Headlines

The total market value of cryptocurrency exceeds 2.5 trillion US dollars, with a 24-hour increase of 1.7%

According to CoinGecko data, the total market value of cryptocurrencies has exceeded 2.5 trillion US dollars, currently at 2.537 trillion US dollars, with a 24-hour increase of 1.7%. In addition, BTC has a market share of 51.3% and ETH has a market share of 16.7%.

Cyvers Alerts: LI.FI suspected suspicious transactions, more than 8 million US dollars of funds affected

According to Cyvers Alerts monitoring, the cross-chain transaction aggregator LI.FI is suspected of having suspicious transactions, and users are advised to revoke relevant authorizations.

So far, more than $8 million in user funds have been affected, most of which are stablecoins, and the attackers are converting USDC and USDT into ETH.

Source: US SEC has given preliminary approval to at least 3 ETH ETF issuers

Three sources said that the U.S. Securities and Exchange Commission (SEC) has given preliminary approval to at least three of the eight asset management companies to launch ETH ETF trading, which will begin trading next Tuesday. The final approval depends on whether the applicant can submit final issuance documents to the regulator before the end of this week.

In addition, one of the sources said that all eight companies are expected to launch ETH ETFs at the same time. A spokesperson for the SEC said the agency does not comment on individual filings.

Market Changes

BTC breaks through 66,000 USDT, 24-hour increase of 2.02%

OKX market data shows that BTC has broken through 66,000 USDT and is currently trading at 66,001 USDT, with a 24-hour increase of 2.02%.

ETH breaks through 3500 USDT, 24H increase of 0.81%

OKX market data shows that ETH has broken through 3500 USDT and is currently trading at 3501.5 USDT, with a 24-hour increase of 0.81%.

SOL breaks through 160 USDT, 24H increase of 4.11%

OKX market data shows that SOL has broken through 160 USDT and is currently trading at 159.45 USDT, with a 24-hour increase of 4.11%.

Regulatory trends

Wall Street Journal: US SEC plans to announce the effectiveness of Ethereum ETF registration statement next Monday

According to the Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) told asset management companies that spot Ethereum ETFs could be launched on July 23. After asset management companies submitted the final round of filings this week, the SEC is expected to announce the effectiveness of the Ethereum ETF registration statement next Monday. Once the statement takes effect, the spot Ethereum ETF can begin trading.

Fed Governor Kugler: If unemployment continues to rise, it would be appropriate for the Fed to cut interest rates early

Federal Reserve Board Governor Kugler said that job market rebalancing means that inflation will fall to 2%. If the unemployment rate continues to rise, it would be appropriate for the Fed to cut interest rates early, and reiterated the position that "it would be appropriate to cut interest rates later in 2024."

"The risks facing inflation and employment are now more balanced. Inflation has continued to decline but is still above the target. Data released by the non-government sector provide another perspective for the overall economy." In addition, Kugler said that he is cautiously optimistic that US inflation will make progress towards 2%, and the Federal Reserve does not want the labor market to cool down too much.

Nigerian judge postpones Binance executive Tigran Gambaryan's trial to October

According to Bloomberg, Binance executive Tigran Gambaryan appeared in a Nigerian court on Tuesday, but only stayed for a few hours before the judge announced that the trial would be postponed to October.

Investment and Financing

Web3 identity verification tool Privy receives strategic investment from Coinbase Ventures

According to official news, Web3 identity verification tool Privy announced that it has received strategic investment from Coinbase Ventures. It works closely with many product teams of Coinbase (including the Base team) and supports teams such as Blackbird and friend.tech to bring encryption products to mainstream users.

The new funds will be used to deepen the partnership between the two parties and help developers build better products on the chain. This means helping developers build on Base, fund user accounts, set up Coinbase Smart Wallet, take advantage of Magic Spend, etc.

Crypto AI startup Mira completes $9 million seed round of financing, led by Bitkraft Ventures and others

Mira, a crypto AI startup, announced the completion of a $9 million seed round of financing, led by Bitkraft Ventures and Framework Ventures, with participation from Accel, Mechanism Capital, Folius Ventures and SALT Fund. Mira is a crypto AI startup focused on building decentralized machine learning infrastructure to help developers quickly build AI-native applications.

Bitcoin mining company Northern Data AG plans to raise $233 million through new share issuance

German bitcoin miner and data center operator Northern Data AG has announced a capital increase. With the approval of the Supervisory Board, the company will issue 10.7 million new shares, representing 20% ​​of its existing share capital. The shares will be sold at 20 euros per share, slightly above the market average price.

The move is expected to generate €214 million in proceeds, which will be invested in Nvidia GPUs and infrastructure to support generative artificial intelligence (AI) innovation. The company aims to enhance its cloud platform and expand its data centers in Europe and the United States. The capital increase will be carried out in two steps to ensure the participation of major shareholders. Initially, Tether Investments Ltd. and an entity owned by CEO Aroosh Thillainathan will subscribe for shares proportional to their current holdings. The remaining shares will be distributed proportionally to other major shareholders.

Project News

ether.fi: In preparation for Season 2 airdrop claims, ETHFI transfers will be performed on the chain

The ether.fi Foundation officially announced on the X platform that in order to prepare for the airdrop claim for Season 2, it will soon begin the on-chain transfer of ETHFI to the multi-signature address and claim contract.

According to previous news, the airdrop application for ether.fi Season 2 will be opened on July 17.

SEND Launches Blinks Browser “onlyblinks”

Solana Blinks Ecosystem Meme Project SEND announced the launch of the Blinks browser “onlyblinks” on X, allowing users to:

- Explore and use all Solana blinks in one place; - Submit and discover verified and unverified blinks; - Sort and search by different categories (e.g.: airdrops, NFTs).

Character Voice

Bloomberg analyst: Ethereum spot ETF will pave the way for more similar products such as Solana ETF

Bloomberg ETF analyst Eric Balchunas said that the first spot Ethereum ETFs are about to be launched, which will pave the way for more crypto ETFs, and more such products based on Ethereum and Solana are expected to appear.

Earlier today, Eric Balchunas posted on X platform: "It is reported that the SEC finally responded to the issuer today, requiring them to return the final S-1 document (including fees) on Wednesday and then apply for effectiveness after the close of Monday so that it can be issued on Tuesday, July 23."

Crypto KOL: Animals still dominate the meme coin market, Mog and Popcat are the trendsetters of mid-market meme coins

Crypto KOL Ansem commented on a market view tweet previously posted by Mechanism Capital co-founder Andrew Kang that if Mog and Popcat rise, then mid-cap meme coins will follow suit. The market for other altcoins is still uncertain and some screening is needed, but animal spirits are still ruling the meme coin field.

Mechanism Capital: The ETH/BTC ratio is expected to fall after the launch of the ETF, and BTC may bottom out at $50,000

Andrew Kang, co-founder of Mechanism Capital, said that ETH once approached $3,600 in this wave of rebound before the ETF was listed, but the ETH/BTC ratio is expected to fall after the ETF is approved or launched. He believes that BTC's strong performance in the context of poor market structure may indicate some important unannounced developments, such as major new market participants (such as Dell), China's relaxation of encryption policies or the launch of ETFs, and other major national-level BTC acceptance measures (such as the US government). If these expectations come true, BTC may bottom out at around $50,000 and revise the previous view that BTC will fall to $40,000. Most altcoins will still set lower price highs in this rebound, with the exception of a few strong memecoins (such as Mog, Popcat, Apu). He also pointed out that BTC, ETH and altcoins have fallen 20-50% recently, and AltBTC will continue to be weak. He emphasized that timely adjustment of views is the way to win in the long run.

1confirmation founder: I am optimistic about JD Vance, whose political style is completely opposite to the current politics of the elderly

Nick Tomaino, founder of 1confirmation, said in a post on X: JD Vance is only 39 years old and will have the opportunity to become the second youngest vice president in history. Peter Thiel also supported 1confirmation while funding JD Vance's Senate campaign. At the same time, JD Vance is smart, has a deep understanding of the Internet and cryptocurrency, and most importantly, he wants young people to be free and progressive. In other words, this is the opposite of the current politics of the elderly (referring to the Biden administration). Bullish on the United States.