The inflation rate has slowed dramatically from the high of 9.1% in 2022. Still, in recent months, the Fed has reiterated the need to see further progress on the inflation front before pulling the plug on elevated interest rates. On Tuesday, Fed chief Jerome Powell said the same in his testimony to Congress, while stressing the bank won't wait for inflation to cool to 2% to cut rates.

Bitcoin Waits for Guidance From U.S. Inflation Data, Bond Market

Hackers reportedly stole $100 million from the Central Bank of Brazil using security credentials purchased from an alleged insider.

According to a new AP report, the cyberattack targeted Brazil’s popular instant payment system, known as PIX, to steal the massive nine-figure sum.

Hackers were able to pull off the scheme by infiltrating the C&M system, the software company that facilitates connections between financial institutions and the central bank to enable PIX payment transactions.

Police say the hackers used security credentials they allegedly purchased from C&M employee João Roque, who they just arrested. Roque allegedly told investigators he was recruited by the hackers last year and sold them his credentials. The AP was unable to reach Roque’s attorneys for comment.

After gaining access to the C&M system, the hackers initiated fake PIX operations, making off with $100 million in a single night from financial institutions that are plugged into the C&M network.

Police say they are attempting to identify the hackers and that at least four other people participated in the crime. Authorities are also attempting to freeze the suspected stolen assets, and say they have blocked about half the stolen funds connected to the scheme.

In a statement published by local media, C&M says that it is cooperating with authorities and that the breach was likely due to unauthorized access to security credentials, not system flaws.

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$100,000,000 Stolen From Central Bank of Brazil in Single Night After Alleged Insider Sold Credentials to Hackers: Report

Key Takeaways:

Bonk (BONK), Solana’s leading memecoin, is preparing to burn 1 trillion tokens .

The move coincides with the project approaching 1 million unique holders .

While symbolic, the burn raises questions about long-term impact on price and supply.

Bonk, one of the most talked-about memecoins on the Solana network, is making headlines again—this time with a planned burn of 1 trillion tokens as it nears the 1 million holder mark. The announcement, made via the project’s official X (formerly Twitter) account, underscores BONK’s growing community traction, though no burn date has been confirmed yet.

Read More: BONK Hits Monthly Highs — Could Snorter Be the Potential For Solana-Based Contender?

Bonk’s Token Burn Announcement Triggers Market Buzz

Bonk’s planned burn represents one of the largest publicized memecoin burns this year. The amount—1 trillion BONK—is huge in terms of absolute quantities but relatively small in market impact, valued at around $22 million at the moment, based on recent token prices.

The announcement sparked enthusiasm across the Bonk community. Multiple top BONK holders and Solana influencers reposted the news release, leading to a significant increase in Bonk engagement. The token, which began gaining traction in late 2023, has quickly become a recurrent memecoin in Solana’s space, joining popular tokens like Dogwifhat (WIF) and Popcat.

However, despite the buzz, some analysts remain cautious. Token burns—especially in memecoin communities—don’t always guarantee lasting market effects. Depending on how and where the tokens are sourced, the economic impact may be largely psychological or ceremonial.

Read More: Forecast for BONK Coin: Stability Amid Falling Demand for SOL Memes

One Million Holders and Growing: A Community Milestone

The velocity of BONK′s holder growth is absolutely amazing, to say the least. The project has been front and center since launch on Solana DeFi platforms, NFT launches, and social media since launch. As of early July 2025, unique holders are fast approaching 1 million — a hell of a milestone for any crypto asset, let alone one with meme roots.

The burn is actually just a way of giving back to the community and showing that we are here for the long haul! Even though BONK’s core team has not revealed whether the burnt tokens come from team-held reserves or circulating supply, the speculation among the community is that this action will help reduce the perceived inflation and foster a fresh wave of buying.

In the past, token burns were used by projects such as Binance (BNB) and Shiba Inu (SHIB) to garner attention or to change the supply-demand balance within the project. But in Bonk’s instance, the wider memecoin setting results in narrative taking a bigger role than hard tokenomics.

How Significant Is a 1 Trillion BONK Burn?

Symbolism Over Substance?

1 may sound like a huge number of BONK, but we must keep everything in context. The total supply of Bonk is in excess of 94 trillion tokens, so the burn would amount to slightly more than 1% of total supply. With a current market cap of about $1.8 billion, the haircut is unlikely to substantially impact the token’s price, unless it is combined with other momentum factors—specifically utility updates or new listings.

That is not to say there are no effects of burning tokens, though. It signals the market: The team is considering the community, and trying to promote sustainability, even in a meme-focused ecosystem.

Some analysts, however, caution against overhyping burns in isolation. Being a meme token, BONK is very sentiment driven. It could also have little long-term price impact without actual real-world use cases or greater integration into DeFi protocols.

In a recent report by Messari, it was found that 90% of BONK volume is speculative, with only the remaining 10% comprising of any utility-based transaction, indicating the market was strongly dominated by momentum and virality.

BONK and the Solana Ecosystem: More Than Just a Meme?

BONK’s rise comes as the Solana ecosystem, ushered back into vogue for a second time in 2024 and 2025, in the wake of network upgrades and a tidal wave in the altcoin NFT markets, is enjoying renewed popularity. BONK was one of the first meme tokens launched on Solana and has remained one of the most well-known brands on the chain.

The token is now being used in several Solana-native platforms including:

Jupiter Aggregator for swapping

Phantom Wallet for storing and staking

Magic Eden , where some NFT collections now accept BONK as payment

Furthermore, BONK has been involved in several community incentivization programs, including Solana airdrops, as well as staking programs with BONK rewards.

These integrations are part of what set BONK aside from the other useless or low-utility meme tokens. It also serves BONK’s branding as not simply a joke — despite being a meme being its biggest driver.

The announcement became viral on X and reached more than 1M impressions in hours and the news rekindled interest in BONK trading on the Solana platforms. Solana-based DEXs experienced a spike in trading volume, but there was no significant breakout. Market participants are being cautious as recent memecoin hype cycles have resulted in extremely short-lived gains that could be followed by large corrections.

Bonk Eyes 1M Holders, plans to Burn 1 Trillion Tokens in Major Milestone Move

Key Takeaways:

Shenzhen authorities warn the public about rising scams involving stablecoins and digital assets.

Criminals exploit “financial innovation” narratives to lure investors into unregulated schemes.

Public urged to report illegal fundraising linked to crypto, with potential rewards for whistleblowers.

A fresh warning from Shenzhen officials has amplified China’s hardline stance against unauthorized crypto activity. On July 7, the city’s special task force targeting financial crime issued a public notice highlighting the increasing misuse of stablecoins in illegal fundraising, fraud, and pyramid schemes. The notice reflects Beijing’s broader efforts to control financial innovation while cracking down on unsanctioned digital assets.

Stablecoins Under Scrutiny as Illicit Activity Grows

Unlicensed firms are selling stablecoin-based investment schemes as part of “digital assets” and “financial innovation,” Shenzhen’s authorities said. These projects frequently tout eye-catching returns and low risk, despite investigations that reveal they operate with scant regulatory oversight.

These entities are intentionally creating opportunity from the ignorance of the public within regard to stablecoins and DeFi in order to solicit funds, the statement said. They are charged with facilitating counterfeit investment cases and promoting such “pseudo-assets” as “virtual currency” and “digital wealth products,” but a large number of these offers are actually used as a conduit for illegal schemes such as money laundering, gambling, and illegal pyramid structures.

Shenzhen’s announcement was issued by the Office for Preventing and Combating Illegal Financial Activities, a local government arm working under national directives to mitigate systemic financial risk.

Read More: China Quietly Liquidates Seized Crypto Amid Ban, Fueling $1.4B Public Revenue Surge

What the Warning Means for Crypto Investors in China

Unlicensed Projects Pose Significant Legal and Financial Risk

The government stressed that any organization offering investment services involving stablecoins must be licensed by China’s financial regulators. Without that approval, the fundraising is illegal.

According to the Regulations on Preventing and Handling Illegal Fundraising, any individual participating in such schemes does so at their own financial risk. The state will not compensate losses resulting from unlawful investment in unregistered digital asset ventures.

The warning emphasizes that no entity—whether domestic or foreign—can promote, issue, or sell tokens, stablecoins, or digital investment products to the Chinese public without explicit authorization.

Officials also highlighted how some operations are intentionally misleading, using language like “blockchain innovation” or “Web3 wealth opportunity” to give the appearance of legitimacy. In truth, they may lack any underlying value or functioning blockchain infrastructure.

A Pattern of Escalating Enforcement in China

China has maintained a strict regulatory stance on cryptocurrency for years. The country:

Banned initial coin offerings (ICOs) in 2017

Outlawed crypto trading platforms and mining in 2021

Continues to block foreign exchanges and wallet services from operating inside its borders

This latest action from Shenzhen fits into a national effort to prevent digital finance from evolving into a shadow banking system. Now, with China’s central-bank digital currency (CBDC) e-CNY entering the scene, attitudes toward privately issued stablecoins are especially wary, since they could subvert monetary control.

The attention to stablecoins, rather than to more volatile cryptocurrencies like Bitcoin or Ethereum, also mirrors shifting trends in fraud. Now, many scams use or are based on tokens that are pegged to fiat currencies, to appear to be more stable and trustworthy, which is particularly important for retail investors.

Authorities Encourage Reporting, Offer Incentives

In an effort to expand public involvement in financial surveillance, Shenzhen authorities encouraged citizens to report suspected illegal activity related to stablecoins or other digital assets.

Complaints may be filed with the financial authorities either at the city-level or the district-level, with police. Informers of verified leads could be rewarded with money but how such compensation will be awarded was not articulated in the public notice.

This tactic is similar to those employed in China’s anti-corruption efforts, which frequently have citizens mobilized to aid the crackdowns. It also shows the government’s preventive focus, trying to catch fraud before it grows large enough to cause bigger financial damage.

Read More: China’s Bitcoin Mining Giants Quietly Shift Production to U.S. Amid Tariffs and Security Heat

Stablecoins Under Fire: Global Consequences of China’s Latest Warning

The Shenzhen speech comes as stablecoins are the subject of a global regulatory debate. In the U.S., EU, and various countries in Asia, regulators have been worried about:

Systemic risks posed by unregulated stablecoin issuance

The potential for shadow banking and liquidity crises

Cross-border capital movement outside traditional controls

For crypto projects that have tried, or are trying, to build on a global basis, or offer yield bearing stablecoin products, it is a living example of how implementation is no joke. Programs that still push investment products for the mainland market — by social media or with the help of third-party agents — risk being targeted for investigation, asset seizure or blacklisting.

Indeed, there have already been numerous shutdowns and monitoring of Chinese language Telegram and WeChat crypto promotion groups when it comes to early 2025.

Risk Awareness Over Hype

The Shenzhen authorities’ underlying message is clear: Investor education and skepticism are crucial. A project that merely uses blockchain or DeFi vernacular is not necessarily safe or valid.

Both USDT, USDC and algorithmic stablecoin like DAI have become the mainstream in global DeFi, but all of the above are illegal for investment solicitation in mainland China without special authorization.

Investors, especially in Asia-Pacific countries with high levels of crypto adoption, are advised to check whether organizations are regulated, ask for disclosure, and shun guaranteed returns programs.

Shenzhen Issues Crypto Fraud Alert as Stablecoin Scams Multiply Across China

Bitcoin

traders are increasingly chasing higher-level call options on Deribit, signaling that they are preparing for renewed bullish price volatility.

"Vols remain pinned near historical lows, but a decisive breach of the $110k resistance could spark a renewed volatility bid. Some larger players appear to be positioning for just that," Singapore-based QCP Capital said in a market update.

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"They are continuing to add exposure to September $130k calls, while steadfastly holding September $115/$140k call spreads, underscoring a structurally bullish Q3 outlook," QCP added.

A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market. In other words, buyers of the $130,000 strike call expect BTC's spot price to rise above that level.

BTC's price has been stuck between $100,000 and $110,000 for over 50 days as selling by wallets with a history of holding coins for the long term counteracts ETF inflows.

Volatility may pick up soon as the June Fed minutes are due for release on Wednesday. Further, the 90-day tariff pause for many U.S. trading partners has reportedly been extended to Aug. 1.

Bitcoin (BTC) News: Traders Chase $130K Bets in Anticipation of Renewed Bullish Price Volatility

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Fund manager Jeff Dyment of Saphira Group wants you to zoom out and stop sweating the short-term charts.

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His thesis: Data points that suggest institutional bitcoin

buying is losing steam miss the bigger picture.

In a note shared with CoinDesk, Dyment argues that fears of fading institutional demand for bitcoin are overblown, rooted in narrow snapshots of the market.

Yes, ETF and corporate purchases have cooled recently – Michael Saylor's Strategy bought just 16,000 BTC last month, down sharply from December’s 171,000 BTC haul. But this, Dyment insists, is not a sign of decline. It’s a natural ebb in what he calls a “cyclical wave” of adoption.

“Institutional flows often come in waves rather than a steady linear increase,” Dyment wrote. “Short-term demand fluctuations in the spot market are minor ripples on what is, in fact, a rising tide of institutional engagement.”

Dyment points to the addition of 51 new corporate BTC treasuries in the first half of 2025 alone, equal to the total from 2018 to 2022 combined, and a 375% year-over-year increase in corporate BTC buying.

Public companies now hold 848,902 BTC, or approximately 4% of the total supply, with Q2 2025 alone seeing 131,000 BTC added to their balance sheets.

He also highlights the explosive growth of Bitcoin ETFs as further evidence of deepening institutional participation. BlackRock’s IBIT fund, now the largest in the world, holds 699,000 BTC, more than 3.3% of total supply, after becoming the fastest-growing ETF in history.

U.S. spot ETFs have collectively captured approximately 1.25 million BTC, or roughly 6% of the total supply, in just 18 months since their launch, he points out in the note.

Dyment's thesis is finding echoes in the options market.

In QCP Capital's recent note, the Singapore-based fund pointed to whales that are continuing to build exposure to upside risk, snapping up September $130K BTC calls and holding $115K/$140K call spreads.

“Vols remain pinned near historical lows, but a decisive breach of the $110K resistance could spark a renewed volatility bid,” QCP wrote in a Monday note.

So while bears may point to stagnant spot flows and the nearly empty mempool as signs of fatigue, Dyment argues those are just surface-level ripples.

Underneath, the tide is rising, and Wall Street, with its trillions upon trillions of regulated capital, is hungry for crypto. It's just not going to come all at once.

(CoinDesk)

BTQ Pushes Quantum-Safe Framework for Stablecoins

BTQ Technologies has introduced the Quantum Stablecoin Settlement Network (QSSN) , a framework designed to help banks, payment firms, and digital asset platforms future-proof stablecoin issuance against threats from quantum computing.

In a press release, BTQ detailed how the system could support quantum-secure versions of popular stablecoin models, including JPMorgan’s proposed USD deposit token (JPMD) , by upgrading privileged actions like minting and burning with dual cryptographic signatures (ECDSA and Falcon-512) , while preserving compatibility with existing token standards, workflows, and wallets.

The launch comes as the stablecoin market surpasses $225 billion and lawmakers push for regulation with an eye on cybersecurity.

The GENIUS Act, currently advancing in the U.S. Congress, would formalize federal standards for fiat-backed stablecoins and encourage quantum-safe architecture.

BTQ, which has worked with NIST for over a decade, aims to shape those standards and position QSSN as critical infrastructure.

Market Movements

BTC: Bitcoin fell 1.02% from July 6 at 22:00 to July 7 at 21:00, testing key support at $107,519.64 amid heavy selling, before staging a V-shaped recovery off $107,800 as on-chain data showed strong support clusters at $106,738 and $98,566 held by 1.68 million addresses, according to CoinDesk Research's technical analysis bot.

ETH: ETH rose 1.67% amid volatile trading, swinging nearly 3% between $2,529 and $2,604 as support at $2,530 held firm, institutional inflows topped $1.1 billion, and above-average volume marked both the surge and subsequent sell-off.

Gold: Gold dipped on a stronger dollar but rebounded on tariff-driven safe-haven demand, with central bank buying and de-dollarization fueling forecasts of a rally toward $4,000.

S&P 500: Stocks fell Monday as Trump announced new tariffs on imports from seven countries, sending the S&P 500 down 0.79% to 6,229.98.

Nikkei 225: Asia-Pacific markets mostly rose despite Trump announcing steep U.S. tariffs on 14 trading partners, with Japan’s Nikkei 225 up 0.36% as duties of up to 40% were outlined for countries including South Korea, Indonesia, and Thailand.

Elsewhere in Crypto

Asia Crypto News: Bitcoin's Institutional Waves Are Building, Not Breaking

Widely followed trader Michaël van de Poppe believes that new record highs are bound to happen for the crypto market.

The analyst tells his 794,400 followers on the social media platform X that he’s keeping an eye on the TOTAL chart, which tracks the market cap of all digital assets excluding stablecoins.

According to Van de Poppe, TOTAL is gearing up for a massive breakout after printing a series of higher lows since the start of 2024.

“A constant move upwards for the entire crypto market capitalization.

Matter of time until we’re breaking upwards to a new all-time high.”



At time of writing, TOTAL is trading at $3.323 trillion, down about 11% from its all-time high of $3.738 trillion, which it hit in December of 2024.

Turning to Bitcoin, Van de Poppe thinks that new all-time highs are in sight for BTC.

“This can still be classified as the build-up phase for Bitcoin.

I assume we’ll be starting to run up significantly in the coming weeks.”

At time of writing, Bitcoin is trading at $109,100.

As for Ethereum, Van de Poppe believes that ETH could spark a huge upside burst if it takes out resistance at $2,800.

“The moment it breaks out (whichever side), it’s going to be providing a big move.

Given that we’ve hit the low at $1,700 and sentiment is on the bottom, I assume we’ll break upwards, resulting in the start of the bull market.”

At time of writing, ETH is worth $2,570.

The last altcoin on the trader’s radar is the artificial intelligence (AI)-focused crypto project Bittensor (TAO). Van de Poppe thinks TAO needs to breach its resistance at around $350 to trigger a surge to his price target.

“TAO is on the edge of breaking back in the range, which would then fuel a move towards the other side of the range ($470).”

At time of writing, TAO is worth $328.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Trader Says Matter of Time Before Crypto Breaks to New All-Time Highs, Updates Outlook on Bitcoin, Ethereum and One Other Altcoin

Institutional digital asset investment vehicles have enjoyed over $18 billion in inflows over the last twelve weeks, according to crypto asset management firm CoinShares.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that inflows into institutional crypto investment vehicles in the last twelve weeks have pushed assets under management (AuM) to new all-time highs.

“Digital asset investment products recorded inflows of US$1.04bn last week, marking the 12th consecutive week of inflows, which now total US$18bn. Price gains over the week pushed total assets under management (AuM) to a new all-time high of US$188bn. Trading volumes reached US$16.3bn, in line with the weekly average so far this year.”

Regionally speaking, the US led the charge with $1 billion in inflows. Switzerland and Germany also provided inflows of $33.7 million and $38.5 million. Meanwhile, Canada and Brazil saw outflows of $29.3 million and $9.7 million, respectively.

Bitcoin (BTC), as is the flagship crypto’s custom, enjoyed the biggest inflows, but this time, with a catch.

“Bitcoin investment products saw inflows of US$790m last week, marking a slowdown from the previous three weeks, which averaged US$1.5bn.

The moderation in inflows suggests that investors are becoming more cautious as Bitcoin approaches its all-time high price levels.”

Ethereum (ETH) continued its 11th consecutive week of inflows, adding $226 million in inflows last week alone in a continued outperformance of altcoins.

“On a proportional basis, weekly inflows during this run have averaged 1.6% of AuM, significantly higher than Bitcoin’s 0.8%, highlighting a notable shift in investor sentiment in favor of Ethereum.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum Continues Outperforming Institutional Capital Flows As Investors Pour $1,040,000,000 Into Crypto Products: CoinShares

JPMorgan Chase’s wealthy clients are reportedly moving their wealth overseas in a push for diversification as the geopolitical climate becomes uncertain.

The bank is revamping its private banking arm in preparation to serve its richest customers who are looking to spread their money around the world to protect their wealth, the Wall Street Journal reports.

JPMorgan’s service requires a minimum balance of $10 million from clients and caters to investors who no longer want all of their wealth to just sit in their main country of residence.

In addition, investors are reportedly becoming more concerned about the war in the Middle East, as well as America’s trade war against other markets, prompting a migration of wealth.

Says Mary Erdoes, head of JPMorgan’s asset and wealth management unit,

“Our clients have always been multi-jurisdictional but now their assets are too, and that’s becoming ever more so with how the world is changing.”

JPMorgan recently appointed David Frame to head the private bank, which is a new role within the firm.

Frame noted that sports teams are one of the high-flying investments that the super rich are currently looking to park their wealth, and when Boston Celtics owner Wyc Grousbeck asked JPMorgan to find buyers for the NBA team, the bank contacted roughly 186 different clients around the world to solicit interest.

“The wealthier you get, the more you feel you’re a citizen of the world… If that doesn’t happen with the first generation of a family, it starts to happen with the second and the third.

There are borders for sports teams, but it doesn’t feel that way when it comes to the wealthy who are investing in them.”

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Super-Rich Clients of JPMorgan Chase Looking To Park Wealth Abroad Amid Geopolitical Uncertainty: Report

Federal prosecutors have reportedly filed a complaint against alleged scammers impersonating President Donald Trump and Vice President JD Vance.

According to a new CNBC report, scammers impersonated the Trump-Vance Inaugural Committee, getting away with over $250,000 in stolen

Per the complaint,

“The United States of America seeks to lawfully forfeit the Defendant Property to punish and deter criminal activity by depriving criminals of property used in or acquired through illegal activities; to promote and enhance cooperation among federal and foreign law enforcement agencies; and most importantly, to recover assets that may be used to compensate victims.”

The scammers reportedly employed fake e-mail addresses to fool victims into believing they were communicating with co-chair Steve Witkoff.

The US government is seeking to seize $40,000 in USDT. Half of that sum has already been collected from a Binance account under the name of Ehiremen Aigbokhan with an address in Nigeria.

The U.S. Secret Service is reportedly launching a new campaign against crypto scams with a new team that specializes in digital financial crimes.

Bloomberg reports that the agency’s Global Investigative Operations Center (GIOC) uses software, subpoenas and spreadsheets to identify and go after criminals behind fraudulent crypto scams, including pig butchering operations that offer fake investments to victims.

Citing people familiar with the matter, Bloomberg says the GIOC has already seized nearly $400 million in digital assets over the last 10 years. The Secret Service itself is already one of the world’s biggest crypto custodians after leading crackdowns on digital currencies such as Liberty Reserve and E-Gold in the 1990s.

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Scammers Impersonating President Trump and JD Vance Inaugural Committee Steal $250,300 From Victims: Report

A popular crypto analyst says that Bitcoin’s (BTC) current bull market cycle may reach an end if one key event occurs.

In a new YouTube video, Benjamin Cowen tells his 904,000 subscribers that a Bitcoin price dip below the 50-week simple moving average (SMA) on the weekly timeframe may mark the end of the bull cycle based on historic precedent.

“ So long as the 50-week SMA holds, the structure of the mark remains intact. A weekly close below that would call things into question…

In this case, we have an indicator that should tell us that the cycle is over whenever we get these weekly closes below the 50-week moving average. It hasn’t happened yet. Now, where is the 50-week SMA? Right now, it’s at around $86,000. It’s between $85,000 and $86,000.”

Cowen also says that Bitcoin may test the 50-week SMA in the third quarter of 2025 but hold it as support, indicating the bull cycle may continue.

“The argument in this case is that as long as we’re above that [50-week SMA], then the structure of the market, the integrity of the cycle, is intact. And is there a chance we test it again in Q3? Absolutely. We tested it last Q3. We tested it almost basically the third quarter before that.”

Bitcoin is trading for $108,218 at time of writing, flat on the day.

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Here’s When Bitcoin Bull Market Could Come Into Question, According to Analyst Benjamin Cowen

Market strategists at banking giant Goldman Sachs have reportedly lowered their forecasts for US Treasury yields on the basis that the Federal Reserve will most likely begin cutting interest rates sooner than expected.

In a report seen by Bloomberg, analysts, including George Cole, say that they’re lowering their end-of-year targets for yields and are revising their expectations for Fed cuts in 2025.

The analysts say that they see the two and 10-year yields ending 2025 at 3.45% and 4.20%, respectively, dropping from their initial call of 3.85% and 4.50%.

Meanwhile, Goldman’s economists originally believed that the Fed would only achieve one rate cut near the end of the year, but are now expecting cuts in September, October and December.

Even though strong labor numbers challenged the analysts’ forecast, the Goldman analysts are standing firm on their call, noting that the strong data was distorted by the outsized figure of government hiring and a decline in the labor participation rate.

“A benign path to lower short-term rates can dilute a potential source of additional fiscal risk premia and improve the economic appeal [of owning Treasuries.] We see scope for deeper cuts to support lower yields than previously envisioned.”

The Financial Times reports that $11 billion in long-term bond funds focused on government and corporate debt have been dumped in just three months.

The Q2 2025 sell-off ends a three-year run of net inflows into long-term US bond funds, with the previous sell-off happening back in the second quarter of 2022.

PGIM’s top fixed-income strategist, Robert Tipp, says the shift shows investors are wary of rising inflation and increasing government debt.

“It’s a volatile environment, with inflation still above target and heavy government supply as far as the eye can see. This is driving a skittishness about the long end of the yield curve, and a general uneasiness.”

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Goldman Sachs Flips Bearish on US Treasury Yields, Forecasts Fed Rate Cuts Sooner Than Expected: Report

Bitcoin's

very modest weekend rally modestly reversed on Monday as President Trump's tariff policies took center stage again.

The largest cryptocurrency slipped below $108,000 during the U.S. afternoon, down 0.8% over the past 24 hours. Ethereum's ether

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was 0.6% lower, while smaller cryptos including Solana's SOL, dogecoin, Sui's SUIdeclined 1%-2%. XRPoutperformed with more than a 2% gain.

Dampening investor sentiment was the President Trump ramping up tariffs even while delaying his self-imposed July 9 trade deal deadline to August 1.

In letters from the White House to counterparts in Japan and South Korea, President Trump set 25% tariffs on products from those two countries starting on August 1. In a Monday social post, Trump threatened additional levies on countries aligning with policies by the BRICS, a loose intergovernmental group of countries including Brazil, India, China and Russia.

In a press conference, White House Press Secretary Karoline Leavitt said the government will send out letters to more countries about tariff rates or announce trade deals in the coming days.

The Nasdaq and S&P 500 indexes were lower by about 1% on Monday, while yields on 10-year U.S. Treasury bonds also headed higher, nearing 4.4%.

Bitcoin Waits for Guidance From U.S. Inflation Data, Bond Market

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