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Crypto & Web3CoinDesk ·

XRP Holders Can Now Borrow RLUSD on Ethereum via $280M Lending Pool

XRP holders now have the ability to borrow Ripple's stablecoin RLUSD using their XRP as collateral on the Ethereum network. The arrangement is facilitated through a $280 million lending vault that previously had not accepted any XRP-linked asset. This development allows XRP holders to access liquidity without needing to sell their holdings. The move marks a notable integration between the XRP ecosystem and Ethereum-based decentralized finance infrastructure.

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Crypto & Web3CoinDesk ·

Solana Proposal Eyes 13x Jump in Daily SOL Burns Amid Fee and Supply Overhaul

A new Solana governance proposal, SGP-0003, aims to dramatically increase daily SOL token burns from $47,000 to $650,000. The proposal also includes a comprehensive fee structure overhaul and would double the network's disinflation rate. To advance to a formal vote, it requires an additional 40 million SOL worth of validator support. The proposal faces a two-week window to gather the necessary backing from the validator community. If passed, the changes would represent a significant shift in Solana's tokenomics and monetary policy.

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Crypto & Web3CoinDesk ·

Bitcoin Approaches $64,000 as Most Crypto Tokens Post Weekly Gains

Bitcoin rose approximately 1.9% over a 24-hour period, pushing its price close to the $64,000 mark. Nearly all major cryptocurrency tokens recorded gains for the week, with ether being the notable exception. The broader crypto market's upward movement came even as Asian equity markets sold off amid concerns over AI-related trade positions. Traders appeared to look past recent market uncertainties, maintaining bullish momentum in the digital asset space.

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Crypto & Web3CoinDesk ·

Dormant Bitcoin Wallet From 2013 Moves $31M Amid Wave of Old Coin Activity

A Bitcoin wallet that had been inactive for 12 years transferred approximately $31 million worth of cryptocurrency on Monday. The movement is not an isolated incident, as it is part of a broader trend of long-dormant wallets becoming active. Analysts have linked this wave of activity to the aftermath of the Coldcard hack. Multiple old wallets appear to have been prompted into action around the same period, raising questions about the security of legacy cold storage solutions.

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Crypto & Web3CoinDesk ·

FBI Agent with Top Secret Clearance Arrested Over $1M Crypto Theft

A U.S. FBI intelligence agent has been arrested on charges related to the theft of approximately $1 million in cryptocurrency. The agent, who held top secret security clearance, was based at FBI headquarters. Authorities allege the agent stole the digital assets from cryptocurrency wallets that had been seized or investigated by the agency. The case raises serious concerns about insider misconduct within one of the country's most sensitive law enforcement bodies.

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Crypto & Web3CoinDesk ·

American Bitcoin President Matt Prusak Exits to Join AI Power Firm Giga Energy

Matt Prusak, president of American Bitcoin, is departing the Eric Trump-backed cryptocurrency mining company. He will be joining Giga Energy, a firm focused on artificial intelligence power infrastructure. The move underscores a broader industry shift toward energy and data center development. American Bitcoin has not yet announced a replacement for Prusak's role.

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Crypto & Web3CoinDesk ·

US-Japan Currency Move Revives Yen Carry Trade Concerns for Bitcoin

A coordinated intervention by the United States and Japan caused the yen to strengthen sharply against the dollar. The move has reignited fears around the yen carry trade and its potential impact on bitcoin prices. The carry trade, where investors borrow in low-interest yen to fund higher-yielding assets like crypto, can unwind rapidly when the yen rises. However, analysts note that bitcoin's recent price behavior shows a stronger correlation with US dollar strength than with yen dynamics. This suggests that a stronger dollar, rather than carry trade unwinding, may pose the greater risk to bitcoin in the near term.

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Crypto & Web3CoinDesk ·

Morgan Stanley Downgrades Circle, Cuts Price Target Amid Growth Concerns

Morgan Stanley has downgraded Circle, the stablecoin issuer behind USDC, and reduced its price target for the company. The bank cited several headwinds that could pressure Circle's future earnings. Key concerns include the rise of tokenized money market funds and the Open USD initiative, both seen as competitive threats. Slower growth in USDC adoption was also flagged as a potential drag on the company's financial performance. Following the downgrade, Circle's stock slid in response to the revised outlook.

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Crypto & Web3CoinDesk ·

Crypto markets face further decline if Clarity Act stalls, Bernstein warns

Brokerage firm Bernstein has cautioned that cryptocurrency markets could see another downturn if the Clarity Act fails to pass in the current year. The warning highlights the significant role U.S. legislative progress plays in shaping crypto market sentiment. Despite the risk, Bernstein expects American regulators to speed up the process of establishing clearer crypto rules. The firm's outlook suggests that regulatory momentum, whether through legislation or accelerated rulemaking, will be a key driver for the sector's direction.

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Crypto & Web3CoinDesk ·

BlackRock Launches Blockchain-Based Money Market Funds for Stablecoin Reserves

BlackRock is expanding its tokenized cash offerings by introducing new blockchain-based money market funds. The funds are designed to serve as eligible reserve assets for U.S. payment stablecoin issuers. Both offerings are structured to comply with the requirements outlined under the GENIUS Act, a proposed U.S. stablecoin regulatory framework. The move signals BlackRock's growing push into the intersection of traditional finance and digital asset infrastructure.

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Crypto & Web3CoinDesk ·

Bitmine Expands Ether Holdings and Stock Buyback Program

Bitmine, chaired by Tom Lee, increased its ether holdings and expanded its stock buyback program last week. Lee pointed to ether's strong performance relative to the Nasdaq in July as a key factor behind the decision. He interpreted this outperformance as a sign of improving fundamentals in the broader cryptocurrency market. The moves reflect Bitmine's growing confidence in digital assets as a strategic investment.

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Crypto & Web3CoinDesk ·

Strategy sells $105M in Bitcoin, buys back $81.2M of STRC preferred stock

Strategy reduced its Bitcoin holdings last week by selling 1,638 coins worth approximately $105 million. The company simultaneously repurchased $81.2 million of its STRC preferred stock. To raise capital, Strategy also sold common stock, generating $290.6 million in proceeds. The moves reflect the firm's continued active management of its balance sheet across both equity and crypto assets.

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Crypto & Web3CoinDesk ·

Bitget to shut down Japan operations and close all positions by Dec. 31

Crypto exchange Bitget has announced its exit from the Japanese market by the end of 2024. The platform, currently ranked fifth globally on CoinGecko, stopped accepting new user registrations in Japan as of Sunday. All remaining open positions held by Japanese users will be closed by December 31. The move marks a full withdrawal of Bitget's services from the Japanese market.

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Crypto & Web3CoinDesk ·

Solo Bitcoin Miner Earns $200,000 Block Reward Amid Coldcard Wallet Concerns

A solo Bitcoin miner successfully mined a block and earned approximately $200,000 in rewards, a rare feat for individual miners competing against large mining pools. The event drew attention within the crypto community given the long odds facing solo miners. Meanwhile, sentiment around Coldcard, a popular Bitcoin hardware wallet, turned negative, weighing on market mood. The developments were reported by CoinDesk as part of its August 3, 2026 market outlook. The contrasting stories highlight both the opportunities and concerns shaping the Bitcoin ecosystem at the time.

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Crypto & Web3CoinDesk ·

Bitcoin and Ether Slide as Coldcard Wallet Exploit Stretches to Fifth Day

Bitcoin and Ether have recorded price declines as a security exploit targeting Coldcard hardware wallets entered its fifth consecutive day. The hack has resulted in significant financial losses for affected users and raised serious concerns about the reliability of cold storage solutions. Despite the severity of the breach, the broader crypto market's price reaction has remained relatively muted. Confidence in hardware wallets, long considered one of the safest methods for storing digital assets, has taken a notable hit following the prolonged incident.

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Crypto & Web3CoinDesk ·

Bithumb Eyes 2028 IPO After Major Internal Restructuring

South Korean cryptocurrency exchange Bithumb has set its sights on a public listing by 2028 following a significant internal restructuring. The company aims to undergo a preliminary listing review in 2027 as part of its path toward an initial public offering. However, Bithumb has not yet disclosed which stock exchange it intends to list on. The move signals the firm's ambition to formalize its market presence after reorganizing its operations.

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Crypto & Web3CoinDesk ·

Bitcoin Slide from $65K Driven by Low Volume, Not Panic Selling, Traders Say

Bitcoin has experienced a notable price decline from the $65,000 level, but traders attribute the weakness to thin market participation rather than panic selling. Yusuf Fakhro of ARP Digital noted that the drop reflects stalled investor engagement across key market indicators. ETF flows have turned negative, signaling reduced institutional appetite for the leading cryptocurrency. CME open interest has retreated to levels last seen in 2023, further pointing to diminished trading activity. Additionally, Strategy, a major bitcoin holder, has remained idle for a fifth consecutive week, adding to the subdued market sentiment.

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Crypto & Web3CoinDesk ·

Bitcoin futures yields fall below US Treasury rates as market matures

Bitcoin futures carry yields, which once exceeded 20%, have dropped sharply in recent months. Since February, the quarterly basis yields on bitcoin futures have fallen below those of two-year US Treasury notes. This marks a significant shift in the arbitrage opportunity that once attracted traders to the crypto derivatives market. Analysts view the decline as a sign of a maturing bitcoin market with shrinking profit margins for basis traders.

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Crypto & Web3CoinDesk ·

Robinhood Secures UK Crypto Registration With FCA Ahead of New Rules

Robinhood's UK subsidiary has been officially registered as a cryptoasset firm by the Financial Conduct Authority (FCA). The registration became effective as of July 31, according to the FCA's official list. The approval allows Robinhood to operate its crypto business in the United Kingdom under regulatory oversight. The timing is notable as it comes ahead of an anticipated new regulatory framework for crypto firms in the UK.

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Crypto & Web3CoinDesk ·

Coldcard Wallet Exploit Losses May Approach $114M Amid Possible Fourth Sweep

Losses linked to a Coldcard hardware wallet vulnerability could be approaching $114 million as signs of a potential fourth fund sweep have emerged. The attacker appears to be using replace-by-fee (RBF) transactions, which allow higher-fee transactions to replace pending ones in the mempool. This technique gives affected users only a narrow window of minutes to counter the sweep by broadcasting their own higher-fee transaction. Victims who spot their wallet address in the mempool may still have a chance to recover funds by acting quickly. The incident highlights ongoing security risks associated with hardware wallet infrastructure.

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