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Discover the excitement and rewards that await you at Betplay.io with a 100% welcome bonus and 10% weekly cashback!Crypto Market UpdateTable of ContentsCrypto Market UpdatesBitcoin Drops Amid Market CorrectionBlackRock Plans Low-Fee Ethereum ETFU.S. Bitcoin ETFs See Record InflowsWazirX Hacked, $234.9 Million StolenLending and Financial ServicesBlockFi to Repay Creditors This MonthDeFi Technologies Adds Solana and CoreHong Kong Explores Stablecoin Issuance21Shares Launches Injective Staking ETPKraken Custody Expands to UK and AustraliaRegulatory and ComplianceUpbit Implements User Protection ActOKX Makes Malta Its MiCA HubStablecoin Market Sees Major DevelopmentsSecurity IncidentsLI.FI Suffers $12 Million HackLegal and Regulatory DevelopmentsXRP Falls After SEC Cancels MeetingGreece Introduces Crypto Tax FrameworkPlatform and Token UpdatesPolygon to Migrate MATIC TokensChainlink Launches Digital Assets SandboxZetaChain Upgrades for Cross-Chain InteroperabilityBitGo Supports Bitcoin’s Layer2 Network StacksCommunity and GamingNotcoin Players Get Telegram Game PerksMeme Coins React to Biden’s COVID-19 DiagnosisInnovations and DevelopmentsDymension Launches Dymension Name ServiceLens to Transition to ZKsync by Q4Lumia HyperNodes Enhance Liquidity InfrastructureChainbase Secures $15 Million FundingMarket AdjustmentsReddit Ends Animated NFT AvatarsBitcoin Drops Amid Market CorrectionBitcoin failed to stay above $64,500 and dropped to $63,500 amid market corrections. RSI stood at 60.3, showing neutral outlook, while MACD suggested bullishness. Analysts noted significant accumulation by wallets holding over 1,000 BTC, including ETFs, supporting bullish momentum. Concurrently, Bitcoin faced a critical resistance at $65,000, with bullish signals from proprietary trading indicators. The Mt. Gox creditor vote revealed 55% chose not to sell their BTC refunds, suggesting limited impact on BTC price. ECB maintained interest rates amid ongoing inflation concerns.BlackRock Plans Low-Fee Ethereum ETFBlackRock plans to introduce an Ethereum ETF with a 0.21% fee, much lower than Grayscale's 2.5% fee. This move is likely to intensify market competition and could lead to significant outflows from Grayscale's ETHE. All spot Ethereum ETFs, except Proshares, have updated their S-1 forms, aiming for a July 23 launch. Seven out of ten ETFs offer zero trading fees for up to a year, with major competitors including Fidelity, Bitwise, VanEck, Franklin Templeton, and 21Shares.U.S. Bitcoin ETFs See Record InflowsU.S. Bitcoin ETFs saw a nine-day inflow streak totaling $1.97 billion, with the largest single inflow being $422.6 million. Leveraged ETFs like Direxion's new bullish and bearish products, offering 200% and -100% daily exposure, join the market, following earlier ones which amassed $16.59 billion. Bitcoin ETFs hold 887,000 BTC, 4-8 times more influential on BTC price than miners holding 705,000 BTC. WazirX Hacked, $234.9 Million StolenIndian cryptocurrency exchange WazirX was hacked, resulting in a loss of $234.9 million. The hacker compromised WazirX's Safe Multisig wallet on Ethereum, stealing assets including 5.43 trillion SHIB ($102 million), 15,298 ETH ($52.5 million), and other significant holdings. Speculation points to the Lazarus Group, a North Korean cybercrime cartel, as the culprit, given the methodical nature of the attack and previous similar incidents. The hack has caused notable market reactions, with SHIB dropping by 10%, WRX tumbling, and Bitcoin trading at a significant discount on WazirX.BlockFi to Repay Creditors This MonthBlockFi is set to initiate repayments to its 100,000 creditors this month. Eligible clients will be notified via their BlockFi account email, marking a significant step in addressing obligations amid regulatory scrutiny. This move underscores BlockFi's commitment to managing user funds responsibly while navigating regulatory challenges in the cryptocurrency lending space.DeFi Technologies Adds Solana and CoreDeFi Technologies has significantly increased its Bitcoin holdings and introduced Solana and Core to its treasury, marking their debut in the company's portfolio. These additions are seen as complementary assets to Bitcoin, expanding its diversification strategy. This move reflects DeFi Technologies' proactive approach to leveraging emerging digital assets alongside Bitcoin's stability.Hong Kong Explores Stablecoin IssuanceStandard Chartered Bank (Hong Kong), Animoca Brands Ltd., and three others have joined Hong Kong Monetary Authority's stablecoin sandbox. The initiative aims to explore stablecoin issuance under controlled conditions. HKMA plans to introduce legislation on fiat-referenced stablecoins later this year, facilitating regulatory clarity and innovation in Hong Kong's financial sector.21Shares Launches Injective Staking ETP21Shares has launched the Injective Staking ETP on Euronext, providing exposure to Injective (INJ) for traditional investors. This ETP, backed by INJ in cold storage, aims to capture staking rewards. With $128.6 million in assets under management and support from 25 financial institutions, it trades on Euronext Paris and Amsterdam, targeting broader crypto investment accessibility.Kraken Custody Expands to UK and AustraliaKraken Custody has expanded its services to the UK and Australia, marking its first international venture outside the US. This move aims to offer secure digital asset storage solutions to institutional clients, leveraging their in-house cybersecurity protocols. The expansion follows their successful US launch earlier this year.Upbit Implements User Protection ActUpbit Exchange issued its inaugural public disclosure under South Korea’s Virtual Asset User Protection Act, implementing stringent market surveillance and employee trading restrictions to prevent manipulation. This move aims to enhance investor confidence amidst evolving regulatory frameworks in the crypto space.OKX Makes Malta Its MiCA HubOKX announced Malta as its MiCA hub for EU compliance, highlighting Malta’s regulatory standards and existing infrastructure. OKX will offer spot trading and staking services in the EU post-MiCA's Dec. 30 implementation. Conversely, OKX exited Nigeria due to regulatory changes, effective Aug. 16, sparking criticism from local analysts over the abrupt departure and slow regulatory progress, emphasizing the need for transparent, effective regulations to capitalize on the crypto sector's potential.Stablecoin Market Sees Major DevelopmentsAs of mid-July 2024, the stablecoin market has seen significant developments, according to a Keyrock report. USDT dominates centralized exchanges while USDC leads in DeFi applications, with 20% of USDC in smart contracts versus USDT's 11.5%. Recent stablecoin inflows reached all-time highs, with USDT accounting for 70%, potentially signaling a bullish trend for Bitcoin and other cryptocurrencies. Over $165 billion in stablecoins are in circulation. The balanced distribution of USDC in DeFi contrasts with USDT's concentration in trading and DEXs.LI.FI Suffers $12 Million HackLI.FI published an incident report revealing a nearly $12 million hack affecting 153 wallets. The exploit, attributed to human error during a smart contract update, led to losses in USDC, USDT, and DAI stablecoins. Prompt detection and response efforts contained the breach, preventing further unauthorized access. LI.FI is now focused on aiding affected users in fund recovery.XRP Falls After SEC Cancels MeetingXRP's price plummeted after the SEC unexpectedly canceled a crucial meeting with Ripple, erasing gains from the previous day. This regulatory setback has cast uncertainty over XRP's classification and its broader impact on cryptocurrency markets. A resolution is anticipated in July, pivotal for defining future regulatory frameworks in the industry.Greece Introduces Crypto Tax FrameworkStarting January 2025, Greece plans to introduce a new tax framework targeting gains from cryptocurrency profits. Currently untaxed, these profits will soon face a 15% capital gains tax rate. The move aims to regulate a growing sector exploited by investors, with a focus on defining, taxing, and monitoring digital assets.Polygon to Migrate MATIC TokensPolygon developers announced the upcoming migration of MATIC tokens to POL starting September 4. The transition aims to streamline operations within the ecosystem, although tokens not automatically migrated face no immediate deadline, with the community empowered to set one in the future.Chainlink Launches Digital Assets SandboxChainlink has launched its Digital Assets Sandbox to accelerate innovation in capital markets. This platform allows financial institutions to quickly experiment with tokenization and blockchain solutions, reducing development times from months to days. With ready-to-use workflows, it supports real-world asset tokenization and aims to cater to a projected $16 trillion market by 2030.ZetaChain Upgrades for Cross-Chain InteroperabilityZetaChain has launched Gateway and Localnet upgrades to enhance cross-chain interoperability, targeting developers and users. These updates facilitate seamless access to applications across multiple networks via ZetaChain's Universal EVM, promoting easier interaction and unified liquidity. The platform aims to simplify blockchain integration and scalability while reducing fragmentation in the ecosystem.BitGo Supports Bitcoin’s Layer2 Network StacksBitGo has launched support for Bitcoin's layer2 network Stacks and its sBTC token standard, allowing users to convert BTC to sBTC across both layer1 and layer2 networks. As a Signer on Stacks, BitGo facilitates BTC rewards via sBTC without asset lending, boosting Bitcoin's functionality and encouraging innovation in its ecosystem.Notcoin Players Get Telegram Game PerksNotcoin players are receiving exclusive perks in Telegram games Pixelverse and Musk Empire. As pioneers in the Telegram crypto gaming trend, Notcoin's collaboration offers special benefits to players who achieve specific account levels, enhancing their gaming experience in these virtual worlds.Meme Coins React to Biden’s COVID-19 DiagnosisFollowing President Joe Biden's COVID-19 diagnosis, political forecasts and meme coin markets react sharply. The Biden-themed 'Jeo Boden' coin drops by 25%, while 'Kamala Horris' rises 101% on Polymarket. Speculation intensifies, with betting odds on Biden's withdrawal reaching 69%, favoring Vice President Kamala Harris as a potential Democratic nominee.Dymension Launches Dymension Name ServiceDymension's price surged 9% after announcing the launch of its Dymension Name Service (DymNS), designed to streamline transaction processes across multiple blockchains and RollApps. Trading at $2.02, DYM is poised for an 18% increase to $2.4, buoyed by strong technical indicators like bullish MACD and rising trading volumes. This move signals bullish momentum amidst growing investor interest.Lens to Transition to ZKsync by Q4Lens is aiming to transition to ZKsync by Q4, starting with a public testnet in 1-2 months and mainnet in 3-4 months. The move promises enhanced privacy features, allowing users to monetize their data via AI models. Lens V3 will introduce initial privacy settings, paving the way for broader data control and potential rewards for users opting into AI training.Lumia HyperNodes Enhance Liquidity InfrastructureLumia has launched a sale of its HyperNodes to advance its Layer-2 liquidity infrastructure. These nodes aim to enhance data availability and blockchain liquidity, utilizing a Data Availability Committee (DAC) for scalability and security. The sale invites community participation in decentralizing their network, promising benefits like transaction fee rewards and enhanced blockchain integrity.Chainbase Secures $15 Million FundingChainbase has secured $15 million in a Series A funding round to build the largest on-chain data infrastructure for Web3. The funding aims to expand its omnichain network and integrate AI capabilities for comprehensive crypto intelligence. Key investors include Tencent and Matrix Partners, supporting Chainbase's mission to meet growing demand for scalable Web3 data solutions. Top Altcoin Gainers and LosersGainers: Mantle MNT (+8.26%) dogwifhat WIF (+7.92%) THORChain RUNE (+6.74%) Losers:Worldcoin WLD (-14.59%) Based Brett BRETT (-8.22%) SHIBA INU SHIB (-7.77%) NFT Market MapReddit Ends Animated NFT AvatarsReddit will discontinue animated expressions for its Polygon-based NFT avatars starting August 2024. This decision impacts users who have enjoyed these animated features, potentially affecting engagement within Reddit's NFT community. The move aims to streamline offerings and focus on core functionalities amid evolving platform priorities. This change coincides with broader adjustments in digital collectibles markets, reflecting shifts in user preferences and platform strategies. This article has been refined and enhanced by ChatGPT.