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The cryptocurrency market has surged with Bitcoin’s price reaching $28,800 as traditional finance firms enter the crypto space. Deutsche Bank applied for a digital asset custody license, while EDX Markets’ trading support for cryptocurrencies expanded. Invesco also reapplied for a spot bitcoin ETF, emphasizing investor protection. However, skepticism remains regarding investor protection and the impact of traditional finance firms in the crypto market.

Invesco submits a new application for a spot Bitcoin ETF, following major players like BlackRock and WisdomTree. The mainstream adoption of Bitcoin ETFs could potentially drive growth in the digital asset space. However, investors should remain cautious and conduct thorough market research before investing, as the market is volatile.

Pantera Capital’s founder, Dan Morehead, has a bullish outlook for the digital currency ecosystem following last year’s crypto winter. Encouraging indicators, like BlackRock’s Bitcoin ETF application, could contribute to a re-emerging optimism among crypto enthusiasts and investors.

Bitcoin’s recent 10% price slide could have lasting effects, with the potential to dip towards $24,000 due to a bearish Ichimoku cloud, says Valkyrie Investments. Despite market shifts, smaller tokens like RNDR and ARPA outperform market leaders, showcasing crypto’s diverse landscape.

This week, Tether reported $1.48 billion profit and increased crypto adoption by institutions like PayPal and Goldman Sachs. However, the Central Bank of Ireland Governor likened cryptocurrencies to a “Ponzi scheme.” US lawmakers are considering crypto regulations under SEC and CFTC supervision.

“Over the weekend, OpenSea faced a security breach warning, pointing to the importance of strong protective measures in cryptocurrency trading. Simultaneously, Bitcoin mining machines were discovered in a shocking police raid in Venezuela. Meanwhile, cryptocurrency platform Mixin Network reported a major attack with an estimated loss of $200M, underscoring the high-risk nature of crypto trading. Lastly, Coinbase secured Anti-Money Laundering compliance registration from Spain’s central bank, indicating growth possibilities in Europe.”

“Leading U.S. crypto exchange Coinbase reveals a 70% drop in consumer trading volume due to decreasing market capitalization of cryptocurrencies, stable Bitcoin prices, and less opportunities for significant returns. Despite regulatory scrutiny and downtrend, Coinbase maintains an optimistic outlook, backed by reported increased Q2 revenue and reduced losses.”

“In a tumultuous week for the cryptosphere, signs of a five-quarter drop in crypto investment emerged, yet developments like Neon EVM’s unique offering to build Ethereum applications on Solana, showed promise. Amidst market fluctuations, regulatory pressures and unique crypto innovations, this sector’s dynamics continue to surprise, underscoring the importance of wallet safety in navigating the digital ocean.”

The cryptocurrency 1INCH plunged around 15% in the last 24 hours, marking the most drastic decrease among the top 100 cryptocurrencies. This drop followed a ‘whale’ transaction of 1INCH tokens amounting to about $3.88 million to Binance, likely signifying a large-scale sell-off. Despite these downturns, emerging altcoins like Evil Pepe Coin show promising prospects.

Ethereum’s price gains follow the enabling of ETH staking withdrawals on the Lido platform. Despite net outflows, a massive sell-off hasn’t occurred, and staking trends put ETH in a favorable future position. EcoTerra and AiDoge, alongside Ethereum, are promising altcoins with market-shaping potential.

The DOJ’s crypto czar, Eun Young Choi, highlights the prominence of chain bridges thefts and hacks involving DeFi, emphasizing North Korean state-sponsored hackers’ significant role in exploits. Meanwhile, Ethereum un-staking commenced on the Beacon Chain and Coinbase Cloud joined forces with Chainlink Oracle network to improve smart contract reliability.

Bitcoin experienced an eight-day decline, resulting in a 9.4% correction, as it faced network congestion and increased transaction fees. Despite challenges and uncertainty surrounding regulatory changes, BTC derivatives metrics haven’t turned bearish, leaving room for a potential price rally.

Crypto startups received approximately $56 million in funding this week, focusing mainly on DeFi and NFT-related projects. Blockworks secured the largest sum of $12 million, while Pudgy Penguins obtained $9 million and Odsy Network collected $7.5 million. These figures reflect the continued flow of investments into the crypto and Web3 sectors.