Bitcoin set another all-time high at $123,231 after US Consumer Price Index data showed July inflation was unchanged month-on-month and up 2.7% year-on-year. Bitcoin (BTC) price hit a new all-time high above $123,231 on Wednesday on Coinbase, following a similar performance from the S&P 500 which rallied to a record high of 6,457. Bitcoin’s ascent to new highs comes one day after the July US CPI print showed inflation holding at 2.7% year-over-year, which was unchanged from June and below the forecast 2.8%. The data showed overall CPI increasing 0.2% versus a 0.3% increase in June. Following the report’s release, the CME FedWatch tool showed the market odds of an interest rate cut at the Federal Reserve’s September meeting rising to 93.9%. Read more
The network is facing competition from next-generation layer-1 blockchains and layer-2 networks from within its own ecosystem. The Ethereum transaction count is rising amid Ether’s (ETH) push toward the $5,000 milestone. However, increased competition is eating into network revenue and user mindshare. Ethereum’s daily average transaction count is hovering near all-time highs, at over 1.7 million transactions recorded on Tuesday, according to Nansen. For comparison, Ethereum layer-2 networks, Arbitrum and Base, recorded over 3.4 million transactions and 8.6 million transactions, respectively, and Aptos, a competing layer-1 blockchain, hosted 3.8 million transactions on Monday, according to The Tie. Read more
Google Play’s updated policy, effective Oct. 29, will require crypto wallet apps to meet specific licensing rules in certain countries. Update (Aug. 13, 9:33 pm UTC): This article has been updated to clarify that Google's upcoming requirements will not apply to non-custodial wallets. Google Play will require crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to be licensed and comply with “industry standards” under an updated policy. The revision does not affect non-custodial wallets. According to Google Play’s policy notice, the changes take effect Oct. 29. Developers in the US will need to register with local regulators as either a money services business or money transmitter. Those in the EU must register as a crypto-asset service provider (CASP). Read more