With the last month of summer at our doorstep, Crypto Winter has started to thaw. The global crypto market cap climbed back to $1.09 trillion after more than a month, and while the recovery is gradual, the tone has shifted. Bitcoin has been hovering around $23,000 for over two weeks, while Ethereum has stayed near the top of trending coins, followed by Optimism. 

Policy attention is rising again, with investors watching what governments do next. The IMF has warned that the crypto bear market could hit the traditional economy, yet recent months have shown how strongly macro conditions have been shaping crypto.

In the UK, deputy governor Sir Jon Cunliffe said regulatory work is underway even as the market shows limited signs of recovery. He pointed to lessons from crypto winter and argued the sector is here to stay. 

The British NFT project is also moving forward despite political turbulence and the bear market, as the country aims to position itself as a crypto leader. Adding to the noise, the British army’s social media accounts were hacked by crypto scammers this month.

The Thermometer Has Broken

Celsius Network had frozen accounts in June declaring it was a way to protect users and stabilise business after the Terra collapse. Then, on July 13, the bankruptcy announcement finally came. Celsius has a liability around $10 billion, $4.7 billion of that in users’ holdings. In a lawsuit, a former investment manager accuses Celsius of manipulating cryptoasset markets and putting funds at risk in a Ponzi scheme like operation.

Unity Is Strength

The Financial Stability Board (FSB) issued a statement announcing that it will present a report on crypto assets and stablecoins international regulations to G20’s Finance Minister and Central Bank Governors in October. The idea is to open a public consultation to review recommendations and promote a more consistent global regulation and supervision of the crypto industry.

The Big League Is Surfing The Crypto Wave

Crypto.com users are the latest to have Google Pay as an option to purchase crypto on the exchange. The crypto company just released an integration with Google Pay, so users can quickly purchase more than 250 coins. Other crypto companies have already enabled services through the payment platform, such as Gemini, Coinbase, Bakkt, Nexo. On the banking sphere, Santander announced that it will soon start to offer crypto trading for clients in Brazil.

House Of Cards

The Commodity Futures Trading Commission (CFTC) charged the CEO of Mirror Trading International Proprietary Limited (MTI), Cornelius Johannes Steynberg, for operating an international fraudulent multi-level marketing scheme. The accused was operating one of the biggest scams in Bitcoin history, a ponzi scheme disguised in Forex trading, defrauding more than $1.7 billion, for receiving over 29,000 in Bitcoins.

Catch Me If You Can

Ruja Ignatova, known for a pyramid scheme that defrauded $4 billion from investors with her company OneCoin, has been on the run since 2017. Now the FBI added the cryptoqueen to the 10 most-wanted fugitives list with a $100,000 reward. She has eight charges against her for wire fraud and securities fraud for convincing clients of buying crypto with no real value.

When Opposites Attract

The American Senate has received a bill proposal that, if approved, would exempt consumers of taxes in crypto transactions under $50. The Virtual Currency Tax Fairness Act was introduced by Senators Patrick Toomey (Republican) and Kyrsten Sinema (Democrat). If it passes, tax payers would have no need to inform the IRS of any transactions or gains under the stipulated amount. The goal is to make cryptocurrency a part of everyday lives as a method of payment.

The United Cryptdom

In the UK, deputy governor Sir Jon Cunliffe stated that regulatory works are on the go, even though the crypto market is still showing no signs of recovery. He added that there are lessons to be learned from the crypto winter as this industry is here to stay. The British NFT project is also in the works, despite the internal political turmoil with a series of resignations and the Bear Market, as the country aims to become a leader in the crypto sector. As if all that wasn’t enough, the British army’s social media was hacked by crypto scammers this month.

Spring Is Coming To Crypto As Coins Are Starting To Blossom

The global crypto market cap went back to $1.09 trillion in over a month. Although it is a slow recovery, the market seems to be going back on track. Bitcoin is stabilizing around $23 thousand for more than two weeks now and Ethereum is on the top of trending coins, followed by Optimism. Increasing interests by governments, most recently by the US Federal Reserve has made investors turn their eyes back on crypto trading. However, the International Monetary Fund has warned that the crypto Bear Market could affect the global traditional economy. It has been clear that it is the other way around.

It Is Always Sunny In Animoca Brands

Animoca Brands has completed the US$75.32 million funding, increasing its valuation up to $5.9 billion. This amount was the second tranche of the $360 million funding announced in January. The company raised the capital to advance the open metaverses and to promote the digital property rights for online users. The company behind The Sandbox and Axie Infinity is leading the Web3 industry and in the field of true digital ownership.

Arrows Pointing Down

The hedge fund Three Arrows Capital (3AC) has filed for bankruptcy in the United States Court, after the collapse of a series of leverage operations that made it impossible to pay creditors and made the company the most notorious victim of the so-called “winter crypto”. 3AC owes $3.5 billion to at least 27 companies, including $2.3 billion to Genesis Asia Pacific, a Digital Currency Group (DCG) subsidiary, followed by Voyager Digital to which it has a $685 million debit. The founders of 3AC, Su Zhu and Kyle Davies, were arrested in Dubai while they were trying to flee to Switzerland in a private jet. The founders credit their crisis to Luna’s crash.

Conclusion

July delivered a clearer split in crypto’s reality: early signs of stabilisation on the charts, and a tougher clean-up in the plumbing underneath. Celsius and 3AC reinforced how fast leverage can turn into a legal and liquidity spiral, while regulators moved toward coordination through the FSB and G20 process. 

At the same time, mainstream rails kept expanding — Google Pay integrations and banks exploring crypto services signal that distribution continues even during drawdowns. The market may be thawing, but scrutiny is rising in parallel, and the winners are likely to be the players that can operate through volatility with stronger risk controls, clearer disclosures, and tighter compliance discipline.

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