The cryptocurrency market has a market capitalization of $3.66 trillion today and facilitated transactions worth $163 billion in just 24 hours. This marks a significant change from the statistics at the end of June, as various economic developments and individual movements of digital assets have driven the industry.
The main highlights of the cryptocurrency market this week include the ATH of Bitcoin's price, the introduction of Crypto Week, cryptocurrency ETF inflows, SEC guidelines, institutional purchases, and much more.
◽Bitcoin Sets Multiple ATH Price Records
Bitcoin has officially surpassed its all-time high of $111,000 from May during the three major rallies this week. On July 9, Bitcoin briefly crossed the $112,000 mark, driven by potential interest rate cuts from the Federal Reserve.
However, the rally did not stop there, continuing as the price of BTC reached $113k on July 10 before establishing the current ATH of $118.7k on July 11. Interestingly, the price of Ethereum also rose alongside Bitcoin.
On July 11, ETH also surpassed $3,000. The price of other altcoins also skyrocketed, fueling growing speculation around altcoin season in July.
◽Highlights of Cryptocurrency ETFs
The highlighted event in the cryptocurrency market on July 7 focuses on the release of the SEC's 13-page guide, which clarifies the disclosure rules for cryptocurrency ETFs. These rules streamline approval and accelerate the process by 75 days.
In addition to that, Bitcoin ETF inflows reached $2.4 billion this week, while Ethereum ETF inflows reached $900 million.
◽Metaplanet and Cryptocurrency Whale Purchases
Metaplanet from Japan has become the fifth largest holder of Bitcoin in the world, adding 2,205 BTC this week. The rest of the crypto whales also maintained their buying trend. In this case, a group of whales withdrew 220 million ETH from exchange platforms, demonstrating greater confidence in the digital asset and the market.
◽Announcement of Cryptocurrency Week
The U.S. House of Representatives has declared the week of July 14 as "Cryptocurrency Week," during which three significant cryptocurrency bills will be debated and voted on. These include the CLARITY Act (clarity for cryptocurrencies), the GENIUS Act (clarity for stablecoins), and the State Anti-CBDC Surveillance Act (which rejects the digital dollar).
If approved, these bills could shape the regulatory landscape for digital assets.
