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Updated April 22, 2024

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According to CoinDesk, Thursday's Consumer Price Index (CPI) report indicated further signs of cooling prices, although inflation remains above the Federal Reserve's 2% target. The Fed's focus may shift more towards the labor market, which could pose a threat if it continues to slow significantly. The likelihood of a rate cut in September has increased to nearly 95%.

Markets, including cryptocurrencies, experienced a brief rise following the CPI report, which showed that prices cooled more than expected in June. This spurred hope among traders that the Federal Reserve might cut interest rates this year. Despite Friday’s Producer Price Index (PPI) data coming in hotter than expected, traders remained confident that the central bank will cut rates in September, with odds just under 95%, according to CME’s Fed Watch tool.

The Fed has a dual mandate to maintain price stability and promote maximum employment. A weakening labor market might force the Fed to ease monetary policy before inflation returns to its 2% target. June's CPI data showed inflation rising at a 3% year-over-year pace. The U.S. unemployment rate has increased for three consecutive months, reaching 4.1% in June from 3.8% in March.

John Leer, head of economic intelligence at Morning Consult, stated, “I do believe the labor market is going to be the bigger risk to the economy going forward. While it shows signs of cooling, it remains very strong by historical standards. It would be a historical anomaly if the Fed manages to successfully engineer a soft landing, i.e., tame inflation without triggering a recession.”

Fed Chair Jerome Powell acknowledged the slowdown in the labor market during an appearance on Capitol Hill earlier this week, noting that it is no longer “a source of broad inflationary pressures for the economy.” Olu Sonola, Fitch Ratings' head of U.S. economic research, added, “The Fed will be worried that the negative trend may be a turning point for additional weakness in the labor market down the road. Chair Powell did signal earlier this week that the balance of risk between the unemployment rate and inflation is now two-sided and the labor market is now back in balance. This gives them an incentive to start cutting rates sooner than later, now that inflation seems to be back on that path down to 2%.”

Markus Thielen of 10x Research cautioned that even if the Fed starts to cut rates, it might not be as bullish of a signal as some traders think. Investors in a weakening economy might choose to pull money out of risk assets, including cryptocurrencies, to allocate it to safer investments.

According to CryptoPotato, Ethereum's price has been experiencing a downward trend after failing to break the $4,000 resistance level for the second time. The cryptocurrency has not yet recovered from this setback.

On the daily chart, Ethereum's price has been forming lower highs and lows since it was unable to surpass the $4,000 mark. The market has also fallen below the 200-day moving average, which is around the $3,100 level. Currently, the price is retesting this moving average but appears to be facing rejection, suggesting a potential drop towards the $2,700 support level in the short term.

The 4-hour chart provides a closer look at the recent price movements. The downtrend has intensified, with the market briefly dipping below the $3,000 support level. Despite an oversold signal from the RSI leading to a recovery above this support zone, the price seems to lack the momentum to sustain a higher move and may be heading towards a deeper decline to the $2,700 area.

In terms of on-chain analysis, the Ethereum Exchange Reserve metric, which tracks the amount of ETH held in exchange wallets, has shown an increase above its 30-day moving average following the recent dip below $3,000. This rise in the exchange reserve metric could indicate the beginning of a capitulation phase, as many investors' stop losses were triggered below the $3,000 level.

According to BlockBeats, on July 13, Decentralized announced its collaboration with Magic Eden to introduce the first Ordinals series minted in rune form, titled UNTITLED. This series will utilize fungible runes to mint non-fungible runes. Specific details about the UNTITLED series have not yet been disclosed.

Previously, it was reported that Decentralized was launched by the NFT project CyberKongz. As of the time of reporting, Decentralized is priced at $0.0014, reflecting a 24-hour increase of 10.10%.

According to Odaily, WIF has overtaken BONK to become the largest meme coin project by market capitalization within the Solana ecosystem. As of now, WIF's market capitalization stands at $1.58 billion.

According to BlockBeats, on July 13, the multiplayer online soccer management game Soccerverse announced on the X platform that it has successfully completed a $3.1 million funding round led by Final Fantasy publisher Square Enix. The funds will be used to leverage blockchain technology to revolutionize soccer management games.

Previously, in February 2023, the project completed a seed round of financing led by early investor Hiro Capital. With the latest funding, the total amount raised by Soccerverse has reached $4 million.

According to BlockBeats, MakerDAO announced on Thursday its plan to invest $1 billion of its reserves into tokenized US Treasury products. This initiative will involve top participants in the field, including BlackRock's BUIDL, Superstate, and Ondo Finance, who have expressed their active involvement in the plan.

The move signifies a significant shift in MakerDAO's reserve strategy. The protocol has been a leader in the trend of integrating real-world assets (RWA) into the cryptocurrency space. Part of this strategy includes supporting its decentralized stablecoins with US government bonds and notes held off-chain by various partners.

According to Odaily, the United States Producer Price Index (PPI) increased by 0.2% from the previous month and saw a year-over-year rise of 2.6%. The June PPI monthly rate was 0.2%, surpassing the expected 0.10% and improving from the previous value of -0.20%. The annual rate for June PPI stood at 2.6%, higher than the anticipated 2.30% and the prior 2.20%.

According to Odaily, Messari has released its second-quarter report on Solana, revealing several key insights about the network's performance and ecosystem developments. The report highlights a 9% quarter-over-quarter decrease in DeFi Total Value Locked (TVL) to $4.5 billion, ranking fourth in the network. However, when measured in SOL, the DeFi TVL saw a 26% increase, suggesting that the decline in USD terms was primarily due to token price depreciation rather than capital outflow.

The Solana decentralized exchange (DEX) ecosystem experienced a slight reduction in trading volume compared to its peak activity in March, yet it maintained a high level of activity. The average daily spot trading volume on DEXs increased by 32% quarter-over-quarter, reaching $1.6 billion. DEX activity continued to be driven by memecoin trading, with tokens like WIF, MEW, POPCAT, and GME ranking among the top ten traded pairs in the second quarter. Jupiter remained the primary source of trading on Solana, accounting for 51% of the spot DEX trading volume, with its perpetual contract daily trading volume growing by 13% to $370 million.

Solana's stablecoin market capitalization grew by 8% quarter-over-quarter to $3.1 billion, placing it sixth in the network. However, NFT trading volume saw a significant decline, with the average daily NFT trading volume dropping by 56% to $3.4 million. Despite this, the total economic value of Solana, which measures validator transaction fees and MEV (Miner Extractable Value), increased by 41% compared to the previous quarter, reaching $151 million. Of this, 56% came from transaction fees, with the remainder from MEV tips.

Additionally, the average daily number of paid active addresses on Solana increased by over 300,000 compared to the first quarter of 2024. In the Liquid Staking Token (LST) protocol sector, Sanctum captured 14% of Solana's liquid staking market share, marking a 3,700% increase from the first quarter of 2024.

According to BlockBeats, on July 13, Mark Cuban called for the removal of SEC Chairman Gary Gensler during a cryptocurrency regulation conference. Cuban expressed his lack of confidence in Gensler's ability to protect investors in the cryptocurrency sector or elsewhere. He criticized Gensler's approach to regulation through litigation, arguing that it creates an environment where cryptocurrency companies cannot follow clear rules. Cuban pointed out that this is evident from the fact that no company has issued tokens for cryptocurrency applications under the current regulatory framework.

The conference was also attended by U.S. Representative Joe Neguse (D-CO), Senator Kirsten Gillibrand (D-NY), and SkyBridge Capital CEO Anthony Scaramucci.

According to Odaily, Tether CEO Paolo Ardoino recently stated on the X platform that the stablecoin USDT, developed by Tether in 2014, has been widely adopted by individuals and governments worldwide, with hundreds of millions of users. Ardoino emphasized that USDT should be viewed not just as a cryptocurrency but as a digital dollar.

Ardoino highlighted that the true innovation of USDT lies in its ability to provide checking and savings accounts for people in countries experiencing extreme inflation and underdeveloped banking sectors. Through USDT, Tether has introduced a system of checks and settlements to the financial industry, offering a crucial financial tool for those in need.

According to Odaily, Degen News announced on the X platform that data from Magic Eden indicates the NFT project @retardiosolana has surpassed @DeGodsNFT in market value. This development marks a significant shift in the NFT market, highlighting the growing popularity and value of @retardiosolana over its competitor. The data reflects changing trends and investor interests within the NFT space, suggesting a dynamic and evolving market landscape.

According to CoinDesk, traditional money launderers are increasingly using crypto networks to move illicit funds. A recent report by analytics company Chainalysis highlights the growing trend of on-chain money transfers that, while not definitively illegal, exhibit characteristics that would raise concerns in traditional banking systems.

Chainalysis' Head of Research, Kim Grauer, explained that these transactions are part of a large-scale money laundering infrastructure designed to clean cash originating outside the crypto world. Unlike the crypto scams, thefts, and ransomware attacks that Chainalysis typically monitors, these transactions come from wallets not known to be illicit. However, they follow patterns that would likely be flagged by traditional financial compliance departments, such as splitting funds into amounts just below know-your-customer (KYC) reporting thresholds and then recombining them later.

The July report marks Chainalysis' first comprehensive attempt to document the scale of this trend across the blockchain. The findings revealed that these transactions are significantly larger in volume than the known illicit transaction base. For instance, a notable number of transactions valued just below the $10,000 mark—where additional KYC rules apply—were observed when analyzing all transfers sent to exchanges in 2024.

Grauer noted that while a transaction just below the $10,000 threshold isn't definitively illicit, traditional financial institutions have long used such heuristics to track down criminal activity. She emphasized that investigators consider multiple factors when determining whether a transaction is suspicious, and this is just one of many indicators.

More concerning are transactions that flow to over-the-counter brokers who openly advertise their willingness to convert criminal crypto into dollars without asking questions. Grauer stated that the goal is to advance the conversation about compliance techniques in the crypto industry to mirror those developed in traditional banking.

According to Odaily, Ronin Network has revealed the top three projects based on daily active users (DAU) on its platform. The leading project is @pixels_online, boasting 454,000 daily active users. Following closely is @ApeironNFT with 113,000 daily active users. The third spot is held by @AxieInfinity, which has 55,000 daily active users.

According to BlockBeats, Valkyrie Investments has sold its private trust business to digital asset service platform Abra. The sale includes trusts for Tron and Zilliqa and was finalized in May. Last week, Abra reached a settlement with 25 U.S. states.

BlockBeats previously reported that in March, digital asset investment company CoinShares announced the completion of its acquisition of Valkyrie Funds LLC's ETF business. CoinShares also plans to acquire the investment advisory business of Valkyrie Investments Inc. and obtain sponsorship rights for Valkyrie's Bitcoin spot ETF, BRRR.

CoinShares aims to leverage Valkyrie's ETF infrastructure to expand its U.S. asset management business, with a clear focus on product innovation and market differentiation. The acquisition is expected to add $530 million in assets under management for CoinShares.

On Jul 12, 2024, 15:28 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 58,000 USDT benchmark and is now trading at 58,180 USDT, with a narrowed 0.58% increase in 24 hours.

According to Odaily, Solana Floor has reported a substantial increase in the global purchase volume of SOL compared to 2023. The growth rate has reached an impressive 1650%, making it the highest among mainstream cryptocurrencies.

This remarkable surge highlights the growing interest and adoption of Solana in the cryptocurrency market. The data underscores SOL's rising prominence and its potential as a leading digital asset. The significant increase in purchase volume reflects a broader trend of increased investment and confidence in Solana's ecosystem.

As the cryptocurrency landscape continues to evolve, Solana's performance sets it apart from other digital currencies. The 1650% growth rate is a testament to the platform's expanding user base and the increasing utility of its blockchain technology. This development positions Solana as a key player in the ongoing growth and innovation within the crypto industry.

According to PANews, Argentinian fintech company Tapi has successfully raised $20 million in a Series A funding round led by Kaszek, with participation from Andreessen Horowitz (a16z). Tapi's co-founder and CEO, Tomas Mindlin, announced that the company is expanding its operations in Mexico. Tapi serves as a payment processor for major Latin American consumer platforms such as Mercado Pago and the cryptocurrency exchange Lemon. The company anticipates processing approximately $400 million in payments across five countries this year, with a projected fourfold increase by 2023. Currently, Tapi employs around 70 people, most of whom are based in Argentina. The CEO expects the total payment volume to grow fivefold by the end of this year, reaching 10 million transactions per month. Tapi's payment processing technology is designed to assist fintech companies in serving customers across multiple countries.

According to Odaily, CoinStats has released a report on a security incident that occurred on June 22, involving unauthorized access to some of its infrastructure and third-party service providers. The report reveals that attackers managed to obtain private keys for 1,590 CoinStats wallets, resulting in the theft of approximately $2.2 million in cryptocurrency. It has been confirmed that no connected wallets or exchanges were affected. As of July 3, 2024, all CoinStats functionalities have been fully restored, and the platform is now operating normally. An investigation into the full extent of the breach is still ongoing. Previously, CoinStats CEO had provided an update on June 24, stating that around $2 million worth of cryptocurrency had been stolen from the wallets.

According to Foresight News, the token distribution protocol Zap, based on Blast, has successfully raised $15.1 million in funding, achieving a valuation of $100 million. This capital was accumulated over three recent funding rounds: a $900,000 seed round in December last year, a $2.1 million private sale last month, and an ongoing 'vault sale' that has so far raised $12.1 million.

The 'vault sale' is similar to node sales, offering buyers pre-launch ZAP tokens daily. It is expected to raise a total of $50 million once fully sold out.