The market opens the week with a cautious decline. Bitcoin (BTC) is trading near $62,838 on the morning of July 8, testing a low of $62,505 over the past 24 hours. The day's high is $64,189. Ethereum is also showing negative momentum, sitting at $1,754. In the top 10 by market cap, the best performer over 24 hours is TRON (+0.22%), while over the week it is Ethereum (+10.39%). Dogecoin shows the largest daily losses (-3.05%). In the top 100, Zcash leads with a 7.50% increase over 24 hours, while MemeCore gained 71.61% over the week. The largest drops were recorded by Bonk (-8.42%) and Audiera (-32.12%).
Key Events on July 8
Secret Network migrates to Arbitrum. The privacy-focused layer-1 blockchain has decided to leave the Cosmos ecosystem and move to Arbitrum, a layer-2 solution for Ethereum. The team cites security risks associated with the development of AI: old code is becoming easier to analyze, and the cost of attacks on outdated protocols is decreasing. The decision was prompted by a June attack on a bridge that resulted in a loss of $4.7 million. Developers also complain about the outflow of liquidity from Cosmos and the departure of specialists to other networks. A snapshot of SCRT balances is scheduled for September 1, after which a new ERC-20 standard token will be issued on Arbitrum. The market reaction was negative: SCRT crashed 24% over the day.
Strike launches "volatility-proof" loans backed by bitcoin. The financial services platform has introduced a product that eliminates margin calls and forced liquidations. CEO Jack Mallers states that the client's collateral remains untouched even during a sharp drop in BTC. The loan rate is up to 14.2% per annum, with a term of six months. The maximum loan-to-value ratio is 45%: for BTC worth $100,000, you can borrow up to $45,000. The product is a response to criticism of Strike's first credit service, which triggered a wave of liquidations in May 2025. If a payment is missed, the client has 10 days to deposit funds or explain the situation; otherwise, Strike may begin selling the collateral. This is why the product is called "volatility-proof" rather than "liquidation-proof."
Former auditor Mazars to pay Kraken $22 million. The parent company of the crypto exchange, Payward, won an arbitration case against its former auditor. The reason for the lawsuit: in 2022, during the height of Operation "Choke Point 2.0," Mazars abruptly abandoned a nearly completed audit of Kraken, causing reputational damage to the exchange. Mazars confirmed in writing that they have no complaints against the exchange's management. Payward co-founder Arjun Sethi noted that the auditor cited uncertainty due to the SEC's lawsuit against Kraken. Later, after the departure of SEC Chairman Gary Gensler, this lawsuit was dismissed, along with nearly all other crypto-related cases by the regulator.
Commentary from Cryptalist analyst: Secret Network's move to Arbitrum is a telling trend: isolation in proprietary ecosystems is becoming risky, especially with the development of AI tools for finding vulnerabilities. Strike's product is an interesting attempt to solve the liquidation problem, but the high rate and short term make it a niche tool. The ruling on the Mazars lawsuit is an important precedent for the entire industry, confirming that reputational risks created by dishonest auditors can be compensated through the courts.