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On Tuesday, Bitcoin (COIN:BTCUSD) revisited the $58,000 mark, reaching a daily high of $58,122, driven by significant BTC transfers by the German government.
In testimony before the Senate, U.S. Federal Reserve Chairman Jerome Powell indicated an increased likelihood of a rate cut in September, stating that inflation is not the only economic risk. Powell mentioned a “considerable cooling” in the labor market and highlighted the Fed’s caution with negative risks. The probability of rate cuts rose to 75%, driven by expectations of moderate inflation.
Following Powell’s statements, Bitcoin’s rally cooled, priced at $57,900 at the time of writing, up 2.1% in the last 24 hours.
The German government continued selling a significant amount of Bitcoin, moving about 3,100 BTC, valued at approximately $178 million, within an hour on July 9. Additionally, it withdrew about 1,700 BTC from Bitstamp to recover cryptocurrencies stored in the exchange. This move suggests preparation for future liquidations, as the government also transferred another 3,107 BTC from its main reserves, totaling around 26,000 BTC or $1.5 billion.
The Australian Securities Exchange (ASX:ASX) authorized the launch of the second Bitcoin exchange-traded fund (ETF) on its platform. On July 9, DigitalX received permission to list the ETF, which will begin trading on July 12 under the ticker BTXX. This move follows the ASX’s approval of VanEck’s first Bitcoin ETF in June.
On July 8, Bitcoin exchange-traded funds (ETFs) in the United States experienced the highest net inflow day in over a month, raising $295 million despite a declining cryptocurrency market. This day marked the first time in three weeks that all ETFs reported positive inflows. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led with inflows of $187.2 million, followed by Fidelity’s Wise Origin Bitcoin Fund (AMEX:FBTC) with $61.5 million.
Hut 8 (NASDAQ:HUT), a U.S. Bitcoin miner, expanded its energy infrastructure to approximately 1.3 gigawatts after signing a power purchase agreement for a new 205-megawatt site in West Texas. This step is part of the company’s plan to develop 1,100 megawatts of dedicated energy capacity. The project, supported by a $150 million investment from Coatue, marked Hut 8’s first initiative under a complex regulatory framework, aiming to optimize access to competitively priced energy for high-demand activities like Bitcoin mining and artificial intelligence.
Worldcoin (COIN:WLDUSD), co-founded by Sam Altman of OpenAI, is approaching the launch of its mainnet with a developer preview version. The Worldcoin Foundation revealed that this preview would allow developers to start working on World Chain, a mainnet not yet open to the public. By skipping the testnet phase, World Chain enables direct testing on the OP Stack, a platform maintained by the Optimism Collective. The launch aims to integrate real human transactions and expand the global use of World ID, a digital identity system.
During the Ethereum Community Conference, Chintan Turakhia of Coinbase highlighted that integrating new users into the cryptocurrency market currently faces many difficulties. The goal of attracting a billion users to blockchain involves developing simpler and more accessible applications for beginners. Turakhia emphasized the importance of removing obstacles such as complicated initial processes, transaction fees, and the mandatory purchase of specific tokens for operations on blockchain networks. Prominent cryptocurrency exchange Coinbase (NASDAQ:COIN) has worked to facilitate this access by launching a smart wallet that simplifies login and absorbs transaction costs, making the daily use of blockchain technology more practical and less technical.
Football icon Lionel Messi promoted the meme coin WATER on his Instagram, resulting in a 350% increase in the token’s price within just two hours. The token’s value has since retreated 35% in the last 24 hours to $0.0008906. Messi posted an image of WATER’s mascot, an animated glass of water, and provided a link to the project. The promotion generated skepticism and concerns that it might be just another strategy for quick financial gain.
The Supreme Court of Singapore ordered the Multichain Foundation (COIN:MULTIUSD) to compensate the Fantom Foundation (COIN:FTMUSD) for losses from a $210 million hack. In July 2023, Multichain suffered a significant hack affecting multiple chains, including Fantom. On July 8, 2024, the court awarded Fantom $2.187 million.
The TON Application Chain (TAC) and Polygon Labs are collaborating to integrate Ethereum Virtual Machine (EVM) functionality into the TON ecosystem. Announced on July 9, this partnership will enable EVM-compatible decentralized applications (DApps) to be deployed on TON. The goal is to enrich the TON network with a wider variety of applications, such as decentralized finance (DeFi), gaming, and identity solutions. The initiative also aims to enhance interoperability between the TON and Ethereum ecosystems, facilitating Ethereum developers’ access to a vast user base on Telegram.
The Tezos blockchain, created by Arthur and Kathleen Breitman, announced a new crypto debit card for payments in collaboration with Baanx, a digital asset card facilitator and partner of Mastercard (NYSE:MA). This non-custodial Tezos-branded card will enable transactions on Etherlink, an Ethereum-compatible layer-2 blockchain, using Tezos Smart Rollups technology for efficient and cost-effective payments. Accepted by over 110 million global merchants, the card offers a practical solution for users wishing to spend their cryptocurrencies directly.
Cardano’s (COIN:ADAUSD) Node 9.0.0 has been launched, introducing fundamental changes for the upcoming Conway era, as documented on GitHub. This release includes updates such as on-chain governance, enhanced support for Plutus scripts, and preparation for the Chang hard fork. Charles Hoskinson, founder of Cardano, highlighted that this update is crucial for establishing effective decentralized governance, and the adoption of this new node by Stake Pool Operators is essential for advancing to the Chang hard fork, which aims to transform Cardano into a self-sustaining, community-managed entity.
The Rome Protocol raised $9 million in a funding round aimed at enhancing integration between the Ethereum and Solana networks. This project aims to use Solana’s technology to optimize efficiency and reduce costs in Ethereum rollups, improving transaction speed, privacy, and scalability. Additionally, it offers atomic composability, with transactions being first validated on Solana before processing on Ethereum. Renowned investors, including Hack VC, Polygon Ventures, HashKey, Portal Ventures, TRGC, Perridon Ventures, and Bankless Ventures, as well as leaders from Solana, supported the initiative. The protocol’s innovation will introduce shared sequencers, facilitating interoperability and strengthening the infrastructure available to developers.
The U.S. Senate Armed Services Committee requested Secretary of Defense Lloyd Austin to explore using blockchain technology for applications like supply chain management and other areas of national security. In the report for the 2025 National Defense Authorization Act, issued on July 9, the committee highlighted blockchain’s potential to enhance the security, integrity, and auditability of defense operations. The report also requests a detailed plan by 2025 to assess the associated benefits and risks.
Dubai Customs launched a blockchain platform to reduce friction in the local and international supply chain. Announced on July 8, the initiative is part of Dubai’s strategy to become a leading smart city. Ahmed bin Sulayem, chairman of the Ports, Customs, and Free Zone Corporation, emphasized that the technology will increase transparency, reduce paperwork, and improve the business environment, consolidating Dubai as a global trade and logistics hub.
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