Although July has only just begun, the past seven days have brought some much-needed and long-awaited relief to the cryptocurrency market, even if overall sentiment remains fragile.
At this time last week, Bitcoin was still struggling at the $60,000 level after a painful correction drawn in June. The cryptocurrency spent the weekend moving mostly sideways, as neither the bulls nor the bears were able to take control.
The real action only started at the beginning of the work week. Bitcoin tried to recover, but was quickly rejected near $60,700, allowing sellers to push it lower. The pressures intensified on Tuesday, when Bitcoin, along with the majority of the broader market, including the S&P 500 and Nasdaq, as well as major technology stocks, took a hit. Bitcoin fell below $59,000 and was down around $58,000 on some exchanges, hitting its lowest level of the week.
However, this support remained constant. The cryptocurrency has bounced back, and fast Reclaimed $60,000. Later, the price rose towards $62,000 as buyers returned and spot Bitcoin ETFs finally saw renewed inflows after a brutal series of outflows.
Altcoins were also able to follow, and some even saw steeper increases. ETH recovered strongly and returned towards the $1,700 level, while SOL was among the best performing coins with a double-digit weekly jump. XRP, DOGE, ADA, XLM, and HYPE also joined the recovery, helping the total cryptocurrency market cap recover some of its recent losses.
The week was also filled with some major headlines. Donald Trump’s latest financial disclosure Show It holds more than $50 million in Bitcoin, sparking strong discussions again. FBI Director Kash Patel also amended the disclosure associated with Strategy’s shares, while Securitize debuted on the New York Stock Exchange and launched tokenized shares in Solana and Avalanche.
Overall, the bulls finally managed to stop the bleeding. However, this does not mean that the worst is over. BTC still needs a decisive break above the pivotal levels around $70k to prove that this was more than a minor bounce.
Market data
Market capitalization: $2.22 trillion | 24 Hour Volume: $66 Billion | Bitcoin dominance: 56%
Bitcoin: $62,000 (+2.7%) | Ethereum: $1,731 (+9.6%) | Ripple: $1.12 (+7.2%)
Cryptocurrency headlines of the week that you can’t miss
Token shares are emerging as the lifeblood of altcoins amid the cryptocurrency market reset. new a report He argued that token stocks have become one of the few bright spots in cryptocurrencies, as token openings and weak altcoin narratives continue to dampen the speculative assets. The analyst also explained that Solana currently dominates token stock trading alongside Hyperliquid’s HIP-3.
Why Bitwise’s Matt Hogan thinks the Bitcoin era in strategy is fading. Bitwise CEO Matt Hogan, He said This strategy’s role as one of the largest buyers of Bitcoin is likely to fade, especially since the next cycle could be led by institutions such as banks, asset managers, pension funds and sovereign wealth funds.
Standard Chartered Bank has become the first major bank to provide direct services to stablecoins. Standard Chartered become The first major global bank to offer direct USDC mining and redemption services to institutional clients through its banking platform. The service was launched with Circle in the Dubai International Financial Centre.
Can Circle defend its stablecoin lead against OpenUSD? Experts weigh in. On the other hand, experts said to caution That same department may face one of its toughest challenges yet from OpenUSD — a new stablecoin backed by major financial companies and payment companies like Visa, Mastercard, BlackRock, and Coinbase.
British investors sue Binance and former CEO Changpeng Zhao for $200 million. A group of 1,700 UK investors File a lawsuit against Binance and its former CEO – Changpeng Zhao – in the High Court in London. The plaintiffs are seeking nearly $200 million in damages, alleging that the exchange sold unauthorized derivatives products.
Bitcoin Supply Disappears: Where Are Billions in ETFs Going? Search HashKey Tim Sun He told us Recent ETF inflows into Bitcoin may reflect a rotation of capital into AI, semiconductor and GPU-related stocks rather than a complete collapse in risk appetite.
Charts
This week we have chart analysis for Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid. Click here for full price analysis.
this post Bitcoin Recovers Toward $62K as ETF Flows Return and Trump’s Bitcoin Holdings Excite: Cryptocurrency Weekly Update appeared first on CryptoPotato.
