Crypto Pulse

Overview A company that spent six years and more than $60 billion assembling a bitcoin position is now selling those coins below cost, while its founder said on the same morning that he has never sold a single satoshi of his own. According to The Block's report, Strategy disclosed in an 8-K that it sold 1,638 bitcoin for roughly $104.7 million last week, cutting holdings to 842,138 BTC, and hours later Michael Saylor posted on X that "Strategy is a public company, not my wallet," adding that sin

Overview Bitcoin's consensus rules have not changed since Taproot activated in November 2021, the longest quiet stretch in its history. Around August 9, that quiet faces its first real stress test. Per the formal BIP-110 specification, the proposal enforces a mandatory signaling period between blocks 961,632 and 963,647, during which blocks that do not signal bit 4 are rejected as invalid by nodes enforcing the rule. One thing needs stating immediately: this is not an approved Bitcoin upgrade. C

Overview The question that consumed all week now has an answer. The US Senate will not vote on the crypto market structure bill before its summer break. CoinDesk reported that multiple individuals following the legislation confirmed there would be no vote on the Digital Asset Market Clarity Act before the recess, with Majority Leader John Thune confirming through a spokesperson that there would not be a vote in August but that there would be one next month. What matters for markets is not the ou

I. Macro & Market Sentiment (Market Data)· BTC price: $64,348 (24h -0.28%) · Funding rate: +0.0019%· Fear & Greed Index: 38 (Fear) (Key Event Preview)· The market awaits the release of non-farm payroll data to confirm expectations of an economic slowdown; Fed's Daly stated that aggressive interest rate measures would be taken if inflation pressures intensify. II. Trading Signals / Hotspots Gold (Major Catalyst)· Spot gold stands above $4,300 per ounce, up $250 this week; the US July ADP employme

OverviewNigeria has formalized how it will tax digital assets. The Nigeria Revenue Service, the renamed successor to the Federal Inland Revenue Service, published its Guidelines on the Taxation of Virtual Assets on July 31, 2026 and announced the framework publicly on August 3, setting out how the Nigeria Tax Act 2025 and Nigeria Tax Administration Act 2025 apply to crypto. The rules emerged from a Virtual Asset Council established under a presidential executive order, and they close gaps that h

Overview When the binding constraint on compute shifts from chips to electricity, the assets that supply the electricity get repriced. On July 31, Westinghouse Electric Company confirmed it had confidentially submitted a draft registration statement for a US initial public offering to the Securities and Exchange Commission. Reuters reported that the nuclear technology and services supplier, jointly owned by Cameco and Brookfield Renewable Partners, was joining a wave of nuclear companies tapping

Overview The navigability of one waterway is currently setting oil prices, equity records and the market's odds on a September Fed hike. On August 5, President Trump said a deal with Iran to reopen the Strait of Hormuz could happen as soon as Wednesday or Thursday, with Treasury Secretary Scott Bessent saying an agreement may be imminent. CNBC's coverage of the day's developments reported that those signals drove oil sharply lower and sent stocks to record levels. The two sides are not telling t

Overview The Federal Reserve's July 29 decision looked like a hold. The vote behind it was the most hawkish of this cycle. The Federal Open Market Committee voted 9 to 3 to keep the federal funds rate at a target range of 3.50% to 3.75%, a fifth consecutive hold, with three regional Fed presidents formally voting to raise by a quarter point. CNBC's coverage of the decision noted this was the first time since September 2016 that three policymakers dissented in favour of a hike. The reason this ke

Overview The most consequential structural change in stablecoins over the past decade is not market cap growth. It is that issuers are being pulled inside bank regulation. Circle completed two steps in three weeks: final approval from the Office of the Comptroller of the Currency on July 10 to establish a national trust bank, followed by a New York Department of Financial Services limited purpose trust charter on July 31. According to Circle's announcement of the final OCC approval, the entity i

Overview The market structure legislation the US crypto industry has waited on for more than a year is now compressed into a window measured in hours. The Senate's scheduled session end date is August 7, and as of this writing on August 6, the Digital Asset Market Clarity Act (H.R. 3633) has not appeared on the Senate agenda and no cloture motion has been filed. CoinDesk, in its rundown of the possible outcomes, reported that the Senate has not indicated whether it will work on the bill, with ju