Ndax Weekly TL;DR July 27

BNY targets round-the-clock Treasury settlement

• BNY plans to support 24/7 settlement for conventional and tokenized U.S. Treasuries by 2027. This follows an after-hours test involving stablecoin reserves. The banking giant also plans to test tokenized Treasuries on a private blockchain by the end of this year and expand its settlement network across more international trading hours. (Bloomberg)
• Why it matters: Stablecoins, tokenized funds, and onchain collateral already trade around the clock, but the Treasury market still operates on settlement windows built for traditional finance. Extending Treasury settlement to 24/7 would make tokenized assets more practical for institutions that need reserve assets, collateral, and cash management to move on the same schedule as digital markets.

Bitcoin security funding moves into focus

• A group of nine firms, including BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy, pledged US$15 million over three years to support Bitcoin security research and open-source development. The group will partly focus on post-quantum research as developers explore how Bitcoin could prepare for future advances in quantum computing. (CoinDesk)
• Why it matters: The funding commitment gives Bitcoin’s longer-term security work more institutional backing. Quantum computing is not an immediate threat, but Bitcoin cannot wait until the risk becomes urgent to start planning. Any serious cryptographic upgrade would require years of research, testing, wallet updates, miner support, and user coordination, making early preparation more important than the size of the threat today.

Cardano upgrade shifts more control to onchain governance

• Cardano’s Van Rossem hard fork moved the network to protocol version 11 and lowered smart contract execution costs. The upgrade was the first in Cardano’s history to be proposed, debated, and approved through the network’s onchain governance system rather than being coordinated by its founding development team Input Output. (Decrypt)
• Why it matters: Cardano’s Van Rossem upgrade is one part technical update and one part governance test. Lower smart contract execution costs could help developers, while the hard fork’s approval through Cardano’s onchain governance process gives ADA holders and network participants a clearer role in protocol decisions. It may also shift Cardano further away from relying on its founding development company.

Canadian spotlight: Luxxfolio raises capital for crypto payments strategy

• Vancouver-based Luxxfolio Holdings closed an oversubscribed non-brokered private placement for gross proceeds of around $1.55 million. The company said it intends to use the net proceeds for general working capital and development of its Litecoin and stablecoin projects. (TMX Newsfile)

• BTC Weekly Range: $90K-$94K
• ETH Weekly Range: $2.6K-$2.7K

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July 29: U.S. FOMC Interest Rate Decision
July 30: U.S. GDP
 July 30: U.S. Initial Jobless Claims
July 31: Canada GDP

Crypto markets ended the week with a steadier tone compared to equities. Bitcoin held near US$65,000 even as major U.S. technology stocks came under pressure, with investors reassessing the cost of large AI infrastructure spending.

This week is quite busy on the macro front. We will see Federal Reserve and Bank of England interest rate decisions, U.S. personal income and spending data, advance second-quarter GDP, Canada GDP, and several confidence and manufacturing indicators. For crypto, that means price action may react sharply in either direction to any changes around rates, liquidity, growth, or risk appetite.

For now, crypto remains stuck between cautious market sentiment and steady infrastructure progress. Prices are still being shaped by macro pressure and broader risk appetite, but advances around tokenized assets, settlement infrastructure, Bitcoin security, and blockchain governance remain encouraging.

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