Bitcoin rate approached $60,000

At about 18:00 (Kiev/IOC), the first cryptocurrency showed rapid growth, approaching $60,000. Over the day, the asset went up by 3.2%.

At the time of writing bitcoin is trading around $59,600 with a capitalization of $1.17 trillion. The indicators have returned to the marks of late August.

Other assets from the top 10 by capitalization have also entered the green zone. Ethereum grew by 3.3%, breaking $2400.

According to Coinglass, over the past 24 hours, the volume of liquidations reached $109.5 million. Most of them ($87 million) came from short positions.

TON added 6.2% and returned to the top 10 largest crypto assets. DOGE grew by 6.4%.

The positive dynamics of bitcoin coincided with the growth in the stock market. Since the opening of today's session, the S&P 500 index has increased by 0.47%.

Recall, economist Steve Hanke allowed “selling on the news” after the meeting of the US Federal Reserve. In his opinion, a potential rate cut of 25 bps has already been taken into account by the market.

In Standard Chartered concluded that bitcoin is able to renew the record by the end of the year, regardless of the results of the American presidential election.

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Long-awaited debut: SEC approved the launch of spot Ethereum-ETFs

Spot Ethereum-ETFs will begin trading on July 23 on U.S. stock exchanges. The Securities and Exchange Commission (SEC) has given final approval for the launch of these innovative financial products, opening a new chapter in the history of cryptocurrency investments.

The approved applicants include giants of the financial world such as BlackRock, Fidelity and Grayscale. Experts predict that the emergence of these ETFs will attract billions of dollars to the Ethereum ecosystem.

The spot Ethereum-ETFs will be traded on leading U.S. exchanges including Nasdaq, New York Stock Exchange and Chicago Board Options Exchange. This SEC decision comes two months after the approval of 19b-4 filings authorizing the listing and trading of spot Ethereum-ETFs on the respective exchanges.

Most issuers have set base fees ranging from 0.15% to 0.25%. Some companies, including Fidelity, 21Shares, Bitwise, Franklin and VanEck, have offered temporary fee waivers until certain net asset targets are reached.

Industry analysts expect that spot Ethereum-ETFs will only be able to attract 25% of the volumes that spot bitcoin-ETFs saw in the first six months after their launch.

Interestingly, the approval of the Ethereum-ETF coincided with an important political event - the withdrawal of US President Joe Biden from the 2024 election. Josh Gilbert, market analyst at eToro, characterized the decision as a “win for cryptoassets,” noting, “The longer we see Trump leading in election predictions, the more cryptoassets will factor his potential victory into their price.”

The launch of the spot Ethereum-ETF marks a new stage in the development of the cryptocurrency market. The move should be a catalyst for further integration of digital assets into the traditional financial system.

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Stablecoin capitalization rose to $166 billion with USDT leading the way

Over the last week, the market for stablecoins has shown significant growth, thanks to which the market capitalization of these cryptocurrencies rose to $166 billion.

The top steblecoins include Tether (USDT), USDC, DAI, FDUSD, and USDD. Tether took the top spot among the steiblcoins with a market capitalization of $114 billion.The 24-hour trading volume of the steiblcoin, which currently stands at $38.78 billion, has markedly declined by about 35%.

Circle's USDC stablecoin is in second place with a total value of $34 billion and a daily trading volume of $3.8 billion.

In third place is DAI, issued on the Ethereum blockchain. Its market capitalization is $5 billion and DAI's trading volume has plummeted 66% in the last 24 hours.

First Digital USD, or simply FDUSD, launched by Hong Kong-based First Digital Labs in 2023, is a US dollar-backed stablecoin. With a market capitalization of $1.9 billion, FDUSD is ranked as the 4th best steiblcoin. A notable drop in trading activity is demonstrated by a 45% drop in volume to $2 billion.

The fifth most valuable steblecoin in terms of total value was USDD, an algorithmic dollar-linked steblecoin issued by Tron DAO. Its market capitalization is $740,134,481 with a 24-hour trading volume of $4 million.

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EU releases cryptoasset classification tools for MiCA compliance

European Union regulators have issued new guidelines to allow relevant market participants to classify cryptocurrencies and digital assets under the Markets in Cryptoassets Regulation (MiCA).

On July 12, three European supervisory authorities - the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority - published a consultation paper to standardize and clarify the classification of digital assets across the region.

Cryptocurrency Classification under MiCA

The newly released guidelines provide a structured approach to classifying different types of cryptoassets.

This includes determining whether a token falls under MiCA by using prompts based on questions such as who the issuer is, whether it is blockchain-based, or whether it is a type of financial instrument.

This also helps to determine whether the token in question qualifies as a standard crypto asset under MiCA or whether it can be classified as another asset type, such as an electronic money token (EMT) or asset-backed token (ART).

ART issuers must include in their official documents a legal opinion that clearly explains the classification of these tokens. The opinion must confirm that the tokens are neither EMTs nor any other type of cryptoasset excluded from MiCA coverage.

For cryptoassets that do not fall under the ART or EMT categories, official documents should include an explanation stating their classification.

MiCA compliance in the EU

The guidelines invite market stakeholders to submit any comments related to the consultation paper by mid-October, with a virtual hearing to be held on September 23.

Patrick Hansen, senior director of EU strategy and policy at Circle, posted on X, calling the guidelines “very useful” and said he has already seen “a lot of people misclassify tokens under MiCA.”

Circle was one of the first stablecoin issuers to comply with MiCA, meaning that USD Coin (USDC) and Euro Coin (EURC) are now compliant under the new rules.

The first set of MiCA rules came into effect on June 30 and are focused on stablecoins and their issuers. The next set of MiCA rules is expected to come into force by December 2024.

The Cardano Foundation (ADA), published sustainability metrics for the upcoming MiCA requirements six months before they come into effect.

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GODS token exchange rate soared 115% in a week

According to data, several cryptocurrency projects that topped CryptoDiffer's Weekly Gainers List showed significant growth last week. The digital currency Gods Unchained (GODS) showed impressive growth. Its rate jumped by 115% in 7 days. Note that the current price is $0.326, and the trading volume reached $9.01 million in 24 hours.

Alephium (ALPH) got the 2nd place in the rating with the growth rate of 92.1% for the week. The current price of ALPH is $2.03, with the daily volume of transactions amounting to $12.17 million. The cryptocurrency Probase (PROPS), jumped in value by 87.9% during the reporting period. The current price of the virtual asset is $0.136 with a trading volume of $1.42 million per day.

AIT Protocol (AIT) token increased in value by 82.2% during the reporting week, despite a monthly decline of 6.31%. The current rate is $0.111 and transaction volumes reached $33.17 million in the last 24 hours. Maple Finance (MPL) also had an impressive performance and is up 74.8% for the week. The current value of MPL is $21.7 and the trading volume for the last 24 hours is $7.28 mln.

Zeus Network (ZEUS) increased in value by 69.9%. This cryptocurrency can be purchased at $0.306. Daily transaction volumes amounted to $12.59 million. The popular project Popcat (POPCAT) showed an increase of 59.8% for the week. Note that over the past 30 days, quotes of this digital asset soared by 261%. The current price is $0.92. The trading volume for 24 hours is $72.41 million.

Orca (ORCA) recorded a 59.7% increase in value over the reporting time period. The current price is $2.36 and the trading volume is $13.48 mln. ChainGPT (CGPT) rose in price by 42.5%. The quotes reached $0.184. Finally, Helium (HNT) completes the list with a 41.5% week-over-week rate hike. The current price reached the value of $4.55.

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Fink's appointment to the US Treasury Department will be good for cryptocurrencies

A well-known cryptocurrency analyst under the pseudonym Ali suggests that the cryptocurrency industry could be in for a major change if rumors published this week are confirmed. Recently, the media reported that Donald Trump may nominate BlackRock CEO Larry Fink to be U.S. Treasury Secretary. This will happen if the billionaire wins the presidential election this November.

If Fink is appointed, it could significantly affect financial markets, including the cryptocurrency sector. Larry, as the head of the world's largest asset management company BlackRock, has enormous influence in this area.

BlackRock manages trillions of dollars (USD) worth of assets and is actively involved in various financial initiatives and innovations. Fink is known for his cautious and pragmatic approaches to investing. However, his views on cryptocurrencies have undergone significant changes in recent years and even months.

Previously, Larry Fink was skeptical about digital currencies, calling bitcoin a “money laundering tool” and expressing doubts about its long-term value. However, he has recently changed his stance.

In 2021, BlackRock added bitcoin futures to its investment portfolios, and Fink recognized that cryptocurrencies could be an important asset for long-term investors. He also noted that institutional interest in digital currencies continues to grow, which could indicate that the market is stabilizing. He also recently supported the launch of the Ethereum ETF.

Larry Fink's appointment as U.S. Treasury Secretary could have a positive impact on the cryptocurrency sector. His experience and understanding of traditional financial markets, combined with his updated views, will help introduce a more balanced and sensible regulatory policy. This could reduce uncertainty and risks for crypto investors, which in turn could stimulate further growth and development of this market.

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Bitcoin price recovered to $68k

Bitcoin price remained well supported above resistance levels of $65,500 and $66,000. BTC started a new rise and was able to overcome the resistance at $66,500.

There was a clear move above the $67,200 level and the price even rose above $68,000. The maximum was formed at the level of 68,531 dollars and the price is now consolidating gains. There has been a move towards the 23.6% Fibonacci retracement level of the upward movement from the swing low of $65,857 to the high of $68,531.

Bitcoin price is now trading above $66,500 and the 100-hour simple moving average. A connecting bullish trend line is also forming on the hourly chart of the BTC / USD pair with support at the $66,500 level. The trend line is close to the 61.8% Fibonacci retracement level of the upward movement from the swing low of $65,857 to the high of $68,531.

If a new rise occurs, price could encounter resistance near the $68,500 level. The first key resistance is near the $68,800 level. A clear move above the resistance at $68,800 could trigger another rise in the coming sessions.

The next key resistance could be at $69,500. The next major hurdle is at the $70,000 level. A close above the $70,000 resistance could push the price even higher. In the stated case, the price could rise and test the resistance at $72,000.

Are BTC's declines limited?

If bitcoin fails to rise above the $68,500 resistance zone, a downward correction could begin. The nearest support on the downside is near the $67,600 level.

The first major support is at $67,200. The next support is now near $66,500 and the trend line. Any further losses could send the price towards the $65,500 support area in the near term.

Technical Indicators:

-- Hourly MACD - MACD is now gaining momentum in the bullish zone.

-- Hourly RSI (Relative Strength Index) - RSI for BTC / USD is now above the 50 level.

-- Major support levels are $67,200 followed by $66,500.

-- Major resistance levels are $68,500 and $68,800.

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Kamala Harris' meme coin soared to an all-time high after JOE Biden's departure

Crypto is once again betting on very serious matters of presidential politics with very silly meme coins, including ONE for Vice President Kamala Harris, whose price more than doubled on Sunday.

KAMA hit a record high of 2.4 cents minutes after President JOE Biden announced he was ending his re-election campaign. With a market capitalization of $24 million, KAMA is now nearly four times larger than BODEN, the Biden-inspired coin that was once the main Crypto so-called PolitiFi. BODEN fell nearly 50% after Biden's announcement.

The political shakeup prompted traders to create a wave of new tokens mocking Harris and Biden on the Pump.fun meme coin startup panel . If history is to be believed, the value of most of these tokens will likely fall as buyers and sellers play a game of “order book chicken” on the Solana (SOL) blockchain, where most meme coins are traded.

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ETF Store head: bitcoin-based US crypto funds control over 900,000 BTC

-- Nate Geraci demonstrated how spot bitcoin ETFs have accumulated the first cryptocurrency on their balance sheet.
-- According to the head of ETF Store, U.S. crypto funds control over 900,000 BTC, which is valued at around $60 billion.
-- The entrepreneur pointed to net inflows from outside the industry of more than $17 billion since January 2024.

Nate Geraci, head of ETF Store Investment Company, said that bitcoin-based US spot crypto funds have amassed over 900,000 BTC. He said the size of assets under management (AUM) of exchange-traded products has almost reached $60 billion.

Geraci notes that spot bitcoin-ETFs in total control 4.3% of the first cryptocurrency's total supply. Net capital inflows into this asset class from outside the industry have exceeded $17 billion since launching in January 2024, according to the entrepreneur's statement.

The firm's executive attached a video to a post on social networking site X (formerly Twitter) that shows the changes in the spot bitcoin-ETF over the past seven months. Specifically, the video shows how a crypto fund from BlackRock under the ticker IBIT has outperformed a convertible investment product from Grayscale Investments in terms of AUM.

According to the SoSo Value platform, the gap between the two cryptocurrency ETFs continues to grow. As of July 19, 2024, IBIT has $21.97 billion in assets under management, while the size of the funds under the control of the exchange-traded fund from Grayscale (GBTC) is $18.29 billion.

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Media: Meta will cut the budget of the meta-universe division by 20%

Meta will cut by 20% the funding of the Reality Labs division, responsible for the development of hardware and software meta-universe corporation. This is stated in the material of The Information.

According to the sources of the publication, the budget of the division will be reduced in the period from 2024 to 2026, with most of the reduction will fall on the coming months.

This does not mean the cessation of developments in the field of virtual and augmented reality. Meta plans to release new Quest VR headsets and Ray-Ban AR glasses within the next three years, journalists said.

Analysts at Bank of America believe the cost-cutting measures will save the company about $3 billion.

In April, Meta reported revenue of $36.5 billion for the first quarter of 2024. That's up 27% from $28.6 billion a year earlier. Reality Labs, however, lost about $3.8 billion on revenue of $440 million during the same period.

During a speech on the first three months of the year, the corporation's CEO Mark Zuckerberg said that “an increasing portion of Reality Labs' strength is being directed toward services in artificial intelligence.”

Despite the difficult situation, the division managed to reduce losses by 17% in the last three months of 2023 and the first quarter of 2024. In total, Reality Labs has lost about $55 billion since its founding in 2019.

Meta's plans for AI and meta-universe will likely become clearer after the company's second-quarter earnings report, which is scheduled to be published on July 31.

Earlier, the corporation posted a job opening for integrating AI into VR and AR games. Meta plans to bring more generative artificial intelligence technology to entertainment projects.

Recall that in June, Meta announced the integration of AI characters in Instagram.

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Ilon Musk sparked the rise of Trump's cryptocurrency MAGA

The MAGA (TRUMP) token meme, dedicated to former U.S. President Donald Trump, has gone up in value, most likely thanks to billionaire Ilon Musk.

On July 20, Musk wrote on social network X, which is banned in Russia, “Let's bring America back to its former glory” [abbreviated MAGA]. Ilon attached a picture to the post, which shows people with different IQs, including both smart and stupid Trump supporters.

After Ilon left that message, the MAGA exchange rate went up and was up 8% by the morning of July 21. However, the uptrend that emerged on Saturday does not compare in power to the bullish trend that started after the assassination attempt on The Donald. The failed attempt to assassinate the politician caused a 53% jump in the TRUMP token.

Simultaneously with the increase in the value of MAGA, the probability of Trump winning the election reached an all-time high. On the Polymarket betting platform, Donald's chance of winning is estimated at 65%.

Few people believe in the re-election of Joe Biden, so the probability of this outcome is only 7%. In case of Trump's triumph, an incredible bullish trend may emerge on the MAGA market, which will take the asset rate to unprecedented heights.

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Punk6529 talked about the public's skepticism of the NFT

A well-known collector under the pseudonym punk6529 spoke on his social network X page about the attitude towards non-fungible tokens (NFT). He tried to emphasize that this technology is extremely underrated. The expert told the story of how Andy Warhol's painting “Little Ragged Campbell's (Pepper Pot) Soup Can” was to be sold at Christie's auction.

According to the specialist, this “masterpiece” belonged to art dealer Irving Bloom, who first gave Warhol a solo exhibition, and also owned the famous set of 32 “Soup Can” paintings. Auction house Christie's was able to convince him to exhibit one of the works in the series with a guarantee that it would be realized for $10 million. The painting was estimated in the range of $10 million to $15 million.

Christie's then made a serious effort to promote the work, placing its image on the cover of the evening catalog and running ads in all the art magazines. “The accompanying essay in the catalog included a photograph of a young Bloom with Warhol, Ed Ruscha and Nico of the Velvet Underground. The lucky buyer of this picture was automatically part of art history,” the analyst said.

Ironically, shortly before that, Bloom had appeared in the American Masters documentary “Andy Warhol,” where he described how he exhibited 32 paintings from the “Soup Can” series in his Los Angeles gallery in 1962, valuing each one at $100. It was so radical for the times that a neighboring gallery displayed a pyramid of real Campbell's soup cans with the caption, “We have the real thing for $0.29.”

At the time, Bloom found only six buyers. He eventually persuaded them to cancel their purchases and buy the entire display in one piece. He negotiated a group price of $1000 with the added bonus of paying in installments over 10 months and Warhol was thrilled with this outcome.

According to specialist punk6529, this historical fact illustrates how much the perception of art and the art market has changed in recent decades. “This change in the prices and status of Warhol's work emphasizes the importance of time and context in art. The story of Bloom and his purchases shows how visionary action and risk-taking can lead to huge cultural and financial successes in the future.” Many NFTs are as underappreciated by the community as Warhol's paintings were in the last century, he said.

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Experts assessed Biden and Trump's attitude to cryptocurrencies

CryptoRank experts spoke about the views of future US presidential candidates, Joe Biden and Donald Trump, regarding the cryptocurrency industry. They noted that the upcoming elections will have a significant impact on the digital currency sector, as politicians offer very different views on regulating the industry.

According to the experts, Trump's changing stance on cryptocurrencies, from initial skepticism to recent endorsement, stands in stark contrast to Biden's more cautious approach. They recalled that in 2019, the billionaire publicly criticized bitcoin and other digital currencies. Trump said they were not money and “their value is highly volatile and fluctuating in the air.”

In 2021, he called Bitcoin a “fraud against the dollar.” However, in early 2024, Trump's position changed significantly. The politician expressed support for the crypto industry by proposing openness towards digital assets. According to analysts, this was a turning point, signaling a recognition of the community's growing influence and potential importance.

Under Biden, the U.S. Securities and Exchange Commission (SEC) has brought several cases against cryptocurrency companies for alleged violations, citing concerns about investor protection and market integrity. The Department of Treasury (DOJ) has also proposed expanding tax reporting requirements for digital currencies.

More recently, however, Biden vetoed a bill that sought to repeal the Securities and Exchange Commission's (SEC) SAB 121. The bill sought to repeal accounting standards requiring companies to list customers' cryptocurrency assets as liabilities and received bipartisan support in Congress.

Experts emphasized that prominent figures in the cryptocurrency industry publicly supported Trump. Another major factor in Donald's favor was his campaign's acceptance of donations in digital currencies. This one emphasizes the alignment with the interests of the community.

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Michael van de Poppe predicts growth for Omni Network altcoin

Crypto trader Michael van de Poppe told his 722,400 followers on the X social network, which is banned in Russia, that the Omni Network token (OMNI), which aims to integrate the Ethereum deployment ecosystem (ETH) into a single unified network, could soon rise in value by more than 16%.

I'm very interested in new coins, especially those listed on Binance. OMNI is one of those that is on the cusp of a big upward breakout. It is ready to break through the $16 level, but before that it needs to hold above the support at $12.50.

In addition, the analyst noted that bitcoin (BTC) is in an uptrend after a period of consolidation and could return to all-time highs (ATH) around $73,000. He also believes bitcoin could get a boost from the expected approval of spot ETH exchange-traded funds (ETFs).

The analyst shared a chart that reflects the lowest retail investor demand in three years. This means that demand from this class of investors will soon resume and lead to a surge in bitcoin.

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The Shiba Inu community has officially asked Binance to burn SHIB

The Shiba Inu community is stepping up efforts to get Binance to burn SHIB tokens using a portion of the token trading fees. Popular community member Labib recently launched a petition on Change.org asking the world's largest cryptocurrency exchange to implement a daily burn rate of 1% of all Shiba Inu trading commissions on its platform.

According to Labib, the move is necessary for the long-term success and sustainability of Shiba Inu. The community member emphasized that the proposal would help reduce the huge amount of SHIBs in circulation, potentially increasing scarcity and raising the price of the token. Labib said that while members of the Shiba Inu community believe in the potential and unique tokenomics of SHIBs, they recognize incineration as an important way to strengthen the token's value proposition.

As of July 18, the petition has already collected 111 signatures out of the original 200. Meanwhile, the petition has 142 signatures and is 58 signatures away from reaching its original goal. Notably, the ultimate goal is to reach the 50,000 signature mark. Interestingly, the creator of the petition believes that the community could reach the 50,000 signature goal by spreading the petition to all corners of the Shiba Inu ecosystem.

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This week will be marked by 4 important events in the crypto industry

The cryptocurrency market is gearing up for a very significant week, during which four major events are expected.

On Tuesday, July 23, the first reading of the bill on legalization of mining is expected in Russia, which may introduce a ban on the circulation and advertising of cryptocurrencies in the country. Noting the unpredictability of the decision, Andrey Tugarin, founder of GMT Legal, admits that the bans listed in the document may be softened.

On July 23, spot exchange-traded funds based on Ethereum should also start trading, as the U.S. regulator gave its in-principle approval in May this year.

Last week, the Chicago Board Options Exchange (CBOE) confirmed the listing of five Ethereum-ETFs for Tuesday, July 23. This is quite a significant event for Ethereum, as institutional investors will have access to the second largest cryptocurrency by market capitalization.

Additionally, the bitcoin community is very excited about former and possibly future US President Donald Trump's speech at the Bitcoin Conference 2024 in Nashville. This will be the first time that a prominent and high-profile politician will publicly address the global bitcoin community.

Rumor has it that Trump may declare bitcoin a strategic reserve in the United States, which would dramatically strengthen the cryptocurrency's position both in the U.S. and around the world.

XRP supporters have grown weary of watching the sluggish course of the legal standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Recently, Ripple CEO Brad Garlinghouse expressed optimism that the years-long legal battle will be resolved very soon.

This statement was echoed by Fred Rispoli's attorney, who suggested that a final decision could be heard on July 31, just eight days from now.

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SEC chief could step down in early 2025

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is likely to step down. According to 10X Research founder Marcus Thielen, this will happen within the first 2 months of 2025 after President Joe Biden completes his term in the White House.

In a recent report on the crypto market, the specialist stated that the SEC chairman usually resigns after a new administration is elected. He added that Donald Trump taking office would be a real disaster for Gensler as head of the regulatory agency.

Thielen noted current US President Joe Biden's sudden decision to abandon his campaign. According to Thielen, this almost certainly means that Donald Trump will turn out to be the winner of the upcoming election and lead the United States.

“With Joe Biden out, no credible candidate will be able to challenge Trump. It appears that the outcome of the November election has been decided now. As for Bitcoin, an administration that supports the cryptocurrency will enter the White House,” Thielen emphasized.

Earlier, Trump's running mate J.D. Vance, who recently became the main candidate for the future vice president of the United States if Trump is elected, vehemently criticized Gensler. He called him the “worst person” to regulate the cryptocurrency market. The politician said Gary has a “backward approach to digital currency policy.”

Thielen also noted a number of potential positives for the cryptocurrency market in the coming weeks. He stated that Donald Trump could make a number of unexpected statements at the upcoming conference in Nashville. The politician's speech has the potential to be a catalyst for further upward market movement. “There are rumors that he will declare bitcoin a strategic reserve asset, which could trigger a parabolic rise in the price of BTC,” Thielen said.

Thielen cautioned numerous investors against profit taking in BTC ahead of Trump's speech. He noted that bitcoin's previous historical bull market high of $68,300 will be a key mark, after overcoming which, quotes of the flagship digital coin could soar to new heights.

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OKX Wallet integrates with Umami Finance to increase DeFi accessibility

Leading global cryptocurrency platform OKX today announced that it is integrating its exclusive wallet service with Umami Finance, a decentralized ecosystem of financial applications.

The development brings significant change to the cryptocurrency industry as it helps to expand customer access and make revenue-generating products easily accessible through OKX Wallet.

Over time, OKX has not only established itself with an impressive array of cryptocurrency offerings, but has also expanded to cater to different types of users ranging from retail and institutional investors.

The integration with Umami Finance, especially known for its pioneering efforts in the Arbitrum network, is in line with OKX's strategic vision to increase user engagement and satisfaction by offering more reliable investment tools and resources.

Leveraging DeFi's innovative solutions

This collaboration marks Umami Finance's debut as a provider of top-tier non-custodial income products with specific expertise in the 'vault' space. The investment options available here have been designed with an eye on how to best profit from the underlying major cryptocurrencies such as USDC, BTC and ETH using advanced automated strategies that eliminate much of the typical complexities of growing a yield. Umami, with its wide range of offerings, helps a wide range of investors utilize DeFi on simple terms.

For OKX Wallet users, this integration not only expands their investment horizons but also increases convenience and efficiency. By accessing Umami's GM holdings directly through the OKX Wallet interface, users can utilize a number of advanced yield strategies. These strategies include automated hedging and internal netting processes aimed at maximizing returns while managing the associated risks.

Optimized interaction with DeFi

The collaboration between OKX and Umami Finance comes against a backdrop of growing demand for more accessible and user-friendly DeFi services.

The partnership addresses market demand for sophisticated financial products that work in tandem with passive and active investment strategies, seamlessly combining OKX's powerful wallet technology with Umami's advanced solutions.

The result of this merger is more than just easy access to yield-boosting opportunities - the infusion creates a new reality where traditional and decentralized financial services complement rather than compete with each other.

It's part of OKX's broader strategy as a Web3 platform that can do it all in crypto space. The partnership means Umami Finance will expand its scale and influence in the DeFi sector, driving wider adoption of specialized financial products.

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Market capitalization did not change over the day

Yesterday, July 21, 2024, the cryptocurrency market turned out to be quite stable. It demonstrated no changes in market capitalization and a slight increase in trading volume. The total value of all coins and tokens amounted to $2.55 trillion and remained at the same level compared to the previous day. The volume of transactions in the last 24 hours reached $59.82 billion, which emphasizes the high activity of traders.

Among the growth leaders over the past 24 hours, Covalent stands out, rebounding 593.7% in price. FEAR NOT also impressed market participants, increasing its value by 370.3%. Lingose and Non-Playable Inu posted gains of 271.5% and 169.1%, respectively. Trilly also entered the top five with a 157.6% result. These projects are attracting investors' attention and showing high volatility.

The fear and greed index is now at 62, indicating the prevalence of greed in the market. Among the most popular cryptocurrencies were TIA, APT, PYTH, PEPE, ARKM and JUP. TIA and APT showed slight price declines of 3.15% and 2.02%, respectively.

In the market capitalization and dominance distribution chart, bitcoin leads the way with a 0.2% increase. Efirium showed a slight decline of 0.3%, while BNB's share rose by 0.1%. The data emphasizes that BTC continues to be the main cryptocurrency on the market.

There have also been some interesting developments in cryptocurrency project funding. Recent funding rounds include CryptoManufaktur, Zkex, JOJO Exchange and Allium, the latter of which raised $16.5 million. These events show that investors continue to actively support new initiatives in the cryptocurrency sphere despite the overall market stability. Overall, the market is showing stability with minor price fluctuations.

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A big US bank bought units of a bitcoin-ETF issued by Bitwise

Bitwise CEO Hunter Horsley has announced a capital raise in a likely bitcoin-based ETF issued by his firm.

I learned from a report I received today about a large U.S. bank, 20% of whose branch wealth managers (several hundred) hold units in the ETF from Bitwise. Bitcoin and cryptocurrencies are becoming mainstream,” Horsley wrote.

Bitwise has launched six ETFs based on cryptocurrencies and blockchain projects, but many thought Hunter was referring specifically to a bitcoin ETF called the Bitwise Bitcoin ETF (BITB) when he talked about investing in an exchange-traded fund. The amount and timing of the investment in the derivative is also not known for certain.

Horsley reported the report on July 20, so we can assume that the bank bought BITB during the uptrend in the bitcoin market that started last week.

The chart shows that the amount of assets invested in Bitwise's bitcoin-ETF began rising on July 8 and by Friday had increased 23% to $2.68 billion. The iShares Bitcoin Trust (IBIT) marketplace, created by BlackRock, saw a similar pattern. The volume of capital inflows into this bitcoin fund intensified on July 8 and did not dry up until July 18.

The interest that institutional investors are showing towards bitcoin-ETFs shows their confidence in the bright future of the cryptocurrency. Obviously, they are counting on the start of a new bull rally scheduled for the fall of 2024.

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Top 7 token unlocks in the last week of July

This week will see the unlocking of significant amounts of tokens of various projects, which may affect the cryptocurrency market. According to CryptoRank, the total volume of unfrozen digital currencies will amount to about $488 million. For example, AltLayer (ALT) developers will unfreeze assets worth $106.63 million.

According to the data, 683.96 million ATL tokens will be unlocked on July 25. This represents 6.84% of the total volume. The fully diluted capitalization of the project (FDV) reaches $1.56 billion.

Project Ronin (RON) will unlock 35.71 million tokens on July 27, worth $82.97 million. This represents 3.57% of the total volume of tokens. The total asset supply (FDV) reaches $2.32 billion. The share of unlocked tokens will reach 49.2%.

Axelar (AXL) will unfreeze 25.81 million tokens on July 27 for $19.45 million, representing 2.23% of the cryptocurrency's total volume. FDV reaches $871 million. The percentage of unlocked tokens will be 49.1%.

GateToken (GT) will unfreeze 2 million tokens on July 26, worth $15.77 million. This will account for 0.67% of its total assets. The total capitalization (FDV) reaches a value of $2.36 billion. The percentage of unlocked tokens will be 34.3%.

Project Maverick (MAV) will float 51.87 million tokens on July 28 for a value of $11.91 million. This equates to 2.59% of the total volume with an FDV of $457 million. The percentage of unlocked assets will be 15.2%.

SPACE ID (ID) will unfreeze 18.49 million tokens on July 22 for $8.85 million, which equates to 0.93% of the total volume. The total cryptocurrency supply (FDV) reaches $956 million. The percentage of unlocked tokens is 31.7%. Finally, the Worldcoin (WLD) project completes the list with 3.2 million tokens unlocked on July 21 for $8 million, representing 0.03% of the FDV of $25.1 billion. The percentage of unlocked tokens will be 16.6%.

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Crypto News Digest for July 15 - 21, 2024

Last week, from July 15 to July 21, 2024, there were quite a few interesting developments. The main topic of discussion was the rumors that the U.S. Securities and Exchange Commission (SEC) will allow Ethereum ETF issuers to bring their products to trading as early as July 23.

In addition, a survey of Mt.Gox users showed that 260 out of 467 participants (55%) do not plan to immediately sell off their bitcoins (BTC) they receive as compensation. Following the assassination attempt on Donald Trump, Bitcoin Magazine CEO David Bailey reported that the billionaire still plans to give a speech at the Bitcoin 2024 conference in Nashville, Tennessee.

Vitalik Buterin has published a new article. In it, he stated that while digital currencies are becoming an increasingly important topic, focusing too much on it can run counter to the values that originally drove people to enter the space.

Co-founder of venture capital firm a16z Marc Andreessen said: having been a Democrat for most of his life, he will still support Donald Trump in the US presidential election. In his view, Joe Biden's administration has “stifled tech startups through over-regulation and potentially unnecessary taxation”.

BlackRock CEO Larry Fink admitted that his views were previously wrong. He stated that “bitcoin is a legitimate financial instrument.” His organization's assets under management (AUM) reached $10.6 trillion in Q2 2024. Meanwhile, Grayscale management has officially launched Grayscale Decentralized AI Fund LLC. This Fund aims to advance artificial intelligence (AI) technology in the cryptocurrency sector.

Finally, blockchain security expert ZachXBT reported that Indian cryptocurrency exchange WazirX was hacked by hackers. They managed to steal more than $235 million in digital assets. Presumably, the North Korean group Lazarus Group is behind the attack.

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Brad Garlinghouse has hinted at the imminent conclusion of his litigation with the US SEC

Recent comments from Ripple's CEO have sparked rumors that the company's long-running legal battle with the SEC may be coming to an end, leading to an increase in the price of XRP due to increased activity on the network.

While declining to comment on possible settlement talks with the SEC, Brad Garlinghouse said he expects outstanding legal issues to be resolved “very soon.”

Ripple's chief legal officer Stuart Alderoti, for his part, commented on the one-year anniversary of Judge Analisa Torres' controversial ruling:

While our case is not yet fully concluded (remedies have yet to be chosen), the court's ruling that XRP is not a security will not change (even the SEC has told the court it will not challenge this finding).

Santiment analysts noted that user activity on the XRP Ledger may have increased following these remarks, with active addresses and new address creation on Thursday reaching the highest daily level since March of this year.

The SEC's closed-door meeting scheduled for last week has been rescheduled for next Thursday, July 25, with the topic stated as “Instituting and Settling Administrative Proceedings, Litigation Resolution, and Other Examination and Enforcement Matters.”

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Bitcoin price will not cross $71,000, believes Peter Brandt

Well-known trader Peter Brandt doubts that bitcoin will exceed $71,000 and set a new price record.

I try to be as fair as possible to Edwards/Magi/Shabaker [economists] when identifying patterns. The current stagnation in the bitcoin market is incorrectly called a flag (lasts too long), it represents a downward channel. Anything longer than 4-6 weeks is not a flag,” Brandt wrote.

The flag that some analysts believe has appeared on the bitcoin rate chart foreshadows an upcoming bull rally. And the descending channel that Peter talks about, on the contrary, indicates a decline in the price of the coin. This pattern is formed by lower tops and bottoms recorded after the price of BTC reached an all-time high in March.

Judging by the chart published by Peter, he believes that the bitcoin price will not overcome the resistance line, which is around $71,000. In this case, a bearish trend will begin, during which BTC may fall in price to $51,000. In this case, the descending channel is slightly widening, respectively, the volatility level of the bitcoin rate should increase over time.

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Nine Ethereum-ETFs are preparing to launch in the US: what investors need to know

A historic moment for the cryptocurrency market will come on July 23, 2024, when nine Ethereum-based exchange-traded funds (ETH) will be launched in the United States. For the first time, shares of publicly traded Ethereum-ETFs will appear on leading US exchange traded funds alongside giants such as Apple Inc (AAPL) and SPDR S&P 500 ETF Trust (SPY).

Launch dates and venues

The Chicago Board Options Exchange (CBOE) confirmed July 23 as the launch date for five ETFs on its platform: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF and Franklin Ethereum ETF. The remaining four funds are also expected to begin trading on the Nasdaq and NYSE Arca exchanges that day.

Where to buy Ethereum-ETF shares

Where to buy Ethereum-ETF shares? On almost any major brokerage platform. All Ethereum-ETFs that are about to be listed have already received regulatory approval to trade on at least one major U.S. exchange. Ordinary investors will be able to purchase shares through intermediaries - well-known brokerage firms like Fidelity, E*TRADE, Robinhood, Charles Schwab and TD Ameritrade.

Choosing the best ETF

Which ETF to choose? The mechanics of how all nine funds work are virtually identical. Each ETF is managed by a reputable company, holds the underlying assets with a qualified custodian and relies on professional market makers to create and redeem shares.

For most investors, the deciding factor will be commissions. Eight of the nine ETFs have management fees between 0.15% and 0.25%. The exception is Grayscale Ethereum Trust (ETHE) with a 2.5% commission.

The low-commission leader is Grayscale Ethereum Mini Trust (ETH) at 0.15%, with no commission at all for the first six months. The Franklin Ethereum ETF (EZET) also looks attractive with a 0.19% commission, which also goes to zero until January 2025.

The issue of staking in Ethereum-ETFs

Will Ethereum-ETFs offer steaking? At this time, no. The Securities and Exchange Commission (SEC) has rejected issuers' requests to include steaking in ETFs. The problem is liquidity: it takes several days to withdraw Ethereum from steaking, which conflicts with the requirement to quickly redeem the fund's shares. Issuers are still looking for a solution, but steaking in ETFs is unlikely in the coming months.

Conclusion

The emergence of Ethereum-based exchange-traded funds marks a turning point in digital assets, as for the first time, millions of U.S. savers will be able to invest in ETH through familiar financial products under regulatory oversight.

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Vitalik Buterin: Blockchain and its role in the search for truth

Vitalik Buterin, co-founder of Ethereum, recently expressed an opinion on blockchain, calling it a “truth machine.” In his understanding, the technology provides “consensus approximate truth” regarding timestamps and message sequences. However, developers have confirmed that blockchain is unable to provide answers to fundamental questions.

This limitation, according to Buterin, is what reduces the “possible attack surface” of such networks, making them more secure. In his opinion, other tools and methods are needed to find true information at a deeper level.

Recently, Buterin has often spoken out about the prospects and development of blockchain technology. He recently emphasized the importance of working on the scalability and efficiency of the Ethereum network, mentioning projects such as Ethereum 2.0 and the introduction of sharding technology. This initiative aims to increase network capacity and reduce transaction fees, which in turn makes the network more accessible and attractive to a wide range of users.

Vitalik also noted the importance of decentralized finance (DeFi) and its potential to transform the global industry. According to him, this sector provides an opportunity for anyone with internet access to use financial services without having to trust traditional institutions. This opens new horizons for inclusion and democratization of access to tools.

Beyond the technical aspects, Buterin often talks about the social impact of blockchain technologies. He is convinced that they can contribute to more transparent and accountable systems of governance. For example, the use of smart contracts in asset management and corporate governance can significantly reduce the risks of fraud and abuse.

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Binance: “Cryptocurrency market faces structural weakness”

The cryptocurrency market has experienced significant turbulence over the past few months. Despite the recent rebound, market capitalization is still 14% lower compared to its March peak.

According to a report from Binance Research, June saw a “brutal” 11.4% decline in overall market capitalization, which coincided with the recent bitcoin (BTC) sell-off by the German government.

Major bitcoin moves by the U.S. government on June 26 and the start of payments to Mt.Gox creditors on July 5, when 140,000 BTC was set to return to the market, only added fuel to the fire.

Significant bitcoin transactions by the U.S. government on June 26, coupled with the start of payments to Mt.Gox creditors on July 5, which resulted in 140,000 BTC being returned to the market, further exacerbated the situation.

Structural weakness in the crypto market

The Binance report highlights the structural weaknesses of the market dynamics through the newly created Capital, People and Technology (CPT) framework.

The model shows that new capital inflows have slowed, leading to a Player vs. Player (PvP) market where traders compete head-to-head for limited profits.

According to the report, in this PvP market, where there are “no new capital flows,” one market participant must take losses so that another can profit in an ongoing “stagnant market.”

This slowed liquidity inflow is evidenced by the stagnant supply of stablecoins, reduced outflows from spot BTC exchange-traded funds (ETFs), and reduced project funds raised.

Positive upcoming catalysts

The Binance Research report also balances the market downturn with upcoming catalysts that could continue to drive the market after the March peak.

The report looks at the macroeconomy, highlighting signs of lower inflation and potential interest rate cuts that could stimulate the cryptocurrency market and boost its market capitalization.

It also suggests that new capital flows could arise from increased supply of stablecoins and approval of spot Ethereum ETFs, expected around July 23, which could stimulate demand for ether (ETH).

Will $220,000 be the peak of the market?

Accompanying the expected market drivers in the coming months, a crypto analyst under the pseudonym Cryptonary highlighted a shift in the capitulation of BTC miners.

The analyst shared a hash-tagged chart showing the correlation between the end of the capitulation of miners and a significant rise in BTC prices using an exponential decline model.

According to Cryptonary, the model suggests that based on historical data, the post-halving period (cutting miner rewards in half) could see a price peak of $223,000 for the upcoming market cycle.

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Major asset managers are buying up bitcoins

Major financial firms including Blackrock, Fidelity, Ark Invest and VanEck are actively buying into bitcoin (BTC). This indicates a significant change in the dynamics of the cryptocurrency market and how it is perceived by traditional investment institutions. Arkham Intelligence data highlights the interest of these organizations in the largest cryptocurrency, which could have major implications for the entire industry.

Purchases by influential players could signal a growing acceptance of bitcoin as a fully-fledged investment asset. Blackrock and Fidelity, as some of the largest asset managers in the world, have significant influence over global financial markets. Their involvement can help build confidence in digital currencies among institutional investors and encourage further capital flows into the sector.

The involvement of Ark Invest and VanEck, known for their innovative approaches to investing and active participation in the cryptocurrency space, also highlights the growing role of bitcoin as an important element of a portfolio. This activity could help increase liquidity in the market and stabilize BTC prices.

Many analysts note that bitcoin purchases by such large organizations may also reflect the expectations of their executives regarding future economic conditions and the role of cryptocurrencies in the global financial system. Amid uncertainty and volatility in traditional markets, bitcoin is increasingly seen as “digital gold” - an asset that can retain value over the long term.

These developments may also encourage other large financial institutions to rethink their strategies and begin to consider cryptocurrencies as an important element of portfolio diversification. The growing number of institutional participants in the market may further develop and strengthen the position of digital currencies in the global economy.

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Reports on the launch of ETH-ETF had a positive impact on the market

-- Bitcoin surpassed $66,000 and Ethereum reached $3500 after the announcement of the start date for spot ETH-ETF trading.
-- Despite the positive factors, the second most capitalized cryptocurrency is at risk of facing a supply crunch.

Digital gold has consolidated above $66,000 on the CBOE amid the approval of the start date for spot Ethereum-ETF trading.

According to the exchange, the product from Franklin Templeton is scheduled to be listed on July 23. Prior to that, the SEC approved applications to launch an Ethereum-based mini-ETF from Grayscale and an exchange-traded fund from ProShares.

On the evening of July 19, the crypto market began an active growth. Bitcoin tested the level of $67,000, but then corrected to $66,500. The asset grew by 4.5% over the day.

Ethereum was a little weaker than the first cryptocurrency. The coin added 2.3% in 24 hours and is trading around $3500 at the time of writing.

Other assets from the top 10 by capitalization also entered the “green zone”. XRP grew the strongest during the day, increasing by 8.2%.

According to Coinglass, the volume of liquidations over the past day reached $149.3 million. $96 million of them came from short positions.

Risks for Ethereum

Despite the positive factor in the form of exchange-traded funds, the second most capitalized cryptocurrency may face a supply crisis.

According to Benjamin Cowan, analyst and founder of Into The Cryptoverse, the price of Ethereum risks falling if supply continues to grow at the current rate after the initial hype around ETFs subsided.

He claims that the number of new coins has been growing by around 60,000 ETH every 30 days for four months. The Merge hardfork reduced total supply by 455,000 ETH by April, but the figure could return to previous values as early as December, the expert warned.

“If you ignore monetary policy because you think it doesn't play a role, you might consider 2016. The ETH/BTC pair had a false exit below the lows in the second quarter of 2016, then a real capitulation in the fourth quarter. Perhaps we'll see the same thing this year?” suggested Cowen.

While the CEO of Into The Cryptoverse believes the price of ETH is likely to be “higher than the current price” by the end of 2025, there is potential for a decline over the next “three to six months.”

On July 16, analyst Leon Weidmann warned that Ethereum is facing a “supply crisis.”

“The balance of exchanges [in ETH] has dropped to 10.2%, while 39.3% of assets are locked in smart contracts. Most investors still don't realize how limited the supply of the coin is and how big the effect of ETFs will be,” he said.

Recall, QCP Capital predicted the growth of ether to $4800 after the approval of the ETH-ETF. Experts believe that demand in the amount of 10-20% of inflows into bitcoin funds will trigger a positive movement.

In July, Binance CEO Richard Teng said that the products will provide stable and significant capital inflows, but only over time.

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Galaxy Digital has bought out the assets of CryptoManufaktur

Public company Galaxy Digital has acquired nearly all of the assets of blockchain node operator CryptoManufaktur. The deal expands the Michael Novogratz-led firm's role in mainstream altcoin-stacking. The Block estimates that Galaxy Digital has increased its Ethereum reserves by about $1 billion. It's worth noting that the terms of the deal between CryptoManufaktur and Galaxy Digital have not been officially disclosed.

“The acquisition of CryptoManufaktur is an important milestone that significantly strengthens our position as a leading technical partner for crypto protocols and core developers.” Galaxy Digital spokesperson Zane Glauber said. As part of the deal, CryptoManufaktur's engineering team will join Galaxy Digital's blockchain infrastructure staff. They will be involved in developing steaking services for qualified investors.

“We believe that Galaxy Digital is uniquely positioned to act as an infrastructure provider and leading validator among high-performance blockchains. We look forward to joining the new team.” CryptoManufaktur founder Torsten Behrens said.

CryptoManufaktur came into existence in 2020. The organization initially focused on the underlying infrastructure for Chainlink price streams and later expanded to run automated nodes on the Ethereum network. The team has also been developing infrastructure solutions for many other blockchains.

Galaxy Digital CEO Mike Novogratz remains a significant figure in the cryptocurrency space. This is largely due to his impressive experience in the segment of traditional finance. At one point, he was even an executive director of Goldman Sachs.

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