Anmol Khatiwada, Author at Bitmala

BNB Burns Over $1 Billion in Tokens in Its 32nd Quarterly Burn – What It Means for Investors

The BNB Foundation has successfully executed its 32nd quarterly token burn, permanently removing more than 1.59 million BNB tokens—valued at approximately $1.02 billion—from circulation. Conducted on the Smart Chain (BSC), the burn involved both the platform’s Auto-Burn feature and the Pioneer Burn Program, as per the official statement released by Chain.

The Auto-Burn system is a supply-control mechanism that eliminates excess tokens each quarter by sending them to an irreversible “blackhole” address. This method supports long-term ecosystem health by increasing token scarcity, stabilizing price movements, and aligning with its roadmap of eventually reducing the total supply to 100 million token.

“The latest burn involved 1,595,470.69 BNB via Auto-Burn and 129.10 through Pioneer Burn,” the announcement noted.

At the time of the burn, it was trading around $670, with a daily trading volume of $1.77 billion and a market cap exceeding $93.5 billion. The deflationary action adds confidence to its value proposition as a key asset powering BSC, opBNB Layer 2, and Greenfield blockchain.

Recent upgrades like Lorentz and Maxwell have improved block production speeds, necessitating a slight adjustment in the Auto-Burn formula to reflect the enhanced chain efficiency.

New Horizons: BNB Treasury Company Eyes U.S. Stock Listing

In a parallel development, YZi Labs—a venture backed by Binance founder CZ—announced its support for the Treasury Company, which plans to go public in the United States. This move could give traditional investors regulated access to the ecosystem, potentially increasing its visibility and adoption.

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Fartcoin Falls 8% in Sharpest Daily Drop in Weeks, Market Cap Slips Below $1.1B

Fartcoin, the meme coin with a cult-like following, saw a sharp decline of over 8% in the past 24 hours, slipping to $1.09 on Tuesday afternoon. This marks its steepest single-day decline in nearly three weeks, erasing roughly $100 million from its total market capitalization and casting doubt on its year-long upward trajectory.

The dip in Fartcoin’s price comes in tandem with a broader cooldown across the crypto market, as Bitcoin and other large-cap assets experience a mild pullback. Now down nearly 28% from its late-June high of $1.51, Fartcoin finds itself flirting with psychological support at the $1.00 mark—a level that could dictate the token’s short-term direction.

According to CoinMarketCap, daily trading volume sits at approximately $238 million, consistent with last week’s average, while CoinGecko data shows an 8.9% slide. With 999.9 million tokens in circulation, Fartcoin’s live market cap stands at $1.09 billion, placing it as the 64th-largest cryptocurrency by market size.

Market sentiment is turning cautious. Chart analysts point to a descending trend line—first established in mid-June—that has repeatedly stifled every recovery attempt. “Trading just at the diagonal resistance, best place to trap breakout traders and early shorters,” noted AltCryptoGems in a fresh technical update.

Adding intrigue, on-chain data from Lookonchain revealed two wallets collectively spent $8.7 million in USDC to buy 7.2 million FARTCOIN on July 6, at an average price of $1.21. This may indicate that some large holders view the pullback as a buying opportunity.

Meanwhile, the Fartcoin development team confirmed that its long-awaited staking portal is set to enter public testing later this quarter. If successful, the move could reduce circulating supply and add new use cases for holders willing to lock tokens for passive income.

Still, derivatives markets are showing restraint. Open interest in perpetual futures has dropped by 12% since Friday, while funding rates on the largest trading pair remain flat, suggesting traders are taking a wait-and-see approach.

If Fartcoin loses the $1.00 support, technicians see the June swing low at $0.87 as the next key level. However, if price holds above $1.00, it keeps the medium-term trend intact—and any future exchange-listing news could reignite bullish momentum.

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Kraken and Backed Expand Tokenized xStocks to BNB Chain

Kraken, one of the leading cryptocurrency exchanges, is teaming up with tokenization platform Backed to bring xStocks—tokenized versions of popular U.S. equities—to the BNB Chain. This integration is expected to significantly broaden the reach of tokenized stocks, allowing global users to access familiar U.S. assets like Apple (AAPLx), Tesla (TSLAx), Nvidia (NVDAx), and the S&P 500 ETF (SPYx) as BEP-20 tokens.

According to the official announcement, Kraken users will soon be able to deposit and withdraw xStocks on BNB Chain in the coming weeks, enabling seamless cross-chain movement of tokenized equities.

The decision to expand to BNB Chain—a blockchain network with over $10 billion in total value locked (TVL) and a vibrant Web3 ecosystem—comes down to scalability, speed, and affordability. BNB Chain’s low gas fees and high throughput make it an ideal network for widespread adoption of digital assets.

“The future of markets is multichain,” said Kraken’s co-CEO Arjun Sethi. “Tokenized equities like xStocks aren’t just digital representations—they’re components of a new financial framework that enables borderless, real-time settlement and integration with decentralized finance (DeFi) applications.”

Adam Levi, co-founder of Backed, emphasized that xStocks are designed to be neutral, public goods accessible to everyone—not locked behind traditional brokerage systems.

“We want xStocks to become what stablecoins are to fiat: liquid, usable, programmable assets that bridge TradFi and DeFi,” Levi noted.

This move aligns with BNB Chain’s broader goal of connecting traditional financial markets with decentralized protocols. Sarah S, Head of Business Development at BNB Chain, said, “Our partnership with Kraken and Backed reinforces our mission to bring high-quality financial products on-chain and empower users with open access to markets.”

The BNB Chain launch comes on the heels of Kraken’s earlier success with tokenized equities on the Solana blockchain, where it listed over 60 U.S. stocks. Bybit also recently integrated xStocks, bringing 10 tokenized equities to its own trading platform.

With cross-chain compatibility, major partnerships, and institutional backing, xStocks are poised to transform how global users interact with traditional equities—making them as agile and accessible as crypto assets.

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Ripple Partners With BNY Mellon to Custody RLUSD as Stablecoin Surpasses $500M Market Cap

Ripple just bagged a major ally in its mission to make RLUSD the go-to stablecoin for institutions—none other than Wall Street giant BNY Mellon. In a July 9 announcement, Ripple confirmed that BNY Mellon will act as the primary reserves custodian for RLUSD, a stablecoin tailored for enterprise-grade financial use cases.

This announcement comes as RLUSD hits a $500 million market cap—a clear signal that institutional interest is ramping up.

BNY Mellon, with more than $43 trillion in traditional assets under custody, brings heavyweight credibility and infrastructure to the table. The bank will also provide Ripple with access to its powerful transaction banking services to help streamline global payment operations.

Ripple’s SVP of Stablecoins, Jack McDonald, said RLUSD fills a critical void for institutions seeking a stable, transparent digital dollar alternative.

Adding a little intrigue to the mix: Sandie O’Connor, who sits on both Ripple’s and BNY Mellon’s boards, provides a direct governance connection between the two financial titans.

Ripple has been aggressively scaling RLUSD’s ecosystem. It recently partnered with Swiss crypto bank AMINA and OpenPayd to offer custody, trading, minting, and burning of RLUSD. The company has also applied for a national bank charter from the OCC—showing that Ripple’s ambitions aren’t stopping with just stablecoins.

After the BNY news, XRP saw a solid price jump, trading at $2.38—up nearly 4% in 24 hours.

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Fake Coinbase Crypto Surges 235% in 24H, Sparks Market Chaos

‘Coinbase’ Altcoin Soars 235%, But It’s Not the Real Deal

A newly launched crypto token named “Coinbase (COIN)” has sent shockwaves through the market after surging over 235% in just 24 hours—despite having no connection to the real Coinbase Global Inc. (NASDAQ: COIN).

The altcoin, which appears to mimic the branding of the popular U.S. crypto exchange, has rapidly climbed to a market cap of $23 million. Since its launch, the token has delivered a jaw-dropping 2,800% return, raising both eyebrows and regulatory concerns across the crypto community.

Meanwhile, actual Coinbase stock has remained relatively stable, gaining just 0.57% on the day. It opened at $354.20 and currently trades around $357.84, reflecting cautious investor sentiment despite recent bullish analyst upgrades.

Analysts like Gautam Chhugani from Bernstein recently raised Coinbase Global’s price target from $310 to $510, citing its S&P 500 inclusion, Ethereum Layer-2 innovation, and growing dominance in the U.S. crypto exchange market.

Important clarification: The Coinbase (COIN) token is not affiliated with Coinbase Global in any way. This is explicitly stated on CoinMarketCap, but that hasn’t stopped many traders from confusing the two—especially with the misleading name and ticker symbol.

The episode adds to the growing trend of lookalike tokens trying to ride the wave of established crypto brands. Experts warn retail investors to always double-check project legitimacy before jumping in, especially during volatile surges.

In short, the “Coinbase” altcoin may be pumping now—but it’s no substitute for the real deal. As FOMO spikes, so does the risk of being caught on the wrong side of a speculative play.

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Robinhood Stock Surges 26% on Crypto Push, Faces EU Scrutiny

Robinhood Rallies 26% on Tokenized Stock Launch, Faces EU Backlash

Robinhood Markets ($HOOD) soared nearly 26% over the past month, propelled by bold moves into blockchain-based tokenized equities and crypto infrastructure.

The company recently unveiled a new platform in the European Union that allows users to trade over 200 tokenized U.S. equities and ETFs. Built on Arbitrum, these products offer synthetic exposure—not ownership rights—to major public and private firms, including OpenAI and SpaceX.

While the move has excited crypto-native investors and pushed Robinhood stock as high as $95, regulators in the EU have raised red flags. The Bank of Lithuania is now investigating the legality and disclosure standards of Robinhood’s tokenized offerings. OpenAI also distanced itself from the tokens, warning investors of potential misinformation. Elon Musk added fuel to the fire by publicly calling OpenAI’s equity “fake.”

The company insists the tokens are merely derivatives tracking market prices and aren’t tied to real equity. Still, critics argue that retail investors may be misled by unclear language and a lack of investor protections—especially given the tokens’ unregistered nature and lack of governance rights.

On the business side, Robinhood’s aggressive crypto expansion continues. It finalized its acquisition of Bitstamp, gaining access to over 50 global licenses. This positions Robinhood to offer institutional services like staking, lending, and high-volume trading tools.

Robinhood’s financials show impressive growth: revenue jumped 60% to $3.3 billion in the past year, with quarterly growth at 50%. Its operating income reached $1.3 billion, and the net margin sits at a strong 48.8%.

However, some analysts remain cautious. With a lofty price-to-sales ratio of 24.1 and P/E of 49.5—both far above market averages—Robinhood’s stock could be vulnerable if sentiment shifts.

Nonetheless, its hybrid model of traditional trading and blockchain innovation is attracting both investors and institutions bullish on the future of tokenized finance.

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$HYPE Crashes 3.4% as Bears Break $38: Triple Top Confirmed

Hyperliquid ($HYPE) Slips Below $38: Bearish Signal Intensifies

Hyperliquid’s native token, $HYPE, took a sharp 3.4% dip in the last 24 hours, breaking below a crucial $38 support level. This move confirmed a triple-top breakdown, with repeated rejections at the $43 resistance zone now signaling a broader bearish trend.

Trading activity surged, with volume up by 37% to $270 million. Analysts flagged a significant -14.6K delta in one candle — a clear sign of aggressive sell-side pressure. This coincided with a breakdown from the $37–$43 range, previously seen as a key consolidation zone.

Despite the technical weakness, Hyperliquid remains a dominant force in the DeFi derivatives space. With over $1.57 trillion in annual perpetuals volume and $56 million in June revenue, it outpaces several leading blockchains in fee generation.

Institutional players are taking notice. HYLQ Strategy Corp. acquired over 3,500 $HYPE tokens recently, and Hyperliquid’s recent launch of CoreWriter, a HyperEVM-compatible smart contract layer, signals a new wave of dApp innovation.

Furthermore, integrations like Maple Finance accepting $HYPE as collateral, and Okto Wallet’s native mobile app launch, suggest Hyperliquid is far from slowing down.

Technically, however, the road ahead looks choppy. Unless bulls can reclaim the $40+ territory with conviction, the next support lies around $31–$32, aligning with the measured move from the broken rectangle pattern.

With a solid foundation but clear chart weakness, $HYPE’s next moves could define its short-term market direction.

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Toncoin Surges on UAE Residency Hype—Then Crashes After Official Denial

Toncoin Pumps on UAE Residency Rumor, Dumps After Denial

Toncoin (TON) saw a dramatic price swing on July 7 after a viral claim suggested that staking $100,000 worth of TON could secure long-term UAE residency. The rumor, spread by the TON Foundation, briefly sent TON soaring 10% to $3.05, igniting hype on Twitter and Telegram.

However, the rally quickly unraveled. UAE officials publicly denied the existence of any such residency-through-crypto-staking program, triggering a sharp 6% correction. Despite the fall, TON ended the day up 3.7%, closing at $2.83.

The real story may be in the trading volume, which exploded over 900%, topping $795 million for the day. On-chain data reveals that 68% of TON is held by whales, making it especially prone to large, fast moves.

Technically, TON found support at $2.78, near the 78.6% Fibonacci level, but remains unable to break the $3.00–$3.20 resistance zone — a ceiling it has tested and failed multiple times since May.

If bullish momentum builds, a breakout could target $3.60 or even $4.00, but without it, a slide back to $2.65 or $2.30 is possible.

This price whiplash shows the power of hype in crypto—and how fast fiction can spark millions in trading volume.

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Ripple’s RLUSD Stablecoin Enables 24/7 Cross-Margin Trading via Hidden Road

Ripple’s RLUSD Stablecoin Powers 24/7 Cross-Margin Trading at Hidden Road

Ripple has taken a major leap into institutional finance by integrating its stablecoin RLUSD with prime brokerage Hidden Road, enabling 24/7 cross-margin trading. RLUSD, backed by the U.S. dollar, will now serve as universal collateral across crypto, FX, equities, and commodities — a first in the industry.

This development comes shortly after Ripple’s $1.25 billion acquisition of Hidden Road. At a press event in Singapore, Ripple CEO Brad Garlinghouse highlighted RLUSD’s role in offering year-round capital efficiency with no downtime, simplifying risk management for global institutions.

In a strategic move, Hidden Road will also adopt the XRP Ledger for post-trade settlements. This upgrade will enhance transaction speed, reduce costs, and reinforce the broker’s $3 trillion annual trading infrastructure. The XRP Ledger’s scalability will also boost Hidden Road’s credit network that bridges traditional and digital markets.

As RLUSD remains regulated and institution-friendly, its adoption reflects growing demand for compliant stablecoins in professional trading environments.

The announcement comes just ahead of a pivotal U.S. Senate Banking Committee hearing on July 9, where Ripple’s CEO is expected to testify. The hearing may offer legal clarity on whether tokens like XRP are securities or commodities — potentially reshaping U.S. crypto regulation.

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Bybit Launches Crypto Platform in Georgia with Full Local License

Bybit Launches Fully Licensed Crypto Platform in Georgia

Bybit, a major global crypto exchange, has launched a new platform tailored for Georgian users — BybitGeorgia.ge. Marking a strategic expansion in Eastern Europe, the exchange becomes the first of its kind in Georgia with a full local license, enabling it to offer spot trading, OTC services, and asset conversion.

The platform plans to introduce fiat deposit and withdrawal options, alongside the Bybit Card, which will allow users to spend crypto in daily transactions. According to Tekla Iashagashvili, Georgia’s Country Manager, this move is part of its mission to support Georgia’s growing digital economy and bring crypto access to more users worldwide.

This launch follows its introduction of Bybit.eu, its MiCAR-compliant platform for the European Economic Area, and new offices across key EU nations including France, Germany, and Italy.

To celebrate its Georgian debut, it is running a Launch Campaign (July 7 – August 7) with a reward pool of 20,000 USDT. New users can earn up to 115 USDT through welcome bonuses, deposits, trading, and referrals.

As Georgia advances toward EU integration, its presence positions it as a key player in the country’s crypto ecosystem.

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