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Bitcoin nears $65,000 as oil, inflation hopes keep macro bid alive

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Bitcoin nears $65,000 as oil, inflation hopes keep macro bid alive

Bitcoin hovered near $64,830 on Thursday, up 0.8% over 24 hours and 1.3% on the week, while trading inside a narrow band, CoinDesk data show. Ether rose 2.1%, but most other majors barely moved, leaving the market less in rally mode than in wait-and-see mode.

The bid under bitcoin is coming from macro hopes rather than fresh crypto demand. President Donald Trump pointed to strong employment, better manufacturing data and cooling inflation, while also raising the possibility of a deal to reopen the Strait of Hormuz.

A reopening would likely pressure oil lower, easing inflation worries and giving Treasury yields and the dollar room to fall. That is the setup risk assets want, and bitcoin is trading like some of it may arrive.

The problem is that the trade still depends on several steps lining up. Lower oil has to feed into lower inflation expectations. Lower inflation expectations have to pull down real yields and the dollar.

Its roughly 63% correlation with the S&P 500 also means equity sentiment may matter more than crypto-native flows in the near term. A calmer Middle East backdrop helps risk appetite, but it can also reduce the safe-haven demand that supported bitcoin earlier in the summer.

The levels to watch are real yields and the dollar. If both fall alongside oil, bitcoin has a cleaner path above the top of its recent range. If yields stay firm, the macro case remains theoretical and bitcoin likely stays pinned near $65,000.

Crypto firm RedotPay says it will defend itself ‘vigorously’ against Binance lawsuit

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Crypto firm RedotPay says it will defend itself ‘vigorously’ against Binance lawsuit

RedotPay, which describes itself as the world’s largest stablecoin payment card issuer, told CoinDesk Wednesday it will defend itself “vigorously” against a $470 million Binance lawsuit alleging it poached 470,000 users.

“RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims,” the firm said in an emailed statement. “The Company rejects the unfounded allegations made against it and its co-founders.”

Binance affiliates filed a lawsuit against the founders of the Hong Kong-based stablecoin payments company, alleging they diverted nearly half a million Binance customers to the competing platform in a scheme that caused nearly $473 million in losses, according to a Bloomberg report.

“Since March 2026, the Binance Group has discovered that RedotPay Group had been allowing and encouraging Binance Pay funds to be used, without segregation, for the prohibited use within RedotPay, including card top-ups for RedotPay Card,” Binance said in the filing, according to Bloomberg.

“While Binance does not comment on ongoing litigation, where necessary we will use courts and other forums to pursue what is right,” a spokesperson told CoinDesk via email.

Senator Warren Questions US AI Chip Policy After Trump Crypto Investment: Report

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Senator Warren Questions US AI Chip Policy After Trump Crypto Investment: Report

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Coldcard hack could lift demand for regulated bitcoin products, analysts say

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Coldcard hack could lift demand for regulated bitcoin products, analysts say

The exploit, which researchers say stemmed from a flaw in the wallet’s firmware, has resulted in at least 1,816 bitcoin, worth about $114 million, being drained from more than 5,200 addresses since July 30, underscoring the risks even self-custodied assets face when wallet security is compromised.

FRNT Financial echoed that view, saying the exploit exposed a key tradeoff in self-custody. While many bitcoin holders prefer to control their own assets, they still place their trust in the hardware and software used to generate private keys.

“The reaction within the BTC community to the exploit was one of heartbreak,” FRNT wrote in a Wednesday report, noting many affected users had followed long-standing best practices around self-custody.

The firm compared the incident to the 2023 “Milk Sad” exploit, in which flawed key generation led to the theft of roughly $900,000 in digital assets. Rather than undermining self-custody altogether, FRNT said it expects the latest breach to spur wallet providers to strengthen their products as users demand greater security assurances.

For investors unwilling to accept the operational risks of managing private keys, the growing availability of spot bitcoin ETFs provides an increasingly attractive alternative, FRNT said.

Read more: Coldcard hack sparks a self-custody security overhaul: Cory Klippsten

Senator Lummis Still Pushing for CLARITY Vote Before August Recess

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Senator Lummis Still Pushing for CLARITY Vote Before August Recess

The window for the US Congress to pass a comprehensive market structure bill on cryptocurrencies is closing, with the Senate set to go on recess in a matter of days, and lawmakers still have not announced clear plans to vote on the legislation.

In a Wednesday X post, Senator Cynthia Lummis said she anticipated that the Senate would vote on the Digital Asset Market Clarity (CLARITY) Act before the chamber breaks for its month-long August recess. The Wyoming lawmaker has been one of the biggest proponents for the crypto bill, which has split many members of Congress and industry leaders over different provisions on ethics, stablecoins and tokenized equities. 

“It’s just time to get people on the record,” said Lummis.

The CLARITY Act, which has been under consideration in the Senate since its passage in the House of Representatives in July 2025 with a 294-to-134 vote, still faces opposition from many Democrats looking for stronger ethics provisions affecting US President Donald Trump’s investments. The president has been under additional scrutiny since he disclosed he earned more than $1.4 billion from investments tied to digital assets in 2025.

Related: CLARITY Act failure could send crypto valuations lower: Bernstein

60-vote hurdle needed to pass CLARITY

As of Wednesday, Senate Democrats’ calendar showed no vote scheduled for CLARITY, giving the chamber only a few business days to resolve the matter. However, Senate Majority Leader John Thune, the Republican lawmaker who would have the authority to schedule a vote, is reportedly still planning to do so before Saturday. The bill would need 60 votes in the Senate to invoke cloture and end a filibuster, allowing it to advance in Congress.

The bill also faces opposition from at least one Republican lawmaker, according to a recent Politico report. Senator Josh Hawley will reportedly withhold voting in favor of the bill until it addresses concerns from banks. Although lawmakers did reach a compromise on the bill with banking groups over stablecoin yield, some industry leaders have continued to push for provisions requiring crypto companies to have comparable licensing and restrictions as banks. 

After Friday, the Senate will be on recess until mid-September, pushing consideration of the crypto bill into the lead-up to the 2026 midterm elections.

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

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Crypto’s campaign efforts see rare loss, but crypto roster in Congress likely to grow

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Crypto’s campaign efforts see rare loss, but crypto roster in Congress likely to grow

The latest U.S. congressional primary elections this week saw another unusual setback for the crypto industry’s largest campaign fund when incumbent Representative Shri Thanedar got shut down by progressive challenger Donavan McKinney for a Democratic nomination in Detroit.

It cost the Fairshake political action committee more than $2 million, and the industry loses an incumbent ally in the House of Representatives who co-sponsored its version of the Digital Asset Market Clarity Act and had also been active in other crypto legislation. His democratic socialist opponent is a blank slate on crypto issues, but he drew endorsements from Senator Bernie Sanders and progressive Michigan Senate candidate Abdul El-Sayed, who also won his primary.

The super PAC’s spending on Thanedar represented its biggest financial commitment among the primaries in Michigan and Washington conducted on Tuesday. However, the spending from Fairshake and its affiliates prevailed in five other primaries, mostly backing incumbents: Bill Huizenga in Michigan (a Republican who was also a Clarity co-sponsor) and Democrats Suzan Delbene, Kim Schrier and Marilyn Strickland in Washington. Plus, the industry backed Amanda McKinney, a pro-crypto Republican endorsed by President Donald Trump, in a Washington GOP race.

Bitget rToken Tops 2 Million Transactions, Signaling Rising Demand for Tokenized Equities

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Bitget rToken Tops 2 Million Transactions, Signaling Rising Demand for Tokenized Equities

Global, August 5, 2026— Bitget, the world’s largest Universal Exchange (UEX), announced that its tokenized equities platform, Reality, has surpassed 2 million cumulative transactions, marking a new milestone as trading activity continued to accelerate across blockchain-based capital markets. In July alone, rToken trading volume increased 121.95% month over month, while daily transactions reached a record 127,691 in a single day.

Liquidity has long been one of the defining questions surrounding tokenized equities. While early adoption focused on expanding access to traditional financial assets, sustained trading activity is what determines whether tokenized markets can function alongside conventional exchanges. July’s trading data points to growing market depth, with users increasingly trading around earnings releases, macroeconomic events, and regular US market hours rather than simply buying and holding positions.

That shift is also reflected in broader trading behaviour. The number of users trading both crypto and rTokens increased 23.54% month over month in July, suggesting that tokenized equities are becoming part of cross-asset portfolio strategies rather than remaining a standalone product. As crypto and traditional markets become more interconnected, users are increasingly managing both through a single trading environment.

“Tokenization has a strong growth coming ahead of it,” said Gracy Chen, CEO of Bitget. “We’re seeing a real time demand where investors are becoming more comfortable trading tokenized assets, this is the future we’ve been building for.”

The milestone builds on a series of developments across Bitget’s tokenized equities ecosystem. Earlier this year, rToken surpassed US$100 million in assets under management, while the launch of the Cross-Asset Unified Account enabled more than 100 tokenized US stocks to be used as collateral alongside cryptocurrencies within a unified margin framework. Together with Stocks 2.0 and Stock+, these products extend Bitget’s UEX framework.

As tokenized capital markets continue to develop, liquidity is becoming an increasingly important measure of market maturity. The latest trading activity across rToken reflects growing participation in blockchain-based equities and supports Bitget’s broader vision of bringing global financial markets together through crypto-native infrastructure.

About Bitget

Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 500+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships such as MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry’s lowest fees and highest liquidity across 150 regions worldwide.

For more information, visit: Website | X | Telegram | LinkedIn | Discord

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

Source: Bitget

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Michigan House Rep Loses Primary after $2M Support from Crypto PAC

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Michigan House Rep Loses Primary after $2M Support from Crypto PAC

Michigan State Representative Donavan McKinney won a Democratic primary against incumbent House Representative Shri Thanedar in a race that raised accusations of payback by the cryptocurrency industry.

McKinney won the primary for Michigan’s 13th Congressional District with 51.9% of the vote against Thanedar’s 48.1% as of Wednesday, the New York Times reported. The primary saw a cryptocurrency-backed political action committee (PAC) spending more than $2 million on media in an attempt to re-elect Thanedar, who has voted in favor of many bills favoring the industry while in Congress. 

Election results for Democratic primary in Michigan’s 13th congressional district. Source: The New York Times

McKinney, considered by many to be a progressive challenger to two-term Thanedar, has already received support from the Democratic National Committee and the Democratic Socialists of America on his primary victory. During the campaign, he accused the crypto industry of “paying my opponent back for helping Trump make over $1 billion since taking office,” likely referring to Thanedar’s voting record.

Protect Progress, the super PAC responsible for funding the ads supporting Thanedar and opposing McKinney, is affiliated with Fairshake, a group backed primarily by crypto companies Coinbase and Ripple. After spending more than $170 million in the 2024 US election cycle on similar races involving pro- and anti-crypto candidates, Fairshake and its affiliates have poured additional millions of dollars into media for politicians in this year’s primaries in several US states ahead of the November general election.

Related: Nigel Farage to resign from UK Parliament amid crypto “gift” scandal, will stand in by-election

In addition to voting for bills like the GENIUS Act and CLARITY Act in the House of Representatives, Thanedar also reportedly lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies.

”Washington has spent too long serving billionaires and corporate interests,” said McKinney in a Wednesday X post. ”I will always only serve the people I represent.”

McKinney will face off against Republican candidate Taras Nykoriak in the November election. Cointelegraph sought a comment from McKinney’s campaign on Wednesday but did not receive an immediate response.

PAC-supported candidate wins Washington primary

In addition to Protect Progress’ efforts in Michigan, the Fairshake affiliate Defend American Jobs spent more than $65,000 on media to support Republican Amanda McKinney (no relation to the Michigan candidate) in Washington’s 4th congressional district. McKinney will face off against Democrat John Duresky in November, with both candidates securing more than 30% of the vote in Tuesday’s primary to advance to the general election.

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

Binance Sues RedotPay, Ethereum Staking plan Sparks Backlash

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Binance Sues RedotPay, Ethereum Staking plan Sparks Backlash

Today in crypto, Binance-affiliated companies sued RedotPay founders over alleged losses of nearly $473 million, as Ethereum’s latest improvement proposal has sparked a fierce debate over the network’s long-term economics. Plus, investigators uncovered more attackers behind the $100 million Coldcard wallet exploit.

Binance sues RedotPay over alleged $473 million user losses: Report

Binance-affiliated companies have sued the founders of Hong Kong-based cryptocurrency payments company RedotPay, alleging it diverted more than 470,000 users from Binance Card in breach of their commercial agreement.

The plaintiffs seek nearly $473 million in damages, alleging the conduct contributed to RedotPay’s valuation as the company considers a potential initial public offering, Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.

RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process.

The legal dispute comes as crypto payments companies compete to expand stablecoin-based spending products, with RedotPay reporting rapid growth and a global user base of more than 8 million customers.

Ethereum researchers want to rein in staking; critics say it could backfire

A group of six Ethereum researchers and developers, including Ethereum Foundation’s Justin Drake, has proposed changing the network’s issuance policy to cut validator rewards more sharply as the proportion of staked ETH rises. 

The draft, called the Tapered Issuance Burn and currently being assigned the provisional number EIP-8363, would burn an increasing fraction of validators’ consensus rewards as the amount of staked ETH approaches a fixed threshold of 60.25 million ETH (around 50% of the current ETH supply), at which point the deduction hits 100%. The changes would phase in over 18 months. 

The proposal has triggered backlash from developers, stakers and DeFi founders, who warn that the reward cuts could force out solo validators before larger institutions are affected, weaken institutional demand for ETH, and disrupt DeFi markets built around staking yield. 

One of the proposal’s authors, Jérôme de Tychey, said the changes are needed to address the rising share of Ether being staked, which passed 33% in April. The authors argue continued staking growth could concentrate ETH in large custodians and liquid staking providers, while unchecked issuance erodes Ether’s role as a neutral, trustless store of value. 

Galaxy identifies at least 15 attackers behind Coldcard exploit

Galaxy Digital said it identified at least 15 attackers who exploited the Coldcard wallet vulnerability, with estimated losses now reaching $100 million and potentially climbing to $130 million across four attack waves.

Galaxy’s head of research, Alex Thorn, said new victim reports helped uncover previously unknown attackers, including one that allegedly siphoned 12 BTC from 126 addresses after a victim reported losing less than 1 BTC. Unlike centralized exchange hacks, the decentralized nature of the exploit made it more difficult to identify all of the actors involved.

The incident also reignited debate over hardware wallet security and AI’s growing role in vulnerability research. Dragonfly managing partner Haseeb Qureshi argued that “about $2 of AI hardening” could have prevented the exploit, citing reports that AI models were able to rediscover the underlying vulnerability within minutes after it became public. However, Tokenomist data lead Tatsapat Saerejittima cautioned that the claims lacked rigorous testing and should not be interpreted as evidence that AI could have found the flaw before disclosure.

Castle Labs co-founder Francesco also said AI is rapidly lowering the cost of discovering software bugs, adding that a firmware issue reducing Coldcard’s private key entropy likely made the vulnerability easier to exploit.

Announcing a Trillion Dollar Security grant for WEBCAT

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Announcing a Trillion Dollar Security grant for WEBCAT

The Ethereum Foundation’s Trillion Dollar Security (1TS) initiative is proud to announce a grant allocation to Freedom of the Press Foundation (FPF) to support the continued development of WEBCAT. WEBCAT is an open source tool that lets browsers verify that code served by an enrolled website matches what its developers published. The grant will also help bring that protection to Ethereum wallets and apps.

Closing the front-end verification gap

The grant targets a gap in how web applications are secured today. HTTPS authenticates the site you connect to and encrypts the connection, but it does not prove that the code the site serves matches what its developers published. Without an independent integrity check, a browser can run an altered front end without warning.

For Ethereum users, the risk lies in the app’s website itself. Your browser loads and executes the site’s code when you visit. Tampered code there can swap the recipient address or ask you to sign something other than what the page showed. Your wallet cannot determine from the connection alone whether the page has been altered.

Trillion Dollar Security has identified front-end hacks as an infrastructure risk and verifiable front ends as a next step. Compromised web interfaces can expose users to supply-chain attacks and UI manipulation, and can increase the impact of incidents like DNS hijacks.

About WEBCAT

WEBCAT, short for web-based code assurance and transparency, lets a browser verify that the resources served by an enrolled site match a signed manifest. If verification fails, the current alpha Firefox extension prevents the page from loading and displays a warning.

Developers sign a manifest describing the files and other assets covered by each release. A distributed, verifiable enrollment system maintains a public record. For each participating site, that record holds a cryptographic fingerprint of enrollment information that specifies the site’s authorized signing identities and validation rules. The extension periodically downloads and verifies a snapshot of the record, so it can verify enrolled sites locally without contacting a third party on every visit.

FPF developed WEBCAT in part because a future version of SecureDrop will need verifiable browser code. SecureDrop is FPF’s open source submission system for secure communication between journalists and anonymous sources.

Today, SecureDrop encrypts submissions on the newsroom’s server as they are uploaded. The server handles unencrypted content during upload but stores submissions in encrypted form. FPF is developing an end-to-end encryption protocol for a future version of SecureDrop. Under the intended design, the source’s browser would encrypt message content before sending it, so the server would store ciphertext rather than hold plaintext in memory until encrypted by the server. The protocol remains under development and does not yet cover file attachments.

Because the encryption code would still come from the server, a compromised server could send altered code that captures content before encryption. WEBCAT is intended to detect and block that kind of alteration. FPF has also tested WEBCAT with other browser-based secure applications through proof-of-concept integrations.

The same code-integrity risk applies when Ethereum users interact with browser-based app front ends, which is why a tool built to protect sources and journalists also fits wallets and apps.

What the grant funds

The grant funds the development of a WEBCAT verification library that wallets can integrate.

A wallet that includes the library can verify enrolled sites, so users get the protection without installing a separate extension. The grant also funds research into supporting Chrome and other Chromium browsers, help for teams adding WEBCAT to their apps, an independent security audit, and an Ethereum Request for Comments (ERC) standard ERC so wallet developers have a standard to follow.

The library will complement other 1TS work, including Clear Signing. Clear Signing helps users understand what they’re approving, while WEBCAT integration would help wallets verify that an enrolled app’s front end matches its signed manifest.

What’s next for wallet and app teams

Bringing this verification into wallets requires adoption on both sides. Wallet extensions must integrate the library, and app teams must enroll their domains and serve a signed manifest with each release. If you’re part of a wallet or app team interested in front-end integrity, we’d love to hear from you at trilliondollarsecurity@ethereum.org.

Read more about risk controls and priority work at trilliondollarsecurity.org.

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