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The Big Story
Binance To Suspend EU Services After Greece Rejects MiCA Bid
Binance will stop serving customers across the European Union from July 1 after its attempt to secure a MiCA licence in Greece fell apart just days before the regulatory deadline. The exchange has withdrawn its application and says it will seek authorization in another EU country instead, but the timing means millions of European users will lose access to the platform next week. CZ weighed in separately, arguing that forcing users off Binance means cutting them off from the deepest liquidity in crypto, a point that underscores the regulatory cost for retail traders. The move hands a clear advantage to rivals like Coinbase, which secured a MiCA license from Luxembourg this week and can now serve all 27 EU member states under a single passport.
Breaking News
Bitcoin Falls Under $60K as Tech Selloff Bleeds Into Second Day — Bitcoin broke below $60,000 and is down close to 10% on the week as a second straight day of heavy selling in technology and semiconductor stocks continued to weigh on risk assets across the board.
BlackRock Deposits Additional $337M In Bitcoin And Ethereum To Coinbase Prime — BlackRock moved 4,577 BTC and 41,996 ETH into Coinbase Prime custody, continuing its pattern of large-scale accumulation as institutional infrastructure deepens.
Base Halts Its Mainnet, Traces the Cause to a Problematic Block — Coinbase's Ethereum layer-2 stopped producing blocks on June 25 after what it described as an "unsafe head stall," marking one of the most significant outages for the network since launch.
Hyperliquid Added To Singapore's MAS Investor Alert List — Hyperliquid has been officially added to Singapore's Monetary Authority Investor Alert List, though the designation does not constitute a ban and the protocol remains accessible to users in the city-state.
Top Stories
Republicans Race To Pass Crypto CLARITY Act Before August Recess
Republican senators Tim Scott and Cynthia Lummis are pressing hard for a full Senate floor vote on the Digital Asset Market Clarity Act before the August recess, a window that closes around August 10. Lummis has warned that failure in the current window could defer meaningful market structure legislation until 2030. The bill has already passed the Senate Banking Committee and enjoys broad Republican support, but faces headwinds from a coalition of law enforcement groups that formally opposed key provisions in Section 604, citing concerns about investigative tools and compliance burdens.
Nearly $1 Billion Liquidated in 24 Hours as Crypto Sells Off
Almost $995 million in crypto derivatives positions were forcibly closed over 24 hours, according to CoinGlass data, as the market flush hit 138,452 traders. Leveraged bulls absorbed the majority of the damage, with $704 million coming from long positions while short liquidations accounted for the remaining $290 million. The sweep underscored just how heavily leveraged the market had become heading into the selloff, with Bitcoin, Ethereum, and Solana longs bearing the brunt of the cascading margin calls.
Hedera Joins Google And IBM To Build Legal Layer For AI Agents
Hedera has joined as a founding member of the Legal Context Protocol, a new open standard designed to give AI agent transactions a verifiable legal framework. The American Arbitration Association and Integra Ledger launched the LCP on June 24 as a standard that makes legal terms, consent, and dispute resolution mechanisms machine-readable and enforceable on-chain. The protocol is being built to support the emerging agentic economy, where autonomous software entities conduct transactions on behalf of users and need a legally binding layer to operate at scale.
Deep Dive of the Week
How Are BlackRock And Fidelity Taking Different Paths Into Crypto?
BlackRock and Fidelity are both major players in the crypto market, but they are not building the same thing. BlackRock is using its scale to push blockchain into the infrastructure of traditional finance, primarily through tokenized products and its dominant Bitcoin ETF, while Fidelity is betting on a future where retail and institutional clients custody, trade, and transact in crypto natively. The strategic divergence between the two largest asset managers in crypto reveals two fundamentally different views of where the market is headed and how incumbents should position for it.
By the Numbers
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$3.84 billion — Amount Iranian entities funneled through crypto exchange CoinEx between 2019 and 2026 to bypass US sanctions, according to TRM Labs analysis cited by the Wall Street Journal.
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100 billion transactions — Only Solana and Internet Computer have crossed this threshold in total transactions processed, marking a milestone that underscores the infrastructure gap between the top execution layers and the rest of the market.
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$1 billion in volume — Collector Crypt, a Solana-based platform for tokenized trading cards, has crossed this mark and is now out-earning Pump.fun in protocol fees, making it one of the hottest verticals on the network.
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$40 billion — Iran's target annual revenue from a proposed "Hormuz Service Fee" that would impose transit fees on commercial vessels passing through the Strait of Hormuz, which handles roughly 20% of global oil supply.
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26% — Dogecoin's decline over the past month, a drop that prompted the project's official account to post a quip about "downward dog" charts as the token shed roughly a quarter of its value.
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4.5 million LINK — Chainlink's strategic reserve now holds more than 4.5 million tokens after adding 593,088 LINK in June, continuing accumulation at a pace that would have seemed unlikely at the start of the year.
On Our Radar
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Ripple USD in Japan — Ripple officially launched RLUSD in Japan through a partnership with SBI Holdings, marking one of the most significant regulated stablecoin entries into an Asian market to date.
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Ondo activates 24/7 tokenized equities — Ondo Finance has enabled round-the-clock minting and redemption for tokenized U.S. stocks and ETFs, formally severing the dependency of RWA products on traditional market hours.
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XRPL flips Ethereum for RLUSD supply — The XRP Ledger has overtaken Ethereum as the primary host for Ripple's RLUSD stablecoin supply, a shift that reflects growing usage of the native chain for the asset.
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Strategy hits fresh 52-week lows — Both MSTR common stock and STRC preferred shares hit new 52-week lows this week, though a detailed stress test found no credible path to a "death spiral" scenario even under severe assumptions.
Until Monday.