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Highlights
- Bitcoin price all-time high tiggers a broader crypto market rally with $465 million in short liquidations.
- Altcoins season index shows the perfect set up for a bounce back and major altcoin rally ahead.
- CLARITY Act, Fed rate cuts, will drive the market momentum in July and beyond.
The crypto market has seen a significant surge today, with Bitcoin (BTC) reaching a new all-time high of $11,925 and outperforming Alphabet, Google’s parent company. This rally comes ahead of the anticipated passage of the CLARITY Act on July 14, a crucial development for the industry. Additionally, President Trump’s push for a 300 basis point (bps) Fed rate cut could further fuel market liquidity. Altcoins are also thriving, with Ethereum (ETH) up 7%, XRP rising 5%, Solana (SOL) gaining 4%, and more.
Bitcoin Enters Price Discovery, Is Altseason Here?
Led by Bitcoin, the entire cryptocurrency market is seeing over 3% upside in the last 24 hours, with Bitcoin (BTC) entering a price discovery zone, hitting a fresh all-time high. With its market cap soaring to $2.2 trillion, BTC has officially overtaken Wall Street giant Alphabet Inc. ($2.120 Trillion). After a successful post-breakout retest at ~$104400, market analyst Rekt Capital stated that the Bitcoin “downtrend is official over,” which sets the next immediate target at $120K and beyond.
As per the Coinglass data, the 24-hour liquidations have soared to $529 million, of which a massive $465 million is in short liquidations. Furthermore, the daily trading volume for Bitcoin is up by 45% to more than $60 billion, while the BTC futures open interest is up 7.4%, moving to $79 billion, highlighting strong bullish sentiment among traders.
With today’s crypto market rally, inflows into spot Bitcoin ETFs continue to remain strong, crossing the $50 billion milestone for the first time since inception. As per the Farside Investors data, net inflows on Wednesday stood at $
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ETH, SOL, XRP, DOGE Stage Strong Gains
Ethereum (ETH) is leading from the front with a 7% upside today, moving closer to $2,800 levels. Strong institutional and corporate adoption from players like SharpLink Gaming and GameSquare serves as the necessary catalyst as bulls target a rally beyond $3,000.
Similarly, the XRP price has touched a 7-week high, surging past the crucial resistance of $2.41. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), etc. have gained 5% each, with daily trading volume surging 60-100% for each, hinting at strong bullish sentiment. Interestingly, the altcoin season index has the set up for a perfect bounce back with the potential for a strong altcoin rally ahead.
Crypto Market Rise As CLARITY Act, Fed Rate Cuts in Focus
Some of the top leaders from the crypto industry, including Ripple CEO Brad Garlinghouse, testified in Congress on the comprehensive crypto market structure legislation aka CLARITY Act. In his message on the X platform, Garlinghouse wrote:
“In a refreshing change from the rhetoric of the Gensler years, every Senator affirmed that crypto technology is here to stay and deserves rules of the road. The legislative process is rarely simple, but we’re past the starting line, and that in and of itself is a MAJOR step that gives me hope that the US can make up for lost ground”.
Coinbase CEO Brian Armstrong also shared optimism noting: “America is ready for crypto. The House should pass the CLARITY Act next week, quickly followed by the Senate, so we can get it into law with POTUS’s signature”. US has announced July 14-July 19th as crypto week with major bills scheduled for a hearing.
After signing the ‘Bit Beautiful Bill’ last week, US President Trump is now pushing for a 300 basis point fed rate cut, an unprecedented measure and probably the largest in US history. If implemented, it would be three times the size of the previous record: the 100 basis point emergency cut announced on March 15, 2020, at the onset of the COVID-19 crisis.
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