Top 10 Biggest Crypto Developments This Week

The latest WuBlockchain Weekly report captures a high-volatility week in crypto. From Bitcoin's new all-time high to controversy around Pump.fun’s presale and Elon Musk’s political Bitcoin endorsement, markets are witnessing sharp shifts in momentum and policy.

Bitcoin reaches $118,868 ATH as momentum builds

Bitcoin surged to a fresh all-time high of $118,868.2 on Friday, capping a 6.32% daily gain. With traders increasingly rotating into large-cap assets amid ETF-driven inflows, the price surge reinforces BTC’s growing dominance. As of press time, it was trading around $118,115.

Elon Musk forms ‘American Party’ with Bitcoin support

Elon Musk has launched a new political movement—the American Party—and confirmed that it will back Bitcoin as part of its economic platform. Calling fiat “hopeless,” Musk stated the party intends to disrupt the U.S. two-party system by targeting congressional influence. The party remains unregistered with the FEC, and its formal roadmap is still unknown.

Trump task force to unveil crypto policy report July 22

The Trump administration’s Digital Asset Market Task Force is set to publish its first major crypto report on July 22. The report is expected to cover regulations, a Bitcoin reserve proposal, and possible access to Fed payment systems for crypto firms. Led by David Sacks and Bo Hines, the task force includes the Treasury, SEC, CFTC, and Commerce Department.

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SEC eyes faster ETF approval process

The U.S. SEC is reportedly drafting a new framework to streamline ETF approvals. The framework would remove the need for individual 19b-4 filings and instead allow platforms to list pre-qualified crypto ETFs after a 75-day waiting period. Bloomberg ETF analyst James Seyffart expects implementation by fall 2025.

Stablecoin issuers now hold $182.4B in U.S. Treasuries

Top stablecoin firms—Tether, Circle, Paxos, and First Digital—collectively hold over $182.4 billion in U.S. Treasury assets. This ranks them 17th globally, just behind Norway. Tether alone holds over $125 billion, while Circle manages $55.2 billion through BlackRock. The heavy allocation to short-term Treasuries is driven by liquidity and high yields above 5%.

Pump.fun presale under fire amid founder’s past comments

Pump.fun launched the presale for its native token PUMP, offering 150 billion tokens (15% of supply) at $0.004 each. However, controversy erupted after co-founder Alon’s 2024 statement resurfaced, calling all presales “a scam” and suggesting the purpose was just to “put raised funds in your pocket.” Critics labeled the ICO a possible exit strategy, citing lack of transparency.

Hacker returns $42M in stolen GMX funds

The hacker who exploited GMX V1 on Arbitrum for $42 million has agreed to return the funds in exchange for a $5 million white hat bounty. So far, $10.49 million in FRAX has been returned. The attack exploited a flaw in GMX’s leverage design, allowing manipulation of the GLP price for profit. Community members also criticized Circle for its slow response to flagged transfers.

Tether reveals $8B gold reserves in Swiss vault

Tether disclosed that it operates a private gold vault in Switzerland, currently storing $8 billion in gold. CEO Paolo Ardoino called gold “safer than fiat,” and hinted that future regulatory shifts in the U.S. or EU could force the company to alter its asset allocation strategy.

Hong Kong stablecoin licenses spark institutional race

The Hong Kong Monetary Authority will begin issuing stablecoin licenses from August 1, sparking a rush among major institutions. Applicants include JD.com, Standard Chartered, Ant Group, and Circle. Only a handful of licenses are expected to be granted due to high compliance thresholds, leaving most small firms out of contention.

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EU issues MiCA licenses to 53 crypto firms—Tether and Binance absent

The EU has approved 53 crypto firms under its new MiCA regulatory framework, enabling “passport access” across the EEA’s 30 countries. Approved entities include Circle, Crypto.com, Coinbase, Kraken, and Societe Generale. However, Tether and Binance are noticeably missing, raising compliance concerns ahead of stricter enforcement in 2026.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.