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Bitfarms (NASDAQ:BITF), a cryptocurrency mining company, has scheduled a shareholder meeting for October 29 in response to a $950 million acquisition bid by Riot Platforms (NASDAQ:RIOT). Riot, which has already attempted to replace Bitfarms’ board members to advance its acquisition bid, faces resistance from Bitfarms, which is employing strategies to protect its interests. The meeting was called to discuss these actions amid growing tensions between the two companies.
Shares of Bitcoin mining company Iris Energy (NASDAQ:IREN) experienced volatility on Friday, with the stock price opening at $11.07, dropping to a low of $10.87, and then rising nearly 10% to a high of $12.28. A report from Culper Research accused the company of being “extremely overvalued.” The report criticized IREN for not adequately investing in high-performance computing (HPC) infrastructure despite announcing large plans for the sector. Culper also highlighted the discrepancy between IREN’s declared development costs and the actual market costs for HPC data centers. Despite this, Bernstein Research noted that most of the on-site expansion is dedicated to Bitcoin mining, for which the existing infrastructure is adequate, significantly contributing to the company’s value.
Ripple (COIN:XRPUSD) stands out with a growth of over 4% in the last 24 hours. This increase follows the announcement by CME and CF Benchmarks about the introduction of indices and reference rates for XRP. Ripple CEO Brad Garlinghouse sees this development as a significant boost for institutional adoption of XRP. Meanwhile, Filecoin (COIN:FILUSD) experiences a 1.7% drop, with the current price at $4.01, despite efforts to improve decentralized AI development by leveraging the network’s storage and computing capabilities in partnership with SingularityNET (COIN:AGIUSD). The collaboration begins with using the Lighthouse SDK for metadata storage and evolves into creating a Knowledge Graph, enhancing security and data management.
Cryptocurrency adoption is projected to reach one billion users by 2026, a significant increase driven by popularization and growing numbers of holders. Pavlo Denysiuk, CEO of Lunu, during the NFT Fest 2024, highlighted that the number of cryptocurrency users could triple in the next two years. This growth will be facilitated by integrating infrastructures in common commercial locations, such as Starbucks (NASDAQ:SBUX), simplifying the use of cryptocurrencies as a payment method.
Bitcoin (COIN:BTCUSD) is trading up 1.3% at $58,125 in the last 24 hours on July 12, reacting to the US Producer Price Index (PPI) data, which exceeded expectations with an annual increase of 2.6%, against the expected 2.3%, and 0.1% above the previous month. This increase suggests more persistent inflation, contrasting with the Consumer Price Index (CPI) data released yesterday. Bitcoin’s appreciation occurred alongside a rise in US stocks, while the dollar showed a slight decline.
Developers of Bitcoin Core, the main software for transactions on the Bitcoin network based on open-source code, recently disclosed 10 vulnerabilities affecting previous versions of their software, coinciding with the implementation of a new disclosure policy to increase transparency and communication about such flaws. This change comes after criticism about the lack of clarity in previous disclosures, leading to the false perception that Bitcoin Core is immune to bugs. The vulnerabilities, varying in severity, highlight the importance of keeping the software updated to protect the network against potential attacks.
The German government resumed the sale of its Bitcoin (COIN:BTCUSD) reserves on July 12, distributing 3,200 BTC through multiple transactions to exchanges such as Bitstamp, Kraken, and Coinbase, and to unknown addresses. This action is part of an ongoing effort to divest seized Bitcoins, having already sold 88.4% of an initial total of 50,000 BTC. The German government now holds 6,894 BTC, representing 13.8% of the initially seized total. Meanwhile, El Salvador continues to acquire 1 BTC per day, approaching the German Bitcoin holdings.
On July 11, Bitcoin exchange-traded funds (ETFs) continue to attract capital, with inflows of $78.9 million, extending the streak to the fifth consecutive day of positive flows. Leading these inflows, BlackRock’s ETF (NASDAQ:IBIT) recorded $72.1 million, with the fund totaling $18.1 billion. Following were Fidelity (AMEX:FBTC) and Bitwise (AMEX:BITB), with inflows of $32.7 million and $7.5 million, respectively. Grayscale’s ETF (AMEX:GBTC) was the only one facing outflows ($37.7 million), indicating a divergent performance in the sector.
Dough Finance (COIN:DOUGHUSD), a decentralized finance (DeFi) platform, was the victim of a flash loan attack resulting in the loss of $1.8 million in digital assets. Web3 security firm Cyvers detected suspicious transactions and, while confirming the safety of Aave pools, identified that the stolen assets were converted from USDC to Ether, totaling 608 ETH. The exploitation was made possible by validation failures in a Dough Finance smart contract.
The US Securities and Exchange Commission (SEC) concluded its more than three-year investigation into blockchain software developer Hiro Systems (formerly Blockstack) and the Stacks blockchain, without recommending any enforcement actions. This outcome is considered highly favorable for the company in the current US regulatory environment. After three years of investigation, the decision not to recommend enforcement actions marks another success for the cryptocurrency sector against regulatory challenges, continuing a positive trend also seen in the recent case of stablecoin company Paxos. Stacks’ native token (COIN:STXUSD) rose 5.6% in the last 24 hours.
MakerDAO, responsible for the $5 billion stablecoin DAI (COIN:DAIUSD), plans to invest $1 billion of its reserves in tokenized US Treasury bonds. This move has attracted attention from major names like BlackRock (NYSE:BLK), Superstate, and Ondo Finance, eager to participate in the proposal. The initiative marks a new phase in MakerDAO’s reserve strategy and a significant boost for the tokenized real-world asset market, as these bonds offer a low-risk investment option for blockchain-based funds.
Asset manager DWS, in partnership with AllUnity, plans to launch the first regulated euro-denominated stablecoin in 2025, according to Stefan Hoops, the company’s CEO. The stablecoin will be regulated by BaFin, the German financial authority, and aims to meet the initial demand of crypto investors, gradually expanding to other areas such as continuous industrial payments via the Internet of Things. Frankfurt-based AllUnity is still awaiting regulatory approval from BaFin.
The UK Law Commission recently published a document detailing how existing laws can be adapted for Decentralized Autonomous Organizations (DAOs). The study indicates that a new specific legal entity for DAOs is not currently necessary due to the lack of definition about their characteristics and structures. However, the document recommends that the Companies Act 2006 be reviewed to incorporate DAO technologies into corporate governance and adjust anti-money laundering regulations.
Meanwhile, the European Union reaffirmed its partnership with ChromaWay, aiming to develop sustainable blockchain-based solutions. This collaboration was reinforced after an effective presentation by ChromaWay at an EU meeting, highlighting significant progress in decentralized applications, focusing on Digital Product Passports and intellectual property rights management.
In its 2024 platform, the US Republican Party expressed concern about the development of a central bank digital currency (CBDC), fearing it could enable invasive state surveillance. The proposal questions the security of a CBDC in light of advances in quantum computing, which could compromise the currently used encryption, leaving the monetary system and personal data vulnerable to external attacks. Tests and pilot projects have used technologies still susceptible to such threats. The platform suggests the urgent need to develop and implement post-quantum technology to protect the future of the US monetary system and financial privacy, despite legislative efforts to prohibit CBDC development.
ZAP (COIN:ZAPUSD), a token distribution protocol on the Ethereum Layer 2 Blast network, has raised $15.1 million in three recent funding rounds. The platform, which aims to automate token distribution based on user contributions, plans to raise up to $50 million with the completion of an ongoing vault sale. This funding strategy aims to support the protocol’s growth and future expansion, including adding new functionalities and expanding to other blockchains.
Partior, a global fintech specializing in blockchain payments, raised over $60 million in a Series B funding round led by Peak XV Partners, formerly known as Sequoia Capital India & SEA. The round also included new investors such as Valor Capital and Jump Trading, along with support from established shareholders like JPMorgan, Standard Chartered, and Temasek. The funds will be invested in developing new functionalities for its interbank platform, such as intraday foreign exchange swaps and the integration of new currencies, aiming to improve real-time cross-border payment clearing and settlement.
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