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BTC price surged to $66,128 in the last 24 hours but fell back to $63,854. Although movements within a wide range are shaped by various events, the upward trend continues. Investors are highly focused on short-term movements, with BTC gaining over $10,000 in a few days. So, what happened today?
Summary of the Day in Cryptocurrencies
The Enterprise Ethereum Alliance (EEA) published a comprehensive document on the risks of DeFi protocols. The working group includes Consensys, Hacken, CertiK, Quantstamp, OpenZeppelin, Banco Santander, Bitwave, and other popular institutions. This document contains important information for DeFi protocol owners and developers, marking the first version of what could be called a DeFi security standard.
This is significant because billions of dollars in hack cases in crypto fund North Korea’s rocket fuel while investors lose their money. Technical Programs Director Chaals Nevile said:
“The Working Group proposes to maintain the Guidelines by issuing periodic updates as needed. This work aims to respond to new threats and technological changes while coping with the fact that standards and the regulatory environment continue to evolve.”
Will MTGOX Cause a Drop?
The on-chain guru of crypto and Ki Young Ju seem very excited. They might be right because the news flow and calendar suggest a highly bullish period for investors. Moreover, whales accumulated 100,000 BTC in a week.
Ki Young Ju stated that the impact of MTGOX sales—between $3 billion and $9 billion—on BTC is negligible compared to the total market cap increase of Bitcoin in the last 18 months. This could mitigate short-term negativity.
“Even if $3 billion from MTGOX is sold on Kraken, it’s only 1% of the capital increase in this bull cycle—manageable liquidity.”
Money Flows to Trump
What would you do if you only needed to vote for a Presidential candidate to gain more profits? This topic is currently trending in the USA. Trump, who increased his votes after the recent shooting, now feels the support of venture capitalists after selecting J.D. Vance as a candidate. Andreessen and Horowitz are among the many venture capitalists and tech executives pledging donations to the Trump-supporting America PAC.
Trump’s Vice President is openly a crypto supporter and owns up to a quarter million dollars ($250,000) in BTC.
Summary of the Day’s Highlights
- SEC reshared “crypto and fraud risks” article on X before ETH ETF listing (July 23).
- Donald Trump announced he would let Fed Chair Jerome Powell complete his term if elected.
- US Inflation Data Released: 2.9% Expectation: 2.9% Previous: 2.9%
- Fed/Barkin: Inflation started to decline again in the last quarter.
- Fed/Waller: Policy rate cut time is approaching based on scenario analysis.
- Grayscale announced Decentralized AI fund. Included altcoins: Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
- Coinbase to list Ancient8 (A8).
- IoTeX announced IoTeX 2.0.
- State Street, managing $4 trillion in assets, aims to launch its own stablecoin.
- Fed Beige Book: Economic outlook suggests slower growth for the next six months due to election, domestic policy, geopolitical conflict, and inflation uncertainties.
- Vitalik Buterin: “Look at the comments of politicians claiming to be pro-crypto from 5 years ago. Compare their views on encrypted messaging rights from 5 years ago and today.”
