Main crypto belongings are largely flat right this moment, except for SOL and DOGE, amid considerations over tariffs and UK BTC sale.
The cryptocurrency market started the week with a combined efficiency on Monday, July 21, as most large-cap belongings posted modest features or traded flat following main weekend developments — together with President Donald Trump signing the GENIUS Act into legislation on Friday night.
Bitcoin (BTC) held regular on the day at slightly below $118,600 – a 1.7% lower over the previous week. This comes after BTC reached an all-time excessive of $123,000 final week.
Ethereum (ETH) can also be flat over the previous 24 hours after breaking over $3,700 for the primary time since December, and at the moment buying and selling close to $3,781. ETH is up over 27% on the week and 57% on the month, persevering with the main altcoin’s latest rally on again of document ETF inflows and new institutional funding through treasury companies.
XRP is up practically 3% on the day to commerce at $3.62 after a robust week, gaining over 22% and breaking over the $3 mark for the primary time since January.
Solana (SOL) and Dogecoin (DOGE) have been the exceptions amongst large-cap crypto belongings, surging 8% and 6% right this moment, respectively.
Whole cryptocurrency market capitalization hit a brand new all-time excessive of $4.048 trillion earlier within the day — after breaking over $4 trillion for the primary time on Friday — however has since pulled again barely to $4.01 trillion, down 3% right this moment, in accordance with CoinGecko. Buying and selling quantity over the identical interval reached $253 billion.
Liquidations and ETFs
Over the previous 24 hours, greater than $422 million in crypto positions have been liquidated, in accordance with CoinGlass information. Brief positions made up $203 million, whereas lengthy positions accounted for $219 million. Ethereum led liquidations with $128 million, adopted by Bitcoin at $63 million.
On the ETF entrance, U.S. spot Bitcoin ETFs recorded over $363 million in inflows on Friday, in accordance with SoSoValue. In the meantime, Ethereum ETFs attracted $402 million in web inflows the identical day.
Trump’s Commerce Speak
Monday’s crypto market exercise adopted a number of main commerce headlines, together with the Trump Administration’s upcoming tariffs and studies that the UK is contemplating promoting a part of its seized Bitcoin holdings. If confirmed, the sale might set off important promoting strain, analysts from Bitunix mentioned in an announcement shared with The Defiant.
On Sunday, high Trump officers insisted that August 1 is a agency deadline for tariffs to start. Commerce Secretary Howard Lutnick mentioned nations can proceed negotiating after that date however will nonetheless need to pay the tariffs beginning that day, CNBC reported.
In the meantime, on Monday, Treasury Secretary Scott Bessent mentioned that Trump’s deliberate tariffs – some as excessive as 40% – are supposed to strain commerce companions into higher offers moderately than function a tough deadline. Bessent additionally famous that the tariffs might be delayed if negotiations progress.
This follows a major week in U.S. crypto regulation, with the U.S. Home of Representatives passing three key payments final week – the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act – and Trump signing the GENIUS Act into legislation on Friday night.
What Does This Imply for BTC?
“The regulatory setting gives essential tailwinds that distinguish this cycle from earlier rallies constructed on hypothesis alone,” mentioned Werner Brönnimann, funding supervisor at crypto financial institution AMINA.
“Rising regulatory readability, significantly with the GENIUS Act reaching Trump’s desk and bipartisan help within the Home for the CLARITY Act, is eradicating institutional obstacles that beforehand constrained capital allocation to Bitcoin.”
Nonetheless, Brönnimann cautioned that macroeconomic elements might complicate Bitcoin’s path ahead, no matter rising institutional curiosity.
“Whereas regulatory readability helps institutional inflows, Bitcoin stays delicate to financial coverage shifts – aggressive Fed tightening in response to tariff-driven inflation might override even robust institutional demand,” Brönnimann mentioned in feedback shared with The Defiant:
“This dynamic underscores Bitcoin’s evolution as institutional cash continues to circulate into the asset class: it’s not another asset with its purely idiosyncratic return drivers, however to an extent behaves like a risk-on asset.”
