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Crypto Morning Briefing: New York DFS Finalizes Regulations for Crypto Businesses Under its BitLicense

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Apple’s Latest Move Could Challenge DeFi; Launches High-Yield Savings Account

On Monday, Apple introduced its Apple Card savings account, which offers customers an annual percentage rate of 4.15%. Apple has stated that there is no requirement for a minimum deposit or balance, and customers can set up an account directly by using the Wallet software pre-installed on their iPhones. Now, whether this poses a threat to DeFi’s high-yield protocol, let’s find out.

CME to Add Daily Expiries on Bitcoin and Ether Futures Options Contracts

Derivatives marketplace Chicago Mercantile Exchange (CME) is adding to its cryptocurrency offerings with daily expirations soon to be available on bitcoin and either futures options contracts, the company said in a press release on Monday.

USDC Issuer Circle Exec to Testify at US Congressional Hearing on Stablecoins

Circle, the US company behind the popular stablecoin USDC, is set to testify in a Congress hearing on Wednesday about stablecoin regulation in the US.

BoE Considers Limits on Stablecoin Payments as Parliament Debates New Crypto Rules

The Bank of England (BoE) will consider whether to put limits on stablecoins used for payments in new rules for the sector, Deputy Governor Jon Cunliffe said in a speech on Monday.

New York DFS Finalizes Regulations for Crypto Businesses Under its BitLicense

The New York State Department of Financial Services (DFS) has finalized a set of regulations for overseeing crypto businesses registered with its Bitlicense. The new rules, which apply to only about 20 companies, allow the DFS to collect supervisory costs from licensed crypto firms on par with other licensees regulated by the department.

Market Watch 

As of press time, according to Cointime data:

BTC 's live price is $29,453.06 USD, dropped by 3.00% in the last 24 hours;

ETH’s live price is $2,077.22 USD, dropped by 2.11% in the last 24 hours;

BNB’s live price is $341.78 USD, dropped by 2.12% in the last 24 hours;

XRP's live price is $0.51 USD, dropped by 2.26% in the last 24 hours.

Fundraising News

Shiba Inu Rival Love Hate Inu Raises $4.4 Million – Launches Viral Love-Hate Andrew Tate $10,000 Voting Competition

Love Hate Inu is a new cryptocurrency project that has raised $44 million in a private sale. The project is designed to be a rival to Shiba Inu, another popular cryptocurrency that has gained popularity in recent months.

Xsolla Invests in "Phygital" Fashion Startup Pillz, Merging Web3 and Real-World Goods

Gaming payment platform Xsolla has invested in "phygital" fashion startup Pillz, which is using Web3 to merge its fashion with real-world goods. The funds raised will enable Pillz to launch its product and prepare for serial production. Pillz makes a device that can make NFT collectibles and NFT games tangible, allowing users to interact with their NFTs in physical reality without transferring the token to the device.

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  • Hong Kong's financial industry may study launching stablecoin trading desks and institutional custody services

    Hong Kong Monetary Authority recently announced the list of participants in the stablecoin issuer sandbox, including JD Coin Chain, Circle Coin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom and other institutions. Research reports released by Zeng Shengjun, a researcher at the Greater Bay Area Financial Research Institute of the Shenzhen Branch of Bank of China, and Guan Zhenqiu, a researcher at the Hong Kong Financial Research Institute of Bank of China, analyzed that the Hong Kong dollar stablecoin can improve the efficiency and inclusiveness of the Hong Kong financial system. Its stability, free convertibility, high security, high open source and cross-border mobility can provide support for a wider range of financial innovations.

  • Bitcoin scaling network Mezo completes $7.5 million in financing, led by Ledger Cathay Fund

    Bitcoin scaling network Mezo has completed a $7.5 million financing round, with Ledger Cathay Fund leading the investment and Mantle EcoFund ecosystem projects from ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol, and Bybit participating. This round of financing brings its total funding to $30 million.The new funds will be used for Mezo's plan to expand the adoption of its network, including integrating more products into its network, such as its Bitcoin staking platform Acre.

  • As of July 25, BlackRock IBIT held more than 338,000 bitcoins, an increase of more than 1,092 bitcoins from the previous day.

    BlackRock's official update on the Bitcoin ETF shows that as of July 25th, the market value of IBIT has reached $21,890,121,436.41, and the position has increased to 338,128.5551 BTC, an increase of 1,092.7881 BTC from the previous trading day.

  • The U.S. core PCE price index rose 0.2% in June, compared with expectations of 0.1% and the previous value of 0.10%.

    The US core PCE price index for June was 0.2%, exceeding expectations of 0.1% and the previous value of 0.10%; the US core PCE price index for June recorded a year-on-year increase of 2.6%, higher than expected. The US core PCE price index for June recorded a monthly rate of 0.1%, unchanged from the previous month and in line with expectations.

  • LayerPixel Completes $2 Million Seed Round Led by Kenetic Capital

    LayerPixel, a DeFi solution based on TON, announced the completion of a $2 million seed round of financing, led by Kenetic Capital, with participation from Foresight Ventures, Waterdrip Capital, VentureSouq, Web3 Port Foundation, Microcosm Research, TMM Club, and dozens of angel investors. It is reported that this funding will help LayerPixel accelerate the development and integration of its DeFi solution suite in the Telegram Mini App ecosystem, fundamentally changing the way users interact with decentralized finance in the Telegram environment.

  • Grayscale GBTC holdings are approximately 271,200 BTC, and the number of ETHE shares in circulation has fallen below 300 million

    Official data from Grayscale shows that as of July 25th, Grayscale GBTC holds 271,212.2467 BTC, a decrease of 410.3257 BTC from the previous trading day, with an asset management scale (non-GAAP) of $17,542,084,056.48 and a circulation share of 306,180,100 shares; Grayscale ETHE holds 2,391,684.2607 ETH, a decrease of 97,390.7166 ETH from the previous trading day, with an asset management scale (non-GAAP) of $7,468,775,526.14 and a circulation share of 282,168,500 shares; Grayscale ETH holds 310,308.0733 ETH, an increase of 13,663.3797 ETH from the previous trading day, with an asset management scale (non-GAAP) of $969,033,154.46 and a circulation share of 329,308,500 shares.

  • US Senator Withdraws Support for Elizabeth Warren's Anti-Crypto Bill

    On July 24th local time, Republican Senator Roger Marshall withdrew his support for the "Digital Asset Anti-Money Laundering Act," which he and Democratic Senator Elizabeth Warren jointly formulated for 2022, aimed at regulating the cryptocurrency industry under existing anti-money laundering and anti-terrorism financing frameworks. Currently, according to the official congressional record on the bill, there are still 18 senators supporting the bill.

  • Web3 startups raised $3.7 billion in funding in the first half of 2024, showing signs of recovery

    According to the latest report from Crunchbase, Web3 startups raised $3.7 billion in the first half of 2024. Although this number decreased by 18% compared to the first half of 2023, it increased by 42% compared to the second half of last year. Quarterly, Web3 startups raised over $2 billion in the second quarter of 2024, slightly higher than the $1.8 billion raised in the first quarter, but down 18% from the $2.2 billion raised in the same period last year. However, after eight consecutive quarters of decline, Web3 startups have seen two consecutive quarters of funding increases. In addition, although the total amount of funding has increased, there have been few large financing rounds, with only seven rounds raising over $50 million.

  • Yesterday, the U.S. spot Bitcoin ETF had a net inflow of $31.4 million

    As monitored by Farside Investors, data from yesterday (July 25th) shows that the net outflow of funds for the US Bitcoin ETF GBTC was $39.6 million; BlackRock's iShares Bitcoin Trust (IBIT) had a net inflow of $71 million yesterday; EZBC, ARKB, and BITB had no inflows or outflows of funds.

  • US spot Ethereum ETF had a net outflow of $150.4 million yesterday

    According to Farside Investors monitoring, data from yesterday (July 25th) shows that the net inflow for the BlackRock Ethereum ETF (ETHA) was $72.9 million, the net inflow for the Invesco Ethereum ETF (ETHV) was $8 million, the Franklin Ethereum ETF (EZET) had no inflow or outflow, the 21Shares Ethereum ETF (CETH) had no inflow or outflow, and the Grayscale Mini Ethereum ETF (ETH) had a net inflow of $58.1 million. Previously, it was reported that the Grayscale Ethereum ETF (ETHE) had a net outflow of $326.9 million, the Bitwise Ethereum ETF (ETHW) had a net inflow of $16.3 million, the Fidelity Ethereum ETF (FETH) had a net inflow of $34.3 million, and the Invesco Ethereum ETF (QETH) had a net inflow of $6.2 million. Overall, data shows that the net outflow for US Ethereum ETFs yesterday was $150.4 million.

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