July: Stablecoin compliance, Ethereum ETF launches, Bitcoin growth, Solana’s rise, and groundbreaking AI advancements
Get up-to-date with the latest trends in crypto, Bitcoin, AI, and beyond. Oraichain's "Market Insights'' series delivers a monthly snapshot of the hottest narratives shaping the blockchain space. Dive into July's market news and discover what's driving innovation.
Major News
Circle Paves the Way for Stablecoin Compliance in Europe
Circle, the issuer of USDC and EURC, has become the first global stablecoin company to fully comply with the European Union's landmark Markets in Crypto-Assets (MiCA) regulations. This achievement solidifies Circle's position as a leader in the regulated stablecoin market and demonstrates its commitment to building a compliant and secure digital financial ecosystem. (Source: Various)
Ethereum ETFs Approved by SEC
The SEC has approved spot Ethereum ETFs, allowing investors to trade the second-largest cryptocurrency through traditional brokerage accounts. This decision follows the earlier approval of Bitcoin ETFs in January and marks a significant milestone in the crypto investment landscape. (Source: Various)
Former President Trump voiced strong support for the crypto industry
At the Bitcoin 2024 convention in Nashville, former President Donald Trump expressed strong support for the cryptocurrency industry, vowing to make the U.S. a leader in Bitcoin mining and promising to establish a crypto advisory council within his first 100 days if elected. His speech, along with appearances by Robert F. Kennedy Jr., Vivek Ramaswamy, and Senator Marsha Blackburn, rallied significant support, with promises to bolster the industry through regulatory reforms and potential tax credits for Bitcoin miners. (Source: Fox17)
Solana Climbs to Fourth Place, Surpassing Binance Coin in Market Cap
Solana (SOL) has overtaken Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. Analysts expect further gains, citing bullish trends and rising network activity. Solana's total value locked (TVL) has surpassed $5.5 billion, with increased trading volume signaling growing adoption and positive market sentiment. (Source: Various)
BTC in July
Bitcoin started July at approximately $62,700 and gained 3% over the month, closing at around $64,600. During the same period, the network hashrate surged by roughly 15%, and the cost per Bitcoin transaction dropped to a four-year low. (Source: Various)
Trump's Push for Bitcoin: A Strategic Reserve Asset in the Making?
Donald Trump recently expressed strong support for Bitcoin, suggesting it could play a strategic role in the U.S. economy, which has sparked discussions about classifying Bitcoin as a strategic reserve asset. This idea has gained traction among policymakers like Senator Cynthia Lummis and former presidential candidate Vivek Ramaswamy, who see potential in leveraging Bitcoin to bolster the nation's financial stability. (Source: Forbes)
Germany Sells Off Final Bitcoin Reserves Amid Market Pressure
Germany completed the sale of its remaining Bitcoin holdings, offloading 3,846 Bitcoin on July 12, contributing to a decline in Bitcoin's price to $54,000. Despite this sell-off, market pressures persist due to the upcoming $9 billion Mt. Gox reimbursement plan. However, institutional investors have shown confidence by buying the dip, with U.S. ETFs seeing $295 million in inflows. (Source: YahooFinance)
Mt. Gox Makes Significant Progress in Bitcoin Repayments
Mt. Gox has repaid about 36% of its $8.8 billion bitcoin debt, with $5.8 billion remaining. Recent transfers to Bitbank and Kraken have repaid over 13,000 creditors, marking significant progress in the decade-long process. (Source: Blockworks)
AI in July
Grayscale Introduces Fund Focusing on Decentralized AI Protocols
Grayscale has launched a new Decentralized AI Fund, targeting accredited investors and focusing on decentralized AI protocols. The fund includes tokens from Bittensor, Filecoin, Livepeer, Near, and Render. It aims to invest in assets related to decentralized AI services, solutions for AI-related issues, and infrastructure for AI development. (Source: CoinTelegraph)
OpenAI Launches GPT-4o Mini
OpenAI has launched GPT-4o mini, a cost-efficient small AI model designed to make AI intelligence more accessible. GPT-4o mini outperforms other small models in tasks such as reasoning, math, and coding. It supports both text and vision, with future updates planned for multimedia inputs. (Source: CoinTelegraph)
Wrapping up
July saw a mix of highs and challenges across the crypto and AI markets, with key developments setting a positive tone for the future. Stay tuned for our next Market Insights to keep up with the latest news and emerging trends.
