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Tariffs Don’t Budge Bitcoin, PNUT Pops on Musk Rant: Crypto Daybook Americas

Published

2 недели ago

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By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin (BTC) is hovering around $108,600, pretty much unchanged over 24 hours. The broader CoinDesk 20 (CD20) index added 1.8%, shrugging off the uncertainty surrounding President Trump’s recent tariff threats against various countries.

President Donald Trump sent letters to 14 nations, including key partners in Asia, warning that tariffs will be applied starting Aug. 1 unless they make concessions to the U.S. when it comes to trade. Trump also said he will impose a 50% tariff on imported copper and up to 200% on pharmaceuticals.

Traditional markets were also muted in their responses. U.S. equity indexes were flat in yesterday’s session, while Europe opened with a slight upward momentum and Asian indexes closed higher. The U.S. dollar index is pretty much unchanged.

The market’s reaction suggests the so-called TACO — Trump always chickens out — trade is still in play. It’s a reference to the president’s negotiation pattern, in which tariffs are announced and then reversed. That’s even after he said “there will be no change” to next month’s deadline.

Still, past tariff announcements stoked inflation concerns, and this latest one comes as the Federal Reserve tightens liquidity to the tune of $40 billion a month, according to analysts at crypto hedge fund QCP Capital.

Fed Chair Jerome Powell has warned that tariff‑driven price spikes might delay any rate cuts, which would make risk assets like crypto less attractive for investors.

Nevertheless, earlier scares of a U.S. recession have cooled, with perceived odds of that happening this year dropping to 20% on Polymarket, the lowest since January.

Over the past week, cryptocurrency investment products brought in nearly $1 billion in net inflows, according to CoinShares data, pushing total assets to a record $188 billion. Bitcoin funds captured the lion’s share of those flows, with ether, solana and XRP funds logging solid demand.

Combined with a stream of corporate treasuries raising funds to buy bitcoin, demand remains elevated for the leading cryptocurrency.

Apart from exceptions like PNUT and some Grok-influenced memecoins, other altcoins aren’t faring as well. Bitcoin’s dominance has risen nearly 12% year-to-date to now account for roughly 65% of the ecosystem’s total market capitalization.

Whether the TACO trade will hold its merit ahead of the August deadline remains to be seen. Stay alert!

What to Watch

  • Crypto
    • July 9, 11 a.m.: The Isthmus hard fork activates on Celo (CELO) mainnet, an Ethereum layer-2 network, aligning its L2 stack with Ethereum’s Pectra upgrade and improving scalability, interoperability and security through key Ethereum Improvement Proposals.
    • July 10: Polygon (POL) PoS set to activate the Heimdall hard fork on mainnet, reducing finality time to around 5 seconds, and bringing «faster checkpoints, smoother UX, safer bridging, and head-room for the next wave of upgrades.»
    • July 14, 10 p.m.: Singapore High Court hearing on WazirX’s Scheme of Arrangement, marking a critical step in the exchange’s restructuring after the $234 million hack on July 18, 2024.
    • July 15: Alchemist staking update launches, allowing token holders to stake ALCH for access to advanced features, premium benefits and ecosystem rewards, potentially boosting token utility and demand.
    • July 15: Lynq is expected to debut its real-time, interest-bearing digital asset settlement network for institutions. Built on Avalanche’s layer-1 blockchain and powered by Arca’s tokenized U.S. Treasury fund shares, Lynq enables instant settlement, continuous yield accrual and improved capital efficiency.
  • Macro
    • July 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography (INEGI) releases June consumer price inflation data.
      • Core Inflation Rate MoM Est. 0.38% vs. Prev. 0.3%
      • Core Inflation Rate YoY Est. 4.22% vs. Prev. 4.06%
      • Inflation Rate MoM Est. 0.27% vs. Prev. 0.28%
      • Inflation Rate YoY Est. 4.31% vs. Prev. 4.42%
    • July 9, 10 a.m.: U.S. Senate Banking Committee holds a hybrid hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets” with CEOs of Blockchain Association, Chainalysis, Paradigm and Ripple testifying. Livestream link.
    • July 9, 2 p.m.: Release of Federal Open Market Committee (FOMC) minutes from the June 17–18 meeting.
    • July 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases June consumer price inflation data.
      • Inflation Rate MoM Est. 0.2% vs. Prev. 026%
      • Inflation Rate YoY Est. 5.32% vs. Prev. 5.32%
    • July 10, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended July 5.
      • Initial Jobless Claims Est. 235K vs. Prev. 233K
      • Continuing Jobless Claims Est. 1980K vs. Prev. 1964K
    • July 10, 1:15 p.m.: Fed Governor Christopher J. Waller gives a speech at an event hosted by the Federal Reserve Bank of Dallas and the World Affairs Council of Dallas/Fort Worth. Livestream link.
    • July 10–11: The fourth Ukraine Recovery Conference in Rome, bringing together global leaders and stakeholders to advance Ukraine’s recovery and reconstruction as the war with Russia drags on.
    • July 11, 8:30 a.m.: Statistics Canada releases June employment data.
      • Unemployment Rate Prev. 7%
      • Employment Change Prev. 8.8K
    • Aug. 1, 2025, 12:01 a.m.: Reciprocal tariffs take effect after President Trump’s July 7 executive order delayed the original July 9 deadline, making this the start date for higher tariffs on imports from countries without trade deals.
  • Earnings (Estimates based on FactSet data)
    • None in the near future.

Token Events

  • Governance votes & calls
    • Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to “to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.” Voting ends July 9.
    • Compound DAO is running multiple votes on whether to adopt an Oracle Extractable Value (OEV) solution for Ethereum mainnet, Unichain, Base, Polygon, Arbitrum, Optimism, Scroll, Mantle, Ronin and Linea. Delegates can choose between implementing Api3, Chainlink’s Secure Value Relay (SVR), or keeping the current setup without OEV. Voting for all ends July 12.
    • July 9, 1 p.m.: Livepeer (LKPT) to host a Fireside Chat.
  • Unlocks
    • July 11: Immutable (IMX) to unlock 1.31% of its circulating supply worth $10.48 million.
    • July 12: Aptos (APT) to unlock 1.76% of its circulating supply worth $51.01 million.
    • July 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $14.73 million.
    • July 15: Sei (SEI) to unlock 1% of its circulating supply worth $14.65 million.
    • July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $31.31 million.
    • July 18: Official TRUMP (TRUMP) to unlock 45.35% of its circulating supply worth $789.99 million.
    • July 18: Fasttoken (FTN) to unlock 4.64% of its circulating supply worth $89 million.
  • Token Launches
    • July 9: RCADE Network (RCADE) to be listed on Binance, Gate.io, MEXC, and others.

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17.

Token Talk

By Shaurya Malwa

  • Elon Musk’s late-night post slamming U.S. authorities for euthanizing a viral squirrel named Peanut while failing to charge anyone from Jeffrey Epstein’s alleged client list sparked a frenzy around the Solana-based memecoin PNUT.
  • PNUT jumped over 10% within minutes and saw 24-hour trading volumes more than triple to $214 million, according to CoinGecko data, as traders rushed in on the name-drop.
  • The token has no affiliation with Musk or the squirrel and no underlying utility. It trades purely on cultural resonance and speculative momentum.
  • A separate, AI-driven event took hold after Grok, the chatbot on X, hallucinated a bizarre response referencing “MechaHitler,” “GigaPutin” and “CyberStalin” — terms that quickly went viral.
  • Within hours, over 200 MechaHitler-themed tokens had launched across Solana and Ethereum, with the largest on Bonk.fun hitting a $2.2 million market cap and over $1 million in early volume, DEXTools data shows.
  • At least one Ethereum-based version touched a $500,000 market cap, highlighting how quickly speculative capital chases meme narratives.
  • The episode highlights how AI-generated content — even hallucinatory or unhinged — is now a legitimate trigger for on-chain trading activity, rivaling traditional influencer-driven pump-and-dump schemes.
  • Grok later walked back the comment, clarifying the name referred to a 1990s video game character from Wolfenstein 3D and was meant as satire, not endorsement.

Derivatives Positioning

  • The cumulative notional open interest in ether USDT and dollar-denominated perpetuals listed on major exchanges has risen above 5 million ETH, the highest since June 20, alongside positive funding rates to suggest a bias for long positions. BTC perpetuals remain as dull as the spot price.
  • XRP’s open interest holds steady near five-month highs, also exhibiting a bullish market sentiment.
  • On Deribit, options market activity shows $110K as price magnet for BTC and $3.20 as the focus for XRP. BTC and ETH 25-delta risk reversals showed a mildly bullish bias across tenors.
  • Block flows featured a BTC calendar spread and a long put position in the July 18 expiry put at the $106K strike financed by writing the same expiry $108K strike call.

Market Movements

  • BTC is unchanged from 4 p.m. ET Tuesday at $108,608.62 (24hrs: +0.05%)
  • ETH is up 0.34% at $2,608.51 (24hrs: +1.8%)
  • CoinDesk 20 is up 0.95% at 3,143.28 (24hrs: +1.28%)
  • Ether CESR Composite Staking Rate is unchanged at 2.97%
  • BTC funding rate is at 0.0033% (3.6507% annualized) on Binance

CoinDesk 20 members’ performance

  • DXY is unchanged at 97.60
  • Gold futures are down 0.60% at $3,297.00
  • Silver futures are up 0.45% at $36.63
  • Nikkei 225 closed up 0.33% at 39,821.28
  • Hang Seng closed down 1.06% at 23,892.32
  • FTSE is up 0.28% at 8,879.27
  • Euro Stoxx 50 is up 1.12% at 5,432.32
  • DJIA closed on Tuesday down 0.37% at 44,240.76
  • S&P 500 closed unchanged at 6,225.52
  • Nasdaq Composite closed unchanged at 20,418.46
  • S&P/TSX Composite closed down 0.43% at 26,903.57
  • S&P 40 Latin America closed up 0.48% at 2,708.14
  • U.S. 10-Year Treasury rate is down 1.2 bps at 4.405%
  • E-mini S&P 500 futures are up 0.15% at 6,281.25
  • E-mini Nasdaq-100 futures are up 0.15% at 22,932.00
  • E-mini Dow Jones Industrial Average Index are up 0.14% at 44,576.00

Bitcoin Stats

  • BTC Dominance: 64.95 (-0.17%)
  • Ether to bitcoin ratio: 0.02403 (0.08%)
  • Hashrate (seven-day moving average): 889 EH/s
  • Hashprice (spot): $58.92
  • Total Fees: 4.55 BTC / $493,193
  • CME Futures Open Interest: 147,955
  • BTC priced in gold: 33.1 oz.
  • BTC vs gold market cap: 9.30%

Technical Analysis

Dollar index. (CoinDesk/TradingView)

  • The Dollar Index (DXY) has topped a bearish trendline, representing the sell-off from February highs.
  • It’s a sign of dollar bulls looking to reassert themselves.

Crypto Equities

  • Strategy (MSTR): closed on Tuesday at $396.94 (+0.32%), +0.22% at $397.82
  • Coinbase Global (COIN): closed at $354.82 (-0.64%), +0.56% at $356.82
  • Circle (CRCL): closed at $204.81 (-1.28%), unchanged in pre-market
  • Galaxy Digital (GLXY): closed at $19.46 (-1.17%), +0.36% at $19.53
  • MARA Holdings (MARA): closed at $17.52 (+4.6%), +0.11% at $17.54
  • Riot Platforms (RIOT): closed at $11.57 (+0.17%), +0.61% at $11.64
  • Core Scientific (CORZ): closed at $14.02 (-5.46%), +0.57% at $14.10
  • CleanSpark (CLSK): closed at $11.60 (+2.38%), +0.26% at $11.63
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $24.9 (+0.04%)
  • Semler Scientific (SMLR): closed at $41.71 (+7.09%), unchanged in pre-market
  • Exodus Movement (EXOD): closed at $32.12 (+7.32%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: $75.3 million
  • Cumulative net flows: $49.91 billion
  • Total BTC holdings ~1.25 million

Spot ETH ETFs

  • Daily net flow: $ 46.7 million
  • Cumulative net flows: $4.52 billion
  • Total ETH holdings ~ 4.21 million

Source: Farside Investors

Overnight Flows

Top 20 digital assets’ prices and volumes

Chart of the Day

Stablecoin supply on Tron in USD. (Artemis)

  • The total value of stablecoins issued on the Tron blockchain climbed to a record high above $80 billion.
  • The tally is still significantly less than Ethereum’s $128.8 billion, according to data source Artemis.

While You Were Sleeping

In the Ether

Trump’s Truth Social files for index-based crypto ETF…Global central banks' net gold purchases reached 20 tonnes in May, the highest in 3 months.Introducing: Phantom PerpsI believe tokenization is the greatest capital markets innovation since the central limit order bookCopper gets a God Candle as it explodes by more than 13% for its biggest gain IN HISTORY

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Tokenized Stocks Expose a Major Tax Reporting Gap in Crypto—Robin Singh

Published

2 часа ago

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22 июля, 2025

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Global crypto tax reporting still has major cracks — and tokenized stocks may be the catalyst that forces the system to catch up.

In recent weeks, platforms like Robinhood and Gemini have started offering tokenized stocks to users in the European Union. These blockchain-based derivatives mimic the price of real equities like Apple and Tesla and allow users to trade 24/7, free from the limitations of traditional market hours.

That might sound like a leap forward for accessibility and innovation. But if these products continue to gain traction, and firms like Galaxy Digital believe they will siphon liquidity from traditional exchanges, regulators will face growing pressure to close the reporting gap between crypto platforms and traditional brokers.

Despite the progress the crypto industry has made over the years, crypto tax reporting is still far behind compared to traditional asset exchanges in many parts of the world.

There is still an obvious gap. Take Australia. The Australian Stock Exchange (ASX) provides the tax office with structured data, including sale prices, dates, and proceeds, which is automatically pre-filled into users’ returns.

For crypto, the ATO’s approach is more like a gentle tap on the shoulder to its taxpayers. It presents a notification reminding users to check for taxable events, rather than a detailed pre-filled report. While the ATO knows you are active in crypto because crypto exchanges report you have an account, it does not have the same comprehensive oversight as it does with stock trading.

That approach may have been justifiable in crypto’s early days, when most activity was tied to speculative tokens or NFTs. But now, with platforms likely wanting to expand their offerings of tokenized stocks globally — which are not yet available in Australia but I dare say it is being considered — the lack of tax transparency becomes much harder to justify.

Governments can’t afford to let potential tax revenue slip through the cracks simply because they’re happening onchain. I believe as tokenized stocks start to gain more and more attention over the coming months, regulators will be scrambling to ensure they are prepared.

In the U.S., the IRS is already attempting to catch up. Its new crypto reporting rules, including the long-awaited Form 1099-DA, are set to take effect in 2026. These will require crypto brokers to report user transactions similar to traditional financial institutions.

Meanwhile, Robinhood is reportedly preparing to launch tokenized stocks for U.S. customers.

It raises a timely question…will that rollout coincide with the new IRS requirements?

On a global scale, the OECD’s Crypto-Asset Reporting Framework (CARF), also due in 2026, will enforce transaction data sharing across jurisdictions, similar to how banks comply with the Common Reporting Standard.

If tokenized stocks are going to mimic real equities then the tax data reporting around them needs to match accordingly.

The days of crypto existing in a regulatory gray zone are numbered. Whether platforms are ready or not, the era of full tax transparency is coming and tokenized stocks may be the turning point that forces it into reality.

I believe that moment will arrive within the next five years.

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Privacy Is Key to the Next Phase of Ethereum

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2 часа ago

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22 июля, 2025

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Ethereum introduced smart contracts to the world and spurred a Cambrian Explosion of innovation, including DeFi, NFTs, DAOs, and a universe of dApps. On July 30, the network will hit its 10 year anniversary.

The past decade of the ecosystem focused on proving Ethereum’s functionality and capabilities as well as enhancing efficiency through upgrades like The Merge, which marked the transition from Proof-of-Work to Proof-of-Stake. The next era requires a pivot to match the more mature ecosystem that it now supports — one that includes not just Web3 natives but financial institutions, governments, corporations, and people who don’t know what «yield farming» is but who may want to get a loan for their house with crypto collateral.

Amid increasing government and institutional involvement, the hope that crypto will contribute to creating a «free and open society,» an ideal originally expressed in A Cypherpunk’s Manifesto, is sometimes lost. For Ethereum to make good on that original promise, privacy must be a core tenant of its future.

Privacy is identity

Some degree of privacy is essential for financial safety and freedom. You wouldn’t want to reveal your net worth to the cashier every time you buy a latte or a slice of pizza, but this is essentially how crypto has been operating for the past decade — with the radical transparency of immutable ledgers recording every transaction publicly.

Not only does this level of transparency put individuals at risk for phishing and other attacks, but it also hinders the involvement of institutions that do not want to give their competitors an edge by revealing their activity. Though it is possible to retain pseudonymity through never interacting with a centralized platform, this is not practical for interactions that touch the real world.

People and businesses need to be able to interact with governments and banks through ID-linked accounts, and the key to enabling these types of interactions — without putting personal information in jeopardy to theft and misuse — is programmable privacy.

The solution is ZKP-powered technology

The solution is already here: Zero Knowledge Proof (ZKP)-powered smart contracts give users control over what information to share and with whom. With the programmable privacy enabled by ZKPs integrated into Ethereum at a foundational level, a world of applications are not just feasible but practical.

Products and services must comply with the regulatory requirements of each jurisdiction in which they operate. This includes collecting customer information in accordance with KYC guidelines, Countering-the-Financing-of-Terrorism (CFT) and AML laws. Typical KYC processes involve sharing some form of ID, such as a passport or driver’s license, along with personally identifying information (PII) like name, date of birth and address.

If captured by bad actors, this type of information can be used to target people in phishing scams and other types of attacks (see recent Coinbase data breach). Rather than requiring people to reveal their PII and make themselves and their data vulnerable to attack and theft, ZKP-powered solutions allow people to prove they are not operating out of sanctioned countries and to prove eligibility to participate, all without giving the platform their data and contributing to potential honey pots.

The possibilities enabled by ZKPs go well beyond compliance too. Airdrops currently suffer from Sybil attacks where AI bots beat out real human participants to give certain participants an outsized advantage. The same issue applies to decentralized governance. Decision making in a DAO cannot be truly fair and free unless it can be proven that the right number of votes are going to the right number of people — not bots. ZKPs offer a solution with «proof of humanity» via data provenance tools like zkPassport, zkEmail, and zkTLS.

Digital payments must provide the same privacy as cash. Payments in dollars, euros, and other sovereign currencies via stablecoins are another important factor in enabling mass adoption of DeFi applications, but this will never take off en masse without privacy guarantees. The same applies to decentralized mortgages, loans, and essentially any type of legal contract, which all require IDs to execute.

There are many other applications made possible with privacy as a core tenant of the Ethereum ecosystem. These include proving the authenticity of product or restaurant reviews, enabling secure digital voting, decentralized escrow services, carbon offsetting tracking, proving builder status on GitHub anonymously, and employment skill verification — all done in a secure, privacy-preserving way that doesn’t involve the sharing of sensitive PII to centralized providers.

Creating a culture that demands privacy

Though the technology exists to implement ZKP solutions today, challenges will need to be overcome before privacy is comprehensively reflected as a core value throughout the Ethereum ecosystem. Technical challenges with implementing ZKP-powered tech include the greater expense of ZKP transactions. Building ZKP-focused applications is also more complicated, posing a learning curve for builders. These are all solvable issues.

Other challenges are cultural: creating universal buy-in from the spectrum of participants in the value of privacy and coordinating the implementation of solutions across the tech stack, from protocol to wallet. There is also the misguided perception hurdle of privacy’s associations with illicit activity.

Changing technology is ultimately easier than changing minds, but the core ethos of crypto is, after all, a philosophical one — a technology that underpins a belief in freedom and the privacy of individuals and entities. If in another 10 years, we look back on another decade of Ethereum and can celebrate its role in enabling greater financial freedom, an emphasis on privacy will be key.

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PEPE Dips Slightly as Market Cools, but Outperforms Broader Memecoin Sector

Published

3 часа ago

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22 июля, 2025

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PEPE fell around 2% in the last 24-hour period as part of a broader 5% sell-off that started amid a crypto market slowdown and a wave of high-volume selling.

The price slid from $0.000014268 to $0.000013568 during the session, with 349 billion tokens offloaded during the move, according to CoinDesk Research’s technical analysis data model.

The meme-inspired cryptocurrency briefly rallied to a session high of $0.000014713, supported by 11.7 trillion tokens traded in a single surge. But the attempt fizzled, encountering stiff resistance and triggering a swift reversal. The sharp move led to more than $4 million in liquidations, per CoinGlass data.

That session high now stands as a firm technical ceiling, reinforcing trader doubts about near-term upside. Relative post volume on social media is up more than 23% compared to its 24-hour average, according to data from TheTie, suggesting growing interest.

Support came in near $0.000013618, where buyers showed interest during earlier dips. While the token briefly moved below that level, it has since recovered to surpass it.

Meanwhile, Nansen data shows that even as the top 100 addresses holding PEPE on Ethereum have increased their holdings by 0.11%, exchange wallets added 0.24% in the last 24 hours, showing a growing supply on the market.

Despite the drop, PEPE is slightly outperforming the wider memecoin space. The CoinDesk Memecoin Index (CDMEME) saw a 2.4% drop in the last 24 hours, compared to PEPE’s near 2% drop. Over the past month, PEPE is up nearly 55% compared to CDMEME’s 41.7% rise.

The frog-themed token has been outperforming after forming a golden cross pattern earlier this month. Crypto analyst Lark Davis on social media flagged a potential breakout target at $0.0000155.

Technical Analysis Overview

  • Trading volume spiked to 11.72 trillion tokens during a breakout attempt, signaling widespread market participation.
  • Strong rejection at $0.000014713 now serves as a critical ceiling for further upside.
  • Consistent buyer activity formed a key support near $0.000013618
  • A sharp deterioration began with 230.19 billion tokens sold in a concentrated period.
  • Massive offloading occurred in successive waves of 237.67 billion, 329.19 billion, and finally 349.11 billion tokens. Activity dwindled to near-zero then, signaling trader fatigue and lack of conviction for recovery.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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