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TradeXYZ, a perpetual futures trading platform on Hyperliquid, said it will compensate users for liquidation losses caused by an abnormal plunge in the SK Hynix futures trading pair. In a post on X, TradeXYZ said the SK Hynix mark price fell to $917.25 from $1,127.9 at 11:01 p.m. UTC on July 27 as its oracle normally reflected executed prices delivered by multiple independent data providers, and the system functioned as designed. Still, citing user trust, the platform said it has decided at its own discretion to make a one-time compensation payout for liquidation losses caused by the anomaly. It said detailed eligibility criteria will be disclosed later and payments are expected to be completed within days. TradeXYZ added it will improve its pricing system to better respond to extreme volatility, including by reviewing its reliance on external exchange prices and more actively incorporating price signals from its in-house order book. Separately, the Hyperliquid SK Hynix futures trading pair also saw a brief intraday plunge yesterday, triggering a cascade of liquidations in leveraged long positions.

South Korea’s National Assembly Planning and Finance Committee is set to place a proposed amendment to the Income Tax Act on its agenda today at a full committee meeting at 1:00 a.m. UTC, with Deputy Prime Minister and Finance Minister Koo Yun-cheol, Budget Minister Park Hong-keun and Bank of Korea Governor Hyun Song Shin in attendance. The bill would abolish taxation on virtual assets, according to Edaily. Edaily reported the bill was introduced on March 19 by People Power Party lawmaker Song Eon-seok and would delete clauses on income tax for virtual assets. If placed on the agenda, the bill will be referred to the committee’s tax subcommittee for further discussion. A petition calling for the abolition of virtual-asset taxation, which drew support from more than 50,000 people, is also set to be discussed by the committee’s petition review subcommittee. A National Assembly official said the tax subcommittee and petition review subcommittee have not yet been fully formed, and the discussion schedule will be set after all members are appointed and floor coordinators from both parties agree on a timetable.

Ten European financial institutions have launched RL1, a joint blockchain network for regulated financial markets and tokenized assets, Cointelegraph reported. RL1 was established in Luxembourg as a European Cooperative Society, with participants including ABN AMRO, DekaBank and SC Ventures. The network supports digital money, bond tokens, collateral management and blockchain-based settlement, and the participating institutions plan to jointly operate it with equal voting rights.

Grayscale assessed HYPE at around 15x to 18x forward price-to-earnings. The firm said Hyperliquid generates actual cash flow, making it possible to value the token like a stock, with the calculation based on earnings per token rather than earnings per share. Compared with fintech companies such as Coinbase, Robinhood and Circle, Grayscale said HYPE’s current valuation remains inexpensive.

The Consumer Technology Association, the U.S. trade group that organizes CES, sent a letter to Senate Republican Leader John Thune and Senate Democratic Leader Chuck Schumer urging the Senate to bring the CLARITY Act to the floor for debate, according to Cointelegraph. In the letter, the association said years of bipartisan negotiations and stakeholder engagement had created an opportunity for Congress to establish clear rules for blockchain and digital asset technology, and added that the Senate should follow the same process after the House had already passed the bill with bipartisan support.

Banking association officials and bank executives across the United States urged the Senate to revise the stablecoin-related provisions of the CLARITY Act, BitcoinNews.com reported. The 134 signatories argued the bill should strengthen restrictions on interest and yield payments to ban обход routes such as rewards or other incentives. They added that if stablecoins draw in deposits through incentives, the bank deposit base that funds local lending could be weakened by hundreds of billions of dollars, and stressed that payment stablecoins should function as a means of transaction.

Spot CVD is an order-book analysis chart for the BTC/USDT spot trading pair. The upper section shows the Volume Heatmap, while the lower section shows cumulative volume delta, or CVD. - The upper volume heatmap tracks trading volume at each price level, and the background color becomes brighter when the price stays in a specific range for an extended period or makes a large move. Areas closer to brighter colors may act as support or resistance. - The lower cumulative volume delta indicator reflects buy and sell orders by order size, and the line in each corresponding color rises as buy orders increase. The yellow line represents $100 to $1,000 orders, while the brown line represents large orders ranging from $1 million to $10 million.

CoinMarketCap’s in-house Crypto Fear and Greed Index came in at 35, unchanged from yesterday, remaining in the fear zone. The index indicates extreme fear as it approaches zero and extreme optimism as it approaches 100. According to CoinMarketCap, the gauge is calculated based on price movements among the top 10 cryptocurrencies by market capitalization, market volatility, derivatives-market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and CoinMarketCap’s own search data.

DAXA has briefed the industry on preparations and practical considerations ahead of the Oct. 1 implementation of a revised law on refunds for telecom fraud victims, The Asia Business Daily reported. DAXA said today it held an institutional and practical briefing session on July 28 at Dreamplus Gangnam in Seoul’s Gangnam district for non-won virtual asset exchanges that support only crypto-to-crypto trading. The core of the revision is an expansion of refund eligibility for voice phishing losses from money-only claims to include virtual assets.

The U.S. Central Command said at 9:45 p.m. UTC on July 28 that Iran’s Islamic Revolutionary Guard Corps launched multiple ballistic missiles from Iran in an attempted surprise attack on U.S. forces stationed in the Middle East. It said all of the missiles were successfully intercepted and U.S. forces remain on high alert.

The number of wallets holding Ethereum has surpassed 200 million, Cointelegraph reported.

Visa said during its third-quarter earnings report that it is investing across the stablecoin ecosystem, including blockchain, issuance, wallets, infrastructure and applications. According to Cointelegraph, Visa said it joined the Open Standard Consortium to support issuance of the OpenUSD stablecoin and is building a platform that will allow partners to make payments and settlements with stablecoins. Visa added deposit tokens and AI-driven commerce will be future growth drivers.

The U.S. SEC said it is prepared to establish its own cryptocurrency regulations if the CLARITY bill does not pass Congress, according to Watcher.Guru.

A wallet believed to be tied to crypto investment firm Multicoin Capital deposited 101,340 HYPE worth $5.6 million into Coinbase from $120 million in unstaked HYPE, Onchain Lens reported. The address had earlier received 1.29 million HYPE worth $71.1 million after unstaking from Hyperliquid. Hyperliquid applies a seven-day waiting period to convert staked balances into spot tokens.

Nasdaq-listed SharpLink (SBET), an Ethereum treasury company, said on its official X account that it earned 420 ETH in staking rewards this week and now holds a total of 888,521 ETH.

K33 said in a report that while the Nasdaq entered July with strong momentum and overly extended positioning, Bitcoin has continued to trade sideways near its lowest correlation levels in years, suggesting the correlation between the two assets is likely to weaken. According to CoinDesk, K33 head of research Vetle Lunde said this week’s FOMC meeting may have a limited effect on Bitcoin compared with past periods of heightened policy uncertainty.

The three major U.S. stock indices closed mixed today. - S&P 500: +0.22% - Nasdaq: -0.22% - Dow Jones: +1.03%

U.S. SEC Chairman Paul Atkins has urged the Senate to pass the Clarity Act, according to the Watcher.Guru X account.

Cryptocurrency losses from hacks topped $1 billion in the first half of this year, with Ethereum- and Solana-based projects suffering the biggest damage, according to blockchain security firm Blockaid. North Korean-linked hackers accounted for the largest share of the total, stealing about $600 million.

Robinhood Chain’s launchpad posted $1.23 billion in trading volume over the past week, surpassing PumpSwap’s $1.22 billion for the first time. Wu Blockchain said meme coin trading on Robinhood Chain appears to have drawn in new trading demand rather than cannibalizing volume from Pump.fun, expanding overall trading activity across the meme coin market.

Ethereum layer-2 networks' total value locked has fallen to $5 billion, roughly back to levels seen about three years ago, according to The Block's official X account. The Block added this contrasts with 2024, when layer-2 adoption accelerated and TVL surged across networks including Arbitrum (ARB), Optimism (OP) and zkSync.

Robinhood (HOOD) CEO Vladimir Tenev reaffirmed his X account was hacked last week. Tenev said the hacker used social engineering to deceive X’s customer support team and gain access to the account, then posted fake content related to various memecoins. Tenev added X’s security team later worked with him to remove the posts, after which he regained access to the account. His X account had shown signs of compromise on July 24, including posts promoting a memecoin on the Robinhood Chain, and price swings followed in related tokens.

Crypto-related U.S. stocks are trading lower. Circle (CRCL) is down 1.98%, MARA (MARA) 4.59%, Coinbase (COIN) 1.04%, Bitmine (BMNR) 0.98%, Strategy (MSTR) 1.33%, and Riot Platforms (RIOT) 4.65%.

Strategy founder Michael Saylor said on X that Bitcoin’s biggest challenge lies inside the network rather than outside it. Saylor said BTC’s consensus rules are akin to a constitution and that changing those rules for a specific group would infringe on the economic rights of all market participants. He added that proposals including BIP-110 would undermine protocol neutrality, worsen the fee market, and weaken the network’s long-term security. Saylor also warned that if one faction modifies the rules, other groups could follow, triggering governance conflicts. BIP-110 was recently proposed to keep BTC focused on payments and transfers. The proposal calls for temporarily restricting some data within transactions. Saylor and Adam Back oppose the idea, saying limiting transactions that legitimately pay fees violates Bitcoin’s core value.

Fidelity Digital Assets said in a report that Bitcoin, Ethereum and Solana have historically low NUPL, or net unrealized profit/loss, levels, with multiple on-chain indicators nearing a capitulation zone. According to the report, as of the end of the second quarter, Ethereum was trading around 30% below its average purchase price, with unrealized losses of about $87 billion. Solana was trading around 41% below its average purchase price, with unrealized losses of about $29 billion. Bitcoin alone remained in unrealized profit, trading around 10% above its average purchase price, with unrealized gains of about $108 billion. Fidelity added that current valuations may offer an attractive entry point for long-term investors.