Darkcast: Bitcoin MVRV drops to 5th percentile, in historically undervalued range

[Daily Trading Volume of South Korea's Top 5 Exchanges Plummets 88% Year-on-Year, Small and Medium Exchanges Sell Assets to Sustain Operations] According to ZDNet Korea, as of July 20, the daily trading volume of South Korea's top 5 native cryptocurrency exchanges was approximately 412.7 billion KRW, a year-on-year decrease of 88%. The global cryptocurrency market capitalization has dropped 41% year-on-year to around $2.32 trillion. Affected by market conditions, Upbit, under Dunamu, saw its Q1 revenue and operating profit decline by 55% and 78% year-on-year, respectively. To sustain operations, Korbit recently sold 15 BTC and 60 ETH, cashing out approximately 1.6 billion KRW.

Tether International announced that the board of directors of Twenty One Capital has appointed Raphael Zagury as the new CEO of Twenty One Capital. The current CEO Jack Mallers will step down and join Strike full-time. Twenty One Capital and Strike are no longer considering a merger.

Speculation that President Donald Trump agreed to a crucial ethics provision for the crypto market structure bill underpinned the gains.

Morgan Stanley has lowered its target price for Microsoft (MSFT. O) from $650 to $600.

Multiple users of Moonshot, a token issuance platform under DEX Screener, have reported receiving login code emails and phishing emails from unknown third parties, suspected of leaking Moonshot user email information. Moonshot officially announced yesterday (UTC+8) that some users have received phishing emails with the subject "View recent activities". Moonshot is investigating the matter and reminding users not to click on any links.