gm 31/07

Summary
gm, JPMorgan Chase partnered with Coinbase to enable customers to purchase crypto using credit cards and redeem reward points for USDC, signaling growing mainstream financial integration. Meanwhile, Ethereum celebrated its 10th anniversary as trading volume in ETH perpetual futures surpassed Bitcoin for the first time since 2022, reflecting a potential shift in market focus toward altcoins. Additionally, the founders of privacy-focused Bitcoin mixer Samourai Wallet have agreed to plead guilty to operating an unlicensed money transmitting business, highlighting ongoing regulatory scrutiny in the crypto space.

News Headlines
🌐 Linea Previews ETH-First Roadmap with Native Staking

• Ethereum layer-2 solution Linea has unveiled a roadmap to become "Ethereum's most aligned rollup," implementing native staking for bridged ETH, a 20% protocol-level burn from net fees, and allocating 85% of its token supply to builders and users.
• Unlike its predecessor Blast, Linea aims for sustained engagement through continued ETH staking with faster withdrawals, while operating as a modular rollup stack through chains like Status L2 focusing on gasless transactions and native ETH yield.

💰 Twenty One Capital Boosts Bitcoin Holdings to $5.1 Billion with Tether's Help

• Twenty One Capital has added 5,800 Bitcoin from Tether, bringing its total to approximately 43,500 BTC valued at $5.1 billion, positioning it to become the third largest corporate Bitcoin holder behind MicroStrategy and Marathon.
• The company, backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, plans to go public through a merger with Cantor Equity Partners, trading under the ticker XXI.

👾 Orca Launches Wavebreak Launchpad for Solana Tokens

• Orca has introduced Wavebreak, a launchpad for Solana tokens designed to prioritize human users over bots by incorporating CAPTCHA technology alongside an onchain permission structure.
• The platform offers daily rewards where users earn rakebacks proportional to their trading volume, distinguishing it from existing Solana launchpads in the competitive memecoin-focused DeFi market.

📈 eToro to Tokenize 100 Most Popular US Stocks on Ethereum

• eToro has announced plans to tokenize the 100 most popular US stocks and ETFs as ERC-20 tokens on the Ethereum blockchain, enabling 24/5 trading of these assets with potential transfers to self-custody or DeFi protocols.
• Users will be able to buy tokenized stocks on eToro, redeem them in the eToro wallet, and eventually transfer them to personal wallets, representing a significant step in bringing real-world assets onto blockchain technology.

💼 Bakkt Sheds Loyalty Division as It Doubles Down on Crypto

• Bakkt is selling its loyalty rewards business to Project Labrador for $11 million while raising $75 million to strengthen its focus on crypto services such as custody and stablecoin payments.
• The strategic shift comes as Bakkt's crypto segment generated approximately $568 million in Q2, significantly overshadowing the loyalty unit's $10 million, allowing the company to concentrate solely on its core crypto offerings.

Market Metrics

Fundraising & VC
1. RD Technologies (Series A, $40M) - Regulated stablecoin infrastructure
2. Falcon Finance (Undisclosed, $10M) - Universal collateralization infrastructure
3. STON fi (Series A, $9.5M) - Decentralized exchange on TON
4. Due (Seed, $4M) - International payment platform

Regulatory
⚖️ Tornado Cash Trial Reaches Final Stage

• The jury has begun deliberations in Roman Storm's trial, where the Tornado Cash developer faces charges of money laundering, sanctions violations, and operating an unlicensed money transmitter.
• Prosecutors argued the platform was designed for criminal use, while the defense maintained that Storm created legitimate privacy software that was misused by criminals.

💰 Indonesia Raises Crypto Transaction Taxes

• Indonesia's Ministry of Finance is increasing taxes on crypto transactions starting August 1, with domestic exchange sales rising to 0.21% and foreign exchange sales surging to 1% from 0.2%.
• The tax increases target Indonesia's growing crypto market, valued at $39.5 billion, while eliminating VAT for buyers to potentially attract new investors.

🏛️ Bank of Korea to Establish Virtual Asset Team

• The Bank of Korea is creating a dedicated virtual asset team to help shape the country's cryptocurrency regulatory framework under the guidance of newly appointed Lee Ju-yeol.
• This move reflects South Korea's proactive approach to addressing the evolving digital asset landscape amid growing interest in cryptocurrencies and stablecoin development.

🧩 German Law Creates Loophole for $2.9M Crypto Theft

• A man has escaped criminal charges in Germany after allegedly stealing $2.9 million in cryptocurrency due to a legal technicality where digital assets don't qualify as "movable property" under German law.
• The case highlights a critical gap in legal frameworks for digital assets, with judges noting that blockchain transactions don't meet criteria for theft or computer fraud charges.

🏦 New Lummis Bill Would Allow Crypto to Back US Mortgages

• Senator Cynthia Lummis has introduced the 21st Century Mortgage Act to allow mortgage purchasers to consider cryptocurrencies in loan applications, potentially helping younger Americans who hold digital assets.
• The legislation aims to codify a Federal Housing Finance Agency order and comes amid concerns from Democratic senators about cryptocurrency's volatility as collateral.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency is moving within a rectangle formation between support at 114410 and resistance at 119026. A decisive break through one of these levels indicates the new direction for the currency. The currency has support at points 110000 and resistance at points 120800. Volume has previously been low at price tops and high at price bottoms. This weakens the currency. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has broken up through resistance at points 3770. This predicts a further rise. 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. The currency is overall assessed as technically positive for the short term.