A well-known crypto whale has made a big move against Ethereum, opening a $62.42 million short position using 18x leverage. The trader, identified by the wallet address “0x2258…”, is betting heavily that ETH won’t climb anytime soon—and so far, the gamble is paying off. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? Based on blockchain data monitored via Hyperdash, the whale shorted 20,474 ETH at an entry point of $3,060. As ETH has been trading at levels lower than $3,000 at the time of writing, the whale is already enjoying an unrealized profit of approximately $1.14 million, or returns of 30%. Ethereum Under Pressure Below $3,500 The liquidation value of the position is at $3,505 — near where ETH traded previously in January 2025. That point is now serving as very powerful resistance. If the price exceeds that level, the position stands to be completely liquidated. Whale 0x2258, who’s already made over $15M, is shorting $ETH with 18x leverage, holding a position of 20,474 $ETH($62.5M). This whale has previously profited big by trading against James Wynn.https://t.co/BALllYbUXbhttps://t.co/NhOE1YD4QN pic.twitter.com/7k5ZE81Noa — Lookonchain (@lookonchain) July 15, 2025 Despite that narrow buffer, the trader seems confident. The use of 18x leverage suggests a high-conviction call that ETH will drop further or, at the very least, won’t bounce past that resistance level in the short term. This kind of heavy shorting is raising eyebrows in a market that’s still undecided on whether Ethereum can regain bullish momentum alongside Bitcoin. Track Record Of Outsmarting James Wynn This isn’t the first time “0x2258…” has stepped in with bold trades. The wallet has gained a reputation for taking positions that go directly against crypto influencer James Wynn—often with profitable results. Back in May, Wynn went long on ETH and Bitcoin. Almost immediately, 0x2258 shorted both. When Wynn closed his positions, 0x2258 did the same and walked away with $1.36 million. The next day, as Wynn flipped bearish, 0x2258 went long and bagged another $2.54 million. The back-and-forth continued. By May 26, the whale had locked in $5.6 million in profits in just three days. Since then, the strategy has snowballed into more than $15 million in realized gains, most of it from flipping against Wynn’s positions. Related Reading: If You’re Wealthy, 1 Bitcoin Should Already Be In Your Wallet, Expert Says Big Bet Reflects Uncertainty In ETH’s Path While Bitcoin continues to break through key resistance zones, Ethereum seems stuck in a tougher fight. Traders like 0x2258 appear to believe that ETH lacks the strength right now to push past the $3,500 level. Still, shorting with this level of leverage is a double-edged sword. If ETH bounces sharply, traders like 0x2258 could get caught in a squeeze, forced to buy back in at a loss—driving the price up even faster. So far, though, the whale is winning again. Whether it ends in another multi-million-dollar gain or a hard reset depends on what ETH does next. For now, the market is waiting to see what happens next. Featured image from Meta, chart from TradingView
Pakistan and El Salvador have formalized diplomatic relations for the first time, anchoring the partnership on crypto collaboration and digital asset development, according to a July 16 announcement. The presser followed a meeting in San Salvador between Bilal Bin Saqib, special assistant to Pakistan’s prime minister on crypto and blockchain, and El Salvador’s President Nayib […]
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World Liberty Financial (WLFI) token holders approved a governance proposal to make the WLFI token tradable, allowing the project to begin enabling transfers and secondary market access. Token holders cast overwhelmingly affirmative ballots before the July 16 close, with 11.1 billion tokens voting “Yes,” equivalent to 99.94%. World Liberty posted the “Make $WLFI Token Tradable” […]
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Bitcoin spent about nine months stuck below $110 K before finally pushing past that ceiling this month. The move up to $123,000 shows real buying power. According to EliteOptionsTrader, a crypto expert, many investors see this as the start of something bigger. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? Key Catalysts Driving The Surge Based on examination by EliteOptionsTrader, one of the biggest factors is the potential approval of a spot Ethereum ETF. Bitcoin’s own ETFs have pulled in billions from major institutions, and a greenlight for Ethereum could send more money into crypto overall, lifting Bitcoin further. The US election is now behind us, and talk of Federal Reserve rate cuts in late 2025 is fueling bets on a weaker dollar. Many traders view Bitcoin as a shield against political or economic swings. At the same time, hedge funds, sovereign wealth funds, and pension plans hold only small slices of Bitcoin so far. If they decide to jump in, that could push prices even higher. Bitcoin’s Road to $250K in 2025? ????$BTC has been consolidating under 110k for the last 9 months and finally broke out this month. As of now we already test 120k and looks like we are in route to testing 150k in the coming weeks. One thing to note, after something bases for such… pic.twitter.com/GGUrcUcp0D — EliteOptionsTrader (@EliteOptions2) July 15, 2025 Long Base Could Support Further Gains Bitcoin’s lengthy base under $110K sets a solid foundation. Breakouts after long periods of sideways action often lead to steep rallies. Still, it’s normal for prices to dip back toward the breakout zone. A pullback to around $115K–$118K could happen before any major surge. Traders will be watching support at $118K and resistance near $125K. Brewing Institutional FOMO Even after the rally, big players have only dipped their toes in. EliteOptionsTrader notes that a major allocation wave—from a large pension fund or insurance giant—could trigger fresh price discovery. And let’s not forget the April 2024 halving, which cut Bitcoin’s daily issuance by half. That supply shock often takes several months to show its full effect, but we’re seeing demand tick up already. Even with a strong start, the path up isn’t without hazards. Sharp corrections of 10%–20% are part of crypto’s genes. Any surprise rules from major markets could stall this run. Related Reading: If You’re Wealthy, 1 Bitcoin Should Already Be In Your Wallet, Expert Says On Cautious Optimism And Targets If Bitcoin can clear $127K, the odds of a parabolic move rise sharply. Based on analysis by EliteOptionsTrader, a test of $150K in the next few weeks looks within reach. That said, aiming for $250K by year end will require all these factors to line up without a single major setback. Bitcoin’s latest breakout feels exciting, but traders should keep a close eye on how it handles new support levels. Riding the trend can pay off, yet managing risk is just as important as spotting the next high. Featured image from Meta, chart from TradingView
Bank of America is taking early steps to explore stablecoins as a way to modernize its payment systems and handle trillions of dollars in client transactions more efficiently, the lender’s CEO, Brian Moynihan, said during the bank’s second-quarter earnings call on July 15. Moynihan emphasized that the firm’s current focus is on using stablecoins “as […]
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Bitcoin’s (BTC) move into new all-time highs leaves statistical room for it to reach $130,000 before historical demand exhaustion zones, according to a July 16 report by Glassnode. Bitcoin broke out of a multi-week range of $100,000 to $110,000 and printed a new high near $122,000, clearing dense cost-basis clusters where buyers had concentrated between […]
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The new Base App folds social posts, mini‑apps, chat, USDC payments and trading into a single interface that auto‑creates a cross‑chain smart wallet.
On July 16, the House rejected the crypto-related proposals package, which included the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act, by a vote of 183-203. With the House rejecting the resolution that had previously passed in the Senate, the package effectively fails unless the House moves to reconsider or amend it and […]
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A group of experienced Bitcoin developers has outlined a new proposal to prepare the network for the inevitable threat of quantum computing. The initiative, led by Jameson Lopp, Christian Papathanasiou, Ian Smith, Steve Vaile, and Pierre-Luc Dallaire-Demers, focuses on safeguarding vulnerable Bitcoin held in older address types that may be compromised by future quantum breakthroughs. […]
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CMBI is the first Mainland China broker to get a virtual assets license from Hong Kong’s Securities and Futures Commission.
American multinational investment bank Citigroup announced plans to potentially issue its stablecoin, as CEO Jane Fraser revealed during a post-earnings conference call. As first reported by Reuters, Fraser emphasized the bank’s focus on both the stablecoin initiative and the growing tokenized deposit sector, stating, “This is a good opportunity for us.” As the third-largest lender in the United States, Citigroup is also exploring solutions for reserve management related to stablecoins and providing custody services for cryptocurrency assets. Citigroup’s Plan For New Stablecoin Initiative This announcement follows a strong second-quarter performance for Citigroup, which saw its shares reach their highest levels since the 2008 financial crisis. The bank reported earnings that exceeded Wall Street expectations and unveiled plans to buy back at least $4 billion in stock, further bolstering investor confidence. Related Reading: Unraveling The Bitcoin Boom: Experts Decode Record $123,000 Surge The timing of Citigroup’s stablecoin discussions coincides with the Republican Party’s “Crypto Week,” a campaign aimed at advancing crucial legislation to establish a regulatory framework for digital assets. Among the key proposals is the GENIUS Act, designed to facilitate the adoption of stablecoins within the traditional financial ecosystem. However, the path to regulatory approval has faced challenges. Legislative Setback For Crypto President Donald Trump called for swift passage of the GENIUS Act and the CLARITY Act, promoting them as pivotal for the United States to maintain its leadership in digital assets. In a Tuesday post on Truth Social, Trump proclaimed: The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!). Despite this push, the House of Representatives voted against the bill, with the final tally standing at 196-223. Notably, 13 Republican representatives joined Democrats in opposing the motion, marking a rare instance of dissent within the party. Related Reading: TD Cowen Projects Bitcoin At $155K By Year-End, Raises Strategy’s Price Target Fox journalist Eleanor Terret reported that some House members expressed concerns that the GENIUS Act could inadvertently pave the way for a Central Bank Digital Currency (CBDC). However, the bill includes provisions explicitly prohibiting the Federal Reserve from directly offering services to the public, ensuring that it cannot authorize initiatives like digital wallets or personal accounts related to CBDCs. The ultimate fate of these crucial crypto bills in the US Congress remains to be seen, as does whether this recent decision will cause financial giants to pause their plans to issue or adopt a major stablecoin for their clients. Featured image from DALL-E, chart from TradingView.com
A single-word reply on X from Rep. Anna Paulina Luna (R‑FL) — “Confirmed” — rocketed through the crypto markets early Wednesday, convincing a growing chorus of traders that Federal Reserve Chair Jerome Powell’s tenure is measured in days, not months. Within minutes of Luna’s affirmation that “Jerome Powell is going to be fired. Firing is imminent,” prediction‑market odds of his ouster on Polymarket leapt to 26 percent, the highest reading this year, up from 16 percent only 24 hours earlier. A White‑House‑backed search is already under way. Treasury Secretary Scott Bessent, in an on‑record Bloomberg interview, acknowledged “a formal process that’s already starting” to identify Powell’s successor, adding that “there are a lot of good candidates inside and outside the Federal Reserve.” Related Reading: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts President Donald Trump underscored the point during an impromptu press gaggle, repeating last week’s warning that “the renovations at the central bank were a fireable offense.” Those renovations — an over‑budget, $2.5 billion overhaul of the Fed’s historic Eccles Building — have become the legal pretext for dismissal, with Trump allies alleging “inefficiency” and “neglect of duty,” two of the three causes for removal spelled out in the Federal Reserve Act. Powell has asked the Fed’s inspector general to reopen its review of the project. Notably, Bill Pulte, the Federal Housing Finance Agency head and a longtime Powell critic, confirmed the rumors to his followers on X: “I heard from a very credible, bipartisan source, today, that Jerome Powell is considering resigning. This maps with both reports and also the talk in DC.” Crypto Markets Sense A Massive Bull Run The Bitcoin and crypto prices haven’t shown any reaction to the rumor yet. After piercing $123,000 on Monday, BTC is still 4.5 percent below the record high. The entire crypto market seems to be in a wait-and-see position. However, long-term, the implication could be profound for the crypto markets. “I cannot think of a more bullish catalyst for Bitcoin in the past five years than the complete and utter humiliation of Jerome Powell,” wrote macro commentator Julian Figueroa, pointing to what he called the “façade” of central‑bank independence collapsing in real time. Related Reading: Happy Ending: Crypto Hacker Returns Funds From $42 Million GMX Exploit Long‑time trader Byzantine General echoed the ambivalence: “Powell was actually a great Fed chair. But… if he resigns then it’s very likely that whoever comes next will lower rates, which is bullish for our cryptographic currencies.” Should President Trump succeed in replacing Powell with a more accommodating successor—one prepared to deliver the “three‑percentage‑point” rate cut he has publicly demanded—the Federal Reserve would likely be forced to shelve its balance‑sheet runoff precisely as Washington ramps up fresh fiscal stimulus. That synchronous pivot away from quantitative tightening would flip the liquidity regime from drain to deluge, recreating the macro backdrop that powered the crypto market’s 2020‑21 vertical ascent and positioning it for the next major bull run. At press time, the total crypto market cap stood at $3.68 trillion. Featured image created with DALL.E, chart from TradingView.com
Beyond the airdrop, major ES token allocations include 35% for ecosystem growth, 31% for early backers, and 19% for contributors.
Bitcoin climbed past $122,000 this week, marking its fourth straight month of gains. It even touched $123,000 Monday before dipping slightly. Related Reading: XRP To Hit $4 This Week? This Crypto Expert Thinks So Prices like these put the crypto asset well beyond what many everyday earners can afford. According to the Social Security Administration, the average yearly salary in the US is $66,600. That means a single coin now costs nearly twice what a typical worker makes in a full year. Bitcoin Prices Soar Past Records Based on reports from top crypto channel Altcoin Daily, high‑net‑worth individuals are being urged to act fast. The platform tweeted that millionaires should consider buying at least 1 BTC now, while it’s still within reach. This warning follows a popular post from El Salvadorian President Nayib Bukele, who pointed out that not all millionaires will be able to pick up a whole Bitcoin. With just 21 million BTC ever to exist and over 50 million millionaires worldwide, grabbing even 0.5 BTC would be out of reach if everyone tried. If you’re already a millionaire you need to buy 1 whole Bitcoin before it gets to expensive for you. — Altcoin Daily (@AltcoinDaily) July 13, 2025 Supply Crunch And Demand Rising According to Bloomberg Terminal data, traders are already thinking in terms of “millions per coin.” That shift reflects growing expectations that Bitcoin will surge into seven‑figure territory. United States President Donald Trump’s second son, Eric Trump, recently said that half a Bitcoin will be a huge amount of money soon and predicted the crypto could hit $1 million in the mid‑term. Those comments add to a chorus of bullish voices. Millionaires Feel The Squeeze Based on analysis from Binance co‑founder Changpeng Zhao, the $1 million mark isn’t far off. He told investors that it could happen in this bull cycle. Brandon Green of BTC Inc. agreed, forecasting a similar timeframe for liftoff. If those estimates hold, owning less than a coin may soon feel like holding pocket change. Big Names Project Massive Gains Ark Invest has put a $1.5 million base‑case target on Bitcoin by 2030, with a $2.4 million bull case riding on more institutional and nation‑state buying. That study credits a supply squeeze and wider adoption as key drivers. Meanwhile, Michael Saylor, who chairs Strategy, has set his sights even higher. He raised his forecast to $13 million per coin by 2045, citing rapid regulatory clarity and fast‑tracking corporate investment. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? Bold Forecasts Paint A High Stakes Picture Some of these price targets may sound lofty. Yet they reflect a simple math problem: shrinking supply meets growing demand. Fractional ownership allows small investors to chip in over time, but the sense of urgency is hard to ignore. For now, Bitcoin’s rally is rewriting affordability rules, and the window for easy access may be closing. Featured image from Meta, chart from TradingView
California Governor Gavin Newsom announced the California Breakthrough Project on July 15, enlisting executives from Coinbase, Ripple, MoonPay, and other technology firms to help streamline state operations. Newsom convened the advisory group at Ripple’s San Francisco headquarters on June 6. Participants include Ripple Executive Chair Chris Larsen and unnamed executives from MoonPay and Coinbase. The cohort will work with agency staff to […]
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SharpLink Gaming has officially become the largest corporate holder of Ethereum, surpassing even the Ethereum Foundation. On July 15, the company revealed it owns 280,706 ETH, valued at $867 million. The company’s impressive ETH holdings grew significantly between July 7 and July 13. During this period, SharpLink purchased 74,656 ETH for $213 million, with an […]
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GameStop is taking a cautious, independent approach to Bitcoin (BTC) and does not does not intend to emulate the aggressive strategies of other crypto-heavy treasury firms like Strategy, according to CEO Ryan Cohen, who said Tuesday that the company In an appearance on CNBC’s Squawk Box on July 15, Cohen explained that GameStop’s $512 million Bitcoin […]
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Cantor Fitzgerald’s blank‑cheque affiliate is in late‑stage talks to acquire more than $3 billion in Bitcoin (BTC) from Adam Back’s Blockstream Capital through a transaction that could exceed $4 billion, the Financial Times reported on July 15. Cantor Equity Partners 1, a special‑purpose acquisition company that raised $200 million in a January IPO, would issue new shares to Back in exchange for as much as 30,000 BTC. The […]
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A powerful bipartisan crypto-focused political action committee, Fairshake, has secured $141 million in funding ahead of the 2026 US midterm elections, per a July 15 statement shared with CryptoSlate. According to the statement, the figure reflects significant backing from top digital asset firms and executives, including a fresh $25 million contribution from Coinbase. The PAC […]
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ProShares launched two exchange-traded funds (ETFs) that seek to deliver 2x returns on the daily price movement of Solana (SOL) and XRP, adding leveraged exposure to the firm’s expanding roster of crypto-linked products, according to a July 15 announcement. The ProShares Ultra Solana ETF (SLON) targets 200% of Solana’s daily performance, while the ProShares Ultra […]
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President Donald Trump urged House Republicans on July 15 to support a procedural motion that would advance three crypto bills during the chamber’s “Crypto Week,” but lawmakers resisted the bill in today’s voting session. Trump wrote on Truth Social that “all Republicans should vote yes,” arguing that the GENIUS Act will keep the US “lightyears ahead” of China and Europe […]
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In a major blow for the crypto industry, several bills championed by President Donald Trump failed to pass a crucial procedural vote in the House of Representatives on Tuesday. According to CNBC, the final tally stood at 196-223, with 13 Republican representatives siding with Democrats to block the motion, marking a rare moment of dissent among House Republicans. House Rejects Key Crypto Legislation The proposed legislation included notable measures such as the GENIUS Act, which aimed to establish regulatory clarity for cryptocurrencies including stablecoins, which have gained notable traction over the past months among traditional firms. In light of the failed vote, House leadership has indicated plans to hold another vote later in the day. However, it remains uncertain whether this subsequent vote will address the same bills or if amendments will be made to appease those who opposed the original motion. Related Reading: Unraveling The Bitcoin Boom: Experts Decode Record $123,000 Surge This vote occurred during “Crypto Week,” a period enthusiastically promoted by President Trump in an earlier Tuesday post on the social media site X (formerly Twitter), in which the president stated: The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!). Market Reacts Negatively Despite the optimism surrounding “Crypto Week,” the failure of the vote sent ripples through the market. Notable crypto-linked stocks took a hit in response, with shares of stablecoin issuer Circle (CRCL) plummeting more than 7% toward $195. Related Reading: TD Cowen Projects Bitcoin At $155K By Year-End, Raises Strategy’s Price Target After the news broke, crypto exchange Coinbase (COIN) also saw its stock decline by over 4%, while digital asset firm Marathon Digital Holdings (MARA) experienced a dip of more than 2%. Featured image from DALL-E, chart from TradingView.com
Tokens launched through exchange‑run launchpads delivered double‑digit returns in 202, yet the fundraising channel still burdens retail users with steep valuations and opaque allocations, MEXC Research said in a July 15 report. The report reviewed dozens of offerings across centralized exchange (CEX) and decentralized exchange (DEX) platforms. MEXC recorded five listings in the first half of the […]
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JPMorgan CEO Jamie Dimon said on a July 15 earnings call that the bank will launch products tied to stablecoins and its deposit coin as part of a broader payments strategy. As CNBC reported, Dimon said the firm “will be involved” in both formats to master the technology and protect market share. Banks refine stablecoin playbooks […]
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US federal investigators closed parallel criminal and civil probes into prediction market Polymarket, issuing letters earlier this month that ended inquiries by both the Justice Department and the Commodity Futures Trading Commission (CFTC), as Bloomberg News reported. The platform enables traders to bet on yes-or-no outcomes using stablecoins on Polygon and has faced scrutiny since a January 2022 CFTC […]
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A new weekly “On Chain” report from Bank of America is shining a spotlight on Ethereum. According to the report, the network is set to draw steady interest from stablecoin investors as lawmakers in Washington take up crypto bills in Congress. Ethereum’s role as the home for over 50% of all dollar‑pegged coins has caught the eyes of big banks and asset managers alike. Related Reading: XRP To Hit $4 This Week? This Crypto Expert Thinks So Stablecoin Legislation Under The Lens Based on reports, this week’s Crypto Week in the US House of Representatives could reshape the stablecoin sector. Lawmakers are debating three major bills: the GENIUS Act, the CLARITY Act, and the Anti‑CBDC Surveillance bill. House Financial Services Chair French Hill told a “Think Crypto” podcast that dollar‑backed coins would solidify the US dollar’s global lead. If Congress backs clear rules, the rails that already carry the most volumes could see fresh inflows. BofA launches new weekly periodical ‘On Chain,’ designed to “drill into the various facets of the fast-evolving digital assets ecosystem.” First call: Bullish ETH pic.twitter.com/sERRZiTgMq — matthew sigel, recovering CFA (@matthew_sigel) July 14, 2025 Rails For The Future Bank of America called out infrastructure providers like Stripe and the Ethereum network as prime plays for anyone looking to get stablecoin exposure. That nod isn’t just for the token itself. It’s a bet on the whole stack—wallets, apps and payment tools that ride on Ethereum’s code. Investors who pick up Ether now could tap growing on‑chain activity as stablecoin use climbs. Institutions Bet On Ether The report also mentioned Treasury Secretary Scott Bessent predicting that the dollar‑pegged stablecoin market may swell to $2 trillion in the next five years. That forecast has fund managers circling the charts. Thomas Lee, Fundstart CIO and new chairman of BitMine, even dubbed stablecoins the “ChatGPT of crypto.” His firm now holds Ether in its treasury. The move shows how big players are gearing up for a stablecoin surge on Ethereum. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? Other sectors are racing alongside stablecoins. BlackRock CEO Larry Fink said tokenization could expand 4,000 times over time. He sees on‑chain assets tied to real‑world items booming soon. Some say XRP and Ether are the go‑to tokens for that play. But Ethereum already has the advantage of scale. It isn’t all smooth sailing. Regulation could tighten or split along different chains. New networks chase faster speeds and lower fees. That competition could chip away at Ethereum’s lead. Still, the network’s mix of smart‑contract tools and high stablecoin volumes gives it a strong head start. For now, plenty of eyes are on Congress and on‑chain data. If US lawmakers set clear stablecoin rules, Ethereum may keep its crown as the top hub. Investors looking for exposure will likely track Ether flows and watch the bills as they move through committee. The weeks ahead could spell out the next big chapter for the network. Featured image from Pexels, chart from TradingView
Metaplanet has announced that National Financial Services LLC (NFS), a subsidiary of Fidelity Investments, is now its largest shareholder. In a July 15 disclosure, the firm revealed that NFS holds 84.4 million shares, equivalent to 12.9% of its total equity. Based on current valuations, this stake is worth approximately ¥121 billion or around $816 million. […]
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In a major display of bullish momentum, the market’s leading cryptocurrency, Bitcoin (BTC), surged to a new record high on Monday, surpassing $123,000 for the first time. US House Kicks Off ‘Crypto Week The Bitcoin price climbed more than 90% year-to-date with Monday’s rally, reaching $123,200, and reflecting a nearly 15% increase over the past month. This upward momentum coincides with the US House of Representatives’ “crypto week,” which will feature debates on legislation aimed at reducing regulatory hurdles that have long been viewed as obstacles for the cryptocurrency sector. Related Reading: Fibonacci Maps Dogecoin Path To $23—Is It Too Far-Fetched? One of the key pieces of legislation set for discussion in the House is the GENIUS Act, which aims to establish regulatory frameworks for stablecoins. Proponents of the GENIUS Act argue that it is a groundbreaking initiative that formalizes a critical aspect of the cryptocurrency industry. They believe it will enhance consumer protections, facilitate the entry of traditional financial institutions, and contribute to the growth of the digital currency market. Conversely, critics assert that the bill represents a “weak set of regulations” that may not adequately safeguard consumers or prevent illicit trading activities involving stablecoins. Growing Support For Crypto Regulation In addition to the GENIUS Act, the House will also debate measures to clarify the federal government’s regulatory approach to cryptocurrencies and proposals that could prevent the Federal Reserve from issuing its own digital currency. Bryan Armour, director of passive strategies research at Morningstar, remarked that this legislative push reflects a series of favorable developments for the crypto industry since President Donald Trump’s election in November. Since then, Bitcoin’s price has surged nearly 80%. As “crypto week” unfolds, Armour suggests it signals a continuation of supportive policies under the Trump administration. However, Trump’s involvement in the cryptocurrency space has raised concerns about potential conflicts of interest. For instance, his backing of World Liberty Financial’s stablecoin, USD1, has led to significant investments in major exchanges like Binance, which critics say creates opportunities for Trump’s business to profit. Despite these concerns, Trump has denied any wrongdoing, and a White House spokesperson has stated that his financial assets are managed in a trust to avoid conflicts. Bitcoin ETFs Propel Price Surge The recent surge in Bitcoin prices has also been fueled by the US approval of Bitcoin exchange-traded funds (ETFs) last year. These investment vehicles have proven to be successful, with record-breaking amounts of capital moving into them. Related Reading: Prepare For ATHs: ‘XRP Train Has Left The Station – Analyst The overall asset value of Bitcoin ETFs has reached a record high of over $158 billion, driven by a wave of investments that included over a billion dollars flowing into these funds on consecutive days last week. Nikhil Bhatia, a finance professor at the University of Southern California, noted that the approval of Bitcoin ETFs has contributed significantly to institutional adoption of Bitcoin, signaling a return to a bullish market sentiment. As of this writing, BTC’s price has retraced back to the $117,000 level, 4.3% below its recently achieved all-time high. Featured image from DALL-E, chart from TradingView.com
Global investment bank TD Cowen has recently revised its price target for Strategy’s (previously MicroStrategy) stock, MSTR, raising it from $590 to $680 per share and a bullish prediction for Bitcoin (BTC) prices, which could soar to $155,000 by December. Possible 53% Drop For Bitcoin The firm’s study outlines a base-case scenario for Bitcoin at $128,000 by year-end, with a more pessimistic outlook placing it as low as $55,000, which could mean a major 53% crash from current prices. TD Cowen analysts assert that a significant increase in Bitcoin prices is expected to positively impact Strategy’s share price, given its status as the world’s largest corporate holder of Bitcoin. Related Reading: Prepare For ATHs: ‘XRP Train Has Left The Station – Analyst On July 14, Strategy purchased an additional 4,225 BTC for $472.5 million, averaging $111,827 per coin. This latest acquisition brings the company’s total Bitcoin holdings to an impressive 601,550 BTC. Analysts at TD Cowen noted that what began as a defensive measure to preserve the value of its assets has evolved into a proactive strategy aimed at enhancing shareholder value. Strategy plans to continue acquiring Bitcoin through proceeds from upcoming debt and equity offerings. The firm anticipates that Strategy will raise around $84 billion through its innovative “42/42” plan, which involves an equal mix of debt and equity, potentially increasing its Bitcoin reserves to 900,000 BTC by the end of 2027. Strategy As Strong Investment Option TD Cowen has initiated buy ratings on Strategy’s preferred shares, emphasizing their attractive income potential and price appreciation, which are expected to be less volatile than common shares or Bitcoin itself. This endorsement comes after the firm first recognized Strategy’s Bitcoin strategy in 2023, describing it as a “paradigm shift.” At that time, they highlighted the company’s approach of utilizing cash from its software business to invest in Bitcoin as a long-term hedge against dollar inflation. Analysts believe that Bitcoin’s finite supply makes it a more reliable store of value compared to traditional currencies or gold, presenting Strategy as an appealing option for investors looking to gain Bitcoin exposure. Related Reading: Avalanche Shatters Record With 20M Transactions—Is Real-World Use Finally Here? As institutional adoption of cryptocurrencies accelerates, Strategy’s acquisition strategy has become a blueprint for other corporate treasuries. The company’s total investment in Bitcoin now stands at $29.27 billion, yielding substantial unrealized gains with a cost basis of $71,268 per BTC. The latest report and Strategy’s recent purchase coincided with Bitcoin hitting a new all-time high, surpassing $123,000, underscoring the growing acceptance and adoption of BTC in the financial landscape. Nevertheless, the cryptocurrency has retraced to $117,000 in an attempt to find its next support level before moving on to uncharted territory once again if buying demand persists among investors. Featured image from DALL-E, chart from TradingView.com
Bitcoin has slipped below the $120,000 mark after hitting a fresh all-time high near $123,000 on July 14 amid fears of US economic inflation. According to data from CryptoSlate, the top crypto is trading around $116,894, representing a drop of over 5% in just 24 hours. Nicolai Sondergaard, a research analyst at Nansen, told CryptoSlate […]
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