El Salvador Hits $1 Billion

Over 70,000 wallets suffered losses from the YZY token launch

Good Morning,

Here's a quick preview of today’s content: Ye’s token hurts tens of thousands of wallets, crypto venture capital is piping hot this week, a crypto venture backed by Eric Trump and Donald Trump is going public soon, AI chatbots are now performing cyberattacks, and so much more

Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.*

  • Crypto markets consolidated on Thursday, pushing total cap just over $4T as the midweek rally held firm

    • BTC jumped +0.9% to $113,073, while ETH slipped by about -1.8% to $4,553

    • SOL led gains at +2.7% to $214.51, following interest from corporate treasury strategies

    • XRP remained steady at $3.01 and BNB dipped -1% to $873.77

  • On-chain data points to potential seller resurgence as altcoins look strongly positioned

Market Predictions

  • Bettors on Kalshi are predicting what chain will Kanye launch his token on

  • 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

  • The US government announces that it is publishing economic data on-chain (CT)

  • El Salvador President Nayib Bukele live bets on El Salvador’s Bitcoin holdings hitting $1B (CT)

  • Over 70,000 wallets suffered losses from the YZY token launch (CD)

  • VanEck CEO Jan van Eck says, “Ethereum is the Wall Street token” - watch the clip here

  • The total market cap of stablecoins reaches a new ATH of $280B (TD)

  • JPMorgan says that Bitcoin looks "undervalued" when set against gold (TD)

  • Pyth's token rallies nearly 50%, while Chainlink's LINK token surges over 5% following a partnership with the U.S. DOC (CD)

  • The Trump administration is considering 11 candidates to replace Jerome Powell (CT)

  • US DOC vows to make America the ‘Blockchain Capital’ (TD)

  • Top crypto protocols generate $1.2B in revenue over past month (CS)

  • Solana memecoin launchpad, Pump.fun, repurchases $15M of PUMP (TB)

  • Tether Treasury mints $1B worth of USDT (TD)

  • Base surpasses Solana and Abstract in NFT trading volume (TD)

  • Investment advisers are the largest cohort that are buying Bitcoin and Ether ETFs (CT)

  • Caliber, a real estate AM, stock soars after firm announces a Chainlink DAT strategy (TB)

  • Platform Arx Veritas and firm Blubird are using blockchain technology to prevent nearly 400M tons of CO₂ emissions (CT)

  • Solana treasury firm, DeFi Dev Corp, purchases $77M SOL (TB)

  • Cardano gains attention after its founder hints at XRP integration (CD)

  • SOL outperforms as the market prepares for DATs to accumulate billions (TD)

  • Solana devs propose new designs aimed at improving network efficiency (CD)

  • Chainlink purchases an additional 42,000 LINK (TD)

  • Crypto projects to unlock $4.5B in vested tokens in September (CT)

  • ARK Invest buys another $15.6M shares of BMNR (CT)

  • Metaverse platform The Sandbox cuts more than half its staff and closes offices worldwide (CD)

  • Offchain Labs partners with Succinct Labs to integrate ZK proving technology into the Arbitrum Layer 2 network (TD)

  • VPN service NymVPN announces partnership with crypto exchange Dash (CD)

Venture Capital

  • Rain, a fintech that issues Visa payment cards, raises $58M led by Sapphire Ventures (TD)

  • Portal to Bitcoin, a Bitcoin protocol enabling trust-minimized cross-chain trading, secures $50M led by Paloma Investments (CD)

  • Stablecoin platform M0 raises $40M in Series B (TD)

  • aPriori, San Francisco-based startup, secures $30M in funding from various investors (TB)

  • Multipli, a yield protocol backed by Pantera Capital and Sequoia, raises $5M (TD)

M&A Announcements

  • Mantle, an ETH Layer-2 network, integrates with cross-chain messaging protocol LayerZero (TD)

  • American Bitcoin, a crypto venture backed by Eric Trump and Donald Trump Jr,  will go public in early September through a merger with Gryphon Digital Mining (TD)

  • Asset-manager Strive Funds to acquire +$700M worth of BTC once it completes its IPO (TD)

Launches

  • 21Shares files an S-1 with the SEC for a Sei ETF (BW)

  • Bitplanet launches South Korea’s first global institutional Bitcoin treasury company (TD)

  • Lygos Finance unveils the first non-custodial Bitcoin backed lending platform (CD)

  • Tether will launch USDT directly on Bitcoin (TD)

  • DEX platform, dYdX, outlines plans to launch Telegram trading (CT)

  • Lombard Finance, a Bitcoin DeFi project within Polychain, launches LBTC token (TD)

  • Soneium, an Ethereum Layer 2 network, introduces their scoring system (TD)

  • Falcon Finance establishes on-chain insurance fund with initial $10M (CD)

  • Everclear, the cross-chain clearing and settlement protocol, announces an integration with the TRON network (CS)

Regulation

  • Philippine Senator Bam Aquino to file a bill to put the country’s national budget on a blockchain (CT)

  • Former governor of the People’s Bank of China warns that stablecoins carry fraud and instability risks (TB)

  • Thailand’s Ex-PM endorses push to build regional crypto hub (DC)

  • The CFTC is advising firms that felt pressured to leave the US that they can still do business domestically (CD)

  • BitMart withdraws its application for a VASP license in Hong Kong (CT)

Cybersecurity

  • Anthropic warns its AI chatbot Claude is being used to perform cyberattacks (CT)

  • A former crypto trader was allegedly kidnapped and tortured in Paris (DC)

  • Law firm Fenwick & West ask a judge to toss an updated lawsuit that claims it was key to the exchange’s FTX fraud (CT)

  • Solana’s daily DEX trader count falls amid rise in meme coin scams (DC)

  • The Solana Policy Institute donates $500,000 to the legal defense of Tornado Cash software devs (TB)

Extra Reads

Chart of the Day

Stablecoin market cap surpasses $280B, hitting a new ATH

How was today's newsletter?

Login or Subscribe to participate in polls.

Meme Dump

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

🐦 Follow Us: Visit our X account for daily updates on all things web3, DeFi, & crypto.

💰 Gannon’s Crypto Portfolio: Trade alongside Gannon’s crypto on Autopilot

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.

*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.