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The global blockchain industry is celebrating the tenth anniversary of Ethereum’s initial coin offering (ICO). This occasion marks a decade since Ethereum (COIN:ETHUSD) raised over $18 million in Ether, paid in Bitcoin, following co-founder Vitalik Buterin introducing the project in 2014. The celebration of this milestone will take place at EDCON 2024 in Tokyo, bringing together co-founders and key members of Ethereum to discuss the network’s revolutionary past and promising future.
Bitdeer Technologies (NASDAQ:BTDR), a Bitcoin mining company, has been highlighted by brokerage Benchmark as an attractive acquisition target due to the growing interest from artificial intelligence (AI) and high-performance computing (HPC) companies in its energy assets. Benchmark raised Bitdeer’s price target from $13 to $16, maintaining a buy recommendation after observing that its shares have more than doubled in the past two months. The company is also exploring potential partnerships in the AI/HPC space.
Over $230 million in digital assets, including all PUSH tokens from WazirX, were stolen in a cyberattack on July 18, 2024. The price of the native token of the Push Notification Service (COIN:PUSHUSD) has fallen by 30.5% in the past 24 hours. In response, WazirX has suspended all transactions and announced a $23 million reward for information leading to the recovery of the funds.
The price of Bitcoin (COIN:BTCUSD) experienced an intraday high of $68,495.00 after the announcement that President Joe Biden would not seek re-election. However, the value has retreated by 1% in the past 24 hours to approximately $67,490.
Meanwhile, Metaplanet (TSX:3350), a Tokyo-listed company, continued its aggressive Bitcoin purchases, adding 20,381 BTC to its treasury, bringing its total to 245,992 BTC. The Real Bedford Football Club also bolstered its Bitcoin reserves, acquiring 66.9 BTC at an average price of about $67,220 per unit, resulting in an investment of approximately $4.5 million. With this new purchase, the club now holds a total of 82.7 BTC, acquired at a total cost of about $5.37 million. Of these, 15.8 BTC are allocated for the club’s daily operations, while the remainder is held as part of the club’s treasury.
Additionally, the bankrupt exchange Mt. Gox conducted test transactions, moving funds to facilitate creditor repayments, which could have further impacts on the cryptocurrency market. Mt. Gox is preparing to repay its creditors using the exchange Bitstamp, sending small amounts to cold wallets, signaling the final phase before initiating repayments.
Traders who observed the recent rise in Bitcoin’s value, surpassing the $68K mark, may want to reconsider selling these assets quickly. Markus Thielen of 10x Research advises caution ahead of Donald Trump’s speech at the Bitcoin Conference in Nashville on Saturday. There is speculation that Trump might announce plans to adopt Bitcoin as a strategic reserve asset, which could significantly influence its value. Thielen also points out that Bitcoin is near its previous record high, which could lead to a parabolic increase if these levels are maintained.
On the other hand, JPMorgan (NYSE:JPM) reported that Bitcoin’s price, significantly above its production cost of $43,000, suggests overvaluation, predicting that future increases will be short-lived. The bank also noted weak momentum in Bitcoin futures, impacted by significant liquidations, but expects a recovery in future positioning in August.
NYSE Arca has confirmed the approval for listing Ethereum ETFs (exchange-traded funds) managed by Grayscale and Bitwise. Documents submitted to the SEC on July 22 indicate the registration of these funds, still pending final regulator authorization to be launched, likely on July 23. This move follows similar approvals for other Ethereum ETFs, such as those offered by Fidelity and VanEck, indicating growing institutional interest in Ethereum, which could impact market liquidity and volatility.
On July 23, CSOP Asset Management, one of China’s largest asset managers, will list the CSOP Bitcoin Future Daily (-1x) Inverse Product on the Hong Kong Stock Exchange (HKEX). This ETF is designed to offer investors the opportunity to profit from declines in Bitcoin prices by tracking the daily inverse performance of the S&P Bitcoin Futures Index.
Swan Bitcoin, a financial services company focused on Bitcoin, announced significant changes to its operations. CEO Cory Klippsten revealed that the company has abandoned its plans to go public and is closing its managed mining unit due to a lack of short-term revenue projections. Additionally, there will be staff cuts in various areas of the company. Despite these setbacks, Swan will continue to offer Bitcoin-related financial services and maintain its commitment to free Bitcoin education.
Solana (COIN:SOLUSD) registered a 22.7% increase in the past week, outperforming larger cryptocurrencies like Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD), with its price exceeding $180. Market observers attribute this appreciation to the growth of transactional activity in Solana-based applications and the anticipation of a possible Solana ETF. Increased activity in decentralized exchanges and the growth of total value locked (TVL) on the network, which recently surpassed $5.28 billion, also contributed to the momentum. Additionally, the possibility of favorable regulation under a potential Trump administration and the enthusiasm for the imminent launch of an Ethereum ETF have raised expectations that Solana could be the next cryptocurrency to have its own ETF.
Cryptocurrency investment products recorded the third consecutive week of inflows, totaling $1.35 billion last week, raising the total for July to over $3 billion. This upward trend was led by Bitcoin-related products, which accounted for 95% of the inflows. Despite a 45% increase in ETP trading volumes last week, these still represent only 22% of the total crypto market volume. While short-term Bitcoin ETPs saw minor outflows, Ethereum and Solana products recorded significant inflows, highlighting growing interest in these assets.
The crypto community may have misinterpreted the SEC’s recent stance, particularly after Consensys announced the closure of the SEC’s investigation into Ethereum 2.0. This move was seen by some as a sign of a softer approach from the SEC, but the reality is that the agency remains as adversarial as before. The recent decision to approve an Ethereum ETF was an exception, not a policy shift. The SEC continues its strict approach, often classifying various tokens as securities, which implies additional restrictions for smart contract developers. This ongoing aggressive policy is seen as counterproductive, hindering blockchain technology advancement in the U.S.
NPC Labs, a startup focused on Web3 gaming infrastructure, raised $21 million in funding, led by Pantera Capital. The company, formed by former members of the Base team, aims to simplify on-chain game development, addressing challenges like liquidity and technical complexities. Currently, NPC Labs is involved in B3.fun, a gaming ecosystem on Coinbase’s L2 network, designed to offer seamless integration of games across multiple blockchains without users needing to switch networks. This environment also supports games from other networks like Ethereum and Solana.
According to Cointelegraph, a memecoin trader suffered a dramatic loss of nearly $8 million by investing in the Jeo Boden (BODEN) token, associated with President Joe Biden, amid expectations of a new memecoin season. The trader exchanged Jupiter tokens (COIN:JUPUSD) at the peak of BODEN, resulting in a 99% devaluation of the initial investment. The remaining value is now only about $85,000 from a total of $8 million invested.
OKX, one of the largest cryptocurrency exchanges by trading volume, has innovated by launching OKX Racer, a free mini-app on Telegram. The game challenges users to predict Bitcoin price fluctuations in five-second intervals. This launch marks OKX as the first major centralized crypto exchange to explore Telegram’s mini-app platform, which is already popular for simple games that allow users to earn cryptocurrencies. With a simple interface, players decide whether Bitcoin’s price will rise or fall, accumulating points and rewards based on their accuracy.
Atari, in collaboration with Coinbase (COIN:TONCOINUSD), is bringing the iconic games Asteroids and Breakout to the blockchain as part of the Onchain Summer event and the newly launched Onchain Arcade. This initiative allows players to compete for leaderboard positions and earn rewards. The launch aims to modernize the experience of classic games, offering a new way to engage and reward creators through blockchain technology, ensuring that profits from sales return directly to them.
Mocaverse and MOCA Foundation, subsidiaries of Animoca Brands, have partnered with TON Foundation to integrate identity and reputation networks into the Moca Network ecosystems and the TON blockchain. This agreement includes a token swap between MOCA and TON (COIN:TONCOINUSD), aiming to increase user interactivity between platforms.
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