US Appeals Court Overturns Chastain Conviction

The Daily newsletter from The Block reports significant developments in the crypto world this Thursday. Bitcoin and Ethereum are on track for their best July in three years, with Bitcoin gaining over 10% and Ethereum soaring above 50%. This rise contradicts the typical market trend of 'sell in May and go away.' Major highlights include the US appeals court vacating Nathanial Chastain's wire fraud and money laundering conviction related to OpenSea. The court found that jury instructions did not accurately define property in this context. Analysts at Bernstein also suggest that we are in the early stages of a crypto bull run, with platforms like Robinhood and Coinbase likely to benefit from increasing trading volumes and broader adoption of digital assets. In other news, The Ether Machine has expanded its holdings, acquiring an additional 15,000 ETH for $57 million. This brings its total to 334,757 ETH, surpassing the Ethereum Foundation’s reserves, following the moves of BitMine and SharpLink. Furthermore, five dormant Bitcoin wallets from 2010 have reactivated, moving 250 BTC, valued at nearly $30 million today. Lastly, Stable, focused on Tether, has secured $28 million in a seed funding round led by Bitfinex and Hack VC to create a Layer 1 stablecoin network designed for payments and remittances. Stay tuned with The Block for essential updates about the digital asset ecosystem.