Summary
gm, CoreWeave announced a major $9 billion acquisition of Bitcoin mining firm Core Scientific to expand AI computing capacity, potentially transforming both AI infrastructure and Bitcoin mining operations. U.S. Treasury Secretary Scott Bessent's hints about imminent trade deals ahead of the July 9 "Liberation Day" tariff deadline provided a positive backdrop for Bitcoin, which hovers just 2% below its all-time high with analysts predicting a potential breakout this week. Meanwhile, Elon Musk made headlines by launching the "America Party," declaring "fiat is hopeless" and embracing Bitcoin as a core platform principle, while Jack Dorsey unveiled Bitchat, a decentralized messaging app leveraging Bluetooth mesh networks for secure, internet-free communication that could revolutionize privacy-focused messaging.

News Headlines
💰 Crypto Funds Post $1B Inflows with Net Assets Breaking New Highs

  • Crypto investment products recorded over $1 billion in inflows for the week ending July 4, with Bitcoin ETPs attracting $790 million (76% of total) and Ethereum products receiving $225 million, marking their 11th consecutive week of positive investments.
  • Total assets under management have climbed to a record $188 billion, with year-to-date inflows approaching $19 billion. BlackRock's crypto funds emerged as a significant player, accounting for 42% of total weekly inflows with $436 million invested.

💼 Metaplanet Buys 2,204 BTC Worth $237M

  • Japan's Metaplanet has acquired 2,204 Bitcoin for $237 million, making it the world's fifth-largest corporate Bitcoin holder with a total of 15,555 BTC. The purchase was made at an average price of approximately $107,700 per Bitcoin.
  • This acquisition continues the company's aggressive growth strategy in becoming a leading corporate treasury holder, reflecting the broader trend of increasing institutional Bitcoin acquisitions and growing legitimacy of cryptocurrency as a financial asset.

💸 Bit Digital Shifts Treasury Strategy with 100K ETH Buy; Stock Surges 29%

  • Bit Digital has pivoted its treasury strategy from Bitcoin to Ethereum, purchasing 100,603 ETH worth approximately $172 million. This positions the company as the second-largest ETH holder among publicly traded companies, behind only Coinbase.
  • Following the announcement, Bit Digital's stock surged over 29%, restoring its market capitalization above $1 billion. This move signals a potential shift in institutional interest toward Ethereum, which has historically attracted less corporate treasury investment than Bitcoin.

💳 Nigerian Scammer Steals $250K in Crypto Posing as Trump Ally

  • A fraudster impersonating Steve Witkoff, an ally of former President Trump, deceived a political donor into transferring $250,000 in cryptocurrency.
  • The FBI recovered $40,300 of the stolen funds, tracing some to a Binance account linked to a Lagos-based fraudster.

🦮 Dogecoin Sees Heavy Buying from Whales as Elon Musk Launches America Party

  • Following Elon Musk's America Party launch, Dogecoin surged over 5% with trading volume exceeding 1.1 billion. Large whale wallets are aggressively accumulating DOGE while smaller retail holders are exiting, signaling strong institutional confidence in the cryptocurrency.
  • The price rose from $0.163 to $0.171, finding support at $0.166 before consolidating between $0.170 and $0.173. While Musk made no explicit mention of DOGE in his announcement, his historical integration of Dogecoin into his companies has fueled speculation about its role in his political movement.

Market Metrics

Fundraising & VC
1. Kuru (Series A, $13.6M) - On-chain orderbook exchange on Monad
2. OlaXBT (Seed, $3.38M) - AI-powered crypto trading platform

Regulatory
🌐 Ukraine Sanctions Russian Crypto Networks in Major Crackdown

  • Ukraine imposed sanctions on 19 Russian crypto miners, 17 digital asset operators, and 5 exchanges to disrupt war financing and combat sanctions evasion efforts.
  • President Zelenskyy revealed that a single sanctioned entity had channeled billions of dollars primarily for Russian military use this year alone.

🏦 Treasury Department Drops Case Over Ethereum Mixer Tornado Cash

  • The U.S. Treasury Department has agreed to end its legal battle against Tornado Cash after lifting previously imposed sanctions.
  • The case was vacated after both the Treasury and crypto advocacy group Coin Center filed a joint motion declaring the appeal moot.

🌍 Vietnam Passes Comprehensive Crypto Law to Improve FATF Standing

  • Vietnam's new Law on Digital Technology Industry establishes a regulatory framework for digital assets to address FATF concerns after being grey-listed in 2023.
  • The legislation includes identity verification requirements, transaction monitoring, and incentives for tech startups to foster a compliant digital economy.

⚖️ Russia Creates Registry to Target Crypto Mining Tax Evasion

  • Russia's Energy Ministry has launched a national registry of crypto mining equipment to identify tax evaders and electricity theft.
  • Despite regulatory efforts, only 30% of miners have registered since late 2024, prompting authorities to consider significant increases in fines for illegal operations.

🔰 Dubai Approves First Tokenized Money Market Fund

  • The Dubai Financial Services Authority has approved the QCD Money Market Fund, the first tokenized fund in the Dubai International Financial Centre.
  • The fund, backed by Qatar National Bank and DMZ Finance, aims to transition traditional assets onto blockchain technology for institutional applications like stablecoin backing.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. An inverse head and shoulders formation is under development. A decisive break of the resistance at 109078, ideally with an increase in volume, signals a further rise. The currency is approaching resistance at 110000 points, which may give a negative reaction. However, a break upwards through 110000 points will be a positive signal. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Investors have accepted lower prices over time to get out of Ethereum and the currency is in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Ethereum. The currency has broken up through resistance at points 2490. This predicts a further rise. In case of negative reactions, there will now be support at points 2490. Volume has previously been high at price tops and low at price bottoms. This weakens the falling trend and could be an early signal of a coming trend break. The currency is overall assessed as technically positive for the short term.