Top Stories of The Week
In a significant development for the cryptocurrency sector, U.S. President Donald Trump has officially enacted one of his administration’s initial legislative measures concerning crypto and blockchain technology. The bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, was signed into law on Friday after enduring delays due to contentious discussions in both the House of Representatives and the Senate. The signing event featured prominent figures from the crypto industry, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong, among others, signaling strong support from key players in the sector.
36% of Gen Z spend crypto daily; Gen X leads high-value spending
The adoption of cryptocurrency for everyday transactions is witnessing a notable surge across different demographic groups, suggesting that digital currencies are evolving beyond mere speculative investments. According to a survey conducted by Bitget Wallet involving 4,599 crypto wallet users, 39% of Gen Z participants reported using crypto for gaming and 36% for various daily expenses and travel arrangements. Conversely, Generation X appears to be leading the way in high-value expenditures, with 40% utilizing cryptocurrencies for travel, digital goods, and real estate purchases. This trend underscores a growing enthusiasm for the practical applications of cryptocurrencies in daily life.
Dave Portnoy dumped his XRP two weeks ago: ‘I want to cry’
Barstool Sports founder Dave Portnoy has expressed regret over his decision to sell most of his XRP holdings just before the cryptocurrency soared to new heights. In a recent video shared on social media, he lamented, “I would’ve made millions, and I want to cry,” reflecting on his previous support for XRP. His remarks came shortly after XRP’s price surged to $3.60, a significant increase from the $2.40 level at which he sold his stake, driven by speculation about competitive pressures from other projects.
Satoshi-era Bitcoin whale shifts second 40K BTC pile to Galaxy Digital
A notable transfer involving a Bitcoin whale from the Satoshi era has captured attention, with the individual moving a substantial 40,192 BTC, valued at approximately $4.77 billion, to Galaxy Digital. This transfer follows an earlier transaction of 40,009 BTC to the same asset management firm just days prior. Onchain data service Onchain Lens reported that this whale has now transferred a total of 80,201 BTC to Galaxy Digital within a mere four days, amounting to a staggering $9.6 billion at current market rates. Additionally, blockchain intelligence platform Nansen noted that around 6,000 Bitcoin were redirected to exchanges like Binance and Bybit during this period.
Trump eyes executive order to open up retirement funds to crypto: FT
President Trump is reportedly preparing to issue an executive order that could pave the way for American 401(k) retirement plans to diversify their investments into alternative assets, including cryptocurrencies. According to the Financial Times, the executive order could be signed in the coming week. This initiative may allow for a wide range of investment options, encompassing digital currencies, precious metals, and funds focused on infrastructure projects and corporate acquisitions. The order would direct regulatory bodies to explore the most effective methods for enabling 401(k) investments in cryptocurrencies, addressing potential barriers to implementation.
Winners and Losers
As the week concludes, Bitcoin (BTC) is trading at $118,281, Ether (ETH) at $3,553, and XRP at $3.43, with a total market capitalization of $3.85 trillion, according to CoinMarketCap. Among the top 100 cryptocurrencies, notable gainers include Bonk (BONK) with a rise of 53.65%, Curve DAO Token (CRV) climbing 51.11%, and FLOKI (FLOKI) increasing by 40.43%. Conversely, the top losers for the week are Pump.fun (PUMP), which fell by 29.73%, Pi (PI) at 5.32%, and Hyperliquid (HYPE), declining by 5.05%.
Most Memorable Quotations
Anthony Anzalone, founder and CEO of Xion, commented, “I perceive an inverse relationship between the growth of this sector and the memecoin market cap, suggesting that capital lacks superior investment opportunities.”
Dave Portnoy, founder of Barstool Sports, lamented, “I would’ve made millions, and I want to cry. I don’t own it anymore, even though I was the leader of the XRP army.”
Eric Jackson, founder of EMJ Capital, noted, “Once ETH transitions to a productive, staked asset within an ETF structure, it will transform from being labeled just ‘digital oil’ to an institutional-grade yield product.”
André Dragosch, director of research at Bitwise for Europe, stated, “Bitcoin has reached new all-time highs, yet retail participation seems minimal.”
Katie Stockton, founder of Fairlead Strategies, forecasted, “This positions Bitcoin around $135,000 as a target in the intermediate term.”
Nassar Al Achkar, chief strategy officer at CoinW, remarked, “The enactment of the GENIUS Act alongside Trump’s plan to include crypto in U.S. retirement portfolios could potentially unleash trillions in institutional investment.”
Top Prediction of The Week
Stellar’s XLM has emerged with an optimistic price trajectory, reflecting a bullish chart pattern that mirrors the recent surge in XRP. Analysts predict a potential 35% price increase for XLM, driven by an ascending triangle formation—a classic bullish signal characterized by rising lows and a consistent resistance level. The resistance point, close to $0.52, has been tested multiple times, indicating mounting buying interest. A breakout above this level could solidify the bullish pattern and potentially propel XLM towards $0.63 by August, representing a substantial gain from its current valuation.
Top FUD of The Week
A former officer of the UK’s National Crime Agency has been sentenced to over five years in prison for stealing 50 Bitcoin, now valued at approximately $5.9 million, during an investigation into the Silk Road 2.0 marketplace. Paul Chowles, who was part of the team probing the infamous online black market, pleaded guilty to theft and related charges in May.
Legal experts suggest that the ongoing securities fraud lawsuits against Michael Saylor’s company, Strategy, may take years to resolve, if they progress at all. Strategy, which has been a trailblazer in utilizing Bitcoin as a reserve asset since 2020, now faces scrutiny from investors questioning its crypto strategy. As of mid-July, at least seven law firms have filed complaints alleging that the company misrepresented the profitability of its Bitcoin investments while downplaying associated risks.
The International Monetary Fund (IMF) released a report indicating that El Salvador has not acquired any new Bitcoin since entering a loan agreement in December 2024. The report stated that the Chivo Bitcoin wallet operated by El Salvador does not adjust its Bitcoin holdings based on client deposits, leading to misconceptions about the country’s actual Bitcoin accumulation. The letter of intent from the country’s financial authorities confirmed that the public sector’s Bitcoin holdings remain unchanged, with steps being taken to minimize fiscal risks related to the Chivo wallet and the broader Bitcoin project.
Top Magazine Stories of The Week
Willy Woo, a well-known figure in the Bitcoin community, has reportedly divested most of his Bitcoin holdings, opting not to chase what he perceives as lower potential returns when there are opportunities for much higher gains elsewhere.
In other news, AI developments are stirring controversy, with reports of ‘slaughterbot’ drones in Ukraine and the rise of a memecoin linked to a digital companion called Ani, which has sparked mixed reactions.
Additionally, a significant crypto scam in China amounting to $1.8 billion has come to light, as the ringleader faces backlash from victims seeking justice.
