| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin accumulation persists as price stays near $30K |  | | Despite Bitcoin's price staying around $30,000, the trend of accumulating the cryptocurrency persists. Glassnode's data revealed a significant increase in Bitcoin's illiquid supply, signaling widespread hodling behavior. Furthermore, wallets with little to no spending history received a substantial monthly influx of over 194,500 BTC, reinforcing the ongoing race to hodl.
Institutional investors, exemplified by Microstrategy's acquisition of over $300 million worth of BTC, also continue to accumulate Bitcoin. This reflects the ongoing trend of accumulation by both institutions and individual investors, demonstrating the enduring interest in Bitcoin.
Additionally, the decreasing Bitcoin supply on exchanges confirms its illiquid nature. Here it is noteworthy that the accelerated accumulation reducing the available supply is potentially paving the way for a price increase. At the time of writing, the crypto saw a slight uptick in value trading at $30,756.70 on the daily timeframe chart.
| | | Learn More | | Tron hits new milestone, sees positive growth amidst Arkham integration |  | | Tron has maintained leadership in the market in terms of daily active addresses, followed by BNB chain. Although there was a slight decline in Tron's daily active addresses in recent weeks, the platform surpassed 6 billion total transactions, marking a significant milestone and indicating positive growth, according to Token Terminal's data.
Recently, Arkham, the top blockchain intelligence platform, announced support for TRON blockchain, potentially boosting adoption and increasing active users. A spokesperson for Tron said,
"...Arkham's cutting-edge analytics engine will bring a new level of understanding to the TRON blockchain, allowing traders and researchers to map out the entities within our network."
With this recent integration, TRX's development activity surged substantially over the last day, while its social volume remained stable, reflecting its popularity in the crypto space. However, despite blockchain usage rising, TRX's price experienced minimal growth, increasing only by over 1% in the last week as reported by CoinMarketCap. | | Learn More | | Arbitrum faces challenges as stablecoin volumes decline |  | | Arbitrum [ARB], a prominent crypto protocol, experienced significant expansion this year. Despite market volatility, both the protocol and its token saw remarkable growth. However, recent data indicates a concerning decline in stablecoin inflows, raising questions about its future growth trajectory.
Notably, a decline in stablecoin volumes can result in reduced trading volumes on the Arbitrum protocol, potentially affecting user activity and impeding the protocol's growth momentum. Nevertheless, certain dApps like Parawswap and MUX show increased transactions. Yet, overall total value locked (TVL) and DEX volumes dropped significantly in recent months.
Arbitrum's recent collaborations in the gaming sector aim to boost user base and TVL. According to a recent tweet, Reboot Protocol and pixelvaut plan to launch a flagship game on the network, potentially offsetting stablecoin inflow decline. At the time of writing, however, the ARB token's value dropped to $1.217, coinciding with fewer new users holding ARB, reinforcing a temporary decline in interest.
| | Learn More | | Coinbase files motion to dismiss SEC suit, alleging regulatory overreach
|  | The motion argues that even if the allegations are true, the SEC lacks a valid legal claim Coinbase's chief legal officer, stated that the SEC's claims exceed existing law and should be dismissed
Coinbase has filed a motion to dismiss the SEC's complaint in their legal dispute, citing concerns about the agency's overreach of securities laws. In its filing, Coinbase raised objections to the SEC's interpretation of regulations, arguing it exceeded its legal authority. The motion was filed on 29 June in the U.S. District Court for the Southern District of New York.
The motion argues that even if the allegations are true, the SEC lacks a valid legal claim. Coinbase's legal team stated in the filing,
"...This [legal] action must be dismissed on independent grounds that it violates Coinbase's due process rights and constitutes an extraordinary abuse of process."
Coinbase contested SEC's claims of the exchange enabling unregistered trading of 12 digital tokens that were deemed securities, arguing that the SEC misapplied securities laws beyond existing legal frameworks. Paul Grewal, Coinbase's chief legal officer, tweeted on 29 June, stating the SEC's claims exceed existing law and should be dismissed.
| | Solana's Cardinal protocol shuts down, citing economic conditions |  | Cardinal Labs will suspend certain operations on 19 July, such as staking pool creations, token management, NFT rentals Withdrawals must be done by 26 August, marking the end of the two-month notice period
Solana's Cardinal protocol, which raised $4.4 million last year to enhance NFT utility, is shutting down due to economic conditions. Users must withdraw funds by 26 August, as per their Twitter announcement.
Cardinal Labs supported NFT use cases on the Solana network by offering protocols and SDKs for staking, rentals, subscriptions, royalties, and trading, serving as an infrastructure provider on the network.
Based on the closing schedule, Cardinal Labs will suspend certain operations on 19 July, such as staking pool creations, token management, NFT rentals, and more. Withdrawals must be done by 26 August, marking the end of the two-month notice period.
The Cardinal's team noted on Twitter,
"...We've done our best to navigate this incredibly difficult macroeconomic environment since we began building 18 months ago, but like for many others, it has been challenging"
Furthermore, they acknowledged the challenges faced by NFT-based products and their limited traction outside the crypto maximalist community.
| | CME Group set to introduce ETH to BTC Ratio futures |  | The scheduled launch date for these futures contracts is set for 31 July, pending regulatory review The contract will follow the same listing cycle as CME's existing Bitcoin and Ether futures contracts
On 29 June, the Chicago Mercantile Exchange (CME) Group announced that it will be launching Ether/Bitcoin Ratio futures. The launch of these futures contracts is set for 31 July, pending regulatory approval.
The CME Group announced that the Ether/Bitcoin Ratio futures will be cash-settled based on the final settlement price of CME's ETH futures divided by the final settlement price of CME's Bitcoin futures. The contract will follow the same listing cycle as CME's existing Bitcoin and Ether futures contracts.
Giovanni Vicioso, CME Group's global head of cryptocurrency products, highlighted the potential for relative value trading opportunities between Ether and Bitcoin. He pointed out that despite historical correlation, the market dynamics of the two assets now differ, offering opportunities to capitalize on performance differences.
Vicioso added that the new Ether/Bitcoin Ratio futures will enable investors to gain exposure to both assets in a single trade, regardless of their directional view. This contract offers opportunities for various clients to hedge positions and implement trading strategies efficiently and cost-effectively.
| | Coinbase's Base nears mainnet launch with successful security audits |  | While a date for mainnet wasn't announced, the Base team said it has fulfilled four out of five of their criteria for launch Demonstrating "testnet stability" is the final criteria that needs to be passed prior to mainnet launch
Coinbase's Base, a layer 2 application-focused protocol, is nearly set for mainnet launch. To meet its second-last criterion, the Ethereum-secured network, powered by Optimism, underwent six months of rigorous internal and external security audits, said the team on 29 June.
The Base team expressed confidence in proceeding with the mainnet launch after having completed ⅘ of the criteria. The team added that it didn't find any serious code bugs during the audits, which further strengthened their belief in the protocol's readiness for deployment.
Demonstrating "testnet stability" is the final criteria that needs to be passed prior to mainnet launch, according to a previous post from Base. While the specific approach to fulfilling this criterion was not mentioned, they are currently reviewing submissions from 100 researchers who participated in the public smart contract audit, along with feedback from past audit programs — namely "spearbit" and "sherlock."
| | Bitcoin & co. remain consistent |
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