Bitcoin Price: US$ 65,312.69 (+0.99%)
Ethereum Price: US$ 3,203.40 (-0.91%)
ByBit announced it is halting operations in France due to recent regulatory developments by the Autorité des Marchés Financiers (AMF), restricting French users’ accounts to “close-only” and planning to liquidate all positions by August 13, despite surpassing Coinbase in trading volume and targeting Binance’s market share, ByBit’s operations have been challenged by regulatory issues, including its blacklisting by AMF for failing to register as a Digital Asset Services Provider. Jack Dorsey’s Block Inc. posted a 9% year-over-year growth in Bitcoin revenue, reaching $2.61 billion in the second quarter of 2024, with total net revenue at $6.16 billion, while the company’s Cash App generated $4.13 billion in revenue, with Bitcoin gross profit increasing by 52%, Block’s overall gross profit rose 20%, and net income for common shareholders doubled to $195 million. Google’s new AI model, Gemini 1.5 Pro, surpassed OpenAI’s ChatGPT-4o and Anthropic’s Claude-3 in generative AI benchmarks with a score of 1,300, compared to GPT-4o’s 1,286 and Claude-3’s 1,271, and the experimental release of Gemini 1.5 Pro has generated significant excitement in the AI community, suggesting a maturing AI chatbot market with multiple high-performing options for users to choose from.
Scientists and lawmakers in the US, UK, and EU are accelerating quantum computing efforts following China’s breakthrough in creating room-temperature time crystals, which could revolutionise the field by solving stability issues for qubits, leading to new initiatives and research partnerships globally. Crypto.com surpassed Coinbase in trading volume, driven by institutional demand and the launch of the first spot Ether ETFs in the US, with a 23% increase in trading volume to $3.16 billion, attributed to stronger market conditions and new institutional clients.
The Casper Network has resumed operations after a temporary halt due to a security breach, with validators unanimously agreeing to resume validation on July 31. The network recovered through a decentralised effort, addressing technical challenges by removing problematic blocks and deploying a new node binary. Unlike WazirX, the Indian cryptocurrency exchange that faced a $230 million theft and announced a user fund recovery strategy, Casper made significant progress in identifying the root cause of its breach, joining other crypto victims like Compound Finance and Bittensor. Bitcoin, despite the Bank of England’s interest rate cut to 5%, remains subdued below $65,000 due to US monetary policy. Although the rate cut occurred, Bitcoin’s price fell 2.4%. However, it could benefit from increased liquidity if the US Federal Reserve cuts rates in September, potentially driving ETF inflows. Slowing ETF inflows are currently pressuring Bitcoin’s price, even though ETFs historically contributed significantly to its appreciation. Notably, Bitcoin’s open interest hit a record high on July 29, indicating strong investor interest and expectations of a price breakout. Futu Securities International, Hong Kong’s largest online broker, recently launched Bitcoin and Ether trading for its 22 million customers. It became the first to offer direct cryptocurrency trading to Hong Kong-based retail investors. This move aligns with Hong Kong’s ambitions to become a global crypto hub, as evidenced by recent regulatory decisions and the introduction of a new stablecoin licensing regime. Despite challenges like the exodus of popular crypto firms, the debut of the first spot Ether ETFs in the US has boosted institutional interest. Companies like Franklin Templeton and BitfFlyer Holdings are expanding their crypto offerings.
OpenEden has launched tokenised US Treasury bills on the XRP Ledger, marking the first time a traditional finance instrument is available on a decentralised platform, backed by short-term US government T-bills and reverse repurchase agreements, with the initiative receiving a $10 million investment from Ripple to support future tokenisation efforts. Bitcoin may gain upward momentum from the Bank of England’s interest rate cut to 5%, although it remains subdued below $65,000 due to US monetary policy; despite slowing ETF inflows, Bitcoin’s open interest hit a record high on July 29, indicating strong investor interest and potential for a price breakout if the US Federal Reserve cuts rates in September. Futu Securities International, Hong Kong’s largest online broker, has launched Bitcoin and Ether trading for its 22 million customers, aligning with Hong Kong’s ambitions to become a global crypto hub despite regulatory challenges, while the debut of the first spot Ether ETFs in the US has boosted institutional interest, with companies like Franklin Templeton and BitfFlyer Holdings expanding their crypto offerings. Decentralised finance (DeFi) is experiencing a revival, with active loans and total value locked (TVL) rising since 2023 lows; while DeFi tokens remain down from their all-time highs, key metrics like TVL and lending activity are recovering, indicating a potential bull market resurgence. Bitwise’s chief investment officer, Matt Hougan, expressed increased bullishness on Bitcoin following promises by US politicians to embrace the cryptocurrency, highlighting the growing political support and noting that Bitcoin’s popularity among Americans is driving its acceptance, with predictions of substantial price increases by 2045.
Source: https://cointelegraph.com
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