Bitcoin Shakes Off Powell Jitters: Crypto Daybook Americas
The crypto market rebounded swiftly from Wednesday’s dip caused by Jerome Powell’s hawkish Fed comments. Bitcoin (BTC) climbed to $118,500 from $116,000, with ether (ETH), XRP, and other altcoins following suit. The CoinDesk 80 Index surged over 2.5%, outperforming the CoinDesk 20 Index, indicating stronger recovery in smaller tokens. However, the market remained within recent price ranges, awaiting catalysts to break resistance. Analysts at FxPro noted the market needs drivers to surpass $120K, as the White House’s digital asset report lacked details to inspire new buyers. The absence of mention regarding a strategic bitcoin reserve caused uncertainty, according to Compass Mining.
Glassnode analysts observed bitcoin euphoria similar to previous all-time highs, based on unrealized profit as a percentage of market cap studies. A similar study suggested potential for an ether rally to $4,900. Ether locked in the DeFi protocol Ethena increased 27% to 2.23 million ETH, reaching a record $8.6 billion value. Invesco and Galaxy Digital filed a spot Solana ETF proposal with the SEC, following the regulator’s approval of in-kind redemptions for BTC and ETH ETFs. Solana-based exchange Jupiter launched Verify4, upgrading token verification.
Traditional markets saw the dollar strengthen, nearing 100 on the Dollar Index for the first time since May 29. Copper experienced its largest single-day drop due to President Trump’s announcement of tariffs on semi-finished metal products.
Upcoming events include a July 31 webinar on bitcoin’s potential as a global reserve currency; Helium Network’s halving event on August 1; Hong Kong’s Stablecoins Ordinance taking effect on August 1; and the launch of BTCD, a bitcoin-backed stablecoin, on August 1. August 15 marks the record date for FTX distributions. Coinbase Derivatives will launch nano SOL and nano XRP futures on August 18.
Macroeconomic data releases include Brazilian and Colombian unemployment rates, U.S. consumer income and expenditure data, and Colombia’s monetary policy decision on July 31. August 1 will see U.S. tariff implementations, July employment data, and various manufacturing and services data releases. Several companies including Coinbase, Reddit, and Strategy will release earnings reports. Token unlocks are scheduled for Sui, Ethena, Immutable, Aptos, Avalanche, Starknet, and Sei throughout August. Several token launches and conferences are also planned.
