Crypto News Today (July 7): BTC Heading Toward $70K? $20M BONK Hack, and Ripple Gains Full MiCA Compliance

In crypto news today (July 7), Bitcoin has surged, sitting comfortably above $63,000 and up +0.7% in the past 24 hours. Liquidations have picked up, with over $532M in positions blown up since yesterday, and interestingly, the split is almost 50/50 between longs and shorts.

Yesterday saw a second consecutive day of positive ETF flows for Bitcoin, a metric that is helping the market in its recent rally. Over $265M BTC was bought via ETFs yesterday, with over $200M of that figure coming from BlackRock’s IBIT after selling nearly $10Bn over the past ten sessions.

While nearly every major cap token is currently in the green over the past 24 hours, BNB and XRP are two of the more notable projects in the red today, each down around -0.5%. Daily trading volume has dropped over the past 24 hours, going from $94Bn yesterday to $82Bn today.

The Fear & Greed Index is beginning to reflect the cautious optimism returning to the markets, sitting at 27/100, up from 24/100 yesterday and more importantly, going from ‘Extreme Fear’ to just ‘Fear’.

Crypto News Today: BONK Crashes After $20M Attack on BonkDAO Treasury

BonkDAO has recently fallen victim to a cryptocurrency attack, as reported on Bonk Inu’s official X page. The project team revealed that an attacker submitted a malicious governance proposal, resulting in approximately $20M in BONK tokens being drained from the BonkDAO treasury.

The attacker successfully pushed through a suspicious governance proposal that granted access to the treasury’s funds. Subsequently, stolen tokens began moving to exchanges, exerting downward pressure on BONK’s price.

In the wake of this incident, the BONK token’s value dropped by more than 9%. As a precaution, South Korean exchange Upbit announced that it had temporarily suspended BONK deposits and withdrawals.

The Bonk team has notified law enforcement and is actively working with relevant parties to recover the stolen funds and identify those responsible for the attack.

Seems like recent #Bonk hack was not a hack at all. All funds been transferred to new multisig wallet and Bonk 2.0 is created.
This might be consequences of overall Bonk stalling. So no surprise here that we see this kind of drama.
Buckle up, Bonk needs to be reignited! pic.twitter.com/BjSIyBTFPL

— сcube ıı (@ccubetez) July 7, 2026

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Ripple Gains Full MiCA Approval in Boost for EU Crypto

In other crypto news today, Ripple has gained a significant regulatory advantage in Europe by achieving full compliance with the Markets in Crypto-Assets (MiCA) framework. However, in the short term, XRP’s price movements are predominantly influenced by Bitcoin rather than by its own fundamental factors.

The most notable development is Ripple’s full compliance with the EU’s MiCA regulations. This compliance allows the company to offer regulated crypto services across the European Economic Area (EEA) under a unified licensing framework, greatly enhancing Ripple’s position in one of the world’s most important digital asset markets.

Despite this positive regulatory milestone, XRP remains highly dependent on Bitcoin’s performance. This dependency was evident when reports emerged that Strategy sold 3,588 BTC. Following this news, Bitcoin’s price dropped by more than 3.7%, negatively impacting most major altcoins, including XRP.

This situation underscores that, in the short term, XRP’s performance is more closely tied to Bitcoin’s direction than its own fundamentals. As long as Bitcoin is under pressure, the upside potential for most altcoins, including XRP, is likely to remain limited, regardless of any positive news specific to the projects themselves.