July is coming to an end with a slight downturn for crypto assets, marking what could be the second red month for the asset class in 2023. Last week, marked by yet another 25 bps rate hike in the US by the Fed, the Nasdaq Crypto Index (NCI) fell 2.4% with bitcoin dropping 3.0% and ether down by 1.4%. As of writing, the NCI has returned 69.4% YTD.

 

 

 

Landmark crypto bill approved by US congressional committee

The US House Financial Services Committee approved digital asset oversight legislation that would clarify what is and isn’t a security, marking an important step toward regulatory clarity as Coinbase and major players face ongoing legal uncertainty from US regulators.

 

Amazon expands blockchain services, Google goes deeper on Web3

Amazon expanded its Amazon Managed Blockchain (AMB) services and Google Cloud is plotting more Web3-focused products, two signs of the increasing integration of crypto into traditional businesses.  

 

Curve Finance hack exposes potential DeFi vulnerabilities

The exploit of the decentralized exchange involved smart contract vulnerabilities present in some of  its liquidity pools. This is one example of smart contract risk, raising questions around the robustness of the DeFi protocol and fears of contagion in other decentralized applications. Loss of funds seems to be contained and white hat groups have publicly announced actions to safeguard part of the exploitable funds before hackers had access to them.

 

Orbs, Irises, and AI: An investor’s guide to understanding WorldCoin

Last week, a project called WorldCoin emerged as a unique intersection of artificial intelligence (AI) and crypto. The project’s goal is to create a reliable solution for distinguishing humans from AI on the internet while promoting universal access to the global economy. Our research team wrote an article on why it matters for crypto investors.

 

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