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Crypto & Web3CoinDesk ·

Crypto Markets Eye Key U.S. Jobs Data and Earnings Reports This Week

The week beginning August 3 is set to bring several significant developments for the cryptocurrency sector. Investors and analysts are watching closely as major crypto-related firms are expected to report earnings. U.S. jobs data, due during the same period, could also influence broader market sentiment including digital assets. Companies including Circle, Galaxy, and American Bitcoin are among those in focus for the week ahead.

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Crypto & Web3CoinDesk ·

Bitcoin Falls Below $63K as Coldcard-Linked Losses Near $89 Million

Bitcoin slipped under $63,000 despite a broader easing of market tensions following renewed U.S.-Iran diplomatic talks. The negotiations helped push oil prices and Treasury yields lower, reducing inflation concerns in traditional markets. However, cryptocurrencies including bitcoin and ether failed to benefit from the improved macro sentiment. A series of Coldcard-linked wallet sweeps rattled the crypto market, with observed losses climbing to nearly $89 million.

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Crypto & Web3CoinDesk ·

Trump Media's Bitcoin Holdings May Have Shrunk to Loan Collateral Level

Wallets linked to Trump Media, the parent company of Truth Social, now hold approximately the same amount of bitcoin that the firm previously pledged as collateral against promissory notes. This follows a roughly $165 million bitcoin transfer involving Crypto.com, raising questions about whether the move represented a custody transfer or an outright sale. The nature of the transaction remains unclear, as both interpretations carry significantly different financial implications for the company. Analysts and investors are now awaiting Trump Media's next quarterly filing, the 10-Q, which is expected to clarify the details of the transfer. The report will serve as a critical indicator of the company's current crypto holdings and financial strategy.

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Crypto & Web3CoinDesk ·

Strategy Begins Tracking Bitcoin's 200-Week Moving Average as Key Metric

Michael Saylor's firm Strategy has started monitoring Bitcoin's 200-week moving average as a core analytical benchmark. This metric is widely regarded as a critical long-term support level in the cryptocurrency market. Historically, Bitcoin's price has tended to respect and recover from this moving average during downturns. The move signals that Strategy is paying close attention to Bitcoin's long-term price trends as part of its investment approach.

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Crypto & Web3CoinDesk ·

US Senate Has Days Left to Act on Crypto Clarity Bill Before Summer Recess

The US Senate is set to begin its summer recess in approximately one week, leaving very little time to address pending legislative priorities. Among the most pressing items is the fate of the Clarity Act, a key piece of crypto legislation. Lawmakers are under pressure to make progress on the bill before the break begins. The tight timeline has raised concerns within the crypto community about further delays to regulatory clarity.

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Crypto & Web3CoinDesk ·

DeFi Platform Pivots to B2B Backend After Revenue Drops 75% in Bear Market

A decentralized finance platform has abandoned its consumer-facing app to reposition itself as a backend infrastructure provider for large technology companies. The strategic shift came after the platform's revenue plummeted from $80 million to $20 million during the crypto bear market. The company is now focusing on over-the-counter lending as its primary growth driver, with $260 million currently outstanding. This OTC lending segment is its fastest-growing business line, and the platform has set an ambitious target of reaching $1 billion in outstanding loans by the end of the year.

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Crypto & Web3CoinDesk ·

Crypto Payment Rails Going Obsolete as Unified Funding Flows Take Over

Alex Fine, CEO of Fun, argues that standalone crypto payment infrastructure is rapidly becoming outdated. He contends that platforms are moving toward unified funding flows that hide blockchain complexity from everyday users. In this emerging model, traditional on-ramps and cross-chain bridges would no longer be necessary components of crypto payments. Fine believes the future lies in seamless, abstracted systems that make the underlying blockchain technology invisible to end users.

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Crypto & Web3CoinDesk ·

Crypto Exchanges Use Perpetual Futures to Offer Round-the-Clock Stock Market Access

Crypto exchanges, which originally developed perpetual futures contracts for digital assets, are now leveraging the same instruments to provide exposure to traditional financial markets. These platforms are using perpetual futures — or 'perps' — to let users trade stocks, commodities, and indexes at any hour of the day. Unlike conventional stock markets with fixed trading hours, this approach enables continuous 24/7 access to traditional asset classes. The move represents a significant convergence between the crypto industry and Wall Street, effectively bridging decentralized trading infrastructure with mainstream financial products.

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Crypto & Web3CoinDesk ·

Coldcard Exploit Drives Small Bitcoin Holders Back to Exchanges

A vulnerability linked to Coldcard hardware wallets has prompted smaller bitcoin holders to move their funds onto centralized exchanges. Blockchain analytics firms identified this shift as a response to security concerns stemming from the $89 million exploit. The behavior contrasts sharply with the trend observed after the FTX collapse in late 2022, when users pulled funds off exchanges en masse. Following the FTX fallout, self-custody was widely favored, but the Coldcard incident appears to have reversed that sentiment among retail holders.

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Crypto & Web3CoinDesk ·

Strategy keeps STRC preferred stock dividend unchanged at 12%

Strategy has decided to maintain its STRC preferred stock dividend at 12%, leaving the rate unchanged this period. The company, led by Michael Saylor, has typically raised the STRC dividend when the stock trades significantly below its par value. However, the firm broke from that pattern this month by opting not to increase the payout. No official explanation was provided for the departure from the usual practice.

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Crypto & Web3CoinDesk ·

Bitcoin cold-wallet exploit hits 4,500 addresses with losses approaching $89M

A sophisticated attack targeting weakly generated Coldcard wallet keys has expanded to 4,500 Bitcoin addresses, with total losses nearing $89 million. Galaxy Research identified a third wave of fund sweeps linked to the same vulnerability, signaling the attack is ongoing and escalating. The attacker has shifted strategy, now targeting wallets with smaller balances that were previously overlooked. Additionally, the method used to consolidate stolen funds onchain has changed, suggesting the perpetrator is adapting tactics. The root cause appears to be cryptographic weaknesses in keys generated by Coldcard hardware wallets.

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Crypto & Web3CoinDesk ·

Tokenized stock trading jumped 288% in July, led by single QQQ token

Tokenized equity trading volumes surged 288% in July, according to data reported by CoinDesk. However, the spike was largely driven by one token, QQQB, which tracks the Nasdaq-100 ETF QQQ. Excluding QQQB, July's tokenized stock trading volume would have been approximately $2.03 billion. That adjusted figure would actually represent a 30% decline compared to June's total, suggesting the broader tokenized equities market did not share in the dramatic growth.

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Crypto & Web3CoinDesk ·

Bank of Italy study finds stablecoins offer no clear cost edge in remittances

A Bank of Italy research study has challenged the common assumption that stablecoins provide cheaper cross-border money transfers. Using a mystery-shopping experiment, researchers examined the real-world costs of sending remittances via stablecoins. The study found that exchange fees, foreign exchange spreads, and banking infrastructure costs erode any potential savings. As a result, stablecoin-based remittances frequently end up costing senders as much as traditional transfer methods.

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Crypto & Web3CoinDesk ·

Bitcoin Mining Difficulty Drops 14% From 2024 Peak Amid Revenue Slump

Bitcoin's mining difficulty has fallen 14% from its highest point this year, reflecting a pullback in network mining capacity. The decline is being driven by weakening economics in the mining sector, which has pressured operators to reassess their strategies. Reduced revenues have forced some miners to scale back or shift their operations. Forward markets currently offer little optimism, signaling that conditions are unlikely to improve significantly before the end of the year.

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Crypto & Web3CoinDesk ·

SEC to Revisit Nasdaq Bitcoin Options Approval Following CME Jurisdictional Challenge

The U.S. Securities and Exchange Commission has agreed to review its earlier approval of bitcoin options trading on Nasdaq. The challenge was brought by CME Group, which contends that bitcoin, as a commodity, should fall under the regulatory authority of the Commodity Futures Trading Commission rather than the SEC. The dispute centers on which federal regulator holds jurisdiction over bitcoin-linked options products. The outcome of the review could have significant implications for how bitcoin derivatives are regulated and traded in the United States.

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Crypto & Web3CoinDesk ·

Solana Foundation CISO flags AI-powered scams as growing blockchain security threat

Michael Coates, the newly appointed Chief Information Security Officer of the Solana Foundation, has warned that artificial intelligence is making crypto scams increasingly difficult to detect. Coates identified AI-generated fake identities and AI-exploited vulnerabilities as key drivers of the next wave of blockchain security threats. His comments highlight a broader concern within the crypto industry about how advanced AI tools are being weaponized by bad actors. The warning comes as blockchain platforms face mounting pressure to strengthen defenses against increasingly sophisticated fraud.

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Crypto & Web3CoinDesk ·

Bitget CEO argues crypto markets are diverging from Wall Street norms

Bitget CEO Gracy Chen has challenged the widely held view that crypto markets are maturing to resemble traditional Wall Street structures. Writing in CoinDesk, Chen argues that the evidence from crypto's largest markets actually points in the opposite direction. Rather than crypto converging toward Wall Street, she suggests the dynamic may be reversed. Her commentary adds a contrarian perspective to ongoing debates about the institutionalization and evolution of digital asset markets.

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Crypto & Web3CoinDesk ·

CZ Urges Crypto Users to Spread Funds After $70M Coldcard Security Breach

Binance founder Changpeng Zhao has advised cryptocurrency holders to diversify their assets across multiple wallets following a major security exploit involving Coldcard hardware wallets. The breach resulted in losses of approximately $70 million, highlighting vulnerabilities even in dedicated hardware storage devices. Zhao noted that hardware wallets, despite being considered among the safest storage options, are not immune to bugs and technical failures. His comments serve as a cautionary reminder for crypto users to avoid concentrating funds in a single wallet or device.

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Crypto & Web3CoinDesk ·

XRP Ledger v3.3.0 to restore two previously pulled features alongside new amendments

The XRP Ledger is set to receive a major upgrade with the release of xrpld 3.3.0, expected next week. The update includes five proposed amendments to the network. Two of these amendments are revised versions of features that were previously withdrawn after security researchers discovered critical bugs. Those flaws had the potential to enable unauthorized transactions or allow fees to be drained from the network. The revised features have since been reworked to address those vulnerabilities before reintroduction.

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Crypto & Web3CoinDesk ·

Weak Seed Generation Flaw Led to $70M Bitcoin Cold Wallet Theft

Attackers stole over 1,000 BTC worth approximately $70 million from nearly 1,200 cold wallets without ever physically accessing the devices. According to Galaxy Research, the vulnerability stemmed from weak seed phrase generation, which made private keys predictable and reproducible. The attacker was able to recreate likely private keys entirely offline and systematically drain the affected wallets. The breach highlights a critical security gap where hardware wallet integrity alone cannot protect funds if the underlying seed generation process is flawed. Galaxy Research noted the attacker continued scanning for additional vulnerable wallets even after the initial sweep.

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