Binance gets US Treasury bill approval - Messari CEO steps down

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Weekly Insights Report

Top Crypto Market Headlines: ?

• Binance Gets Court Approval to Invest Customer Funds in US Treasury Bills - 19/7/24???
• Ryan Selkis Quits as Messari CEO Following Inflammatory Tweets - 19/7/24???
• South Korea’s inaugural crypto law goes into full effect - 18/7/24???
• Indian crypto exchange WazirX exploited for over $230 million - 18/7/24???
• US spot bitcoin ETFs post ninth consecutive day of net inflows - 18/7/24???
• Mt. Gox Creditors Reportedly Hit By Failed Login Attempts Amid Repayments - 18/7/24???
• Polygon Sets September Date for Migration to POL Token from MATIC - 18/7/24???
• German Bitcoin Sale Netted 'Unprecedented' €2.6 Billion: Dresden Prosecutor - 17/7/24???
• Worldcoin token jumps over 20% with unlock for early contributors starting next week, period extended - 16/7/24???
• Trump says he wants US in charge of crypto before China, teases another NFT launch - 16/7/24???
• Spot ether ETFs likely to begin trading July 23, industry sources say - 15/7/24???
• Bitcoin breaks above $63,000 after Trump survives assassination attempt - 15/7/24???

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by?Chadi El Adnani, Head of Research

Weekly Insights Report:

South Korea’s first crypto regulatory framework is now fully operational. Fast-tracked after the catastrophic collapses of Terra-Luna and FTX in 2022, the new regulations aim to provide safety measures for cryptocurrency investors. The Virtual Asset User Protection Act, officially approved on July 18, 2023, includes a one-year grace period for refining its details. The law imposes stricter requirements on digital asset exchanges, mandating that service providers in South Korea must store at least 80% of user crypto deposits in cold storage, separate from their own funds.

On September 4th, the MATIC to POL migration will occur within the Polygon network, making POL the primary gas and staking token. This marks the first phase of its integration into future Polygon projects like AggLayer. Current MATIC holders on Polygon PoS do not need to take any action during this transition, while those on Ethereum or other platforms may need to follow a community-detailed migration process.

German authorities have concluded the "emergency sale" of approximately 50,000 Bitcoin, netting an unprecedented €2.6 billion ($2.88 billion). The funds are held in custody pending the outcome of ongoing criminal trials. The sale was expedited due to Bitcoin's volatility.

In an interview with CNBC, Larry Fink stated that he now views Bitcoin as a legitimate financial instrument, despite initial skepticism. Fink sees it as a hedge for investors concerned about currency debasement and government financial control, likening it to “digital gold” with strong industrial use.

According to Bloomberg ETF Analyst Eric Balchunas, the SEC has asked issuers to submit their final S-1 applications by Wednesday. On Monday, they will request effectiveness for a launch on Tuesday, July 23rd, though unforeseen last-minute issues could arise.

Beyond the crypto sphere, US President Joe Biden has decided not to seek re-election, bowing to pressure from fellow Democrats and endorsing Vice President Kamala Harris as his successor. Biden stated that stepping down was “in the best interest of my party and the country.” Wall Street experienced its worst week since April, ending Friday with major indexes under pressure due to a global software glitch that disrupted flights, healthcare services, and business operations worldwide. The issues were linked to a software update by cybersecurity firm CrowdStrike (CRWD) that affected systems relying on Microsoft (MSFT). Despite deploying a fix, confusion and outages persisted, causing CrowdStrike's shares to plummet and the tech sector, already impacted by recent investor rotation, to fall more than 1%.

On a weekly basis, Bitcoin is up by 12.1%, and Ethereum has risen by 8.9%.

Token of The Week:?Cosmos (ATOM)

?ATOM has fallen by around 40% since the start of 2024, compared with a 23% drop for DOT, the native token of Polkadot, the other flagship blockchain for interoperability. At the same time, BTC and ETH have risen by around 50%. ? With a market capitalisation of $2.5 billion, ATOM is the 39th most capitalised cryptocurrency ($14 billion for DOT). ? Daily volumes have fallen significantly compared with the start of the year, more specifically since the beginning of March. They average around $15 million, whereas they were well over the $100 million mark in March. This trend is not specific to ATOM; it concerns many other cryptocurrencies, as we have seen in previous analyses. [...] ?

Read the full analysis here:?https://en.thebigwhale.io/article-en/cosmos-atom-superb-opportunity-or-descent-into-hell ?

? ? ? ? ? ? ? ? ? ? ? ? ? ?We just finished mapping the entire crypto ecosystem ??

500+ projects/companies/DAOs/funds.. listed!

A total of 4 high-level categories: Blockchain Infrastructure; Blockchain Applications; Digital Currencies & On-chain Assets; Institutional "TradFi-like" Services, divided into sub-categories (e.g., Blockchain Infrastructure > Blockchain Services) and further down into sub-sub-categories (e.g., Blockchain Applications > DeFi > Decentralized Exchanges) ?

Download the full 28 pages mapping here:?https://sunzulab.com/publicationstype/the-complete-web3-ecosystem-mapping/

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The Week Ahead:

Thursday July 25 2024

• Durable Goods Orders MoM JUN?????
• GDP Growth Rate QoQ Adv Q2?????

Friday July 26 2024

• Core PCE Price Index MoM JUN?????

Other Major Crypto Headlines:?

• Grayscale launches new fund for decentralized artificial intelligence - 17/7/24???
• Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7-14 days - 16/7/24???
• Uniswap Extension is Now Available for Everyone - 16/7/24???
• Defi Protocol?LI.FI?Struck by $11M Exploit - 16/7/24???