Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends

Hong Kong’s financial regulators published the conclusions of consultation on fiat-referenced stablecoin regulation and said they are preparing a bill to introduce into the Legislative Council later this year.Source

First Mover Americas: Bitcoin Bulls Eye $70K After Return to $66K

The latest price moves in bitcoin (BTC) and crypto markets in context for July 17, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.Source

Rotation Out of Mega-Cap U.S. Stocks Could Provide Tailwind for Cryptocurrencies, Marex Solutions Says

Wall Street investors are deserting mega-cap stocks and piling into small-caps amid cooling inflation and strengthening signs of a Fed interest-rate cut.Source

Market Maker Flowdesk Doubled Down on the U.S. as Things Looked Bleak. Now That Bet Is Paying Off

Flowdesk’s CEO made a contrarian bet on the U.S. as the Securities and Exchange Commission was waging war on crypto. Fast forward a year, and the country has bitcoin ETFs, ether ETFs are imminent and pro-crypto legislation is before the Senate.Source

XRP Surges 12% on the Back of Triangle Pattern, Rising Futures Bets Favor Bullish Price Moves Ahead

Open interest in XRP-tracked futures has nearly doubled over the past seven days, which is indicative of traders’ expectations of price volatility ahead.Source

OKX Wallet Hits 100 Protocol Support as It Adds TON Compatibility

There is a growing TON-based economy, using Telegram as a hub, and activity tends to increase when new gamification features are added.Source

Ether Spot ETF Inflows Will Push ETH to Beyond $5K: Bitwise

It may not happen immediately and price action could be choppy to start due to outflows from the Grayscale Ethereum Trust, after it converts to an ETF, the report said.Source

U.S. Senator Who Called Bitcoin ‘Ideal Choice for Criminals,’ Convicted of Bribery

U.S. Senator Bob Menendez (Dem) from New Jersey, a staunch crypto critic, was found guilty of accepting bribes, including gold bars and a luxury car, in exchange for his political clout by a jury on Tuesday.Source