When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
Donald Trump has launched a line of limited-edition Bitcoin-themed sneakers through his company, CIC Ventures LLC. The release comes after Trump’s recent speech at a Bitcoin conference, expressing ambitions to create a national Bitcoin reserve and make the US a global crypto superpower.
The move represents a significant shift in Trump’s stance on cryptocurrencies. Once a critic, Trump now embraces Bitcoin and the broader crypto community.
In other positive news, Morgan Stanley is considering offering spot Bitcoin ETFs to its wealthy clients. The bank is conducting due diligence to potentially integrate these products into its large brokerage platform, a step that could significantly boost investment in Bitcoin ETFs.
Trump Launches Bitcoin Sneakers
Former US president Trump has launched Bitcoin-themed sneakers. Dubbed the “Crypto President” sneakers, they come in two versions, including 1,000 pairs of “Bitcoin orange” high-tops priced at $500 and 4,000 pairs in “luxurious black” for $299.
JUST IN: 🇺🇸 President Donald Trump begins selling limited edition #Bitcoin sneakers. pic.twitter.com/PnaHSaNdZ1
— Watcher.Guru (@WatcherGuru) July 31, 2024
Morgan Stanley to Offer Spot Bitcoin ETFs
Morgan Stanley is set to join other financial institutions by offering spot Bitcoin ETFs to its wealthy clients. The bank is allowing its financial advisers to sell shares of BlackRock’s IBIT and Fidelity’s FBTC. Clients will need to have a net worth of at least $1.5 million.
Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank (CNBC)
France Opens Applications Under MiCA
France has become the first major European Union economy to open applications under the Markets in Crypto Assets (MiCA) regulation. MiCA is a comprehensive regulatory framework designed to govern crypto assets across the EU, offering a unified approach to crypto regulation. It covers various aspects, including the issuance and operation of crypto assets, with specific provisions for stablecoins.
French regulator accepting CASP applications ahead of MiCA rollout (Cointelegraph)
Crypto Hackers Stole $266M in July
In July 2024, crypto hackers stole $266 million across 16 breaches, according to PeckShield. The most significant incident involved a $230 million hack of the Indian crypto exchange WazirX, attributed to North Korean cybercriminals. Other victims included Compound Finance, which lost $24 million, and Li.Fi, losing $10 million.
Crypto Hackers Stole $266M in July Across 16 Breaches: PeckShield (Cryptonews)
Montenegro to Extradite Do Kwon to South Korea
Montenegro has decided to extradite Do Kwon, the co-founder of Terraform Labs, to South Korea to face criminal charges related to the collapse of his crypto enterprise, Terra. The decision follows a ruling by a Montenegrin high court, which rejected Kwon’s appeal against extradition. The U.S. had also requested his extradition.
Do Kwon Should Be Extradited to S. Korea, Montenegro Court Rules (Bloomberg)
Coinbase Reports Rise in Revenue
In the second quarter of 2024, Coinbase’s total Q2 revenue was $1.45 billion, an 11% decrease from Q1. The firm registered consumer transaction revenues of $665 million for Q2, a 29% decline from the $1.07 billion it reported in Q1. The exchange’s stablecoin revenue, however, increased to $240.4 million, up from $197.3 million in the previous quarter.
Coinbase Reports $1.4B Q2 Revenue (Techopedia)
Bybit Withdraws From France
Bybit has decided to withdraw from France due to the country’s stringent new regulatory requirements. Bybit’s decision to exit aligns with its recent pattern of withdrawing from markets with challenging regulatory environments, similar to its earlier exits from Canada and the UK.
Notice on Discontinuation of Services in France (Bybit)
Hong Kong’s Futu Launches Crypto Trading
Hong Kong’s Futu has launched Bitcoin and Ether trading on its platform. The firm also offers shares of Chinese e-trading giant Alibaba Group (BABA) and AI chipmaker Nvidia (NVDA) as rewards to clients who open accounts and deposit specific amounts of money.
Online brokerage Futu offers crypto trading in Hong Kong (South China Morning Post)
Tether Reports $5.2B in Profits for H1
Tether has reported impressive profits of $5.2 billion for the first half of 2024, bolstered by its substantial holdings in U.S. debt. The company’s exposure to U.S. Treasuries has reached $97.6 billion, surpassing that of countries like Germany.
Tether reports net profit of $5.2B in H1 2024 (Blockworks)
Galaxy Digital Reports Increase in Loss
Galaxy Digital reported a significant increase in its second-quarter net loss, which widened to $177 million, more than triple the loss from the same period last year. The substantial loss is attributed to the retreat of the crypto market, which affected the firm’s trading, investment, and principal investment activities.
Galaxy Digital Second-Quarter Net Loss Widens as Crypto Market Retreats (CoinDesk)
Russia to Allow Crypto Payments in International Trade
Russian lawmakers have passed a bill that would allow businesses to use cryptocurrencies in international trade, as part of efforts to skirt Western sanctions imposed after Russia’s invasion of Ukraine. The law is expected to go into force in September.
Russia to allow crypto payments in international trade to counter sanctions (Reuters)
Circle Trading at $5B Valuation Pre-IPO
Circle, the company behind the stablecoin USDC, is trading at a valuation of around $5 billion on the secondary market ahead of its planned Initial Public Offering (IPO). This is a significant drop from the $9 billion valuation Circle had when it first attempted to go public through a SPAC (Special Purpose Acquisition Company) deal.
USDC-Issuer Circle Prepares for IPO, but Secondary Market Valuation Drops to $5B (Finance Magnates)
