Cryptocurrency
SPX6900 Price Pumps 16% After Coinbase Listing as Meme Index Presale Nears $4M

The meme coin sector has seen another sharp move, with SPX6900 (SPX) jumping 16% in the past 24 hours.
Trading volumes for the popular token soared after its much-anticipated Coinbase listing.
Meanwhile, Meme Index (MEMEX) is also gaining traction – closing in on $4 million in its presale phase.
SPX6900 Surges as Coinbase Launches Perpetual Futures Trading
SPX6900 spiked after Coinbase International Exchange introduced perpetual futures trading for the meme coin earlier today.
The token spiked to $0.72 as traders rushed to take advantage of leveraged positions.
These new futures contracts, offering up to 20x leverage with USDC settlement, have opened the door for non-US retail traders to speculate on SPX’s price movements.
Unlike standard futures, perpetual contracts don’t expire.
This lets traders hold positions indefinitely – as long as they maintain enough margin.
The response to Coinbase’s listing has been explosive.
SPX’s spot trading volume has climbed to $27 million in the past 24 hours, and sentiment on crypto Twitter is bullish.
For longtime SPX holders, this moment feels like validation for a project that has struggled for momentum in the last month.
Still, some experts think today’s rally will fizzle out fast.
They think the initial euphoria will die down, leaving SPX vulnerable to a sharp correction.
Meme Coin Market Stalls While SPX6900 Defies the Trend
SPX6900’s rally stands out against a meme coin sector that has mostly stalled in February.
Market leaders DOGE and SHIB have posted slight gains in the past day, while most of their competitors trade sideways or slip lower.
FLOKI, for instance, has dropped 4% since yesterday.
The total meme coin market cap remains below $70 billion, still well off January’s peak when it hit $117 billion.
This flat performance reflects broader uncertainty around crypto as investors navigate some conflicting signals.
Regulatory concerns are one of them.
In Europe, stablecoin regulations are tightening, while the U.S. is considering stricter reporting requirements for DeFi platforms.
On top of that, stubborn inflation figures are keeping the Federal Reserve from cutting rates, further dampening investor enthusiasm.
The market seems to be in “wait and see” mode.
The fact that Bitcoin is still trading below $100,000 hasn’t helped matters, with the Crypto Fear & Greed Index now stuck at 49 – bordering on “Fear” territory.
Meme Index Goes Viral with ETF-Style Approach to Meme Coins and Raises $3.7M
While SPX benefits from Coinbase-fueled hype, another project is stirring up some serious buzz.
Meme Index has raised $3.7 million in its presale, with early investors securing MEMEX tokens for just $0.0163585.
Think of Meme Index as an ETF for meme coins.
Unlike most of these coins, which rely solely on hype, Meme Index has a genuine use case.
It’s got four different indexes of coins – Titan, Moonshot, Midcap, and Frenzy – tailored to different risk levels.
These indexes give diversified exposure to the meme coin market without the hassle of researching dozens of individual tokens.
The team is out to solve the biggest problem with meme coins – picking winners.
And YouTuber ClayBro, who has over 136,000 subscribers, said that’s why Meme Index could be a “10x gainer” once it goes live later this year.
ClayBro also noted that MEMEX holders have a say in how each index is structured.
MEMEX holders can vote on which coins should be included in each index, ensuring the portfolios evolve with the market.
Meme Index even has a staking program offering APYs of 603%.
Some early backers are now drawing comparisons between Meme Index’s presale momentum and SPX6900’s early run, hinting at similar upside potential when MEMEX hits exchanges.
Given the growing need for structure in the meme coin space, they might be right.
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Cryptocurrency
FTX Wants to Block Claims from 49 Countries, Including China: Users Rage

Bankrupt crypto exchange FTX is asking the court to greenlight a plan that could potentially deny billions in creditor repayments to users in 49 countries where crypto faces legal restrictions.
This could disproportionately impact Chinese users, who reportedly represent 82% of the affected claim value.
Navigating Legal Minefields in Restricted Jurisdictions
The FTX proposal, detailed in a July 2 court filing, is seeking authorization to designate 49 countries, including China, Russia, Afghanistan, and Ukraine, as “Potentially Restricted Jurisdictions.”
While claims from these regions will be automatically treated as “disputed,” the FTX Trust will first seek legal opinions for each jurisdiction, and in cases where distribution is deemed legally permissible, payouts will proceed.
However, where legal advice indicates distributing funds would violate local laws, the Trust will issue a formal notice to affected creditors. These users will then have a 45-day window to file a formal objection, including submitting it to a U.S. court.
According to the document, if a jurisdiction is ultimately deemed “restricted” and a claimant remains a resident there when repayments are processed, their funds and any associated interest “shall be immediately forfeited and revert to the FTX Recovery Trust.”
The submission has triggered significant backlash from affected users. While the FTX Recovery Trust is positioning it as a legal compliance issue, others argue it raises serious ethical questions.
“FTX accepted users from China when things were fine,” wrote one X user. “Now denying their claims entirely because of ‘restricted jurisdiction’ feels unfair.”
He described creditors from the beleaguered countries as “victims” who still deserved to be repaid.
Another Chinese claimant, going by the username “Will,” also argued forcefully against the rationale:
“While mainland China does not support cryptocurrency trading, residents… are allowed to hold cryptocurrencies… The claims process uses USD for settlement… they are allowed to hold USD overseas. So why isn’t wire transfer settlement supported?”
Meanwhile, others expressed despair, with one user asking, “Is there anything that could be done? Or they just steal all of the money?” FTX creditor advocate Sunil suggested that selling or transferring the claim to someone in an allowed jurisdiction might be a potential workaround.
Ongoing Repayments
While the controversy rages on, other creditors have been making progress with their payments. As per a July 1 update, those with claims under $50,000 have already received 120% payouts, while larger claimants received 72.5% in May. The remaining 27.5% is expected through distributions extending into 2027.
Meanwhile, the fallout from FTX’s 2022 collapse continues to resolve elsewhere, with most celebrity endorsement lawsuits dismissed, though retired NBA star Shaquille O’Neal settled for $1.8 million.
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Cryptocurrency
This Critical Binance Metric Suggests Incoming Surprises for Bitcoin: What You Need to Know

Binance’s net taker volume surged past $100 million just ahead of the latest US Nonfarm Payrolls (NFP) report.
Such a trend points to aggressive buying as traders position for a key macroeconomic catalyst.
Binance Sees Aggressive Buy Orders
In its latest analysis, CryptoQuant revealed thaft this spike reflects large market buy orders on Binance, indicating strong bullish sentiment or speculative bets on continued market momentum.
The US labor market report, released shortly after, showed Nonfarm Payrolls increasing by 147,000 in June. This figure exceeded analysts’ expectations of 110,000-118,000. The unemployment rate also fell to 4.1% from 4.2% in May and was the lowest level since February, according to the Bureau of Labor Statistics.
The stronger-than-expected employment data reduces the chances of near-term rate cuts, ultimately backing the Fed’s plan to maintain higher rates to control inflation. Market-implied probabilities now reveal a 95% chance the Fed will hold rates steady at its July meeting, as it rose from 75% before the jobs report was released.
A resilient jobs market has strengthened the US dollar, as expectations of delayed or reduced interest rate cuts make the currency more attractive relative to others.
Historically, strong NFP data and hawkish Fed expectations have weighed on risk assets, including Bitcoin, as a firmer dollar environment tends to reduce the relative appeal of alternative assets.
The combination of Binance’s aggressive buy-side activity and the strong jobs report could pave the way for potential volatility in crypto markets as traders assess the Fed’s policy outlook and the broader macro environment.
After US jobs data beat forecasts, Bitcoin briefly climbed above $110K before retreating to $108.8K.
July Seasonality Fuel Optimism
As per crypto analyst Daan Crypto Trades’ observation, holding above $108K is critical for the leading crypto asset to avoid a downward spiral. He considers a close near the $110K region a healthy sign.
Meanwhile, Matrixport noted that July has historically been a strong month for Bitcoin, as 7 out of the last 10 Julys have closed positively and have an average return of over 9.1%. Supported by the improving Fed outlook and post-July 4 optimism, the next few weeks could offer a final push higher before another round of consolidation. The Greed & Fear Index is also bottoming out, a signal that often precedes upward momentum in Bitcoin’s price.
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Cryptocurrency
Chainlink’s Consolidation Echoes Bitcoin’s 2023 As Retail Apathy Meets Whale Hunger

Chainlink (LINK) remains locked in a $12-$15 price stalemate, owing to the continued whale accumulation amid retail disengagement.
On-chain data shows sustained negative exchange netflows of around 100,000 LINK per week, which indicates that whale entities are absorbing sell pressure without significant price disruption.
LINK Faces Critical Test
CryptoQuant stated that this trend contrasts with occasional retail-driven spikes, such as March 2025’s 5 million LINK deposit surge. Retail activity has stayed flat, as evidenced by the daily active addresses hovering between 28,000 and 32,000, while transaction counts remain stagnant at around 9,000 per day. Despite increased oracle utility, retail failed to capitalize on a minor activity bump seen in late 2024.
Whale urgency is evident as exchange withdrawals peaked at 3,000 transactions per day in Q4 2024 and remain elevated, thereby steadily draining exchange reserves, which have fallen approximately 40% year-to-date. Neutral leverage metrics are preventing volatility and have allowed systematic accumulation without triggering a breakout above $15.
A resolution to this deadlock will require a spike in retail participation to ignite momentum or a slowdown in whale withdrawals to weaken accumulation. Until a catalyst emerges, LINK’s structure matches Bitcoin’s 2023 consolidation phase before its surge in 2024.
While this accumulation standoff continues on-chain, Chainlink has been expanding its broader ecosystem through partnerships.
Collaborations With Mastercard and Visa
Last month, the decentralized oracle network partnered with Mastercard to allow 3 billion cardholders to purchase crypto directly on-chain using fiat payments. The collaboration utilizes interoperability infrastructure and Mastercard’s global network to remove barriers to crypto access.
Partners like Zerohash, Shift4, Swapper Finance, and XSwap support liquidity, compliance, and fiat-to-crypto conversion, bridging traditional payments with decentralized finance environments.
Chainlink also completed a pilot under the HKMA’s e-HKD+ initiative with Visa, wherein the duo tested cross-border investment transactions using CBDCs and stablecoins. In the trial, ANZ’s AUD-backed stablecoin A$DC was converted into e-HKD and used to invest in a tokenized money market fund.
Chainlink’s CCIP enabled asset transfers between ANZ’s private blockchain and Ethereum’s public testnet, while Visa’s VTAP managed the token lifecycle. The pilot demonstrated instant, compliant investment fund access, which reduced settlement times from days to just seconds, even on weekends.
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