🇺🇸 Trump Formalizes Crypto Pivot In GOP Policy Platform
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Donald Trump and the Republican Party are doubling down on their commitment to support the crypto industry. Trump’s freshly published policy platform includes a pledge to champion innovation in the web3 sector.
BlackRock’s tokenized treasuries fund BUIDL surpassed $500 million in assets under management less than four months after launching. The value of on-chain treasury assets is $1.81 trillion after surging 133% since the start of 2024.
Crypto markets continue to recover after crashing over the weekend outflows from Mt. Gox. Digital assets were buoyed by spot Bitcoin ETFs hosting their largest daily inflow in five weeks.
Plus, Zircuit suffers heavy outflows as phase two rewards commence, Raydium overtakes Uniswap by weekly fees, and Paxful’s co-founder pleads guilty to DoJ charges.
✍️ In today’s newsletter:
- Republican party formalizes Trump’s crypto pivot
- BUIDL crosses $500M in assets
- Markets bounce on spike in Bitcoin ETF flows
- Investors brace for Mt. Gox creditor distributions
- Zircuit’s TVL drops by $400M amid outflow
- Raydium overshadows Uniswap by fees and transactions
- Paxful co-founder faces up to five years behind bars
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✊Trump Doubles Down On Pro-Crypto Pivot In RNC-Backed Policy Doc
Donald Trump pledges to promote innovation in the crypto industry and support the U.S. Bitcoin mining sector in his July 8 policy platform document. The document received approval from the Republican National Convention.
👀Blackrock’s Tokenized Treasuries Fund BUIDL Tops $500M
The value of assets managed by BlackRock’s tokenized treasuries fund, BUIDL, has roared past $500 million less than four months after debuting. On-chain treasuries rocketed 133% this year, with the sector boasting a more than $1.81 billion market cap.
📈Crypto Markets Rally as Spot Bitcoin ETFs Record Highest Inflows Since June 6
Digital assets are enjoying modest gains as the markets continue to recover from the weekend’s heavy sell-off. Cryptocurrencies were buoyed by the strongest daily inflow to spot Bitcoin ETFs in five weeks, with nearly $295 million entering the sector on July 8.
😱Crypto Markets Roiled as Mt. Gox’s Multi-Billion Payouts Start
Cryptocurrency investors are bracing for the possibility of billions in Bitcoin entering the markets as Mt. Gox begins making early payouts to creditors. The company appears to have already paid out nine figures worth of BTC to the Bitbank and SBI VC Trade exchanges, with roughly $4 billion expected to follow this month.
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⬇️Zircuit Loses Half a Billion in TVL as Phase Two of Rewards Program Kicks Off
Zircuit is hoping to shore up its TVL with the second phase of its points campaign. The forthcoming Layer 2 attracted a peak of $3.5 billion in TVL as of early May despite being pre-mainnet, but a recent spate of outflows drove down its TVL from $2.5 billion to $2.1 billion over the past week.
🚀️Solana DEX Raydium Flips Uniswap in Weekly Fees
Raydium, the top decentralized exchange on Solana, has overtaken Uniswap by fees amid a surge in trade volume. Raydium hosted 57 million transactions over the past week compared to Uniswap’s 4.47 million, giving Raydium a 15% lead by fee revenue. However, Uniswap remains on top by total volume with $12 billion, beating out Raydium’s $5.39 billion.
🚨Paxful's Co-Founder Pleads Guilty to Anti-Money Laundering Charges
Artur Schaback, the co-founder and former Chief Technology Officer of Paxful, pleaded guilty to failing to establish an effective anti-money laundering program for the peer-to-peer crypto exchange. Schaback’s sentencing is set for November, with the former executive facing up to five years in prison.
🌍 ELSEWHERE
- PayPal's stablecoin surpasses $500 million market cap following Solana expansion (The Block)
- Singapore court rules in favor of Fantom Foundation in lawsuit against Multichain (CryptoSlate)
- Sam Altman’s Layer-2 Blockchain Project, World Chain, Opens to Developers (CoinDesk)
- Lido Governance Authorizes $200,000 To Engage Law Firm in Dismissing Class-Action Lawsuit (Unchained)
🔥 TRENDING
- Maple Finance TVL More Than Doubles Leading Up to New Retail Arm
- Celsius Aims To Recover $100 Million From Users Who Withdrew Funds Before Bankruptcy
- Is This the End of the Crypto Bull Market? History Says No
- Pendle's TVL Drops 45% as Key Markets Mature
- Bankrupt 3AC Capital Buys NFT Thanks to 3-Year Bid Authorities Overlooked
- U.S. Court Rules Two Obscure Altcoins Are Commodities
- Bitcoin Price Crashes To Four-Month Low As Mt. Gox Makes Initial Repayments
- Web3 Apps Reach All-Time High of 10 Million Daily Active Users
- Bitcoin Mining Difficulty Set for Second Biggest Drop Since FTX Collapse
- Flare Network Leverages LayerZero to Connect with 75 Blockchains
- Crypto Markets Bleed Amid Massive Liquidations
- Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits
- ‘Lower Before Higher’ Say Bitcoin Analysts
- Tron Poised To Threaten Ethereum's Revenue Dominance
- Rising Dominance Of Arbitrum and Base Defies Liquidity Fragmentation Narrative
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