Good Morning,

Here's a quick preview of today’s content: The Big Beautiful Bill passed but a key crypto component got dropped, Feds catch crypto’s 'catch me if you can' the bull market we are currently in is second longest on record, Figma revealed it owns a ton of Bitcoin in its IPO filings, another major German bank is diving into crypto, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

• Bitcoin fell about -1% to $106,175 as profit-taking followed in the hours after the highest ever monthly close around $107,200

• U.S. tech stocks, including Tesla & Nvidia, slumped

  • Tesla was lower by 5.4% in afternoon trade after the Donald Trump/Elon Musk spat re-erupted alongside the momentum for passage of the GOP's spending bill

• Altcoins like Solana, Cardano and Avalanche posted steeper declines, with SOL down nearly -6% over the past 24 hours

• The employment report for June will be released on Thursday this week

  • Economists are expecting jobs to have grown by 110,000 in June versus 139,000 the previous month

Prediction Markets

• Bettors on Kalshi are predicting when Bitcoin will hit $150k

• Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Figma reveals $70M Bitcoin ETF holdings, plans to buy $30M more (BM)

• The 'Big Beautiful Bill' passed in the U.S. Senate with a 51-50 vote, the final vote having been cast by VP JD Vance - how it effects crypto here

• Italy-based UniCredit SpA announced today it will offer to its professional clients a structured investment product tied to BlackRock’s Bitcoin etF (BBG)

• Brooklyn teen deploys Solana node for his high school (BW)

• Deutsche Bank To Launch Bitcoin and Crypto Custody Services (BBG)

• Upbit and Naver Pay are collaborating on a South Korean won (KRW) stablecoin initiative (CD)

• Circle seeks national trust bank license to strengthen USDC infrastructure (CD)

• Nvidia, Tesla, and Strategy are now tokenized on Solana and trading via Kraken (DC)

• Public companies are buying more Bitcoin than ETFs for the third quarter in a row (BM)

• MARA Holdings' Bitcoin mining production dropped 25% in June (DC)

• Bitget partners with Mastercard to launch zero-fee crypto card in the UK and EU (TD)

• IREN becomes latest bitcoin miner to hit 50 EH/s hashrate milestone while expanding AI infrastructure (TB)

• Dollar index suffers worst crash since 1991 (CD)

Venture Capital

Launches

• Spark has announced a new integration with Wallet of Satoshi, one of the largest Bitcoin Lightning Network wallets (BM)

• Circle launches USDC chain abstraction tool to simplify cross-chain development for devs (TD)

• YZi Labs-backed perps DEX Vooi launches V2 mainnet, enabling cross-chain transactions via chain abstraction (TB)

• Bitcoin Layer-2 Botanix launches mainnet with support from Chainlink, Fireblocks, and GMX (TD)

• Katana launches DeFi Layer-2 mainnet with $200M productive TVL backing the ecosystem (CT)

• PancakeSwap launches v3 liquidity pools on Solana to expand its multichain presence (TD)

Regulation

• Crypto tax amendment dropped from Senate's 'Big, Beautiful Bill,' but Sen. Lummis plans to keep pushing (TB)

• SEC greenlights Grayscale crypto index fund conversion to ETF - the fund tracks the price of BTC, ETH, XRP XRP, SOL and ADA (BW)

• Arizona governor vetoes bill seeking to create reserve fund from seized crypto (TB)

• NY Attorney General Letitia James warns stablecoin bills put Americans at risk, urges stronger oversight (TB)

Cybersecurity

• Feds charge man with $1.7M scheme to convert fake checks into Bitcoin (DC)

• North Koreans posed as US citizens to steal crypto and data from American firms, DOJ says (TB)

Extra Reads

• The current Bitcoin bull market is on track to be second longest on record (nearly 1,000 days) - A full rundown of this cycle

• Long before BlackRock’s ETF, there was the Winklevoss Bitcoin Trust - Why the Winklevoss bros should be on Bitcoin’s Mt. Rushmore

Chart of the Day

It took around 1,060 days, close to three years, for bitcoin to pop nearly 22x in its third up cycle between late 2018 and 2022

Meme Dump

Pls send us crypto memes to be featured in the newsletter 🤝

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