- Bitcoin jumps to $64,733 as total crypto market cap climbs to $2.22 trillion.
- US June CPI comes in at 3.5%, below the 3.8% forecast, boosting risk assets.
- Mizuho slashes Circle price target 41% as Open USD competition pressure grows.
Bitcoin traded near $64,733, up 3.56% over the past 24 hours and up 3.09% for the week, while Ethereum outperformed with a 5.23% daily gain to trade around $1,875, up nearly 7% weekly. XRP rose to $1.10, Solana climbed to $77.68, and ZEC surged 10.85% to trade above $557.
Total crypto market capitalization stood at $2.22 trillion, up 3.17% over the past day. Sentiment improved, with the Fear & Greed Index climbing to 35, still in “fear” territory, while the Altcoin Season Index held at 50.
US June CPI data came in at 3.5% annually, below the 3.8% market expectation, with the seasonally adjusted monthly rate falling 0.4%, the largest decline since April 2020. The softer-than-expected inflation print helped fuel broad gains across risk assets.
Small-Cap Tokens Lead Search Activity
Trending searches skewed toward smaller, higher-volatility tokens. Arrow led activity, jumping 23.3% over 24 hours to trade near $1.93, followed by Pudgy Penguins, up 4.4% to $0.006041, and Cash Cat, which fell 14.4% to $0.1451 despite a 62.6% weekly gain.
Wall Street Grows Cautious on Circle
Mizuho downgraded Circle from Neutral to Underperform, cutting its price target from $85 to $50, a reduction of more than 41%, while JPMorgan lowered earnings estimates for both Circle and Coinbase. Analysts pointed to the Open USD alliance’s “pass-through” model, which distributes nearly all reserve yields to distributors, as a threat to Circle’s economics, especially with its revenue-sharing agreement with Coinbase set for renewal next month. Bernstein and William Blair remained bullish, citing Circle’s liquidity and regulatory head start as difficult to replicate.
AI Funding Frenzy Continues
DeepSeek began preliminary talks for a new funding round just a month after raising roughly $7 billion, with a pre-money valuation near $71 billion, about 37% above its previous round. Sources said the company is also preparing to file for a mainland China IPO as early as this year, targeting a 2027 listing.
Separately, Shenzhen-based humanoid robot maker LimX Dynamics closed nearly $200 million in Pre-IPO financing, pushing its valuation to roughly RMB 15 billion.
Geopolitical Tensions Persist Alongside Market Gains
Trump said US strikes on Iran will continue “until I say stop,” adding that energy infrastructure targets would be hit last, while reaffirming the Strait of Hormuz remains open to all vessels except those tied to Iran. Trump said he replaced a planned 20% cargo compensation fee with new trade and investment agreements involving Gulf states. The US Treasury separately confirmed more than $130 million in Iranian digital assets have been frozen, including four Tether-frozen wallets holding 131 million USDT.
Institutional and Regulatory Developments
The US and UK released a joint digital asset roadmap through the Transatlantic Taskforce for the Markets of the Future, describing regulated stablecoins as tools that could improve financial system efficiency, with both governments aiming for comparable treatment of comparable risks. The CFTC also intervened to block Michigan from forcing Kalshi to cancel trades, with Chairman Michael Selig arguing states cannot override federal jurisdiction over designated contract markets.
Corporate and On-Chain Activity
Morgan Stanley filed updated documents for Ethereum and Solana ETFs, both carrying a 0.14% fee, suggesting a launch may be imminent. CleanSpark signed a 20-year, $6.6 billion data center lease with a global technology company, with potential value rising to $11.6 billion if renewal options are exercised.
Coinbase disclosed that more than 95% of its code is now written or assisted by AI, more than double the roughly 40% figure from February, as the company continues restructuring engineering teams around smaller, AI-augmented groups.
Related: CFTC Directs Kalshi to Keep Michigan Trades Active Amid Legal Fight
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