Morning Crypto Wrap — 29 July 2026

Executive brief

The Federal Reserve has maintained interest rates between 3.50% and 3.75%, marking the fifth consecutive meeting without a change. Fed Chair Kevin Warsh described the US economy as showing impressive resilience despite inflation remaining above the 2% target. Market participants are increasingly navigating a regime without forward guidance as the central bank remains divided, with three members dissenting in favour of a rate hike. This macroeconomic backdrop coincides with institutional expansion, as Morgan Stanley launched Ethereum and Solana ETPs, leveraging its $7.4 trillion in client assets to compete with rock-bottom fees of 0.14%.

The industrial landscape for Bitcoin miners continues to transform as operators prioritise high-density computing over traditional extraction. Core Scientific reported an $80 million profit from its AI hosting pivot, contrasting with a negative 56% gross margin in its self-mining business. This shift represents a key driver for the sector as firms repurpose electricity assets for more profitable workloads. Meanwhile, geopolitical volatility remains a significant risk, as US oil prices surged 7% following Iranian strikes on a US base. These pressures, combined with the regulatory impasse for the CLARITY Act regarding ethics language, provide a mixed directional cue for digital assets. Long-term opportunities are appearing in market infrastructure, with BNY targeting the $8.6 trillion transfer agency market via blockchain rails.

1) Top 20 news headlines

• Fed holds rates steady; benchmark rates remain in the 3.50% to 3.75% zone.
• Russia charges Telegram founder Pavel Durov; the platform has already faced over 100 million rubles in fines this year.
• Morgan Stanley expands crypto lineup with Ether, Solana ETPs; products generated roughly $38 million in combined volume on their first day.
• Ionic Digital jumps 26% in Nasdaq debut; the miner reached a market valuation of approximately $2.8 billion.
• Core Scientific pivots to AI hosting profit; colocation generated $80 million in profit against a mining loss.
• BNY targets $8.6 trillion market on blockchain; the bank will add digital ownership records for tokenised funds.
• XRP $2.43 billion debt trap warning; open interest is running nearly 7 times higher than spot volume.
• CLARITY Act ethics fight stalls legislation; Galaxy cut passage estimates to roughly 50% as Senate obstacles mount.
• Zcash Ironwood pool attracts $80 million; about 5% of retired Orchard pool funds have migrated.
• Uniswap RFC explores private swap execution; the proposal uses zk-SNARKs for pre-execution compliance screening.
• Bitcoin steadies above $64,000; the price added 0.75% ahead of the Federal Reserve decision.
• Ethereum role shifts as perpetuals boom; tokenised TradFi has grown to $6.6 billion on centralised exchanges.
• Schwab rebrands crypto ETF with NLP buzzword; the fund manages $232.1 million in net assets.
• Crypto security report tracks $972 million in hacks; most stolen funds were lost through compromised keys and governance.
• South Korea plans stablecoin rules; opposition lawmakers are pushing to repeal a 22% crypto tax.
• NEAR governance votes to scrap developer gas rebates; the network will remove its 30% rebate program to burn fees instead.
• Strive Bitcoin treasury hits 20,000 BTC; holdings per share fell 0.12% due to rapid dilution.
• Hyperscale Data holds $71.7 million in Bitcoin; the position is valued above the company’s $56.4 million market cap.
• Cardano Reef Data partnership to monetise private data; estimated annual royalties for members may start at just $1.25.
• Arbitrum corrects 51 million ARB discrepancy; the non-emergency fix addresses an overstatement in recorded voting power.

2) BTC and ETH ETF flows

3) X trending news

• Fed leaves rates unchanged; the central bank extends its longest pause since 2008 with rates held at 3.50% to 3.75%.
• Pavel Durov charged in Russia; an international arrest warrant has been issued for the Telegram founder on terrorism-related charges.
• South Korea stock market collapse; the market crashed 44% in 40 days, erasing $2 trillion in market cap.
• US stock market wiped $800 billion; massive losses recorded in the first three hours of trading amid chip stock volatility.
• Oil prices surge 7%; energy markets reacted sharply after Iran launched strikes on a US airbase in Jordan.
• BlackRock backs Crypto Clarity Act; the $15 trillion asset manager is calling for the US Senate to pass landmark market legislation.
• Warsh highlights AI growth; the Fed Chair noted that artificial intelligence will be a primary driver for future economic expansion.
• Wealthiest 1% own 50.1% of equity; ownership concentration has risen significantly from 40.1% recorded in 1990.