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Today's Crypto Landscape: A Quick Overview
If you're looking for an up-to-date rundown on the latest occurrences in the world of cryptocurrencies, look no further. We'll delve into everything from Bitcoin's current price, blockchain developments, and DeFi trends to NFTs, Web3, and regulatory changes in the crypto sphere.
The dawn of July 3 witnessed a significant hack on a crypto project, resulting in a multi-million-dollar loss. Yet, this event seemed to leave the wider market undeterred. Meanwhile, prominent crypto voices are predicting an approval of a Bitcoin ETF in the upcoming months. Let's dig into the day's happenings.
BlackRock Resubmits Bitcoin ETF Filing
In the latest news, BlackRock has resubmitted its Bitcoin spot ETF application and revealed Coinbase as its 'surveillance-sharing' partner, previously unnamed. This update comes in the aftermath of a turbulent week for prospective ETF filers.
The U.S. Securities and Exchange Commission temporarily halted ETF applications from industry giants such as Blackrock, Ark, Valkyrie, WisdomTree, and Invesco, citing irregularities in their paperwork. This caused a surge in refiling activities.
Poly Network's Losses Could Be Larger Than Initially Thought
Poly Network, a blockchain interoperability platform, could have suffered losses exceeding $5 million from a hack that targeted Ethereum, Chain, Polygon, Avalanche, Optimism (OP), and five other blockchains.
Security firm Beosin's latest findings suggest that hackers pilfered around $10 million after liquidating ETH from Poly Network. However, they may have been unable to liquidate approximately $260 million due to low market liquidity.
This comes less than two years after Poly Network's previous hack, where a whopping $600 million was lost, making it one of the largest bridge hacks in Web3 history.
Market Update: Filecoin Soars as Crypto Market Stabilizes
Despite the Poly Network hack, cryptocurrency enthusiasts remain bullish, as evidenced by market activity on July 3. The cryptocurrency market cap rose by over 1.5% to hit an intraday high of $1.17 trillion. Filecoin (FIL) led the charge with a 20% surge to $4.93, its highest point in a month.
Other strong performers include the Graph (GRT), which saw an intraday rise of 18% to reach a one-month high of $0.139. The renewed wave of Bitcoin ETF applications, spearheaded by BlackRock, has revitalized bullish sentiments in the crypto market.
However, there may be pressure on top cryptocurrencies if the Federal Reserve pushes through with additional interest rate tightening of 50 basis points by the end of 2023.
Regulatory Updates from Thailand, Hong Kong, and the U.K.
July 3 proved to be a rather encouraging day for crypto regulations. Hong Kong regulators established a new Web3 task force to monitor and facilitate sustainable growth of cryptocurrency in the region. This is part of an effort to enhance Hong Kong's crypto-friendly regulations.
Recently, the Hong Kong Monetary Authority (HKMA) urged major banks like Standard Chartered, HSBC, and Bank of China to accept crypto exchanges as clients.
In the meantime, the United Kingdom is taking strides to further define crypto's legal status, only days after empowering regulators to impose and enforce rules for the crypto sector. On July 3, the U.K. Law Commission proposed the creation of a specialized category for personal properties that include cryptocurrencies. This new category would enable the accurate recognition of various digital assets, from cryptocurrencies to digitized instruments.
