With Nvidia in one hand and Bitcoin in the other, it remains the best risk investment portfolio in this bull market.
Written by: Bright, Foresight News
On the morning of July 10, the secondary cryptocurrency market broke upward after a long period of consolidation. BTC broke the 112,000 mark for the first time, setting a new historical high. Many altcoins saw significant recoveries. Since hitting a previous high on May 22, BTC has been consolidating for nearly 7 weeks, with a low of 98,200 dollars and a rise of over 14.05% from the low to the new high. As of the time of writing, Bitcoin temporarily reported a pullback to 111,299 dollars.
ETH has performed relatively strongly, recovering from a bottom of 2,111 dollars to break through to 2,795 dollars, just 85 dollars away from the peak of this round of increase, with a rise of over 32.4%. SOL may have been sold off by market funds due to a cooling on-chain meme market, recovering from a low of 121 dollars to 158 dollars, with a rise of 30.57%, but still has nearly 20% space to reach the peak of this round of increase at 187.71 dollars.
The total market capitalization of cryptocurrencies has risen by over 3.2%, surpassing 3.51 trillion dollars. As altcoins collectively surged, Bitcoin's market share slightly dropped to 62.94%, while the altcoin season index rose to 24, and the fear and greed index climbed to a greedy level of 67. At the same time, large tech stocks led the US stock market, with the Nasdaq index rising by 0.94%, the Dow Jones Industrial Average closing up by 0.49%, and the S&P 500 closing up by 0.61%. Nvidia rose by 1.8%, leading the tech giants.
Among US cryptocurrency stocks, Coinbase surged 5.36%, with its stock price breaking through to 373.85 dollars. MicroStrategy rose over 4.65%, closing at 415.41 dollars, firmly above the 400 dollar mark. Circle opened high but fell back, closing down 2.02%, temporarily reporting 200.68 dollars.
In terms of liquidation data, according to Coinglass, over 109,100 people were liquidated in the last 24 hours, with a total liquidation amount of 511 million dollars, including 448 million dollars for short positions and 63.209 million dollars for long positions, primarily in short positions. The largest single liquidation on a CEX was BTC-USDT, occurring on Huobi, valued at 51.5603 million dollars.
Nvidia tops the US stock market with the highest market value.
On the evening of July 9, Nvidia's stock price broke a new high, rising 2.52% in the day, with a share price of 164 dollars, bringing its total market value to 4 trillion dollars. Nvidia completely refreshed Apple's previous record of 3.915 trillion dollars set at the end of 2024, becoming the first company to reach a market value of 4 trillion dollars, surpassing the total market value of stocks in countries like the UK, France, and Germany.
Since the low in April of this year, Nvidia's stock price has risen nearly 90%. In fact, since the earnings report was released at the end of May, Nvidia's stock price has been on a steady rise.
The global demand for AI has consistently supported Nvidia's growth. At the Nvidia shareholders' meeting on June 25, Jensen Huang pointed out that the demand for 'sovereign AI' is growing, and Nvidia is at the starting point of a decade-long wave of AI infrastructure construction. Huang stated that just Microsoft processed over five times as many AI model requests in the last quarter compared to the same period last year.
Citigroup recently released a report, raising Nvidia's data center sales forecasts for fiscal years 2027 and 2028 by 5% and 11%, respectively, citing strong autonomous AI demand that will provide Nvidia with more expansion opportunities. Citigroup also noted that the demand for sovereign AI (usually developed by national governments) is higher than expected, and by 2028, the AI data center market size will reach 563 billion dollars, exceeding the previous estimate of 500 billion dollars, which will benefit Nvidia, as the company is involved in almost all sovereign transactions.
Wedbush analyst Dan Ives also stated in a report to clients on July 3 that he expects Nvidia's market value to surpass 4 trillion dollars this summer, and it may even challenge the 5 trillion dollar mark in the next 18 months.
However, prominent Wall Street short-seller Jim Chanos still believes that 'the entire ecosystem surrounding the AI craze' reminds him of the internet bubble of the early 21st century. Chanos stated, 'The AI craze is a riskier source of income, and once the market pulls back, companies are likely to reduce capital expenditures, and related projects will be shelved. If this happens, it will be immediately reflected in disappointing revenue and performance guidance.'
Short-term events do not disrupt the upward trend.
Last night, progress was made on issues like tariffs and interest rate cuts, but it did not hinder the further rise of risk assets.
On the evening of July 10, the Federal Reserve released the minutes of its monetary policy meeting. 'Fed mouthpiece' Nick Timiraos stated that Federal Reserve officials are divided into three main camps: one recognizes a rate cut this year but excludes July, with most officials supporting this camp; the second prefers to hold steady throughout the year; the third advocates immediate action at the next meeting.
The minutes indicate that only a 'minority' of participants supported the third camp, suggesting that Fed Governor Waller and Bowman, who have consistently supported possible rate cuts, might be among them.
Most Federal Reserve officials still believe that the overall US economy is stable, allowing for patience in adjusting interest rates. The minutes noted that policymakers see economic growth as 'robust' and that the unemployment rate is 'low'. The market also believes there is a high probability of the Federal Reserve maintaining interest rates in July at 93.3%. Correspondingly, the probability of a 25 basis point rate cut is only 6.7%.
Meanwhile, US President Trump issued a second wave of tax letters regarding equal tariff levels to various countries last night, covering Brazil, Brunei, Algeria, Moldova, Iraq, the Philippines, Libya, and Sri Lanka, with tariffs on Brazil reaching the highest level since the announcement of new equal tariffs—50%.
However, some analysts pointed out that unlike the other 21 countries that received tax letters, Brazil did not have a trade deficit with the US last year; the US recorded a trade surplus of 6.8 billion dollars with Brazil last year. Implementing an increase in tariffs on Brazil is, in fact, Trump using tariff threats to try to change the domestic political decisions of other countries.
Previously, Trump stated on his social platform Truth Social that 50% of the new tariffs partly stem from Brazil suing its former president Bolsonaro. He called on the Brazilian government to withdraw the charges against Bolsonaro's alleged coup attempt, stating that his 'trial should not proceed. This is political persecution and should end immediately.'
Speculative sentiment is high, and hoarding coins is still ongoing.
Currently, listed companies in the United States, the United Kingdom, Europe, and Japan are no longer satisfied with merely establishing so-called 'BTC strategic reserves'. Instead, they view hoarding BTC as an arms race, continuously financing to purchase more BTC, with many financing amounts exceeding 100 million dollars.
Among them, Genius Group, a company listed on the NYSE, is a typical example of 'having tasted the sweetness'. Genius Group announced that it has increased its original target reserve of 1,000 BTC tenfold and plans to purchase 10,000 BTC within 12-24 months. Between May 22, 2025, and July 4, 2025, the company achieved a 74% BTC return.
Data shows that from July 1 to July 7, the total net inflow of BTC allocated by global listed companies (excluding mining companies) reached 275 million dollars in just one week. This allocation speed is already comparable to the net inflow of BTC ETFs, and no company has explicitly stated that it plans to sell BTC.
It can be said that Nvidia's concerted breakthrough to a new high has made it the world's first 4 trillion dollar company, greatly stimulating speculative enthusiasm in the risk markets, which also drove BTC's rapid breakthrough this morning. Currently, the main buying power for BTC is concentrated in asset management institutions and listed companies, with the demand for traditional financial instruments like ETFs significantly reshaping the Bitcoin market landscape. Therefore, BTC is now closely linked with tech stocks favored by institutions, fundamentally because Wall Street has strongly become the operator behind BTC.
