✊ Crypto Holds Strong Despite Stock Sell-Off

Together with

GM Defiers!

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

🙏Sponsored

• Getting Started with Polkadot
• Polkadot's Biggest Leap Yet: JAM Upgrade

📈 Markets in the last 24 hrs:

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSDon Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

📊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.

SPONSORED POST

zkVerify is a dedicated zero-knowledge proof verification network designed for settlement optimization, built by Horizen Labs.

zkVerify is uniquely architected as the first modular solution for the settlement layer that collapses security costs by decoupling proof verification from settlement on L1s.

Horizen Labs estimates $47 million was spent on proof verification in 2023 for zkrollups on Ethereum alone, and industry studies anticipate zk proof generation will become a $10 billion market by the year 2030. zkVerify removes the cost and complexity of computationally intensive proof verification for developers building with zkrollups. At the outset, zkVerify can be used to verify proofs on Ethereum and Bitcoin with a 90%+ cost reduction, and will rapidly expand to support multiple blockchain architectures.

READ MORE: WHAT IS ZKVERIFY

📅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)

🔥TRENDING

• Usual Money Releases Public Mainnet and Incentives Program
• Bitcoin Price Dips As Germany Offloads $2B Of BTC In One Week
• PONKE Achieves Prestigious Listing on GMCI Memecoin Index
• More Than 120 DeFi Front-End Could Be Vulnerable To DNS Attacks
• MOCA Token Soars to $800M Fully-Diluted Valuation as Mocaverse NFTs Crater
• Malaysian Government Blames Bitcoin Mining for Electricity Theft
• SEC Drops Investigation into Stablecoin Issuer Paxos
• Crypto Markets Surge On Inflation Hitting Three-Year Low
• CFTC Chair Asserts At Least 70% of Crypto Assets Are Not Securities
• Capital Allocation: The Next Growth Frontier
• BitMEX Pleads Guilty to Bank Secrecy Act Violations
• Lyra Finance Offers Leveraged Exposure to ETH Through Ethena
• Terraform Labs To Sell Four Businesses Amid Bankruptcy Proceedings
• Filecoin Foundation Partners With Theoriq To Build Smart AI Agents
• Curve Finance Users are Locking Record Amounts of CRV Tokens in the DEX