Bitcoin Hits $112,000, Setting a New Record
Bitcoin briefly rose to $112,000 on Wednesday, hitting a new all-time high. Although the price later fell back to around $111,000, it has gained over 20% since the beginning of the year. The rise was fueled by concerns about decreasing volatility following the Trump administration’s postponement of new tariffs and Elon Musk’s support for Bitcoin.
Institutional and company-based buying also supported the rally. UK-based The Smarter Web Company purchased 226.42 BTC for $24.4 million, bolstering its Bitcoin treasury strategy and ranking 31st among publicly traded companies. Additionally, the total capital managed by spot Bitcoin ETFs has reached nearly $150 billion, suggesting strong institutional demand. This trend, spearheaded by giants like Strategy, demonstrates that Bitcoin has gained a significant foothold in traditional markets.
US House of Representatives Moving Toward Trump-Backed Stablecoin Bill
As “Crypto Week” begins next week in the US Congress, the House of Representatives is preparing to set aside its own stablecoin regulation and vote on the Senate bill backed by Trump. If the GENIUS Act passes, Trump will have implemented the first of his two main legislative goals for crypto.
This move means the House will scrap its own STABLE Act. The other major legislation, the CLARITY Act, remains in the pipeline. The Senate approved the stablecoin bill by an overwhelming 68-30 majority, but the CLARITY Act appears to be facing a more challenging task. Democratic Senator Elizabeth Warren argues that market regulation efforts are insufficient to protect consumers.
The Trump administration aims to pass legislation related to stablecoins and cryptocurrency market structures by the end of August. If the CLARITY Act also passes the House, the ball will move to the Senate. However, the 60-vote threshold and allegations of political conflicts of interest could complicate the process. Despite this, industry expectations are high that the US could enact its first comprehensive cryptocurrency laws this summer.
Four Crypto Projects Leading the Tokenization Race, According to Bitwise
Asset manager Bitwise stated that tokenization is becoming a growing trend, and that Ethereum, Solana, XRP, and Chainlink are the projects that will benefit the most from this transformation. In the multi-trillion-dollar market that will be created by migrating stocks, bonds, and other traditional assets to the blockchain, these projects are being touted as the “cleanest” investment options.
Bitwise argues that even limited adoption of tokenization could have a larger impact than any other narrative in the crypto world. Therefore, it argues that widespread exposure to leading blockchains carries the potential for high returns in the future.
Vitalik Buterin’s Copyleft Move on Cryptoware
Ethereum co-founder Vitalik Buterin has reignited a significant debate in the open-source world by changing his approach to software licensing. Having previously advocated for permissive licenses, Buterin now supports copyleft licenses, which force developers to share code.
According to Buterin, the crypto industry has become more competitive and opportunistic, making voluntary code sharing unsustainable. Copyleft licenses benefit the entire ecosystem by forcing developers to share their changes as open source. This approach aims to prevent closed-source projects from gaining an unfair advantage by using open source code. Entrepreneur Adam Cochran supported the philosophy while highlighting the practical challenges.
Polygon Gains 10% Value Ahead of Heimdall v2 Upgrade
Polygon’s Proof-of-Stake (PoS) network is undergoing a significant technical transformation with the Heimdall v2 upgrade, scheduled for July 10th. This upgrade aims to reduce block time to 2 seconds and finality time to 4–6 seconds by replacing the legacy Heimdall client with the modern CometBFT + CosmosSDK architecture. The update will improve network synchronization, increase bridge security, and enable faster transaction confirmations.
Polygon co-founder Sandeep Nailwal described this update as the chain’s most advanced hard fork since 2020. Following the Bhilai hardfork, Heimdall v2 supports the network reaching 1,000 transactions per second, laying a strong foundation for future payments with real-world assets (RWA). Ahead of the upgrade, the network’s native token, POL, rose 10% to $0.20.
LetsBONK Takes Top Spot on Solana, Overtakes Pumpfun
The balance of power has shifted in the memecoin war within the Solana ecosystem. As of July 8, LetsBONK surpassed Pumpfun in terms of daily trading volume and revenue, becoming the leading memecoin launchpad. According to Solana DEX aggregator Jupiter, LetsBONK’s market share reached 47.4%, while Pumpfun remained at 41.2%. This shift marks a dramatic decline for Pumpfun, which was the absolute leader with a 99% share in mid-April.
LetsBONK’s rise was driven by the fact that it offers token generators a 1% share of transaction fees and the strong social media support of the Bonk community. The platform’s 20,234 tokens issued in the last 24 hours, almost double Pumpfun’s, reflects this interest. However, Pumpfun still leads in user numbers; LetsBONK has 364,000 users compared to 196,000. USELESS Coin, which has contributed significantly to this rise, has attracted attention with its 2000% increase in the last month.
Remixpoint Expands Its Bitcoin Treasury by Raising $215 Million
Tokyo-based energy and fintech company Remixpoint announced its plan to increase its Bitcoin reserves by raising 31.5 billion yen (approximately $215 million). The company aims to reach a total of 3,000 BTC with this capital. Currently holding 1,051 BTC, Remixpoint is the second-largest institutional Bitcoin treasury in Japan.
The funding is provided through stock options and unsecured bonds, while CEO Takashi Tashiro’s decision to receive his salary in Bitcoin reflects the company’s commitment to crypto. Remixpoint argues that this strategy can increase company value and provide long-term flexibility. While institutional Bitcoin treasuries are steadily increasing, some analysts warn that new entrants may not achieve the expected gains.
Justin Sun Makes $100 Million TRUMP Coin Investigation
Justin Sun announced a $100 million investment in the Trump-backed TRUMP memecoin. The TRON founder stated that this move was taken to demonstrate that TRON and TRUMP are the future of the crypto world. The TRON network will soon begin supporting the TRUMP token, increasing its reach and transaction capacity. While the TRUMP token has risen 3.5% in the last 24 hours, the overall trend remains volatile. Sun’s large purchase further deepens his support for projects linked to the Trump family.
However, Sun’s history still poses legal risks. The SEC accused Sun and his companies of unregistered token sales and recently suspended the process. Due to the more friendly approach of the SEC under the Trump administration, the parties are expected to reach a settlement. On the other hand, Tether’s freezing of $12.3 million in digital assets on the TRON network suggests that Sun’s projects are not entirely immune from regulatory pressure. Conflicting statements with the Trump family regarding TRON’s IPO plans also suggest that the collaboration isn’t entirely smooth.
Trump Jr. Invests $3.3 Million in Bitcoin-Backed Company
Donald Trump Jr., the US president’s eldest son, has invested in social media marketing company Thumzup Media Corp. The company, which allows influencers to earn income by promoting products, adopted Bitcoin (BTC) as its official treasury asset in November 2024. Trump Jr. owns 350,000 shares worth approximately $3.3 million. The company is currently actively implementing this strategy, holding 19.11 BTC, and has filed a $200 million fundraising plan with the SEC to acquire more BTC in the future. CEO Robert Steele stated that Bitcoin, with its limited supply and resistance to inflation, is a reliable store of value.
However, analysts are skeptical about the sustainability of most companies adopting this treasury strategy. This trend, which Michael Saylor started with his firm Strategy in 2020, has now led to more than 250 companies holding BTC. However, Bitcoin maximalists believe that companies like Saylor, lacking long-term belief, will collapse in the next bear market. Breed Capital’s June report issued a similar warning, emphasizing that many new BTC treasury companies could enter bankruptcy proceedings due to falling prices.
————————————————————————————————————
BITCOIN (BTC)
Bitcoin (BTC) is trading at $111,161 as of morning hours, down 0.08%. Having climbed to $112,000 overnight, BTC hit a new all-time high. If the pullbacks continue, $110,507 may now act as the first support level. If this level is broken, 107.827 can be tested. In case of a possible increase, $ 112.000 is now resistance. If it is broken, new highs can be expected.
ETHEREUM(ETH)
ETH is priced at $2,787 as of the morning hours with a 0.68% gain in value. If the rise continues for ETH, which broke the important resistance levels with voluminous candles, the 2,832-2,882 region, where it was previously rejected, will be the resistance. In case of possible pullbacks, the $2,730 level is the first support. Further below, the 2.627-2.590 area is the next resistance area.
RIPPLE(XRP)
XRP is priced at $2.2.4167 with a 0.54% gain as of the morning hours. Continuing its strong upward momentum in recent days, XRP made a notable move by breaking through the $2.3378 resistance area. This level has now become a short-term support level.
Following this strong upward breakout, the price appears to be approaching the major resistance area at $2.4519. This area should be closely monitored, as it has historically seen intensified selling pressure. The chart’s increasing buying volume suggests that momentum remains in the buyers’ favor. In case of possible profit realizations, the first support is at $2.3944 and then $2.3378.
AVALANCHE(AVAX)
AVAX is traded at $ 19.42 as of the morning hours, losing 0.46% of its value. With the strong rise experienced yesterday, both the 18.69 resistance and the descending trend line were broken upwards. However, the price encountered selling pressure after reaching the critical resistance area located in the $19.86 – $19.50 band. If AVAX can surpass this level with volume, the $21.52 and $22.59 levels stand out as the next targets.
On the other hand, the 18.69 support will be the first important line of defense in the event of a pullback from the current price level. Below this level, a correction towards the $ 17.61 band may occur again.
SOLANA(SOL)
SOL is trading at $157.28 as of the morning hours with a 0.18% gain. Following the upward momentum seen in recent days, the price gave a strong technical signal by breaking out of both the 149.10 resistance and the descending trend line. This breakout was perceived positively by investors, while the increase in volume also shows that the movement is supported.
The $157.75 level, which was instantly tested, stands out as an important horizontal resistance. If the price can stay above this level, the next target could be $164.12. However, in the event of a correction, the $149.10-$145.00 range could again act as support. If the downward pressure increases, the critical support area of $141.80 may be decisive in terms of whether the trend will be maintained.
