In an effort to keep you abreast of today’s pivotal events in the realm of cryptocurrency, we’re delving into significant developments and trends impacting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and digital currency regulation.

The crypto market appeared indifferent to an early-morning multi-million dollar loss from a crypto project on July 3. Despite this, noted crypto pundits are optimistic about the likelihood of Bitcoin ETFs receiving approval in the near future.

Crypto Giant BlackRock Resubmits Bitcoin ETF Proposal, Teams Up with Coinbase

After a rocky week for potential ETF applicants, BlackRock, the world’s largest asset manager, has refreshed its Bitcoin ETF filing and revealed Coinbase as its ‘surveillance-sharing’ collaborator. The U.S. Securities and Exchange Commission temporarily stalled ETF submissions from several firms, including BlackRock, Ark, Valkyrie, WisdomTree, and Invesco, due to inadequate documentation, inciting a rash of reapplication efforts.

Poly Network Suffers More Extensive Damages Than Initially Thought

The Poly Network, a blockchain interoperability platform, may have been hit twice as hard as first speculated by a hack that leveraged multiple blockchains, including Ethereum, BNB Chain, and Polygon, among others. Beosin, a security firm, recently reported that the attackers may have pilfered around $10 million after converting stolen ETH from the Poly Network. However, an estimated $260 million remains unliquidated due to unfavorable market liquidity.

This incident comes less than two years following Poly Network’s prior breach, which resulted in a staggering $600 million loss, marking it as one of the most significant bridge hacks in Web3 history.

Filecoin Thrives While Most Crypto Assets Maintain Steady Course

Despite the recent Poly Network hack, the overall market performance on July 3 suggests that crypto investors remain unfazed. The crypto market’s total capitalization witnessed over a 1.5% increase, reaching an intraday high of $1.17 trillion. Filecoin (FIL), surging by 20% to $4.93—its highest value in a month—led the pack of top-performing cryptocurrencies.

The Graph (GRT) followed suit, experiencing an 18% intraday surge and reaching a one-month high of $0.139. The inflow of Bitcoin ETF applications, headed by BlackRock, seems to have uplifted market sentiment.

However, top cryptocurrencies might encounter pressure if the Federal Reserve proceeds with an additional 50 basis points of interest rate hikes by the end of 2023.

Regulatory Shifts: Spotlight on Thailand, Hong Kong, and the U.K.

July 3 was a relatively positive day for crypto regulations. Hong Kong authorities established a new Web3 task force aiming to foster sustainable crypto growth in the region. This move intends to enhance Hong Kong’s crypto-friendly regulations.

On the other hand, the U.K. is advancing efforts to integrate cryptocurrencies into legal frameworks, following a recent law empowering regulators to introduce and enforce rules for the crypto sector.

In the latest development, the U.K. Law Commission suggested establishing a unique category of personal properties to include cryptocurrencies. This move aims to precisely identify a broad spectrum of digital assets, from cryptocurrencies to digitized instruments.