1. Market Watch
Trump announced a major trade deal with Japan, under which Japan will invest $550 billion in the United States, while the United States will impose a 15% tariff on Japanese imports, which has a significant impact on industries such as automobiles and boosted Japanese stocks. Meanwhile, the third round of trade negotiations between the United States and China is scheduled to be held in Stockholm, Sweden next week to postpone key tariff deadlines. U.S. Treasury Secretary Besent revealed that the negotiations may involve China buying sanctioned Russian and Iranian oil. In addition, the Trump administration's upcoming (AI Action Plan) will revolve around the three pillars of infrastructure, innovation, and global influence, promoting the United States' leading position in the field of artificial intelligence through 'carrots rather than sticks' such as removing regulatory obstacles and simplifying licensing processes.
On domestic policy in the United States, President Trump and Treasury Secretary Besent have publicly stated that the Federal Reserve should lower interest rates to stimulate the economy, with Trump bluntly saying he wants interest rates to fall to 1%. In response, Ray Dalio, founder of Bridgewater Associates, analyzed that the essence of this debate is about the game of currency value, with Trump tending to stimulate the economy through currency devaluation, while Federal Reserve Chairman Powell is trying to defend the currency value. Dalio pointed out that current market indicators such as US stocks reaching record highs and the relative depreciation of the dollar have shown signs of loose monetary policy, and he predicts that the dollar will continue to weaken.
On the application of cryptocurrencies, Jeffrey Ding, chief analyst of HashKey Group, pointed out that the core reason why stablecoins took the lead in revolutionizing cross-border payments is that they can effectively solve the pain points of the traditional financial system. Traditional cross-border payments rely on the SWIFT network, which is not only complex and costly (the global average handling fee is as high as 6.2%), but also has a long arrival cycle. Especially in countries like Argentina and Nigeria, where capital flows are restricted and the local currency has been devalued for a long time, stablecoins provide an important way to obtain stable assets and conduct efficient transactions. It does not rely on local banking systems and can be completed through peer-to-peer transactions, avoiding the complex transformation of traditional financial infrastructure, so it is particularly suitable for emerging markets with weak financial services. In contrast, applying stablecoins to retail payments or wealth management requires a comprehensive reconstruction of the existing banking system, which faces much greater resistance.
Bitcoin has entered a consolidation phase after hitting a record high of $123,100. Glassnode data shows that the market is in a "healthy but fragile balance," with the $115,000-$120,000 range cumulatively absorbing $640 million in selling pressure. As for the future market, many analysts are optimistic, but there may be a short-term pullback. Analyst CJ believes that the price may first pull back to around $115,717 before attacking the high point. Mac pointed out that if the high time frame can maintain above $113,000, the next target may point to $130,000. Analyst Ali gives a bullish target of $131,200, provided that it holds the support of $117,400. Bitfinex Alpha and analyst Axel Adler Jr. are eyeing the resistance range of $136,000 to $139,000, believing that the market has not yet entered an overly optimistic stage. More analysts, such as Titan of Crypto and Merlijn The Trader, based on technical patterns such as "bull flag" and "head and shoulders bottom," predict that Bitcoin's ultimate target may reach $140,000.
On the Ethereum side, after experiencing eight consecutive days of gains, there has been a correction, with the current price at approximately $3,750, and the relative strength index (RSI) has entered the overbought zone. Analyst Tradermayne believes that Ethereum has not turned bearish, and a pullback to the $3,200-$3,400 range would be an ideal buying opportunity. Analyst Crypto Chase also said that around $3,400 is a key support and liquidity resonance area. Analyst Yashu Gola predicts that Ethereum may pull back to the $3,000 to $3,200 range in August, after which it is expected to re-challenge the $4,000 level, and some analysts are optimistic that it will reach $8,000 in the coming months.
In the altcoin market, the price of Zora tokens has soared after being announced by Base APP for integration, hitting a record high, with an increase of nearly 300% since July 17. In addition, LetsBonk's market share has surged from 5% to 64% in one month, in stark contrast to Pump.fun's market share plummeting from 90% to 24%. The platform's token issuance continues to grow, with popular Meme coins such as $TRUST (market value of $6.3 million), which has the concept of a borderless e-commerce platform, and $DNUT (market value of $3.4 million), which is associated with the Reddit community culture, emerging in the past 24 hours.
2. Key Data (as of July 23, 12:00 HKT)
(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
Bitcoin: $118,684 (Year-to-date +26.9%), daily spot trading volume of $51.971 billion
Ethereum: $3,732.23 (Year-to-date +11.69%), daily spot trading volume of $48.862 billion
Fear and Greed Index: 75 (Greed)
Average GAS: BTC: 0.58 sat/vB, ETH: 0.46 Gwei
Market Share: BTC 60%, ETH 11.5%
Upbit 24 Hour Trading Volume Ranking: STRIKE, XRP, SOL, PENGU, ETH
24 Hour BTC Long/Short Ratio: 50.18%/49.82%
Sector Gains and Losses: NFT sector up 10.67%; CeFi sector up 3.29%
24 Hour Liquidation Data: A total of 129,759 people were liquidated globally, with a total liquidation amount of $376 million, of which BTC liquidated $49.56 million, ETH liquidated $127 million, and SOL liquidated $25.17 million.
BTC Medium-to-Long Term Trend Channel: Upper channel line ($118,302.75), lower channel line ($115,960.12)
ETH Medium-to-Long Term Trend Channel: Upper channel line ($3,427.96), lower channel line ($3,360.08)
*Note: When the price is above the upper and lower edges, it indicates a medium- to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or repeatedly passes through the cost range in the short term, it indicates a bottoming or topping state.
3. ETF Flows (as of July 22)
Bitcoin ETF: -$67.9322 million, with only Grayscale ETF GBTC achieving net inflows
Ethereum ETF: +$534 million, the third highest in history
4. Today's Outlook
Jack Dorsey's Block to be added to the S&P 500 on July 23
OneFootball to launch token sale on CoinList on July 24
Sources: Pump.fun to distribute PUMP airdrop on July 24
OKX to list ASP (ASPECTA) spot trading on July 24
Trump plans to issue an executive order to promote the development of artificial intelligence and is considering designating July 23 as 'Artificial Intelligence Action Day' and plans to deliver a speech on AI on that day
Avail (AVAIL) to unlock approximately 972 million tokens at 4 PM on July 23, with a ratio of 38.23% to the current circulating supply, worth approximately $18.9 million;
SOON (SOON) will unlock approximately 41.88 million tokens at 4:30 PM on July 23, with a ratio of 22.41% to the current circulating supply, worth approximately $6.1 million.
Top 100 biggest gainers today: Pudgy Penguins up 21.4%, Saros up 17.7%, Flare up 15.3%, Worldcoin up 9.7%, Bonk up 7.3%.
5. Hot News
Arthur Hayes: Expects Bitcoin to reach $250,000 and Ethereum to reach $10,000 by the end of this year
ARK Invest Acquires $182 Million BMNR Common Stock to Help BitMine Advance Ethereum Treasury Strategy
A total of 1.81 billion PENGU have been transferred from the PENGU token deployment address to CEX since July 12
Trend Researchh allocates ENS again after 1 year, withdrawing $5.5 million worth of ENS from Binance
Arca transfers 2.183 million PENDLE to Kraken, expecting a profit of $2.13 million
LetsBonk's market share on the Solana Meme token launch platform grows to 64%
21Shares submits ONDO ETF related S-1 document to US SEC
Coinbase Adds BNKR, JITOSOL, and MPLX to Asset Roadmap
Nano Labs Increases BNB Strategic Reserve to $90 Million, Plans to Upgrade Reserve Strategy
SPACEX Transfers $152 Million Worth of BTC for the First Time in Three Years
Mexican Real Estate Company Grupo Murano Plans to Build a $10 Billion Bitcoin Vault Within Five Years
Bitcoin's market value share falls below 60%
GameSquare approved for an additional $150 million injection into its crypto treasury and increased its holdings by 8,351 ETH
Listed company Mercurity Fintech reaches $200 million SOL funding agreement with Solana Ventures
TLGY and StablecoinX reach business merger agreement and obtain $360 million PIPE financing, Ethena Foundation launches $260 million repurchase
Strategy spent approximately $740 million to purchase 6,220 Bitcoins last week
The Ether Machine, backed by Pantera, etc., raises $1.5 billion, will be listed, and holds over 400,000 ETH
This article is supported by HashKey, HashKey Exchange is Hong Kong's largest licensed virtual asset exchange and Asia's most trusted crypto-asset fiat gateway. Committed to defining new benchmarks for virtual asset exchanges in terms of compliance, fund security, and platform safeguards.
