Bitcoin Pulls Crypto Off the Lows as Breakout Tension Builds

News Background

Strategy has neither bought nor sold bitcoins following two weeks of BTC sales. Last week, the company continued to repurchase STRC preference shares and replenish its US dollar reserve by selling MSTR ordinary shares. The dollar reserve for dividend payments was increased to $4.8 billion; the Bitcoin reserve remained at 840,447 BTC, with an average purchase price of $75.4K per coin.

Swiss bank UBS increased its exposure to call options on Bitcoin ETFs 24-fold in the second quarter. Its direct position in IBIT rose by 12% over the quarter, while its exposure to put options fell by 53%.

Cardano developers have published a roadmap for the Dijkstra update, which is expected to speed up transaction processing on the blockchain. The hard fork will be rolled out in two phases. The first phase is scheduled to be completed by the end of the year; the second phase is planned for the second quarter of 2027.

SafePal, a manufacturer of hardware crypto wallets, has reported a data breach affecting around 40,000 users, including names, delivery addresses, telephone numbers, email addresses and details of customer orders. The incident did not affect seed phrases, private keys, passwords, bank details, card numbers or document numbers, as SafePal does not collect or store such information.

The US Department of the Treasury has presented draft regulations to implement the GENIUS Act, the first federal law on payment stablecoins. The document sets out requirements for issuers, reserves and the supervision of the issuance of dollar-pegged ‘stablecoins’.