Weekly Cryptocurrency Recap: Bitcoin Hits New Heights and Major Developments Unfold

Bitcoin Surpasses Previous Records

• Bitcoin (BTC) reached an unprecedented value of $118,856 on July 11, 2025, continuing its upward trajectory.
• As of Sunday, the cryptocurrency had climbed beyond $119,000.
• This week, Congress is set to introduce significant legislation that could either bolster the current rally or introduce volatility.

Source: CoinGecko

Pump.fun’s Token Sale Breaks Records

• The meme coin platform Pump.fun, built on the Solana (SOL) blockchain, successfully raised around $600 million from retail investors in a mere 12 minutes.
• The token sale took place across several exchanges, including Bybit, Kraken, and KuCoin.
• In addition, Pump.fun announced its first acquisition, securing Kolscan, a wallet tracking service.

Trump Memecoin Shifts to Tron

• The TRUMP memecoin has transitioned to the Tron network, experiencing a significant price drop from $74 to $8.59. This move aligns the token with Justin Sun, a controversial figure in the crypto space, who has a substantial stake in it.
• Concerns are mounting regarding insider control, as CIC Digital, an entity associated with Trump, holds 80% of the token’s supply, raising questions about decentralization and potential market manipulation.
• Analysis indicates that many of the top TRUMP token holders are located outside the U.S., which adds to skepticism about the token’s true value and purpose.

Tether Halts Support on Multiple Blockchains

• Tether announced on Friday that it will cease support for USDT on five different blockchains starting September 1.
• This decision follows Tether’s earlier choice to stop minting on EOS and Algorand in June.

GMX Hacker Begins Returning Stolen Assets

• The individual responsible for draining over $40 million from GMX’s V1 contracts has initiated the process of returning the stolen funds.
• The first indication of this came through an on-chain message stating, “ok, funds will be returned later.”

Coinbase Collaborates with Perplexity AI for Enhanced Market Insights

• Coinbase has partnered with Perplexity AI, an AI-driven search engine, to improve traders’ access to real-time cryptocurrency market data.
• CEO Brian Armstrong announced the collaboration on social media, highlighting the potential for faster and more informed trading decisions through integrated data.

Snoop Dogg’s NFT Collection Sells Out Rapidly

• The latest NFT collection from hip-hop icon Snoop Dogg sold out within just 30 minutes, receiving accolades from Telegram founder Pavel Durov.

Emirates Airline Explores Crypto Payment Options

• Emirates Airline has revealed plans to accept cryptocurrency payments, facilitated by a draft agreement with Crypto.com.

BNY Mellon Takes on Custodianship for RLUSD

• The Bank of New York Mellon has been appointed as the primary custodian for Ripple Labs’ RLUSD stablecoin, ensuring the security of its backing funds.

New Zealand Implements Ban on Cryptocurrency ATMs

• In an effort to strengthen anti-money laundering and counter-terrorism financing measures, New Zealand has announced a ban on digital currency ATMs.
• This move places New Zealand among nations tightening regulations on cryptocurrency infrastructure.

Metaplanet Expands Bitcoin Holdings

• The Japan-based firm Metaplanet has acquired an additional 2,205 Bitcoin, raising its total holdings to 15,555 BTC, as disclosed on Monday.
• CEO Simon Gerovich mentioned that the company is contemplating the next phase of its Bitcoin treasury strategy in a recent interview.

Arkham Analyzes Satoshi-Era Wallet Activity

• Analytics firm Arkham reported that the recent transfer of over $8 billion worth of Bitcoin from inactive Satoshi-era wallets was prompted by security updates.
• Eight wallets, each containing 10,000 BTC, have been migrated to modern bc1q-style addresses since 2011, according to on-chain data.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.