Summary
gm, Hong Kong implemented new stablecoin licensing regulations effective August 1, positioning itself as a strategic hub for cryptocurrency in Southeast Asia. Meanwhile, corporate crypto treasuries surpassed $100 billion on Ethereum's 10th anniversary, with institutions showing particular interest in Ether, which analysts project could reach $4,000 by year-end. The market experienced significant volatility with over $900 million in liquidations, primarily from long positions, as Bitcoin retreated to around $114,000 amid disappointing U.S. economic data and renewed tariff concerns. In regulatory news, SEC Chair Paul Atkins called for companies to "reshore crypto" to the U.S., signaling a more favorable regulatory environment, while Michael Saylor revealed Strategy's ambitions to potentially own up to 7% of Bitcoin's total supply, currently valued at $72 billion.

News Headlines
🚨 Ancient Bitcoin Wallet Moves 306 BTC After 12 Years

  • A Bitcoin wallet holding over 306 BTC since 2013 was emptied as Bitcoin's price dipped to a three-week low, with the coins having appreciated over 152,300% from their original value.
  • This move coincides with a broader trend of long-term holders liquidating portions of their holdings, with analysts warning that significant selling pressure from whales could lead to a correction lasting months.

👾 OpenAI Raises $8.3B at $300B Valuation

  • OpenAI has secured $8.3 billion in funding at a $300 billion valuation, as it progresses toward its goal of raising $40 billion by the end of the year, with the round being led by Dragoneer Investment Group.
  • The company, which transitioned from a nonprofit to a commercial model, aims for $12.7 billion in revenue by 2025 and projects annual recurring revenue to exceed $20 billion by year-end, though it doesn't expect to be cash-flow positive until 2029.

📈 XRP Shows Bullish Signals for Potential 20% Price Rally

  • XRP is positioned in a crucial support zone between $2.80 and $2.95, with technical analysis indicating at least two bullish reversal signals including a bullish divergence on the four-hour chart.
  • If XRP breaks through the falling wedge pattern's upper trendline, analysts project a rally toward the $3.60–$3.65 range by the end of August, potentially marking a 20% price increase.

📉 Crypto Stocks Tumble as Market Faces Broad Sell-off

  • US crypto companies saw sharp declines with Coinbase, Riot Platforms, and CleanSpark experiencing drops between 7% and 16% amid broader market concerns over disappointing economic data and renewed tariff threats.
  • Investor sentiment deteriorated following a lower-than-expected US nonfarm payrolls report and renewed tariff threats by US President Donald Trump, sparking fears of labor market contraction.

🐋 Mystery Whale Quietly Accumulates 331 Million Pi Coins Worth $148.5M

  • A mysterious wallet labeled GAS…ODM has accumulated 331 million Pi coins (worth approximately $148.5 million) in just three months, despite a 70% drop in Pi's price since May, suggesting a calculated accumulation strategy.
  • Two theories persist about the wallet's owner: it could be the Pi Core Team attempting to stabilize market perception, or a major exchange secretly accumulating Pi in anticipation of future listings.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🚀 SEC Launches Nationwide Crypto Outreach Initiative

  • Commissioner Hester Peirce will lead a series of 10 roundtables across US cities to gather stakeholder feedback on future digital asset regulations.
  • The discussions will primarily focus on early-stage crypto startups (less than two years old with fewer than 10 employees) and will take place between August and December.

💰 GENIUS Act Implementation Faces Practical Challenges

  • Despite the GENIUS Act establishing legal compliance for stablecoins in the US, significant usability challenges remain as current Web3 tools are still complex and user-unfriendly.
  • Unlike previous speculative crypto surges, the new wave of users is focused on practical applications of programmable money, highlighting the need for improved infrastructure.

🔍 Record $3.5 Billion Bitcoin Hack Uncovered Retroactively

  • Arkham Intelligence has retroactively identified the largest cryptocurrency theft in history: a $3.5 billion Bitcoin heist from Chinese mining pool LuBian in December 2020.
  • The hack, which went unreported at the time, exploited a vulnerability in LuBian's private key generation algorithm and resulted in the theft of 127,426 BTC, now valued at approximately $14.5 billion.

🌐 China's Strategic Crypto Liquidation Plan Revealed

  • Beijing has announced plans to liquidate confiscated cryptocurrencies through Hong Kong's licensed exchanges, positioning the city as a dominant virtual asset hub.
  • By channeling confiscated digital assets through Hong Kong, China aims to control crypto liquidity and increase its influence over global markets, creating strategic challenges for the US.

🔻 Market Pressure: Hayes Warns Bitcoin Could Fall to $100K

  • Maelstrom Fund CIO Arthur Hayes predicts Bitcoin may retrace to $100,000 and Ethereum to $3,000 due to macroeconomic pressures including tariff fears and disappointing job growth.
  • Hayes has already sold over $13 million in crypto assets, citing tight credit markets and a slowing job market as potential challenges for risk-on assets like Bitcoin and Ether.

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 gave a negative signal from the rectangle formation by the break down through the support at 114242. Further fall to 110386 or lower is signaled. 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 negative for the short term.

Ethereum - Ethereum has broken the rising trend channel in the short term and reacted strongly down. For the time being, it is difficult to say anything about the future trend direction. The currency has support at points 2780 and resistance at points 3870. The currency is assessed as technically neutral for the short term.