1. Bitcoin's market cap surpasses $2.4 trillion!
Bitcoin's market cap surpasses Amazon, ranking in the top six of global asset value charts, marking the first time decentralized digital assets surpass traditional business giants. Institutions enter the market via ETFs, with a single ETF holding over $86 billion, while lightning network transaction costs decrease, promoting widespread adoption.
2. The EU MiCA II bill is about to take effect
On August 15, the EU (Crypto Asset Market Bill II) will be passed, requiring non-custodial wallets to comply with travel rules (transactions over €1,000 must verify identity). Privacy coins (like XMR) are impacted, with a 24-hour drop of 18%, but USDC and PYUSD are expected to obtain EU payment licenses.
3. Wyoming WYST stablecoin goes live
The first state government-backed stablecoin WYST goes live on Solana and Aptos networks, using 105% over-collateralization. The three-layer reserve structure reduces cross-chain transaction costs to $0.0001, which may trigger disputes over the localization of the digital dollar.
4. BlackRock Bitcoin ETF assets exceed $50 billion
BlackRock iShares Bitcoin Trust (IBIT) reaches a management scale of $52 billion, with a net inflow of $4 billion in a single week, setting a record in crypto ETF history. Pension funds and sovereign wealth funds make up 37% of institutional holdings, with Bitcoin viewed as 'Digital Gold 2.0'.
5. XRP surges 12.8%
Ripple (XRP) surged 12.8% in a single day due to rumors of a settlement with the SEC, becoming the market focus. Grayscale's XRP ETF application enters SEC review, boosting market sentiment.
6. Ethereum on-chain activity hits a new high
Ethereum (ETH) price breaks $3,900, up 5.67%, benefiting from a surge in on-chain activity after upgrades. Whales accumulate 120,000 ETH, with bullish market sentiment rising. Standard Chartered predicts a target price of $7,500 for ETH by 2025.
7. New updates from Binance
Binance announces that EU users can withdraw cryptocurrencies using Mastercard and becomes the first exchange to join the T3+ global cooperation program to combat blockchain crime. YALA and CARV U-based perpetual contracts are about to launch.
8. Regulation and market volatility
Trump signs an executive order banning de-banking in the crypto industry and allows 401(k) investments in crypto assets, boosting bullish market sentiment. Paxos reaches a $48.5 million settlement with New York regulators, increasing compliance costs. The Fed's CBDC sandbox test triggers a temporary decoupling of USDT, with volatility reaching 2.3%.
Note: The cryptocurrency market is highly volatile; invest cautiously! Stay tuned for more updates and share your thoughts.
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