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Bitcoin Breaks $112,000 in First as Traders Defy Tariff Angst
Bitcoin surged past $112,000 for the first time, setting a fresh record alongside a broad rally in risk assets that has swept up technology stocks big and small. The original cryptocurrency rose as much as 3.1% to $112,009, pushing its gain this year close to 20%.
The move underscores the speculative momentum gripping markets even as President Donald Trump unleashes a fresh barrage of tariff announcements. The crypto rally is far from isolated: Nvidia Corp.’s brush with a $4 trillion valuation in Wednesday trading helped push the S&P 500 within a whisker of its record, with fast-money investors joining the stock-market fray.
Bears Lose $400M to Liquidations, Largest Since May
Bitcoin surged past $111,000, ether jumped nearly 7% to above $2,700, and Solana’s SOL climbed above $158, catching traders betting against the move completely offside.
More than 114,000 traders were liquidated, with combined losses topping $527 million, according to data from Coinglass. Of that, $463 million came from short positions — or leveraged bets that the market would go lower — while only $64 million came from longs. The single largest liquidation was a $51.5 million short on HTX’s BTC-USDT pair.
Circle Enters USDC Yield-Farming Agreement with Bybit
Circle has quietly reached a revenue-sharing agreement with Bybit. As disclosed in Circle's IPO prospectus, the company has had similar cooperation arrangements with exchanges. For example, there has been a long-standing agreement between Circle and Coinbase: Coinbase can receive 50% of the interest income from USDC reserves, a arrangement that has driven widespread adoption of USDC in the industry.
Although the details of the agreement with Bybit have not been made public, similar agreements also include partnerships with Binance. Circle collaborates with these exchanges with the aim of distributing USDC reserve interest income to them, and in some cases even providing one-time payments to incentivize these platforms to promote the use of USDC.
RBA Selects Firms for Tokenized Settlement Research Project
Australia’s central bank has named the industry participants that will participate in a tokenized asset settlement research project.
Project Acacia is a joint initiative between the Reserve Bank and the Digital Finance Cooperative Research Centre to look at how innovations in digital money and the current settlement infrastructure might support the development of Australian wholesale tokenized asset markets. The work is supported by the nation’s financial and banking regulators and Treasury.
SEC’s Peirce Says Tokenized Securities Must Comply With Rules
Putting digital versions of stocks on a blockchain doesn’t mean companies can skirt US securities laws, the Securities and Exchange Commission’s Hester Peirce said Wednesday.
“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” Peirce said in an online post. “Tokenized securities are still securities.”
Companies including Coinbase Global Inc., Kraken and Robinhood Markets Inc. are considering letting customers trade tokens that represent shares of equities on a blockchain, with some products debuting overseas.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $218.04 million. The total net asset value of Bitcoin spot ETFs is $139.39 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.33%.
Source: SoSo Value
The Bitcoin spot ETF with the highest net inflow on July 9 was iShares Bitcoin Trust ETF, with a net inflow of $125.58 million. Following that was ARK 21Shares Bitcoin ETF, with a net inflow of $56.96 million, according to SoSoValue.
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