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Today's Market News 🍀 ✅ Jump Trading sues FTX: Jump Trading is suing FTX for $264 million in compensation for not receiving 800 million SRM tokens under a prior loan agreement with Alameda. FTX opposes this claim, stating that the loan is invalid and the damage calculation is unreasonable, questioning the transparency of the agreement as there were no fees or interest. The SRM tokens are currently worth much less than Jump's claim. ✅ SEC exempts certain SAB121 requirements: The SEC is allowing some exceptions to the SAB121 crypto accounting rule, making it easier for financial institutions to store crypto. Financial institutions must request and work with SEC staff to qualify for this exemption. Despite the failed vote to overturn the veto, a majority of lawmakers support banks holding crypto. ✅ German Bitcoin wallet balance drops to zero: After 25 days of continuously transferring BTC to exchanges and market makers, the German government’s Bitcoin wallet is now empty, signaling the end of liquidation activities. During this period, Bitcoin prices dropped from $65,600 to $57,800, hitting a 5-month low of $53,500 due to sell-off pressure causing investor panic. ✅ Fear & Greed Index drops to "extreme fear": For the first time in 2024, the Fear & Greed Index has fallen to the "extreme fear" level, the first time in over 18 months. This index, developed by CNN Business and applied to crypto by Alternative.me, has dropped to 25/100, indicating extreme investor fear.

Today's Market News 🍀 ✅ SEC vs. Coinbase Update: Judge Failla stated that she does not necessarily agree with Coinbase's arguments about accessing SEC Chairman Gensler's emails but is willing to hear their arguments. She added that she has "strong views about the disproportionate burden of investigating Mr. Gensler’s statements before he became chairman," meaning that what Gary Gensler said before becoming SEC chairman does not matter. She requested both parties to submit letters to the court by July 15. ✅ SEC halts investigation into Paxos related to BUSD stablecoin: The SEC has ceased its investigation into Paxos concerning the BUSD stablecoin, marking a significant victory for crypto. A year ago, the SEC sent a Wells notice to Paxos signaling their intention to sue. SEC Chairman Gary Gensler has grown weary of consistently losing in court. ✅ Block signs deal with Core Scientific: Block, Jack Dorsey’s company, has signed its first contract to supply 3nm Bitcoin mining chips to Core Scientific. This contract will help Core increase its mining capacity by 15 exahashes per second (EH/s) to their current 24.6 EH/s. The use of Block’s 3nm chips promises to enhance Bitcoin mining efficiency and reduce energy consumption. ✅ Argentina football fan token (ARG) doubles in value: The Argentina national football team fan token (ARG) has doubled in value after Lionel Messi and his teammates reached the final of the 2024 Copa America. The defending champion, Argentina, advanced to the final after a victory over Canada on the early morning of July 10, 2024, causing the ARG fan token’s value to double within 24 hours. According to CoinMarketCap data, the price of ARG increased nearly 110% to a peak of $2.35 following Argentina's 2-0 win over Canada, the highest price recorded since May 30.

Today's Market News 🍀 ✅ Details from Rep. Ro Khanna's crypto meeting: According to Eleanor Terrett, the meeting between crypto industry leaders and Democrats 🇺🇸 highlighted their bad experiences with the SEC. Anita Dunn (Biden’s senior advisor) was surprised by their descriptions. The consensus among industry leaders was that Biden should fire Gary Gensler. ✅ Donald Trump to speak at Bitcoin Conference: Former President Donald Trump will be a speaker at the Bitcoin Conference from July 25-27 in Nashville, Tennessee. ✅ Cardano releases Node 9.0: The Cardano development team has released Node 9.0, the latest version in preparation for the upcoming Chang hard fork at the end of this month, leading Cardano into the Voltaire Era. This era focuses on decentralized governance through two Chang upgrades, including the deployment and completion of CIP 1694. ✅ Former FTX executives sentenced: Nishad Singh and Gary Wang, former FTX executives, will be sentenced this fall after pleading guilty. Sam Bankman-Fried has been sentenced to 25 years in prison, and Ryan Salame to 7.5 years. Caroline Ellison and Sam Trabucco have yet to be sentenced. ✅ Santa Monica to open official Bitcoin office: Santa Monica, California 🇺🇸 will open an official Bitcoin office. The city council unanimously voted for this pilot project in collaboration with the nonprofit Proof of Workforce at no cost to the city. The office will provide Bitcoin education, foster tourism development, connect residents with jobs, and explore sustainable Bitcoin mining.

Today's Market News 🍀 ✅ US Senator Accepts Crypto Donations: US Senator Marsha Blackburn now accepts Bitcoin and crypto donations for her re-election campaign through BitPay. ✅ASX Approves Second Bitcoin ETF: The Australian Securities Exchange (ASX) has approved the listing of the second Bitcoin ETF after the Monochrome Bitcoin ETF (IBTC) started trading a month ago. ASX has allowed DigitalX to launch a Spot Bitcoin ETF, expected to begin trading on July 12 under the ticker BTXX. ✅ German Government Moves Bitcoin: According to ArkhamIntel, today, the German government sent 6,306.9 BTC ($362.12 million USD) to Kraken, Cumberland, 139Po (possibly an OTC service), and address bc1qu. Currently, the German government still holds 22,847 BTC ($1.32 billion USD). ✅ Matthew Sigel of VanEck predicts that over $6 trillion USD will flow into the crypto market from inheritances over the next 20 years. According to a Bank of America study, Gen X and Millennials will inherit $84 trillion USD from Baby Boomers by 2045. To reach this figure, young investors aged 21-43 need to invest 14% of their inheritance in crypto, approximately $300 billion USD annually for the next 20 years. The difference is also evident as 72% of young investors believe they cannot achieve high returns with traditional stocks and bonds alone, compared to only 28% of older investors holding this view. ✅ FTX Reimbursement Update: FTX is also preparing to reimburse victims in the fourth quarter of this year. Unlike MT Gox, FTX will pay in cash, approximately $14-16 billion USD. This amount comes from selling company shares, assets, and remaining crypto over the past year.

Today's Market News 🍀 ✅ ETF Updates: - Ethereum: Grayscale and Fidelity have filed S-1 forms with the SEC, awaiting approval to trade. CNBC predicts the SEC will respond this week or next, while Bloomberg estimates trading could start by July 15. - Solana: CBOE has filed to list VanEck and 21Shares Solana ETF with the SEC. Once confirmed, the SEC has up to 8 months to decide, potentially resulting in a decision by March next year. ✅ The House may vote on Tuesday or Wednesday to override the veto on the SAB121 repeal bill. It requires a two-thirds majority in both chambers, with the House needing 60 more votes from Democrats. A risk for Bitcoin and Ether ETFs is the lack of major custody service providers due to SAB121 regulations. ETFs would be safer if banks could participate in crypto custody. ✅ Republican National Committee: Passed a draft platform pledging to protect Bitcoin mining rights and the self-custody of digital assets. They oppose the creation of a Central Bank Digital Currency. ✅ Wormhole Supports USDT: Announced cross-chain transfer support for the native version of USDT between Ethereum and EVM networks. Partnered with PancakeSwap and Uniswap V3. Uses xUSDT as a bridge with liquidity pools for xUSDT/USDT. ✅ German Government Asset Transfer: On the evening of July 8, the German government's wallet transferred 5,550 BTC to Coinbase, Bitstamp, Kraken, 1,205 BTC to unidentified wallets, 134 BTC to Cumberland, 4,200 BTC to Flow Traders, and 1,700 BTC to B2C2. The total transaction value exceeded $900 million, the largest since late June.

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Today's Market News 🍀 ✅ German Government Receives 1915 BTC from Wallets Linked to Kraken, Bitstamp, and Coinbase ArkhamIntel confirmed that the German government’s wallet received 1915 BTC ($111.5 million) from addresses linked to Kraken, Bitstamp, and Coinbase. Subsequently, 1047.4 BTC ($57.2 million) was sent to Flow Traders and 139Po two days ago. ✅ Celo Successfully Launches Dango Layer 2 Testnet Celo launched the Dango Layer 2 testnet, built on Optimism’s OP Stack. After an 8-month evaluation, Celo joined Optimism’s Superchain ecosystem, maintaining the benefits of Celo’s layer-1 with enhanced scalability and interoperability. ✅ Vitalik Buterin Emphasizes Shortening Block Confirmation Time At the EthCC[7] conference in Belgium, Vitalik Buterin discussed the Pre-Confirmations model, highlighting the benefits of reducing Ethereum’s block confirmation time from 10-13 minutes to 1 second with Layer-2 solutions. ✅ Mt. Gox Users Begin Receiving Assets After 10 Years After a 10-year wait, Mt. Gox users started receiving their assets. This news, along with the German government’s selling pressure, drove Bitcoin’s price down to $53,500, its lowest since February 2024.

Today's Market News 🍀 ✅ US Bitcoin ETFs record an inflow of $143 million On July 5, US spot Bitcoin ETFs saw an inflow of $143.1 million. Fidelity's FBTC led with $117.4 million, while BlackRock's largest ETF had positive or zero inflow. Only Grayscale's GBTC saw an outflow of $28.6 million. ✅ Governments hold $17.8 billion in Bitcoin According to Arkham, governments of Germany, the US, and the UK hold $17.8 billion in Bitcoin. Since June 19, the US, Germany, and Mt. Gox have moved 17,788 BTC, over $1 billion. However, this is a small portion of their total Bitcoin holdings. These governments have previously auctioned off Bitcoin from their wallets. United States: $12.22 billion Bitcoin United Kingdom: $3.3 billion Bitcoin Germany: $2.28 billion Bitcoin El Salvador: $314 million Bitcoin ✅ Taiwan Mobile gets approval to offer crypto services Taiwan Mobile, Taiwan's second-largest telecom provider, received FSC approval to offer crypto services on July 5. The company is seeking partners in Taiwan's crypto market and may establish a crypto exchange. Taiwan Mobile is the 26th registered Virtual Asset Service Provider in Taiwan. ✅ Large wallets benefit from Bitcoin volatility According to Santiment, wallets with 10K+ Bitcoin have added 212,450 BTC in the past 6 weeks, gaining 1.05% of the total supply. The last time these wallets held over 3.19 million BTC was in November 2018. ✅ Aptos Labs introduces Aptos Connect Aptos Labs introduced Aptos Connect, allowing web3 wallet use without remembering private keys. Users log in with Google accounts and use ZK-proofs for identity verification. However, this depends on the security of users' Google accounts, posing risks if accounts are compromised.