The morning of July 8th greets us with a Bitcoin correction. The leading cryptocurrency is declining to $62,838, testing the daily low of $62,505. The high over the past 24 hours was $64,189. Ethereum is also showing a downward trend, trading around $1,754.
Among the top 10 by market cap, TRON stands out with minimal daily growth (+0.22%), while Dogecoin became the outsider, losing 3.05%. The weekly dynamics, however, remain positive for all coins — Ethereum leads with a gain of 10.39%. In the top 100, the best daily result is from Zcash (+7.50%), and for the week, from MemeCore (+71.61%). The worst 24-hour performance is shown by Bonk (-8.42%).
Key Morning Events
Kraken wins against former auditor. Payward, the exchange's parent company, won a $22 million arbitration against Mazars USA. The conflict arose in 2022 when the auditor abruptly halted a nearly completed audit, citing risks related to an SEC lawsuit. After Gary Gensler's departure, this lawsuit was dismissed, as were almost all other regulator cases against crypto companies. Payward is now seeking a final court ruling.
Secret Network migrates to Arbitrum. The privacy-focused layer-1 blockchain is leaving the Cosmos ecosystem. Developers cite growing security risks associated with AI development. Old code is becoming increasingly vulnerable to analysis, and the cost of attacking it is decreasing. The trigger was a June bridge hack that resulted in the theft of $4.7 million, although the native token SCRT was not affected. The team also complains about liquidity outflow from Cosmos and developer exodus. A snapshot of SCRT balances is scheduled for September 1st, based on which a new ERC-20 standard token will be issued on Arbitrum. Market reaction was negative: SCRT collapsed by 24% in a day.
Strike launches a "volatility-proof" loan. The platform offers a loan backed by Bitcoin with a fixed annual rate of up to 14.2% for six months. The key feature is the absence of margin calls and forced liquidations. The maximum loan-to-value ratio is 45%. In case of default, the client has 10 days to make a payment or explain the situation, after which Strike may begin selling the collateral. The product is a response to criticism of Strike's first credit service, which triggered a wave of liquidations in May 2025.
My comment: The Secret Network migration is a warning sign for Cosmos, which is losing a key player due to security and liquidity issues. Strike's product, in turn, is an attempt to solve one of the main problems of DeFi lending, but with a caveat: protection from volatility does not mean protection from default. The real effectiveness of this tool will only become clear during the next major market downturn.