Crypto Market Update: EU Enacts Sanctions Package on Offshore Crypto Platforms

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news

Here’s a quick recap of the crypto landscape for Friday (July 24) as of 11:00 a.m. UTC.

Bitcoin price update

Bitcoin (BTC) was priced at US$64,903.30, down by 1.9 percent over the past 24 hours.

Bitcoin price chart

Bitcoin price performance, July 24, 2026.

Chart via the Investing News Network

Bitcoin price performance, July 24, 2026.

Ether and altcoin price update

Ether (ETH) was priced at US$1,882.42, trading 2.5 percent lower over the last 24 hours.

XRP (XRP) was priced at US$1.11, trading 2.2 percent lower over the past 24 hours.

Solana (SOL) was trading at US$75.42, trading 3.8 percent lower over the past 24 hours.

Today’s crypto news to know

EU enacts sanction package targeting crypto platforms

The EU approved its 21st round of sanctions against Russia, specifically targeting its banking system and cryptocurrency networks.

The Council of the EU designated 218 new listings, comprising 170 entities and 48 individuals. European authorities imposed asset freezes, travel bans, and strict transaction restrictions on all listed targets.

Regulators froze assets and banned fund transfers for 94 banks, major financial institutions, and a prominent Russian banking executive. Officials expanded the transaction ban to cover 33 additional Russian financial institutions along with four non-Russian banks assisting with sanctions evasion.

The EU extended its transaction ban to 14 crypto service platforms operating across Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus.

For the first time, the bloc established a legal framework permitting a full third-country ban on crypto-asset services to deter foreign hosts.

BitMEX faces class-action lawsuit

Former tokenization project BKX Services and investor David Namdar filed a proposed class-action lawsuit against cryptocurrency exchange BitMEX alleging systemic Bitcoin theft and insider trading.

Plaintiffs submitted the lawsuit on the exact day BitMEX announced plans to cease all operations on September 23, ending an 11-year run as a derivatives exchange.

BKX claims forced liquidations caused the loss of 305 Bitcoin, while Namdar reports personal losses of 622 Bitcoin worth $40.7 million. The complaint names parent company HDR Global Trading alongside co-founders Arthur Hayes, Ben Delo, and Samuel Reed as primary respondents.

The tech landscape has been abuzz with activity, propelling the Nasdaq Composite to a 13% surge since the start of the year. The allure of artificial intelligence (AI) in transforming various tech sectors has captivated investors, driving optimism for the future. Industries ranging from cloud computing to chip production, data centers, autonomous vehicles, and consumer products have all felt the reverberations of AI's disruptive force, setting the stage for prolonged growth.

The Resilience of Tech Stocks Over Time

The tech industry boasts a storied history of delivering consistent gains, making it an enticing playground for both novice and seasoned investors alike. This sector thrives on the perpetual cycle of demand for hardware and software upgrades, rarely experiencing stagnation from one year to the next.

Over the past decade, the Nasdaq-100 Technology Sector index has soared by an impressive 409%, weathering the storm of the COVID-19 pandemic and market upheavals in 2022. Despite these challenges, the rise of AI and other cutting-edge technologies indicates that the tech domain remains fertile ground for prospective investors in the years ahead.

An In-Depth Look at Two Compelling Tech Stock Picks1. Advanced Micro Devices

At the forefront of chip manufacturing, Advanced Micro Devices (NASDAQ: AMD) commands a pivotal position in the tech realm. The company's chips power a myriad of devices, from custom-built PCs and laptops to cloud platforms and video game consoles. With AMD's chips nestled inside everyday gadgets, the company's pervasive influence often goes unnoticed.

In a groundbreaking move back in 2020, AMD clinched exclusive chip supply deals with industry giants Sony and Microsoft for their flagship gaming consoles, PlayStation 5 and Xbox Series X|S, respectively. The immense success of these consoles, garnering nearly 80 million units sold collectively, underscores the profitability of AMD's strategic partnerships.

Despite its illustrious past, AMD's recent focus on expanding its footprint in the AI domain has captured industry attention. Competing head-on with Nvidia in the AI sphere, AMD has rolled out its MI300X AI GPUs, a critical component for constructing AI models. The company launched this GPU lineup in December of the previous year, with early signs indicating a promising trajectory.

In the first quarter of 2024, AMD witnessed a 2% uptick in revenue year over year, surpassing Wall Street projections by $20 million. While this growth may seem modest, the robust performance of key segments signals positive momentum. Notably, a surge in GPU sales fueled an 80% revenue spike in the data center segment, alongside an impressive 85% revenue surge in the client segment driven by heightened CPU sales.

Although AMD faces fierce competition from Nvidia as it vies for market share and looks to expand its AI PC division, the company's long-term prospects appear bright. Furthermore, AMD's price-to-earnings ratio has plummeted by 75% over the past six months, reflecting a potential uptick in stock value. Given its commanding stance in the tech industry, AMD emerges as a compelling stock option for investors eyeing 2024 and beyond.

2. Amazon

Amazon (NASDAQ: AMZN) stands out as a premier avenue for tech investment, thanks to its diversified business model. While Amazon initially made waves through its online retail dominance, the company has diversified its portfolio significantly over the years. Alongside securing a mammoth market share in e-commerce, Amazon has emerged as a heavyweight in cloud computing through Amazon Web Services (AWS), ventured into video streaming, grocery services, satellite ventures, and now set its sights on AI technologies.

Amazon's Dominance in Tech & AI Markets Amazon's Dominance in Tech & AI Markets

Plaintiffs allege the founders built a trading system specifically designed to retain customer collateral and transfer remaining funds directly into the platform’s insurance fund.

The lawsuit targets all US customers who purchased BitMEX Bitcoin swap products with up to 100 times leverage since July 2018.

The legal action demands full restitution of lost Bitcoin alongside compensatory and punitive damages.

Ripple launches Mint platform

Blockchain fintech company Ripple launched Ripple Mint to provide institutional clients with direct capabilities to mint, redeem, and manage its U.S. dollar-pegged stablecoin, RLUSD.

The unified platform offers access through both a dedicated web interface and direct application programming interface integrations. Ripple designed the portal to handle manual operations alongside automated workflows as financial institutions adopt stablecoins for corporate payments, trading, and treasury management.

The launch follows RLUSD’s December 2024 debut, which positioned the token for rapid enterprise adoption across traditional financial sectors.

The stablecoin climbed into the top ten US dollar-backed digital assets by market capitalization in less than twelve months. RLUSD achieved an all-time high market capitalization exceeding $US1.8 billion on June 1, 2026.

Following the announcement of Ripple Mint, RLUSD’s total market valuation briefly surged from US$1.54 billion to US$1.64 billion before stabilizing near US$1.59 billion.

The token currently holds the position of ninth-largest USD-pegged stablecoin in the global crypto ecosystem.

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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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