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TON Experience Explosive Growth with Ad Revenue Sharing and Hamster Kombat
The 7-day moving average of transactions on The Open Network (TON) has surged from 645,000 to 5 million. Initially launched by Telegram, TON has gained significant traction due to key developments such as Telegram's ad revenue sharing program, which pays out in the network's native token, toncoin. Additionally, Tether's launch of its USDT stablecoin on TON and the popularity of Telegram-based crypto mini-games have contributed to this growth. Toncoin has seen its market cap more than double to $18 billion, and TON's total value locked has surpassed $600 million. With a user base of over 900 million, TON's integration into the Telegram app and support from prominent investors like Pantera Capital suggest continued growth and adoption.
Mt. Gox Begins Repayments in Bitcoin and Bitcoin Cash
Mt. Gox, once the world’s leading crypto exchange, has started repaying customers after nearly a decade following a 2014 hack that resulted in the loss of 740,000 bitcoin. The announcement, made last month, contributed to selling pressure on Bitcoin, causing its price to plummet to $53,600, the lowest in five months. Despite market fears of a large sell-off, WOO X COO Willy Chuang suggests the long-term impact may be less severe as the market absorbs the pressure. Customers may wait 60-90 days for payouts, processed by exchanges like Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade.
Bitcoin ATM Network Shrinks, Losing 334 Machines in 40 Days
The global Bitcoin ATM network has decreased by 334 machines in under 40 days, with significant reductions in the US and Europe. In June, 107 Bitcoin ATMs went offline, ending a 10-month growth trend. The decline accelerated in July, with 227 ATMs removed within the first five days. The US, hosting about 82.6% of global Bitcoin ATMs, saw the most significant reduction, losing 182 ATMs in June and 239 in early July. Europe lost 29 ATMs in July, reducing its total to 1,589. Despite the decline, countries like Australia continued to expand their Bitcoin ATM footprint. The reduction may be due to global crackdowns on financial crimes involving crypto ATMs. However, Bitcoin Depot, the largest US ATM operator, reported no correlation between Bitcoin prices and their revenue, attributing this to users primarily using ATMs for non-speculative purposes such as money transfers and online purchases.
Trading Desk Insights
Bitcoin's price plummeted over 6% within 24 hours, hitting $53,500—a low not seen since late February. This drop was driven by investor reactions to the $9 billion payout to users of the defunct Bitcoin exchange, Mt. Gox. The broader cryptocurrency market also took a significant hit, losing over $170 billion in market capitalization during the same period. Recently, more than 47,000 bitcoins, valued at $2.7 billion, were transferred from an offline Mt. Gox wallet. This morning, the Mt. Gox bankruptcy trustee announced the commencement of repayments in BTC and BCH to some creditors via designated crypto exchanges.
Bitcoin miners, crucial for powering blockchain networks, are now facing substantial operational costs. Only five mining rigs remained profitable as Bitcoin's price fell, indicating a potential "local bottom." The rest of the miners are operating at a loss, with costs exceeding their rewards.
Major altcoins also experienced steep declines. ETH dropped over 10%, while SOL and ADA fell by 8%, and DOGE plunged nearly 18%. Data from Coinalyze revealed that bullish bets worth over $580 million were liquidated, including a single ETH trade valued at $18.4 million.
On the equity front, futures edged higher as investors processed Friday's crucial jobs report. The labor data showed a 206,000 increase in nonfarm payrolls for June, surpassing estimates, alongside a slight rise in the unemployment rate to 4.1%, above the forecasted 4%. Treasury yields declined following the report, as the uptick in unemployment is expected to prompt the Federal Reserve to consider cutting interest rates later this year.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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