EU regulator warns that some prediction‑market contracts may breach the EU binary options ban, requiring compliance with MiFID II and possible gambling or MiCA rules. The European Securities and Markets Authority said a contract’s actual function as a derivative matters more than its commercial name when assessing compliance. Firms offering investment services linked to these products must obtain MiFID II authorization and may also be subject to national gambling regulations or the MiCA framework for tokenized contracts. ESMA emphasized that marketing, distribution, or sale of binary event contracts that qualify as financial instruments to retail clients is prohibited. The regulator noted that the product label is irrelevant and that contracts labeled as “event contracts” can still be classified as MiFID II financial instruments if their underlying falls within derivatives categories. Kalshi, valued at $22 billion in its latest funding round, and Polymarket are being discussed as potential merger targets as the distinction between exchanges, brokerages and sportsbooks blurs. Jump Trading has taken small stakes in Kalshi and Polymarket to provide liquidity. The crackdown applies regardless of whether distribution is limited to retail or non‑retail clients. The regulatory action highlights increasing scrutiny of prediction markets at the intersection of traditional finance and crypto ecosystems.
Bitcoin, Ethereum, regulation, and the forces moving digital assets.
SpaceX (ticker SPCX) entered the Nasdaq-100 index on July 7, with an estimated $4.3 billion of passive buying tied to the inclusion. The company's shares also trade as tokens on Solana, as tracker certificates on several exchanges, and as perpetual futures on crypto platforms.
SpaceX completed its IPO on June 12, raising $75 billion through 555.6 million Class A shares at $135 each, the largest U.S. IPO to date. The offering allocated 30 % to retail investors and listed on Nasdaq's Texas exchange. The company's balance sheet includes 18,712 Bitcoin, valued at about $1.2 billion.
The pre‑IPO perpetual futures market for SpaceX, launched on Hyperliquid on May 18, processed about $3.2 billion in volume and reached open interest above $390 million. Pre‑listing contracts traded at a weighted average near $155, roughly 4.7 % above the $135 offer price. When Nasdaq trading began, the contracts converted to equity‑linked perpetuals and liquidated more than $50 million in leveraged positions within two days after the price fell below $150. Tokenized offerings such as the $557 million subscription campaign on Binance Wallet attracted roughly 28,000 participants but later refunded allocations after insufficient share allocations. Tokenized trading volume reached a record $20 billion during the cycle. The four instrument types—real equity, redeemable tokens, tracker certificates, and perpetual futures—each behaved differently under stress, illustrating the cost of trust in each layer. All tokenized products are restricted to non‑U.S. customers, reflecting regulatory constraints on securities offerings. The inclusion on the Nasdaq-100 will trigger rebalancing by index funds, delivering the scheduled buying pressure on Tuesday. The market structure will be tested by the interaction of passive buying, leveraged positions, and the 24‑hour crypto trading environment. Whether the Bitcoin holdings on SpaceX's balance sheet will be revalued by the index purchase remains a factual question pending the opening.
The experience shows that crypto‑based market infrastructure can operate independently of traditional exchanges, but the integration of a major stock with these systems introduces new liquidation and access dynamics that regulators will need to evaluate.
Crypto was created to let people send, hold and manage money without banks. Fifteen years later, banks and financial firms use blockchains to settle payments, tokenize assets and move stablecoins.
The original vision, outlined in Bitcoin’s 2008 white paper, sought to remove trusted intermediaries. Ethereum expanded the concept with programmable money. Early conferences promoted disintermediation as a core goal.
JPMorgan’s blockchain unit, Kinexys, has processed more than $3 trillion since 2015 and now handles billions of dollars in daily volume. Its dollar‑denominated deposit token, JPM Coin, is being issued on the Canton Network, a permissioned ledger designed for regulated markets. BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, held about $2.4 billion in assets as of Q2 2026 and is the largest tokenized Treasury fund. In May 2026 the firm filed with the SEC for two additional tokenized fund structures. Visa’s stablecoin settlement pilot, which uses Circle’s USDC, expanded to nine blockchains and a $7 billion annualized run rate by April 2026. Mastercard’s settlement support, launched in June 2026, includes Circle’s USDC, Paxos tokens PYUSD and USDG, and Ripple’s RLUSD. Stripe, after acquiring Bridge in 2025, reported a doubling of stablecoin payment volume, driven largely by business‑to‑business transactions.
The GENIUS Act’s stablecoin framework and related compliance requirements have forced crypto firms to develop legal, audit and reporting capabilities comparable to those of traditional finance. Analysts at CoinShares said 2026 marked the year digital assets stopped being peripheral disruptors and became integrated with the existing financial system.
While these changes have increased convenience for retail users—such as easier crypto exposure through ETFs and faster cross‑border payments—they have limited self‑custody options, as most participants now rely on regulated intermediaries rather than holding their own keys. The concentration of control among banks and asset managers contrasts with the decentralized ethos of the sector’s early years. The trajectory suggests that, although the technology remains embedded in financial infrastructure, its future will be shaped by regulatory decisions and the balance between institutional integration and user autonomy.
Nansen data indicates that holders of Donald Trump’s TRUMP memecoin have incurred combined losses of roughly $3.8 billion. The token’s price has fallen 96% from its January 2025 peak. The token launched in January 2025, surged to a near‑$75 high two days later, and has since traded around $1.79, giving it a market capitalization of about $425 million. Of the 1.48 million wallets that have purchased the token, 988,905—approximately two‑thirds—are underwater, representing about $3.81 billion in unrealized losses. A minority of 492,285 wallets hold $4.04 billion in gains, concentrated among early buyers who purchased the token when it traded under $1. Trump earned more than $1.4 billion from his crypto-related activities, according to the analysis. He said he did nothing illegal and was unaware of the full extent of his holdings. He transferred day‑to‑day control of his businesses to his two eldest sons before taking office without divesting. The related World Liberty Financial (WLFI) token has seen 85% of its 26,663 secondary‑market wallets lose value, amounting to $83 million in losses against $23 million in profit. WLFI’s price is about $0.056, down more than 80% from its peak, with a market capitalization near $1.8 billion. Bitcoin has dropped about 50% from its October high above $126,000, contributing to a continued slump in the broader crypto market throughout the first half of 2026. The TRUMP token’s market value remains a small fraction of the overall crypto ecosystem, and the situation remains unresolved as trading volumes stay low.
Bitget, a cryptocurrency exchange, launched US stock options and tokenized stocks this week. The new options product lets eligible users buy single call or put contracts, with more complex strategies planned later. Bitget already offers over 500 tokenized stocks and a range of crypto, forex, and commodity contracts for difference. US listed options volume reached 15.2 billion contracts in 2025, up 26 % from the previous year and marking the sixth straight annual record, according to Cboe. A stock option gives the buyer the right, but not the obligation, to buy or sell a security at a fixed price before expiration. The premium paid is the maximum loss for a buyer, while sellers may face losses far exceeding the premium. The launch follows a period of rapid growth in the options market, with short‑dated contracts accounting for 24.1 % of total US volume. Tokenized stocks are digital representations of equities recorded on a blockchain; the rights attached to each token depend on how the issuing firm structures it. SEC staff stated on January 28 that the regulation of tokenized securities depends on their actual function, not on their label, and that some tokens may qualify as security‑based swaps. The SEC is preparing an innovation exemption that would allow crypto companies to offer tokenized stock trading, a proposal contested by Citadel Securities and the Security Industry and Financial Markets Association. Details about the stocks supported, the countries where the product is available, clearing arrangements, and expected trading volume have not been disclosed. The options market’s expansion reflects demand for leveraged exposure, but the impact of Bitget’s entry will depend on the underlying infrastructure and the ability of users to distinguish between options and tokenized stocks. The situation highlights unresolved issues regarding ownership, regulation, and risk in crypto‑based equity products.
Kalshi recorded a record $9.4 billion in trading volume in June, while Polymarket reached roughly $4.3 billion, up from $3.5 billion in May, according to DefiLlama. The 2026 FIFA World Cup began on June 11 and was the first edition to feature 48 teams, expanding from 32 in previous tournaments. Knockout matches generated the highest activity, with Canada's Round of 16 game against Morocco producing over $48 million on Kalshi and $26.8 million on Polymarket, as reported by CNBC. The United States' Round of 16 match also attracted notable trading volume. Kalshi's market on which team would advance saw more than $2.1 million in volume, and Polymarket's comparable market recorded about $1.6 million, according to Kalshi data. The surge coincided with intensified regulatory scrutiny in the United States, where several states had moved to restrict or tax prediction markets by March, and CFTC Chair Michael Selig criticized state actions as illegal enforcement, stating the agency holds sole authority over commodity derivatives, including prediction markets. In June, casino operators, tribal groups and labor unions urged Congress to amend the Digital Asset Market Clarity Act to keep sports‑event contracts under state gambling laws rather than CFTC jurisdiction. Meanwhile, the European Securities and Markets Authority (ESMA) reminded firms that many event contracts may already fall under existing binary options restrictions, emphasizing that regulation depends on product characteristics rather than the contract label.
Bitcoin rose above $63,000 on July 4, the first time in two weeks, after a 1.4% gain in the 24‑hour period, according to CoinDesk data, reversing losses that ended June.
XRP jumped 5.3% to $1.18, a nearly 10% weekly increase, and moved past USDC to become the fifth‑largest cryptocurrency by market value, which stood at about $73 billion.
The price movement followed softer U.S. economic data and comments from Federal Reserve officials indicating lower inflation risks, while reduced trading volume due to the Independence Day holiday limited market liquidity.
Ether rose 3.2% to roughly $1,793, a 11.5% gain over seven days, and Dogecoin added 2.6% while Solana remained near $82.50 with a 13.2% weekly increase. Bitcoin had entered the third quarter at a 21‑month low before the rebound, and its trajectory will depend on the upcoming U.S. inflation report and the return of trading activity after the holiday.
The Tachyon upgrade for Zcash, announced on June 30, 2026, aims to scale shielded payments, improve quantum‑readiness, and test the network’s funding, security, and governance.
Whether the recent momentum will continue remains uncertain as market participants monitor the next inflation data release and the resumption of trading volume on U.S. desks.
XRP rose about 8% over the past week, reaching roughly $1.14. On‑chain data from Santiment showed that the 30‑day and 365‑day market value to realized value (MVRV) ratios were near -45% and -47%, indicating that most holders were in loss positions. The price increase occurred despite the deep unrealized losses, suggesting that selling pressure from underwater holders may be waning. Santiment described the situation as a risk‑reward entry point, not a price prediction, and warned that XRP could still fall if the broader market weakens. Large bitcoin wallets have been accumulating amid record ETF outflows, a pattern analysts have linked to cycle bottoms. While the metrics suggest a possible floor, a confirmed bottom has not been established, and XRP may continue to decline if market conditions change.
Riot Platforms announced a transfer of 500 Bitcoin (BTC) to NYDIG Custody on July 3, a movement valued at roughly $30.7 million, according to on‑chain data cited by PANews. Riot disclosed in its first quarter report that it produced 1,473 BTC and sold 3,778 BTC for $289.5 million, generating an average price of $76,626 per coin, and ended the quarter with a treasury of about 15,679 BTC, of which roughly 5,800 BTC were marked as restricted or collateral. The company reported negative operating cash flow of $182.651 million for the quarter, with proceeds from Bitcoin sales accounting for most of the cash inflow. The 500 BTC movement represents a liquidity marker rather than a confirmed sale, as no execution details have been released. Riot previously used the sale of about 1,080 BTC to fund a $96 million acquisition of land in Rockdale, and it has expanded its data‑center capacity through a 50 MW contract with AMD, generating $33.2 million in data‑center revenue in Q1. Analysts note that the transfer aligns with a broader trend in which public miners are reallocating Bitcoin holdings toward AI infrastructure and data‑center development, while also managing debt and cash‑flow pressures. The market watches the transfer as part of a conditional signal; until Riot confirms the final use of the coins, the impact remains limited. A future production update or regulatory filing could clarify whether the 500 BTC will be sold, retained in custody, or moved again, which will affect how investors interpret the treasury strategy.
Bitcoin’s BIP‑110 signaling deadline in August is approaching, giving exchanges, wallets, mining pools, and node operators a defined window to plan for possible activation. According to Farside Investors, miner signaling for the proposal has remained below 0.5% of total blocks since May 1. Data from BGeometrics show 38 signaling blocks out of 9,066 total blocks since May 1, a rate of 0.42%; in the latest seven‑day period, June 26 to July 2, the rate rose to 0.8%. Miner lock‑in requires 55% of blocks in a difficulty adjustment period, equivalent to 1,109 of 2,016 blocks, a threshold that is far from current support. The BIP‑110 specification defines a mandatory‑signaling period from block 961,632 to 963,647, with lock‑in no later than block 963,648 and activation at block 965,664, roughly two weeks before a year of enforced restrictions. Operators must determine whether to adopt new software rules, modify deposit and withdrawal policies, or wait for stronger miner participation. Analysts note that a major pool’s decision to signal could quickly raise the signaling rate and reduce the distance to the 55% lock‑in target, while continued low levels keep the campaign technically visible but operationally remote. The August deadline therefore creates a planning deadline rather than an immediate market event.
Security researchers from Hexens discovered a vulnerability in the Aptos blockchain that could have exposed up to $70 billion in digital assets, according to a report published ...
Security researchers from Hexens discovered a vulnerability in the Aptos blockchain that could have exposed up to $70 billion in digital assets, according to a report published on July 4 2026.
The flaw, a stale‑cache type‑confusion bug in the Aptos Move virtual machine, was reported on February 25 and a patch was deployed within hours, the Aptos spokesperson said. No funds were lost and the network remained operational.
Researchers simulated the attack using a server costing about $3,000 that emulated roughly one‑third of the validator set, achieving a success rate of over 90 % across 17 to 18 of 20 test runs. The simulation used more than 30 validator nodes, a mainnet‑shaped stake distribution, and realistic transaction traffic, the team reported.
The Aptos spokesperson disputed the practical exploitability of the bug, stating that analysis determined the issue would have been extremely difficult to exploit in real‑world conditions.
Mudit Gupta, CTO of Polygon, reviewed the proof‑of‑concept material and said the exploit appeared valid under the reported conditions.
Justus Hanna, CEO of Grego AI, which independently verified the simulation, noted that the vulnerability could have allowed theft of protocol capabilities used by bridges such as LayerZero, Wormhole, and USDC’s CCTP.
Grego AI estimated that about $250 million in Aptos native total value locked was directly at risk, while Hexens assessed broader systemic exposure at roughly $70 billion, encompassing bridges, stablecoin administration, DeFi protocols and centralized exchanges.
The same day the report was filed, a volunteer security group called SEAL911 opened an emergency warroom, notified the Aptos development team, and shared proof‑of‑concept material with four downstream projects.
A private‑validator patch was deployed before a public commit was made on February 27, and the Aptos team confirmed that no user funds were impacted at any point.
The incident underscores how hidden bugs in blockchain protocols can pose large‑scale risks, and it highlights the need for continued scrutiny of authority patterns in cross‑chain systems.
The simulation showed that, although no funds were stolen, the potential impact could have dwarfed the $1.5 billion stolen in the Bybit hack of the previous year.
London, July 4, 2026 — The Financial Conduct Authority announced a cryptocurrency regulatory framework intended to support global trading of digital assets and maintain overseas liquidity for U.K. market participants.
The rules outline how non‑U.K.‑issued stablecoins may circulate in the U.K. and create a model for overseas exchanges to serve U.K. customers through locally authorized branches linked to existing global trading infrastructure.
Katie Harries, head of policy for Europe at Coinbase, said the publication of the final rules represents a major milestone for regulatory clarity and could improve the U.K.’s competitiveness in digital asset innovation.
Christopher Collins, a partner at Katten Muchin Rosenman, noted that the framework allows overseas branches to operate only where their home jurisdiction provides comparable regulatory protection, but the FCA has not yet specified which jurisdictions meet that standard, creating uncertainty for firms.
He added that without clear guidance, firms may be reluctant to invest in U.K. operations, limiting the potential benefits of better pricing and outcomes for U.K. customers.
Harries also highlighted unresolved questions around decentralized finance (DeFi), warning that restrictions could leave the U.K. out of step with jurisdictions such as the United States that are exploring DeFi within broader tokenization strategies.
Thomas Cattee, a partner at Gherson Solicitors, warned that the new framework expands requirements under the Financial Services and Markets Act to include consumer duty, prudential standards, operational resilience and senior management accountability, increasing the risk of application failure; he cited past FCA rejection rates of over 85% for narrower AML registration processes.
Cattee cautioned firms against delaying applications, referencing bottlenecks observed during the rollout of the European Union’s Markets in Crypto‑Assets (MiCA) regulation.
Sandy Jones, director of digital assets at Baillie Gifford, said regulation does not automatically make crypto safer but provides the legal certainty and governance standards needed for traditional financial institutions to adopt blockchain infrastructure.
She welcomed refinements to the FCA’s stablecoin regime, which aim to create robust settlement infrastructure while limiting operational friction.
The industry’s response suggests the FCA has positioned the U.K. as a commercially pragmatic alternative to the EU’s MiCA regime, but whether firms will choose Britain over other jurisdictions will depend on the predictability of the authorization process and the resolution of remaining policy gaps.
Robinhood announced on July 1 that it had launched its own blockchain, called Robinhood Chain, becoming the latest major consumer company to build its own crypto infrastructure. The mainnet went live after a testnet opened in February.
Coinbase, Stripe, Circle and Tether have previously introduced their own blockchain networks. The moves aim to capture revenue from transaction fees, increase control over product features, and provide distribution to existing user bases. The shift compresses a decade‑long effort by neutral blockchain projects to attract users and liquidity into a matter of months.
Robinhood Chain is an Ethereum layer‑2 that uses Arbitrum technology, with block times of about 100 milliseconds. The network is permissionless, allowing any developer to deploy smart contracts and users to interact through self‑custody wallets. Its primary focus is tokenized equity, which already trades on the platform in more than 120 countries. Uniswap will provide a dedicated automated market maker, and other partners such as Alchemy, BitGo, Chainlink and 0x have supplied day‑one infrastructure. Robinhood Earn will offer a 7% yield on USDG lending via Morpho, and perpetual futures will be available through the decentralized exchange Lighter, backed by an $11 million token reward program.
Market reaction was immediate: the HOOD token rose about 8% to around $108 on the day of the launch, and Cantor Fitzgerald raised its price target to $130.
Robinhood’s crypto transaction revenue fell 47% year over year in the first quarter to $134 million, and the company cut 10% of its workforce prior to the launch. The stock remains roughly 30% below its October high.
Other corporate chains operate under different models. Coinbase’s Base, launched in 2023, became the fastest‑scaling layer‑2 but suffered two outages in June due to a sequencer bug. Stripe’s Tempo, a layer‑1 designed for stablecoin settlement, launched its mainnet in March after a testnet in December, and has attracted partners including Visa, Mastercard and major banks. Circle’s Arc and Tether‑aligned settlement chains pursue similar goals for issuers.
Analysts note that owning infrastructure can improve margin capture, give product control and provide distribution leverage, while also exposing operators to regulatory scrutiny. The GENIUS Act and other stablecoin regulations are prompting companies to build their own rails before new rules take effect.
Neutral blockchains remain customers of the corporate chains, which settle on Ethereum or Solana and pay for security. The longer‑term effect may concentrate value with chain operators and reduce the relative role of open, permissionless ecosystems.
The race to own crypto infrastructure is ongoing, and regulators will determine whether brokerage‑operated blockchains are treated as innovative products or vertical integrations that conflict with existing securities rules.
President Donald Trump’s Official Trump (TRUMP) memecoin generated $636 million in payouts to him while approximately 989,000 buyers collectively lost $3.81 billion, according to blockchain analytics firm Nansen and the 2025 financial disclosure. The token launched on January 3, 2025, after Trump promoted it on Truth Social and described it as a way for supporters to join his community. Its price peaked at $75.35 and fell to about $1.76, a decline of roughly 97%, as reported by Nansen on Friday. The 2025 financial disclosure showed Trump received a $636 million payout linked to the memecoin and disclosed at least $1.4 billion in crypto‑related income, largely from licensing agreements tied to the token and sales by Trump‑backed World Liberty Financial (WLFI). The filing renewed political scrutiny, with Senator Kirsten Gillibrand calling for stricter ethics rules in pending crypto legislation. Gillibrand said the Senate is reviewing stablecoin yields, anti‑money‑laundering safeguards, and ethics provisions before moving the CLARITY Act forward. In a CNBC interview, Trump said he was unaware that his crypto ventures had generated at least $1.4 billion and said he could know the exact amount if he wished, adding that there was nothing improper about earning money from digital assets. He also said he had no plans to distance himself or his family from their crypto businesses. Nansen also reported that 85% of the 26,663 WLFI wallets it tracked were underwater, with combined losses of about $83 million and profits of roughly $23 million. Investor Nicholas Pinto, who put about $500,000 into the TRUMP token after supporting Trump in the 2024 election, estimated he had lost roughly half of his investment and described the project as "almost a legal scam." White House spokeswoman Anna Kelly said Trump’s actions were intended to make the United States the "crypto capital of the world" and said they served the American people’s interests. The data indicate that while a small group of early participants captured about $4 billion in profits, the majority of investors experienced losses, highlighting the volatility of memecoin investments.
Bitcoin climbed above $62,000 on July 4 weekend after a weaker-than-expected June jobs report reduced expectations for a Federal Reserve rate hike, while options traders positioned for a range between $66,000 and $68,000.
The jobs data showed nonfarm payroll growth of 57,000, below the 110,000 forecast, and the unemployment rate stayed at 4.2%; the labor-force participation rate fell to 61.5%, and revisions lowered April and May payrolls by a combined 74,000. The dollar index rose for its biggest weekly decline since early April, and CME FedWatch indicated roughly a 45% probability of a September rate hike.
Options desks on Deribit showed a premium for Bitcoin puts relative to calls, with the one‑week put‑call skew narrowing to about 16% from 25% ten days earlier, indicating reduced panic. A large options structure on July 17 comprised a long call‑condor with long strikes at $64,000 and $70,000 and short strikes at $66,000 and $68,000, profit‑maximizing if Bitcoin stays within that band. The chart labeled this zone the “weekend options trap,” noting $60,000 as a failure line and spot near $62,100.
U.S. equity markets were closed on July 3 for Independence Day, leaving thin trading volume and limiting external price checks, which placed more weight on options positioning. If Bitcoin holds above $62,000 through Saturday and Sunday, thin weekend liquidity could amplify the move toward the $66,000–$68,000 area; a break above $68,000 with strong volume would confirm a breakout, while a drop below $60,000 could trigger further declines toward the low‑$57,000 range.
The outcome of the weekend move will indicate whether the current rally is a sustainable breakout or a temporary squeeze, with traders watching whether Bitcoin can clear the options ceiling or fall back into the $60,000–$66,000 range.
Moonbeam, a Polkadot parachain, announced it will shift its AI agent framework to the Ethereum layer‑2 network Base and introduce the Moonbeam Protocol, aiming to enable on‑chain AI agent communication and settlement without intermediaries.
The move reflects growing interest in AI agents using blockchain for autonomous transactions. Executives such as Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire have suggested AI agents may become major users of blockchain payments, while platforms like Aptos and Near have added similar infrastructure. However, blockchain‑based payment volumes remain low; Artemis reported $2 million in trading volume through Coinbase’s x402 payments protocol in the past 30 days. Meta CEO Mark Zuckerberg said AI integration in Big Tech has progressed slower than expected.
Moonbeam said it will continue offering cross‑chain interoperability on its Polkadot parachain during the transition and will maintain support for existing developers. GLMR token holders must bridge their tokens to Base before July 31 2026, including tokens locked in lending or staking contracts, though holders on centralized exchanges are exempt. The company described the pivot as a strategic focus on AI‑native on‑chain coordination, noting no launch timeline. Community members expressed concern that the shift could weaken Polkadot, with social media posts describing the change as a setback for the ecosystem. The protocol does not abandon its current builders or infrastructure providers.
The transition leaves the future of Moonbeam’s Polkadot parachain and its token migration schedule unresolved, while the broader market continues to assess the viability of AI agents on blockchain networks.
Revolut, a digital banking platform headquartered in the United Kingdom, announced that it will delist the Tether USDT stablecoin for most users in August 2026.
Users will no longer be able to purchase USDT starting July 6, and the full delisting is scheduled for August 31, 2026.
The company said that users must sell or withdraw their USDT holdings by the end of August, or the remaining balances will be automatically converted to the user’s base currency at the prevailing exchange rate.
Deposits will no longer be accepted after July 30, 2026, and any incoming USDT transfers will be rejected thereafter.
The decision follows broader adjustments by fintech firms in response to evolving European Union regulations.
Coinbase began delisting USDT in Europe in 2024 to align with the EU’s Markets in Crypto‑Assets (MiCA) framework.
Revolut obtained a MiCA license as a crypto asset service provider from the Cyprus Securities and Exchange Commission in November 2025.
The company has not clarified whether the delisting applies globally or only in specific jurisdictions.
Revolut cited "regulatory and risk considerations" as the reason for the move without specifying the exact rules that triggered it.
Tether has refused to comply with MiCA requirements, leading to gradual delistings by crypto service providers since late 2024.
CEO Paolo Ardoino criticized MiCA in a May 2025 interview, describing the legislation as poorly designed.
At the time of publication, USDT held a market capitalization of $184 billion, ranking it third behind Bitcoin and Ether, while USDC had a $73 billion market cap.
Revolut did not respond to inquiries about the affected regions or the scope of its crypto offerings.
The company plans to convert any remaining USDT holdings at the exchange rate on the conversion date.
Changpeng Zhao, founder of Binance, has suggested that Satoshi Nakamoto’s estimated 1.1 million bitcoins be frozen for up to 12 months if the coins remain unmoved once quantum computers threaten Bitcoin’s cryptography.
The proposal was made during a podcast with Alex Thorn of Galaxy Digital and has drawn mixed reactions from industry participants.
Critics such as investor Michael Terpin argue that freezing the coins would conflict with Bitcoin’s permissionless design and question the ability of the decentralized community to reach consensus, noting that reaching agreement on protocol changes has historically been slow.
Other experts, including developer Jameson Lopp and Bitwise CIO Matt Hougan, say the focus should be on preparing Bitcoin for post‑quantum cryptography, with options ranging from phased cryptographic upgrades to placing Satoshi’s holdings in a legal trust.
The debate remains theoretical, as practical post‑quantum solutions are still under development and no consensus has emerged on how the network should respond if its encryption becomes vulnerable.
Gold prices have moved widely over the past 50 years, with a peak of $850 per ounce in January 1980 and a low near $252 in 1999, and have risen to more than $3,000 per ounce in early 2025. The metal was fixed at $35 per ounce under the Bretton Woods system until August 1971, when the Nixon administration ended dollar convertibility to gold, allowing market pricing. Inflation and the 1973 Arab oil embargo pushed prices toward $195 by the end of 1974, and the peak of $850 in 1980 followed the Iranian Revolution, the Soviet invasion of Afghanistan, and high inflation during the Carter administration. From 1980 to the early 1990s, the Federal Reserve raised real interest rates, which, together with a strengthening dollar, caused gold to fall to a range of $300‑$500. Continued central bank sales, including the United Kingdom’s auction of 415 tonnes between 1999 and 2002, drove prices down to about $252 in 1999. The 2000s saw gold climb from $270 in 2001 to $800 in 2007, before falling during the 2008 financial crisis as institutions sold assets. Monetary easing and near‑zero rates later pushed prices back up, reaching $1,920 by September 2011. In the 2010s, prices dropped to roughly $1,050 in 2015 before recovering above $1,500 by mid‑2019 as central banks, especially in emerging markets, added more than 1,000 tonnes of gold purchases annually for the first time in over 55 years. The 2020s have produced new highs, with gold surpassing $2,000 in August 2020, $2,500 in 2024, and $3,000 in early 2025, driven by geopolitical tensions, continued central bank buying, and expectations of lower real interest rates. Today, as of mid‑2026, gold remains at historically high levels, while the share of gold in global foreign exchange reserves has been gradually increasing.
French police arrested a mother and her son on June 25 in Cavalaire-sur-Mer, a town on the Côte d’Azur, after a year‑long investigation into a fraud that stole about €1.5 million in cryptocurrency from a couple in Ramatuelle. The suspects presented themselves as intermediaries for a wealthy Italian buyer and invited the sellers to Milan, where they claimed a higher payment was available provided the sellers could supply €1.5 million in cryptoassets to cover transaction costs. Investigators say the pair used glasses equipped with hidden cameras to record the victims’ wallet credentials and then accessed the accounts to transfer the funds. The gendarmerie identified the pair, who live in the Paris region and have prior criminal records, and placed them under judicial supervision. They are scheduled to appear before the Draguignan Criminal Court on September 1 and face charges of organized fraud and failure to justify financial resources. Authorities also ordered the seizure of three properties on the Côte d’Azur valued at roughly €1.9 million pending the trial. The case is part of a broader trend of increasing crypto‑related crimes in France, which recorded 77 incidents of kidnapping, unlawful detention, extortion or attempted offenses linked to digital assets in 2026, up from 45 in 2025, according to Interior Minister Laurent Nuñez.
Vitalik Buterin, co‑founder of Ethereum, announced on Saturday a new "Lean Ethereum" strawmap that identifies quantum resistance, scalability and privacy as the network’s primary technical priorities for 2026‑2029. He said the upgrades will be implemented over the next three to four years. The announcement follows a staff reduction of about 20% at the Ethereum Foundation and a corresponding 40% cut to its budget. In recent months, foundation leaders Hsiao‑Wei Wang and Tomasz Stańczak have left, and protocol contributors Tim Beiko and Barnabé Monnot departed in May. Buterin said quantum safety has increased in priority, noting that completing a quantum‑safe solution for blobs is now urgent. He also described privacy as a priority and called for the development of a new virtual machine such as leanISA or RISC‑V to enable programmable privacy and better scalability. Dankrad Feist, a researcher on the Tempo blockchain, said the three‑to‑four‑year timeline is too slow and that AI could accelerate development. Crypto analyst Ignas Fiodorovas supported the roadmap but questioned the foundation’s ability to meet the schedule, citing a history of missed deadlines and the absence of tokenomics improvements for ETH. The roadmap remains under development, and its success will depend on execution.
CryptoQuant founder Ki Young Ju said on July 4, 2026 that Bitcoin’s capital efficiency has fallen, meaning each dollar of new investment yields a smaller percentage price increase. The analysis notes that the current cycle, which began in 2022, has absorbed about $697 billion and produced a roughly 689% gain, compared with earlier cycles that required far less capital for larger returns. In the 2011 cycle, roughly $2.8 billion in net inflows drove a 55,000% rally, while the 2015 cycle needed about $69 billion for a nearly 10,000% gain. The 2018 cycle required $365 billion to achieve a 2,000% increase, and the current cycle has taken in $697 billion for a 689% gain, according to realized capitalization metrics. Ki Young Ju argued that a next parabolic run would likely demand more than $1 trillion in fresh institutional capital, a level that would require broader adoption beyond the retail‑driven ETF market. Spot Bitcoin exchange‑traded funds have recorded record outflows over the past month, and Bitcoin closed the first half of 2026 lower, reversing the retail inflows that the bullish thesis had hoped to replace. Critics point out that as any asset grows, returns per dollar naturally decline because a larger base moves less in percentage terms, and there is no guarantee that institutional capital will arrive at the scale projected. Whether Bitcoin can attract sufficient institutional investment to surpass the $1 trillion threshold remains unresolved, and the market will need to assess the feasibility of such a rally amid ongoing capital flow dynamics.
On June 30, a consortium of more than 140 companies, including Visa, Mastercard, Stripe, BlackRock, Google and Coinbase, announced Open USD. The stablecoin offers free minting and redemption, shared governance, and distribution of reserve income to its participants. The announcement caused Circle's shares to fall 17.5% to $62.63, the largest one‑day decline since March and extending the monthly drop to about 39%. Circle's revenue is generated chiefly from interest on the reserves that back USDC, which accounted for roughly 96% of total revenue. By returning that interest to consortium members, Open USD threatens the profit model that underpins Circle's valuation. The consortium, which spans payment networks, banks, technology firms and crypto platforms, is led by Stripe through its subsidiary Open Standard. Open USD will launch natively on Solana later this year and will be integrated with wallets such as MetaMask, lending protocols like Aave, custody providers such as Fireblocks, and merchant services including Shopify. The product targets enterprise treasury and merchant payment use cases, the fastest growing segment for on‑chain dollar transactions. While Circle retains regulatory licences, strong liquidity and a trusted reputation, USDC circulates about $73 billion and the broader stablecoin market is projected to exceed $4 trillion by 2030. Tether's USDT, which dominates offshore and emerging‑market activity, is not directly affected by the consortium's regulated focus. The GENIUS Act, passed in 2025, clarified the legal framework for compliant stablecoins and enabled the revenue‑sharing structure of Open USD. Circle may respond by expanding revenue‑sharing arrangements, pursuing new distribution agreements or advancing its own network initiatives, such as the Arc chain project. The ultimate impact will depend on the speed of Open USD's deployment, the willingness of partners to adopt the new token and the ability of Circle to maintain its regulatory and liquidity advantages.
Americans are on pace to lose more than $250 billion on gambling this year, a 67% increase since the start of COVID‑19, according to a projection by economist Joseph Politano. The rise reflects growth in sports betting and other wagering activities, as well as expanding use of prediction markets, crypto trading, and short‑term options. The American Gaming Association reported that commercial gaming revenue reached $78.72 billion in 2025, with sports betting generating $16.96 billion on a $166.94 billion handle, up 9.2% in revenue and 11% in handle from the prior year. Since the Supreme Court’s 2018 decision in Murphy v. NCAA, 39 states and Washington, D.C. have legalized some form of sports betting, and the industry has expanded each year since. Politano’s analysis linked increased gambling to a ten‑percentage‑point rise in intimate partner violence in states where sports betting is legal and to higher credit delinquency rates among men and people under 40 in those same states, findings cited from research by New York Fed economists Jacob Goss and Daniel Mangrum. Prediction market notional trading volume in 2025 exceeded $44 billion, with Polymarket and Kalshi accounting for $21.5 billion and $17.1 billion respectively, according to data compiled by Gambling Insider. Options trading volume topped 15.2 billion contracts in 2025, a 26% increase over 2024, with half to 60% of same‑day S&P 500 contracts executed by retail traders. Memecoin market value fell 61% from early‑2025 highs to about $36.5 billion before recovering to roughly $47.3 billion in early 2026. The American Gaming Association estimates that prediction markets have diverted more than $500 million in potential state and tribal betting tax revenue since the start of 2025. Legal disputes are pending in Nevada, Massachusetts, Arizona and Tennessee, testing whether federal derivatives law preempts state gambling statutes. Former CFTC Chairman Gary Gensler and the current CFTC are split on jurisdiction, and DraftKings and FanDuel left the AGA in November 2025 before launching federally regulated event‑contract products that reached a $3.1 billion annualized trading run rate. The regulatory framework, built on distinct legal categories for securities, commodities and gambling, struggles to address overlapping retail trading behaviors, leaving identical economic risks subject to different oversight.
Bitcoin remained available for trading on July 3, 2026, while the New York Stock Exchange and Nasdaq closed their equity and options markets for the Independence Day holiday. The NYSE and Nasdaq traditionally suspend trading on federal holidays, pausing equity and options market liquidity and related market‑making activities. Federal Reserve Financial Services indicated that banks and branches remain open the Friday before a Saturday holiday, with processing paused on July 3 and resumed July 5. Spot Bitcoin exchange‑traded funds recorded net outflows of $222 million on June 30 and $296 million on July 1, followed by $223.5 million in inflows on July 2, according to data from the funds' administrators. Payment and banking services generally follow the holiday schedule, while Bitcoin settlement continues without interruption. Traders observed that the absence of institutional liquidity could amplify price movements, raising concerns about orderly price discovery during the holiday weekend. The market will be tested over the extended weekend to see whether Bitcoin can maintain price stability without the usual participation of traditional market makers.
Kraken has begun accepting select tokenized stocks and exchange‑traded funds as collateral for futures and margin trading, allowing eligible users to open leveraged positions without selling their holdings.
The feature initially supports ten assets, including Apple, Nvidia, Tesla, Strategy, the SPDR S&P 500 ETF and Invesco QQQ Trust. Each asset receives a collateral haircut that reflects its risk profile; broad‑market ETFs have a 10% haircut while more volatile stocks such as Strategy and Robinhood are assigned a 30% haircut. Collateral limits are set at up to $1 million for broad‑market ETFs, $250,000 for most individual stocks, and $100,000 for tokenized gold and Circle shares. Kraken indicated that these limits and haircuts will be reviewed periodically and may change.
The service is available only to eligible clients outside the United States. Tokenized stocks can be used as collateral for futures trading in the European Economic Area, while margin collateral support is offered in other eligible jurisdictions outside the bloc.
The launch follows Kraken’s partnership with Maple to create an on‑chain warehouse financing facility for institutional crypto lending and comes shortly after other firms introduced similar collateral arrangements. Franklin Templeton and Binance recently allowed institutions to use tokenized money‑market fund shares as trading collateral, and BlackRock’s tokenized Treasury fund BUIDL is accepted on Binance, Crypto.com and Deribit. Tradeweb this week executed a real‑time purchase and sale of a tokenized U.S. Treasury against tokenized cash on the Canton Network. According to RWA.xyz, tokenized real‑world assets have reached approximately $32.6 billion in value, and tokenized stocks have risen to about $2 billion from roughly $381 million a year earlier.
Billionaire investor Tim Draper said he has not moved 1,000 Bitcoin to Coinbase Prime after blockchain analytics linked his wallet to the transfer, reaffirming his $250,000 Bitcoin price target for the coming year.
Draper purchased nearly 30,000 Bitcoin in a 2014 U.S. Marshals Service auction, paying about $632 per coin for a total of roughly $18.7 million, a position now valued at about $1.9 billion. Lookonchain reported on Friday that a wallet identified by its AI‑based system as possibly belonging to Draper transferred the coins to Coinbase Prime, a move worth approximately $62 million at the time.
The wallet’s transaction history shows additional interactions with Coinbase Prime, including a 1,000‑Bitcoin transfer on July 9, 2025, when Bitcoin traded near $115,880 per coin. Arkham assigned a lower‑confidence label “Tim Draper?” to the address, while Cointelegraph sought comment from Arkham and received no response before publication. Draper’s forecast has repeatedly missed earlier timelines; he first expected Bitcoin to reach $250,000 by late 2022 or early 2023, but the asset’s highest price to date is $126,080, recorded on October 6, 2025, and it was trading around $62,530 at the time of writing.
Other analysts have voiced differing views. Blockstream CEO Adam Back suggested Bitcoin could eventually reach $500,000 to $1 million, while BlackRock CEO Larry Fink said institutional adoption could push the price to $700,000. Critic Peter Schiff argues the asset may fall to zero. Polymarket’s 2026 prediction market places the most likely 2026 price around $68,000.
The episode underscores the difficulty of confirming wallet ownership and the ongoing debate over Bitcoin’s future price trajectory.
Bitcoin's price has remained below $62,000, down more than 50% from its October peak, while U.S. technology stocks have risen amid AI enthusiasm. Analysts from asset managers Hashdex and Charles Schwab say the divergence is temporary. Samir Kerbage, chief investment officer at Hashdex, said investor attention has shifted to AI infrastructure, IPO pipelines and macro positioning, overshadowing crypto fundamentals. He noted expanding institutional infrastructure and improving regulatory clarity, including potential passage of the CLARITY Act, and pointed to record‑high stablecoin transaction volume and a 60% increase in tokenized real‑world assets this year. Jim Ferraioli, director of digital currencies research at Charles Schwab, attributed the price lag to historical market cycles, noting that bitcoin typically takes over a year after a bear market bottom to recover to levels above production costs, estimated at about $95,000, while the average investor cost basis sits near $80,000. Both analysts argued that the disconnect between market capitalization and on‑chain activity is unlikely to persist indefinitely, though the four‑year halving cycle remains a psychological factor as the market matures and volatility declines. The situation suggests that the current price weakness may resolve as capital flows return and regulatory developments progress.
OpenUSD, a stablecoin project backed by a coalition of companies, faces scrutiny after reports that several Korean firms listed as partners have not formally consulted with the issuer. The project announced a roster of roughly 140 partners, positioning OUSD as shared infrastructure for dollar‑denominated transactions with revenue sharing and integration support. A July 3 report by Chosun Biz said Samsung Electronics, Shinhan Financial Group, Dunamu, Kbank and other Korean firms were cited without evidence of official consultations or commitment to adopt OUSD. The project's website still lists these firms under a backed by section, suggesting participation, while the issuer says Open Standard governs the token and maintains reserves at regulated financial institutions. The confusion highlights the need for clear differentiation between formal participants and companies merely reviewing the model, as adoption obligations, governance rights and economic benefits depend on verified roles. Governance statements indicate Open Standard will manage OUSD independently, without DAO participation or shareholder rights for partners, raising questions about decision‑making authority and revenue allocation. The next step for OpenUSD is to clarify the status of each listed company, define each partner's role and disclose how adoption will affect minting, redemption, settlement and revenue sharing. The credibility of the coalition stablecoin now hinges on transparent verification of partner commitments rather than the size of the roster.
Bitcoin investors have an average unrealized loss of about 20% as the on‑chain metric known as the True Market Mean (TMM) sits near $76,700, a level that has acted as resistance, according to CryptoQuant analyst Darkfost. The TMM reflects the average acquisition cost of active Bitcoin holders, excluding long‑dormant coins, and has climbed to roughly $76,700, representing the cost basis of investors who are currently trading. Bitcoin was trading around $62,596 on July 4, up 1.67% in the previous 24 hours but still below the TMM. Darkfost said the average loss of 20% stems from the Active Value to Investor Value (AVIV) ratio, which compares market value with the cost basis of active holders and currently hovers near 0.8, indicating a valuation discount zone. He noted that earlier bear‑market bottoms saw the AVIV ratio fall to 0.5‑0.6, corresponding with average investor losses of 40%‑50%, and that the current ratio suggests the market has not yet reached those extremes. The analyst added that Bitcoin may recover without revisiting deeper discount levels, citing stronger adoption during the current cycle, while acknowledging that institutional demand has softened recently due to net outflows from U.S. spot Bitcoin exchange‑traded funds. He also said institutional participation has not changed Bitcoin’s historical cyclical behavior, and that investors should remain cautious despite continued capital inflows over recent years. CryptoQuant reported that a future rally could require more than $1 trillion in additional capital because of Bitcoin’s larger market value, noting that roughly $697 billion has entered Bitcoin since 2022, producing a 689% gain, though returns have lagged earlier cycles. Corporate treasury Strategy, which holds more than 847,000 BTC, is evaluating ways to generate liquidity without selling its holdings, and Galaxy Digital has said it may earn recurring income through conservative lending or options‑based strategies while preserving its long‑term Bitcoin position. Industry participants have also argued that autonomous AI agents may rely on blockchain payment systems and stablecoins for machine‑to‑machine transactions, although large‑scale adoption is expected to take several years.
Thomas Sy, head of multi-asset solutions at New York Life Investment Management, said in a CoinDesk interview on July 4, 2026 that tokenization could enable personalized investment portfolios for individual investors, a capability beyond current financial systems.
Sy noted that the primary benefit of tokenization is the ability to customize portfolios at scale, combining ETFs, bonds, private credit and other assets while reducing back‑office costs. He said NYLIM, which oversees about $11 billion within New York Life’s $807 billion asset management arm, is partnering with Centrifuge to pilot a tokenized high‑yield corporate bond strategy.
He argued that embedding customization within the asset itself, rather than around operational layers, could lower costs for clients by 10% to 20%. Stablecoins, he added, serve as a gateway for institutions to access on‑chain assets that generate yield. Broader participation in decentralized finance will require mature infrastructure, including tokenized collateral, central clearing and prime brokerage services.
The outlook suggests increasing integration of tokenization into traditional asset management, though Sy cautioned that institutional adoption will depend on further infrastructure development.