HYPE briefly fell 8% from its local highs as Multicoin Capital, Selini Capital and Galaxy Digital queued nearly $150 million of the token for withdrawals. Key points: Hyperliquid’s $HYPE slid to around $58 earlier on Wednesday in the face of large unstaking events initiated by crypto funds. Data obtained from hedge fund and analytics platform Block Liquidity shows Multicoin Capital holding a combined $138.78 million in staked HYPE, of which roughly 83% — about $116 million — sits in pending withdrawal. That’s as Selini Capital and Galaxy Digital have queued HYPE tokens worth $4.4 million and $29.4 million, respectively, for withdrawal. In addition, a Multicoin-linked wallet also deposited roughly 167,000 HYPE, worth $11.2 million, to Coinbase, possibly to be sold. As of publication, the price had recovered some of its decline, last trading hands at $59.19, according to CoinGecko data. Trading volume in the past 24 hours was more than $415.4 million. Read more
Kazakhstan plans to require miners to meet strict infrastructure standards and transfer part of their mined crypto assets to a state-backed reserve under new rules. Kazakhstan, one of the world’s largest Bitcoin mining hubs, approved a new framework for large-scale crypto mining that links access to electricity with contributions to a state-backed digital asset reserve. The government approved rules for strategic digital mining on July 18, Kazakhstan-based news outlet Zakon.kz reported Wednesday, citing Government Resolution No. 638 published in the PRG.kz legal database. The rules define strategic digital mining as a framework that gives miners access to electricity quotas at regulated tariffs in exchange for transferring part of their mined crypto assets to Astana Hub, a government-backed technology cluster. Read more
Bitwise predicted that Hyperliquid and Robinhood TradFi ventures should form the basis for a crypto bull-market comeback that would lift Bitcoin and Ether. Bitcoin (BTC) is “finally showing signs of a bottom,” but the next bull market will have a different source. Key points: In a blog post on Wednesday, Matt Hougan, chief investment officer at crypto asset manager Bitwise, revealed his picks for what will “lift” BTC price action going forward. Read more
Coinbase plans to expand its Singapore office from 150 to about 200 employees by the end of 2026 as it expands its presence in the Lion City. Cryptocurrency exchange Coinbase reportedly plans to expand its presence in Singapore and grow its headcount from 150 to about 200 staff members by the end of 2026. The cryptocurrency exchange is mainly looking to hire more engineers, customer service, relationship management staff and institutional sales representatives for its Singapore office, which opened at One Raffles Quay on Wednesday, Hassan Ahmed, Coinbase’s country director for Singapore, told the Business Times in an interview. Ahmed said that Singapore is increasingly becoming a strategic hub for cryptocurrency innovation. Coinbase received a major payment institution license from the Monetary Authority of Singapore (MAS), the city-state’s central bank, in October 2023, enabling it to expand its services to Singaporean individuals and institutions. Read more
Grayscale’s head of research said that Bitcoin may have bottomed, arguing that macro factors, such as interest rate decisions as increasingly driving the price action of this maturing asset class. Crypto-focused asset manager Grayscale said that Bitcoin’s price may have bottomed earlier than the traditional four-year cycle, which would imply a cycle low in September or October. Grayscale’s head of research, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is increasingly driven by macroeconomic factors. “If the Fed forgoes rate hikes and economic growth holds up well, Bitcoin’s price may already have bottomed,” Pandl wrote in a Wednesday report. Read more