Bitcoin and Ethereum price update

Bitcoin’s (BTC) price peaked at US$111,744 as the market wrapped, a 2.7 percent increase in the last 24 hours. The day’s range for the cryptocurrency also brought a low of US$108,644.

Crypto analyst TradingShot believes Bitcoin may not experience another rally this cycle, despite projections exceeding US$160,000. This assessment is based on Bitcoin’s historical four year patterns.

According to TradingShot, Bitcoin has not broken out of its current upward channel to trigger the explosive rallies seen in 2017 and 2021. If the four year cycle holds, time is running out for such a breakout.

Ethereum (ETH) is priced at US$2,772.50, up by 6.3 percent over the past 24 hours. On Wednesday, the cryptocurrency hit a low of US$2,635.74 before rallying to finish the day at its peak, mirroring a broader market trend.

Altcoin price update

Bitcoin price performance, July 9, 2025.

Chart via TradingView.

• Solana (SOL) was priced at US$157.12, up by 3.7 percent over 24 hours. Its lowest valuation as of Wednesday was US$153.45.

• XRP was trading for US$2.42, up 4.5 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.36

• Sui (SUI) was trading at US$3.05, up by 4.9 percent over the past 24 hours. Its lowest valuation was US$2.93.

• Cardano (ADA) is priced at US$0.6217, up by 5.6 percent in the last 24 hours. Its lowest valuation as of Wednesday was US$0.6027

Today’s crypto news to know

US Senate committee gathers for hearing on digital assets

The US Senate Banking Committee held a hearing on Wednesday dubbed ‘From Wall Street to Web3’ to discuss proposed legislation regarding digital assets, including the Clarity Act.

Massachusetts Democrat Elizabeth Warren, a longtime crypto critic, said she is in favor of laws regulating digital assets that strengthen the financial system in the US, but criticized aspects of the Clarity Act that she said would allow non-crypto companies to “put their stocks on the blockchain,’ evading US Securities and Exchange Commission guidelines.

“That is a serious problem for our country,” she warned.

Ahead of the hearing, Warren sent a statement to analytical publication the Block, accusing Republicans of enabling “industry handouts” to crypto lobbyists. Other vocal critics of the bill include New York Attorney General Letitia James and the ranking member of the House Financial Services Committee Maxine Waters.

Both she and Warren have questioned the ethics of US President Donald Trump’s business ties to the industry. At the hearing, former chief White House ethics lawyer Richard Painter, who was invited to speak by Warren, said:

“We cannot have the people who are in charge of passing legislation and enforcing legislation, implementing legislation, have conflicts of interest with their official responsibilities. You should be divesting from crypto if you’re going to be regulating crypto.”

Lawmakers are now facing a September 30 deadline to define cryptocurrencies, address Trump’s crypto interests and finalize industry rules.

RLUSD gains traction via Transak integration and BNY Mellon custody

Transak, a Web3 onboarding infrastructure provider allowing users to buy and sell digital assets using traditional payment methods, officially integrated Ripple’s US-dollar pegged stablecoin, RLUSD.

The move expands the token’s reach to 8.3 million additional users across 64 countries.

“Transak has always strived to make finance truly accessible and that includes bringing on assets like RLUSD that balance blockchain ethos with compliance requirements,” said Sami Start, CEO and co-founder of Transak.

“With this integration, users gain access to one of the most thoughtfully designed stablecoins in the market, now available through a seamless and trusted fiat-to-crypto experience.”

The news was announced the same day Ripple chose Bank of New York Mellon to custody its USD reserves. This move by a traditional financial giant lends significant institutional credibility to Ripple’s stablecoin, which was built as an enterprise-grade stablecoin to improve the efficiency of cross-border transactions.

“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem,” said Emily Portney, global head of asset servicing at Bank of New York Mellon.

South Korea to reclassify crypto businesses as venture companies

South Korea’s Ministry of SMEs and Startups announced Wednesday that it will lift current restrictions preventing crypto-related businesses from qualifying as venture companies. Firms in the virtual asset sector are currently restricted in their eligibility for various tax breaks and financial support due to crypto regulations implemented last year.

However, the minister said that the proposed amendment reflects “a shift in perception” regarding the industry.

“It is expected that the virtual asset business operators based on new technologies with innovation and business viability will be newly recognized as venture companies, and existing venture companies will also be able to promote virtual asset-related businesses,” the statement explains, “which will lead to the activation and expansion of the venture ecosystem and promote the fostering of the virtual asset industry.”

This change will be supported by the establishment of “legal and institutional safeguards” designed to protect users. Public comments on the proposal will be accepted by the ministry until August 18.

Tether reveals it holds US$8 billion in gold in private Swiss vault

Tether, the issuer behind the world’s largest stablecoin, USDT, has disclosed it holds nearly 80 metric tons of gold worth US$8 billion in a private Swiss vault, according to a Bloomberg report.

The company, which manages over US$159 billion in circulating stablecoins, says most of the gold is directly owned by Tether, making it one of the world’s largest private gold holders outside of sovereign institutions.

CEO Paolo Ardoino confirmed the gold is stored in a highly secure location in Switzerland, though he declined to disclose the exact facility for safety reasons.

The firm also operates a gold-backed token called XAUT, with each coin redeemable for one ounce of physical gold.

Tether’s increasing exposure to gold comes amid rising demand for safe-haven assets and ongoing concerns about US debt sustainability. However, new regulations in the US and EU may force the company to divest gold from USDT’s reserves if it seeks formal approval in those markets.

Trump Media files for Crypto Blue Chip ETF

Trump Media & Technology Group (NASDAQ:DJT) has filed to launch its third crypto-focused exchange-traded fund (ETF) under the Truth Social brand. Called the “Crypto Blue Chip ETF,’ the fund will aim to allocate 70 percent to Bitcoin, 15 percent to Ether and the remainder to Solana, Cronos and XRP.

This marks the latest move by the Trump-affiliated media company to expand its crypto investment footprint following two prior filings focused more narrowly on Bitcoin and Ether.

The ETF is set to trade on NYSE Arca, and is being developed in partnership with Crypto.com.

The company had earlier disclosed plans to raise US$2.5 billion to directly acquire Bitcoin. While Trump Media shares rose nearly 3 percent on the day of the announcement, it remains down over 40 percent year-to-date.

Sequans soars 43 percent on Bitcoin treasury strategy

Chipmaker Sequans Communications (NYSE:SQNS) saw its share price jump 43 percent after announcing a major pivot to a Bitcoin-based treasury reserve strategy. The firm raised US$384 million through equity and debt instruments to begin acquiring Bitcoin as a long-term corporate asset, emphasizing Bitcoin’s scarcity and independence from central banks as reasons behind the move and its potential to strengthen the company’s financial footing.

More than 40 institutional investors backed the fundraising, including convertible debentures and warrants that could bring in another US$57 million. The company plans to allocate future cash flows toward Bitcoin purchases.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$118,036 at the end of the trading day, its highest valuation on Friday and a 4.1 percent increase in the last 24 hours. Earlier on Friday, Bitcoin saw a low of US$116,847.

Bitcoin price performance, July 11, 2025.

Chart via TradingView.

Bitcoin’s surge to a new all-time high of US$118,000 confirms a breakout above key resistance levels.

Glassnode confirms a US$4.4 billion increase in realized cap, indicating real capital inflows rather than just speculative trading. Based on data from the MVRV oscillator over the past four years, market analyst Axel Adler Jr. suggests that Bitcoin could reach approximately US$130,900 when the MVRV ratio hits 2.75, a level historically linked to profit taking and distribution. This would mark a 17 percent increase from current prices.

Some analysts have upside targets as high as US$150,000 in the weeks ahead.

The popular cryptocurrency’s rise came as investors cheered bipartisan US Senate passage of the GENIUS Act — a bill that would establish regulatory guardrails for stablecoins. The act would codify requirements for fiat-pegged stablecoins, offering investor protections while legitimizing the sector in the eyes of institutional capital.

Optimism was also supported by a softer US dollar and the Trump administration’s crypto-friendliness.

Bitcoin exchange-traded funds tracking Bitcoin have posted record volumes, drawing billions in net inflows.

Ethereum (ETH) was priced at US$3,001.99, up by 6.6 percent over the past 24 hours and just shy of an earlier peak of US$3,003.01. Its lowest valuation on Friday was US$2,593.05. ETH’s recent breakout is supported by bullish indicators suggesting a potential rally to US$3,400 if it can overcome resistance levels.

Altcoin price update

• Solana (SOL) was priced at US$164.25, up by 3.1 percent over 24 hours. Its lowest valuation on Friday was US$162.25, and its highest was US$167.55.

• XRP was trading for US$2.85, up 13.9 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.69 as the markets opened, and its highest was US$2.91.

• Sui (SUI) is trading at US$3.51, up by 2.7 percent over the past 24 hours. Its lowest valuation was US$3.45, and its highest was US$3.56.

• Cardano (ADA) is priced at US$0.7419, up by 13.7 percent in the last 24 hours. Its lowest valuation on Friday was US$0.7281, and its highest was US$0.7721.

Today’s crypto news to know

Ties between Trump coin and Binance under scrutiny

According to a Friday Bloomberg report citing three people familiar with the matter, cryptocurrency exchange Binance helped write the code behind USD1, the stablecoin issued by World Liberty Financial.

World Liberty Financial is one of the crypto businesses tied to US President Donald Trump and his family.

The report cites Abu Dhabi-based investment firm MGX’s announcement of a US$2 billion investment in Binance on March 12 using a then-unnamed stablecoin. Later, in May, co-founder Eric Trump said that the company would settle the investment using USD1, which was minted on the BNB chain on March 24.

The report found that 90 percent of the USD1 coins used in that transaction were still in Binance’s wallets as of Friday, where they are potentially generating tens of millions of dollars in interest for Trump and his family.

The report comes with three stablecoin bills poised for Congressional hearings and votes next week. Members of Congress have been divided over certain aspects of the legislation, with Trump’s financial ties to the industry a topic of scrutiny across the political spectrum and among various stakeholders in the financial and crypto communities.

Changpeng Zhao, former CEO of Binance, served four months in federal prison after pleading guilty to one felony count of violating anti-money laundering laws as part of a settlement with US authorities in 2023.

In May, Zhao said he was seeking a presidential pardon from Trump. In response to the new report, Zhao denied Binance’s involvement with World Liberty Financial, as well as the purchase of any World Liberty Financial coins.

Trump-linked $WLFI token gets US$100 million buy from anonymous entity

A little-known group called Aqua 1 Foundation became the largest public investor in World Liberty Financial’s crypto token $WLFI, buying US$100 million worth of the token in late June.

According to Reuters, though the foundation says it is based in the United Arab Emirates, public records offer no clarity on the group’s financial backers or its supposed founder Dave Lee.

The token purchase directly benefits the Trump family, which reportedly receives 75 percent of all $WLFI proceeds; the family’s estimated crypto earnings have now topped US$500 million.

While Aqua 1 said in a brief statement it was backed by ‘mission-aligned partners,’ it declined to offer transparency on its structure, citing privacy. US ethics experts have raised concerns over potential conflicts of interest, despite the White House stating Trump’s assets are in a trust managed by his children.

World Liberty and Trump Media & Technology Group (NASDAQ:DJT) did not respond to press inquiries.

HIVE Digital shares pop on new milestone

Hive Digital Technologies (TSXV:HIVE,NASDAQ:HIVE) opened higher on Friday after the company announced a milestone hashrate of 12 exahashes per second (EH/s), effectively doubling its output since the beginning of the year.

The company anticipates further scaling its operations to achieve 18 EH/s.

This increase in hashrate is already generating over US$250 million in annualized revenue for HIVE Digital. Projections indicate this figure could rise to US$400 million once the 18 EH/s hashrate is achieved.

“We’re building high-performance campuses at hyper speed, turning Paraguay into a global hub for sustainable Bitcoin mining data centers and laying the groundwork for the AI data center era now soaring,” said Frank Holmes, co-founder and executive chair of HIVE, in a press release.

HIVE’s rapidly expanding operations in Paraguay, a region strategically chosen for its abundant and affordable hydroelectric power, are a major driver of its growth and a focal point for the company’s future.

Beyond the technological advancements and production increases, the company is also committed to making a difference in the local communities. “We’re not just building data centers — we’re creating economic opportunity, delivering social impact by lighting the streets of Valenzuela at night and installing air conditioning in local grade schools, and developing digital infrastructure on a scale few thought possible,” said Gabriel Lamas, HIVE’s country president.

EU regulator warns crypto firms over misleading investors

The European Securities and Markets Authority (ESMA) warned crypto platforms against blurring the distinction between regulated and unregulated products under MiCA, the EU’s new crypto framework.

ESMA said many crypto firms are offering both compliant and non-compliant services on the same platform, creating investor confusion and undermining MiCA’s consumer protections. Under MiCA, only firms licensed as crypto asset service providers are allowed to market specific financial products across the EU.

However, direct investments in commodities or crypto lending still fall outside the scope of those protections. ESMA also criticized some firms for using their regulated status as a marketing tactic to legitimize riskier services.

1. Apple announces leadership shift

On Tuesday (July 8), Apple announced that Jeff Williams, its longtime chief operating officer, will retire at the end of 2025, ending a tenure that spanned decades and included overseeing hardware, software and operations.

“Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him,” said Apple CEO Tim Cook in a press release. “He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world-class team of designers with great wisdom, heart, and dedication.’

Williams will be succeeded by Sabih Khan, Apple’s senior vice president of operations, who has played a key role in managing Apple’s global supply chain.

In other Apple news, Bloomberg reported on Wednesday (July 9) that Apple plans to release its first hardware upgrade to the Vision Pro headset later this year. Anonymous sources say the upgrades will include a a new strap for added comfort, will incorporate the same M4 processor powering newer versions of the iPad Pro, MacBook Pri and iMac, and will incorporate a great number of cores in the neural engine to run AI more effectively.

The company is also working on a lighter version slated for release in 2027, according to the people.

The company is planning a series of product upgrades for the first half of 2026, including a new entry-level iPhone 17e, refreshed MacBook Pros and MacBook Airs with M5 chips and potentially a new external display, according to multiple reports this week. Entry-level iPad and iPad Air will reportedly also receive updates.

2. Meta makes eyewear bet

Meta acquired a nearly 3 percent stake in luxury eyewear maker EssilorLuxottica (EPA:EL), the creator of Ray-Bans and the manufacturing partner for Meta’s smart glasses, including the Ray-Ban Meta and Oakley Meta lines. This is according to a Tuesday report from Bloomberg that cites unnamed sources with knowledge of the matter.

The stake is reportedly worth around 3 billion euros. According to the people, Meta is considering increasing its stake to approximately 5 percent “over time,” but noted that the plans could change.

3. Huawei seeks to step in amid US restrictions

Huawei is reportedly developing a new class of AI chips designed to support more generalized AI workloads, according to the Information, which broke the news on July 5.

According to the report, Huawei’s chip will be built around an architecture resembling that of NVIDIA’s GPU architecture (like Hopper or Blackwell) and Advanced Micro Devices’ CDNA architecture (used in their Instinct GPUs), which would allow Chinese developers to seamlessly incorporate the alternative.

Huawei’s pivot reflects China’s broader effort to bolster domestic chip capabilities as export restrictions from the US limit its access to advanced semiconductors. NVIDIA’s highly sought-after Blackwell GPUs are difficult for Chinese developers to legally acquire, leading to the development of downgraded, China-specific versions and a drive by Chinese firms to secure the chips through other means or source high-end alternatives.

Illustrating these efforts, recent Bloomberg analysis reveals ambitious plans by Chinese companies to acquire over 115,000 high-end NVIDIA chips for dozens of new AI data centers rising in the remote desert regions of Yiwu.

4. Harmonic raises US$100 million for ‘Superintelligence’

Harmonic AI, a stealth-mode AI company co-founded by Robinhood (NASDAQ:HOOD) CEO Vlad Tenev, has raised US$100 million in a Series B funding round led by Kleiner Perkins. Sequoia Capital, Index Ventures and Paradigm also participated in the round, which brought the company’s valuation to US$875 million.

Founded in 2023 by Tenev and Tudor Achim, who previously led autonomous driving startup Helm.ai, the startup is focused on building “smarter” AI models using a concept it calls “Mathematical Superintelligence.’

Its flagship model, Aristotle, is being trained to generate answers grounded in formal mathematical logic. On Bloomberg News, Tenev has said the company’s goal was to build AI systems that can solve the type of complex math problems that currently elude chatbots, eventually expanding its capabilities to physics and computer science.

Harmonic also aims to eliminate chatbot hallucinations through formal verification, a mathematical method that guarantees correct AI system function.

The startup wants to make the model available to researchers and the general public later this year.

5. Groq seeks US$6 billion valuation to fuel Saudi AI ambitions

The Information reported on Wednesday that Groq, a US-based AI chip startup and challenger to NVIDIA, is seeking to raise between US$300 million and US$500 million in a new funding round that would value it at US$6 billion.

Groq’s language processing units (LPUs) are known for their fast inferencing technology.

Unlike general-purpose GPUs, which were originally made for graphics and then adapted for AI, Groq’s LPUs were designed specifically to process language.

According to the report, the funding would help Groq fulfill a US$1.5 billion deal to deliver advanced AI chips to Saudi Arabia. With its ambitious Vision 2030, Saudi Arabia is actively pursuing a role as a global AI and technology hub, driving its interest in obtaining cutting-edge chips.