PayPal Pitches its Stablecoin Tent, Hacks Keep Crypto on its Toes

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PayPal's Stablecoin Launch

PayPal's launch of its regulated stablecoin, PYUSD, is considered a significant moment in the crypto space. Unlike other stablecoins, PYUSD is overseen by a regulator and offers asset protection against bankruptcy. However, the launch has also sparked concerns about decentralization and the potential for scams, with over 66 fake PYUSD tokens identified on various blockchains. Despite these concerns, the launch is seen as a significant innovation and could lead to more US fintech and payment companies exploring digital currencies. Huobi, a cryptocurrency exchange, has announced plans to list PYUSD soon.

Cyber Attacks on Crypto Exchanges

Cybersecurity remains a significant concern in the crypto space, with several exchanges experiencing attacks. Solana-based decentralized exchange Cypher experienced a security incident, resulting in a loss of $400,000 in cryptocurrency. The protocol's contracts have been frozen while contributors attempt to negotiate with the hackers for the return of funds. Similarly, DeFi app Steadefi has been exploited in an ongoing attack, resulting in a loss of at least $334,000. The app's development team has warned that all funds are currently at risk.

Bitcoin's Price Movement and Future Predictions

Bitcoin's price movement has been a topic of discussion recently, with the cryptocurrency experiencing a dip below $28,700 due to "endless spot selling". However, some traders believe that bears are in control but may be getting exhausted. The upcoming U.S. July Consumer Price Index report could be a bullish catalyst if it shows continued inflation trends. However, the lack of movement in recent months and the need for a big change in the regulatory environment are seen as potential hindrances to Bitcoin's price growth.

Regulatory Developments in the Crypto Space

Regulatory developments in the crypto space continue to make headlines. Some argue that Congress, not the SEC, should set digital asset policy in the United States, as the SEC's actions are seen as hindering the growth of the blockchain industry. Meanwhile, Cathie Wood, CEO of ARK Invest, expects another delay for the proposed spot bitcoin ETF. She believes that if the SEC approves a bitcoin ETF, it will approve multiple at once. On the other hand, Rep. Patrick T. McHenry is pushing for legislation to regulate stablecoins following PayPal's announcement of its own stablecoin.

Crypto Adoption and Expansion

Crypto adoption and expansion continue to be a focus in the industry. Huobi, a cryptocurrency exchange, received a large deposit of $200 million USDT and $9 million worth of Ether from a whale, increasing its holdings. Meanwhile, Worldcoin has only 10 wallets that control 98.63% of its total supply of 10 billion WLD tokens. Reddit's community tokens Moons and Bricks experienced a significant surge in value after being listed on Kraken, one of the largest centralized crypto exchanges. The UAE has partnered with Industrial Innovation Group and Venom Foundation to develop a carbon credit system on the Venom Foundation blockchain. Bitstamp, one of the world's oldest cryptocurrency exchanges, is trying to scale its operations with new fundraising advised by Galaxy Digital.

As always, stay tuned for more updates in crypto!