Market overview 📉
Recently, the cryptocurrency market has undergone a substantial adjustment, with the market value dropping to $3.85 trillion, down 4.6% from the previous day. Bitcoin's price fell below $110,000, with a single-day drop of 3.1%, returning to the level it was at when President Trump took office, more than 11% lower than the historical high two weeks ago. Ethereum performed the weakest, plummeting 8.6% to $4,375. Overall, crypto assets have generally declined, with an average drop of 5%-9%.
Institutional dynamics: BitMine makes a significant purchase of ETH 💰
Although the market is sluggish, BitMine Immersion Technologies is doubling down on Ethereum, adding 190,000 ETH last week, bringing the total holdings to 1.71 million coins, with a market value of approximately $7.9 billion. The company's assets once reached $8.8 billion, holding $562 million in cash, indicating that there is plenty of ammunition to continue buying in the future.
Institutional weight added to the Solana platform 💪
Nasdaq-listed Sharps Technology has completed a $400 million PIPE private placement, aiming to build the industry's largest Solana digital asset repository. Investors include well-known institutions such as ParaFi and Pantera. The Solana Foundation plans to sell $50 million worth of SOL at a 15% discount based on the 30-day average price, demonstrating institutional confidence. The Solana Foundation also facilitated the joining of Jambo co-founder Alice Zhang at Sharps as Chief Investment Officer.
Giants join forces, $1 billion bet on Solana 🚀
Galaxy Digital, Jump Crypto, and Multicoin Capital plan to raise approximately $1 billion to transform a publicly listed company into a Solana asset repository giant, expected to be completed in September. This will make the scale of this asset repository twice that of the current largest Solana corporate asset repository, with total assets exceeding $400 million.
Gemini & Ripple launch the XRP credit card 💳
Gemini partners with Ripple to launch the XRP credit card issued by WebBank, offering up to 4% XRP cashback, with 4% on fuel, electric vehicle charging, and ride-sharing expenses, 3% on dining, 2% on groceries, and 1% on other purchases, with selected merchants offering cashback as high as 10%. Additionally, Gemini has set Ripple's RLUSD stablecoin as the default quote for all spot trading pairs in the U.S., making it convenient and fast.
Vitalik Buterin's sharp commentary on prediction markets 🧐
Ethereum co-founder Vitalik Buterin criticizes mainstream prediction markets for their inadequate returns, unable to match the 4% annual yield of stablecoins, which limits investment attractiveness. He believes solving this issue could spur new applications and activate trading volume. In July, Polymarket's trading volume slightly decreased to $10.6 billion, but the number of active traders rose from 240,000 to 286,000, indicating the community remains active.
The above content is for informational purposes only and does not constitute any investment advice! Follow me for more market insights every day. #加密市场回调
