ADA price catches a bid as multiple bullish signals emerge and bull flag targets $2.70. Key takeaways: ADA price is up over 70% since June 22, signaling the end of the downtrend. Multiple bullish chart signals suggest ADA price can climb over 200% toward $3. Read more
Crypto industry hails GENIUS Act as a win, while Senator Elizabeth Warren criticizes it for consumer protection gaps. The US Securities and Exchange Commission (SEC) is considering the creation of an innovation exemption within its regulatory framework to foster tokenization, SEC Chair Paul Atkins said during a press event on Friday, according to Bloomberg. In the Bloomberg report, Atkins said that the SEC staff was considering changes that would promote tokenization, including an innovation exception that would allow for new trading methods and provide targeted relief to support the development of a tokenized securities ecosystem. Atkins said the movement of assets onchain is inevitable, stating: “If it can be tokenized, it will be tokenized.” While he acknowledged the uncertainty of the outcome, he was optimistic about the industry’s future. Read more
An OG Bitcoin whale’s $9.6 billion transfer and the stablecoin audit requirements imposed by the GENIUS Act are sparking correction concerns among some industry watchers. Crypto market watchers are warning of a potential correction as whales offload billions of dollars in Bitcoin, even as the US Senate passes three major bills aimed at clarifying digital asset regulation. A Satoshi-era whale awakened after 14 years of dormancy and moved $9.6 billion worth of Bitcoin (BTC), which he received in April and May of 2011, Cointelegraph reported on Thursday. The whale may have opted to sell due to concerns related to the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, as the “US government moves to enforce audit requirements on stablecoins,” according to Jacob King, financial analyst and the CEO of WhaleWire. Read more
During their bull runs, XLM and XRP often move in sync, with a high correlation coefficient typically topping 0.70. Will history repeat for Stellar? Key takeaways: XLM eyes a 35% breakout toward $0.63 as it tests an ascending triangle resistance. A strong historical correlation with XRP suggests that XLM may continue rallying. Read more
DeFi Development, a Nasdaq-listed Solana treasury company, has launched the DFDV Treasury Accelerator to expand globally via a franchise model, partnering with Kraken and top crypto VCs. Nasdaq-listed corporate Solana treasury company DeFi Development Corp. announced the launch of its SOL treasury accelerator. According to a Thursday announcement shared with Cointelegraph, DeFi Development launched the DFDV Treasury Accelerator, the firm’s international expansion initiative, which utilizes a franchise model to support regional Solana treasuries worldwide. The DFDV Treasury Accelerator is launching in partnership with crypto exchange Kraken and crypto venture firms Pantera Capital, RK Capital and Borderless Capital. They are expected to support the launches of new regional SOL treasuries, providing potential investment, strategic guidance and infrastructure. Read more
UK lawmakers are taking sides over the issue of cryptocurrencies as parliamentarians look to update campaign donation laws. Crypto is now at the center of the UK’s debate on campaign finance reform, with some members of parliament calling for a ban on crypto donations. Cabinet Office Minister Pat McFadden of the UK Labour Party told fellow MPs on July 14 that cryptocurrency donations to political campaigns should be banned. McFadden, who is a close ally of Prime Minister Keir Starmer, raised concerns about crypto’s possible use by foreign actors interfering in UK politics. The MP’s comments come a month after Nigel Farage, head of the right-wing populist Reform Party, announced that his party would accept crypto donations. Parliamentarians also expect a strategy paper recommending that laws on foreign influence on UK elections be strengthened. Read more
A US bankruptcy court is set to decide whether to block creditor payouts to certain countries after receiving nearly 70 objections from creditors in China, Saudi Arabia and more. Update (July 18, 1:30 pm UTC): This article has been updated to correct the number of filed objections to the motion. The FTX creditor community is awaiting a ruling next week that could let the FTX bankruptcy estate freeze payouts to creditors in “restricted countries,” including China. On Tuesday, the US Bankruptcy Court in Delaware is expected to rule on a motion that could allow the FTX estate to withhold payouts to creditors in 49 countries it has labeled as “restricted jurisdictions.” Read more
Former rugby player Shane Donovan Moore was sentenced to 2.5 years in US federal prison for running a $900,000 crypto mining Ponzi scheme. Former rugby player Shane Donovan Moore was sentenced to two-and-a-half years in a US federal prison for defrauding more than 40 investors out of $900,000 in a crypto mining Ponzi scheme. According to a Thursday Department of Justice announcement, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Through the company, he reportedly defrauded over 40 investors out of more than $900,000. While promoting the scheme, Moore claimed that the funds raised would be spent on cryptocurrency mining hardware. He promised investors daily returns of 1%. Read more
Crypto proponent Sujal Jethwani told Cointelegraph that India’s crypto community is growing fast despite heavy tax burdens. A crypto key opinion leader in India said the government will be unable to suppress crypto as digital-asset demand increases. Speaking to Cointelegraph at the Binance Crypto-Powered Tour in Bhutan, Sujal Jethwani, a crypto educator with a community of about 400,000 across social media, expressed optimism that the Indian political landscape will change as more people get into crypto assets. “If you see the numbers, all the stock market and forex traders are moving to crypto,” Jethwani told Cointelegraph. “There’s a huge surge of crypto traders and investors in India right now. People are not going to leave it.” Read more