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🏦 Coinbase Launches New Wallet Web App to Streamline Onchain Activity
San Francisco crypto firm Coinbase has introduced a new web application for its wallet, designed to provide users with a unified platform for managing onchain assets. The application aims to simplify the experience for users by offering a comprehensive view of their crypto holdings across various wallets and chains.
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💰 Core Scientific to add 15 EH/s through Block’s 3nm Bitcoin mining ASICs
Block Inc. and Core Scientific have announced an agreement to supply Core Scientific with Block’s new 3-nanometer mining ASICs. Core Scientific will be the first to integrate these advanced chips into its large-scale mining operations. This collaboration is part of an ongoing effort to decentralize Bitcoin mining hardware and foster innovation in the mining ecosystem.
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🪙 Invesco Galaxy sets spot Ethereum ETF fee at 0.25% in latest round of filings
Issuers for the Invesco Galaxy Ethereum exchange-traded fund set its fee at 0.25% in the latest round of filings as firms seek to launch spot Ethereum ETFs. The fund disclosed its fee in an amended S-1 registration statement filed to the U.S. Securities and Exchange Commission on Tuesday. Invesco Galaxy's fee is a bit higher than other firms that have disclosed. VanEck set its fee at 0.20% after Franklin Templeton set its at 0.19% last month.
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💰 Bitcoin OTC desk balances hit over 300,000 BTC
Bitcoin’s total OTC desk balance demonstrates notable trends correlated with price fluctuations. The chart from CryptoQuant highlights the relationship between Bitcoin price movements and OTC desk balances, which have shown significant activity throughout 2024. The recent surge in OTC desk balances reaching over 300,000 BTC aligns with Bitcoin’s price hitting around $55,000.
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🪙 Tron develops gas-free stablecoin for Ethereum and Tron chains
Tron founder Justin Sun has revealed that his team is building a gasless stablecoin solution to make peer-to-peer transfers free for all. Sun hopes to integrate the stablecoin solution on the Tron blockchain in the fourth quarter, followed by Ethereum and other Ethereum Virtual Machine-compatible public chains soon after. “Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves,” Sun explained in a July 6 X post.
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💰 Mt Gox Trustee Transfers $2.7B in Bitcoin, Creating 19th Largest BTC Wallet
On Thursday, the trustee overseeing the Mt. Gox bitcoins transferred about 47,228.73 BTC to an undisclosed address. The transfer, valued at approximately $2.7 billion, leaves Mt. Gox with around 141,687 BTC worth nearly $8.1 billion. This significant transaction came after several test transfers were conducted earlier on July 4. The trustee had previously announced that distributions would commence in July, though the specific date remains unspecified. The new wallet now ranks as the 19th largest BTC wallet globally in terms of total holdings.
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💰 Mt Gox wallets make small bitcoin moves, including to recipient exchange Bitbank, shows Arkham
A number of Mt Gox wallets were involved in two transactions over the last few hours ahead of the pending repayments of $9 billion of bitcoin. When the Mt Gox funds were last moved with significant size, the funds were predominantly consolidated in three wallets. When this happened, there was $24 left in a wallet that was used as an intermediary at one point. In the last few hours, this small amount of bitcoin was forwarded on to a wallet that then sent funds to Bitbank's hot wallet, according to Arkham labeling.
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💰 Lido sees around 100k increase in staked Ethereum amid SEC scrutiny
Lido has reported a rise in staked Ethereum on its platform despite the US Securities and Exchange Commission (SEC) classifying its staking programs as securities in its lawsuit against Consensys. A July 2 report showed that Lido users staked an additional 95,616 ETH between June 24 and July 1. This increased the total value of assets staked on the platform by 1.26%, reaching $33.48 billion.
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🇩🇪 German government sends another $17.6 million in 💰 bitcoin to Coinbase, Bitstamp and Kraken: Arkham
Bitcoin addresses labeled as belonging to German authorities appeared to send another 282.74 ($17.6 million) to Coinbase, Bitstamp and Kraken on Tuesday morning — indicating a potential intention to sell the assets — according to on-chain analytics provider Arkham. The German government-labeled addresses began sending bitcoin to crypto exchanges last month following the seizure of 50,000 BTC from the film-piracy site Movie2k in January.
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🪙 Vitalik Buterin suggests ways to speed up Ethereum transaction confirmations
Ethereum co-founder Vitalik Buterin has suggested ways to help the blockchain improve its transaction confirmation times. Buterin, in a June 30 blog post, explained that Ethereum’s Gasper consensus mechanism uses a slot-and-epoch architecture that contains certain complexities, like bug interactions and a 12.8-minute confirmation time, that makes it “more and more uncomfortable” for user experiences.
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🔵 Coinbase to launch CFTC-regulated futures trading for 5 altcoins
Coinbase Derivatives plans to launch margined futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB). On June 28, the service published an announcement and submitted filings to the CFTC to list each contract under a self-certification model.
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💰 Bitdeer plans to gain 570 MW of power capacity for bitcoin mining by leasing industrial park
Bitcoin mining firm Bitdeer Technologies is in the process of acquiring nearly 600 megawatts (MW) of additional power capacity to grow its bitcoin mining capabilities and other activities. The mining operation said Friday it expects to secure up to 570 MW of power capacity by entering a lease for an Ohio-based industrial park equipped with an advanced power infrastructure. The 30-year agreement will increase Bitdeer’s total power capacity to 2.5 GW globally, in addition to strengthening the company’s infrastructure development pipeline for Bitcoin mining.
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🪙 Vitalik Buterin backs new blockchain MegaETH as it raises $20 million at '9-figure' token valuation
MegaLabs, the developer of a new blockchain called MegaETH, has raised $20 million in a seed funding round. MegaLabs began raising funds for the seed round last December and closed it in May, co-founder and chief business officer Shuyao Kong told The Block. The round was structured as equity plus token warrants and brought MegaETH's fully diluted token valuation to a "9-figure" amount, Kong said, meaning at least $100 million.
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🇪🇺 EU crypto sector faces disruption from next week's MiCA rules targeting stablecoin activity: analyst
The upcoming Markets in Crypto Assets framework will enforce stringent regulatory requirements for stablecoin activity in the European Union that could adversely impact the bloc's cryptocurrency sector, an analyst said. From next Monday onwards, stablecoin activity in the EU must comply with the new requirements following the partial implementation of MiCA across the entire bloc. Outlier Ventures Head of Research Jasper De Maere said that, because the majority of all stablecoins are USD pegged.
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🇩🇪 German government sends further $24 million in bitcoin to Coinbase and Kraken: Arkham
German government-labeled addresses appeared to send another 400 ($24.34 million) to Coinbase and Kraken Tuesday morning, indicating a potential intention to sell the assets and following substantial transfers of its seized bitcoin last week, according to on-chain analytics provider Arkham. “They have also moved 500 BTC ($30.4 million) to address 139Po. We have yet to see where these funds are moved” Arkham posted on X.
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🇺🇸 SEC drops its investigation into BUSD stablecoin following probe into Paxos
The U.S. Securities and Exchange Commission has said it does not plan to recommend an enforcement action against Paxos following a probe into stablecoin Binance USD. Paxos said it received a "formal termination notice" on July 9, which said the SEC would not recommend enforcement against the firm in the investigation of BUSD. Fortune first reported the news.
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🪙 Ethereum leads crypto majors in rally amid Fed Congressional testimony
Ethereum led an uptick of crypto majors on Tuesday, as equity indices gained amid U.S. Federal Reserve Chair Jerome Powell's Congressional testimony. The second largest digital asset by market cap's price increased by over 3% in the past 24 hours and was changing hands for $3,069 at 12:03 p.m. ET, according to The Block’s Price Page. Bitcoin posted a 2.5% increase, and major altcoins such as BNB and Solana increased 2.2% and 2%, respectively.
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💰 Cboe BZX files forms for Solana ETFs by 21 Shares and VanEck as process to obtain regulatory approval trudges on
Exchange Cboe BZX filed forms for proposed Solana exchange-traded funds from VanEck and 21Shares as both firms look to launch first-of-its-kind products. Cboe BZX filed Form 19b-4s on Monday for the 21Shares Core Solana ETF and for the VanEck Solana Trust. The form is an application filed with the U.S. Securities and Exchange Commission to let the agency know of a proposed rule change. The form is a part of the process for getting the agency's approval for a crypto ETF.
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💰 Bitcoin Network Sees Second Largest Difficulty Reduction of 2024
Bitcoin’s mining difficulty dropped by 5% this week at block height 850,752 on July 4. This reduction, the second-largest this year, follows a 5.62% drop that occurred on May 9 at block height 842,688. Both significant decreases came after the fourth halving event at block height 840,000. Despite hashprice levels hitting unprecedented lows, the hashrate remains at 582.33 exahash per second (EH/s).
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🆘 Fake X accounts lead to record-setting crypto phishing attacks of $341 million
Crypto phishing exploits in the first half of this year reached $341 million, surpassing the $295 million scammers siphoned from victims in 2023, according to blockchain security firm Scam Sniffer. Security expert and SlowMist founder Yu Xian said the phishing incidents of the first half of the year showed that the profit margin of these malicious attacks was profitable.
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💰 Bitcoin transfer volume from short-term holders bottoms out post-2024 halving
Bitcoin’s transfer volume from short-term holders in loss to exchanges exhibits notable fluctuations. Glassnode data shows a significant decline in these transfers from January to July. In early 2024, volumes peaked around 90,000 BTC, aligning with market volatility, before stabilizing below 30,000 BTC post-halving in April. Historical data indicates heightened transfer activity during major price downturns.
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💰 CryptoQuant says 'extremely underpaid' bitcoin miners' capitulation is a possible bottom signal
Since Bitcoin's latest halving event on April 19, which cut the reward for mining a new bitcoin block in half, the world's largest cryptocurrency has begun showing signs of miner capitulation as miners likely turn off underperforming machines and begin to sell bitcoin to hedge their exposure. There are various signs of miner capitulation, which historically has indicated a bottom in prices, according to CryptoQuant, which notes that for most of the period since April, miners have been "extremely underpaid" according to the data provider's metrics.
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🟠 Ripple and Coinbase aim to leverage judge's ruling in SEC's Binance case
Coinbase and Ripple Labs are looking to leverage their cases with the U.S. Securities and Exchange Commission by citing a recent order that gave Binance a win for how secondary sales of crypto are treated. Over the past few days, Coinbase and Ripple have pointed to a lack of clarity on how crypto is regulated in filings submitted in their respective cases.
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🔵 Circle becomes first stablecoin issuer to secure regulatory approval under MiCA
Circle announced on July 1 that it has received an e-money license from France, positioning it as the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations. The license, issued by France’s financial regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), allows Circle to issue its stablecoins USDC and Euro Coin (EURC) across the EU under the new regulatory framework, effective immediately.
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🪙 SEC returns S-1 forms to Ethereum ETF issuers, with at least one more round to go: Source
The U.S. Securities and Exchange Commission returned the S-1 forms to prospective Ethereum ETF issuers in the latest round of back and forth before they go effective. The forms were handed back with light comments, according to a source at one issuer. The issuers have been asked to address the comments and refile them by July 8.
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💰 Industry experts challenge Peter Thiel’s reservations about Bitcoin’s future price potential
Peter Thiel, former PayPal CEO and co-founder of Founders Fund, recently expressed doubt about Bitcoin’s future price potential, stating it is unlikely to increase “dramatically” from its current levels. However, several industry experts challenge Thiel’s viewpoint, arguing that the flagship crypto still has significant room for growth. Bitcoin was trading at $60,300 as of press time, down almost 2% over the past 24 hours.
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🪙 Galaxy Digital sees up to $7.5 billion flowing into ETH ETFs within first five months
Galaxy Digital said exchange-traded funds tracking Ethereum’s native token, could become a multi-billion market opportunity soon after approval. The U.S. Securities and Exchange Commission recently changed course to accelerate the approval of these funds, with some analysts predicting the first ETH ETFs approvals could come in next week. The SEC has yet to approve the crucial S-1 filings needed for the funds to hit the market.
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🥇 Wallets allegedly linked to US government move 3,940 bitcoins to Coinbase
Wallets thought to be associated with the U.S. government have moved a sizable portion of cryptocurrencies — specifically 3,940 bitcoins worth $241 million — onto Coinbase, according to on-chain sleuth Lookonchain. This comes just hours after the same pseudonymous researcher found evidence that the German government had moved 750 bitcoins. It is not uncommon for governments to sell or auction off crypto collected through criminal investigations or other asset seizures.
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🪙 VanEck’s zero fees are part of plan to become the ‘go-to provider for crypto ETFs’
VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. Sigel added that VanEck is confident its approach will “resonate” with investors across the spectrum and help drive more interest in Ethereum and the role it can play in their portfolios. He added that the lack of fees is also expected to lower the barrier of entry for new investors.
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💰 Bitcoin sees $630 million outflow as crypto ETP trading volume hits new low amid market’s ‘true correction’
The crypto market is undergoing a significant correction as investors withdrew $584 million from crypto-related investment products last week, according to CoinShares’ latest report. Additionally, global trading volumes for crypto ETPs hit their lowest levels since the US Securities and Exchange Commission approved the launch of several spot Bitcoin exchange-traded funds (ETFs) in January, totaling just $6.9 billion for the week.
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