The global cryptocurrency market extended its recovery on July 11, reaching a total capitalization of $2.28 trillion, up 1.2% in the past 24 hours. Trading volume stood at $62.8 billion. Bitcoin (BTC) traded at $64,163.74, gaining 1.39%, while Ethereum (ETH) rose 2.68% to $1,794.03. The Fear & Greed Index improved from 23 (Extreme Fear) to 26 (Fear), signaling easing panic but lingering caution.
Circle Receives Final OCC Approval for National Trust
Circle secured final approval from the Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, enabling digital asset custody and future management of USDC reserves under federal supervision. This marks a major compliance milestone for the stablecoin issuer.
Kraken Developing AI-Powered Trading Tools
Kraken is preparing AI-driven trading tools that monitor markets, suggest portfolios, and execute trades based on user goals. The initiative aims to improve decision-making for everyday investors, though no launch date has been announced.
TeraWulf Plans $3.5B AI Data Center
Bitcoin miner TeraWulf announced plans to raise $3.5 billion to build an AI data center in Kentucky, leased to Anthropic under a 20-year agreement worth approximately $19 billion. The move underscores miners' shift toward AI compute services.
Tokenization and Cross-Border Payments
SK Hynix tokenized shares went live on Telegram Wallet, Backpack, and Ondo Finance. Backpack launched 24/7 trading of tokenized U.S. stocks starting with SpaceX, Micron, and SanDisk. Hyundai completed a USDT cross-border transfer on Avalanche between U.S. and Mexico units in just 7 minutes. Alatau City Bank expanded Binance Pay to 5,000 POS terminals. Japan's CRYL introduced Bitcoin-backed loans up to 1 billion yen. INSPAY partnered with Mysten Labs to bring Sui stablecoin payments to vending machines and retail stores.
Regulatory and Risk Updates
ESMA warned crypto firms about phishing emails exploiting MiCA rules, demanding fake approval fees. The Federal Reserve told Congress inflation remains elevated due to tariffs, energy costs, and AI demand, with unemployment at 4.2%. Gyeonggi Province will start stablecoin testing in August using zero-knowledge proofs. Cambridge researchers found Ethereum nodes concentrated in Europe and America, with energy usage down 99.98% post-Merge.
The market shows short-term recovery, but macroeconomic uncertainty and regulatory changes warrant caution. Investors should verify information and maintain disciplined risk management.