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Updated April 22, 2024

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According to Odaily, Solana-based lending protocol marginfi has recently posted multiple updates on the X platform, hinting at forthcoming announcements. In a recent screenshot shared by marginfi, content from an X account named The Arena was referenced, urging test users to stay tuned for more updates. Notably, The Arena's registration ID is @mrgnswap, which appears to be linked to a previously teased meme token leverage trading protocol.

Earlier, marginfi had announced plans to launch mrgnswap, a platform that will allow users to leverage long or short positions on various meme tokens. This upcoming feature has generated significant interest within the community, as it promises to offer new trading opportunities in the meme token market.

According to CoinDesk, Bitcoin rewards app Fold is planning to go public on Nasdaq through a merger with special-purpose acquisition company (SPAC) Emerald Acquisition Corp. (EMLD). The New York-based company offers a cashback debit card that provides bitcoin rewards instead of traditional rewards. Fold's cards have processed over $2 billion in volume and distributed more than $45 million worth of rewards, as announced on Wednesday.

The transaction, which has been unanimously approved by the boards of both firms, will have a pre-money equity valuation of $365 million. The post-transaction entity will also hold more than 1,000 BTC ($67 million) on its balance sheet. However, Fold has not yet disclosed the expected closing date of the merger or the ticker it will trade under on Nasdaq.

SPACs were a popular method for crypto firms to attain public listings during the last bull cycle. However, the onset of the crypto winter in 2022 saw several SPAC deals canceled. It remains uncertain whether this bull cycle will see more such deals come to fruition. Bitcoin financial services firm Swan recently canceled its SPAC plans amid a reorganization that also saw it discontinue its managed mining unit and cut staff across several units.

According to Foresight News, the privacy-focused blockchain Secret Network has announced the integration of its Confidential Computing Layer with Polygon PoS. This integration aims to provide the Polygon PoS community with decentralized confidential computing (DeCC) tools, documentation, and support.

According to Odaily, Paxos has released its June transparency report for the stablecoin Pax Dollar (USDP). The report, which includes unaudited financial data as of 5:00 AM Beijing time on June 29, reveals several key figures regarding the stablecoin's financial status.

The total tokens outstanding for USDP amount to approximately $121,706,620. The report also details the collateral provided through U.S. Treasury reverse repurchase agreements, with the current market value of the collateral standing at $8,877,060 and the nominal position value at $8,703,000.

Additionally, the report highlights cash deposits through the FDIC deposit network, totaling around $110,479,160. Other cash deposits held by custodial institutions amount to approximately $3,105,360. The total net assets' collateral provided has a current market value of $122,461,580, with a nominal position value of $122,287,520.

According to Odaily, Hong Kong Legislative Council member Lee Wai-hung, representing the financial services sector, has proposed a series of financial policy optimizations to further advance Hong Kong's financial services industry. Lee highlighted the industry's positive reception of the Securities and Futures Commission's (SFC) decision to allow retail investors to participate in large cryptocurrency transactions. He suggested that regulatory bodies should enhance investor education to gradually increase retail investor participation in various virtual asset products. Lee emphasized that trading on locally compliant platforms would offer greater regulatory protection, thereby promoting the development of Hong Kong's virtual asset market.

According to 10x Research: 2024 has been a landmark year for Bitcoin and the broader cryptocurrency market, with significant inflows into Bitcoin ETFs, regulatory milestones, and influential endorsements shaping the landscape. Below, we recap the 10 pivotal events that have driven Bitcoin's remarkable 57% year-to-date gain and the overall momentum in the crypto market.1. BlackRock's Bitcoin ETF InflowsBlackRock's iShares Bitcoin Trust (IBIT) has attracted $19.0 billion in inflows year-to-date, making it one of the most successful ETFs in 2024, trailing only behind major stock ETFs like Vanguard's SP500 and Total Stock Market ETFs.2. Launch of 11 Spot Bitcoin ETFsOn January 11, 2024, the SEC approved 11 spot Bitcoin ETFs simultaneously. This historic event saw trading volumes surpass $1.2 billion within the first 30 minutes, signaling strong institutional demand and boosting Bitcoin's mainstream acceptance.3. SMOG Token SurgeThe issuance of the SMOG token on February 7, 2024, marked a significant event, with the token's price surging over 1,000% in its initial days. This success spotlighted the profitability of meme coins and Solana's capacity to handle large-scale token trading.4. Bitcoin Reaches New HighBitcoin hit a new high of $64,000 on February 29, 2024, driven by record inflows into spot Bitcoin ETFs. BlackRock's IBIT led with $612 million in inflows, highlighting strong institutional interest. Despite subsequent volatility, Bitcoin closed February with a 43.8% gain.5. Altcoin RallyOn March 4, 2024, altcoins saw significant gains, buoyed by Bitcoin's surge above $70,000 and the entry of large brokerage firms into the ETF market. Meme coins like PEPE, SHIB, FLOKI, and BONK experienced dramatic price increases.6. Bitcoin Price CorrectionOn March 19, 2024, Bitcoin's price fell by 10% from its all-time high, leading to over $1 billion in crypto liquidations. Analysts cited expected increases in mining costs and pre-halving volatility as contributing factors.7. Bitcoin Halving EventThe Bitcoin halving on April 20, 2024, was anticipated as a highly bullish event. Historical patterns suggest significant price increases post-halving, with some analysts predicting new all-time highs within 518 to 546 days.8. Trump's Pro-Bitcoin StanceOn May 5, 2024, former President Donald Trump advocated for all remaining Bitcoin to be mined in the United States, aiming to bolster energy dominance and counteract influences from other nations. This statement impacted the SEC’s stance on Ethereum ETF approvals.9. SEC Moves on Ethereum ETFsOn May 20, 2024, the SEC requested updates to 19b-4 filings related to Ethereum ETFs, signalling progress in the approval process. By May 23, the SEC approved applications for spot Ether ETFs, clearing a major regulatory hurdle.10. Launch of Spot Ethereum ETFsOn July 23, 2024, five spot Ethereum ETFs were launched, marking a significant milestone. The Chicago Board Options Exchange (CBOE) confirmed their listing, expanding investment opportunities in the crypto market.Looking AheadOn July 27, 2024, former President and Republican presidential candidate Donald Trump is scheduled to deliver a keynote speech at the Bitcoin 2024 Conference in Nashville. He is expected to advocate for Bitcoin mining in the U.S., potentially influencing future regulatory and market developments. This will be the first time a former U.S. President addresses a Bitcoin conference, underscoring the growing significance of cryptocurrency in mainstream discourse.As these events unfold, they are poised to further integrate Bitcoin and other cryptocurrencies into the global financial system, driving continued growth and innovation in the sector.

According to Odaily, the concept coin associated with U.S. Vice President Kamala Harris, known as KAMA, has fallen below $0.035. The current price stands at $0.03479, marking a 5.3% decline within the past hour.

This drop follows the recent confirmation from the CEO of Bitcoin Magazine that Kamala Harris will not be speaking at the upcoming Bitcoin conference. The news appears to have influenced the market sentiment surrounding the KAMA coin, leading to its current downturn.

On Jul 24, 2024, 2:33 PM (UTC). According to Binance Market Data, Bitcoin (BTC) has crossed the 67,000 USDT benchmark and is now trading at 67,012.007813 USDT, with a narrowed 0.02% increase in 24 hours.

According to CoinDesk, the CoinDesk 20 Index has shown a positive trend in its latest market update. The index is currently trading at 2303.85, reflecting a 1.4% increase, which translates to a gain of 31.42 points since the previous day's close.Out of the 20 assets included in the index, sixteen are trading higher. Leading the gains are XRP, which has risen by 5.6%, and NEAR, which has increased by 3.3%. On the other hand, some assets have not performed as well. ETC has seen a decline of 2.0%, and UNI has decreased by 1.6%.The CoinDesk 20 Index is a comprehensive index that is traded on multiple platforms across various regions worldwide.

According to Odaily, Whale Alert has detected a significant transaction involving the Cumberland address. At approximately 22:18 today, Cumberland transferred 12,000 ETH, valued at around $41,376,444.

According to CryptoPotato, Ethereum's price has been consolidating above the 100-day and 200-day moving averages, indicating a bullish trend. The recent launch of spot ETH ETFs has added upward momentum, with expectations of targeting the wedge's upper boundary in the mid-term.

A close examination of Ethereum’s daily chart reveals that after breaking above the critical 100-day moving average at $3,354, the price entered a period of sideways fluctuation, lacking clear direction. This phase suggests an equilibrium between buyers and sellers in the market. However, with the official launch of spot ETH ETFs and a net inflow of $106.6 million on their first day, an increase in buying interest for Ethereum is expected, paving the way for a continuation of the bullish rally. In this scenario, the primary target for buyers is the wedge’s upper boundary at $3,700. The price is currently confined within a crucial range, bounded by the wedge’s upper boundary ($3,700) and significant support at $3,400, making a bullish breakout seem more likely.

On the 4-hour chart, Ethereum buyers have struggled to breach the previous major swing high of $3,500 due to prevailing selling pressure, resulting in a period of sideways consolidation. During this consolidation, the price has formed an ascending wedge pattern, which typically suggests a bearish reversal. However, given the bullish sentiment in the market, a resurgence in demand is expected, potentially leading to a break above the wedge. In the event of an unexpected bearish breakout, the price could enter a short-term retracement phase before embarking on the next impulsive bullish move. This bearish scenario might offer a better opportunity for participants to accumulate ETH at lower prices.

With Ethereum’s price recovering from below the $3,000 mark and the official launch of ETH Spot ETFs, analyzing the behavior of investors using on-chain metrics can provide insights into the reasons for the recent recovery and indications for future trends. The Ethereum Exchange Reserve metric, which measures the amount of ETH held in exchange wallets, has been dropping rapidly in recent weeks, particularly following the news of the potential launch of Spot ETFs in July. This trend indicates that many large investors have taken advantage of the recent market correction to buy the dip. These investors are now withdrawing their coins from exchanges, reducing the available supply and signaling long-term holding intentions. This reduction in available supply, coupled with increasing buying interest driven by the launch of Spot ETFs, sets the stage for a potentially sustainable rally in the coming months.

According to Odaily, Polygon has announced the integration of the USDC standard into its Polygon CDK. The USDC standard, designed by Circle, the issuer of USDC, provides a specification and process for deploying an upgradable version of bridged USDC on EVM chains. This integration signifies that future upgrades to native USDC will be more convenient.

According to Odaily, Real Vision's Chief Crypto Analyst Jamie Coutts shared on the X platform that the digital currency sector was the best-performing industry last month. However, the leaders were not Bitcoin but privacy coins and meme coins. Additionally, Solana was the only large-cap stock among the top 10 performers over the past month. Despite the poor momentum in the DeFi, dApps, and infrastructure sectors, there are signs that altcoins are reaching cyclical lows.

According to Odaily, Irene Zhao recently addressed the token lock-up period for the PPP Meme project in collaboration with Jupiter during an X Space session. Zhao clarified that all tokens obtained from this project are subject to an 18-month lock-up period. Additionally, she mentioned that Jupiter chose to collaborate with her because they are highly optimistic about the 'Asia Mom' narrative concept.

According to Odaily, the preliminary reading for the U.S. S&P Global Services PMI in July reached 56, marking the highest level since March 2022. In contrast, the preliminary reading for the U.S. S&P Global Manufacturing PMI in July was recorded at 49.5, the lowest since December 2023.The data indicates a significant divergence between the service and manufacturing sectors in the U.S. economy. The service sector continues to show robust growth, while the manufacturing sector faces challenges. The PMI, or Purchasing Managers' Index, is a key indicator of the economic health of these sectors, with a reading above 50 indicating expansion and below 50 indicating contraction.The rise in the services PMI suggests strong demand and activity in the service sector, which includes industries such as finance, healthcare, and retail. This growth could be attributed to increased consumer spending and a rebound in service-related activities post-pandemic. On the other hand, the decline in the manufacturing PMI points to a slowdown in manufacturing activities, possibly due to supply chain disruptions, higher input costs, and weakening demand.These contrasting trends highlight the uneven recovery within different sectors of the U.S. economy. Policymakers and economists will likely monitor these indicators closely to gauge the overall economic outlook and to formulate appropriate responses to support both sectors. The continued strength in the service sector may provide some cushion to the broader economy, even as manufacturing faces headwinds.

According to Odaily, SolanaFloor announced on the X platform that the number of weekly active addresses on the Solana network has reached 10 million, marking a new historical high.

According to Odaily, the Bank of Canada has reduced its benchmark interest rate from 4.75% to 4.5%. This marks the second consecutive rate cut, aligning with market expectations.

According to Odaily, the US stock market opened with significant declines. The Dow Jones Industrial Average fell by 0.53%, the S&P 500 Index dropped by 0.95%, and the Nasdaq Composite Index decreased by 1.48%. Tesla (TSLA.O) experienced a sharp decline of 8.63% following its Q2 net profit, which fell short of expectations. Alphabet (GOOG.O) also saw a decrease of 4.69%, despite exceeding Q2 performance expectations, as the company anticipates increased capital expenditures within the year.

According to Foresight News, cryptocurrency advocate Michelle Bond has introduced a new initiative called 'Project Swing.' This program aims to register voters in swing states and educate them on cryptocurrency-related issues ahead of the upcoming U.S. election season.

Michelle Bond previously served as the CEO of the Association for Digital Asset Markets, a trade organization representing the cryptocurrency industry.