Summary
gm, Bitcoin traded sideways around $115,000-$118,000 while Ethereum showed resilience despite a 4.8% dip. SEC Chair Paul Atkins launched "Project Crypto," a major initiative aimed at modernizing digital asset regulations, potentially allowing practices like ICOs and airdrops that were previously restricted. Meanwhile, Tether reported an impressive Q2 profit of $4.9 billion and hinted at a new U.S.-focused venture, while major financial players including Visa expanded their stablecoin support to include services on Avalanche and Stellar networks. Institutional activity continued to grow, with companies like The Ether Machine becoming the third-largest Ethereum holder after purchasing 15,000 ETH ($56.9M) and corporate crypto treasuries collectively exceeding $100 billion in holdings.

News Headlines
🚨 CoinDCX Employee Arrested Over $44M Exchange Hack

  • A CoinDCX software engineer was detained after his compromised login credentials led to a $44 million theft from the cryptocurrency exchange.
  • Hackers tricked the employee into installing malware on his office laptop by offering false freelance opportunities, gaining access to the exchange's liquidity wallet.

🐳 Bitcoin Whales Accumulated 1% of Circulating Supply in Past Four Months

  • Whale investors holding between 10 and 10,000 BTC have accumulated nearly 1% of the total Bitcoin supply over the past four months, adding 30,000 BTC to their holdings in just the last 48 hours.
  • Despite this accumulation, significant profit-taking has occurred, including a notable whale offloading $9 billion worth of Bitcoin, though the majority of Bitcoin holders remain in profit with over $1.4 trillion in unrealized gains.

📊 99% of CFOs at Billion-Dollar Firms Expect to Use Crypto for Business

  • A Deloitte survey reveals that 99% of CFOs at billion-dollar companies anticipate long-term cryptocurrency adoption, with 23% expecting to integrate crypto for investments or payments within two years.
  • Despite enthusiasm, concerns about price volatility, accounting complexities, and regulatory uncertainties remain significant barriers, while privacy and payment efficiency are viewed as key benefits of crypto adoption.

🧠 Planck Launches Layer-0 Blockchain for Artificial Intelligence

  • Planck has introduced a layer-0 blockchain designed to support decentralized AI networks, leveraging a $230 million network of global processing units.
  • The platform aims to decentralize high-performance AI computing currently dominated by tech giants, promising cost savings of up to 90% compared to traditional cloud services.

🏦 JPMorgan CEO Jamie Dimon Embraces Stablecoins While Remaining Bitcoin Skeptic

  • In a significant shift from his previous stance, JPMorgan Chase CEO Jamie Dimon acknowledged that stablecoins could be "more useful than cash" while maintaining his skepticism about Bitcoin.
  • The bank has been expanding its crypto presence through initiatives like its recent partnership with Coinbase, allowing customers to link bank accounts and convert rewards points to cryptocurrencies, reflecting growing institutional adoption of digital assets.

Market Metrics

Fundraising & VC
1. Stable (Seed, $28M) - Dedicated Layer 1 stablechain optimized for USDT payments
2. Finloop (Series A, $10M) - Hong Kong–based AI-powered institutional wealth management platform
3. Aria (Undisclosed, $5M) - RPG game developed by Inutan Studios

Regulatory
🚫 Algeria Implements Complete Crypto Ban

  • Algeria has enacted a law prohibiting all cryptocurrency activities, including trading, ownership, and mining, expanding on its 2018 restrictions.
  • Violations can result in prison sentences of two months to one year and fines between $1,500 and $7,700, contrasting with the liberalizing stances adopted by many other nations.

🌐 White House Proposes Foreign Crypto Account Reporting

  • The White House is urging Congress to require U.S. taxpayers to report foreign crypto accounts to prevent offshore movement of assets and tax evasion.
  • The proposal aims to implement a formal Crypto-Asset Reporting Framework (CARF) and suggests clarifying pathways for crypto banks to engage with traditional banking systems.

🔄 Former OpenSea Manager's Insider Trading Conviction Overturned

  • A New York appeals court overturned Nathaniel Chastain's conviction for insider trading related to NFT listings, ruling that the jury was improperly instructed.
  • The court noted that while Chastain's behavior could be deemed unethical, it did not meet the legal definition of property theft, sending the case back to district court for reevaluation.

🌍 South Korea to Issue Crypto Lending Guidelines

  • South Korea's financial regulators will release guidelines on cryptocurrency lending services in August to tighten oversight and protect investors from excessive risk.
  • The framework will address leverage limits, user eligibility, risk disclosures, and transparency requirements for lending activities, particularly targeting services offered by major exchanges like Upbit and Bithumb.

💼 White House Bitcoin Reserve Plans Continue Despite Omission in Report

  • Bo Hines, Trump's digital assets chief, confirmed that plans for a strategic Bitcoin reserve are still active despite not being mentioned in a recent comprehensive crypto policy report.
  • Hines stated the administration is committed to acquiring "as much Bitcoin as possible" and infrastructure developments for the reserve will begin "in short order."

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency is moving within a rectangle formation between support at 114242 and resistance at 118921. A decisive break through one of these levels indicates the new direction for the currency. The currency has support at points 110000 and resistance at points 120800. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the currency. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency is approaching resistance at 3870 points, which may give a negative reaction. However, a break upwards through 3870 points will be a positive signal. The currency is assessed as technically neutral for the short term.