Summary
gm, Japan's Financial Services Agency prepares to approve the first yen-backed stablecoin (JPYC) this fall, marking a major step for digital currency adoption in the country. Meanwhile, security concerns heightened as the Qubic community, after successfully executing a 51% attack on Monero, voted to target Dogecoin next, exposing vulnerabilities in proof-of-work blockchains. On the institutional front, Centrifuge surpassed $1 billion in total value locked (TVL), highlighting growing momentum in the real-world asset (RWA) tokenization space, while major companies like Circle and Stripe announced plans to develop their own blockchains to enhance control over settlement rails and reduce costs in digital asset payments. Additionally, Do Kwon, creator of the failed TerraUSD stablecoin, pleaded guilty to fraud charges, bringing closure to one of crypto's most significant collapses.

News Headlines
🦅 Moonbirds NFTs Soar as Orange Cap Games Revitalizes Brand

  • Moonbirds NFT floor price has surged from below 1 ETH to over 3 ETH (nearly $14,000), driven by Orange Cap Games' acquisition and strategic rebrand using the term 'birb' to reinvigorate community interest.
  • The comeback signals potential for established NFT brands to regain footing through new management, with plans for gaming and entertainment expansions using Moonbirds IP.

📈 Canary Capital CEO Predicts Bitcoin Will Hit $150K in 2025

  • Steven McClurg of Canary Capital forecasts Bitcoin reaching $150,000 by year-end, driven by expanding institutional adoption from pension funds and sovereign wealth funds following BTC's recent all-time high of $124,128.
  • McClurg expresses skepticism about Ethereum's recent performance, suggesting its outdated technology compared to newer blockchains like Solana and Sui could limit its current surge, despite other analysts projecting ETH could reach $8,000-$10,000.

🔎 Story Protocol Co-Founder Steps Back to Focus on New AI Venture

  • Jason Zhao, co-founder of Story Protocol, has stepped down from his full-time role to launch Poseidon, a new AI venture whose first product outperforms both humans and leading AI models like GPT-5 in research tasks.
  • Story Protocol, which has secured over $130 million in funding to make intellectual property programmable on blockchain, will continue under co-founder SY Lee as CEO.

🚨 94% of XRP Holders in Profit: Potential Top Signal?

  • XRP's rally to $3 has resulted in 94% of its circulating supply being in profit, historically a signal of a potential market top as seen in previous cycles when similar profit percentages preceded major price reversals.
  • Technical analysis shows XRP consolidating in a descending triangle formation with resistance at $3.05, with a confirmed break below support potentially triggering a 23.5% decline to around $2.39.

💱 Stablecoin Boom Makes Crypto On/Off-Ramps Attractive M&A Targets

  • The surge in stablecoin usage has elevated crypto on/off-ramp companies from mere exchange funding gateways to attractive acquisition targets as potential payment providers, according to VanEck Ventures' Juan Lopez.
  • Recent legislation like the GENIUS Act is expanding stablecoin utility beyond basic transactions to uses like cross-border remittances, driving major acquisitions in the sector by companies including MoonPay and Ripple.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
⚖️ Japan to Approve First Yen-Backed Stablecoin

  • Japan's Financial Services Agency is set to approve JPYC, the country's first domestic yen-denominated stablecoin, as early as this fall, backed by highly liquid assets like bank deposits and Japanese government bonds.
  • This development could significantly impact demand for Japanese government bonds, with a JPYC representative suggesting widespread adoption could reshape the domestic bond market.

🔄 Thailand Creating Crypto Payment Sandbox for Tourists

  • Thailand's government is launching TouristDigiPay, a regulatory sandbox allowing foreign visitors to convert cryptocurrency into Thai baht and make payments through regulated e-money providers.
  • The initiative aims to revitalize Thailand's tourism sector by implementing KYC requirements, spending limits, and restrictions on direct cash withdrawals for participating tourists.

💰 Cryptojacker Sentenced to One Year for $3.5M Fraud

  • Charles O. Parks III received a one-year prison sentence for a cryptojacking operation that defrauded cloud computing providers of $3.5 million by using fake corporate identities to mine nearly $1 million in cryptocurrency.
  • Despite facing potential charges carrying up to 50 years, Parks was ordered to forfeit $500,000 and a luxury Mercedes-Benz, with additional restitution to be determined later.

🏦 US Strategist Proposes Bitcoin Reserve Funded by Tariffs

  • Author Adam Livingston has proposed that the US government use its $70 billion tariff surplus to establish a strategic Bitcoin reserve, emphasizing the importance of allocating these unallocated funds productively.
  • While Treasury Secretary Scott Bessent initially stated the government would focus on confiscated assets rather than purchasing Bitcoin, he later clarified that the US remains interested in accumulating digital currency.

📉 Market Volatility Drops Ahead of Powell's Jackson Hole Speech

  • Bitcoin's 30-day implied volatility is approaching two-year lows as markets await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium, with analysts anticipating a potential 25 basis point rate cut in September.
  • Despite the current market calm, experts warn about potential complacency given ongoing economic uncertainties, noting that historically, periods of low volatility often precede significant market turbulence.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency has met the objective at 116746 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The currency has support at points 113500 and resistance at points 117400. The currency is overall assessed as technically slightly positive for the short term.

Ethereum - Ethereum shows strong development within a rising trend channel in the short term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The currency has support at points 3870 and resistance at points 4770. The currency is assessed as technically positive for the short term.