ETH Supply Shift, GameSquare Buys Big, Powell Speaks: July 22 Crypto Market Recap

Fed Chair Powell urges capital rule alignment, ETH gas limit raised to 45M, and institutions like Game Square and SMX increase crypto holdings.
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Crypto Markets Today: Powell’s Capital Remarks, ETH Gas Upgrade, and Institutional Accumulation

Fed Chair Powell: Capital framework components must work together

Fed Chair Jerome Powell said in his opening remarks at the Fed’s banking conference that the components of the capital framework for large banks must work together in a coordinated manner. Powell noted that given the complexity of capital rules, it is important that each component works in a coordinated manner for the overall integrity of the system. Powell did not comment on the economic outlook or monetary policy in his opening remarks at the Fed banking conference.

US Treasury Secretary Bessent: Annual customs revenue could reach $300 billion

US Treasury Secretary Bessent said that revenue from customs duties is “significant” and could account for 1% of GDP. According to Bessent, annual customs revenue could reach $300 billion, with the total amount expected to reach $2.8 trillion over the next decade. In addition, US GDP growth is projected to exceed 3% in the first quarter of 2026. Bessent said that there is no indication that Fed Chairman Powell should resign at this time, but that he could do so if he chooses to do so. He also emphasized that the Fed should be subject to internal oversight.

Strategy announces IPO plans for STRC shares

Strategy (NASDAQ: MSTR, STRK, STRF, STRD) announced plans to issue 5 million shares of Series A variable-rate perpetual preferred STRC shares and conduct an initial public offering subject to market conditions. The company plans to use the proceeds for general corporate purposes, including Bitcoin purchases and working capital.

U.S. Department of State: U.S. to withdraw from UNESCO

The U.S. Department of State announced that the country will withdraw from UNESCO. In the same statement, Treasury Secretary Benson said there were no signs that Fed Chair Powell would step down, but that he could do so early if he wished.

Bernstein raises price targets for Meta and Alphabet

Bernstein raised its target price for Alphabet (GOOG.O) from $185 to $195. For Meta Platforms (META.O), the target price was increased from $700 to $775.

USDC Treasury burned 55 million USDC on Ethereum

According to Whale Alert tracking data, USDC Treasury destroyed 55 million USDC on the Ethereum chain. This transaction is part of routine burning activities carried out as part of supply management.

Ethereum block Gas limit increased to 45 million

The block Gas limit on the Ethereum chain has been increased by 25% to 45 million units, effective with block number 22,968,004. This increase is seen as part of Ethereum’s expansion roadmap. Developers aim to maintain network stability with measures such as EIP-7983, which sets the upper limit for Gas usage per transaction at 16.77 million units. In the long term, the target is a Gas limit of 60 million with the Fusaka hard fork and EIP-7935.

Capital B raises €10.3 million to support its Bitcoin strategy

French publicly traded company Capital B has increased its capital by 10.3 million euros to advance its Bitcoin-focused financial company strategy. This capital increase, combined with current operations, could enable the purchase of approximately 120 BTC, bringing the company’s potential total holdings to 2,075 BTC.

Irish SMX plans to include Bitcoin in its treasury reserves

Ireland-based Security Matters (SMX) has announced plans to add Bitcoin and other crypto assets to its treasury reserves in order to increase asset value and protect against inflation. The company has begun to consider digital assets as a strategic financial protection tool.

Ether Machine CEO: Ethereum is the biggest beneficiary of the “GENIUS Act”

Speaking to Coin telegraph, Ether Machine CEO Andrew Keys stated that Ethereum is the biggest beneficiary of the recently passed “GENIUS Act.” Keys noted that the law will significantly increase legal clarity and institutional interest in the Ethereum ecosystem.

Game Square adds another $150 million to its crypto treasury, purchases 8,351 ETH

Nasdaq-listed media company Game Square (GAME) announced that it has increased its digital asset treasury from $100 million to $250 million and purchased 8,351 ETH at an average price of $3,592.

The total value of the purchase is approximately $30 million, bringing the company’s ETH holdings to 10,170.74. In addition, the board of directors approved a $10 million NFT strategy and strategic partnerships were established.

Sharp link Gaming purchased 79,949 ETH with a $258 million investment

According to Aggr News data, Sharp link Gaming purchased 79,949 ETH at an average price of $3,238 between July 14 and 20, totaling $258 million. This large-scale purchase significantly increased the company’s crypto reserves and reinforced institutional interest in Ethereum.

 

 

⚠️ Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk. Always do your own research before making decisions. Darkex is not liable for any financial losses.
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