Bitcoin Holds Near $64K Despite $116M Coldcard Wallet Hack

Famous TV personality Jim Cramer has sold his Bitcoin holdings, citing fears about quantum computing's potential impact on cryptocurrency security. This sale comes after his last divestment in December 2022 when Bitcoin was trading at $16,800. Crypto investors and market watchers are closely monitoring whether Cramer's move will once again mark a market bottom, following a pattern observed during his previous sale.

Cramer's sale raises questions about Bitcoin's long-term security against the emerging threat of quantum computing, which could theoretically break current cryptographic protocols. However, experts argue the technology is still in its early stages and the crypto ecosystem is already developing post-quantum solutions. The market has reacted cautiously, with analysts watching to see if Bitcoin price will test levels near $16,800 again, a historically significant point that many consider an important support level.

SpaceX shares plummeted 11% before market open as investors focused on capital spending, free cash flow pressure, and an impending insider lockup expiry. Despite reporting no Bitcoin sales in the second quarter, the market reacted negatively to concerns about rising operational costs and the potential for insider share sales, creating a perfect storm of negative sentiment for the aerospace and cryptocurrency-linked company. The decline comes amid heightened volatility for technology companies with cryptocurrency exposure, reflecting growing investor risk aversion. The lockup expiration, which previously restricted share sales by employees and early investors, adds additional pressure on the stock price.

Binance and its affiliated companies have filed a lawsuit against RedotPay, accusing the crypto payments firm of diverting over 470,000 Binance Card users in breach of their commercial agreement. The cryptocurrency giant is seeking nearly $473 million in damages, according to court documents obtained by Bloomberg from a Hong Kong court filing. The lawsuit, filed by Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore, targets RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The case comes as RedotPay considers a potential initial public offering, with Binance alleging the user diversion artificially inflated the valuation of the blockchain fintech company, highlighting growing tensions in the crypto payments sector.

Blockchain protocols' share of on-chain revenue has plummeted to just 25%, signaling a dramatic shift in the crypto economic landscape. Applications are now dominating the decentralized finance ecosystem, capturing the majority of value generated across blockchain networks.

This transition reflects a natural evolution where application layers are outshining traditional blockchain infrastructure. With the explosive growth of DeFi, NFTs, and dApps, developers are creating more value than the underlying protocols themselves, redefining the economics of Web3 and opening new frontiers for investment and innovation.

OpenAI, the artificial intelligence powerhouse, has agreed to pay $3.2 million to the U.S. Department of Justice to settle claims of hiring discrimination, favoring foreign workers on visas over American applicants. The settlement includes policy changes and subsequent monitoring following an investigation into limited job postings.

This legal action sets a significant precedent for the tech industry, where international hiring is common but now faces heightened legal scrutiny. The decision could influence hiring policies at other AI and cryptocurrency companies that frequently grapple with global talent challenges. The case also highlights the increasing regulatory attention on hiring practices within the emerging technology sector.

On-chain options are rapidly emerging as a disruptive force in the cryptocurrency derivatives market, positioning themselves to challenge the staggering $21 billion daily perpetual futures market. These innovative financial instruments offer Bitcoin holders a third path for downside protection, allowing them to retain their assets while transferring crash risk to counterparties through a fixed premium payment structure.

This developing trend is fundamentally reshaping liquidity dynamics across the crypto ecosystem, providing a more efficient alternative to traditional selling or shorting perpetual contracts. With the ability to mitigate liquidation risks and funding costs, on-chain options are gaining significant traction among institutional investors and sophisticated traders, promising a more robust and resilient future for digital derivative markets.