Daily Crypto News

1. Memecoins Dogecoin, Shiba Inu Jump as Ethereum Optimism Spreads — Dogecoin is up about 14% over the past five days, while Shiba Inu has gained almost 40%, according to pricing data compiled by Bloomberg. The meme tokens are holding their gains even as Bitcoin sits around $25,000 and Ether hovers at about $2,000 amid optimism around its upgrade, known as Merge, now expected around Sept. 15.
2. Bitcoin tops $25,000 level for first time since early June — Bitcoin, the world’s largest cryptocurrency by market cap, has sunk by nearly 50% year to date, but has rallied 15% over the past month.
3. Crypto Says Institutions Are Back, Though Retail Has Cold Feet — BlackRock Inc.’s partnership with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin was followed by another announcement that the asset manager is offering its first-ever investment product directly in the token. Meanwhile, hedge-fund firm Brevan Howard raised more than $1 billion for a crypto fund.
4. Crypto Evangelist Mark Cuban Is in Trouble — Since crypto lender Voyager Digital filed for Chapter 11 bankruptcy, criticism of the billionaire and owner of the NBA Dallas Mavericks team has been raining down on social media. These critics accuse him of promoting the platform and therefore hold him responsible for the losses they say they suffered as we wrote on July 8. These reproaches now result in a class action lawsuit against the successful entrepreneur.
5. An 18-year-old who’s netted over $1 million selling Bored Apes toys just made a replica of ethereum cofounder Vitalik Buterin ahead of the ‘merge’ — Ricky da Luz, 18, started making free Bored Ape toys for NFT holders last year, and has generated $1 million in sales. He just presented Vitalik Buterin with a replica of the ethereum cofounder ahead of the key merge event expected in September. Da Luz says his company, IsmToys, offers a bridge between everyday people and Web3 using physical items.
6. The UK’s offshore tax havens are quietly luring investors away from the likes of the Cayman Islands and Bermuda this ‘crypto winter’ — UK tax haven islands Jersey and Guernsey are stepping up their efforts to attract crypto and blockchain investors. They’re competing with territories like Bermuda and the Cayman Islands by offering favorable tax regulations. Crypto prices have plummeted this year and investors are pickier about where they put their money.
7. Bitcoin Tests $25K Again; ether declines — The largest cryptocurrency by market capitalization was recently trading at about $24,400, roughly flat over the past 24 hours and slightly lower than where it started the weekend, although investors remained cautiously optimistic about recent economic indicators showing inflation waning and a lower likelihood of recession. Bitcoin has climbed the past three weeks to change hands toward the upper end of a $20,000 to $24,000 range.
8. Korea Play-to-Earn Bans Likely to Remain in Place — As CoinDesk has reported before, converting game tokens into cash — a staple of GameFi — has been banned in South Korea for longer than blockchain has existed. Article 32 of South Korea’s Gaming Industry Promotion Act banning the monetization of gaming tokens that became lawin 2004 as the arcade game Seatalk (바다이야기) swept the nation. There’s also Article 28 of the Act, which prohibits speculative acts, gambling, and free gifts in-game.
9. SHIB recently overtook DOGE in the number of Twitter followers it has with over 3.4 million — an important metric for a token that is heavily dependent on the popularity of its “meme” to drive price movement.
10. Important events — Stronghold Digital Mining second quarter earnings 10 a.m. HKT/SGT(2 a.m. UTC): China National Bureau of Labor Statistics press conference 10 a.m. HKT/SGT(2 a.m. UTC): China retail sales (July)

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