🐂 Bullish Interest Rate Outlook Buoys Crypto Markets

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Digital asset prices continue to recover after the heavy weekend sell-off. The markets were buoyed by comments from Federal Reserve Chairperson, Jerome Powell, warning against the threat that long-term high interest rates could pose to the U.S. economy.

Terraform Labs announced it is selling four of its businesses amid Chapter 11 bankruptcy proceedings. The news comes four weeks after TFL and its founder, Do Kwon, settled with the SEC for $4.4 billion.

CRV holders are locking record sums of tokens on Curve Finance. Users locked up 51 million CRV over the past seven days.

Grayscale is aiming to covert its Ethereum trust into a spot ETF on July 18. The announcement suggests that spot Ether ETFs are roughly one week away from entering the market.

Plus, Solana’s liquid staking sector posts rapid growth, on-chain analysts say the Messi-promoted memecoin WATER is vulnerable to insider manipulation, and Filecoin doubles down on AI push.

✍️ In today’s newsletter:

Crypto markets recover from weekend sell-off
Terraform Labs to liquidate businesses
51M CRV locked in one week
Grayscale pencils July 18 for Ethereum ETF
Solana liquid staking spikes
Messi-backed WATER token under fire
Filecoin Foundation to foster AI Agents

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📈Crypto Markets Rally as Fed Chair Cautions Against Prolonged High Interest Rates

Digital asset prices continue to trend upward after suffering a violent weekend sell-off. Bitcoin has rebounded 6% from the dip while top altcoins are approaching double-digit recoveries. The price action was buoyed by Jerome Powell, the Federal Reserve Chairperson, indicating that interest rate decreases may not be far away.

🏷️Terraform Labs To Sell Four Businesses Amid Bankruptcy Proceedings

Terraform Labs is looking for buyers to scoop up four of its businesses amid the firm’s bankruptcy proceedings. The news comes after Terraform Labs and the company’s founder, Do Kwon, settled with the SEC for $4.4 billion four weeks ago.

🔒Curve Finance Users are Locking Record Amounts of CRV Tokens in the DEX

Curve Finance users locked up 51 million CRV over the past seven days, beating out the previous record of 24 million. The move comes after CRV suffered heavy losses amid Curve’s founder suffering massive liquidations resulting from nine-figure stablecoin loans backed by CRV.

📅Grayscale Targets July 18 for Potential ETH ETF Creation

Grayscale, a leading crypto exchange-traded product issuer, announced it is targeting July 18 to convert the Grayscale Ethereum Trust (ETHE) into a spot ETF. ETHE holders will receive shares in the spot Ethereum ETF at a one-to-one ratio.

🚀Liquid Staking on Solana Soars To All-Time High

Solana’s liquid staking sector is quickly rising, with LSTs sucking up 7% of SOL’s market cap. The market cap of SOL liquid staking tokens is up 133% since the start of the year at $3.73 billion.

💧️Messi-Promoted Memecoin Faces Backlash Over Alleged Hefty Insider Allocations

WATER, a Solana-based memecoin promoted by the Argentinian soccer star, Lionel Messi, is facing backlash from on-chain analysts. Research suggests that roughly one dozen wallets control around 35% of the token’s supply, including three accounts boasting dominance of 16%.

🤖Filecoin Foundation Partners With Theoriq To Build Smart AI Agents

Filecoin is looking to position itself as a leading web3 AI infrastructure protocol. The Filecoin Foundation is teaming up with Theoriq to create AI Agents leveraging Filecoin’s decentralized database.

🌍 ELSEWHERE

The $11 Billion Marketplace Enabling the Crypto Scam Economy (Wired)
Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief (Fortune)
Notcoin, 1inch, and Sign launch accelerator for Telegram and TON ecosystems (The Block)
Aave DAO Delegate Takes Aim at MakerDAO Over Spark Profit Sharing Deal (Unchained)