Category: crypto

HYPE token fell below $55 following Hyperliquid’s activation of permissionless HIP-4 deployments on testnet. The token faced pressure from whale transfers and a weak broader crypto market. HIP-4 allows developers to create prediction markets, with limited activity so far. Hyperliquid plans to introduce more features and expand beyond sports markets.

Coinbase stock fell over 12% post-earnings due to lower trading revenue and a $359 million quarterly loss, raising concerns about growth. Revenue missed estimates at $1.22 billion, with a net loss. The company aims to reduce reliance on trading fees with stablecoins and prediction markets. Leadership changes add uncertainty.

Senate leaders plan to bring the CLARITY Act to the floor before the August recess, but negotiations and a busy schedule make the timing uncertain. Sen. Cynthia Lummis expects action on the bill, with Majority Leader John Thune reserving floor time. A revised ethics proposal could unlock Democratic support, but the bill still faces a…

South Korea will tax cryptocurrency gains at a combined rate of 22% starting on Jan. 1, 2027. Annual gains exceeding 2.5 million won will be taxable as “other income,” with a 20% national tax and a 2% local income tax. Critics warn that this could lead to offshore trading and reduced tax visibility.

SBI Holdings reaffirmed its $41.2 billion Ripple shareholding value despite XRP price weakness. The company reported a first-quarter net profit increase and discussed the impact of the CLARITY Act on the crypto market. SBI is expanding through the Canton Network and a $3 billion crypto fund, showing a commitment to digital assets beyond Ripple.

Bank of Korea conducted successful cross-border payment tests using tokenized central bank reserves for Project Agora. Tests included transactions in six currencies. South Korean banks participated, with KB Kookmin Bank completing a deposit token payment test with MUFG Bank. The Bank of Korea plans additional tests and supports digital payment initiatives.

Bitget Wallet will launch Assetback on Aug. 1, allowing eligible card users to convert purchase rewards into Bitcoin, tokenized gold, U.S. equity tokens, an exchange-traded fund token, or USDC. Users can choose from seven reward assets, with a base 2% reward rate that can be boosted to 3% during certain periods. Rewards become redeemable after…

The Hong Kong Securities and Futures Commission has frozen assets worth HK$125.2 million in a client account at Futu Securities International Limited as part of an investigation into suspected IPO share manipulation. Futu is not under investigation, and the restriction notice does not affect its other clients. The investigation continues.

Ripple CEO Brad Garlinghouse will speak at the Wyoming Blockchain Symposium from August 17-20 at the Four Seasons Resort in Jackson Hole. The event will bring together investors, builders, and policymakers, with a focus on U.S. crypto policy. Ripple is also a sponsor of the event and has ties to the University of Wyoming.

Malaysian police arrested two men and seized 73 Bitcoin mining machines in Tronoh, powered by stolen electricity. The operation involved illegal power connections confirmed by TNB inspections. This crackdown follows previous raids in Terengganu and Kuala Lumpur for electricity theft. Authorities urge reporting of suspicious activities related to electricity theft and unauthorized cryptocurrency mining.