Prime Tales of The Week
Crypto execs heart stage as Trump indicators stablecoin invoice into regulation
US President Donald Trump signed one of many first payments associated to crypto and blockchain of his administration into regulation on Friday after delays as a consequence of debates within the Home of Representatives and Senate.
In a Friday signing ceremony attended by many cryptocurrency firm executives and high-ranking Republicans, together with Vice President JD Vance and Home Speaker Mike Johnson, Trump signed the Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act into regulation.
The president acknowledged the assist of a number of crypto figures in attendance, together with Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.
36% of Gen Z spend crypto every day; Gen X leads high-value spending
Cryptocurrency funds are gaining popularity throughout numerous consumer teams for on a regular basis purchases and high-value transactions, indicating that digital property are maturing past their function as speculative devices.
Gen Z customers stand out when it comes to every day transactions, with 39% spending crypto on gaming and 36% on every day purchases and journey bookings.
Gen X dominates high-value spending, with 40% utilizing crypto for journey, digital merchandise and actual property, in line with a Bitget Pockets survey of 4,599 crypto pockets customers shared with Cointelegraph.
The findings present rising curiosity in crypto’s sensible use. Gaming, every day purchases and journey bookings are the highest classes.
Dave Portnoy dumped his XRP two weeks in the past: ‘I wish to cry’
Barstool Sports activities founder Dave Portnoy is kicking himself for promoting off most of his XRP simply weeks earlier than the cryptocurrency reached new year-to-date highs on Thursday.
“I’d’ve made thousands and thousands, and I wish to cry. I don’t personal it anymore, though I used to be the chief of the XRP military,” Portnoy mentioned in a video posted to X on Thursday.
His feedback got here shortly after XRP broke its yearly excessive of $3.29 and surged to $3.60, marking a 19.61% achieve prior to now 24 hours on the time of publication, in line with Nansen information.
“I offered XRP when it went as much as $2.40 as a result of the man that informed me to purchase it informed me to promote it as a result of he thought Circle would compete with them and was sad with it,” Portnoy defined.
Satoshi-era Bitcoin whale shifts second 40K BTC pile to Galaxy Digital
A Satoshi-era Bitcoin whale with 80,201 Bitcoin has shifted their remaining 40,192 Bitcoin, value $4.77 billion, to Galaxy Digital, becoming a member of a 40,009 BTC switch to the asset supervisor on Tuesday.
Blockchain onchain information service Onchain Lens was among the many first to note the brand new switch. This implies the whale has shifted 80,201 to Galaxy Digital within the final 4 days, equating to $9.6 billion at present costs.
Throughout this time, at the least 6,000 Bitcoin have been despatched to crypto exchanges Binance and Bybit, blockchain intelligence platform Nansen reveals.
Trump eyes govt order to open up retirement funds to crypto: FT
US President Donald Trump is reportedly set to signal an govt order that would enable American 401(okay) retirement plans to put money into different property exterior of shares and bonds, corresponding to cryptocurrencies.
The manager order may very well be signed someday this week, the Monetary Occasions reported on Thursday, citing three individuals who have been briefed on the plans.
The brand new 401(okay) funding choices might run throughout a broad spectrum of property, together with digital property, metals and funds targeted on infrastructure offers, company takeovers and personal loans.
The manager order would instruct Washington regulatory companies to research the most effective path ahead for 401(okay) plans to start out investing in crypto, and examine any remaining obstacles to creating it a actuality, in line with the Monetary Occasions.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $118,281, Ether (ETH) at $3,553 and XRP at $3.43. The overall market cap is at $3.85 trillion, in line with CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Bonk (BONK) at 53.65%, Curve DAO Token (CRV) at 51.11% and FLOKI (FLOKI) at 40.43%.
The highest three altcoin losers of the week are Pump.enjoyable (PUMP) at 29.73%, Pi (PI) at 5.32% and Hyperliquid (HYPE) at 5.05%. For more information on crypto costs, ensure to learn Cointelegraph’s market evaluation.
Most Memorable Quotations
Anthony Anzalone, founder and CEO of Xion:
“If something, I see an inverse correlation between the success of this trade and the memecoin market cap as a result of it reads that capital doesn’t have wherever higher to circulate.”
Dave Portnoy, founding father of Barstool Sports activities:
“I’d’ve made thousands and thousands, and I wish to cry. I don’t personal it anymore, though I used to be the chief of the XRP military.”
Eric Jackson, founding father of EMJ Capital:
“As soon as ETH turns into a productive, staked asset inside an ETF wrapper… It’s now not simply ‘digital oil.’ It’s an institutional-grade yield product.”
André Dragosch, director and head of analysis, Europe at Bitwise:
“Bitcoin is at new all-time highs, however retail is nearly nowhere to be discovered.”
Katie Stockton, founder and managing associate at Fairlead Methods:
“That places Bitcoin at round $135,000 as an intermediate-term goal.”
Nassar Al Achkar, chief technique officer at CoinW:
“The passing of the GENIUS Act and Trump’s plan to open the US retirement market to crypto investments might unlock trillions in institutional capital.”
Prime Prediction of The Week
Stellar’s XLM has ‘most bullish chart’ in crypto, mirroring XRP worth
Stellar seems set for a 35% worth rally, pushed by a bullish continuation sample and XRP’s latest surge. XLM is consolidating inside an ascending triangle, a traditional bullish continuation setup characterised by rising lows and horizontal resistance.
The resistance degree, close to $0.52, has been examined a number of instances since Tuesday, whereas the upper lows present rising shopping for stress.
A breakout above $0.52 might verify the sample and set off a rally towards $0.63 by August, marking a 35% achieve from the present worth.
The upside goal is derived by including the triangle’s most peak to the breakout level.
Prime FUD of The Week
UK officer jailed for 50 Bitcoin theft throughout Silk Street 2.0 probe
A former officer of the Nationwide Crime Company has been sentenced to jail for stealing 50 Bitcoin — now value $5.9 million — seized from the co-founder of the defunct on-line black market Silk Street 2.0.
The Crown Prosecution Service mentioned on Wednesday that Paul Chowles, an ex-operational officer with the Nationwide Crime Company who was a part of a workforce investigating Silk Street and Silk Street 2.0, was sentenced to five-and-a-half years’ imprisonment for stealing 50 Bitcoin.
In Could, Chowles pleaded responsible to costs of theft, transferring prison property, and concealing prison property.
Lawsuits piling up towards Technique might take years, go nowhere, lawyer says
The securities fraud lawsuits dealing with Michael Saylor’s firm Technique might take years to play out — in the event that they go wherever in any respect, in line with authorized specialists.
Technique, previously MicroStrategy, pioneered the usage of Bitcoin (BTC) as an asset reserve for company treasuries. The corporate has been since 2020 making common purchases of Bitcoin, with over 601,550 BTC in its stability sheets and no plans to cap the buildup.
Now, Technique has buyers questioning its crypto method. As of mid-July, at the least seven regulation companies have filed complaints towards Technique. Most of the complaints have related claims, echoing that the defendants overstated the anticipated profitability of its Bitcoin funding technique and understated volatility dangers, in addition to the magnitude of losses the corporate might acknowledge following the adoption of the ASU 2023-08 accounting ideas.
El Salvador hasn’t purchased Bitcoin since signing mortgage deal, IMF says
The Worldwide Financial Fund (IMF) printed a report on Tuesday about its ongoing mortgage settlement with El Salvador, claiming that the Central American nation has not purchased any new Bitcoin since signing the settlement in December 2024.
El Salvador’s Chivo Bitcoin pockets “doesn’t regulate its Bitcoin reserves to mirror adjustments in purchasers’ Bitcoin deposits,” the report learn. Chivo doesn’t promote its BTC, resulting in “minor” discrepancies that made it seem as if El Salvador’s public sector was accumulating BTC.
A letter of intent signed by El Salvador’s central financial institution president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, contained inside the IMF report, confirmed the small print:
“In keeping with commitments underneath this system, the inventory of Bitcoins held by the general public sector stays unchanged, and we’re taking steps to mitigate fiscal dangers by decreasing the general public sector’s function within the Chivo pockets and reframing the Bitcoin mission.”
Prime Journal Tales of The Week
Bitcoin OG Willy Woo has offered most of his Bitcoin: Right here’s why
Willy Woo isn’t chasing a possible 50x return from holding Bitcoin when alternatives with 1,000x potential are on the desk.
‘Slaughterbot’ drones in Ukraine, MechaHitler turns into horny waifu: AI Eye
Grok’s spicy waifu Companion Ani will get blended response — and a memecoin — plus, new analysis suggests AI brokers are garbage.
Outrage as $1.8B ‘DGCX’ crypto rip-off ringleader mocks victims: Asia Specific
A $1.8 billion crypto fraud unravels in China, NFT gives digital citizenship in Japanese village, and extra.