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On July 15, Bitcoin (COIN:BTCUSD) surpassed the $63,000 mark, trading up 4.6% in the last 24 hours at $63,600. With a 14.11% increase over the last 7 days, Bitcoin has reignited hopes of a full return to the bull market after weeks of lateral movement marked by liquidations. Analysts highlight the end of the bearish trend, suggesting a promising scenario for the cryptocurrency. The rise in cryptocurrency price was influenced by the failed attack on Donald Trump, with expectations that this could boost his chances in the November elections. Trump recently expressed favorable positions towards cryptocurrencies and will be the keynote speaker at the Bitcoin 2024 conference. Stocks of companies linked to the crypto market, such as Coinbase (NASDAQ:COIN), MicroStrategy (NASDAQ:MSTR), and Riot Platforms (NASDAQ:RIOT), also surged on Monday.
Bitcoin miners have generally decreased their selling activities. Following the halving of rewards in April 2024, there was an initial increase in sales to cover operational costs. However, a notable drop in the percentage of mined supply sold in the last 30 days indicates a trend of retaining mined Bitcoins despite reduced rewards.
Marathon Digital Holdings (NASDAQ:MARA), for example, chose not to sell any of its Bitcoins in June, reflecting the growing trend among US-based Bitcoin miners to hold onto the Bitcoin they mine. In an interview, Salman Khan, CFO of Marathon, explained that the decision-making process on when to accumulate or sell Bitcoin is systematic and considers market dynamics. The company maintains a significant position in Bitcoin, valued at over $1 billion, and views the digital asset as a strategic store of value, unlike physical commodities like oil that require immediate sale.
Cryptocurrency exchanges are imposing restrictions on brokers that bundle client orders to access lower trading fees reserved for VIPs. OKX, the second-largest exchange by volume, recently demanded detailed information about prime brokerage subaccounts, including responsible parties and legal locations. Without this information by July 17, the subaccounts may be restricted or closed. Meanwhile, market leader Binance adjusted its interface to eliminate loopholes that allowed brokers to offer discounts to their clients, aiming to maintain a fair and regulated trading environment.
Last week, Bitcoin investment products (COIN:BTCUSD) saw inflows of $1.35 billion, marking the third consecutive week of inflows and the highest value since early June, according to CoinShares Ltd. This three-week period accumulated total gains of $1.85 billion, recovering from losses of $1.2 billion in the previous two weeks. Overall, cryptocurrency investment products saw $1.44 billion in inflows in the week ending July 12.
BlackRock (NYSE:BLK) achieved a record of over $10.6 trillion in assets under management (AUM), with an annual growth of $1.2 trillion. This milestone was partially achieved due to the significant increase in investments in exchange-traded funds (ETFs). Larry Fink, CEO of BlackRock, highlighted that the company’s ETFs had record inflows at the beginning of 2024, contributing to the best start of the year in the company’s history. BlackRock is also known for managing the world’s largest spot Bitcoin ETF, the iShares Bitcoin Trust (NASDAQ:IBIT), reinforcing its impact on the cryptocurrency market.
Nate Geraci, president of the ETF Store, predicts the imminent approval of an exchange-traded fund (ETF) for Ethereum (COIN:ETHUSD). Industry experts, including Matt Hougan of Bitwise Asset Management, share this optimism, believing that such approval could attract substantial interest and investment to Ethereum, shaping the market and the crypto industry as a whole. Geraci expressed his confidence publicly, mentioning the readiness of issuers and the lack of reasons for further delays.
Tether (COIN:USDTUSD) is enhancing transparency regarding the use of its stablecoin, USDT, by hiring Philip Gradwell, former chief economist at Chainalysis, as its new head of economics. Gradwell will be responsible for analyzing and disclosing information about USDT usage to regulators and stakeholders, aiming to clarify the practical application of digital assets and their impact on the real economy. With this initiative, Tether seeks to strengthen communication with regulatory bodies, especially in the US, where it has faced legal challenges and collaborated with federal authorities.
Last week, Layer 2 tokens, such as Optimism (COIN:OPUSD) and Arbitrum (COIN:ARBUSD), saw significant price increases of 30.7% and 12.8%, respectively, reflecting growing interest and robust demand in the Layer 2 blockchain segment. Another standout cryptocurrency is Algorand (COIN:ALGOUSD), a Layer 1 token, which grew by 22.2% over the past seven days. However, on-chain data reveals that 90% of Algorand holders are still facing losses, as the cryptocurrency’s value has plummeted more than 50% from its peak of $0.3296 in March this year, now standing at $0.1549. Most acquired their positions when the value was above $0.16, resulting in significant unrealized losses for the majority of investors.
Constellation Network (COIN:DAGUSD) has opened the doors for Web3 and Web2 developers to build on its Hypergraph distributed ledger technology, developed in collaboration with the US Department of Defense. The event, called the Global Metagraph Hackathon, is entirely virtual and free, running from July 15 to September 9, 2024. Participants will compete for a total of $100,000 in DAG, the network’s cryptocurrency, with a grand prize of $25,000 for the most successful metagraph development and on-chain tools project. Constellation Network also has significant partnerships with Panasonic (USOTC:PCRHY) and IBM (NYSE:IBM), supporting the development of new metagraph technologies.
On July 15, several YouTube accounts of renowned Filipino musicians were hacked and used to promote a scam involving the cryptocurrency Ripple (COIN:XRPUSD). The hackers used a fake video of Ripple CEO Brad Garlinghouse, claiming that XRP could reach $4. This type of scheme typically redirects victims to phishing sites, where their funds can be accessed improperly. Among those affected are the band Ben&Ben, the boyband SB19, and musician Rico Blanco.
In an unusual event, a phishing scammer returned nearly $9.3 million to a victim after stealing $24 million in an attack that occurred in September 2023. The funds were returned in two transactions using the stablecoin Dai (COIN:DAIUSD), with the first transaction of $5.23 million on July 8 and the second of $4.04 million on July 13. The return occurred ten months after the victim fell for a scam involving token approval for the scammer.
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