Crypto Morning News: Bitcoin hits new all-time high, Pump.fun to launch ICO on July 12
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Crypto Morning News: Bitcoin hits new all-time high, Pump.fun to launch ICO on July 12
Coinbase launches fiat on-ramp API supporting Apple Pay service.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
BTC Surpasses $112,000 and ETH Breaks $2,700 in Early Morning Trading
Data from HTX shows that early this morning BTC broke through $112,000 while ETH surpassed $2,700. The current prices stand at $111,217.52 for BTC and $2,767.54 for ETH, with 24-hour gains of 1.95% and 4.16%, respectively.
Trump Sends Trade Letters to Multiple Countries
According to Jinshi Data, on the 9th Trump issued trade letters to multiple countries. The letters indicate a 20% tariff on goods from the Philippines, 25% on Brunei, 30% on Algeria, 25% on Moldova, 30% on Iraq, and 30% on Libya.
U.S. SEC Issues Statement on Security Tokenization: Tokenized Securities Remain Securities and Must Comply With Existing Regulations
The U.S. SEC has released a statement regarding security tokenization. Key points include: Blockchain technology opens new models for issuing and trading securities in a "tokenized" form. Tokenization could facilitate capital formation and enhance investors' ability to use their assets as collateral. However, despite blockchain’s potential, it does not possess “magic” to alter the fundamental nature of underlying assets. Tokenized securities remain securities. Therefore, market participants must carefully consider and comply with applicable federal securities laws when dealing with such instruments.
Sometimes issuers tokenize their own securities. Investors purchasing these third-party tokens may face specific risks, such as counterparty risk. Issuers of tokenized securities must also consider their disclosure obligations under federal securities law and may refer to recent staff statements published by the Division of Corporation Finance at the U.S. SEC.
Additionally, market participants involved in issuing, buying, or trading tokenized securities should assess the characteristics of these securities and associated compliance issues under securities law. While blockchain-based tokenization is an emerging technology, the act of issuing financial instruments representing securities rights is not new. Whether issued on-chain or off-chain, the legal requirements remain the same. Therefore, market participants designing tokenization products should consider engaging with the U.S. SEC and its staff. The SEC is willing to collaborate with market participants to develop reasonable exemption mechanisms and advance regulatory modernization.
Jinan Municipal Government Research Office Publishes Article Titled “What Exactly Are Stablecoins, the Subject of Global Discussion?”
The official account of the Jinan Municipal Government Research Office published an article titled “What Exactly Are Stablecoins, the Subject of Global Discussion?”, originally written by Xinhua News Agency. The article explores three main topics: “What are stablecoins and where does their ‘stability’ come from?”, “What functions do stablecoins serve?”, and “Who are the major stablecoin issuers?”
Pump.fun to Launch First Token Offering on July 12
Officially announced, pump.fun will launch its native token $PUMP via an Initial Coin Offering (ICO) on July 12, 2025, and promises an upcoming airdrop. The total supply of PUMP tokens is set at 1 trillion, allocated as follows: 33% for ICO sale, 24% reserved for community and ecosystem programs, 20% to the team, 13% to existing investors, and the remainder to the ecosystem fund and foundation.
IOSG Ventures Partner: Pump.fun ICO May Be About "Exiting Liquidity" Rather Than Value Investment
Jocy, partner at IOSG Ventures, posted analysis noting that while pump.fun once generated $700 million in protocol revenue, recent data shows a 92% plunge in daily income, with market share dropping to 39.9%, overtaken by competitor LetsBonk. The analysis highlights serious concerns about the current ICO at a $4 billion valuation: lack of transparent governance structure, unclear team vesting terms, and overinflated valuation amid a bearish altcoin market cycle.
The team has already accumulated substantial wealth via fees, making this ICO appear more like a "liquidity exit" than a long-term development strategy. Investors are advised to:
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Treat this as highly speculative gambling, not fundamental investing
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Wait patiently for at least one week after listing before making decisions
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Adopt a staggered participation approach to reduce exposure risk
Bedrock Responds to BR Volatility: Commits to Maintaining Liquidity in Short Term to Support Price Stability
On July 9, the official Bedrock DeFi account announced that users should be aware of significant price fluctuations in the $BR token and urged the community to remain rational and trade cautiously. The team also disclosed the PancakeSwap liquidity pool address and committed to maintaining liquidity in the short term to support price stability.
GMX Official: Confirms Attack, Approximately $40 Million in Assets Stolen
GMX officially announced today (July 9, 2025) that its GLP pool for GMX V1 on Arbitrum was exploited due to a vulnerability, resulting in approximately $40 million worth of tokens being transferred to unknown wallets.
To prevent further losses, GMX has suspended trading of GMX V1, as well as minting and redemption operations for GLP, across both the Arbitrum and Avalanche networks.
The official statement emphasized that the vulnerability is limited to GMX V1 and its GLP pool only, and does not affect GMX V2, its markets or liquidity pools, nor the GMX token itself.
Currently, the GMX team and its security partners are conducting a full investigation into the cause of the incident and promise to release a detailed report once more comprehensive information becomes available.
Kraken and Backed Expand xStocks to BNB Chain
According to The Block, cryptocurrency exchange Kraken and tokenization infrastructure provider Backed today announced the expansion of their xStocks service from Solana to the BNB Chain. This expansion will allow eligible non-U.S. Kraken users to trade tokenized U.S. stocks and ETFs—such as AAPLx and TSLAx—in BEP-20 token format.
BNB Chain was selected as the expansion platform due to its high transaction throughput, low fees, and approximately $10 billion in total value locked. Kraken co-CEO Arjun Sethi stated that tokenized stocks are not merely digital wrappers of traditional assets but represent a fundamental upgrade to the financial system, enabling atomic settlement, real-time global transfers, and composability with on-chain lending and other DeFi products.
Coinbase Launches Fiat On-Ramp API Supporting Apple Pay
According to Coinbase, the exchange has launched a new fiat on-ramp application programming interface (API), allowing developers to build customized fiat-to-crypto conversion experiences within their apps—without pop-ups, redirects, or account logins.
The API has already gone live on partner platform Moonshot, enabling U.S. users to purchase cryptocurrencies using Apple Pay without creating a Coinbase account. Unlike traditional widget-based or custodial processes, Coinbase’s headless API allows applications to customize user interfaces, streamline onboarding steps, and improve conversion rates.
Key features include fast integration, Apple Pay support, and no requirement to log into a Coinbase account. Currently, the service is available only to U.S. users.
BTCS Increases Target Fundraising Amount for Ethereum Accumulation Strategy to $225 Million
BTCS Inc. (Nasdaq: BTCS) today announced an increase in its target fundraising amount for its Ethereum accumulation strategy to $225 million. The company focuses on vertically integrated operations such as node validation and block building, aiming to increase Ethereum holdings per share rather than simply raising capital. CEO Charles Allen stated that as the crypto regulatory environment matures and institutional interest in Ethereum grows, the company will double down on its capital-efficient strategy to avoid unnecessary equity dilution. BTCS plans to release a detailed update on recent Ethereum purchases by this weekend or next week, continuing execution of its DeFi/TradFi flywheel strategy.
Bitwise Report: ETH, SOL, XRP, LINK Are Clearest Bets in Asset Tokenization Trend
According to The Block, Bitwise Asset Management’s latest report identifies Ethereum (ETH), Solana (SOL), XRP, and Chainlink (LINK) as the “clearest” investment opportunities in the trend toward asset tokenization. With platforms like Robinhood and Kraken launching tokenized stock trading, Coinbase applying to the SEC for related services, and Wall Street firms investing $135 million into the Canton Network blockchain, the wave of tokenization is accelerating.
Bitwise CIO Matt Hougan noted that the global stock and bond markets total $257 trillion; even if only 1%-5% of that value becomes tokenized, it would generate far greater value than any other crypto use case. The firm recommends investors focus on leading blockchain projects and equities likely to benefit, such as Robinhood, Coinbase, and Circle.
Market Overview
Recommended Reading
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In This Crypto Cycle, My Experiences and Lessons Learned
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From 'Bitcoin Jesus' to Prisoner: A Digital Prison Forged With 400,000 BTC
This article traces Roger Ver’s life journey, revealing the contradictions between crypto ideals and reality. Once a pioneering evangelist for Bitcoin, he has become a stateless individual caught in tax disputes and legal battles. The article details his entrepreneurial journey, investments in Bitcoin, and eventual criminal charges stemming from tax evasion and renouncing U.S. citizenship.
Cold Reflections Amid the Stablecoin Surge: Why Is the BIS Sounding the Alarm?
This article explores the nature and potential risks of stablecoins, analyzing their challenges in singularity, resilience, and integrity based on the Bank for International Settlements (BIS) “Triple Gate” framework. It further addresses technical vulnerabilities and systemic financial risks, proposes possible development paths for stablecoins, and outlines the BIS’s suggested “Unified Ledger” solution.
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