Bitcoin consolidated at a high level after a weekly rise of 24%, and gold tokens hit a record high; regulatory and legal developments emerged frequently, and the market focused on macro risks and capital flows.
In the past 24 hours, the cryptocurrency market has continued to be strong, with Bitcoin consolidating at high levels after breaking through key levels, with its best weekly gains since 2023. Mainstream currencies such as Ethereum and SOL followed suit, with XRP and DOGE leading the gains. Gold tokens also hit new highs, resonating with Bitcoin. At the macro level, the U.S. Treasury Department’s bond repurchases are interpreted by the market as “non-quantitative easing” to provide support for risky assets. At the same time, geopolitical risks (U.S. sanctions on Iran) and regulatory developments (Illinois crypto tax lawsuit, CFTC ban) are intertwined, and market sentiment is cautiously optimistic. Analysts have different views on the market outlook, and short-term volatility may increase.
Bitcoin was last quoted at $78,338.02, up 7.27% in 24 hours, with a weekly increase of 24%, the best weekly performance since 2023. Ethereum reported at $2,516.30, up 8.13%; SOL reported at $93.67, up 6.77%; XRP reported at $1.4542, up 14.62%; DOGE reported at $0.09154, up 13.77%. The rise was mainly driven by spot ETF inflows, short covering and macro liquidity expectations. Bitget CEO believes that Bitcoin may remain near current levels by the end of the year, while Standard Chartered Bank has suggested that its $100,000 target may be "too low." Solana shortens the block time to 350 milliseconds to improve network performance. On the regulatory front, the CFTC issued trading bans on former Alameda and FTX executives, and cryptocurrency advocacy groups filed a lawsuit against Illinois’ 0.2% crypto tax. The market faces the test of the $80,000 mark in the short term, and thin liquidity over the weekend may intensify volatility.
The gold token (XAUT) reported $4,586.96, up 1.81%; PAXG reported $4,604.78, up 1.99%, both hitting record highs. Previously, gold continued to strengthen driven by fiscal risks, a rebound in ETF demand and central bank buying. Analysts pointed out that gold and Bitcoin were approaching 100-day highs in sync. However, some technical analysts warned that gold may form a double top pattern and there is a risk of a correction. In addition, the U.S. Treasury bond repurchase is regarded by the market as "non-quantitative easing", providing additional support for gold. Funds are being rotated from other assets to gold, and gold miners' impressive second-quarter results have further attracted investors' attention. However, it should be noted that gold token prices are at a premium to physical gold, and market liquidity may affect price discovery.
This briefing is generated automatically from public sources for reference only and is not investment advice. Markets carry risk; make your own decisions.
