Market Overview
The crypto market capitalisation has risen by a further 0.8% over the past 24 hours to $2.25T. Once again, cryptocurrencies are taking a breather after a slight upward surge, but this time they are moving higher in tandem with commodity assets despite a stronger dollar. This is an unstable combination, and we should closely monitor which trend proves more resilient: a rising dollar or a flight from fiat assets.
Bitcoin touched the region of its June highs near $67K before pulling back. Strictly speaking, the uptrend that began in early July remains intact, with a steady series of new confirmations of an upside reversal, though this process is accompanied by minor pullbacks, which is a healthy development. In our view, the rally will gain momentum if the price firmly consolidates above $68K, where several of this year’s key levels cluster. In the event of a downward reversal, a pullback to $64K could be fairly mild, but beyond that, sellers may encounter strong support.
News Background
Bitcoin could still fall below $50K, according to Factor’s head, Peter Brandt. In his view, persistent optimism among market participants does not align with the conditions for a definitive capitulation.
Bitcoin’s quantum discount factor has reached 30% for the first time, reflecting the asset’s undervaluation amid the risk of cryptographic breaches. The metric quantifies the extent to which BTC’s value is discounted relative to its fair price because of quantum-computing risks. Capriole Investments believes that without a clear plan to protect the network, Bitcoin will struggle to reach new all-time highs.
Over 80% of all bitcoins are held in the wallets of long-term investors. A record nearly 16.8 million coins have not been moved for at least six months, against the backdrop of a fall in the bitcoin price of almost 30 per cent since the start of the year.
According to The Block, US President Donald Trump has agreed to include ethical restrictions in the CLARITY Act. These could prohibit the President, members of Congress, senior officials and their families from profiting from the crypto business.
Telegram founder Pavel Durov has stated that this summer will see the launch of ‘the largest in human history’ non-custodial crypto wallet. He has promised instant, commission-free transfers of the Gram cryptocurrency (formerly Toncoin, TON) for ‘more than 1 billion users’.
The median loss for most new cryptocurrencies launched since 2024 has reached 95.7%, according to CryptoRank’s calculations. Only 7.1% of tokens are still trading above their initial offering price.
The FxPro Analyst Team