Summary
gm, Federal Reserve Chair Jerome Powell voiced support for ongoing crypto legislation in Congress, emphasizing the importance of establishing a stablecoin framework, while the Federal Housing Finance Agency authorized Fannie Mae and Freddie Mac to recognize cryptocurrencies as reserve assets for mortgage applications. On the institutional front, Chainlink partnered with Mastercard to enable its three billion cardholders to purchase cryptocurrency on-chain, while major financial institutions including Goldman Sachs and Circle Ventures backed Digital Asset's $135 million funding round for its institutional blockchain Canton Network. Meanwhile, the market showed resilience following geopolitical tensions easing, with Bitcoin recovering to above $107,000 and Ethereum rebounding to around $2,475, supported by strong ETF inflows totaling $588 million in a single day.

News Headlines
💰 BTC Spot ETF Demand Proves Bitcoin Is A Macro Asset

  • Analysis from Avenir Group and Glassnode reveals that spot Bitcoin ETF inflows are largely unhedged, demonstrating genuine institutional demand and positioning Bitcoin as a macro asset rather than merely a speculative investment.
  • Strong correlations between Bitcoin's performance and traditional macro indicators (equities and gold), combined with inverse tracking of the US dollar, suggest Bitcoin is being integrated into institutional portfolios as a strategic asset.

💳 JPMorgan's $1,150 Crypto Trademark: What JPMD Signals for 2025

  • JPMorgan Chase has filed a trademark for 'JPMD' with the US Trademark Office, suggesting ambitious plans for blockchain-based financial services including trading, fund transfers, and digital currency issuance.
  • Unlike their internal JPM Coin, JPMD is being tested on Ethereum's layer-2 as a deposit token backed by commercial bank deposits, potentially setting new standards for compliance and liquidity in the stablecoin market.

🌐 South Korean Banks Plan Won-Pegged Stablecoin by 2026

  • Eight major South Korean banks, including KB Kookmin and Shinhan, are collaborating to launch a stablecoin pegged to the Korean won by early 2026, challenging the dominance of US dollar-pegged stablecoins.
  • The initiative will operate on a trust-based model pending regulatory approval, as part of a broader legislative agenda to facilitate digital asset growth in South Korea through the proposed Digital Asset Basic Act.

🏭 What Tariffs Will — and Won't — Change for U.S. Bitcoin Miners

  • Proposed tariffs by the Trump administration on ASICs may increase import costs by 10%-50%, potentially decelerating the growth of Bitcoin mining in the US but not stopping its position as a major hashrate provider.
  • US miners can mitigate tariff impact through secondary markets for mining equipment, while some manufacturers are considering US production as competition intensifies for suitable mining locations due to growing demand for AI data centers.

🔐 Coinbase Claims 'Key Role' in Secret Service's Biggest-Ever Crypto Seizure

  • Coinbase assisted the US Secret Service in seizing $225 million in cryptocurrency linked to investment scams, the largest crypto seizure in the agency's history.
  • The collaborative effort traced transactions back to illicit wallets, flagged over 130 defrauded customers with losses totaling $2.3 million, and identified approximately 140 accounts connected to scam operations in Southeast Asia.

Market Metrics

Fundraising & VC
1. Zama (Series B, $57M) - Open-source cryptography company building FHE solutions for blockchain and AI
2. dKloud (Undisclosed, $3.15M) - Decentralized cloud infrastructure platform
3. Makina Finance (Strategic, $3M) - DeFi execution engine

Regulatory
📱 Kraken Secures MiCA License in Ireland

  • Crypto exchange Kraken has obtained a Markets in Crypto-Assets (MiCA) license from the Central Bank of Ireland, allowing it to expand services across all 30 European Economic Area countries.
  • This follows Kraken's previous regulatory achievements including MiFID and EMI licenses, positioning it as one of several major exchanges embracing the EU's comprehensive crypto regulatory framework.

🏦 SoFi Returning to Crypto Market

  • SoFi is re-entering the cryptocurrency market by reintroducing trading for Bitcoin and Ethereum after withdrawing from crypto services in 2023.
  • The firm plans to expand features to include stablecoin support, crypto-backed loans, and staking, aligning with recent regulatory shifts that allow national banks to handle crypto.

🚫 Bank of International Settlements Criticizes Stablecoins

  • The BIS annual report states stablecoins cannot function effectively as real money as they fail to meet essential criteria of 'singleness,' 'elasticity,' and 'integrity.'
  • The report criticizes stablecoins' vulnerability to money laundering and financial crime, advocating for strict limitations on their role despite their growing usage.

🔒 German Regulator Closes Case Against Ethena Over USDe

  • Ethena Labs and Germany's BaFin have finalized a 42-day redemption plan for USDe stablecoin holders, concluding a regulatory dispute over unregistered securities.
  • USDe holders have until August 6 to claim their funds, after which Ethena GmbH will be officially wound up in Germany and the EU.

🧠 Senate Banking Committee Outlines Crypto Market Rules Framework

  • The Senate Banking Committee has introduced principles for comprehensive crypto market legislation, focusing on regulatory clarity, legal certainty, and defined oversight roles.
  • The announcement coincided with a subcommittee hearing that included testimony from major crypto companies and emphasized balancing consumer protection with innovation.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is moving within a rectangle formation between support at 101005 and resistance at 108296. A decisive break through one of these levels indicates the new direction for the currency. The currency is approaching resistance at 110000 points, which may give a negative reaction. However, a break upwards through 110000 points will be a positive signal. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has marginally broken up through resistance at points 2490. An established break predicts a further rise. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the currency and indicates increased chance of a break up. The currency is overall assessed as technically positive for the short term.