with assets from cryptocurrency mixer Tornado Cash.

The stolen funds consisted of a diverse selection of cryptocurrencies, including Tether (USDT), Pepe (PEPE) and Gala (GALA), with the attacker swiftly converting these assets into Ether (ETH) in an attempt to obfuscate the trail of stolen funds.

The exchange’s wallet also contained approximately $100 million in Shiba Inu (SHIB), $52 million in ETH, $11 million in Polygon’s (MATIC) and smaller amounts of other tokens.

In response to the security breach, WazirX immediately suspended withdrawals of both cryptocurrencies and Indian rupees on the platform. The exchange further announced that it was “actively investigating the incident.”

When asked to comment on the situation, Rajagopal Menon, a spokesperson for WazirX, told Cointelegraph: “We can’t speak to the press right now. You can get updates from our Twitter handle.”

The future of India’s crypto sector

The hack could have major implications for India’s cryptocurrency sector, which has flourished despite government pressure.

Utkarsh Tiwari, the chief strategy officer for Indian cryptocurrency exchange KoinBX, told Cointelegraph that a security breach of this magnitude is bound to cause concern as it affects multiple stakeholders in the crypto ecosystem, including retail investors and other exchanges. He added:

“Under India’s G20 presidency, we have seen our government push for comprehensive and standardized regulations for all global Virtual Assets Service Providers. Furthermore, historically, we have seen the Indian government always prioritize investor protection above all else.”

As a result, Tiwari predicts that Indian digital asset exchanges are likely to invest more heavily in advanced security infrastructure, something he believes can help showcase the resilience and innovation of the Indian digital asset market and community.

India’s crypto industry is anticipating potential relief from the country’s stringent crypto tax regulations.

Recent: Elon Musk lashes out at EU over ‘illegal’ free speech deal

India Finance Minister Nirmala Sitharaman will present the Union Budget for the next fiscal year on July 23, and the crypto sector hopes for favorable changes.

Since 2022, India has imposed one of the world’s most severe tax regimes on cryptocurrency, with a flat 30% capital gains tax on profits from digital assets, including non-fungible tokens. Additionally, a 1% tax deducted at source (TDS) is also levied on crypto transactions.

Sumit Gupta, CEO of Indian exchange CoinDCX, has been advocating for a reduction in the TDS rate to 0.01% in the forthcoming budget since these tax measures have significantly impacted Indian crypto exchanges.

How did the attackers gain access to WazirX?

Meir Dolev, co-founder and chief technology officer of Web3 security firm Cyvers, told Cointelegraph that while the exploited vulnerability remains unknown, several key facts have emerged since the event.

First, he noted that WazirX uses a multisig wallet that requires four signatures to execute a transaction. The exchange also uses Liminal as a custody provider, which provides the last signature on every transaction. Lastly, WazirX’s wallet has a whitelist policy, with only a few wallets it can send funds to.

Dolev outlined the attack vector: “The attacker used two different addresses, the one that initiated the transaction and the second that received the funds. The one that initiated the transaction needed to pay gas fees so he funded his wallet via Tornado Cash.”

“Eight days before the attack, the hacker also deployed a malicious contract that was later used to change the implementation of the WazirX wallet.”

He further explained that just a few minutes before the first exploit transaction, the attacker managed to change the implementation of their multisig wallet to his malicious contract by using the signatures of WazirX and Liminal custody. “From that moment, he could execute any transaction without needing WazirX or Liminal to sign on the transaction,” he highlighted.

Dolev speculated that the attacker likely compromised WazirX endpoints or laptops to gain the necessary signatures, possibly employing a user interface (UI) hijack on Liminal’s side.

He stated that WazirX might have thought they were going to sign on a legitimate transaction, and this is what it saw in the UI, which was possibly controlled by the hacker.

Liminal Custody has insisted that its platform remains secure, with its preliminary investigations showing that one of the self-custody multisig smart contract wallets created outside of the Liminal ecosystem was compromised: “We can confirm that Liminal’s platform is not breached, and Liminal’s infrastructure, wallets, and assets continue to remain safe.”

North Korean involvement suspected

A number of analysts believe that North Korean hackers may be responsible for the incident, adding a layer of geopolitical intrigue to an already complex situation.

Blockchain forensics firm Elliptic previously told Cointelegraph that data pointed toward North Korean involvement, explaining, “The North Korea attribution is based on analysis of the onchain transactional behavior and other information. There are certain patterns and techniques that are characteristic of this type of actor.”

This sentiment was echoed by ZachXBT, who said the hack has the potential markings of a Lazarus Group attack — an infamous North Korean criminal organization with a long history of cybercrime.

Since 2017, Lazarus has terrorized the crypto space and is believed to be behind some of the industry’s biggest exploits, including the $600 million Ronin Bridge incident.

Moreover, in the wake of the hack, the cryptocurrency market experienced significant turbulence. Over $100 million worth of SHIB tokens were taken during the hack, causing the price of the popular memecoin to plummet by 10%.

Seven-day SHIB price chart. Source: CoinMarketCap

Blockchain analysis platform Lookonchain reported on July 19, one day after the hack, that the attackers had already begun swapping SHIB assets for ETH, selling 35 billion SHIB tokens worth $618,000. At the time, the exploiter had exchanged most of the assets for 43,800 ETH ($149.46 million) and held a total of 59,097 ETH ($201.67 million). 

Recent: Airdrop token prices are crashing — Does Web3 need a new model?

WazirX has taken swift action to mitigate the damage and recover stolen funds. The exchange has filed an official police complaint and is pursuing additional legal actions.

It has reported the incident to the Financial Intelligence Unit and the Indian Computer Emergency Response Team and is contacting over 500 exchanges to block the identified addresses.

The exchange stated, “Many exchanges are cooperating with us, and we are actively working with them on additional resources to aid our recovery efforts.”

Mt. Gox is preparing to repay creditors through the Bitstamp cryptocurrency exchange, according to the latest onchain fund movements.

The address associated with Mt. Gox has executed the first test transactions to the Bitstamp cold wallets.

The test transactions were flagged by blockchain intelligence firm Arkham Intelligence, in a July 22 X post. 

“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments… These transfers are likely to represent test transactions.”

Mt. Gox test transactions to Bitstamp. Source: Arkham Intelligence

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.

However, some crypto investors are concerned about the potential sell pressure introduced by the Mt. Gox repayments, which could put downward pressure on Bitcoin's (BTC) price.

Related: Mt. Gox repayments will only cause Bitcoin sell pressure among ‘paper hands’ — Analyst

Could 99% of Mt. Gox creditors sell the funds?

Most of Mt. Gox’s creditors could be looking to sell their Bitcoin, which has increased in value by over 8,500% in the 10 years since the exchange’s collapse.

Up to 99% of the creditors could be looking to sell their BTC from the defunct exchange, according to finance analyst Jacob King, who said in a July 4 X post:

“99% of those on Mt. Gox are going to sell their coins the moment they get it. Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks. There is no way to spin this to be bullish, or news that could offset this.”

However, a Reddit community poll suggests that most Mt. Gox creditors — or 56% — intended to continue holding the Bitcoin, while only about 20% of the respondents signaled an intention to sell.

The Mt.Gox scam and Japanese crypto regulation | Cointelegraph Documentary. Source: Cointelegraph

Related: Mt. Gox repayments will only cause Bitcoin sell pressure among ‘paper hands’ — Analyst

Mt. Gox Bitcoin distribution: 36% complete, but $6 billion left to go

As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had already been distributed, but large Bitcoin holders — called whales — continued their buying spree unfazed.

Unbothered by the potential selling pressure, a savvy whale bought 245 BTC, worth nearly $16 million, on July 17. The address has only traded Bitcoin twice this past year, making over $30 million profit from the trades.

Savvy Bitcoin whale acquisitions. Source: Lookonchain

The Mt. Gox-labelled wallet currently holds over 90,300 Bitcoin worth $6.12 billion, according to Arkham Intelligence data.

Mt. Gox wallet. Source: Arkham Intelligence

It is unclear when Mt. Gox will resume the repayments, but today’s test transactions suggests that these are the final preparations before repaying the creditors on BitStamp.

Magazine: Could a financial crisis end crypto’s bull run?

Crypto miners in Paraguay are urging the government to reconsider the impending electricity price hike, arguing that it will harm the country’s economy and could result in losses of up to $1.5 billion.

On July 19, the Administración Nacional de Electricidad (ANDE), Paraguay’s national electricity grid operator, announced in a press conference that it would continue its planned electricity price increase for legal crypto miners.

According to ANDE, the price increase will take effect starting on August 1.

Legitimate crypto miners could go out of business

In a statement sent to Cointelegraph, Jimmy Kim, the spokesperson for the Chamber of Digital Asset Mining (Capamad), expressed disappointment in ANDE’s decision to raise costs for miners. Kim explained:

“We are incredibly disappointed that Paraguay’s state electricity board, ANDE, confirmed that electricity prices will increase by up to 16% for legal cryptocurrency miners in the country from Aug. 1. This follows a 54% fee hike in 2022 when miners started to sign new five-year agreements with ANDE.”

Capamad, an industry body representing legal Paraguayan Bitcoin and altcoin miners, believes that ANDE’s price hikes will make legal crypto mining unsustainable in Paraguay. Kim says up to 70% of legitimate operators could go out of business starting in August.

The miner spokesperson also claims the event would cause thousands of direct and indirect job losses. In addition, Kim said that the event threatens over $1.5 billion in planned technology and infrastructure investments.

Related: Paraguay floats temp crypto mining ban as illegal ‘farms’ cripple grid

Miners urge electric board to reconsider price hike

On July 19, ANDE announced that its efforts to enact a law to protect the electrical system's integrity were due to crypto-mining operations that interrupted its electricity supply. The government announced more severe penalties for the illegal theft of electrical energy.

While they understand the need to take action against illegal crypto miners, Capamad urged the government to reconsider the hike for legal crypto miners. Kim said:

“Our members are now facing difficult decisions about how to make ends meet. We call upon ANDE to urgently review the planned increase in order to protect a vital source of revenue for Paraguay’s economy.”

Kim added that over 50 companies operate legitimately and have the potential to contribute to the economy. The spokesperson claims that mining firms have already invested over $700 million, which Kim believes to be "the largest amount of foreign direct investment (FDI) the country has ever received."

Magazine: Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express

The Real Bedford Football Club, renowned for its pro-crypto stance, has recently increased its Bitcoin holdings with a substantial acquisition of the digital asset.

According to an X post from club chairman Peter McCormack, the club acquired 66.9 BTC at an average price of approximately $67,220 per Bitcoin (BTC), totaling $4,500,420.69.

Source: Peter McCormack 

Banking on Bitcoin

This latest acquisition brings Real Bedford’s total Bitcoin holdings to 82.7 BTC, acquired at a cumulative cost of around $5.37 million. The club’s Bitcoin stash's average purchase price now is about $64,925 per Bitcoin.

Of the total Bitcoin holdings, McCormack posted that 15.8 BTC is designated for operational purposes related to football activities.

The remaining balance is held securely in the club's treasury, highlighting Real Bedford's strategy of utilizing Bitcoin not only as a financial asset but also as an integral part of its daily operations.

Real Bedford FC is a non-league football club based in the town of Bedford in the UK. McCormack acquired the team in 2021 who then set the ambitious goal of getting the team into the football league.

Related: Manchester City to release digital collectibles through multi-year partnership with Quidd

Buying up Bitcoin

This move aligns with the club’s broader vision of leveraging cryptocurrency for stability and growth.

Source: Peter McCormack

Real Bedford FC’s proactive stance on cryptocurrency reflects a growing trend among organizations seeking to diversify their assets and explore new financial landscapes. 

As the club continues to build its presence both on and off the field, its adoption of Bitcoin sets a precedent for other clubs and businesses considering similar financial strategies.

Businesses within the crypto space have also been “stacking” Bitcoin in recent purchases and sellers are becoming more reluctant to let go of their holdings. This includes the Bitcoin investment firm Metaplanet, which purchased 21.88 BTC on July 16.

According to analysts Bitcoin’s price currently stands only 8% off of its all-time high following the news of United States president Joe Biden stepping down as the nominee for the Democratic party in the 2024 election.

Magazine: Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K

The Ethereum ecosystem may be on the verge of its most bullish phase yet, with the imminent launch of the first spot Ether exchange-traded funds (ETFs).

According to Vivek Raman, a managing director at BitOoda crypto investment bank and former Wall Street bond trader, the second half of 2024 could be the most bullish period for Ether (ETH).

This is because the Ether ETF launch will solve most of the risks associated with Ether, Raman wrote in a July 22 X post:

“In hindsight, the second half of 2024 will be the most obvious bullish setup for the Ethereum ecosystem in recent history. Three headwinds that have held ETH back will become tailwinds, starting this week.”

ETFs can significantly contribute to the underlying crypto asset’s price appreciation. For Bitcoin (BTC), ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency by Feb. 15, as it surpassed the $50,000 mark.

Related: EU markets will pave the way for first Ether staking ETF: dYdX CEO

Ether ETFs will introduce more institutional and retail capital

The launch of the first Ether ETFs will unlock new capital for the crypto industry from both institutional and retail investors.

This is mainly because the ETFs will provide more regulatory clarity for Ether and bring the current “regulatory purgatory” to an end. According to Raman:

“Retail only wants to invest passively, and institutions only want to invest after regulatory clarity. The ETH ETF will unlock new inflows from both in one fell swoop.”

In terms of inflows, Ether ETFs could capture around 25% of the assets under management (AUM) of the current spot Bitcoin ETFs, Charles d’Haussy, CEO of the dYdX Foundation, told Cointelegraph.

The Ether ETFs could also mean the end of the Securities and Exchange Commission’s (SEC) “regulatory witch hunt against ETH,” which could signal more innovation for the wider Ethereum ecosystem, added Raman.

Why Investors Bet on Risky Ethereum ETFs?. Source: Cointelegraph

Related: Bitcoin analysts say 74K is the next stop for BTC price

Can Ether price reach a new high as the macro landscape shifts to risk-on assets?

Lastly, Ether’s price could benefit from a wider macroeconomic shift toward more risk-on assets during the second half of 2024, in anticipation of potential interest rate cuts in the world’s largest economy, the United States.

The past two years have forced investor capital into safer, large market-cap companies like Nvidia, to weather the wave of interest rate hikes and monetary tightening.

Yet, this macro landscape is about to shift to favor more risky assets, according to Raman. He wrote:

“The political view of crypto - which has been unabashedly hostile for years - is changing. The largest capital markets in the world are finally embracing crypto, and new institutional + retail capital will flow into ETH + BTC, with the ETFs as the safest on-ramps.”

Ether price is up over 4.5% on the weekly chart, but ETH is struggling to decisively breach the $3,500 resistance line, according to CoinMarketCap data.

ETH/USDT, 1-day chart. Source: CoinMarketCap

Yet, other analysts are also bullish on Ether price, For instance, Matt Hougan, chief investment officer of Bitwise, expects Ether to reach a new all-time high shortly after the ETF launch.

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