Crypto Update: Bitcoin Slips Below $60,000 as "Buy The Dip" Trends on Social Media

While top cryptocurrencies may have taken a nosedive in prices, the crypto space continues buzzing with exciting initiatives and updates. In this edition of the Crypto Scoop, we review the following:

• Price moves and predictions for top cryptocurrencies
• Circle and Tether’s crypto initiatives
• Global crypto initiatives and regulation and more

Price Moves of Top Cryptocurrencies

On Wednesday, Bitcoin plummeted below $60,000, triggering a wave of liquidations totalling $208 million, according to CoinGlass data. Meanwhile, social media buzz around "buy the dip" surged across platforms like Reddit, 4chan, and Bitcoin Talk. Analysts from Santiment observed a growing sentiment, with traders viewing the dip as a buying opportunity amidst debates over Bitcoin's current market phase.

Aasset manager 21Shares has become the second major firm to apply for a spot Solana ETF, following VanEck's recent filing. The proposed 21Shares Core Solana ETF aims to track SOL's performance across major spot exchanges, indicating growing investor interest in cryptocurrency ETFs as vehicles for exposure to digital assets. Meanwhile, Bloomberg analysts anticipate the launch of spot Ethereum ETFs by mid-July, pending SEC approval. Analysts from K33 Research suggest that these ETFs could potentially boost Ethereum's market performance, similar to past trends observed with Bitcoin ETFs. 

In a separate development, Standard Chartered released a report projecting a remarkable growth in the tokenised real-world asset market, expecting it to reach $30.1 trillion by 2034. This forecast underscores the accelerating adoption of blockchain technology and decentralised finance (DeFi), promising to bridge a $2.5 trillion global trade finance gap while enhancing liquidity and efficiency.

Circle and Tether Pursue Crypto Initiatives in Europe and Turkey

Circle, a prominent stablecoin issuer, achieved a landmark by becoming the first global stablecoin issuer to secure regulatory approval under the EU’s Markets in Crypto-Assets (MiCA) regulations. The Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France granted Circle an e-money license, enabling the issuance of its USDC and Euro Coin (EURC) stablecoins throughout the EU. Circle's CEO, Jeremy Allaire, emphasised the milestone as a critical step towards integrating digital currencies into mainstream financial systems under a comprehensive regulatory framework aimed at investor protection and market integrity.

Tether, another major stablecoin issuer, is expanding its influence in Turkey through a strategic partnership with local cryptocurrency platform BTguru. The memorandum of understanding (MoU) signed between Tether and BTguru aims to promote digital asset education in Turkey, targeting private and public stakeholders. This initiative underscores Tether's commitment to fostering industry knowledge and exploring new business opportunities within Turkey's evolving banking and crypto landscape.

Meanwhile, in Q2, Web3 applications experienced a milestone as daily unique active wallets (dUAW) reached a record high of 10 million, marking a 40% increase from the previous quarter, according to DappRadar. The surge in users, detailed in a July 4 report, suggests robust growth across all decentralised application (DApp) industry sectors. Notably, the non-fungible token (NFT) marketplaces saw significant traction, achieving their highest trading volume since Q1 2023, totalling $4 billion.

Nigerian Crypto Trader's Honesty Restores Community Trust

Femi Akinola, a Nigerian cryptocurrency trader, has become a beacon of trust in the crypto community after returning 90 Solana tokens valued at $14,000 that a foreign trader mistakenly sent to him. The act of integrity, which went viral on social media, has earned Akinola widespread acclaim and prompted gifts totalling over 35 SOL from grateful crypto community enthusiasts. 

Akinola recounted how a trader known as The Crypto Network on X intended to send him $100 in Solana tokens as part of a giveaway but accidentally transferred 100 SOL, equivalent to approximately 20 million Nigerian nairas ($13,300). Upon realising the error, The Crypto Network promptly contacted Akinola and requested the return of 90 SOL, allowing him to keep 10 SOL as a token of appreciation. Akinola's honourable response to return the tokens has highlighted the importance of integrity and trustworthiness in the evolving landscape of cryptocurrency transactions.

Recent Developments in Global Cryptocurrency Regulation and Adoption

In Nigeria, the Securities and Exchange Commission (SEC) has introduced stringent guidelines mandating Virtual Asset Service Providers (VASPs) to establish local offices and appoint Nigerian-based leadership. This move aims to bolster regulatory supervision and support market development under the new "SEC Regulatory Incubation Guidelines." Concurrently, Nigeria's National Information Technology Development Agency (NITDA) plans to establish technology research centres focused on AI, IoT, and blockchain across the country, highlighting a proactive approach to fostering technological innovation.

In South Africa, the Financial Sector Conduct Authority (FSCA) is intensifying efforts with 63 new crypto license approvals amidst investigations into 30 unauthorised crypto firms. This reflects ongoing efforts to enforce regulatory compliance and safeguard investor interests in the rapidly expanding crypto market. Meanwhile, in Russia, discussions are underway to permanently legalise stablecoins for cross-border payments, aiming to mitigate the impact of international sanctions by leveraging the stability of these digital assets.

The Bahamas is set to enhance central bank digital currency (CBDC) adoption by providing access via commercial banks, anticipating significant adjustments to IT systems to accommodate the Sand Dollar. Meanwhile, South Korea's Financial Supervisory Service (FSS) is implementing a new monitoring system for crypto transactions to combat market manipulation and ensure compliance with the Virtual Asset User Protection Act. These global developments underscore the dynamic evolution and increasing integration of cryptocurrencies into mainstream financial systems worldwide.