US, EU Avert Trade War with 15% Tariff Agreement
The US and the European Union (EU) have signed a new agreement to avert a trade war. This agreement averted a major trade war by lowering tariffs on EU goods from 30% to 15%. The agreement includes $600 billion in EU investments to increase US purchases of energy and defense equipment. In addition to investments and purchases from the US, the EU has gained advantages through specific tariff adjustments on some products, particularly in critical sectors such as automobiles, pharmaceuticals and semiconductors.
The agreement is expected to change some areas, such as steel and aluminum, where the US has imposed 50% tariffs. However, tariffs on certain products, such as automobiles and some agricultural products, will remain at zero. The deal symbolizes Trump’s efforts to reshape the global trade order and close the trade deficit, though some details, particularly in problematic areas like licensed alcoholic beverages, remain a matter of debate.
Metaplanet Buys Another 780 BTC, Bringing Total Bitcoin Holdings to $2 Billion
Metaplanet announced on Monday that it has purchased 780 BTC for $92.5 million. The new purchase brings the company’s total Bitcoin holdings to 17,132 BTC, a valuation of nearly $2 billion. The company stated that it purchased 780 BTC at an average price of $118,622, while each Bitcoin was purchased at an average price of $101,030.
Metaplanet launched its Bitcoin accumulation strategy in April 2024 and plans to hold 1% of the Bitcoin supply, targeting a total of 210,000 BTC by 2027. The company’s Bitcoin-focused business saw revenue of 1.1 billion yen ($7.6 million) in the second quarter, growing 42.4% year-on-year. The stock rose 5.6% to 1,247 yen ($8.4) on Monday.
Bitcoin Whale Sells $9 Billion
Galaxy Digital announced on Friday that it sold 80,000 Bitcoins (currently $9.3 billion in market value) belonging to a Satoshi-era investor. The transaction marked one of the largest Bitcoin sales in crypto history and was described as one of the earliest and largest outflows in the digital asset market. The move is being interpreted as the awakening of a Bitcoin whale after 14 years of inactivity and has been met with surprise by many crypto analysts.
While Galaxy Digital did not disclose further details about the sale, blockchain analyst JA_Maartun confirmed that the sale involved Bitcoins directed to Galaxy by the same investor. Some experts suggest that the Bitcoins came from early Bitcoin wallet services like MyBitcoin.com. However, following the sell-off, the Bitcoin price only fell by 1%, remaining unchanged for the past 7 days.
Bit Digital Plans to Increase Share Capital to 1 Billion for Ethereum Strategy
Bit Digital announced a plan to increase its share capital from 340 million shares to 1 billion in support of its Ethereum strategy. This increase is seen as a step towards the company raising a large amount of equity to fund its Ethereum acquisitions. The company is aiming to gain shareholder approval for this increase at a general meeting in September. Additionally, its total share capital will increase from $3.5 million to $10.1 million.
Bit Digital currently holds approximately $450 million worth of Ethereum, holding 120,306 ETH, making it one of the largest publicly traded institutional holders of Ethereum. The company’s CEO, Sam Tabar, emphasized that Ethereum, with its programmability, widespread adoption, and staking returns, holds great potential for future digital financial infrastructure.
SBI and Franklin Templeton Plan to Launch BTC, ETH, and XRP ETFs in Japan
SBI Global Asset Management, a leading subsidiary of Japanese financial giant SBI Group, announced plans to launch crypto ETFs for Bitcoin (BTC), Ethereum (ETH), and XRP in collaboration with Franklin Templeton. This move builds on a partnership agreement signed in July of last year, in line with the goal of increasing access to digital assets in Japan. The ETFs will be available to Japanese investors and are subject to regulatory approval.
SBI stated that it will closely monitor the changing regulatory environment in Japan. If the digital asset ETFs receive regulatory approval, they aim to become Japan’s first major regulated crypto ETF issuer. Franklin Templeton and SBI are aiming to make a major move into the digital assets and token-based financial products space with their joint venture. Furthermore, SBI’s long-standing collaboration with Ripple and its support for XRP will also factor into these ETF plans.
SharpLink Appoints Former BlackRock Executive as Co-CEO to Accelerate Ethereum Strategy
SharpLink Gaming announced the appointment of former BlackRock executive Joseph Chalom as Co-CEO, effective July 24, to accelerate its Ethereum-focused strategies. Chalom is known for his over 20 years of experience at BlackRock, particularly leading the establishment of the iShares Ethereum Trust. This strategic appointment marks a significant step for the company in transitioning from the gaming sector into crypto asset management. Current CEO Rob Phythian will transition to the Chairman position and join the Board of Directors.
Between July 14-20, SharpLink acquired 79,949 ETH, bringing its total holdings to 360,807 ETH, currently valued at over $1.33 billion. The company aims to raise $5 billion for Ethereum-based investments. Chalom’s appointment demonstrates that Ethereum is gaining traction among institutional investors and that the company plans to significantly revamp its financial infrastructure.
Tether Gold Benefits from Surge in Gold Demand
With gold prices reaching record highs, the Tether Gold (XAUt) token continues to grow. As of the second quarter of 2024, XAUt was backed by 7.66 tonnes of gold and over 259,000 tokens were in circulation. In the last 12 months, XAUt’s price has increased by 40%, tracking gold’s performance and attracting attention as digital gold.
Institutional investors and central banks continue their search for a safe haven, increasing demand for gold. According to data from the World Gold Council, global banks accumulated 1,000 tons of gold in 2024 and investments in gold ETFs reached $38 billion. This increased demand has been further strengthened by geopolitical risks and inflationary pressures.
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BITCOIN(BTC)
Bitcoin is trading at $119,490, up 0.06% as of this morning. After rising in recent days, Bitcoin broke through the $118,175 resistance level. If it continues to rise, the next resistance level will be at $120,217. After that, the $123,000 level could be targeted.
If there is selling pressure, the $118,175 level could be the first significant support level to watch. In the event of a further decline, a move towards the $116,050 and $113,827 levels is possible.
ETHEREUM(ETH)
ETH is priced at $ 3,924 with a 1.37% gain as of the morning hours. ETH has shown a strong rise recently and climbed above the $ 3,900 level. The resistance points at this level at $ 3,988 and $ 4,111 will be critical.
In case of possible pullbacks, while 3,847 is the first support level, it can be expected to work as support after the $ 3,633 and $ 3,479 levels.
RIPPLE(XRP)
XRP is priced at $ 3.29 with a 1.71% gain as of the morning hours. XRP has recently exhibited a strong rise and managed to surpass the $ 3.25 level. The $ 3.34 resistance zone encountered at this level will be a significant test point. If this level can be broken, XRP may rise towards the $ 3.40 and then $ 3.60 levels.
Support levels are around $ 3.15 and $ 3.03. However, for the continuation of the current trend, it will be important to break above the $3.34 level.
AVALANCHE(AVAX)
AVAX is traded at $26.42 as of the morning hours with a 1.81% gain in value. Following the increases in the past days, it will be important for AVAX, which has been moving in an important resistance area, to first maintain its stability above the $26.26 level. Then, the 26.81 and 27.26 levels can be targeted.
If 26.26 cannot hold in possible pullbacks, 25.47 intermediate support and then 24.79 levels can be expected to work as support. Below these levels, 23.91 and 23.22 are the next support levels.
SOLANA(SOL)
SOL is traded at $ 193.87 as of the morning hours with a 2.80% gain. The price recently gained new upward momentum by successfully surpassing the $ 184.95 level. If it stays above this level, the $ 200.11 level may become the target.
If it fails to hold on to the $ 193.06 support, the $ 184.95 and $ 179.05 levels can be watched as important support areas in case of a pullback.
