Bitcoin soars, Trump signs stablecoin law

From historic highs to high-profile hacks, the crypto market packed a punch this week. Bitcoin shattered records above $123,000 as corporate treasuries rushed to accumulate more, even at premium prices.

Meanwhile, President Trump signed the first federal stablecoin law, JPMorgan warmed to digital dollars, and Australia flagged crypto as a financial crime priority. But the week wasn’t without turbulence—major exchanges like CoinDCX and BigONE reported multimillion-dollar breaches.

Also, Ripple’s Chris Larsen made eyebrow-raising XRP transfers. Read on for a recap of this week’s most noteworthy crypto headlines.

CoinDCX faces $44 million security compromise

• An Indian cryptocurrency exchange, CoinDCX, suffered a substantial breach Saturday morning.
• CEO Sumit Gupta confirmed the $44 million loss resulted from a “sophisticated server breach.”
• Blockchain investigator ZachXBT identified the incident approximately 17 hours after it commenced.

Trump enacts major stablecoin legislation

• President Donald Trump signed the GENIUS Act into law Friday afternoon.
• This marks it as the first comprehensive federal regulatory framework for stablecoins in United States history.

Ripple executive transfers substantial XRP holdings

• Co-founder and Executive Chairman Chris Larsen transferred $26 million worth of XRP (XRP) to Coinbase through four separate transactions, each involving 2 million tokens, valued at over $6.5 million per batch.
• Additional Thursday transactions saw Larsen transfer XRP batches exceeding $40 million to unidentified wallet addresses, according to blockchain monitoring data.

Corporate Bitcoin accumulation reaches unprecedented levels

• Treasury companies collectively acquired 244,991 Bitcoin (BTC) through June’s conclusion.
• The number of firms maintaining Bitcoin reserves nearly doubled from 70 entities at the beginning of the year to 134 companies by mid-year, according to K33’s analysis.

Australia designates cryptocurrency as priority financial crime concern

• The nation’s financial intelligence agency identified crypto as a primary threat Wednesday.
• These new measures target cryptocurrency-related financial crimes through expanded monitoring and compliance requirements for digital asset service providers.

Coinbase launches comprehensive Base mobile application

• The exchange debuted its rebranded mobile platform during a packed Los Angeles event Wednesday.
• This announcement has transitioned the previous Coinbase Wallet into an expanded “everything app” for blockchain interactions.
• Base integrates multiple functionalities including creation tools, earning mechanisms, messaging capabilities, gaming features, and artificial intelligence interactions within a unified interface.

Roger Ver challenges Spanish extradition ruling

• The cryptocurrency pioneer, widely recognized as “Bitcoin Jesus,” filed suit with the European Court of Human Rights against Spain’s extradition decision.
• Ver’s legal action claims Spanish authorities violated his protected rights when ruling he should face U.S. tax evasion charges, according to Bloomberg Law reporting.

BigONE suffers security breech

• The Seychelles-based trading platform lost a substantial amount of funds following a targeted attack on its hot wallet infrastructure.
• Platform officials detected irregular activity during early July, spanning 16 hours, and subsequently confirmed that the breach resulted from third-party infiltration methods.

JPMorgan chief to embrace stablecoins?

• JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, indicated during the recent banking call that the banking giant plans to expand participation in stablecoin markets.

Strategy accumulates additional Bitcoin

• The treasury company purchased 4,225 Bitcoin for $472 million between July 7 and 13, paying an average price of $111,827 per coin.
• This acquisition brings Strategy’s total holdings to 601,550 Bitcoin.

Bitcoin establishes new price record above $123,000

• BTC surpassed $123,000 on July 14, setting another historic milestone as regulatory optimism builds among U.S. lawmakers.