Although July has only just begun, the past seven days brought some much-needed and long-awaited relief to the cryptocurrency market, even if the overall sentiment remains nothing but fragile.
Last week at this time, Bitcoin was still struggling around the $60,000 mark after the painful correction that was charted in June. The cryptocurrency spent the weekend moving mostly sideways, as neither bulls nor bears managed to take control.
The real action only started at the beginning of the business week. BTC attempted to recover, but was quickly rejected near $60,700, which allowed the sellers to push it lower. The pressure intensified on Tuesday, when Bitcoin, alongside the majority of the broader market, including the S&P500, the Nasdaq, as well as major tech stocks, took a beating. BTC dumped below $59,000 and slipped toward $58K on some exchanges, marking its intraweek low.
However, that support held firm. The cryptocurrency bounced back and quickly reclaimed $60,000. Later, it pushed toward $62,000 as buyers returned and spot Bitcoin ETFs finally saw renewed inflows after a brutal streak of outflows.
Altcoins were also able to follow, and some of them even marked sharper increases. ETH recovered strongly and moved back toward $1700, while SOL was among the best performers with a double-digit weekly jump. XRP, DOGE, ADA, XLM, and HYPE also joined the rebound, helping the total crypto market cap recover some of its recent losses.
The week was also packed with some major headlines. Donald Trump’s latest financial disclosure showed that he holds more than $50 million in Bitcoin, reigniting strong debates. FBI Director Kash Patel also amended a disclosure that was associated with Strategy’s stock, while Securitize made its NYSE debut and launched tokenized shares on Solana and Avalanche.
Overall, the bulls were finally able to stop the bleeding. However, this doesn’t mean that the worst is over. BTC still needs a decisive breakout above pivotal levels around $70K to prove that this was more than just a slight dead cat bounce.
Market Data
Market Cap: $2.22T | 24H Vol: $66B | BTC Dominance: 56%
BTC: $62,000(+2.7%) | ETH: $1,731 (+9.6%) | XRP: $1.12 (+7.2%)
This Week’s Crypto Headlines You Can’t Miss
Tokenized Stocks Emerge as Altcoin Lifeline Amid Crypto Market Reset. A new report argued that tokenized stocks are becoming one of crypto’s few bright spots, as persistent token unlocks and weak altcoin narratives continue to wear speculative assets down. The analyst also outlined that Solana is currently dominating tokenized equity trading alongside Hyperliquid’s HIP-3.
Why Bitwise’s Matt Hougan Thinks Strategy’s Bitcoin Era Is Fading. The CEO of Bitwise, Matt Hougan, said that Strategy’s role as one of the largest corporate buyers of Bitcoin is likely going to fade, especially as the next cycle could be led by institutions such as banks, asset managers, pension funds, and sovereign wealth funds.
Standard Chartered Becomes First Major Bank to Offer Direct Stablecoin Services. Standard Chartered became the very first major global bank to offer direct USDC minting and redemption services to institutional clients through its banking platform. The service was launched with Circle in Dubai’s DIFC.
Can Circle Defend Its Stablecoin Lead Against OpenUSD? Experts Weigh In. Experts, on the other hand, warned that Circle itself might be facing one of its toughest challenges yet from OpenUSD – a new stablecoin backed by major financial and payments firms such as Visa, Mastercard, BlackRock, and Coinbase.
UK Investors Sue Binance and Former CEO Changpeng Zhao for $200M. A group of 1,700 UK investors sued Binance and its former CEO – Changpeng Zhao – in London’s High Court. The plaintiffs seek roughly $200 million in damages, claiming that the exchange sold unauthorized derivatives products.
The Vanishing Bitcoin Bid: Where Are the ETF Billions Going? HashKey research Tim Sun told us that Bitcoin’s recent ETF outflows may reflect capital rotating into AI, semiconductors, and GPU-related stocks rather than a complete collapse in risk appetite.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Recovers Toward $62K as ETF Inflows Return and Trump’s BTC Holdings Make Waves: Weekly Crypto Update appeared first on CryptoPotato.
