Crypto Market UpdateWritten by VanTable of Contents:Global Economy and CryptocurrencyCrypto Market Reacts to Global Economic IndicatorsJuly's Surge in AUM for Stellar, Ripple, and Solana Linked FundsXRP Soars Following SEC v. Ripple Labs Court DecisionCryptocurrency Projects and PrivacyWorldcoin's Iris Scan Initiative Raises Privacy ConcernsAlien Worlds' Token Price Rises Amid UFO DisclosureBlockchain Security and ContractsSui Foundation Ends Contract with MovEx Over SUI Token BreachIntroducing the 'Rekt Test': A Security Standard for CryptoQuantstamp Settles with SEC Over Unregistered ICONew Crypto Technologies and FeaturesBeam Wallet: Eco's Answer to Layer 2 PaymentsRecord Redemption at Rocket Pool: Ethereum Staking InsightInstitutional Interactions and CryptoFireblocks and Astar Network: A Digital Assets PartnershipBNB Chain's Mixed Q2 Performance Amid Regulatory PressureJio BlackRock: A Tech-Enabled Investment Venture for IndiaRegulatory Compliance in CryptocurrencyNexo Joins ACSS to Boost Compliance Amid Regulatory ChallengesStablecoin Legislation Stalled in US: Political RoadblockBusiness Decisions in the Crypto WorldMakerDAO Proposes DAI Savings Rate Hike for Stablecoin Demand BoostCoinsPaid's $37.3 Million Hack: Suspected Culprit Lazarus GroupIndividuals and CryptoRobert F. Kennedy Jr.'s Bitcoin Investment and Crypto PoliciesPotential Detention Looms for Former FTX Boss SBFTokenization and Digital AssetsSecuritize Issues First Tokenized Equities under EU Pilot RegimeNon-Fungible Tokens (NFTs)Palm Network Partners with Polygon for NFT Creators' PlatformSotheby's Inaugural Dutch Auction: A NFT SuccessSteep Drop in Azuki NFT Prices Post-Elementals LaunchCrypto Market Reacts to Global Economic IndicatorsBitcoin prices erased gains, holding steady above $29,000, after the release of US GDP data, while the US dollar surged to a two-week high. Crypto market looks for new indicators as rate decisions lose influence. The Bank of Japan's potential changes in bond markets may impact global liquidity and crypto markets. The recent FOMC meeting revealed that the Fed no longer predicts a recession, leading to a cautious rally in Bitcoin and crypto markets. However, experts caution that signals for a recession remain strong, including a decline in M2 growth, deflationary pressures, and the inverted yield curve. Historical data suggests that the lead time between monetary policy changes and economic consequences can vary significantly. July's Surge in AUM for Stellar, Ripple, and Solana Linked FundsIn July, investment funds linked to Stellar's XLM, Ripple's XRP, and Solana's SOL saw a significant surge in assets under management (AUM). Ripple's court victory against the SEC on July 14 led to a boost in AUM for XRP-based products by 33.2%, while AUM for XLM-based products increased by 62.7%. SOL-based products also experienced a 55.7% increase in AUM. The positive sentiment around XLM was driven by its partnership with USDC's Circle and collaborations with entities like MoneyGram. XRP Soars Following SEC v. Ripple Labs Court DecisionXRP price surged 70% after a US judge's decision in the SEC v. Ripple Labs lawsuit. Kaiko predicted it could hit $1, with on-chain data and analysts pointing to a potential rally to surpass its all-time high of $3.84. XRP is the top-traded altcoin of 2023, with whale wallets holding 100 million+ coins up to 199. Ripple has applied for licenses in the UK and Ireland to improve its global reach. XRP price currently trades at $0.727.Worldcoin's Iris Scan Initiative Raises Privacy ConcernsWorldcoin's co-founder, Sam Altman, shared a video of people in Japan queuing to exchange their iris scans for $50 worth of Worldcoin tokens. Altman stated that one person is being verified every 8 seconds. However, Worldcoin has not confirmed the accuracy of the information. While the interest in Japan seems high, Hong Kong had fewer sign-ups. Concerns have been raised about the system's impact on privacy and decentralization. The Information Commissioner’s Office in the UK has expressed concerns over data safety. Alien Worlds' Token Price Rises Amid UFO DisclosureThe U.S. Department of Defense's disclosure of nonhuman biomaterial at UFO sites raises speculation. Media coverage ensues, causing a 3.5% surge in Alien Worlds' token price. Former CIA agent David Grush's revelations about extraterrestrial tech programs could catalyze related crypto projects. The market witnesses over 50 new UFO or alien cryptos, but trading activity remains low. Sui Foundation Ends Contract with MovEx Over SUI Token BreachThe Sui Foundation has ended its relationship with decentralized exchange MovEx after the exchange breached its contract and circulated additional SUI tokens. MovEx received 2.5 million SUI tokens worth $1.6m as payment for its work on exchange product DeepBook, but violated the contractual lockup by initiating three transactions. The Sui Foundation has moved the tokens to a qualified custodian. No additional SUI tokens will be distributed to MovEx, and MovEx will no longer be a main contributor to DeepBook. MovEx has not disputed the Foundation's actions and will continue to operate.Introducing the 'Rekt Test': A Security Standard for CryptoPolygon Labs, Solana Foundation, and other players in the Web3 world are set to launch a crypto experiment called the "Rekt Test." The test aims to serve as a security standard for emerging projects and decrease the frequency of hacks, exploits, and crypto scams in the blockchain landscape. The test will cover seven basic requirements, and participants will be evaluated based on their adherence to these requirements. The goal is to provide end-users with a clear picture of the quality of code and the team behind a Web3 platform. The Rekt Test is a step towards making the decentralized world safer for everyone.Quantstamp Settles with SEC Over Unregistered ICOQuantstamp has agreed to pay around $3.5 million in fines to settle charges from the US Securities and Exchange Commission (SEC) that accused the blockchain security firm of conducting an unregistered initial coin offering in 2017. The SEC claimed that the offering constituted a securities sale and that Quantstamp made misleading statements about the potential value of its tokens. The company has agreed to pay disgorgement, prejudgment interest, a civil penalty, and to return the funds to injured investors.Beam Wallet: Eco's Answer to Layer 2 PaymentsEco's Beam wallet allows users to make payments on Layer 2 networks like Optimism and Coinbase's Base. The wallet incorporates features like smart contracts and multi-factor authentication. Eco Inc. has raised over $90 million from investors such as a16z to develop the Eco Protocol.Record Redemption at Rocket Pool: Ethereum Staking InsightRocket Pool, a decentralized Ethereum staking service, saw its largest daily redemption of rETH tokens, with a trader redeeming $12.3 million before sending it to Binance. Rocket Pool currently has $1.88 billion in TVL, making it the second largest liquid staking protocol. Traders stake ether on Rocket Pool for yields, while Binance's staking portal offers around 4.07% APR. Fireblocks and Astar Network: A Digital Assets PartnershipFireblocks, a platform for digital asset adoption, has partnered with Astar Network to simplify institutional investors' entry into the digital assets space. This partnership will allow over 650 banking and institutional entities worldwide to access and manage their digital assets on Astar, including its DeFi protocol, ArthSwap. The integration will enhance adoption and provide a secure way for institutions to safeguard their digital assets.BNB Chain's Mixed Q2 Performance Amid Regulatory PressureIn Q2 2023, BNB Chain saw a 26% increase in daily active addresses, a 91.1% surge in new unique addresses, and a 24% growth in daily transactions. However, the network's revenue declined by 6.1%, and BNB's value dropped by 25.2% due to regulatory pressure from the SEC. Jio BlackRock: A Tech-Enabled Investment Venture for IndiaGlobal investment giant BlackRock has announced a joint investment project with Jio Financial Services (JFS) in India. The partnership, named "Jio BlackRock," aims to provide tech-enabled access to affordable investment solutions for Indian investors. The venture will leverage BlackRock's expertise in investment management and JFS's market insights and digital capabilities. The companies each plan to invest up to $150 million in the joint venture. The partnership is subject to regulatory approval before its launch. BlackRock recently filed an application for a Bitcoin exchange-traded fund (ETF) in the US.Nexo Joins ACSS to Boost Compliance Amid Regulatory ChallengesCryptocurrency lending platform Nexo has joined the Association of Certified Sanctions Specialists (ACSS) to enhance its compliance standards amid increasing regulatory scrutiny. Nexo will require its compliance staff to be ACSS certified, ensuring multiskilled expertise in policy, due diligence, screening, compliance, and investigations. This move follows the company's previous regulatory challenges, including a $45 million settlement with the SEC and state securities regulators over its Earn product. Other major cryptocurrency exchanges, such as Binance.US and Coinbase, have also faced regulatory scrutiny in recent times. Stablecoin Legislation Stalled in US: Political RoadblockNegotiations over legislation to create a comprehensive framework for stablecoins in the US have stalled, with Republicans blaming the White House for the impasse. Democrats have also criticized the current version of the stablecoin bill, citing concerns about state regulators approving stablecoin issuances without Federal Reserve input and the potential for companies like Amazon and Facebook to issue their own digital currencies.MakerDAO Proposes DAI Savings Rate Hike for Stablecoin Demand BoostMakerDAO is considering a proposal to increase the dai savings rate (DSR) to 8% in order to boost demand for its stablecoin. The proposal would gradually decrease the DSR until half of all dai are staked to earn yield. The aim is to incentivize users to lock up their dai and stabilize its value. The vote on the proposal will end on July 27.CoinsPaid's $37.3 Million Hack: Suspected Culprit Lazarus GroupCrypto payment gateway CoinsPaid suspects Lazarus Group in a $37.3 million hack. They have resumed operations after working with Estonian law enforcement and blockchain security firms to minimize the impact. Lazarus Group is also targeting cryptocurrency and cybersecurity professionals with social engineering schemes. Robert F. Kennedy Jr.'s Bitcoin Investment and Crypto Policies2024 US presidential candidate Robert F. Kennedy Jr. has invested in Bitcoin for his seven children, following criticism of his pro-crypto stance. He proposes backing US Treasury bills, notes and bonds with hard assets including Bitcoin and precious metals to strengthen the US dollar, and introducing a tax incentive for Bitcoin holders. Kennedy also aims to ensure the right to Bitcoin self-custody and the right to run nodes in one's home, and to promote energy abundance for crypto operations.Potential Detention Looms for Former FTX Boss SBFFormer FTX boss SBF could be jailed early after allegedly intimidating witnesses in the investigation into the collapse of FTX and Alameda Research. The US government has secured key witnesses and charged SBF with wire fraud. The detention would allow for further investigation into the collapse.Securitize Issues First Tokenized Equities under EU Pilot RegimeAsset tokenization firm Securitize has issued the first tokenized equities under the European Union's pilot regime for digital assets. The tokens were issued via the Avalanche network and represent equity in a Spanish real estate investment trust. Trading with the equity tokens will begin in September. Securitize aims to receive licenses to issue, manage, and trade tokenized securities in Spain and the EU after completing a test period.Top Altcoin Gainers and LosersGainers:Stellar Lumens XLM (+12.26%)XDC Network XDC (+10.87%)Synthetix SNX (+5.49%)Losers:Theta Network THETA (-3.62%)Kaspa KAS (-3.06%)Radix XRD (-2.62%)NFT Market MapPalm Network Partners with Polygon for NFT Creators' PlatformPalm Network, backed by ConsenSys, is partnering with Polygon to launch an NFT creators' platform on the Polygon Supernet. The move aims to reduce costs and enhance efficiency for creators and brands entering the Web3 space. Palm Network, originally an Ethereum sidechain, will transition to Polygon's Supernet by 2024, leveraging its suite of tools to facilitate NFT creation and trading. The collaboration between Palm and Polygon marks a unique effort in a competitive industry, with both companies aiming to scale their offerings in the emerging Web3 ecosystem.Sotheby's Inaugural Dutch Auction: A NFT SuccessSotheby's held its first-ever Dutch Auction featuring the works of 99-year-old artist Vera Molnár. All pieces sold within an hour, fetching prices above the auction's base. The sale culminated in a total of 631 ETH ($1.2 million). Molnár's series, 'Themes and Variations,' showcases 500 generative artworks and her innovative approach to art. The sale highlighted her decades-long practice with the 'Machine Imaginaire' and her influence among digital artists. Sotheby's has positioned itself as a key player in the NFT space.Steep Drop in Azuki NFT Prices Post-Elementals LaunchAzuki NFT prices have dropped by 65% since the launch of their Elementals collection in June. Trading volume also fell by 78% following the controversial drop. The collection sold out quickly, despite community backlash, generating $51 million in sales. This article has been refined and enhanced by ChatGPT.