Crypto World
Survelliance Money, or a Better Alternative to Cash?
The digital euro is one of Europe’s most contentious financial projects.
Supporters see it as a way to preserve the bloc’s monetary sovereignty, reduce its reliance on foreign payment providers, and ensure central bank money survives in an online economy dominated by USD stablecoins.
Critics, however, argue the digital euro could be a way for a supranational organization to surveil — and in certain circumstances, even control — the population of Europe.
The official view is that: “The digital euro will reduce Europe’s excessive dependence on non-European providers. It will ensure that Europeans can pay with their money — the sovereign money issued by their central bank — in the digital economy,” said Piero Cipollone, member of the executive board of the European Central Bank (ECB).
The alternative perspective is that the Central Bank Digital Currency (CBDC) may curtail the freedom of citizens to spend money how they wish.
“These are the 8 most dangerous words if you care about freedom: “The digital euro is here to protect Europeans,” said former Deutsche Bank managing director Pius Sprenger.
“This is how they will be able to control EVERY euro you spend. Goodbye money. The ECB will decide how much digital money you can have,” said José Vizner, a Spanish financial commentator.
So who’s right? The suited Brussels bureaucrats who seem to get a kick out of reading your private messages or the tinfoil hat adjacent cypherpunks who want to separate money and state?
What is the digital euro?
The digital euro is a proposed digital form of the euro that would be issued by the ECB, making it a digital form of central bank money, or CBDC.
The term “CBDC” tends to raise the hairs on the back of the necks of privacy-loving crypto folk, invoking 1984-style vibes of government overreach and surveillance.
President Donald Trump signed an executive order to ban CBDCs from the US in January, citing threats to the financial system, individual privacy and the country’s sovereignty. A ban until 2030 was formalized more recently in housing bill legislation. Despite this, the ECB says they’ll do just fine for Europe.
Related: US CBDC ban to go into effect without Trump signoff on housing bill
It argues the digital euro would give people living in the euro zone another way to make everyday transactions with central bank money as payments move increasingly online; and that it will complement, rather than replace, physical banknotes and coins.
Not everyone is sold on the benefits of the digital euro. Source: Pius the Banker
“The main reason for issuing a digital euro is to preserve the benefits of cash in the digital era,” Cipellone said in an interview on July 14.
That’s nice, except that one of the major benefits of banknotes that is they can be tracked, traced and frozen at will, as Vizner pointed out. “They promise privacy… but it’s money that’s trackable by design.”
Why does Europe want one?
The ECB obviously isn’t talking up the benefits of spying on everyday payments. Instead, officials argue that as cash use declines, Europe risks becoming more reliant on private or overseas-operated payment systems like Visa or Mastercard.
Some policymakers have expressed concern that the continent lacks control over its critical payment infrastructure, with ECB President Christine Lagarde saying in 2025:
“The entire infrastructure mechanism that allows for payment, credit and debit, is not a European solution… We need to make sure there is a European offer, just in case.”
Consumer groups such as the European Consumer Organization (BEUC) have also highlighted potential benefits for users.
Deputy head of communications, Andrew Canning, told Cointelegraph that the digital euro could provide consumers with a “secure and inclusive” payment option that complements existing solutions, particularly for people who face barriers accessing digital payments.
Related: South Korea eyes September launch for second phase of CBDC pilot: Report
Yet critics argue that the digital euro would give governments and central banks control over how citizens can spend money.
These fears are not theoretical, even in Western democracies. During Canada’s 2022 Freedom Convoy protests, authorities ordered banks, crowdfunding platforms and other financial institutions to freeze accounts linked to the blockades.
Why do we need a digital euro? Source: ECB
Efrat Fenigson, a tech entrepreneur and privacy advocate, said that the digital euro could become “the infrastructure for programmable money, programmable identity and programmable behavior,” warning that “freedom doesn’t disappear overnight. It disappears one permission at a time.”
Patrick Schueffel, a professor of banking and finance at the Fribourg School of Management, also warned that CBDCs could significantly expand governments’ ability to monitor financial activity.
Are there safeguards?
The EU’s own privacy watchdogs have said the project needs strong safeguards, with both the Data Protection Supervisor (EDPS) and the European Data Protection Board (EDPB) saying a high level of privacy and data protection is essential for the digital euro to gain public trust.
The ECB’s digital euro privacy materials assure skeptics that offline payments will exist to enable ‘cash-like’ privacy and insist that the bank will not see personal transaction data.
Canning told Cointelegraph that the BEUC is “currently happy” with the proposal and that “we trust that consumer safeguards are protected in the final negotiations between EU lawmakers.”
However, the ECB’s arguments may not be enough to persuade the doubters.
How does the digital euro work?
Unlike privately issued stablecoins like Tether or USDC, which are denominated in US dollars, the digital euro would be denominated in euros and issued by the central bank. Consumers would still access it through their regular bank or payment provider.
Unlike physical cash, which people hold directly in their wallets, the digital euro would be accessed through electronic wallets and used to make payments in stores, online, or from wallet to wallet.
The underlying money would remain a liability of the ECB rather than a commercial bank, which supporters say would give it the same public backing as cash rather than being a claim on a commercial bank’s deposits.
Related: Bank of England governor denies Farage lobbying swayed CBDC policy: Report
Unusual bedfellows: Crypto and the banks
Crypto and privacy advocates have an unusual ally in the fight against the digital euro, as parts of the banking industry isn’t too keen on it either.
They worry a shift to central bank digital euros would reduce bank deposits, forcing them to rethink loans to businesses and consumers.
Lorenzo Bini Smaghi, an Italian economist and banker who served on the executive board of the ECB from 2005 to 2011, said, “There is a high risk of financial instability, with strong repercussions for the real economy.”
The ECB argues that the design choices have been taken to “minimize any potential risks” to the banking sector. Users would be limited to holding a small amount of digital euros in their wallets at any time to “prevent excessive outflows of bank deposits,” and “as with cash in your wallet, no interest would be paid on digital euro holdings.”
Estimated bank deposit outflows by holding limits. Source: ECB
How much will it cost?
The cost of implementing a digital euro has become a bone of contention among critics, as the ECB estimates that it will run to around 1.3 billion euros (approximately $1.5 billion) in investment, with ongoing operating costs of around €320 million ($370 million) annually.
Commercial banks and other payment providers face steep costs integrating the digital euro into their services. The ECB expects implementation costs for the banking sector of between $4.6 billion and $6.9 billion.
When is it coming?
After years of discussions, lawmakers across the European Parliament, EU member states and the European Commission have begun negotiations on the final legislation for the digital euro, and aim to reach an agreement within the next six months.
Cipollone said in an interview on July 13:
“We hope the text will be finalized by the end of the year, at which point we’ll be in a position to take a decision on the future issuance of the digital euro.”
The road to a digital euro. Source: Cointelegraph
If that legislation goes through, the next move will be up to the ECB’s Governing Council, which will decide whether to launch the digital euro sometime in 2027. Europeans are unlikely to encounter it in their everyday lives before 2029, if it is approved at all.
Has this been tried before?
More than 100 countries started exploring CBDCs a few years ago, with most abandoning the idea or shifting to a wholesale model, rather than a retail currency. The few CBDCs in production have not been widely adopted.
China began piloting its digital yuan, or e-CNY, in 2019, later rolling it out across the country. Even though it has processed trillions of yuan in transactions, most Chinese consumers still prefer using familiar payment apps such as Alipay and WeChat Pay.
The Bahamas Sand Dollar project. Source: IMF
The Bahamas became the first country to roll out a nationwide retail CBDC when it launched the Sand Dollar in 2020. While the project was intended to improve financial inclusion, adoption was slower than many hoped, prompting authorities to push for wider distribution through commercial banks.
Elsewhere, Nigeria’s eNaira also struggled to gain traction after its 2021 launch despite strong government support, and Brazil’s central bank shut down its Drex CBDC platform in 2025, citing cost and privacy concerns.
As the Bank for International Settlements concluded in 2023, “a retail CBDC is a complex undertaking, and not only for the central banks.”
Magazine: The British Virgin Islands are a top crypto hub no one ever talks about. Here’s why
Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.
Ether is becoming increasingly attractive from a valuation standpoint, particularly relative to Bitcoin, but onchain data suggests the market has yet to reach a definitive cycle bottom, according to CryptoQuant.
In its latest weekly report, the analytics company said Ether (ETH) is trading roughly 17% below its realized price, or the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms.
Ether is also showing signs of improving relative to Bitcoin (BTC). CryptoQuant said that ETH’s market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund (ETF) holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.
CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuant
Even so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the extremes that have marked previous cycle lows, suggesting Ethereum’s bottom may still be forming.
The report comes as Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act. At the same time, some market analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, a shift that could further support Ether if risk appetite broadens.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin. Source: CryptoQuant
Related: Grayscale plans regular cash payouts from ETH, SOL staking rewards
Ethereum supply tightens as exchange outflows and staking climb
Ethereum has shown several constructive onchain signals over the past month. During the week beginning June 29, withdrawal activity on Binance, the world’s largest crypto exchange by trading volume, climbed to its highest level in more than three years.
Analysts generally interpret sustained exchange outflows as a sign that investors are moving assets into self-custody or staking rather than keeping them on exchanges for potential sale, although such flows do not guarantee accumulation.
Meanwhile, a record 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards. As Cointelegraph previously reported, higher staking participation reduces the amount of ETH readily available for trading, potentially easing short-term selling pressure if demand remains resilient.
Tom Lee’s Bitmine Immersion Technologies, the biggest corporate ETH holder, continues to accumulate Ether, boosting its holdings by 325,000 ETH over a one-month period, despite sitting on large unrealized losses. It has set a target to hold 5% of the second-biggest crypto.
Related: Will the US get CLARITY this week? Bitcoin’s new $80K target: Hodler’s Digest, July 19
A hacker reportedly took over Robinhood CEO Vlad Tenev’s X account to promote a fake “VLAD” memecoin, posting what appeared to be a malicious token contract address.
Cathie Wood’s ARK Invest has purchased 220,012 Circle Internet Group shares worth about $13.9 million as CRCL stock has fallen below $64 and every major daily moving average.
Summary
- ARK Invest purchased 220,012 Circle shares worth about $13.9 million during CRCL’s decline.
- CLARITY Act progress could improve regulatory certainty for Circle and other digital-asset companies.
- CRCL remains below major moving averages despite an improving daily MACD signal.
According to ARK Invest’s trading disclosure, the firm divided the purchase among three actively managed exchange-traded funds. The ARK Innovation ETF acquired 159,517 shares, while the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF added 42,400 and 18,095 shares, respectively.
The transaction extended ARK’s buying during a steep decline in Circle’s market value. CRCL traded at $63.38 on July 23 after falling 4.20%, with the session producing a high of $65.41 and a low of $61.49, according to the daily TradingView chart.
Circle’s stock has struggled as weaker sentiment toward crypto-linked companies has reduced investors’ willingness to hold volatile digital-asset equities. Circle operates USDC, a dollar-backed stablecoin used across exchanges, payment services and decentralized finance applications.
Wood’s purchase suggests ARK remains willing to increase its exposure during the decline, although the investment manager has not guaranteed that CRCL has reached a bottom. ARK describes its investment approach as focused on companies tied to disruptive technologies and long-term growth, a strategy that can leave its funds exposed to sharp price swings.
Earlier this week, ARK used a similar approach with another high-volatility holding. As reported by crypto.news, four ARK funds purchased 170,634 SpaceX shares worth about $20.45 million while the stock traded below its $135 initial public offering price.
SpaceX then climbed 7.10% to $128.37, handing ARK an early unrealized profit on the new position, according to the crypto.news report. Although SpaceX and Circle operate in different industries, the transactions show ARK adding to selected companies after large declines rather than waiting for their charts to confirm a recovery.
CLARITY Act progress offers Circle a regulatory catalyst
Circle’s outlook has also become tied to negotiations over the Digital Asset Market Clarity Act, which could establish federal rules for digital-asset markets and divide regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Senator Cynthia Lummis released an updated version of the legislation on July 22, combining texts advanced by the Senate Banking and Agriculture committees. In her announcement, Lummis described the coming weeks as a critical window for reaching an agreement that could allow the bill to become law.
Senate Banking Committee Chairman Tim Scott and Senate Agriculture Committee Chairman John Boozman have backed the revised framework. According to Lummis’ official release, Boozman argued that the proposal would give consumers, companies and markets clearer rules while adding safeguards for digital-asset activity.
For Circle, passage could reduce uncertainty surrounding businesses that issue stablecoins or provide related financial services. Such an outcome may make it easier for institutions to assess USDC-based products, but the proposal still requires enough Senate support and final approval before its provisions can take effect.
The latest draft faces political obstacles despite Republican support. Some Democrats have reportedly objected to the proposal’s treatment of crypto-related conflicts involving government officials, an issue that could complicate efforts to secure the 60 votes generally needed to advance legislation in the Senate.
CRCL remains bearish despite improving MACD momentum
CRCL’s daily chart shows that sellers still control the main trend even though one momentum indicator has started to improve. At $63.38, the stock sits below its 20-day simple moving average at $65.68, while the 50-day average is much higher at $84.24.
Longer-term resistance remains even further away. The chart places the 100-day moving average at $95.02 and the 200-day average at $92.14, leaving CRCL below all four trend indicators after a decline from its May peak near $140.
A recent rebound reached the $70–$72 region but failed to hold, according to the chart. Buyers would first need to recover the 20-day average at $65.68 before challenging that recent rejection zone. A daily close above $72 would provide stronger evidence that demand is returning, while the 50-day average at $84.24 would remain the next major obstacle.
On the downside, the July 23 intraday low places immediate support near $61.50. The chart also shows a demand area between $58 and $60, where buyers previously interrupted the decline. A sustained move below $58 would extend the sequence of lower lows and leave CRCL vulnerable to another leg down.
Momentum has offered one early sign of relief. The daily moving average convergence divergence line has risen to minus 4.74, above its signal line at minus 6.10, while the histogram has turned positive at 1.36.
Because both MACD lines remain below zero, the chart indicates that selling momentum has eased without confirming a trend reversal. Until CRCL recovers $65.68 and then $70–$72, ARK’s latest purchase remains a bet against an established downtrend rather than confirmation that Circle stock has formed a durable bottom.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Bitcoin is stuck near $65,000, and trader Wise Crypto thinks AI spending is a big part of why.
The OG crypto poked above $66,000 earlier this week before losing steam, and the pattern points to money chasing AI stocks instead of crypto while inflation and bond yields keep pressure on risk assets.
Where the Money Is Actually Going
Wise Crypto laid out the case on X Thursday, noting that while spot Bitcoin ETFs have had seven consecutive days of inflows that have raked in just under $1 billion, the number was a small one next to the $6.9 billion that left those same funds in May and June.
Meanwhile, Big Tech is spending somewhere between $190 billion and $205 billion on AI infrastructure this year, with Nvidia’s data center revenue up 92% year over year, and AI-linked stocks have climbed roughly 69% since January. Bitcoin, over that same stretch, is down about 25%.
“Capital is flowing to AI, not crypto,” Wise Crypto wrote, pointing to two-year Treasury yields near 4.3% and ten-year yields near 4.6% as the forces keeping the dollar strong and investors cautious on risk assets.
The price data backs up the stall, as BTC was trading around $65,400 at the time of writing, down 0.6% on the day, after swinging between about $65,300 and $66,300 in the last 24 hours and between $62,500 and $66,900 over the past week. It is still up close to 5% across 30 days but sits roughly 45% below its all-time-high near $126,000 from last October.
“BTC needs lower inflation, falling yields & stronger demand to break $60K-$70K range,” claimed Wise Crypto.
Another market watcher, Ted Pillows, writing in his Thursday market report, pointed to Brent crude being near $94 a barrel after another round of US-Iran strikes, along with a ten-year TIPS real yield of about 2.31%, a post-pandemic high, as the direct drag on non-yielding assets like Bitcoin right now.
“I’d rather watch $64,000 get defended than chase a run back toward $66,500,” he said.
The Technical Levels Traders Are Watching
Michaël van de Poppe has said Bitcoin has already reached its target area, and that holding above the 21-day moving average keeps the door open for near-term gains, with $68,000 marking the next resistance zone and a break above it potentially opening a run to $73,000.
Fellow analyst Axel Adler noted that ETFs have taken in $439 million so far this week, while the so-called Coinbase discount, running for 78 days now, has started to narrow.
Further out, EGRAG CRYPTO flagged a developing double bottom pattern that would need a weekly close above $83,000 to gain traction, with $173,000 the eventual target if the setup plays out, though a weekly close below roughly $51,000 would invalidate it.
A similar reaction zone between $67,900 and $68,300 was pointed to by Bitfinex analysts, who also noted that short-term holders who bought in that range tend to sell once they recover their original positions, a pattern that has capped rallies before and could do so again if $68,000 comes back into play.
The post Analyst: Bitcoin Stuck Near $65K Because Capital Is Flowing to AI appeared first on CryptoPotato.
Crypto World
Tassat wants to help smaller banks tap the stablecoin boom before big banks lock them out
The announcement comes as stablecoins move further into mainstream finance following the passage of the GENIUS Act. Wall Street firms and banks are expanding stablecoin initiatives, while Citi projects the market could reach roughly $4 trillion by 2030.
At that scale, Sussman said, concentrating reserves among a few institutions could create liquidity and deposit risks.
“If you assume stablecoins scale to $5 trillion or $10 trillion, then there has to be something that helps the market reach equilibrium,” Sussman said. “It can’t just live in a really small circle because that will compound the risk on both sides.”
The platform itself will not run on a blockchain, though Tassat plans to connect it with tokenized asset and deposit networks. Sussman said that approach lowers the technical burden for smaller banks.
“There is a real risk that vast swaths of the U.S. banking ecosystem get left out in the cold,” he said. “I don’t think that’s healthy politically for the United States. I don’t think it’s healthy economically.”
Goldman Sachs CEO David Solomon has voiced support for a US Senate bill intended to reshape crypto market structure, arguing that the proposed Digital Asset Market Clarity (CLARITY) Act is “not perfect” but could help create a more consistent framework for participants.
According to a Thursday report by Politico, Solomon framed the legislation as necessary to establish a “level playing field” that could improve market stability as digital asset markets continue to develop.
Key takeaways
- David Solomon says the CLARITY Act is “not perfect,” but supports it for creating a more “level playing field” to bolster stability.
- Many industry leaders oppose the bill’s approach, including concerns that it would allow certain crypto firms to pay yield related to stablecoins outside existing financial-institution rules.
- Republicans released the CLARITY Act text ahead of a potential Senate vote, but Senate leaders had not scheduled timing as of Thursday.
- Democrats and critics highlighted ethics provisions, with objections centered on enforcement and accountability mechanisms.
- The bill likely requires additional Democratic votes to reach the Senate’s 60-vote threshold.
Solomon’s “level playing field” argument
In comments reported by Politico, Solomon emphasized that legislation is rarely flawless, but maintained that CLARITY’s central purpose is to normalize how digital asset markets operate—at least relative to how traditional finance is regulated.
His view stands in contrast to broader skepticism within parts of traditional banking circles, where executives have questioned whether CLARITY expands regulatory permission in ways that could weaken investor and depositor protections.
Politico’s report also notes that Solomon’s endorsement is relatively uncommon among leaders at major financial institutions considering the bill.
Banking concerns over stablecoin yield permissions
A key point of contention involves whether crypto firms would be allowed to offer interest or yield on stablecoins under rules that critics say do not map cleanly to the protections expected of regulated financial institutions.
Earlier coverage highlighted that many peers oppose the bill on these grounds, arguing that the proposal’s stablecoin yield approach does not provide the guardrails banks would be expected to meet. Cointelegraph previously reported on these concerns.
The contrast in views is also reflected in remarks from JPMorgan Chase chief Jamie Dimon. As reported in an interview conducted in May, Dimon said CLARITY would let crypto companies pay interest on stablecoins “without the protection that they should have,” arguing that banks would not accept a similar arrangement. The interview was shared on YouTube.
Democrats focus on ethics provisions and enforcement
Even as the CLARITY Act moves toward a possible Senate vote, Democratic lawmakers have signaled resistance—not only on technical market-structure issues, but also on ethics language attached to the bill.
As described in reporting from Cointelegraph and subsequent commentary, Democrats are concerned that the ethics provisions do not go far enough and that enforcement would be left to the US Department of Justice rather than state authorities. If Republicans are unable to secure enough support beyond their ranks, the bill could stall at the 60-vote threshold required to advance in the Senate.
Senator Elizabeth Warren, a leading Democratic critic, said in a statement released alongside the Wednesday publication of the bill text that she believes the legislation is designed to protect President Donald Trump’s crypto profits and that it fails to adequately safeguard investors, the financial system, and national security. The statement was posted by the Senate Banking Committee’s minority.
Cointelegraph earlier also reported on Democrats’ objections to the ethics language during the markup process, underscoring how these provisions have become a central political obstacle for CLARITY. Earlier coverage details the core Democratic concerns.
What happens next in the Senate
Republicans released the full CLARITY Act text on Wednesday, setting the stage for potential Senate action. However, as of Thursday, Senate leaders had not scheduled a vote, according to the Politico report.
With multiple factions still divided—particularly over stablecoin yield permissions and ethics/enforcement mechanics—the immediate question for investors and market operators is whether amendments can narrow the gap between competing priorities or whether the bill will face a larger momentum reversal.
Readers should watch for whether Senate leaders set a vote date soon and, more importantly, whether any compromise emerges that could attract enough Democratic support to meet the 60-vote threshold—since the bill’s advancement appears tightly linked to both ethics politics and the future regulatory treatment of stablecoin-related yield.
A television station broadcasts Kevin Warsh, chairman of the US Federal Reserve, speaking after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, June 17, 2026.
Michael Nagle | Bloomberg | Getty Images
Investors are increasingly preparing for the Federal Reserve to hike interest rates as oil prices climb.
Fed funds futures are pricing in a roughly 82% likelihood that the central bank lifts borrowing costs at its September policy meeting, according to CME’s FedWatch tool. A week ago, those odds sat below 53%.
The central bank is still broadly expected to keep rates unchanged at the current 3.50% to 3.75% at its gathering next week. But even then, there’s a growing minority planning for an increase: Fed funds futures trading indicates a nearly 38% probability of a quarter percentage point hike, up from less than 12% a week ago.
Brent, the global crude benchmark, hit $100 a barrel on Thursday for the first time since late May amid a new round of tit-for-tat attacks between the U.S. and Iran. The average price for a gallon of gasoline in the U.S. reached $4 per gallon this week — the highest in more than a month, according to AAA.
Thursday’s employment data bolstered the view that the Fed can focus more on inflation — which could accelerate as energy prices climb — than the health of the labor market.
Initial jobless claims dropped to 187,000 in the week ended July 18, the Labor Department reported. That was the fewest claims since 1969, when the U.S. population was 60% of what it is today.
“At the moment, the outlook for economic growth is showing some signs of overheating if today’s weekly jobless claims figures can be believed,” said Christopher S. Rupkey, chief economist at FWDBONDS. “But for how long is the question if energy prices continue to spiral upward.”
Rising expectations for a rate increase may be adding to the downward pressure on the stock market Thursday, according to Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. That’s on top of the breakout in oil prices and Treasury yields, and Alphabet‘s post-earnings swoon, he said.
The blue-chip Dow Jones Industrial Average tumbled more than 600 points in midday trading. The Nasdaq Composite — heavily weighted to technology stocks that can be sensitive to higher borrowing costs — shed nearly 3%.
“You really just have a perfect storm of headwinds right now,” Tentarelli said.
The Nasdaq Composite, 1-day
“We’ve got a Fed meeting in six days, and I think investors should not be in a hurry to buy anything,” he added. “There’s times where you can just sit it out and be patient.”
‘A readthrough’
Market participants looking for insights into the Fed’s outlook are closely monitoring the 2-year U.S. Treasury yield. The yield, which rose more than 6 basis points on Thursday, offers “a readthrough on what the Fed might do next,” said Ross Mayfield, an investment strategist at Baird.
U.S. 2-year Treasury, 1-month
While Mayfield said investors don’t need to worry about an interest rate move next week, September feels like a “live” meeting for the Fed.
Kalshi traders have similarly increased their bets of a September quarter point increase in recent days. Odds of such a move at that meeting rose to 48% midday on Thursday, up from about 30% a week ago.
To be sure, economists’ interest rate outlook through 2026 doesn’t signal an environment with tighter monetary policy.
The consensus forecast remains that the Fed won’t hike rates this year, according to FactSet. In 2027, economists anticipate the central bank will lower borrowing costs by half a percentage point.
— With additional reporting by CNBC’s Sean Conlon
Ripple has invested an undisclosed amount in Notabene to bring RLUSD payments to an institutional network processing more than $2 trillion in annualized transaction volume.
Summary
- Ripple invested in Notabene to integrate RLUSD into its institutional payment network.
- Notabene’s regulated infrastructure handles more than $2 trillion in annualized transaction volume.
- Ripple’s European licenses and U.S. policy push support its stablecoin payment expansion.
Notabene announced the strategic investment in a press release, adding that the two companies will work together to expand regulated stablecoin payments for businesses. Under the agreement, Notabene will integrate Ripple USD, commonly known as RLUSD, into Notabene Flow, its business-to-business stablecoin payment platform.
Once integrated, RLUSD could become available across one of the largest networks connecting regulated digital asset companies. Notabene described the collaboration as a route for institutions to use the stablecoin while meeting payment authorization and compliance requirements.
Alongside the RLUSD integration, Ripple and Notabene will examine how trusted payment authorization could support Ripple Payments. According to Notabene, its infrastructure gives regulated institutions the information needed to identify counterparties, understand payment purposes and approve transactions without adding unnecessary friction.
“The partnership is set to accelerate adoption of compliant stablecoin payments while creating a pathway for RLUSD to be integrated across one of the world’s largest institutional payment networks for digital assets,” Notabene stated.
Notabene gives RLUSD access to regulated payment counterparties
Notabene co-founder and CEO Pelle Braendgaard identified uncertainty over transaction details as a central problem for companies considering stablecoins. In his assessment, institutions need to know who is receiving a payment, why the transaction is taking place, and how it can be authorized within their existing controls.
Braendgaard argued that Notabene’s network provides those functions through connections with regulated institutions. Combined with Ripple’s payments business and RLUSD, he expects the infrastructure to help companies move stablecoin payment programs beyond limited trials.
“That is what Notabene and its network of regulated institutions solve. Paired with an enterprise-ready stablecoin like RLUSD and Ripple’s global payments reach, it turns compliant stablecoin payments from a pilot into a real growth engine that reaches more counterparties and moves more volume, faster,” Braendgaard said.
Ripple Senior Vice President of Stablecoin Jack McDonald also linked the investment to a long-standing barrier facing enterprise users. According to McDonald, Notabene supplies part of the compliant infrastructure that institutions require before moving money at an international scale.
“Together we’re helping build the compliant infrastructure institutions need to move value at global scale while expanding the utility of RLUSD.”
The agreement comes as Ripple builds regulated payment access for RLUSD in Europe. As crypto.news reported, Ripple Payments Europe appeared alongside 14 other companies in the European Securities and Markets Authority’s latest Markets in Crypto-Assets register update on July 18.
ESMA’s register lists Ripple Payments Europe SA as an authorized crypto asset service provider. According to the register, the approval enables Ripple’s European payments subsidiary to provide regulated crypto services across 29 European Union countries.
Ripple had previously secured authorization in Luxembourg under the MiCA framework. The company stated that the Luxembourg license allows its local subsidiary to provide services to financial institutions and businesses across the European Economic Area.
Paired with Ripple’s existing electronic money institution license in Luxembourg, the crypto asset service provider approval permits the company to offer crypto asset and stablecoin payment services. Ripple says banks, fintech firms and corporate clients can use a single integration to collect funds, exchange assets and make payments.
Regulatory progress supports Ripple’s institutional payment strategy
In the United States, Ripple is also pressing lawmakers to establish federal rules for crypto markets. Ripple CEO Brad Garlinghouse on July 22 backed Chief Legal Officer Stuart Alderoty’s call for Congress to pass the Digital Asset Market Clarity Act despite unresolved disputes surrounding the legislation.
Alderoty urged lawmakers not to abandon the bill while pursuing a perfect compromise. His appeal followed the release of updated legislative text and came as Congress moved closer to its August recess, while a group of Senate Democrats renewed resistance to the proposal.
Describing the CLARITY Act as a consumer protection measure, Alderoty argued that it would reinforce anti-money laundering and know-your-customer standards. He also maintained that the legislation would give law enforcement agencies and state authorities clearer powers to address misconduct.
Garlinghouse endorsed that assessment after Ripple had supported federal market structure legislation during the current negotiations. The company’s policy push accompanies rising institutional interest in stablecoin payments following the passage of the GENIUS Act.
RLUSD has also secured integrations beyond the planned Notabene Flow addition. Renewed interest in the stablecoin follows BNY Mellon’s plan to develop a 24-hour settlement system for the U.S. Treasury market, although the bank’s initiative remains separate from Ripple’s Notabene agreement.
Through the investment, Ripple gains a route into Notabene’s regulated network without acquiring the company or disclosing the size of its stake. Notabene, in turn, will add RLUSD to payment infrastructure already used by institutions handling more than $2 trillion in annualized transaction volume.
Convicted fraudster and Nigel Farage backer George Cottrell had $9 million deposited into his Polymarket account by two unknown sources.
That’s according to the Financial Times (FT), which reported that Cottrell’s Polymarket account — which has the username “GCottrell93” — received $8.8 million in October 2024.
It received $7 million across five different transactions from a wallet on crypto exchange OKX, and received another $1.83 million from a wallet on ChangeNOW.
These funds were used almost immediately to bet on whether or not Trump would win the US election. From here, the FT claims $13 million in winnings was sent to an OKX wallet while $282,000 was sent to ChangeNOW.
Cottrell was previously convicted of wire fraud in March 2017 after he was caught agreeing to launder drug trafficking proceeds.
For many years, Cottrell and his relationship with Farage had gone largely under the radar. However, this past year has seen him thrust into the limelight after Farage was discovered to have accepted, without declaring, a £5 million gift from multi-billionaire Tether investor Christopher Harborne.
Cottrell was also revealed to have funded staff, security, and housing for the Reform UK leader before his election in 2024.
None of this was declared, and has since been referred to the UK’s Parliamentary Commissioner for Standards.
Read more: Nigel Farage aide George Cottrell bets US war will last four more months
Cottrell has continued to bet on Polymarket throughout the year. Protos reported in March 2026 that he bet $41,000 that the US war with Iran would last another four months.
One of his larger bets currently involves $71,000 on whether or not Vice President JD Vance will win the Republican nomination for president in 2028.
In addition to the FT’s report, Byline Times also revealed today that Cottrell has in the past used a fraudulent Swiss passport, under the name of “Oscar Drewitt.”
This fraudulent identity was reportedly known by Reform UK’s former Treasurer, Mehrtash A’zami, who hired Cottrell into a City financial network while using this Swiss alias.
Byline Times also discovered that a fellow gambler called Hon Kong Yong introduced Cottrell to this network under the false alias, and that Yong and A’zami have companies registered under the same Montenegro Tivet office, which Harborne and two other former Reform UK officials were linked to.
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Ethereum has climbed by 16% over the past month and is now showing a technical setup that has historically been followed by strong price recoveries, according to crypto analyst Ali Martinez.
He found that ETH’s MVRV ratio is nearing a bullish crossover above its 160-day simple moving average (SMA).
Recovery Hints
The MVRV Momentum measures the relationship between aggregate holder profitability and its medium-term trend line. Martinez explained that when the daily MVRV ratio moves back above the 160-day SMA, it indicates a shift out of capitulation and the beginning of a fresh accumulation phase. Interestingly, this is the first time the setup has emerged in 2026.
Over the past three years, crossovers above this level have consistently marked the end of distribution periods and preceded major rebounds in ETH’s price.
At the same time, large investors continue adding to their holdings. According to Lookonchain, an anonymous whale purchased 27,000 ETH worth $52.03 million through Galaxy Digital’s over-the-counter (OTC) desk after remaining inactive for three months.
Additionally, BSCN reported that BitMEX co-founder Arthur Hayes acquired another 644.34 ETH worth roughly $1.25 million, increasing his total purchases over the past eight days to 3,270 ETH. This follows his earlier $2.53 million ETH buy and comes alongside several other multi-million-dollar Ethereum purchases and staking activity reported earlier this week.
Prediction markets are also leaning bullish. In fact, Whale Insiders said Kalshi traders are forecasting ETH could climb as high as $3,210 this year.
Separate data also showed that investors withdrew around 1 million ETH, worth nearly $2 billion, from centralized exchanges over the past 30 days, which pushed exchange balances to their lowest level in a decade. Declining exchange reserves typically reduce selling pressure and support a bullish outlook.
On the institutional front, spot Ethereum ETFs have recorded consistent net inflows this month, raking in over $380 million during this period.
Alternative Outlook
Not all analysts share the same near-term outlook. Crypto analyst Nonzee, for one, argued that the crypto asset could still see one more rally before a deeper correction. He expects it to test $2,000, with a possible move to $2,200 if Bitcoin climbs to $70,000. However, he believes those levels would mark a bull trap rather than the start of a meaningful breakout.
According to the roadmap, Ethereum could spend seven to ten days in a distribution phase before falling into a final bottom zone between $1,300 and $900, which he considers the ideal accumulation range. Despite his bearish short-term outlook, Nonzee maintained a long-term price target of $7,000 for ETH.
The post Ethereum’s Next Leg Higher? Historic Indicator and Whale Activity Align appeared first on CryptoPotato.
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