WHAT’S CAUSING THE CRYPTO SLUMP? ETHEREUM DRIVES MARKET DECLINE, INFLATION DATA DUE
Ethereum is dragging down other major cryptocurrencies, with Bitcoin ETF interest shifting away from ETH. The United States is collaborating with Chainlink (LINK) and Pyth Network (PYTH) to bring real-world data onto blockchain networks. The US government is reportedly crafting a framework for international cryptocurrency exchanges to re-enter the American market. Currently, there are 92 exchange-traded products (ETPs) linked to crypto assets in development. 21Shares has submitted filings for SEI and HYPE ETFs. Trading on Binance’s futures platform experienced a temporary outage. A company called American Bitcoin is scheduled to begin trading on the Nasdaq stock exchange in September. China National Petroleum Corporation (CNPC) is once again exploring the possibility of using stablecoins. JPMorgan Chase analysts believe the current price of Bitcoin is undervalued. A Special Purpose Acquisition Company (SPAC) has been established to acquire $200 million worth of Bitcoin infrastructure. Total Value Locked (TVL) in Solana (SOL) decentralized finance (DeFi) has reached a new all-time high. DFDV has purchased $77 million worth of SOL. Caliber has initiated a Chainlink (LINK) treasury. Robinhood has introduced spot trading for Toncoin (TON). CoinShares is aiming to list its shares in the United States.