✊ Crypto Holds Strong Despite Stock Sell-Off

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The cryptocurrency markets remain strong in spite of stocks suffering heavy sell-offs. The combined cryptocurrency market cap is up 12% in the past seven days, despite retreating 2% in the past 24 hours, while the Nasdaq suffered its worst day since December 2022. Bolstering the market is ETF optimism — both from ETH funds’ approval expected next week and inflows into BTC products.

Speaking of ETFs, the SEC gave initial approval to the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF. And while experts anticipate spot Ether ETFs will begin trading on July 23, analysts are disregarding Solana’s prospects for securing a spot ETF any time soon.

Much of positive market sentiment is also driven by the expectation the US may be about to become more crypto friendly. But Ethereum creator Vitalik Buterin warned against aligning with politicians just because they claim to be “pro-crypto.”

✍️ In today’s newsletter:

Digital asset shrug of stock market losses
SEC approves ProShares and Grayscale mini ETH ETFs
Experts say spot SOL ETF is unlikely
Vitalik warns against “pro-crypto” politicians
WazirX suffers $230 million exploit
MATIC to POL migrations set for Sept. 4
Google, Polygon, and Accenture explore web3 loyalty programs
Chainlink unveils digital assets sandbox
VeChain Foundation taps Transak for Apple Pay support
Hyperliquid’s TVL jumps 90% in four months

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📊Crypto Markets Hold Firm as Tech Stocks Crater

The crypto markets are holding steady despite stocks suffering their worst day of trade in years. Most top 10 cryptocurrencies suffered minor retracements while hundreds of billions were wiped from tech stocks in the past 24 hours.

✅SEC Approves ProShares and Grayscale Mini Spot Ether ETFs

The U.S. Securities and Exchange Commission greenlit spot Ether ETFs from ProShares and Grayscale. The move came as analysts tip that spot Ethereum ETFs will begin trading next week.

👎Analysts Say Solana Spot ETFs Are Still a Long Shot

Experts are arguing that Solana’s spot ETH prospects are dim despite prominent asset issuers recently filing with the SEC to introduce SOL funds. Analysts point to the SEC naming SOL as a security in recent lawsuits against centralized exchanges, Solana’s relative centralization, and the lack of regulated U.S. futures markets for SOL as hindering the prospective funds’ chances.

🗳️Ethereum Creator Vitalik Buterin Says Don’t Choose Politicians Just Because They Are “Pro-Crypto”

Vitalik Buterin is urging voters to consider more than efforts to attract support through pro-crypto campaigning ahead of the November U.S. election. “I can think of at least a few other technological freedoms that are just as ‘foundational’ as the freedom to do things with crypto tokens,” Buterin wrote.

⚠️Indian Crypto Exchange WazirX Halts Withdrawals After $230 Million Breach

WazirX, a prominent Indian cryptocurrency exchange, paused withdrawals after suffering an exploit resulting in $230 million worth of crypto being stolen. The culprit is believed to have converted the stolen assets into Ether and used Tornado Cash in a bid to muddy the trail of their ill-gotten gains.

📅Polygon Schedules MATIC to POL Token Migration For September 4

Polygon announced its long-awaited token migrations will go live on September 4. Users will be able to convert MATIC to POL, with POL set to function as the gas and staking token for the Polygon PoS network. The token will also power the Polygon AggLayer’s upcoming Staking Hub.

🤝Polygon Spearheads Next-Gen Loyalty Programs in Collaboration with Google Cloud and Accenture

Google Cloud, Accenture, and Polygon teamed up to design web3-native loyalty programs for mainstream firms. The firms published a whitepaper detailing how web3 technologies can power programs that benefit both consumers and brands.

🏝️Chainlink Launches Digital Asset Sandbox For Financial Institutions

Chainlink launched a digital asset sandbox intended for mainstream financial institutions exploring web3. Chainlink said that the sandbox can facilitate the tokenization pilots and proofs-of-concept in a matter of just days, accelerating mainstream adoption and innovation in web3.

🍎VeWorld Wallet Incorporates Apple Pay Through Transak Integration

The VeChain Foundation integrated the fiat on-ramp provider Transak into the non-custodial wallet for the VeChainThor blockchain. The move allows users to access Apple Pay as a payment method.

⬆️Hyperliquid’s Upcoming Airdrop Has Users Flocking to the Ecosystem

Hyperliquid is the latest DeFi protocol to enjoy surging adoption after launching a points campaign. Hyperliquid’s TVL is up 90% since launching native spot trading less than four months ago.

🌍 ELSEWHERE

State Street Said to Explore Creating Stablecoin, Deposit Token (Bloomberg)
BlockFi to begin processing crypto distributions via Coinbase this month (The Block)
Standard Chartered, Animoca, and Three Others Join HKMA's Stablecoin Sandbox as Participants (CoinDesk)
German Government Nets $2.9 Billion From Bitcoin Sale, Says Price Was ‘Irrelevant’ to ‘Emergency Sale’ Decision (Unchained Crypto)