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Losses from the exploit of Cardano (ADA) ecosystem wallet SecondFi, formerly Yoroi, could exceed $20 million, according to Cos, founder of blockchain security firm SlowMist. In a post on X, Cos noted that an address believed to belong to the hacker has stolen approximately 129 million ADA and other cryptocurrencies. This estimate significantly surpasses the $2.4 million in damages that SecondFi officially reported 13 hours ago following the vulnerability attack. The project has not yet released any further updates on the hacker's movements or plans for user compensation.

Kristin Smith, CEO of the Solana Policy Institute, has urged for the passage of a U.S. bill (H.R. 9175) that would defer taxation on cryptocurrency mining and staking rewards until they are sold. Writing on X, she stated that after the Genius Act and the Clarity Act, tax clarity is now needed. Smith argued that under the current system, rewards from mining or staking can be taxed immediately upon receipt, but the proposed bill would allow the option to defer taxation until the point of sale. She contended that since the rewards are newly created tokens and not cash, taxing them before they are sold creates the burden of paying taxes without any realized income. Regarding an amendment by Representative Steven Horsford that would limit the tax deferral period to five years, Smith described it as a provision that would force taxation regardless of whether the assets are actually sold. She added that the Joint Committee on Taxation (JCT) also assessed that the five-year cap would have a negligible effect on tax revenue while creating a substantial burden for taxpayers and the Internal Revenue Service (IRS).

Bitcoin is reacting negatively to the strong U.S. dollar, but a market bottom is not far off, according to an analysis by 10x Research posted on X. Markus Thielen, an analyst at the firm, explained that the global liquidity (M2) indicator, which the crypto community has used as a basis for bullish sentiment, has been misused by the market. He said that 10x Research's own analysis showed the indicator flashed a buy signal in early March and a sell signal at the end of April. Thielen added that taking into account the dollar index's movements, global liquidity, and various macroeconomic factors, he anticipates a BTC bottom is near.

Kyobo Life Insurance has confirmed the feasibility of using a Korean won-pegged stablecoin for insurance premium payments and claim payouts, Yonhap Infomax reported. The company announced on June 24 that it had completed a proof-of-concept (PoC) with blockchain infrastructure firm EQBR, following a results-sharing session on June 19. The two companies focused on linking Kyobo Life's existing insurance systems with blockchain infrastructure to create a process for handling premium payments and claim payouts with digital assets.

A new address withdrew 278,827 HYPE ($17.45 million) from Coinbase, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.

Bitcoin is moving sideways after failing to meet the conditions for a bullish turn, CryptoPotato reported, citing a Bitfinex analysis. According to Bitfinex, on-chain data indicates that neither buyers nor sellers have a firm grip on the market, suggesting Bitcoin has lost direction rather than entered a sustained bear market. The price remains in a range between $62,500 and $72,000. The report noted that key conditions for a short-term rally, such as spot ETF inflows and a shift to negative funding rates, have not materialized. While ETFs have seen net outflows, the decline in trading volume is not severe enough to confirm a bear market. Bitfinex added that for Bitcoin to defend its support levels, the U.S. Federal Reserve must maintain its stance against inflation. Structurally, Bitcoin is trading below the average purchase price of active investors, with the $68,500 to $72,000 range acting as a break-even sell-off zone. The exchange projects that BTC will continue to fluctuate between $60,000 and $70,000, or potentially narrow to a tighter range of $62,000 to $64,000. Key levels to watch are the $54,000 support line, the $72,000 break-even line, and the $77,200 short-term holder resistance level.

According to CoinNess market monitoring, BTC has risen above $63,000. BTC is trading at $63,000.64 on the Binance USDT market.

CryptoQuant's recommendation that MicroStrategy (MSTR) halt its Bitcoin purchases came two weeks too late, BeInCrypto reported. The day before, CryptoQuant had advised MicroStrategy to increase its cash reserves, citing depleted dollar reserves and rising dividend obligations. However, BeInCrypto noted that MicroStrategy had already shifted its focus to securing cash two weeks prior. Last week, the company purchased only 520 BTC and allocated $300 million of the $355.5 million raised from a common stock sale to its reserves. While CryptoQuant argued that MicroStrategy needs to boost its reserves to $2.8 billion for its preferred stock (STRC) to regain its $100 par value, BeInCrypto countered that the company has other options, such as issuing more shares, without having to sell its Bitcoin holdings. The report concluded that the pace of MicroStrategy's capital-raising efforts will be a key issue for the market going forward.

CoinMarketCap's proprietary Fear & Greed Index registered 20 today, down one point from yesterday. The index remains in the fear stage. A score closer to 0 signifies extreme market fear, while a score closer to 100 indicates extreme optimism. The index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data like put/call ratios, the Stablecoin Supply Ratio (SSR), and CoinMarketCap's own search data.

This spot CVD chart provides an order book analysis for the BTC/USDT spot pair. The top section shows a Volume Heatmap, and the bottom section displays the Cumulative Volume Delta (CVD). - The Volume Heatmap at the top tracks the scale of trading volume at specific price levels. The background color brightens when the price lingers in a particular range or experiences a significant move. Brighter areas may act as potential support or resistance levels. - The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line indicates orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.

Following the Senate, the U.S. House of Representatives has passed a bill to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) until 2030, Watcher.Guru reported.

The Chicago Board Options Exchange (Cboe) announced the launch of its new prediction market, Cboe Predicts. The platform now supports trading in binary options contracts based on the Mini S&P 500 Index (XSP). Investors can take a "Yes" or "No" position on whether the XSP index will close above a specified price at a given time. A correct "Yes" position, where the index closes above the benchmark, results in a fixed payout of $100 per contract, while an incorrect bet yields $0.

Onchain Lens reported that two new wallets, suspected of belonging to Bitmine, have withdrawn 35,138 ETH ($58.39 million) from BitGo and Kraken.

The CLARITY Act is now facing opposition from law enforcement agencies, following similar pushback from religious groups and labor unions, Eleanor Terrett reported. A coalition of four major U.S. police and law enforcement agencies expressed strong concerns in a joint letter to White House officials. The group warned that a specific provision, Section 604 of the Blockchain Regulatory Certainty Act (BRCA), would create serious gaps in surveillance, significantly undermining their ability to track and prosecute illicit activities involving digital assets. They also noted that the bill fails to establish safeguards commonly applied to traditional financial institutions and could exempt certain virtual asset participants from specific KYC and AML reporting requirements.

The U.S. Senate is set to unveil a cryptocurrency taxation bill as early as this fall, Cointelegraph reported. According to Bloomberg, Republican Senator Steve Daines stated that the basic framework for the legislation has already been prepared.

BitMEX co-founder Arthur Hayes has predicted that Bitcoin (BTC) will bottom out at the $40,000 level within the next six months. According to BeInCrypto, he stated in a recent interview that while his long-term portfolio remains heavily long, he has established a hedge position using a put spread to counter short-term downside risks. Hayes added that he is maintaining his year-end price target for Bitcoin of $200,000 to $250,000.

Julio Moreno, head of research at CryptoQuant, argued that Strategy should stop making additional Bitcoin purchases and time its buys more strategically. He attributed the primary cause of the price of Strategy's preferred stock (STRC) falling below $100 to the company's deteriorating fundamentals. Moreno dismissed claims that leveraged position liquidations were the main driver, pointing instead to the STRC dividend's cash coverage dropping to an all-time low. He explained that Strategy's dollar reserves are being depleted, while its annual dividend obligation for STRC has quadrupled this year to $1.2 billion. While Strategy holds a significant amount of Bitcoin, selling it to secure cash would likely damage shareholder value, Moreno added. He concluded that the company's strategic priority should be to halt further Bitcoin acquisitions and focus on rebuilding its cash reserves.

U.S. Senate Democratic leadership is strongly urging their Republican counterparts to hold a hearing into alleged ties between President Donald Trump's family crypto business and the Abu Dhabi royal family, The Block reported. In a letter, senior Democratic senators including Elizabeth Warren and Gary Peters argued that the stake in the Trump family's DeFi project, World Liberty Financial (WLF), could pose a threat to national security. The Wall Street Journal previously reported that an investment institution led by Abu Dhabi's Deputy Prime Minister, Sheikh Tahnoon bin Zayed Al Nahyan, secretly acquired a 49% stake in WLF just before President Trump's inauguration. Several months later, the Trump administration announced a framework permitting the export of artificial intelligence (AI) semiconductors to the United Arab Emirates (UAE). Democrats contend that Congress must investigate whether this investment agreement influenced the administration's policy decisions. With the Republican Party currently holding the majority in Congress, they have full authority over whether to convene a hearing. The allegation is also a significant hurdle for the passage of the Clarity Act, fueling demands to add conflict of interest and ethics provisions to the bill.

An executive order signed by President Donald Trump to accelerate the development of advanced quantum computers and prepare for related security threats could be a positive development for Bitcoin, according to an analysis cited by The Block. Alex Pruden, CEO of quantum resistance firm Project Eleven, explained that while blockchain was not directly mentioned, the move could positively influence the transition to quantum-secure technology. He noted that the executive order applies to federal government systems and contractors but is significant for setting a regulatory direction. For Bitcoin, Pruden stated that the real issue is the specific path to adopting post-quantum cryptography (PQC) signature schemes, highlighting the need to focus on proposals like BIP-360, which aims to introduce a wallet format resistant to quantum computing attacks and enable voluntary migration.

The probability of a December interest rate hike by the U.S. Federal Reserve has surged to 77% from 24% a month ago, Cointelegraph reported, citing data from crypto market maker Wintermute.

Coinbase announced the addition of GROVE to its listing roadmap.

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Kentucky over jurisdiction for prediction markets, The Block reported. The move follows a lawsuit filed by Kentucky last week against prediction market platforms Kalshi and Polymarket for allegedly offering unlicensed sports betting services. This makes Kentucky the ninth state to be sued by the CFTC.

The three major U.S. stock indices closed lower today. - S&P 500: -1.44% - Nasdaq: -2.21% - Dow Jones: -0.09%

The Nasdaq Composite has extended its intraday losses, now down 2.14%. The S&P 500 is trading 1.43% lower, while the Dow Jones Industrial Average has slipped 0.07%.

The U.S. Department of the Treasury has sanctioned nine individuals and 26 entities linked to a Southeast Asian fraud ring for allegedly laundering billions of dollars through cryptocurrency investment scams, Cointelegraph reported.