Good Morning,

Here's a quick preview of today’s content: Buy now - pay later, in crypto, Iran’s largest crypto exchange hacked, crypto startups to counter quantum computing are arriving, Kraken launches Bitcoin staking, JPMorgan’s stablecoin is launching on Base, Czech government survives a $45M bitcoin scandal, and more

It’s finally Friday 🤝

Let’s dive in.

Market Snapshot

• Bitcoin is trading above $104,000 with minimal market movement despite potential geopolitical tensions

  • There seems to be repeated resistance at $105,150 and signs of institutional accumulation offset by short-term bearish momentum and macro volatility

• Analysts are divided on whether the current low volatility signals market strength or potential instability

• Institutional players are increasingly influencing the market, while retail participation declines, leading to possible significant price shifts.

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

• Stablecoin market cap tops $250B as institutional adoption accelerates (TD)

• Crypto trader James Wynn loses $100M but vows to keep trading, and shows no slowing down - a full timeline of the trading rollercoaster here

• Feds file to seize $225M in crypto in historic U.S. Secret Service bust (TB)

• Telegram CEO Pavel Durov granted permission to travel to Dubai amid scrutiny (DE)

• Klarna to accept Bitcoin and other cryptocurrencies for customer payments (TD)

• Circle stock surges 200% in two weeks as IPO launch nears (TB)

• Jump Crypto returns to market, hoping community forgets Terra ties (TD)

• Ross Ulbricht’s Bitcoin auction letters soar in collector value (BW)

• Sol Strategies seeks Nasdaq listing backed by $72M Solana investment (TD)

• Circle mints $250M in USDC on Solana to support growing demand (TD)

• Prenetics becomes first healthcare firm to launch Bitcoin treasury strategy with $20M BTC buy (BM)

• Iran’s largest crypto exchange Nobitex hacked for $80M amid regional conflict (TD)

• Coinbase has launched Coinbase Payments to expand into the global payments market using its Ethereum layer-2 network Base (CD)

• Polemos, a Web3 gaming infrastructure platform, partners with The Sandbox to boost Web3 gaming expansion (BW)

• B3 unveils PC desktop with a physical destroy button for extreme data protection (BW)

• Semler Scientific appoints Joe Burnett as Bitcoin strategy director, targets 105K BTC by 2027 (BM)

• K33 announces plans to purchase up to 1,000 Bitcoin as part of new strategy (BM)

• The Blockchain Group buys $20M worth of Bitcoin to strengthen reserves (BM)

• Trump family reduces equity stake in crypto project World Liberty (DE)

• Thailand passes crypto capital gains exemption as adoption expands (DE)

• DeFi lending reaches record $55B TVL led by Aave, Maple and Morpho (TB)

• Polygon co-founder spins off to lead independent zero‑knowledge project Zisk (TB)

• ARK Invest offloads $44M worth of Circle shares following volatility (TB)

• Lion Group secures $600M facility for Hyperliquid treasury operations (TB)

• Visa expands stablecoin support across Europe, Middle East and Africa (CD)

• The Smarter Web Company adds $8.1M in Bitcoin to treasury holdings (BM)

• The Blockchain Group adds 182 Bitcoin, lifting holdings to over 170M (CD)

• Sol price drops below $150 after sell-off despite growing institutional adoption narrative (CD)

• OKX publishes guide to Pudgy Penguins NFT project for new investors (OK)

• Bitcoin transactions hit 18‑month low as runes and ordinals hype fades (TB)

• Sol Strategies files with SEC for Nasdaq debut amid Solana bet (DE)

• Spanish bank BBVA advises clients to buy Bitcoin amid fluctuating markets (CT)

Venture Capital

• Bitcoin mining firm Bitdeer has launched a $330M convertible notes offering, aiming to strengthen its mining operations, develop ASIC rigs, and scale its AI infrastructureBM)

• Quantum-resistant Bitcoin security project 'Project 11' raises $6M to defend against future threats (DE)

• Crypto developer platform EigenLayer announces EigenCloud and $70M investment from a16z (TD)

Launches

• Kraken launches Bitcoin staking through 'BABY' Tokens platform (DE)

• Paxos launches new research arm Paxos Labs to advance blockchain innovation and help large institutions offer their own DeFi products (TB)

• JPMorgan introduces JPMD stablecoin deposit token, but many don’t know its on Coinbase’s Base (DE)

• Kraken’s Layer 2 Ink announces token launch and airdrop (TD)

• Hyperwave, a layer-1 on Hyperliquid, launches 'HLP' token with zero fees for first three months (TD)

• 3iQ launches one of North America’s first XRP ETFs on the Toronto Stock Exchange (TD)

• Crypto exchange KuCoin enables institutional clients to trade without pre-funding wallets (CD)

Regulation

• Polymarket gives US stablecoin bill 89% chance of becoming law (CT)

• Ohio House approves bill exempting Bitcoin miners from certain tax burdens (DE)

Cybersecurity

• A $45M Bitcoin scandal fails to topple Czech government in no-confidence vote - read the whirlwind of a story here

• NYC officials bust Facebook-driven crypto scam targeting Russian-speaking residents (TB)

Extra Reads

• To no one’s surprise, the Fed held rates steady in the June FOMC meeting - ICYMI a full breakdown of the meeting’s highlights
  

• Stablecoins are the lubricant that keeps the crypto industry rolling, but they come with distinct risks - a full breakdown of how stablecoins are vulnerable to real security risks
  

• The SEC reportedly asked prospective Solana ETF issuers to submit amended S-1 forms - Why The Market Is Ready For A Solana ETF With Staking

Chart of the Day

Look out below? CryptoQuant’s demand momentum indicator, which tracks directional buying strength across key cohorts, is now reading negative 2 million BTC, the lowest in CryptoQuant’s dataset

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