Market Summary

Market Summary 12 July 2024

Bitcoin Price: US$ 57,333.89 (-0.68%) 
Ethereum Price: US$ 3,099.57 (-0.05%) 

Genesis Trading’s wallet, linked to asset liquidations, transferred $720 million worth of Bitcoin to Coinbase over the past month, indicating ongoing liquidation efforts. Despite holding $2.28 billion in assets, including $1.91 billion in Bitcoin, the wallet’s recent movements follow a $2 billion settlement requiring Genesis to repay defrauded investors. Meanwhile, Lunu’s CEO predicts crypto adoption could triple by 2026, driven by infrastructure improvements like mainstream acceptance in retail settings, highlighting stablecoins’ role in simplifying onboarding for new users amid Europe’s rising prominence in global crypto trading. 

The UK Law Commission has concluded that DAOs do not necessitate separate legal entities but should integrate into existing financial regulations and tax frameworks, highlighting challenges in defining and regulating diverse DAO structures. Concurrently, Bitcoin’s struggle to breach the $60,000 mark has intensified market “extreme fear” on the Crypto Fear & Greed Index, influenced by Mt. Gox creditor repayments and significant Bitcoin sales by the German government. Additionally, Elon Musk’s X.com faces potential fines exceeding $200 million from the EU for alleged violations of the Digital Services Act, encompassing concerns over dark patterns, advertising transparency, and data accessibility for researchers. 

Portal has launched PortalPay, an initiative aimed at enhancing blockchain gaming accessibility by enabling users to pay for and cash out in-game assets using over 5,000 digital assets. This move not only addresses the fragmentation in blockchain gaming ecosystems but also streamlines user onboarding and gameplay, while navigating regulatory hurdles affecting games such as Shrapnel and Hamster Kombat in various jurisdictions. Concurrently, Coinbase has introduced a unified wallet app designed to allow users to manage multiple crypto wallets in one place, supporting assets across platforms like Ethereum, Solana, and Bitcoin. This initiative meets retail demand for simplified portfolio management and includes enhanced security measures to mitigate risks stemming from past phishing attacks and scams targeting Coinbase wallet users. 

Source: https://cointelegraph.com 

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