Bitcoin, the worlds premiere cryptocurrency, drooped in price by 4% in July
The coin has never lost more than 10% in July throughout its history
Bitcoin price dropped by 4% in July, a market move that upholds its history of not dipping by over 10% in the month. The market movement came when major regulatory uncertainties and lawsuits rocked the crypto market.
Bitcoin price slid down by 4% in July
Blockchain data shows that the Bitcoin price slid down by only 4% in July despite a series of FUD events. In that period, The US SEC charged HEX founder and Alex Mashinsky of Celsius; Curve Finance was in trouble. Additionally, US SEC had a court battle with Ripple, Coinbase, and Binance, among other market-dooming events.
Though Ripple partially won against the US SEC, a judge in the US SEC case against Terraform Labs ruled that the ruling in the Ripple case would be applicable as it is not yet beyond doubt that public sale and secondary sale of crypto assets should not fall under the same regulations.
This move came as an undercutting to the Ripple win that the Public sale of XRP does not fall under securities laws through secondary sales, creating a bearish sentiment since the US SEC is set to appeal the ruling as time passes.
The drop was, however, not very significant to the year;y performance as the coin has only dropped in price two more months, with May recording a slump by 7.1% and February having a 0.01% drop, and at the same time, all other months apart from April had gains of over 10%.
This price movement is expected to reverse through 2025 as the completion of Bitcoin 4 year historical halving cycle culminates. Keep watching Fintech Express for more updates on this and other fintech-related developments.
On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions.
Cooperation with Worldcoin and the recent Bedrock update is credited for the rise in daily transaction volume.
Optimism surpassed Arbitrum in daily transactions on July 27 for the first time since mid-January as Worldcoin got released and Bedrock update effects started being felt.
Worldcoin and Bedrock Update pushing Optimism to greater heights
Worldcoin, a new crypto asset by OpenAI’s CEO Sam Altman that is meant to be the next step in pushing proof of personhood forward as AI continues to grow, was released on July 26.
In May, Worldcoin expressed that it had committed to supporting Optimism to bring the SUperchain to life. It said it worked with Optimism to build a scalable blockchain ecosystem on OP Stack. According to that announcement, Worldcoin expressed that “As a first step, World ID, a decentralized, privacy-first identity protocol, will be available on OP Mainnet.”
Additionally, it expressed that TFH’s World App, the first wallet that allows transactions with Worldcoin and other digital assets and stablecoins, would be migrated to OP Mainnet.
In June, Optimism also received the “Bedrock” upgrade that, theoretically, cut the deposit confirmation times by 90% and lowered the involved gas fees pushing the network’s dream of being a ‘superchain’ forward. The process supposedly cut the gas fees by 40%, which aimed at attracting more users.
On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions. This is the first instance since January 2023 where Optimism has taken the lead in daily transaction volume metrics.
Since the report that Worldcoin was working with the OP team, the daily transactions volume rose by 240% since June 1 from 277K to 944K transactions, while Arbitrum suffered a marginal dip at the same time, declining from 745K to around 660 K.
Keep watching Fintech Express for more updates on markets and other fintech-related developments.
UK and Singapore to continue working together on developing global crypto regulatory standards
MAS has asked the UK to consider raising digital currency spending caps
The UK and Singapore have led in showcasing the possibility of global crypto regulatory standards as they join hands to streamline the industry. The Monetary Authority of Singapore published an article on July 27 detailing their joint efforts and goals with the UK in making the industry safer for their citizens.
Countries keep pushing for global crypto regulatory standards
For quite some time now, different leaders have spoken out on the need for international cooperation in crypto regulation. India’s Finance Minister has been particularly vocal in calling for global crypto regulatory standards to be a thing.
Now, the regulators in Singapore and the UK have agreed to contribute to each other’s efforts in developing global crypto regulatory standards as part of international; standard-setting bodies such as IOSCO and others.
The Monetary Authority of Singapore, MAS, has published an article detailing how the two nations intend to extend their help to each other in the process detailing that they will both welcome suggestions from each other. An excerpt from the article reads.
“ The UK and Singapore agreed to contribute to efforts to develop global regulatory standards for crypto and digital assets as part of international standard setting bodies such as IOSCO, and working groups under the Financial Stability Board (FSB), and welcomed the FSB recommendations on crypto-assets including stablecoins.”
The article also indicated that the two countries aim to “continue discussions and share insights and experiences” in the crypto regulation process. The MAS added that the UK agreed to consider “future collaboration” in opportunities within the “private-public sector collaborative initiative to test the potential and feasibility of asset tokenisation.”
Additionally, the MAS said that the UK welcomed its review of e-wallet caps, which includes the need to increment the relevant limits imposed on e-wallets. The UK had communicated in February this year that Brotons would be limited to spending 20,000 digital pounds if the country was to introduce a digital currency. This move had been heavily criticized.
Now, the MAS has convinced the country to consider raising such caps to give Britons more freedom over their monies. Keep watching Fintech Express for more updates on this and other fintech-related developments.
Over the past 30 days, Decentralized Finance has managed to maintain the Total Value Locked in it, recording a slight dip of 0.8%
Ethereum still dominates DeFi Total Value Locked, taking over 71% of the whole, while the TRON network follows closely with 6.4%
Ethereum has outperformed TRON and BNB Chain in DeFi Total Value Locked, taking a 71% market share, while the two follow closely with 6.4% and 5.6%, respectively. In total, the whole market had a slight dip of 0.8%.
DeFi Total Valued Locked dips 0.8% in the past 30 days
Despite unfavorable global macro-economics and the crypto market battling an extended bear market, DeFi Total Value Vocked (TVL) has managed to maintain stable levels.
According to data captured from the on-chain analytics platform, Coinrank, Ethereum was dominant, leading with 71% ($63.8B) of the whole TVL, while the TRON network followed closely with 6.4% ($5.7 B). BNB Chain came third with 5.6% ($5.06 B) of the market share.
Other notable performers were Arbitrum, with 3.49 billion dollars, and Avalanche, with 1.72 billion dollars in TVL. Polygon also followed closely with 1.4 billion dollars in TVL.
This market performance came when regulatory uncertainties continued in the US and other parts of the world less strongly than in June. In the month, the crypto space scored major boosts as Ripple partially won against the US SEC, making primary markets for crypto assets not under securities laws.
At the same time, TradFi organizations like BlackRock filed with the US SEC for spot Bitcoin ETF. As such, the pressure for investors to seek alternatives from CEXs was much lower. Keep watching Fintech Express for more market updates and other Fintech-related developments.
Grayscale has asked the US SEC to consider approving all pending Bitcoin ETFs simultaneously so no company gets an advantage over the other.
The US SEC is expected to approve the first-ever BTC ETFs that offer almost direct exposure to the premiere cryptocurrency now that TradFi organizations like BlackRock have joined the race.
Grayscale, a Bitcoin ETF applicant, has asked the US SEC to consider approving all Bitcoin ETFs simultaneously to ensure no company has an advantage over the other as competition grows.
Bitcoin ETFs continue stealing the show
Bitcoin ETFs have continued to be the talk of the town as investors expect them to change the crypto market and mark a turnaround in the adoption culture of the assets. This turnaround has resulted from a growing interest from TradFi firms and other institutions.
BlackRock first disclosed that it was going into the crypto space via an application for a Bitcoin ETF. As a result, many other traditional finance institutions followed closely and filed for similar assets to keep them competitive against the company.
One of the first companies to ever apply for a Bitcoin ETF, Grayscale, has been talkative about the saga asking the US SEC to consider a simultaneous approval of the assets so no company gets approval earlier than the others. In July 27 post, the company’s Chief Legal Officer Craig Salm submitted a letter to the US SEC regarding the existing eight spot Bitcoin ETF fillings.
Grayscale added that it’s skeptical about the passing of the ETFs that have been filed with sharing agreements SSAs, with Coinbase, terming it as a “not a new idea” and saying it would be hard to meet SEC’s standards.
The SEC should approve spot #bitcoin ETFs to trade in the US. What’s more, their previous approval of bitcoin futures ETFs shows that they are already in a position to do so. Read more about the latest from our legal team: https://t.co/UC8ksqNcwy$GBTC$BTC
Further concerns on the ties with Coinbase continue as the exchange is under a lawsuit and investigation by the US SEC on violation of securities laws. However, neither the lawsuit nor the ETF applications have reached final levels of determination, which leaves most of the developments in limbo.
Keep watching Fintech Express for more updates on Bitcoin ETFs applications in the US and other Fintech-related developments.
