Bitcoin Recovers to $118,500 Following Powell’s Comments
The crypto market rebounded after a dip following comments from Fed Chair Jerome Powell. Key points include:
- Bitcoin rose to $118,500 from $116,000.
- Ether and other altcoins also increased, with the CoinDesk 80 Index up over 2.5%.
- The market is looking for catalysts to surpass resistance levels.
- Analysts noted bitcoin's current euphoria is reminiscent of previous all-time highs, with potential for ether to reach $4,900.
- 2.23 million ETH is now locked in the DeFi protocol Ethena, valued at $8.6 billion.
- Invesco and Galaxy Digital filed for a spot Solana ETF with the SEC.
- Solana's decentralized exchange Jupiter launched an upgrade for faster token verification.
- The dollar index approaches 100, while copper saw a significant drop due to tariff announcements.
Upcoming Events
- July 31: Webinar on bitcoin as a global reserve currency.
- August 1: Helium Network halving event and Hong Kong's Stablecoins Ordinance takes effect.
- August 15: Coinbase will launch nano SOL and nano XRP perpetual futures.
Market Movements
- BTC at $118,592.59, up 1.24%
- ETH at $3,863.55, up 2.49%
- CoinDesk 20 Index at 4,023.37, up 2.46%
Technical Analysis
- The dollar index shows bullish signals which may limit BTC upside potential.
Crypto Equities Performance
- Strategy (MSTR) closed at $395.04, +0.1%
- Coinbase Global (COIN) closed at $377.48, +1.63%
- Galaxy Digital (GLXY) closed at $28.9, +8%
ETF Flows
- Spot BTC ETFs have daily net flows of $47.1 million.
- Spot ETH ETFs have daily net flows of $5.8 million.
Token Events
- Governance votes ongoing for NEAR Protocol and Venus DAO.
- Sui to unlock 1.27% of its supply worth $172.46 million on August 1.