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Quick Take President Trump’s announcement on Sunday, directing a working group to “move forward” on a U.S. Crypto Strategic Reserve, sent prices soaring, with the BTC, ETH, XRP, SOL and ADA assets named all rallying between 10% and 70% before correcting on Monday. Standard Chartered Head of Digital Asset Research Geoff Kendrick said Trump’s Crypto Reserve plan would provide long-term stability for bitcoin, bringing his $500,000 target by 2029 back into focus.
Quick Take Sam Bankman-Fried led Anthropic’s Series B, with a $500 million investment to acquire approximately 13% of the AI development firm. This initial $500 million investment would now be worth close to $2.5 billion, assuming the usual amounts of dilution. Bankman-Fried, who has long argued that FTX was solvent but illiquid, is apparently pleading for clemency from President Trump.
Quick Take Zora’s forthcoming token is intended “for fun only” and doesn’t give holders governance claims. Zora joins Magic Eden and OpenSea as other NFT marketplaces establishing token launches in recent months.
Quick Take Yuga Labs, the company behind the Bored Ape Yacht Club and Cyberpunk NFT collections, announced that the SEC has closed its investigation into the company. The SEC has dropped a number of investigations into crypto companies in recent days, such as Coinbase, Kraken, Uniswap and more.
Quick Take While lending protocols are designed to handle liquidations through automated processes, the scale of February’s event highlights how quickly market conditions can deteriorate when broader sentiment shifts. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take President Trump announced plans for a U.S. “crypto strategic reserve,” surprising many by including XRP, SOL and ADA alongside BTC and ETH. Industry experts questioned the inclusion of XRP and ADA, arguing they lack the developer activity and decentralization seen in BTC and ETH.
Quick Take Nasdaq filed a 19b-4 on behalf of Grayscale’s spot Hedera ETF on Monday. Bloomberg Analyst Eric Balchunas previously said Hedera and Litecoin ETF applications have the “best odds” of approval.
- 01:26UK Lawmakers Call for Ban on Cryptocurrency Donations in Political CampaignsAccording to Jinse Finance, UK Cabinet Office Minister Pat McFadden has expressed support for banning cryptocurrency donations in political activities, citing the difficulty in tracing the source of such funds. This move stands in stark contrast to the United States, where the crypto industry has already contributed $134 million to pro-crypto candidates. The UK Reform Party previously announced that it would accept Bitcoin donations, becoming the first political party in the UK to accept cryptocurrency. Ireland banned such donations in 2022, and several US states have also implemented similar restrictions. Anti-corruption watchdogs have warned that cryptocurrency donations could increase the risk of foreign interference in politics.
- 01:23A whale address withdrew 7,980 ETH from an exchange 5 hours ago, accumulating over 88,000 ETH in 10 days with an unrealized profit of $49.5 millionOdaily Planet Daily reported that, according to Ember monitoring, a whale address with unidentified ownership has been continuously withdrawing ETH from a certain exchange over the past 10 days. In just the last 5 hours, another 7,980 ETH were withdrawn, bringing the total to 88,292 ETH. Based on an average price of $2,831, the current unrealized profit stands at $49.5 million. This address is newly created and has only interacted with the exchange’s hot wallet. It may belong to a US-listed company as a reserve address, or it could be an internal cold wallet of the exchange, though the latter seems less likely based on the transaction patterns.
- 01:21Nvidia CEO Jensen Huang Plans to Sell an Additional 75,000 Company SharesAccording to a report by Jinse Finance, Form 144 filings disclosed by the U.S. Securities and Exchange Commission show that NVIDIA CEO Jensen Huang plans to further sell 75,000 shares of company stock. It is reported that on July 11, 14, and 15, NVIDIA CEO Jensen Huang sold a total of 225,000 shares over three consecutive trading days, with a value of approximately $38 million. This is part of his previously disclosed plan under Rule 10b5-1 in March this year to sell up to 6 million shares. (Jin10)