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Ethereum ETF, US CPI and more

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Top Crypto News This Week: Potential Ethereum ETF Approval, US CPI Data Release, and More

This week, major news caught the attention of investors and crypto enthusiasts. The potential approval of an Ethereum spot exchange-traded fund (ETF), the upcoming release of US CPI data, and other major events are expected to shape the cryptocurrency market.

These developments could have far-reaching implications, prompting market participants to remain vigilant and informed.

Major Cryptocurrency Legislation Faces Key Vote in Congress

This week, US lawmakers to vote on HJ 109seeking to rescind the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). House Majority Leader Steve Scalise’s weekly schedule suggests the resolution could be taken up Tuesday or Wednesday.

The bulletin requires financial institutions to list their customers’ digital assets on their balance sheets. Critics argue that the rule keeps digital assets out of the U.S. financial system.

The House and Senate approved the repeal of SAB 121 in May. However, President Joe Biden vetoed the billstressing his administration’s commitment not to support “measures that jeopardize the well-being of consumers and investors.” Many industry experts and investors believe this will be a crucial vote for the entire cryptocurrency industry.

Ethereum ETF Approval on the Horizon

Market watchers are abuzz over the potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs). After several asset managers updated their S-1 forms, Experts predict that these ETFs could be launched soon.

Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas suggest that these ETFs “could potentially list next week or the week of July 15.” Nate Geraci, president of ETF Store, echoes that sentiment.

“I will be shocked if spot ETH ETFs don’t trade in the next two weeks. Later next week is a possibility, but I think the week of July 15th is more likely,” he said. note.

The SEC approval process remains critical for these ETFs to begin trading. While the SEC has approved the Forms 19b-4, issuers still need to get their Forms S-1 approved before they can proceed.

Despite the optimism surrounding the final approval of these ETFs, the price of ETH has declined significantly since then. Approval of Forms 19b-4 End of May. According to data from BeInCrypto, ETH is now trading at $2,887, down about 26% since the preliminary approval date.

Learn more: Ethereum ETF Explained: What It Is and How It Works

ETH price evolution. Source: Be in crypto

US CPI Data Release and Implications for the Market

Another crucial event this week is the U.S. Consumer Price Index (CPI) data, program for release on July 11. Previous CPI data for May showed no month-over-month increase, providing some respite inflation concerns.

The Federal Reserve Bank of Cleveland’s projections suggest that the monthly increase in headline CPI inflation for June will be 0.08%, with core CPI inflation excluding food and energy at 0.28%. While these estimates are not always precise, they are generally accurate in indicating where the monthly inflation numbers might lie.

The Federal Reserve will nonetheless closely monitor the upcoming data to assess inflation trends and make informed monetary policy decisions. These data will be taken into account at the central bank’s next policy meeting on July 30-31.

Lower inflation figures could indicate economic stability, which could boost investor confidence and direct capital into riskier assets like cryptocurrencies. Conversely, if inflation exceeds expectations, The Federal Reserve can choose to maintain or increase interest ratesinjecting uncertainty into the markets.

Due to their volatile nature, cryptocurrencies could experience significant price swings in response to these economic indicators. Investors should therefore actively monitor CPI data and Fed decisions to guide the market.

Jupiter Supply Reduction Proposal

Jupiter, a Solana-based decentralized exchange (DEX), is about to implement a major change to its tokenomics with a proposal to reduce the total supply of its native token, JUP, by 30%. This proposal, sharing The pseudonymous co-founder Meow is planning a voluntary 30% reduction in tokens allocated to the team and a corresponding reduction in Jupuary emissions. The governance vote on this proposal will take place in July.

Meow pointed out that these changes are possible because Jupiter has no direct investors, allowing the team to take bold steps to optimize the platform’s tokenomics. The proposed changes aim to address high emissions levels, streamline the platform’s financial structure, and more deeply involve the community in Jupiter’s long-term vision.

Learn more: Top 7 Projects on Solana with Huge Potential

Vela V2 Launch and Updates

Vela, a perpetual DEX native to Arbitrum, will do so launch sa Vela V2 on July 8. This release brings improved tokenomics, new trading competition, and enhanced features to the platform.

Vela V2 includes flexible acquisition options and governance voteand a simplified staking page. Additionally, to encourage participation and reward active users, Vela V2 will introduce a 500,000 ARB prize pool during Grand Prix Season 3.

Xai and other major tokens unlocked this week

Xai, a Tier 3 (L3) solution designed for AAA games, will unlock nearly 200 million XAI tokens on July 9. The amount, worth approximately $55.18 million, represents 71.59% of its circulating supply. As a result, this token unlock has sparked discussions within the crypto community about its potential impact on XAI’s price.

Unlocking the XAI token. Unlocking the XAI token. Source: token.unlock

Additionally, Aptos will unlock a significant amount of its native token, APTData from TokenUnlocks shows that the Layer 1 (L1) blockchain will distribute 11.3 million APT among community members, core contributors, and investors on July 12. This figure represents 2.49% of its circulating supply, valued at approximately $62.88 million based on the current market price.

Other projects like Immutable (IMX) will also hold token unlocks during the same period. Read this article for more detailed information on the major crypto tokens unlocked this week.

Disclaimer

In accordance with the Trust Project In accordance with its guidelines, BeInCrypto is committed to providing unbiased and transparent information. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.

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We are the editorial team of Digital Finance News, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Digital Finance News, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Today’s top crypto gainers and losers

Digital Finance News Staff

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Jupiter and JasmyCoin lead the rally: Top crypto gainers and losers of the day

Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.

Top Winners

Jupiter

Jupiter (JUP) led the charge among the biggest gainers on July 27.

At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.

JUP Hourly Price Chart, July 26-27 | Source: crypto.news

Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.

Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.

In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.

JasmyCoin

JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 2

JASMY Hourly Price Chart, July 26-27 | Source: crypto.news

The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.

JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.

The initiative was launched by Kunitake Ando, ​​former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.

Kaspa

Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 3

KAS Hourly Price Chart, July 26-27 | Source: crypto.news

According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.

Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.

Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.

Bonk

Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 4

BONK Hourly Price Chart, July 26-27 | Source: crypto.news

BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.

Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.

Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.

BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.

The big losers

Bittensor

Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.

At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 5

TAO 24 Hour Price Chart | Source: CoinGecko

Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.

Mantra

Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 6

OM Price Hourly Chart, July 26-27 | Source: crypto.news

Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.

Coat

Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.

Jupiter and JasmyCoin lead the rally: Today's top crypto gainers and losers - 7

MNT Hourly Price Chart, July 26-27 | Source: crypto.news

Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.

Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.

Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.

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Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?

Digital Finance News Staff

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Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?

Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.

Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000

The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.

On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.

Bitcoin Price | Tradingview

In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.

He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.

Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.

However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.

A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.

On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.

Technical indicator:

  • Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
  • Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.

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Frequently Asked Questions

A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.

The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.

Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.

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Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News

Digital Finance News Staff

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Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
  • Sygnum says it has reached profitability after increasing transaction volumes.
  • The Swiss crypto bank does not disclose specific profit figures.

Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.

The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.

Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.

“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.

He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”

Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.

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Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity

Digital Finance News Staff

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Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity

Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.

In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.

“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…

“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”

Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.

“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of ​​regulating it fairly. I think we’re there now.”

The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.

“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”

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