| Plus, Trump's big crypto play and the headlines shaking the market. | ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ | View in browser | | | | Your weekly roundup of the 🔥hottest news in crypto: | | | | XLM May Follow XRP's Meteoric Rally, Trump's Big Crypto Nod, & More | | | | | | #1 Crypto execs center stage as Trump signs stablecoin bill into law US President Donald Trump signed one of the first bills related to crypto and blockchain of his administration into law on Friday after delays due to debates in the House of Representatives and Senate. In a Friday signing ceremony attended by many cryptocurrency company executives and high-ranking Republicans, including Vice President JD Vance and House Speaker Mike Johnson, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law. The president acknowledged the support of several crypto figures in attendance, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.
| | | | | | | #2 36% of Gen Z spend crypto daily; Gen X leads high-value spending Cryptocurrency payments are becoming more popular across various user groups for everyday purchases and high-value transactions, indicating that digital assets are maturing beyond their role as speculative instruments. Gen Z users stand out in terms of daily transactions, with 39% spending crypto on gaming and 36% on daily purchases and travel bookings. Gen X dominates high-value spending, with 40% using crypto for travel, digital products and real estate, according to a Bitget Wallet survey of 4,599 crypto wallet users shared with Cointelegraph. The findings show increasing interest in crypto's practical use. Gaming, daily purchases and travel bookings are the top categories.
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Trump eyes executive order to open up retirement funds to crypto: FT US President Donald Trump is reportedly set to sign an executive order that could allow American 401(k) retirement plans to invest in alternative assets outside of stocks and bonds, such as cryptocurrencies. The executive order could be signed sometime this week, the Financial Times reported on Thursday, citing three people who have been briefed on the plans. The new 401(k) investment options could run across a broad spectrum of assets, including digital assets, metals and funds focused on infrastructure deals, corporate takeovers and private loans. The executive order would instruct Washington regulatory agencies to investigate the best path forward for 401(k) plans to start investing in crypto, and investigate any remaining obstacles to making it a reality, according to the Financial Times.
| | | | | | | | Prediction of the Week
Stellar's XLM has 'most bullish chart' in crypto, mirroring XRP price Stellar looks set for a 35% price rally, driven by a bullish continuation pattern and XRP's recent surge. XLM is consolidating within an ascending triangle, a classic bullish continuation setup characterized by rising lows and horizontal resistance. The resistance level, near $0.52, has been tested multiple times since Tuesday, while the higher lows show increasing buying pressure. A breakout above $0.52 could confirm the pattern and trigger a rally toward $0.63 by August, marking a 35% gain from the current price. The upside target is derived by adding the triangle's maximum height to the breakout point.
| | | | | | | | FUD of the week
UK officer jailed for 50 Bitcoin theft during Silk Road 2.0 probe A former officer of the National Crime Agency has been sentenced to prison for stealing 50 Bitcoin — now worth $5.9 million — seized from the co-founder of the defunct online black market Silk Road 2.0. The Crown Prosecution Service said on Wednesday that Paul Chowles, an ex-operational officer with the National Crime Agency who was part of a team investigating Silk Road and Silk Road 2.0, was sentenced to five-and-a-half years' imprisonment for stealing 50 Bitcoin. In May, Chowles pleaded guilty to charges of theft, transferring criminal property, and concealing criminal property.
| | | | | | | | FUD of the week
Lawsuits piling up against Strategy could take years, go nowhere, lawyer says The securities fraud lawsuits facing Michael Saylor's company Strategy could take years to play out — if they go anywhere at all, according to legal experts. Strategy, formerly MicroStrategy, pioneered the use of Bitcoin (BTC) as an asset reserve for corporate treasuries. The company has been since 2020 making regular purchases of Bitcoin, with over 601,550 BTC in its balance sheets and no plans to cap the accumulation. Now, Strategy has investors questioning its crypto approach. As of mid-July, at least seven law firms have filed complaints against Strategy. Many of the complaints have similar claims, echoing that the defendants overstated the anticipated profitability of its Bitcoin investment strategy and understated volatility risks, as well as the magnitude of losses the company could recognize following the adoption of the ASU 2023-08 accounting principles.
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