The most recent WuBlockchain Weekly report captures a high-volatility week in crypto. From Bitcoin’s new all-time excessive to controversy round Pump.enjoyable’s presale and Elon Musk’s political Bitcoin endorsement, markets are witnessing sharp shifts in momentum and coverage.
Bitcoin reaches $118,868 ATH as momentum builds
Bitcoin surged to a recent all-time excessive of $118,868.2 on Friday, capping a 6.32% day by day acquire. With merchants more and more rotating into large-cap belongings amid ETF-driven inflows, the worth surge reinforces BTC’s rising dominance. As of press time, it was buying and selling round $118,115.
Elon Musk kinds ‘American Celebration’ with Bitcoin assist
Elon Musk has launched a brand new political motion—the American Celebration—and confirmed that it’s going to again Bitcoin as a part of its financial platform. Calling fiat “hopeless,” Musk acknowledged the celebration intends to disrupt the U.S. two-party system by concentrating on congressional affect. The celebration stays unregistered with the FEC, and its formal roadmap continues to be unknown.
Trump job power to unveil crypto coverage report July 22
The Trump administration’s Digital Asset Market Process Pressure is ready to publish its first main crypto report on July 22. The report is anticipated to cowl laws, a Bitcoin reserve proposal, and potential entry to Fed cost programs for crypto corporations. Led by David Sacks and Bo Hines, the duty power contains the Treasury, SEC, CFTC, and Commerce Division.
SEC eyes quicker ETF approval course of
The U.S. SEC is reportedly drafting a brand new framework to streamline ETF approvals. The framework would take away the necessity for particular person 19b-4 filings and as a substitute enable platforms to record pre-qualified crypto ETFs after a 75-day ready interval. Bloomberg ETF analyst James Seyffart expects implementation by fall 2025.
Stablecoin issuers now maintain $182.4B in U.S. Treasuries
Prime stablecoin corporations—Tether, Circle, Paxos, and First Digital—collectively maintain over $182.4 billion in U.S. Treasury belongings. This ranks them seventeenth globally, simply behind Norway. Tether alone holds over $125 billion, whereas Circle manages $55.2 billion by way of BlackRock. The heavy allocation to short-term Treasuries is pushed by liquidity and excessive yields above 5%.
Pump.enjoyable presale beneath fireplace amid founder’s previous feedback
Pump.enjoyable launched the presale for its native token PUMP, providing 150 billion tokens (15% of provide) at $0.004 every. Nevertheless, controversy erupted after co-founder Alon’s 2024 assertion resurfaced, calling all presales “a rip-off” and suggesting the aim was simply to “put raised funds in your pocket.” Critics labeled the ICO a potential exit technique, citing lack of transparency.
Hacker returns $42M in stolen GMX funds
The hacker who exploited GMX V1 on Arbitrum for $42 million has agreed to return the funds in alternate for a $5 million white hat bounty. To this point, $10.49 million in FRAX has been returned. The assault exploited a flaw in GMX’s leverage design, permitting manipulation of the GLP value for revenue. Neighborhood members additionally criticized Circle for its sluggish response to flagged transfers.
Tether reveals $8B gold reserves in Swiss vault
Tether disclosed that it operates a non-public gold vault in Switzerland, presently storing $8 billion in gold. CEO Paolo Ardoino known as gold “safer than fiat,” and hinted that future regulatory shifts within the U.S. or EU might power the corporate to change its asset allocation technique.
Hong Kong stablecoin licenses spark institutional race
The Hong Kong Financial Authority will start issuing stablecoin licenses from August 1, sparking a rush amongst main establishments. Candidates embrace JD.com, Customary Chartered, Ant Group, and Circle. Solely a handful of licenses are anticipated to be granted on account of excessive compliance thresholds, leaving most small corporations out of rivalry.
EU points MiCA licenses to 53 crypto corporations—Tether and Binance absent
The EU has accepted 53 crypto corporations beneath its new MiCA regulatory framework, enabling “passport entry” throughout the EEA’s 30 international locations. Accredited entities embrace Circle, Crypto.com, Coinbase, Kraken, and Societe Generale. Nevertheless, Tether and Binance are noticeably lacking, elevating compliance issues forward of stricter enforcement in 2026.
Kosta has been working within the crypto trade for over 4 years. He strives to current completely different views on a given subject and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced protection of occasions and developments within the crypto house, offering info to his readers from a impartial perspective.
