Bitcoin reached a new record on Friday, hitting $118,868 before settling slightly lower. The price rose over 6% in 24 hours, confirming its continued strength. Investors watched closely as market momentum remained high across digital assets.
Meanwhile, Elon Musk initiated a fresh political party in the U.S., named the America Party. He vowed to back Bitcoin and attack traditional currencies. The group aims to upend the two-party paradigm and shape key decisions within Congress. The party has not finished registering yet.
The Digital Asset Task Force, which supports the policies of former US President Donald Trump, will release its inaugural report on cryptocurrency policy on July 22. It aims to detail its proposals on regulation and legislation to increase US leadership within the cryptocurrency industry.
Bitcoin Reserve Strategy Under Discussion
The report might contain a Bitcoin reserve plan and crypto companies’ access to the Fed’s platforms. An overarching effort by major government agencies will define this report. The SEC is also working on revisions.
It might usher in a new approval process that streamlines crypto ETF listings. The proposal would exempt exchanges from using the typical 19b-4 form and adopt a 75-day schedule to debut spot ETFs. Professionals anticipate the draft to surface this month and become active by early fall.
Pump. Fun’s presale was accompanied by strong reactions. The team published token information and opened a sale on Bybit. The public offering consists of 15% of the overall supply at $0.004 per token. Critics came back to old messages by one of the co-founders, who once referred to presales as a means of profit, not disclosure.
This led to speculations on Fun. Pump’s true intentions. Some members within the community claim that the event looks more like an exit plan and not expansion plans. Elsewhere, a hacker recovered stolen funds from GMX V1 on Arbitrum worth $42 million.
GMX Hacker Returns Funds, Paid Bounty
The attacker applied an exploit to the price model and employed reentrancy to make massive profits. GMX committed to sending a $5 million white hat bounty to the hacker. The hacker has so far returned millions in tokens and still continues to process the remaining ones.
Tether said that it keeps 8 billion dollars’ worth of gold stored within a Swiss private vault. The firm looks to save on custody expenses and mitigate risks associated with fiat currencies. The firm intends to change its approach should future regulations change within Europe or the U.S.
At the same time, many firms, including JD.com and Standard Chartered, are rushing to apply for Hong Kong’s limited stablecoin licenses. The competition is tight, as only a few will be approved.
Ultimately, the EU granted MiCA licenses to 53 cryptocurrency companies. Binance and Tether are not included in the list. Circle and Coinbase received licenses, extending their legal foothold through 30 European nations.
