Latest Crypto News & Market Updates

AscendEX crypto exchange shuts down, no assurance on user payouts

Quick TakeCrypto exchange AscendEX announced on July 6 that its platform ceased operations on July 1, citing regulatory, financial, and operational challenges.The companys statement indicated that the current liquidity issue may restrict full user withdrawals.　　Crypto exchange AscendEX announced that it has shuttered operations effective July 1, citing regulatory pressures and financial challenges.　　In an official notice dated July 6, the exchange stated that the decision stemmed from a combination of factors, including the full implementation of the European Unions MiCA on July 1, for which AscendEX does not hold authorization. Other financial and operational issues affected the platform.　　The exchange also indicated that existing users may not be able to withdraw the full crypto balances they held on the platform.　　“We relied on an agreed strategic transaction that was to provide liquidity to grow the platform, and the counterparty did not perform; wider crypto market conditions have added further pressure,” AscendEX wrote. “We are currently assessing the companys financial position and considering what options, if any, may be available in relation to account holders.”　　AscendEX noted that account access is restricted to limited offboarding purposes, and automated withdrawals have been paused. Withdrawal requests are subject to manual review, and therefore could be delayed, the

07-09Industry

Circle faces July 18 GENIUS Act test as CRCL stock risks fresh slide

Circle stock has remained under pressure ahead of the July 18 deadline for U.S. regulators to publish implementation rules for the $GENIUS Act, while technical indicators continue to point to downside risks for CRCL shares.　　According to the $GENIUS Act signed by President Donald Trump on July 18, 2025, federal agencies were given one year to prepare the regulatory framework governing stablecoin issuance, licensing, reserve management, and supervision.　　That transition period expires on July 18, 2026, leaving the Federal Reserve, the U.S. Treasury, and other financial regulators with just days to release the required guidance.　　The upcoming rules are important for Circle because the company issues USDC, one of the largest stablecoins by circulation. As crypto.news previously reported, any changes affecting reserve standards, licensing requirements, or issuer obligations could influence investor expectations for Circles business and, by extension, CRCL stock.　　July 18 rules could become the next catalyst　　Regulatory attention arrives as lawmakers remain divided over the second major U.S. crypto market structure bill.　　Prediction market platform Kalshi currently assigns a 45% probability to the CLARITY Act becoming law. The bill has faced opposition from banks, which argue that allowing companies such as Circle and Coinbase to offer yield on stablecoin balances could encourage customers to

07-09Exchange

Crypto Esports Prediction Markets Draw Millions at MSI 2026 — Is It Legal？

When T1‘s ADC Peyzripped a dragon steal from G2 Esports at the exact moment they were about to secure the Infernal Soul, the esports world exploded. But the real story wasn’t just the play — it was what surrounded it. Coinbases crypto esports prediction marketswere live, verified by Riot Games, and millions of fans watching MSI 2026 suddenly had financial skin in the game.　　Key takeawaysCoinbase is the headline sponsor of MSI 2026, League of Legends premier international mid-season tournament.Coinbase has launched crypto-based prediction marketsfor match outcomes, officially verified by Riot Games and LoL Esports.Fans can bet on match winners through a crypto-native platform with official league backing — no DeFi knowledge required.No specific crypto tokens or blockchain projects are directly tied to in-game events or match objectives.Prediction markets remain in a regulatory gray zoneacross many jurisdictions, and the high-profile partnership could attract scrutiny.　　Coinbase at MSI 2026: More Than a Logo on a Banner　　MSI — the Mid-Season Invitational— is League of Legends second-biggest international stage, sitting just below Worlds in prestige. The 2026 edition features elite teams from the LCK (Korea), LPL (China), LEC (Europe), and LCS (North America), drawing tens of millions of viewers globally. That audience is young, digitally

07-09Exchange

Ethereum Price Analysis: Fresh Pullback Pushes ETH Further From $2K

Ethereum has been trying to recover from its early June sell-off, but the rebound is getting rejected from a technically significant resistance area. While short-term momentum still remains constructive, both the daily structure and the Coinbase Premium Index suggest buyers still have work to do before confirming a broader trend reversal.　　Ethereum Price Analysis: The Daily Chart　　The daily chart shows $ETH trading around $1.74K after bouncing from the major demand zone at $1.5K. That area once again attracted buyers and produced a sharp recovery, allowing the asset to attack the $1.85K region once more.　　Despite the rebound, Ethereum remains below the long-term descending trendline that has capped it since last year. The recovery has also stalled beneath the resistance at $1.85K, which almost aligns with the trendline and represents the first major barrier buyers must overcome.　　Adding to the bearish higher-timeframe picture, the price continues to trade below both the 100-day and 200-day moving averages, with the 200-day MA positioned considerably higher near the $2.2K area. This indicates that the broader trend remains bearish despite the recent recovery.　　A decisive daily close above the $1.85K resistance could trigger a move toward the next supply zone around $2K to $2.2K, where the moving averages are

07-09Exchange

South Korean super app Toss partners with Optimism for won linked stablecoin trial

South Korean financial super-app Toss has signed a strategic agreement with Optimism and Sunnyside Labs to test blockchain infrastructure for South Korean won-linked stablecoins through a three-month technology verification program.　　SummaryToss has partnered with Optimism and Sunnyside Labs to test blockchain infrastructure for South Korean won linked stablecoins over the next three months.The companies will evaluate payment settlement, compliance requirements and privacy protection using Optimism‘s OP Stack and Sunnyside Labs’ Privacy Boost technology.The project will assess whether public blockchain infrastructure can meet institutional financial standards while supporting secure and scalable digital payments.　　According to a press release shared with crypto.news, the financial technology company will work with Ethereum layer 2 network Optimism and privacy technology developer Sunnyside Labs to examine whether blockchain infrastructure can support institutional payment systems while meeting financial regulations in South Korea. The companies will carry out a proof-of-concept (PoC) over the next three months.　　Three areas under review　　As part of the project, the companies will evaluate whether financial institutions can directly manage payment and settlement processes, comply with customer identification and anti-money laundering requirements, and protect sensitive transaction information while operating on a public blockchain.　　Those requirements form the basis of the technical assessment, with Optimism providing blockchain infrastructure through

07-08Industry

Russia advances crypto bill after dropping wallet address disclosure rule

Russias State Duma committee has approved a revised cryptocurrency regulation bill for its second reading, removing a proposed requirement to declare crypto wallet addresses while adding provisions for crypto-funded investments and new transfer controls.　　SummaryRussias State Duma committee has approved a revised crypto bill for its key second reading after removing mandatory crypto wallet address disclosures.The updated proposal allows crypto to be used for buying Russian securities and digital financial assets while keeping the annual retail investment limit at 300,000 rubles.New provisions would require certain large overseas and third party crypto transfers to be frozen for up to two days under the proposed rules.　　According to a statement shared through State Duma Financial Market Committee Chairman Anatoly Aksakovs Telegram channel, the committee endorsed an updated version of the government-backed bill that is expected to move to its second, substantive reading. Records on the State Duma website have not yet been updated since the bill cleared its first reading in April.　　Revised bill removes wallet address reporting　　Among the biggest changes, the updated draft no longer requires cryptocurrency holders to declare wallet addresses. Instead, users would only need to report wallet balances and transaction volumes.　　Aksakov said the revision is intended to reduce the risk of

07-08Industry

Strike launches ‘volatility-proof’ Bitcoin loans amid bear market, but at a cost

Bitcoin financial services platform Strike has launched a “volatility-proof” Bitcoin-backed loan that eliminates margin calls and forced liquidations amid the depths of a bear market, but only for those who can pay on time and handle a 14% interest rate.　　In an announcement on Tuesday, Strike CEO Jack Mallers said the offering came in response to broad customer feedback on Strikes first Bitcoin loan product, which launched in May 2025 and triggered many liquidations during a timeframe in which Bitcoin (BTC) dropped 54% from peak to trough.　　“No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesnt move,” Strike CEO Jack Mallers said of the new Bitcoin loan product. The trade-off is an expensive interest rate, a shorter six-month loan term, and an obligation to pay on time to avoid liquidation, Mallers said.　　Strikes Jack Mallers is presenting the new Bitcoin-backed loan product. Source: Jack Mallers　　The Bitcoin industry has spent the better part of a decade racing to build financial products that expand Bitcoins use case beyond a savings technology. A report in June from crypto lending platform Ledn, however, found that while 88% of surveyed crypto investors said they would consider a crypto-backed loan, only 14% use

07-08Industry

Nigel Farage to resign from UK Parliament amid crypto “gift” scandal, will stand in by-election

Nigel Farage, the leader of the UKs Reform party, announced that he would resign as a member of Parliament and stand in the by-election that could replace him.　　On Tuesday, Farage announced that he would resign as MP representing Clacton in response to what he called “foul means” by established politicians. The UK lawmaker‘s resignation followed reports that he had personally received millions of dollars’ worth of donations and gifts from crypto billionaire Christopher Harborne and George Cottrell, a convicted fraudster linked to a crypto casino.　　“Let me be absolutely clear: I have done nothing wrong,” said Farage in an X livestream. “I have not broken the law in any way at all. I have not misused public money.”Source: Nigel Farage　　Farage already had ties to the crypto industry before reports of the scandal. He spoke at the Bitcoin 2025 conference in Las Vegas and is an investor in London-listed Bitcoin (BTC) treasury company Stack. When reports began circulating in May that the Reform leader had received a $6.7 million gift from Harborne, he initially called it a “reward” for campaigning for Brexit, the 2016 referendum that led to the UKs exit from the European Union.　　Related: Crypto billionaires bankroll Nigel Farages pro-crypto party　　The

07-08Industry

USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune

The world‘s biggest stablecoins are increasingly becoming chain-specific financial products, with Tether’s USDt (USDT) and Circles USDC (USDC) serving distinct roles across the crypto ecosystem rather than competing head-on.　　Dune‘s Digital Asset Brief found that USDT overwhelmingly dominates onchain payments. During the first half of 2026, the biggest stablecoin settled about $95 billion in identified commerce payments, compared with $14 billion for second-biggest USDC. It also accounted for roughly 92% of the $48 billion in business-to-business payment volume. On Tron, USDT’s largest network, around 93% of the tokens supply is held in ordinary wallets rather than on exchanges, underscoring its role as a payment and remittance asset.　　USDC, meanwhile, has established itself as the dominant stablecoin in decentralized finance. USDC on Base processed roughly $2.6 trillion in transfer volume in June, the highest of any token-chain pair, while on Ethereum, that stablecoin handled another $1.6 trillion.　　USDC on Base recorded daily velocity of about 20 times its circulating supply in June, reflecting its extensive use in trading and DeFi. Source: Dune　　The findings suggest the traditional USDT-versus-USDC narrative is becoming less useful. Instead, each stablecoin is carving out its own niche, with USDT dominating payments and USDC underpinning much of cryptos trading and DeFi

07-08Industry

Bitcoin Reclaims $64K After $62.8K Dip as $108M in Short Liquidations Fuel Rebound

Bitcoin reclaimed the $64,000 mark following a brief flash crash to $62,800, bringing its total July gains to nearly 10%.　　Key TakeawaysBitcoin reclaimed $64,000 on Tuesday, rallying past a brief flash crash to $62,800.Market volatility sparked $145 million in liquidations, wiping out $108 million in short positions.Bitfinex analysts predict future Bitcoin recovery depends tightly on stronger exchange-traded fund inflows.　　Analysts Eye a Potential Floor　　Bitcoin reclaimed $64,000 on Tuesday, just hours after it dipped to $62,800, maintaining its July upward momentum. Market data shows the cryptocurrency initially breached the $64,000 mark late Monday afternoon, threatening to test $64,700. Shortly after hitting a 24-hour peak of $64,657, bitcoin began a downtrend that nearly erased the previous days gains.　　Just after midnight, the trend reversed as the cryptocurrency climbed back above $63,000. It held above that threshold until 10:30 a.m., when a brief flash crash dragged it back to $62,800. Volatility was on display again as it raced back to $64,140, representing a 24-hour gain of 0.5% at the time of writing.　　Exactly seven days into July, bitcoin has risen by nearly 10%, a remarkable turnaround for an asset that recorded its second-worst June on record. The marginal increase lifted its market capitalization to $1.28 trillion, helping

07-08Industry

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