Summary
gm, Bitcoin reached a new all-time high of $111,000, breaking through previous resistance levels with strong technical indicators and exchange outflows pointing to accumulation rather than selling pressure. Ethereum has also shown renewed strength, climbing above $2,600 with record open interest in futures, while the Texas House passed a bill to establish a state-managed Bitcoin reserve. Meanwhile, institutional adoption continues to accelerate, with significant Bitcoin ETF inflows totaling nearly $1 billion in just two days and Société Générale's crypto arm announcing plans to launch a dollar-backed stablecoin on Ethereum. The regulatory landscape is evolving rapidly as Hong Kong passed legislation establishing a licensing framework for fiat-referenced stablecoins and the US Senate advanced the GENIUS Act aimed at legitimizing stablecoins for institutional adoption.

News Headlines
💰 SocGen's Crypto Arm to Launch Dollar-Denominated Stablecoin on Ethereum

  • Société Générale's crypto arm, SG Forge, is set to launch a dollar-backed stablecoin on Ethereum, targeting institutional investors and following their previous euro stablecoin launch.
  • The stablecoin will be publicly accessible on Ethereum with future support planned for Solana, marking another step in traditional financial institutions' adoption of cryptocurrency technology.

📱 Solana Mobile Reveals Trustless Architecture and Native Token for Seeker Device

  • Solana Mobile's upcoming Seeker phone will launch August 4, featuring a trustless TEEPIN architecture and a new SKR token designed to revolutionize the mobile ecosystem.
  • The device has generated significant pre-sale interest with 150,000 units sold at $500 each, representing potential revenue of $67.5 million for Solana Mobile.

🏆 Justin Sun Emerges as Donald Trump Memecoin's Top Holder With $21.9M Stake

  • Tron founder Justin Sun has revealed he is the leading holder of the TRUMP memecoin with a stake valued at approximately $21.9 million, entitling him to attend a private dinner with President Trump.
  • The announcement has sparked political controversy, with critics raising concerns about potential conflicts of interest and the allocation of a significant portion of the token supply to individuals linked to Trump.

📝 Ripple News: XSGD Stablecoin by StraitsX Launches on XRP Ledger

  • StraitsX has introduced XSGD, a Singapore dollar-pegged stablecoin, on the XRP Ledger to meet growing demand for regulated multi-chain stablecoins for cross-border payments.
  • The stablecoin is fully backed by reserves with DBS Bank and Standard Chartered, with plans to enhance institutional applications and focus on programmability and compliance integrations.

🌟 Ethereum Price Gained 90% The Last Time This Indicator Turned Bullish

  • Ethereum is forming a bull flag on its daily chart, with the price consolidating between $2,400 and $2,750, potentially leading to a breakout above $3,600 if conditions hold.
  • Historical data shows ETH saw a 93% increase following a similar trend in 2023, though analysts caution that a correction could occur if Ethereum fails to break above $2,800.

Market Metrics

Fundraising & VC
1. World (Undisclosed, $135M) - Real human network
2. VOYA Games (Undisclosed, $5M) - Berlin-based Web3 gaming studio

Regulatory
🚨 SEC Charges Unicoin With $100M 'Massive Securities Fraud'

  • The SEC has sued Unicoin and its executives for allegedly raising over $100 million through fraudulent claims that tokens were backed by real estate assets that were hugely overvalued or never acquired.
  • Unicoin allegedly exaggerated sales figures, claiming $3 billion in sales when actual figures were under $110 million, and made unrealistic promises of returns as high as 9 million percent.

⚖️ SafeMoon CEO Found Guilty in Crypto Fraud Trial

  • Braden Karony, CEO of SafeMoon, has been convicted of conspiracy to commit securities fraud, wire fraud, and money laundering after a 12-day federal trial.
  • The jury ordered forfeiture of properties worth approximately $2 million, with Karony facing up to 45 years in prison for misleading investors and diverting millions to personal purchases.

📑 Texas Passes Strategic Bitcoin Reserve Bill

  • The Texas House of Representatives approved SB 21 with a 101-42 vote, authorizing the state comptroller to establish and manage a strategic Bitcoin reserve.
  • The legislation requires that eligible cryptocurrencies maintain a $500 billion market cap for at least one year, currently limiting investments to only Bitcoin, and awaits Governor Greg Abbott's final approval.

💱 Crypto.com Secures MiFID License for EU Derivatives

  • Crypto.com has obtained a MiFID license through acquiring Allnew Investments, allowing it to offer regulated crypto derivatives throughout the European Economic Area.
  • This acquisition follows their earlier MiCA license approval in January, enabling the exchange to expand its European product offerings and reinforcing a trend of crypto exchanges seeking regulatory approval for derivatives trading.

🏛️ CFTC Left Without Commissioners as Johnson Announces Exit

  • Kristin Johnson, the last sitting commissioner at the CFTC, announced her departure, leaving the agency without any commissioners before the expected confirmation of incoming chairman Brian Quintenz.
  • The unprecedented situation raises concerns about the agency's ability to respond to legal challenges or set policies, potentially impacting its oversight of U.S. cryptocurrency regulation.

Technical Analysis
Bitcoin - Bitcoin shows strong development within a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 103400 points. Positive volume balance indicates that buyers are aggressive while sellers are passive, and strengthens the currency. RSI is above 70 after a good price increase the past weeks. The currency has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 2050 points. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Ethereum. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically positive for the short term.