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Good Morning,

Here's a quick preview of today’s content: The SEC is more bullish than you, Coinbase has mixed earnings after Robinhood’s huge beat, years long OpenSea insider trading case conviction comes to a suprise ending, and so much more

Also, we are seeking multiple interns to assist with Crypto Sum's daily newsletter and social media accounts - APPLY HERE

It’s finally FRIDAY - Let’s dive in. 🔥

Market Snapshot

• Bitcoin is down -2.3% amid new U.S. tariffs affecting Asian markets, with significant profit-taking by major holders

  • CoinGlass data shows around $260M in long positions have been liquidated over the last 4 hours

• Ethereum saw a +50% surge in July, driven by strong institutional demand and bullish price targets

• A new round of global tariffs from the White House is dragging down markets in Asia, with the Nikkei 225 opening in the red along with Seoul's KOPSI

Market Predictions

• Bettors on Kalshi are predicting which companies will officially announce and IPO this year

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

• SEC Chair Paul Atkins dropped a crypto market bombshell this morning about onchain assets (BW)

• Coinbase to begin offering tokenized stocks, derivatives, prediction markets and early-stage token sales to U.S. customers in the coming months (TD)

• JPMorgan CEO Jamie Dimon stays skeptical on Bitcoin but keeps eye on stablecoins - see full statements here

• Coinbase stock tumbles 7% after mixed Q2 results (CD)

• Tether posts record $4.9B Q2 profit as stablecoin dominance continues to grow (TB)

• XTao reveals large Bittensor holdings in latest crypto treasury disclosure (TB)

• Riot Platforms posts Q2 net profit even as bitcoin mining costs double YoY (TB)

• Tourists in South Korea can now withdraw cash in USDT via Kaia crypto ATMs (DE)

• Grayscale files for new Story Trust tied to IP token fund structure (TB)

• Michael Saylor pitches Bitcoin as preferred stock for retirees seeking high yield (DE)

• Myriad Protocol expands to Ethereum L2 Linea as multichain strategy accelerates (DE)

• Fold partners with Blackhawk to expand bitcoin gift card distribution globally (DE)

• NFT sales in July post second-highest average sale value in history (CT)

• Crypto treasury firms collectively bought $8B in digital assets YTD, report says (CT)

• Philippines partners with Polygon to secure government records on blockchain (CS)

• Whale activity surges as Bitcoin gains momentum toward new highs (CD)

• Strategy reports $10B in Q2 profit fueled by rebound in bitcoin and digital assets (DE)

• US appeals court overturns OpenSea insider Nathaniel Chastain’s conviction (TB)

• CoinDCX employee arrested by police in connection with recent crypto theft (TB)

• CryptoPunks floor price hits 3-Year high of $208,000 (TD)

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Venture Capital

• Tether-focused L1 Stable raises $28M seed round to drive USDT integration co-led by Bitfinex and Hack VC (TB)

Launches

• SEC launches ‘Project Crypto’ to make US the global hub for Bitcoin and digital assets (CNBC)

• Blockstream announced it has launched Simplicity, a new smart contract language designed for the Liquid Network on Bitcoin (BM)

Regulation

• White House crypto report recommends expanding CFTC’s role in crypto regulation (TD)

• Algeria enacts full crypto ban, outlawing ownership, trading, and mining activities (DE)

• Bolivia seeks El Salvador’s help in building a national crypto regulatory framework (CD)

Cybersecurity

• OpenSea insider trading conviction overturned as courts question fraud basis (DE)

• Indian exchange CoinDCX links $44M hack to social engineering attack on staff (CS)

Extra Reads

• Circles CEO sat down with Bloomberg to the booming business stablecoins - watch the interview here 

• Bitcoin Magazine sat down to speak with Tuminelli for this week’s episode of Bitcoin Politics - Watch This Interview to Understand the Tornado Cash Trial Better

Chart of the Day

Robinhood Markets reported second-quarter revenue of $989M, a +45% jump from a year earlier and ahead of the $908M analysts expected

Full earnings breakdown here

Meme Dump

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