The total cryptocurrency market capitalization has increased by roughly $49 billion since the start of the week, helping Bitcoin and Ethereum post significant gains.

Last week, BlackRock, the world’s largest asset manager, announced it will offer Bitcoin trading and custody services to institutional investors through Coinbase Prime. Also, data released by Glassnode suggests Bitcoin long-term holder behaviour has shifted from accumulation to distribution recently. These developments have ensure that BTC maintain levels around the $23,000 price point.

Institutional investors are piling into Ether-based digital asset funds, which have recorded seven straight weeks of positive inflows, according to the latest CoinShares report. The inflows reached $16.3 million last week, adding to a total of $159 million in inflows over the last seven weeks. This appears tied to rampant speculation around Ethereum's long-awaited “Merge” upgrade, which is a bullish sign for ETH investors.

Crypto.com has announced the acquisition of two startups in South Korea - payment service provider PnLink and virtual asset provider OK-BIT.

The company also said Monday it has secured registrations under South Korea’s electronic financial transaction act and as a virtual asset service provider.

“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies,” said Crypto.com co-founder and chief executive officer Kris Marszalek.

In other news,

• President of El Salvador: Tourism Spike is Thanks to Bitcoin. Read More
• Vitalik Buterin Suggests Stealth Addresses for Private NFT Ownership. Read More
• Texas miner earned $9.5M in power credits while mining 318 BTC. Read More
• Chainlink Announces It Will Not Support Forked Versions of the Ethereum Blockchain. Read More
• Crypto Miner Marathon Digital Posts $192M Net Loss in Q2. Read More
• Coinbase and BlackRock Forge Monumental Partnership. Read More
• Zipmex Set To Release Bitcoin and Ethereum for Customers. Read More

‍

This month, the crypto space celebrated a new milestone in regards to these machines, which have now surpassed a total of 39,000 ATMs installed worldwide.

Data from Coinatmradar shows that the number now sits at 39,015 ATMs installed across 78 countries. Most of the installations have happened in the last two years. Back on January 1st, 2020, the total number of crypto ATMs worldwide sat at 6,364 ATMs. Growing more than 513% in the time since then to its current level.

Most of the growth has been happening in the United States, given that more than 80% of all crypto ATMs installed worldwide have been in the United States.

In other news,

• Nepal Prepares to Issue Digital Currency, Drafts Necessary Amendments. Read More
• Colombians Make Up 20% of the Customers of New Gen Crypto-Powered Accounts According to BBVA. Read More
• World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry. Read More
• Brazilian Voting Authority Might Include Blockchain Tech in Future Elections. Read More
• Nigeria becomes the most crypto-obsessed nation after April crash. Read More

The U.S. Treasury Department has banned Tornado Cash.

The government agency’s Office of Foreign Assets Control added the popular Ethereum mixing tool to its sanctioned list Monday. A post on the Treasury’s website confirms that the protocol’s website and its associated smart contracts are now blocked.

They also claimed that the protocol had been used “to launder more than $7 billion worth of virtual currency since its creation in 2019.”

Members of the blockchain community have generally expressed opposition to the sanctions, while the likes of Circle and Github have begun compliance with them.

In other news,

• High Taxation in Japan is Driving Crypto Businesses Away, Entrepreneur Says. Read More
• Central Bank of Thailand to Get More Powers In New Overhaul of Crypto Rules. Read More
• US ethics advisory on federal employee's crypto has basis in legislation. Read More
• UAE introduces new reporting requirements to counter crypto real estate money laundering. Read More
• Coinbase hit with 2 fresh lawsuits amid SEC probe. Read More

‍

After a four-month hiatus, the Ethereum-based algorithmic stablecoin Beanstalk has relaunched its protocol.

The protocol had been paused since April 17, when it suffered a massive governance breach and flash loan exploits that led to the loss of more than $180 million in various crypto assets. This announcement was made a few days ago in a blog post shared by the protocol’s creators, Publius.

“Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one-year anniversary of its initial deployment,” the post stated. Publius further said that “Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future.”

In other news,

• Celsius creditor committee says it will investigate the conduct of Mashinsky and other insiders. Read More
• Singapore Crypto Lender Hodlnaut Suspends Withdrawals, Citing Tough Market Conditions. Read More
• DeFi platform Grizzly.fi collects $26M in Community Fair Launch. Read More