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South Korea’s Korea Exchange triggered a circuit breaker after the KOSPI and KOSDAQ each fell more than 8%, marking the second straight day such a measure was activated. The circuit breaker system temporarily halts trading during sharp declines in the KOSPI and KOSDAQ markets and operates in three stages. Under the first-stage circuit breaker, trading is suspended for about 20 minutes when losses of 8% or more persist for one minute.

Pendle says cumulative buybacks of its PENDLE token have topped $3 million. The DeFi yield protocol said on its official X account that more than 100 million PENDLE had been staked within six and a half months of the launch of PENDLE staking, equal to 36% of total supply. Pendle added that it has distributed a cumulative $5.12 million in rewards and airdrops to stakers, while new PENDLE issuance has continued to decline and hit a record low.

South Korea’s deputy prime minister and finance minister Koo Yun-cheol said virtual asset taxation is being pushed ahead as scheduled for next year, according to News1. Koo made the remarks on July 29 while appearing before the National Assembly’s finance and economy committee, after People Power Party lawmaker Kim Sang-hoon asked whether an extension of the tax deferral was needed. Responding to Kim’s point that major advanced economies treat virtual assets as capital gains and allow loss carryforwards, Koo said stock investments also do not currently allow carryforwards. Koo added that virtual assets are classified as other income and already receive certain benefits, and said the government would be willing to review the issue if needed after the tax takes effect.

Uncertainty remains high over South Korea’s proposed Digital Asset Basic Act even as the National Assembly’s National Policy Committee resumes full operations and is set to hold a Financial Services Commission briefing and pending-issues questioning today, Newdaily Economy reported. A total of 10 related bills sponsored separately by lawmakers from the Democratic Party and the People Power Party are pending in the National Assembly. While lawmakers’ proposals covering issuance, distribution, disclosures and business regulation have accumulated, the Financial Services Commission has yet to unveil a government bill that would unify them into a single framework. An industry official said repeated debate over the same issues is likely unless the government sets out its principles on stablecoin issuers and rules on exchange ownership stakes, according to the outlet.

Cameron Winklevoss, co-founder of U.S. cryptocurrency exchange Gemini, said on X that the AI investment cycle is over and large pools of capital are looking for a new safe-haven asset, adding that it is time to reallocate funds to Bitcoin (BTC) and Zcash (ZEC), which Winklevoss described as the world’s soundest money.

Crypto mining company Core Scientific (CORZ) booked a $41.9 million loss after terminating its Bitcoin mining chip purchase agreement with Jack Dorsey’s Block, The Block Pro reported. Core Scientific had previously paid Block at least $67.9 million in prepayments, and the remaining delivery obligations were canceled after the termination. Separately, a day before ending the Block contract, Core Scientific said it signed a 15-year, 529 MW lease agreement with AMD and expects the deal to generate more than $14 billion in contracted revenue.

The Kospi fell sharply, prompting the Korea Exchange to trigger a sell-side sidecar for a second straight trading session after a similar measure was activated yesterday.

A wallet believed to be linked to a16z Crypto, the crypto arm of global venture capital firm a16z, withdrew about $7.33 million worth of HYPE today from exchanges including Gate, Bybit and OKX, according to on-chain analyst ai_9684xtpa. Exchange withdrawals are typically interpreted as holdings moves. In related analysis, ai_9684xtpa said the address appears to have started rebuilding its position after previously continuing to sell by depositing sizable amounts of HYPE to exchanges.

Repealing taxes on digital assets should be reviewed carefully in light of tax administration credibility and potential market impact, Choi Byung-kwon, senior specialist of the National Assembly’s Fiscal and Economic Planning Committee, said in a review report on a proposed revision to the Income Tax Act, according to Digital Asset on July 29. The report concerns an Income Tax Act amendment on abolishing digital-asset taxation that was introduced in March by People Power Party lawmaker Song Eon-seok. Choi said reversing an already-decided plan to tax digital-asset income could undermine confidence in tax policy and risk causing market instability, while adding that arguments for repeal, including fairness issues tied to the abolition of the financial investment income tax and shortcomings in tax infrastructure, should also be taken into account.

CoinMarketCap’s Altcoin Season Index, a broad cryptocurrency market gauge, came in at 52, unchanged from yesterday. The index is calculated by comparing the price performance of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, against Bitcoin. A market is considered to be in altcoin season when 75% of those top 100 coins have outperformed Bitcoin over the past 90 days; the opposite is considered Bitcoin season. The closer the reading is to 100, the more it indicates altcoin season.

U.S. Sen. Ruben Gallego, a Democrat, is negotiating a compromise on the CLARITY Act’s ethics provisions with U.S. Sen. Thom Tillis, a Republican, including a plan to give enforcement authority over the rules to state attorneys general as well as the Justice Department, Politico reported. Gallego said on July 27 the senators plan to finalize draft language to send to the White House within the next few days. Tillis also said the version to be sent to the White House is expected to include enforcement authority for state attorneys general and added, "reasonable baseline."

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.