Crypto Market Update: Coinbase CEO Frames Crypto, AI as "Reinforcing Trends"

Bitcoin price update

Bitcoin (BTC) was priced at US$64,902.16, up by 0.2 percent over the past 24 hours.

Bitcoin price chart

According to a Bitfire Research report sent to the Investing News Network, Bitcoin exchange-traded funds (ETFs) have seen net outflows, and the Bitcoin/US dollar premium has turned negative, suggesting cooling institutional engagement.

In contrast, Ether ETFs have demonstrated more resilience.

Bitcoin started the week in a neutral, rangebound phase, testing key exponential moving average resistance levels at US$65,500 and US$68,800. Key support sits at US$64,300 and US$62,000.

Ether and altcoin price update

• Ether (ETH) was priced at US$1,947.53, trading 1.4 percent higher over the last 24 hours.

• XRP (XRP) was priced at US$1.09, trading 1.2 percent lower over the past 24 hours.

• Solana (SOL) was trading at US$75.88, trading 0.2 percent higher over the past 24 hours.

Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Armstrong: Crypto and AI are reinforcing trends
• Circle acquires IBM blockchain patent portfolio
• BitMart announces shutdown after nine years
• Thailand SEC files criminal complaint against Bitkub
• Shiba Inu surges 28 percent over seven days

Armstrong: Crypto and AI are reinforcing trends

Coinbase (NASDAQ:COIN) CEO Brian Armstrong is pushing back on the idea that the cryptocurrency industry should “pivot to artificial intelligence (AI).” Instead, he believes the two trends reinforce each other — that's because AI creates a bigger need for crypto payments, wallets and settlement rails.

“Crypto is a general purpose technology. It's infrastructure, the same way electricity or the internet is infrastructure. It doesn't compete with the next big thing, because it underpins it. It's an *and*, not an *or*,” Armstrong said on X.

“AI agents will need their own financial infrastructure and will eventually transact far more per day than all humans combined. They can't open a bank account, they can't wait three days for a wire, they reside in one country. They need real time programmable money (and that's crypto),” he added in the Sunday (July 26) post.

He said Coinbase is already building for this with Base, USDC and the x402 protocol, which power many agentic payments: “Agents will also engage in trading and act as a financial advisor. They will raise or borrow money for new projects they are undertaking. They will eliminate tasks for us around tax planning, portfolio rebalancing, and bill pay.”

Circle acquires IBM blockchain patent portfolio

Circle (NYSE:CRCL) said it has acquired fundamental assets from IBM's (NYSE:IBM) blockchain patent portfolio, covering more than 680 patent families and nearly 1,000 issued patents worldwide. The portfolio spans blockchain technology, banking, financial services, insurance, enterprise infrastructure, supply chain verification and secure cloud operations.

The Monday announcement supports the view that Circle is building a full-stack platform around USDC rather than relying only on stablecoin issuance. According to a press release, the expanded intellectual property (IP) base directly supports Circle’s “internet financial system” ambitions, including USDC, Circle Payments Network, Arc and agentic financial tools. Circle and IBM reportedly plan to explore additional commercial opportunities.

This transaction establishes Circle as the top holder of blockchain patents in the US, fortifying its IP portfolio as competition intensifies across tokenization, institutional onchain infrastructure and blockchain-based payments.

BitMart announces shutdown after nine years

Crypto exchange BitMart said on Sunday that it will wind down its trading platform after nine years of operation.

It immediately halted new user registrations, deposits and orders. The exchange will terminate all spot and derivatives trading on August 26 before completing its formal operational shutdown on January 31, 2027.

BitMart's exit follows a similar announcement days earlier from derivatives venue BitMEX, marking two major exchange shutdowns in a single week. BitMart previously survived a US$196 million hot-wallet breach in December 2021, after which it reimbursed customer losses out of its own funds.

While user withdrawals remain open, the platform warned that identity, device, sanctions and source-of-funds checks could delay processing times as users attempt to remove funds.

The announcement sent BitMart's exchange token BMX crashing 81 percent over the past week to US$0.057, dropping its total market value to US$19.6 million.

Thailand SEC files criminal complaint against Bitkub

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against crypto exchange Bitkub and two former directors for allegedly submitting false financial reports, local news outlets report.

The complaint, lodged with the Economic Crime Suppression Division, stems from a May 2021 cyberattack where hackers drained 1.7 billion baht (US$47 million) in digital assets from the platform.

Regulators allege that Bitkub hid the loss from May to October 2021 by submitting net-capital filings that showed no asset changes, violating the country's Digital Asset Business Decree. Former directors Sakolkorn Sakavee and Thaweesap Rawan face accusations of making false entries to convince regulators that customer assets remained intact.

Shiba Inu surges 28 percent over seven days

The total memecoin market capitalization climbed 2.56 percent over 24 hours to reach US$23.73 billion, adding roughly US$590 million in value in a single day.

Major tokens Dogecoin, Shiba Inu and Pepe led the market surge alongside a broader recovery in Bitcoin and Ether.

Shiba Inu outperformed its peers by jumping nearly 28 percent over the past seven days to trade at US$0.000005347 following an 8.9 percent 24 hour gain. Trading volume for the coin surged to its highest level in months as buyers pushed it above its 50 day and 100 day moving averages. Technical indicators show the token is now approaching its 200 day moving average, which serves as the next major resistance level.