Bybit enters the Indonesian market, Crypto.com raises $400 million, Polygon cuts staff again — digest of events on July 17
The market started the day with a slight correction. Bitcoin (BTC) at 07:35 Moscow time is trading around $63,396, which is approximately ₽4,964,962 in ruble equivalent. Over the past 24 hours, the asset has fluctuated in the range from $63,267 to $64,931. Ethereum (ETH) is also showing a decline, sitting at $1,847 (₽144,654).
Top-10 and Top-100: Who is leading?
Among the ten largest cryptocurrencies by market cap, TRON shows the best daily performance (-0.73%), while Ethereum (+4.16%) leads over the week. The largest losses over 24 hours and seven days were recorded by Hyperliquid: -9.62% and -12.20%, respectively.
In the broader top 100 assets, the situation is more mixed. The leader in daily growth is Stable (+7.50%), and the weekly leader is Lido DAO (+18.81%). The underperformer in 24-hour dynamics remains Hyperliquid (-9.62%), and over the week — Pi (-20.60%).
Bybit officially launches in Indonesia
Crypto exchange Bybit has completed the acquisition of a controlling stake in the local company PT Enkripsi Teknologi Handal, known under the NOBI brand. As a result, the platform has been renamed Bybit Indonesia. Services will be introduced in stages — the launch is planned with 500 trading pairs. The new division will be led by former NOBI top managers: Lawrence Samantha (CEO) and Dionysius Evan (COO). This is a strategic move in one of the fastest-growing markets in Southeast Asia.
Crypto.com raises $400 million from Citadel Securities
Market maker Citadel Securities has invested $400 million in Crypto.com. The platform's valuation at this point was $20 billion. The funds will be used to expand the range of services "across all asset classes," including tokenized securities and derivatives. The investment is a clear signal of growing institutional demand for tokenized real-world assets, stablecoins, and digital financial instruments.
Polygon Labs cuts staff again
Polygon Labs CEO Marc Boiron announced a new wave of layoffs. In his post, he noted that the company is "saying goodbye to many colleagues" as part of its transformation from a blockchain foundation into a payment blockchain company. This is part of the $250 million deal announced in January to acquire Coinme and infrastructure for Sequence wallets. Over the past three years, total layoffs at Polygon Labs have affected more than 200 people.
Analyst's opinion: The current Bitcoin correction is an expected reaction after the recent rally. However, attention should be paid to institutional news: Bybit's entry into Indonesia and Citadel Securities' investment in Crypto.com confirm that large capital continues to enter the industry despite volatility. The layoffs at Polygon are a painful but logical step towards focusing on payment solutions, which could strengthen the project's position in the long term.