Top stories of this week
Just as Trump signs the bill to the law, Crypto Executive Center Stage
US President Donald Trump signed one of the first legislation related to his administration and his administration’s blockchain on Friday after delays due to debate in the House and Senate.
At a signing ceremony on Friday, attended by executives from many cryptocurrency companies, as well as senior Republicans from many cryptocurrency companies, including Vice President JD Vance and House Speaker Mike Johnson, Trump signed that he was led by the US Stubcoin Act to establish national innovation.
The President has acknowledged support for several crypto figures in attendance, including Kraken co-CEO David Ripley, Gemini co-founder Cameron, Tyler Winklevoss, Coinbase CEO Brian Armstrong, Sircle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.
36% of Gen Z spend their crypto every day. Gen X leads in high-value spending
Cryptocurrency payments are becoming more common among different user groups for everyday purchases and high value transactions, indicating that digital assets are maturing beyond their role as speculative devices.
Gen Z users stand out in terms of daily trading, with 39% spending crypto on the game and 36% spending on daily purchases and travel bookings.
According to a Bitegt wallet survey of 4,599 Crypto Wallet users shared with CointeLegraph, Gen X controls high-value spending, using Crypto for travel, digital products and real estate for 40%.
The findings show that there is growing interest in cryptography practice. Games, daily purchases and travel bookings are top categories.
Dave Portnoy dumped XRP two weeks ago: “I want to cry”
Barstool Sports founder Dave Portnoy kicks most of the XRP by selling out weeks before cryptocurrency hits the new year’s highs on Thursday.
“I would have made millions and I want to cry. I don’t own it anymore, even if I was a leader in the XRP army,” Portnoy said in a video posted on X on Thursday.
His comments came shortly after XRP broke its annual high of $3.29, surged to $3.60, a 19.61% increase in the last 24 hours, according to Nansen data.
“We sold it when the XRP went up to $2.40 because the person who told me to buy it told me to sell it because the circle competed with them and thought it was dissatisfied,” Portnoy explained.
atoshi-era bitcoin jira shift
With 80,201 bitcoins, Satoshiera has shifted the remaining 40,192 bitcoins to Galaxy Digital worth $4.777 billion, bringing the asset manager to join the asset manager on Tuesday.
Blockchain on-chain data services On-chain lenses were one of the first to notice new transfers. This means that whales have shifted 80,201 to Galaxy Digital in the last four days, worth $9.6 billion at current prices.
During this time, at least 6,000 Bitcoins have been sent to Crypto Exchange Binance and Bibit, Blockchain Intelligence Platform Nansen shows.
Order to release Trump I Edition retirement funds to code: FT
US President Donald Trump is reportedly planning to sign an executive order that could allow him to invest in alternative assets other than stocks and bonds, such as cryptocurrencies.
This week’s executive order can be signed this week, The Financial Times reported Thursday, citing three people who were explained about the plan.
The new 401(k) investment options could span a wide range of assets, including infrastructure transactions, corporate acquisitions, digital assets, metals and funds focused on private loans.
The executive order directs Washington regulators to investigate plans to start investing in crypto on the best path of the 401(k) and to investigate the remaining obstacles to make it happen, according to the Financial Times.
Winners and losers
At the end of the week, Bitcoin (BTC) is $118,281, Ether (ETH) is $3,553, and XRP is $3.43. According to Coinmarketcap, the total market capitalization is $3.85 trillion.
Of the 100 biggest cryptocurrencies, the top three Altcoin Gainers of the week are 53.65% Bonk (Bonk), 51.11% Curve Dao Token (CRV) and 40.43% Floki (Floki).
The top three Altcoin losers this week are 29.73% Pump.Fun, 5.32% PI (PI), and 5.05% High Lipi (High Advertisement). Be sure to read our Cointelegraph Market Analysis for more information on crypto pricing.
Most memorable quote
Anthony Anzalone, founder and CEO of Xion:
“If anything, I think there’s an inverse correlation between the success of this industry and Memecoin’s market capitalization, because capital flows anywhere but not good anywhere.”
Dave Portnoy, founder of Barstool Sports:
“I would have made millions and I want to cry. Even if I was a leader in the XRP army, I don’t own it anymore.”
Eric Jackson, founder of EMJ Capital:
“When ETH becomes productive, it becomes a dyed asset within the ETF wrapper. It is no longer a ‘digital oil’. It is a facility grade yield product. ”
Andre Dragosch, European supervisor and head of research:
“Bitcoin is the best ever, but there are almost no retailers anywhere.”
Katie Stockton, Founder and Managing Partner of FairLead Strategies:
“This brings Bitcoin to its medium-term target of around $135,000.”
Nassar Al Achkar, Chief Strategy Officer, Coinw:
“The passing of the Genius Act and Trump’s plan to open the US retirement market to crypto investment can unlock trillions of facility capital.”
Top forecast of the week
Stellar’s XLM has the “most bullish chart” on Crypto, which mirrors XRP prices
Stellar is set at a 35% price rally driven by a bullish continuity pattern and a recent surge in XRP. The XLM is integrated within the rising triangle, a rising violent continuation setup, a rising solid continuation setup.
Resistance levels near $0.52 have been tested multiple times since Tuesday, while higher and lower values indicate an increase in purchasing pressure.
Breakouts above $0.52 will check the pattern by August, triggering a rally to $0.63 by August, marking a 35% profit from the current price.
The upside target is derived by adding the maximum height of the triangle to the breakout point.
Top FUD of the Week
British officer jailed for stealing 50 bitcoin during Silk Road 2.0 probe
A former National Crime Bureau official has been sentenced to 50 Bitcoins (now prison for stealing 50 Bitcoins worth $5.9 million).
The Crown Prosecutor’s Office said Wednesday that Paul Chawls, a former national crime agency operator, part of the team investigating Silk Road and Silk Road 2.0, was sentenced to five and a half years in prison for stealing 50 Bitcoin.
In May, Chowles pleaded guilty to theft charges, transfer of criminal property and cover-up of criminal property.
Lawsuits against the strategy can take years and won’t go anywhere, lawyers say
Legal experts say the securities fraud lawsuit facing Michael Saylor’s company strategy can take years if you go anywhere.
The previous micro-tactics strategy pioneered the use of Bitcoin (BTC) as an asset reserve for the Ministry of Corporate Treasury. The company has been purchasing Bitcoin regularly since 2020, with over 601,550 BTC listed on its balance sheet and no plans to limit its accumulation.
Now, the strategy has investors questioned its crypto approach. As of mid-July, at least seven law firms have filed complaints about the strategy. Many of the complaints have similar claims, with the defendant repeatedly exaggerating the expected profitability of Bitcoin investment strategies and modest volatility risks, and the magnitude of perceived losses following the adoption of ASU 2023-08 customer principles.
El Salvador has not purchased Bitcoin since signing the loan agreement, the IMF says
The International Monetary Fund (IMF) released a report on its ongoing loan agreement with El Salvador on Tuesday. This claims that the Central American country has not purchased new Bitcoin since it signed the contract in December 2024.
El Salvador’s Tibo Bitcoin Wallet “will not adjust its Bitcoin Reserve to reflect changes to clients’ Bitcoin deposits,” the report read. Chivo didn’t sell BTC, leading to “minor” contradictions, and it seemed that the public sector in Salvador was accumulating BTC.
A letter of intent signed by the Minister of Finance, which was included in the IMF report by the Central Bank President of El Salvador, Douglas Pablo Rodriguez Fuentes and his Minister of Finance, confirmed the details.
“In line with our program-based commitment, the inventory of Bitcoin held by the public sector has not been changed and measures are taken to mitigate fiscal risks by reducing the role of the public sector in Chivo wallets and restructuring the Bitcoin project.”
This week’s top magazine story
Bitcoin og Willie Woo sold most of his Bitcoin: This is why
Willie Wu isn’t chasing a potential return of 50 times from holding Bitcoin if there’s a chance at 1,000 times on the table.
Ukrainian “slaughterbot” drone Mecha Hitler becomes sexy
Grok’s spicy Waifu companion Ani acquires mixed reactions and Memecoin. Furthermore, new research suggests that AI agents are garbage.
$1.8 billion ‘DGCX’ Crypto Scam Ringleader Mocks Actims: Asia Express
A $1.8 billion crypto fraud has been unlocked in China, and NFT offers digital citizenship in Japanese villages.
