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Bitcoin Tops $111K, on Brink of Breaking Record High; Ether’s 6% Jump Leads Major Cryptos

Bitcoin (BTC) broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000.
The largest crypto briefly notched a new record in U.S. dollar terms on some exchanges including Binance, Coinbase and Bitstamp, before retreating towards $111,000. However, price data aggregators including CoinDesk, CoinGecko and CoinMarketCap show that BTC remained just below its May 22 peak.
The move came amid a broader crypto rally that also saw Ethereum’s ether (ETH) surge 6% to $2,760, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time.
During today’s swift move higher, some $425 million in leveraged short positions were liquidated across all crypto derivatives, CoinGlass data shows.
For BTC, the area around the $110,000 level has been a significant barrier over the past several weeks with investors taking profits and shorts piling each time the price neared that level.
Checking crypto-related stocks, Strategy (MSTR) is higher by 4.4% and at $414, only a few dollars shy of its highest level of 2025 (though still well below its record high of $543 set late last year). Coinbase (COIN) is ahead 5%. Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) are up roughly 6%.
Still, market watchers noted that the slow, quiet buildup could be a bullish setup.
«Crypto feels so quiet, [while] bitcoin is ready to move,» wrote Charlie Morris, chief investment officer at ByteTree, in a report.
Morris pointed out that bitcoin’s volatility has steadily declined, a pattern that historically preceded large upward moves.
«The setup for the next one is looking good,» he said. «As I keep on saying, the quiet bulls are the best.»
Joel Kruger, market strategist at LMAX Group, pointed to ether’s strength above key technical support levels and growing demand from long-only institutions betting on its future role in settlement infrastructure and asset tokenization.
That view was echoed by digital asset manager Bitwise’s analysts, who named ETH as one of the «cleanest» token plays to bet on the red-hot tokenization trend, The Block reported.
UPDATE (July 9, 2025, 20:30 UTC): Adds more details throughout the story.
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Alibaba Founder-Backed Ant Group to Integrate Circle’s USDC on Its Blockchain

The international arm of Ant Group, the company backed by Alibaba founder Jack Ma, plans to bring Circle’s USDC stablecoin onto its proprietary blockchain.
The rollout will start once U.S. regulators certify the dollar-pegged token under the new federal rules, Bloomberg reported, citing people familiar with the deal.
The move would give USDC a link to a network that processed more than $1 trillion in global payments last year, a third of them settled on-chain. That scale could make Ant the largest overseas corporate user of a U.S.-issued stablecoin.
Ant International is also applying for stablecoin licenses in Singapore, Hong Kong and Luxembourg, according to the report. The group wants regulated digital dollars, central bank digital currencies and tokenized bank deposits to sit side by side on its platform.
The company’s blockchain currently supports tokenized assets from various financial institutions and has reportedly been working with the People’s Bank of China (PBOC) on the country’s central bank digital currency (CBDC), the digital yuan.
Circle shares rose nearly 3.8% in pre-market trading to $208.
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This One Metric Suggests Bitcoin Has Plenty of Room Left to Run

Bitcoin (BTC) reached new all-time highs just above $112,000 on Wednesday, although the increase was only marginal compared to the previous peak. Despite the wave of bullish corporate adoption, with public companies adding bitcoin to their balance sheets.
On-chain data suggests that bitcoin has more room to run when compared to previous cycle highs. One useful metric in this analysis is the MVRV Z-Score, which helps evaluate whether bitcoin is overvalued or undervalued relative to what could be considered its fair value.
Unlike a traditional z-score, the MVRV Z-Score uniquely compares the market value to the realized value. When the market value, calculated as the network’s valuation based on the spot price multiplied by supply, sits significantly above the realized value, which reflects the cumulative capital inflow into the asset, this has historically signaled market tops [red zone]. Conversely, when the market value is well below the realized value, it has often indicated market bottoms [green zone].
The MVRV Z-Score is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap, expressed as [market cap minus realized cap] divided by the standard deviation of market cap. The standard deviation is calculated cumulatively from the first available data point to the present day, making it a long-term measure.
Currently, the MVRV Z-Score sits at 2.4. In past bear market lows, bitcoin has registered scores below zero, as seen in 2015, 2019, and 2022. Meanwhile, cycle tops have historically occurred when the score reaches 7 or higher, as was the case in 2017 and 2021, according to Glassnode data.
Although this is just one data point, it indicates that bitcoin still has significant potential for further upside compared to previous cycles.
Read more: This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis
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Australia’s Central Bank to Explore Developing Wholesale Tokenized Asset Markets

The Reserve Bank of Australia (RBA) will explore the development of wholesale tokenized asset markets alongside an array of industry participants.
«Project Acacia» will use stablecoins, pilot wholesale central bank digital currency (CBDC) and bank deposit tokens in 24 use cases of tokenizing a range of asset classes, such as fixed income and private markets.
Tokenization refers to the process of minting assets such as bonds and equities as tokens that can be bought, sold and traded on blockchains, with the aim of making processes faster, cheaper and more transparent.
The Australian Securities and Investments Commission (ASIC) is also providing regulatory relief in order to streamline the pilot, which will involve the testing of tokenized asset transaction between participants and other selected financial institutions, the RBA announced on Thursday.
Issuance of pilot wholesale CBDC for testing the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda.
Participants in Project Acacia include Fireblocks, Northern Trust and Australian banks Commonwealth Bank, Australia and New Zealand Banking Corporation (ANZ) and Westpac.
The project is the a sign of the Australian government’s plans to integrate digital assets into its economy being put into practise.
The Australian Treasury published a whitepaper in March, describing how the government planned to embrace tokenization, real-world assets and wholesale CBDCs to make financial markets more efficient.
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