Cryptocurrency trading volumes on centralized exchanges experienced a 19% rise last month to $4.94 trillion, marking the first time trading volumes rose in four months.

Russian President Vladimir Putin has approved legislation that will legalize cryptocurrency mining and establish a framework for digital currency oversight that is set to take effect in November.

Federal judge P. Kevin Castel of the U.S. District Court for the Southern District of New York has approved a $12.7 billion settlement between bankrupt cryptocurrency exchange FTX, its trading arm Alameda Research, and the Commodity Futures Trading Commission.

Top stories in the Crypto Roundup today:

• Crypto Trading Volumes Surge 19% in July to Near $5 Trillion
• Russia Legalizes Cryptocurrency Mining
• FTX and Alameda Reach $12.7 Billion Settlement with CFTC to Repay Creditors
• Crypto Market Movers –HNT, ZEC, ORCA

Crypto Trading Volumes Surge 19% in July to Near $5 Trillion

Cryptocurrency trading volumes on centralized exchanges experienced a 19% rise last month to $4.94 trillion, marking the first time trading volumes rose in four months.

According to CCData’s latest Exchange Review report, spot cryptocurrency trading volumes went up 14.3% in July to $1.44 trillion, while derivatives trading volumes rose 21% to $3.5 trillion.

The uptick was driven by a combination of factors, including the launch of spot Ether exchange-traded funds (ETFs) in the United States and positive outlook for the industry from American politicians.

Bybit emerged as a standout performer, with spot trading volume increasing nearly 23% to $132 billion, propelling the exchange to a record 9.18% market share with its third-highest monthly volume.

Despite Bybit’s performance, Binance maintained its status as the leading cryptocurrency exchange, with a 28.1% market share, after seeing a decline of 4.9% in the metric from June.

The report also notes the CME exchange’s volumes rose 23.7% in July, fueled by record options trading and strong demand for Bitcoin and Ether futures and options.

Russia Legalizes Cryptocurrency Mining

Russian President Vladimir Putin has approved legislation that will legalize cryptocurrency mining and establish a framework for digital currency oversight that is set to take effect in November.

The move is seen as the country’s latest push to reduce its reliance on the United States dollar in international trade, and align with the broader ambitions of the BRICS bloc, composed of Brazil, Russia, India, China, and South Africa, which has been exploring ways to reduce its reliance on the greenback.

Under the new Russian law, mining companies will be required to register with a state database, while individual miners can operate below a specific energy consumption threshold without official registration.

The central bank, the finance ministry, and a specially appointed cabinet committee will share authority over the burgeoning industry, with more detailed regulations to be issued in the coming months. The legislation also imposes a ban on mass cryptocurrency advertising within Russia.

FTX and Alameda Reach $12.7 Billion Settlement with CFTC to Repay Creditors

Federal judge P. Kevin Castel of the U.S. District Court for the Southern District of New York has approved a $12.7 billion settlement between bankrupt cryptocurrency exchange FTX, its trading arm Alameda Research, and the Commodity Futures Trading Commission.

The agreement, reached after months of negotiations, ends the lawsuit the CFTC filed against the exchange and its former CEO Sam Bankman-Fried in December 2022, alleging fraud that led to $8 billion of customer losses.

While the agency initially sought more than $52 billion in damages, the final settlement will see all funds distributed to creditors, subject to available funds, with the CFTC receiving nothing until customers are fully repaid.

The settlement mandates $8.7 billion in restitution for customers who lost money and an additional $4 billion in disgorgement of illicit profits. These funds will be managed through the ongoing bankruptcy proceedings, with the goal of returning as much money as possible to those who were harmed.

As part of the deal, FTX and Alameda defendants, along with their associated parties, are permanently barred from trading commodities, including digital commodities including Bitcoin, Ether, and USDT. The companies must also cooperate fully with ongoing investigations.

Crypto Market Movers –HNT, ZEC, ORCA

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Zcash (ZEC) - ZCash is a privacy-focused cryptocurrency that uses zero-knowledge cryptography to ensure that users can transfer funds securely and privately. It is an open-source cryptocurrency that uses a unique cryptographic protocol called zk-SNARKS to obfuscate the sender, receiver, and transaction amount. ZCash (ZEC) is based on a Proof-of-Work algorithm and utilizes a consensus mechanism called Equihash to secure its network.

Helium (HNT) – Helium is a decentralized blockchain-powered network specifically designed for Internet of Things (IoT) devices. It was launched in July 2019, with the mainnet enabling low-powered wireless devices to communicate and transfer data across its network of nodes.

Orca (ORCA) - Orca is recognized as one of the most user-friendly decentralized exchanges (DEXs) on the Solana blockchain. It stands out as one of the first general-purpose Automated Market Makers (AMMs) launched on Solana. Orca offers users the ability to swap assets, provide liquidity, and earn yield through a straightforward interface.

State of the Crypto by Top Tier Exchange Volume

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