- 1. Bitcoin Hits New All-Time High This Week
- 2. Binance Launches Sharia Earn, First Halal Multi-Token Staking Product
- 3. Pakistan Approves Virtual Asset Regulatory Authority to Oversee Crypto Sector
- 4. Circle Partners with OKX to Expand Global $USDC Liquidity
- 5. Ripple Selects BNY Mellon as Custodian for $RLUSD Stablecoin Reserves
- 6. GMX Exchange Hacked for $42 Million, Hacker Begins Returning Funds
The crypto market saw historic highs and pivotal developments this week. Bitcoin led the charge with a new all-time high above $118,000, signaling renewed institutional confidence. Meanwhile, key players like Binance and Ripple unveiled groundbreaking products aimed at broadening access and compliance. From Pakistan approving its first digital asset regulatory body to Circle deepening $USDC liquidity via OKX, the industry is clearly moving toward greater maturity and global integration. Apart from these positive news, GMX exchange faced a $42 million hack earlier this week.
Bitcoin Hits New All-Time High This Week
The biggest of this week is that Bitcoin, the world’s leading cryptocurrency, has soared to a new all-time high. $BTC reached $118,780 per coin on Friday, according to data from CoinMarketCap. The surge, driven by renewed institutional interest and global economic uncertainty, marks a significant milestone for the digital asset.
Cryptocurrency analysts attribute the rally to increased adoption by major financial institutions and favorable regulatory developments in key markets. Investors are now eyeing whether Bitcoin can sustain its momentum amidst growing market volatility. Some analysts are predicting higher targets of $120k to $130k.
Binance Launches Sharia Earn, First Halal Multi-Token Staking Product
The second most important news from this week is about Binance. Binance has introduced Sharia Earn, the world’s first Sharia-compliant multi-token staking platform. This feature is designed for Muslim users seeking ethical crypto investments. The product leverages Binance Earn infrastructure and includes $BNB Locked Staking, $ETH Liquid Staking ($WBETH), and $SOL Liquid Staking ($BNSOL).
Certified by Amanie Advisors, Sharia Earn adheres to Islamic finance principles, avoiding interest (riba), uncertainty (gharar), and non-compliant sectors. It uses a Wakala agreement to stake assets on Halal blockchain protocols. Users can earn daily rewards on $BNB, with flexible redemption options. $ETH and $SOL stakers receive liquid tokens that grow in value and can be redeemed anytime with accrued rewards.
Pakistan Approves Virtual Asset Regulatory Authority to Oversee Crypto Sector
Pakistan has also made into crypto news this week. Pakistan’s federal cabinet has approved the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee and license digital asset platforms. The move marks a major step toward formalizing crypto regulations and boosting user confidence. PVARA will function as an independent body, aligning with FATF standards and global best practices. This follows the March 2025 formation of the Pakistan Crypto Council (PCC), which advocates responsible blockchain and digital asset development.
Finance Minister Muhammad Aurangzeb and Bilal Bin Saqib lead the council, which includes high-level government officials and global advisors like former Binance CEO Changpeng Zhao. Pakistan has also announced its first Strategic Bitcoin Reserve and plans to dedicate 2,000 MW of surplus electricity to support Bitcoin mining and AI infrastructure. This highlights Pakistan’s late but broader push toward digital finance leadership in the region.
Circle Partners with OKX to Expand Global $USDC Liquidity
Circle has partnered with crypto exchange OKX to enhance $USDC-to-USD liquidity and offer seamless 1:1 conversions across OKX’s services. The move aims to make $USDC more accessible for payments, trading, and on/off-ramp transactions via shared banking partners.
As part of the collaboration, the two firms will also launch community education initiatives and reward users with $USDC. Circle CEO Jeremy Allaire said the partnership will extend $USDC’s reach to over 60 million users and support broader Web3 integration through OKX’s ecosystem. OKX founder Star Xu added that the alliance will boost stablecoin adoption, improve trading experiences, and offer more options for individuals and businesses worldwide.
Ripple Selects BNY Mellon as Custodian for $RLUSD Stablecoin Reserves
Ripple has chosen BNY Mellon as the official custodian for $RLUSD, its enterprise-grade stablecoin. The move aims to strengthen institutional adoption of digital assets and bridge the gap between traditional finance and crypto.
Backed by a NYDFS Trust Charter, $RLUSD is designed for cross-border payments, prioritizing transparency, compliance, and efficiency. BNY will manage the reserves and provide banking infrastructure to support Ripple’s services. Ripple noted that this partnership reinforces a compliant, scalable foundation for enterprise-focused stablecoin use and digital finance innovation.
GMX Exchange Hacked for $42 Million, Hacker Begins Returning Funds
The decentralized perpetual futures exchange GMX suffered a $42 million exploit on July 9, targeting its V1 platform’s GLP liquidity pool on Arbitrum. The attacker manipulated a re-entrancy vulnerability, minting abnormal GLP tokens and draining assets, including $10 million in $FRAX, $9.6 million in $WBTC, and $5 million in $DAI. GMX halted V1 trading and GLP minting on Arbitrum and Avalanche, offering the hacker a 10% white-hat bounty for returning the funds.
On July 11, the hacker began returning assets, starting with 5 million $FRAX and 3,000 $ETH, totaling $37.5 million. The GMX token crashed over 20% to $11.78, with the platform’s total value locked dropping from $480 million to $409 million.
