Live markets: bitcoin bounces to $60,000 after Warsh comments, economic data

Bitcoin climbs back to $60,000 following soft economic data, Warsh comments  After the drubbing crypto has received, the hint of good news or even the absence of bad news might be the excuse for a rally.  Fed Chairman Kevin Warsh earlier artfully declined to give any indication of how he or the rest of the central bank might be leaning with respect to rate hikes at upcoming meetings in July or September.  Minutes ago, the ISM Manufacturing PMI for June dipped to 53.3 from 54 in May. Economist forecasts had been for the index to remain flat at 54. The Prices Paid subindex fell to 73 from 82.1, and below expectations for 79.  Earlier, the ADP jobs report for June showed the addition of just 98,000 jobs, down from 122,000 in May and lower than forecasts for 113,000.  Sharply higher earlier in the session, bond yields have retreated; the two-year Treasury now flat for the day at 4.15%.  After falling below $58,000 earlier, bitcoin (BTC) has bounced back to the $60,000 level, up 2% over the past 24 hours.

07-01انڈسٹری

Europe's MiCA rollout sparks debate over who wins under new crypto rules

“A MiCA license is not something you can buy because you have money and power,” he said. “It is making sure every process is fully transparent.”  Still, Fazel acknowledged the new rules will be hardest on startups because obtaining and maintaining a license requires significant capital.  “If theres one segment I feel bad for, its startups,” he said. “Innovation may suffer for companies that dont have enough capital.”  A level playing field  For licensed exchanges, another question remains: whether regulators can enforce the new rules against firms operating outside the European Union.  Dr. Lin Han, founder and CEO of Gate Group, said licensed exchanges have spent years preparing for MiCA, but the framework only works if everyone follows it.  The European Securities and Markets Authority (ESMA) has said firms serving EU clients without MiCA authorization are breaching EU law and should stop offering those services. It has also warned firms not to rely on “reverse solicitation” to continue serving European customers and has encouraged measures such as geo-blocking to prevent access.  Han questioned whether regulators have the resources to prevent unlicensed platforms from continuing to operate from overseas.

07-01انڈسٹری

Morpho poised to scale as DeFi infrastructure play, Standard Chartered says

SummaryStandard Chartered said Morpho combines a DeFi lending protocol with infrastructure powering onchain banks and asset managers.The bank expects Morphos assets to grow in line with its forecast for a 37x expansion in DeFi assets by 2030.It initiated coverage of Morpho with a $60 end-2030 price target, implying roughly 33x upside from current levels.  Investment bank Standard Chartered has initiated coverage of Morpho, calling the lending protocol a dual-play on decentralized finance (DeFi) that combines a lending market with infrastructure for onchain banks and asset managers.  The bank has a $60 price target for MORPHO by the end of 2030, implying roughly 33x upside from its current price. This would see the token outperform both bitcoin and ether (ETH) over the same period.  MORPHO was more than 13% higher over 24 hours, trading around $2.13 at publication time.  “Given its status as one of the largest DeFi lending protocols and its comfortable financial position (it just raised $175 million in VC funding), we think Morpho can scale to meet the expanding base of assets deployed in DeFi,” wrote Geoff Kendrick,head of digital assets research at Standard Chartered, in the Wednesday report.  Decentralized finance has rebounded sharply over the past year as institutional interest in tokenized

07-01انڈسٹری

French banking giant Crédit Agricole rolls out euro stablecoin, EURXT

SummaryCrédit Agricole introduced the EURO eXchange Token (EURXT), a euro-pegged, MiCA-compliant stablecoin issued on Ethereum by its asset-servicing arm, Caceis.EURXT debuted with 20 million tokens in circulation, backed 1:1 by euro reserves at Caceis Bank, according to data on the projects website.The token joins a market already populated by SocGens EURCV and Circles EURC and targeted by a group of 37 banks working together as Qivalis.  Crédit Agricole (ACA), Frances second-largest bank by assets, unveiled a euro-pegged stablecoin, a rival to offerings from smaller peer Société Générale (GLE) and Circle Internet (CRCL) in a market thats also targeted by Qivalis, a group of 37 European banks that plans to introduce its own contender later this year.  The coin, EURO eXchange Token (EURXT), is pegged 1:1 to the euro and complies with the European Unions Markets in Crypto-Assets (MiCA) framework, according to a post on the website of its asset servicing unit, Caceis Bank, which is issuing the token. It has already been used to settle a subscription into a tokenized Amundi money market fund.  There are 20 million EURXT in circulation on Ethereum, backed 1:1 by euro reserves held by Caceis Bank. The compares with about 378 million of Circles EURC and 124

07-01انڈسٹری

Tokenized Google stock inflated 7,700% in rare DeFi lending exploit

SummaryEdel Finance halted its version-one lending protocol after an attacker manipulated the wrapping mechanism for a tokenized Google stock, inflating collateral values by about 78 times and creating roughly $403,000 in bad debt.The exploit did not stem from faulty price oracles —Chainlink feeds correctly reported Alphabets share price — but from how GOOGLx converted to and from its wrapped form wGOOGLx, allowing the attacker to borrow real assets against mispriced collateral.Edel said it will absorb all losses so depositors are made whole, is rolling out a redesigned version-two system to prevent similar price-manipulation attacks, and has offered the attacker a white-hat settlement while coordinating with exchanges.  Tokenized equities trading platform Edel Finance paused its lending protocol on Tuesday after an attacker exploited how it priced a tokenized stock, borrowing against collateral inflated to roughly 78 times its true value and leaving about $403,000 in bad debt, the team said.  An Update from the Edel Team  Earlier today, Edel identified and contained an exploit affecting Edel Lending.  The exploit involved manipulation of the wrapped xStocks exchange rate between wGOOGLx and GOOGLx, causing wGOOGLx collateral to be valued at approximately 78x its…  The target was a tokenized version of Alphabets Google stock. Edel Lending accepted wGOOGLx, a

07-01انڈسٹری

What's next for Bitcoin and stocks? Analysts see a volatile second half

SummaryAnalysts expect AI, Federal Reserve policy and shifting market structure to drive crypto and equity markets through the second half of the year.Former Credit Suisse executive Mark Connors says AI is creating a widening divide between companies that benefit from the technology and those at risk of disruption.Hyperion Decimus Chris Sullivan argues bitcoins four-year cycle remains intact and believes the market is nearing a point where “its so bearish its bullish.”  The first half of the year was defined by the AI trade. The second half may be defined by a tougher question: Which companies and assets actually stand to benefit from it?  The contrast between crypto and equities has been one of this years defining market stories. AI enthusiasm propelled technology stocks to record highs, while bitcoin has tumbled 46% to $58,300 on Tuesday.  Market analysts say investors are entering a period where AI, monetary policy and changing market structure could drive sharp swings across equities and cryptocurrencies, even as the broader economy remains resilient.  Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors argued AI is no longer lifting the technology sector indiscriminately. Instead, it is separating companies building AI infrastructure from businesses whose products or services could

07-01انڈسٹری

Ethereum gets a new nonprofit focused on institutional adoption

SummaryA new independent nonprofit, Ethereum Institutional, has launched to accelerate institutional adoption of Ethereum, providing banks, asset managers and other enterprises with a neutral point of contact as they evaluate the blockchain for tokenization, stablecoins and other financial applications.The launch comes as the Ethereum Foundation narrows its focus to stewarding the core protocol, with independent organizations like EthLabs emerging to take on ecosystem functions such as research s enterprise efforts, while the organization said its leadership brings experience spanning institutional engagement, capital markets and Ethereum ecosystem development. It said its mission is to provide institutions with a neutral, independent point of contact as they evaluate Ethereum for tokenization, stablecoins and other onchain financial infrastructure.  In announcing the initiative on X, Ethereum Institutional said institutions need “a credible, independent front door” to the Ethereum ecosystem. While Ethereums neutrality is one of its defining strengths, the group argued, that neutrality has often left enterprises without a clear organization to engage as they make long-term infrastructure decisions.  The launch comes as the Ethereum Foundation continues to narrow its role to stewarding the core protocol, with ecosystem participants increasingly spinning up independent organizations focused on specific areas such as business development, institutional outreach and developer support.

07-01انڈسٹری

Mysterious Solana project World unveiled as fully onchain prediction market

SummaryWorld is a new onchain prediction market on Solana that allows users to trade event contracts like crypto prices and the 2026 FIFA World Cup.The platform is now live within the Phantom wallet and at world.xyz, utilizing Chainlink as its primary oracle infrastructure for market data.World enables users to trade directly from their Solana wallets, with positions, settlement, and redemptions occurring fully onchain using CASH stablecoin.  World, the mysterious Solana project that garnered millions of views on X with little more than a glowing globe, cryptic posts and the tagline “Trade Everything,” is now live as a fully onchain prediction market inside Phantom.  The platform is online at world.xyz and in the Phantom wallet on iOS, Android and desktop, with Chainlink serving as its primary oracle infrastructure for its data.  Users can trade event contracts tied to crypto prices and the 2026 FIFA World Cup, with additional markets on sports, geopolitics, and macroeconomics planned for the near future, according to an announcement shared with CoinDesk.  Worlds world_xyz account has built attention throughsocial media posts offering scant product details, fueling speculation that the project could be a meme coin, trading app or broader Solana infrastructure play. Copycat WORLD-themed tokens have appeared on token launchpads, though

07-01انڈسٹری

Europe is rewriting its landmark crypto rulebook MiCA as hard July 1 deadline passes

Nevertheless, MiCA has achieved many of its original goals, according to Hansen. There are around 20 euro-denominated stablecoins that have been authorized by the regime, with adoption buoyed by their formal regulation.  Its not perfect, though, he added, pointing to reserve rules that require minimum bank deposits. Attention is also shifting beyond domestic regulation to global oversight. The next phase of policymaking could focus on allowing tokens regulated in one jurisdiction to circulate in another through mutual recognition regimes.  “We could benefit from the global, internet-native nature of these assets instead of fragmenting their circulation through locally fragmented rulebooks,” he said.  The EU may have had something of a first-mover disadvantage with regard to regulating crypto assets, as there was no framework in major markets like the U.S or Hong Kong to work with like there is now.  Fortress Europe  Sebastian Barling, partner for financial institutions regulatory at Skadden, compared the EUs approach to building a “fortress.”  “The consultation is clearly a serious review intended to make sure the European regime aligns internationally and remains competitive,” he told CoinDesk.  Barling and Legler explored the Commissions pivotal shift toward evaluating a third-country equivalence regime and managing cross-border multi-issuance structures in a recent article. They highlighted that while MiCA

07-01انڈسٹری

Ark Invest bought more than $75 million of crypto shares during June bloodbath

SummaryArk Invest loaded up on shares in cryptocurrency companies as they slid during June.The firm bought $44 million worth of shares in Coinbase, $25 million of Circle Internet and $8.2 million of Bullish.Circle shares slumped 40%, ending the month at $62.63. The decline included a 18% drop on June 30 following the debut of rival stablecoin Open USD.  Ark Invest has a tendency to load up on shares in cryptocurrency companies when their prices are depressed, and June was no exception.  Bitcoin , the largest cryptocurrency, recorded its worst month in four years, and digital asset firms share prices suffered accordingly, which Ark read as a buying opportunity.  The St. Petersburg, Florida-based investment manager bought $44 million worth of shares in crypto exchange Coinbase (COIN), based on the closing prices of the days on which purchases were made. It purchased $25.25 million worth of equity in Circle Internet (CRCL), issuer of the worlds second-largest stablecoin USDC, and $8.2 million worth of crypto exchange Bullish (BLSH), the parent company of CoinDesk, according to emailed disclosures.  Shares of Circle slumped 40% in June, ending the month at $62.63. The decline included an 18% drop on June 30 following the debut of rival stablecoin Open USD, which

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