Prime Tales of The Week
Crypto execs heart stage as Trump indicators stablecoin invoice into regulation
US President Donald Trump signed one of the first bills associated to crypto and blockchain of his administration into regulation on Friday after delays on account of debates within the Home of Representatives and Senate.
In a Friday signing ceremony attended by many cryptocurrency firm executives and high-ranking Republicans, together with Vice President JD Vance and Home Speaker Mike Johnson, Trump signed the Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act into regulation.
The president acknowledged the assist of a number of crypto figures in attendance, together with Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.
36% of Gen Z spend crypto each day; Gen X leads high-value spending
Cryptocurrency funds have gotten more popular across various user groups for on a regular basis purchases and high-value transactions, indicating that digital property are maturing past their position as speculative devices.
Gen Z customers stand out by way of each day transactions, with 39% spending crypto on gaming and 36% on each day purchases and journey bookings.
Gen X dominates high-value spending, with 40% utilizing crypto for journey, digital merchandise and actual property, in response to a Bitget Pockets survey of 4,599 crypto pockets customers shared with Cointelegraph.
The findings present growing curiosity in crypto’s sensible use. Gaming, each day purchases and journey bookings are the highest classes.
Dave Portnoy dumped his XRP two weeks in the past: ‘I need to cry’
Barstool Sports activities founder Dave Portnoy is kicking himself for selling off most of his XRP simply weeks earlier than the cryptocurrency reached new year-to-date highs on Thursday.
“I might’ve made hundreds of thousands, and I need to cry. I don’t personal it anymore, despite the fact that I used to be the chief of the XRP military,” Portnoy stated in a video posted to X on Thursday.
His feedback got here shortly after XRP broke its yearly excessive of $3.29 and surged to $3.60, marking a 19.61% acquire up to now 24 hours on the time of publication, in response to Nansen information.
“I offered XRP when it went as much as $2.40 as a result of the man that informed me to purchase it informed me to promote it as a result of he thought Circle would compete with them and was sad with it,” Portnoy defined.
Satoshi-era Bitcoin whale shifts second 40K BTC pile to Galaxy Digital
A Satoshi-era Bitcoin whale with 80,201 Bitcoin has shifted their remaining 40,192 Bitcoin, price $4.77 billion, to Galaxy Digital, becoming a member of a 40,009 BTC switch to the asset supervisor on Tuesday.
Blockchain onchain information service Onchain Lens was among the many first to note the brand new switch. This implies the whale has shifted 80,201 to Galaxy Digital within the final 4 days, equating to $9.6 billion at present costs.
Throughout this time, no less than 6,000 Bitcoin had been despatched to crypto exchanges Binance and Bybit, blockchain intelligence platform Nansen exhibits.
Trump eyes govt order to open up retirement funds to crypto: FT
US President Donald Trump is reportedly set to sign an executive order that might enable American 401(okay) retirement plans to put money into different property exterior of shares and bonds, equivalent to cryptocurrencies.
The manager order could possibly be signed someday this week, the Monetary Instances reported on Thursday, citing three individuals who have been briefed on the plans.
The brand new 401(okay) funding choices may run throughout a broad spectrum of property, together with digital property, metals and funds centered on infrastructure offers, company takeovers and personal loans.
The manager order would instruct Washington regulatory businesses to research one of the best path ahead for 401(okay) plans to start out investing in crypto, and examine any remaining obstacles to creating it a actuality, in response to the Monetary Instances.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $118,281, Ether (ETH) at $3,553 and XRP at $3.43. The whole market cap is at $3.85 trillion, according to CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Bonk (BONK) at 53.65%, Curve DAO Token (CRV) at 51.11% and FLOKI (FLOKI) at 40.43%.
The highest three altcoin losers of the week are Pump.enjoyable (PUMP) at 29.73%, Pi (PI) at 5.32% and Hyperliquid (HYPE) at 5.05%. For more information on crypto costs, ensure that to learn Cointelegraph’s market analysis.
Most Memorable Quotations
Anthony Anzalone, founder and CEO of Xion:
“If something, I see an inverse correlation between the success of this trade and the memecoin market cap as a result of it reads that capital doesn’t have anyplace higher to move.”
Dave Portnoy, founding father of Barstool Sports activities:
“I might’ve made hundreds of thousands, and I need to cry. I don’t personal it anymore, despite the fact that I used to be the chief of the XRP military.”
Eric Jackson, founding father of EMJ Capital:
“As soon as ETH turns into a productive, staked asset inside an ETF wrapper… It’s now not simply ‘digital oil.’ It’s an institutional-grade yield product.”
André Dragosch, director and head of analysis, Europe at Bitwise:
“Bitcoin is at new all-time highs, however retail is nearly nowhere to be discovered.”
Katie Stockton, founder and managing companion at Fairlead Methods:
“That places Bitcoin at round $135,000 as an intermediate-term goal.”
Nassar Al Achkar, chief technique officer at CoinW:
“The passing of the GENIUS Act and Trump’s plan to open the US retirement market to crypto investments may unlock trillions in institutional capital.”
Prime Prediction of The Week
Stellar’s XLM has ‘most bullish chart’ in crypto, mirroring XRP value
Stellar appears to be like set for a 35% value rally, pushed by a bullish continuation pattern and XRP’s current surge. XLM is consolidating inside an ascending triangle, a traditional bullish continuation setup characterised by rising lows and horizontal resistance.
The resistance degree, close to $0.52, has been examined a number of occasions since Tuesday, whereas the upper lows present growing shopping for stress.
A breakout above $0.52 may affirm the sample and set off a rally towards $0.63 by August, marking a 35% acquire from the present value.
The upside goal is derived by including the triangle’s most peak to the breakout level.
Prime FUD of The Week
UK officer jailed for 50 Bitcoin theft throughout Silk Street 2.0 probe
A former officer of the Nationwide Crime Company has been sentenced to prison for stealing 50 Bitcoin — now price $5.9 million — seized from the co-founder of the defunct on-line black market Silk Street 2.0.
The Crown Prosecution Service stated on Wednesday that Paul Chowles, an ex-operational officer with the Nationwide Crime Company who was a part of a crew investigating Silk Street and Silk Street 2.0, was sentenced to five-and-a-half years’ imprisonment for stealing 50 Bitcoin.
In Could, Chowles pleaded responsible to prices of theft, transferring felony property, and concealing felony property.
Lawsuits piling up towards Technique may take years, go nowhere, lawyer says
The securities fraud lawsuits dealing with Michael Saylor’s company Strategy may take years to play out — in the event that they go anyplace in any respect, in response to authorized specialists.
Technique, previously MicroStrategy, pioneered using Bitcoin (BTC) as an asset reserve for company treasuries. The corporate has been since 2020 making common purchases of Bitcoin, with over 601,550 BTC in its steadiness sheets and no plans to cap the buildup.
Now, Technique has buyers questioning its crypto strategy. As of mid-July, no less than seven regulation corporations have filed complaints towards Technique. Lots of the complaints have related claims, echoing that the defendants overstated the anticipated profitability of its Bitcoin funding technique and understated volatility dangers, in addition to the magnitude of losses the corporate may acknowledge following the adoption of the ASU 2023-08 accounting ideas.
El Salvador hasn’t purchased Bitcoin since signing mortgage deal, IMF says
The Worldwide Financial Fund (IMF) published a report on Tuesday about its ongoing mortgage settlement with El Salvador, claiming that the Central American nation has not purchased any new Bitcoin since signing the settlement in December 2024.
El Salvador’s Chivo Bitcoin pockets “doesn’t alter its Bitcoin reserves to replicate adjustments in shoppers’ Bitcoin deposits,” the report learn. Chivo doesn’t promote its BTC, resulting in “minor” discrepancies that made it seem as if El Salvador’s public sector was accumulating BTC.
A letter of intent signed by El Salvador’s central financial institution president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, contained inside the IMF report, confirmed the small print:
“Consistent with commitments underneath this system, the inventory of Bitcoins held by the general public sector stays unchanged, and we’re taking steps to mitigate fiscal dangers by lowering the general public sector’s position within the Chivo pockets and reframing the Bitcoin challenge.”
Prime Journal Tales of The Week
Bitcoin OG Willy Woo has offered most of his Bitcoin: Right here’s why
Willy Woo isn’t chasing a possible 50x return from holding Bitcoin when alternatives with 1,000x potential are on the desk.
‘Slaughterbot’ drones in Ukraine, MechaHitler turns into horny waifu: AI Eye
Grok’s spicy waifu Companion Ani gets mixed reaction — and a memecoin — plus, new analysis suggests AI brokers are garbage.
Outrage as $1.8B ‘DGCX’ crypto rip-off ringleader mocks victims: Asia Specific
A $1.8 billion crypto fraud unravels in China, NFT affords digital citizenship in Japanese village, and extra.
