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Cryptocurrency neobank Revolut has announced that its decision to end trading support for Tether (USDT) will only apply to customers in the European Economic Area (EEA) and Switzerland, with services in other regions remaining unchanged. According to Cointelegraph, Revolut stated that the move reflects a review of its crypto services and risks under the European Union's Markets in Crypto-Assets (MiCA) regulation. The company explained that it regularly assesses its crypto offerings to adapt to the evolving regulatory environment under MiCA, which led to the decision to discontinue USDT support for EEA customers. Revolut had previously notified some European customers that it planned to delist USDT from its platform by Aug. 31.

Bitcoin is facing strong downward pressure from several factors, according to a CryptoPotato analysis. These include: - Renewed geopolitical tensions between the U.S. and Iran - U.S. Federal Reserve discussions on freezing or raising interest rates - A series of sell-offs by Strategy - Outflows from spot Bitcoin ETFs - The Coinbase Premium Index experiencing its longest-ever negative streak The outlet added that although BTC rebounded by about $5,000 after hitting a low of around $58,000 on July 1, significant upward moves have been repeatedly rejected, keeping the asset under pressure.

On-chain analyst Darkfost has noted that investors were sharply divided in their response to Ethereum's recent plunge to around $1,500. He explained that as fear spread due to U.S.-Iran tensions and the possibility of U.S. Federal Reserve rate hikes this year, the number of ETH deposit addresses on Binance surged to a three-year high. At the peak of the panic, approximately 100,000 unique addresses sent ETH to the exchange, a move that typically signals growing spot selling pressure. However, Darkfost pointed out that ETH withdrawals from Binance also increased during the same period. He suggested that while some investors were panic selling, others viewed the dip as an opportunity to accumulate ETH. The simultaneous rise in both exchange deposits and withdrawals indicates a significant divergence in how market participants view the market, the analyst concluded.

The native token of crypto wallet app Cypher, CYPR, has plummeted 88% in one day following the app's acquisition by global payment infrastructure firm Nium, according to crypto card expert Nikita (@0xVishnya) on X. Nikita noted that the Cypher ecosystem will be phased out by Sept. 6, but there will be no compensation or buyback for CYPR holders. Locked tokens will remain locked under their original conditions. The founder and team are moving to Nium, with the founder set to become the vice president of crypto. While CYPR holders have called the move a scam, the Cypher team maintains it is an acquisition, Nikita added.

The cryptocurrency industry is preparing to transition its blockchain networks to post-quantum cryptography amid forecasts that quantum computers could advance faster than expected, Reuters reported. Google predicted in March that quantum computers could potentially break current encryption standards by 2029. Citigroup has also analyzed that the development of quantum computing and AI could make cryptocurrencies vulnerable to hacking sooner than anticipated. Reuters noted that while the industry is concerned about the burdens of an early transition, organizations like the Ethereum Foundation and the Algorand Foundation have already announced roadmaps to support post-quantum systems.

Interpol announced it has arrested two people in Thailand for allegedly laundering the proceeds of romance scams with cryptocurrency. One of the suspects, a 20-year-old, is accused of laundering over $122.5 million through a single wallet over a 10-month period. According to Decrypt, the arrests were part of a coordinated crackdown across 97 countries from January to the end of April, which resulted in 5,811 arrests and the seizure of $293 million in illicit assets.

Anthony Scaramucci, founder of SkyBridge Capital, said that Bitcoin has reached a stage where it no longer needs promotion and that investors should stop trying to find reasons for its price fluctuations in the news. According to U.Today, he emphasized that BTC is already at a point where it does not require a narrative, calling it the most important invention in modern history. Scaramucci added that attempting to connect every short-term price movement to news events is meaningless. He attributed the recent price correction not to deteriorating fundamentals, but to large-scale liquidations of leveraged positions and selling by miners to cover their operating costs.

South Korean crypto exchange Bithumb announced it will temporarily suspend deposits and withdrawals for Cronos (CRO) at 3:00 a.m. UTC on July 14 to support the Cronos network upgrade.

South Korea's upcoming cryptocurrency tax, scheduled to take effect next year, has unclear standards that could lead to confusion and disputes between investors and authorities, the Seoul Shinmun reported. The report cites an analysis by the country's National Assembly Research Service (NARS), which identified several contentious areas, including the tax treatment of staking rewards and airdrops, loss handling, overseas exchange usage, and the securing of tax data. NARS pointed out that the biggest issue involves crypto received as rewards or for free, such as through airdrops. The legislative body noted that the lack of specific tax standards for these new acquisition methods could lead to legal challenges and called for more detailed criteria. The analysis also highlighted that the current rules do not allow for loss carryforward deductions, a point expected to be a source of conflict. Additionally, NARS anticipates issues for users of overseas exchanges, such as the possibility of double taxation and difficulties for tax authorities in obtaining necessary data.

Declining Bitcoin and Ethereum balances on exchanges can no longer be viewed solely as a bullish signal, CoinDesk reported. Exchange balances for BTC and ETH are at their lowest levels since 2017 and 2015, respectively. While a drop in exchange supply has traditionally been seen as a bullish indicator of reduced selling pressure, the metric's reliability has diminished. This shift is attributed to the growth of institutional custody services and the movement of funds into spot ETFs, staking, and DeFi. GoMining CEO Mark Zalan commented that while bull markets have historically followed sustained decreases in exchange supply, it is impossible to predict the exact timing of a trend reversal based on this data alone.

South Korea's Personal Information Protection Commission (PIPC) has established its first guidelines on handling personal information for blockchain-based services, Yonhap News reported. The need for the guidelines reportedly arose during the commission's recent review of a case involving the South Korean crypto exchange Bithumb's violation of rules on transferring personal data abroad. The PIPC advised against recording personally identifiable information, such as resident registration numbers, on-chain. It also stated that off-chain personal data corresponding to on-chain information must be protected through security measures like encryption. This is because combining on-chain and off-chain data could potentially allow for the tracking of transaction histories, even if on-chain data alone is not identifiable. Lee Jae-hyung, Director of the Investigation and Coordination Bureau at the PIPC, said that if random numbers used in the digital signature process are repeated, attackers could analyze patterns in the output to deduce and steal private keys. He stressed the importance of not reusing these random numbers, noting that such cases have occurred in the past.

According to Coinglass data, if BTC falls below $61,445, an estimated $754.29 million in long positions on major centralized exchanges (CEX) will be liquidated. Conversely, if the price surpasses $63,417, a total of $323.94 million in short positions will be liquidated.

According to a CryptoQuant post by analyst Amr Taha, the Ethereum (ETH) market displayed contrasting trends on July 6. While Binance derivatives saw a massive leverage liquidation, spot trading on OKX surged. Taha noted that on that day, the 30-day change in Binance's ETH open interest (OI) fell by 594,000 ETH, marking its largest decrease since August 2024. Conversely, OKX's ETH spot trading volume climbed to $2.09 billion, its highest level since Feb. 5 and a 49% increase from the approximately $1.4 billion recorded on that date. Taha explained that while the drop in OI could indicate forced liquidations or a reduction in speculative leverage, the simultaneous surge in spot volume suggests that ETH's price is currently being driven more by spot buying pressure than by the derivatives market.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has announced the initial launch of its proprietary blockchain-based ledger, initiating a pilot program for 24-hour cross-border payments using deposit tokens with 17 global banks. The participating banks include ANZ, BNP Paribas, BNY, Citi, HSBC, Lloyds Bank, Standard Chartered, UBS, UOB, and Wells Fargo. The project was developed over nine months, incorporating feedback from international financial institutions following its announcement last year.

Prediction market Polymarket has officially launched a perpetual futures feature for select users. The platform now offers perpetuals with up to 20x leverage on 10 assets: BTC, ETH, SOL, HYPE, gold, silver, the S&P 500, the Nasdaq 100, WTI oil, and SPCX. The feature is currently available for early access to users with an invitation code.

Bybit has announced it will delist seven spot trading pairs following a regular review. The affected pairs are ARTY/USDT, CTA/USDT, GTAI/USDT, LBTC/USDT, MBOX/USDT, NAKA/USDT, and U/USDT. Spot trading for these pairs will cease at 8:00 a.m. UTC on July 16, after which all open orders will be automatically canceled.

OSL EU, the European Union subsidiary of Hong Kong's OSL Group, announced it has secured a license under the Markets in Crypto-Assets (MiCA) regulation from Austria's Financial Market Authority (FMA). This approval enables OSL to offer cryptocurrency services throughout the 30 countries of the European Economic Area (EEA).

Whale Alert reported that 1,000 million USDT has been minted at the Tether Treasury.

Robinhood Chain's 24-hour decentralized exchange (DEX) trading volume has reached $562.74 million, representing approximately 31% of Solana's (SOL) spot DEX volume of $1.828 billion over the same period. Dune analyst adam_tehc noted on X that Robinhood Chain's volume, driven almost entirely by memecoins, is approaching one-third of Solana's.

Ran Neuner, host of CNBC's CryptoTrader, stated on X that users are the biggest beneficiaries as competition intensifies among cryptocurrency exchanges in Europe. He noted that following Binance's failure to secure a license under the European Union's Markets in Crypto-Assets (MiCA) regulation, other exchanges are moving aggressively to capture market share. While exact performance figures are not public, Neuner pointed to rankings in the European App Store's finance category, where Kraken has fallen one spot, while Bybit EU has climbed 23 places, Coinbase 26, and OKX 103. He added that exchanges are using deposit bonuses as a key incentive to attract users, concluding that such competition is beneficial for the market. The EU fully implemented its MiCA framework on July 1, ending a temporary grace period for operations.

Asia is ceding its leadership in the burgeoning prediction market to the West due to delays in regulatory discussions, according to a report by Asian Web3 research and consulting firm Tiger Research. The firm noted that while the prediction market has grown into a mainstream industry with $14 billion in monthly trading volume, Asia's passive approach is resulting in capital outflow, a loss of information sovereignty, and a lack of user protection as Western countries move to bring the sector into their regulatory folds. Tiger Research pointed to Meta's "Arena" project as evidence that major tech companies are taking notice of the sector. The report described prediction markets as having a simple structure where contracts settle at $1 if an event occurs and $0 if it does not, with trading prices functioning as real-time probabilities. Because participants risk losses for incorrect predictions, a level of trust is established in the information they provide. The challenge for Asia is not to ban these markets but to find ways to responsibly utilize data within a regulatory framework, the firm argued, adding that avoiding the discussion itself is tantamount to surrendering leadership.

According to CoinNess market monitoring, BTC has risen above $63,000. BTC is trading at $63,000 on the Binance USDT market.

Asset management firm Grayscale has summarized the core narratives for eight major cryptocurrencies on X. The firm categorized them as follows: - Bitcoin (BTC): Digital currency - Ethereum (ETH): World computer - Ripple (XRP): Global payments - Solana (SOL): High-performance blockchain - Hyperliquid (HYPE): 24-hour on-chain trading - Chainlink (LINK): Tokenization and oracles - Sui (SUI): Next-generation infrastructure - Avalanche (AVAX): Mass customization

The following is an order book analysis chart for the BTC/USDT spot pair, showing the Volume Heatmap on top and the Cumulative Volume Delta (CVD) below. - The top Volume Heatmap tracks the volume of trades at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences significant movement. Brighter areas may indicate potential support and resistance levels. - The bottom CVD indicator shows buy and sell orders categorized by trade size. The corresponding colored line rises as buy orders increase. The yellow line represents orders between $100 and $1,000, while the brown line indicates large orders ranging from $1 million to $10 million.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 50.3% long, 49.7% short - Binance: 49.58% long, 50.42% short - OKX: 49.75% long, 50.25% short - Bybit: 50.36% long, 49.64% short