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Ethereum is undergoing its first notable pullback after an explosive rally that took the price from $2,500 to $3,800 in less than three weeks. Despite this cooldown, bulls remain in control, with ETH holding firm above the $3,600 level—a key support zone now acting as the base for potential consolidation. The market appears to be digesting recent gains, with signs that Ethereum’s strength could be far from over. On-chain data from Sentora adds to the bullish outlook. Last week, Ethereum saw the highest weekly volume of large transactions since 2021. This surge in big-money activity signals rising interest from institutional players and large investors, even amid short-term volatility. With legal clarity in the US improving and Ethereum fundamentals strengthening, the current pause may be setting the stage for another leg higher. Whether this consolidation lasts days or weeks, the elevated on-chain activity suggests Ethereum’s ecosystem is heating up again, with major players positioning for the next move. Institutions Rotate From BTC Into Ethereum Sentora data confirms a major shift underway: big-money Ethereum is back. Last week, on-chain transfers over $100,000 totaled more than $100 billion—the highest weekly volume since 2021. This spike in high-value transfers reflects renewed institutional interest, reinforcing Ethereum’s role as the leading altcoin amid evolving market dynamics. The timing of this surge is critical. Ethereum’s price has rallied aggressively from $2,500 to $3,800 in a matter of weeks, and institutional capital appears to be rotating from Bitcoin into ETH. While Bitcoin remains in a tight consolidation range just below its all-time high, Ethereum’s upside momentum and on-chain strength suggest it may now be leading the charge. This rotation has sparked discussions about the beginning of “Ethereum season,” a pattern seen in previous market cycles when ETH outperforms BTC and capital begins to flow into the broader altcoin market. Some analysts believe this could mark the early stages of a long-awaited altseason. Historically, Ethereum leads such phases, acting as the gateway for investors to explore high-beta assets across the crypto ecosystem. If ETH maintains current strength and breaks above the $4,000 level, it could trigger a broader market expansion. ETH Price Holds Above Key Support After Parabolic Rally Ethereum is undergoing its first meaningful pullback since beginning a powerful surge from the $2,500 region in early July. After reaching a local high of $3,801, ETH is now trading around $3,662, down approximately 2.7% on the day. Despite the minor correction, the overall structure remains bullish. The current price sits above the $3,600 zone, a level that now acts as key short-term support. Volume has slightly decreased during this pullback, suggesting that selling pressure remains relatively controlled. ETH is still trading well above its 50-day, 100-day, and 200-day moving averages, reinforcing the strength of the uptrend. The next major resistance lies around $3,800–$3,850, which aligns with previous peaks seen in early 2024. A successful consolidation above $3,600 could provide the foundation for a new leg higher toward the $4,000 mark. However, failure to hold this support level might trigger a retest of the $3,450–$3,500 area, followed by stronger support around $3,000 and the $2,850 breakout zone. Featured image from Dall-E, chart from TradingView

Most Read: Gold's (XAU/USD) Price Forecast: Will Gold Gain Acceptance Above the $3400/oz Handle? Bitcoin (BTC/USD) is still consolidating below the key 120k level but a triangle breakout may lead to fresh all-time highs. The world's largest cryptocurrency has broken above the triangle pattern on the H4 chart which could be the start of the next leg to the upside. Bitcoin did break below the 50 neutral level on the RSI period 14 yesterday before breaking back above immediately which could be a sign that momentum remains with the bulls. Looking for potential targets following a triangle breakout, traders typically use a simple method to set a price target: Measure the Base: Find the widest part of the triangle. This is the vertical distance between the highest and lowest points at the beginning of the triangle formation.Project from Breakout:For an upside breakout (price breaks above the top trendline): Take the measured height of the triangle's base and add it to the price level where the breakout occurred.For a downside breakout (price breaks below the bottom trendline): Take the measured height of the triangle's base and subtract it from the price level where the breakout occurred.This projected price is your potential target. It's important to also look for increased trading volume to confirm the breakout and consider placing a stop-loss order to manage risk in case of a false breakout. With this in mind, a potential target rests around the 126200 handle. Bitcoin (BTC/USD) Daily Chart, July 22, 2025 Source: TradingView.com (click to enlarge) Bitcoin ETF Breaks 12-Day Inflow Streak The only concern at present may come from spot Bitcoin ETFS, which saw 131.35 million in outflows on Monday. This brought a 12-day inflow streak to an end which brought in as much as $6.6 billion. The biggest outflow came from ARK Invest’s ARKB, which lost $77.46 million in one day. Grayscale’s GBTC followed with $36.75 million in outflows, and Fidelity’s FBTC saw $12.75 million withdrawn, according to SoSoValue. Bitwise’s BITB and VanEck’s HODL had smaller outflows of $1.91 million and $2.48 million. BlackRock’s IBIT, the largest fund with $86.16 billion in assets, had no changes in inflows or outflows. Despite these outflows, total net inflows remain strong at $54.62 billion, and all spot Bitcoin ETFs combined hold $151.60 billion in assets, making up 6.52% of Bitcoin’s total market value. Source: Farside Investors If outflows do continue then this could hinder a potential rally toward the 126200 area. Another factor to consider could be potential profit taking and rebalancing by institutions following the recent all-time highs. Client Sentiment Data - Bitcoin (BTC/USD) Looking at OANDA client sentiment data, the majority of traders are long on Bitcoin with 97% of traders net-long. I prefer to take a contrarian view toward crowd sentiment, thus the fact that 97% of traders are net-long suggests a deeper pullback may be in play in the near-term. Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Centerra Gold (TSX: CG) (NYSE: CGAU) continued its series of investments in Canadian-based gold juniors on Tuesday, this time with the acquisition of a 9.9% stake in Midland Exploration (TSXV: MD). The share acquisition is part of a private placement Midland arranged with institutional investors. Under the offering, the company will sell approximately 3.18 million shares at a near market price of C$0.33 per share, for gross proceeds of C$1.05 million. Centerra is expected to participate in this offering. Additionally, Midland is looking to sell 10.65 million shares at a higher price of C$4.75 each in a separate offering, for approximate proceeds of C$5.06 million. By midday, the stock traded 4.6% higher at C$0.34 apiece, giving the Quebec-focused gold explorer a market capitalization of just over C$31.8 million. “This placement will provide Midland with sufficient funds to ensure the progress and development of our wholly owned gold exploration projects in Abitibi, James Bay and northern Quebec,” Midland Exploration CEO Gino Roger stated in a press release. The company currently holds a large portfolio of properties across these regions, with a focus on establishing joint ventures with established miners. To date, it has secured partnerships with global leaders BHP and Rio Tinto, as well as Canadian household names like Agnico Eagle and Wallbridge Mining. Centerra investment spree Upon completion of the private placements, Centerra — one of the largest gold miners in Canada — is expected to become a 9.9% shareholder in Midland. Midland would join a list of other junior explorers holding gold properties across the country that Centerra has invested in over the past year. These include Kenorland Minerals (TSXV: KLD), Ontario-focused Dryden Gold (TSXV: DRY), British Columbia-focused Thesis Gold (TSXV: TAU) and Quebec’s Azimut Exploration (TSXV: AZM), all with a 9.9% stake. The Toronto-headquartered miner currently owns two producing mines, Mount Milligan in British Columbia, Canada, and Öksüt in Türkiye. It also owns several development assets, including the Kemess project in BC and the Goldfield project in Nevada.

Solana’s price rally reached a new milestone on Monday. SOL traded at $195.50 per coin, pushing the total valuation to over $105 billion for the first time since January 25. That jump reflects growing optimism around the token. Short‑term gains have been strong, but questions remain about how deep the recovery really runs. DeFi TVL Rises With Price Based on reports, Solana’s total value locked in DeFi hit $14.18 billion. That’s the highest level in six months, back to where it stood in January when SOL first reached its all‑time high. A big chunk of that gain comes from the token’s own price climbing. When SOL moves up, every coin locked in lending pools and vaults gets worth more on paper. Users haven’t needed to rush in and lock fresh tokens to boost TVL numbers. The overall ecosystem feels larger. Yet true usage growth may be slower than those headline figures suggest. Experts are keeping a close eye on how many new deposits actually show up. After all, token value and real‑world demand don’t always rise at the same pace. DEX Trading Activity Shows Uptick Between July 14 and July 20, Solana’s decentralized exchanges handled over $22 billion in trading volume. That’s up from close to $19 billion the week before. Raydium led with $8.4 billion, followed by Orca at almost $6 billion and Meteora at $5.3 billion. Based on data, traders are coming back. But weekly volumes still sit far below the $98 billion peak set in mid‑January. That gap signals a market that’s warming up but not yet boiling over. Volume gains show renewed interest among active users. It also hints that fresh strategies and new tokens may be finding feet after a slower spell. Staking Dominates Network Security According to on‑chain figures, about 355 million SOL remain staked with validators. That stake is worth roughly $69 billion, or about 65% of all tokens in circulation. Those coins aren’t counted in DeFi TVL or in DEX volumes. Instead, they’re busy securing the network and validating transactions. Meanwhile, SOL is predicted to increase another 3.50% and hit $210 by August 21, 2025. Sentiment is currently bullish while the Fear & Greed Index is at 71 (Greed). In the past 30 days, SOL experienced 19/30 green days and 8.61% price fluctuations, indicating both strength and volatility in today’s market, data from CoinCodex shows. Featured image from Meta, chart from TradingView

Gold prices climbed another 1% on Tuesday, as trade uncertainty and declining US bond yields continue to boost the precious metal’s appeal to investors. Spot gold hit an intraday high of $3,430.41 per ounce in the morning, its highest in five weeks. By 11:30 a.m. ET, it traded at $3,430.41 for a 0.9% gain. US gold futures also edged 1% higher at $3,441.20 per ounce in New York. Click on chart for Live Prices Meanwhile, the yield on benchmark US 10-year notes fell to a near two-week low, making non-yielding bullion more attractive. With Tuesday’s move, gold is now roughly $70 off its all-time high of $3,500.05 set in late April. So far this year, the yellow metal has risen more than 30% amid uncertainty surrounding the global trade landscape. Commenting on the recent rally, Jim Wyckoff, a senior analyst at Kitco Metals, said the lingering trade uncertainty “is prompting some safe haven demand.” “The US has got several trade deals in the works and there’s rumors that the EU and the US might not be able to come to an agreement or certainly are not anywhere close yet,” he told Reuters on Tuesday. Earlier in the day, Treasury Secretary Scott Bessent said he would meet his Chinese counterpart next week, suggesting a possible extension of the tariff deadline. He added that the US is poised to announce “a rash of trade deals” with other countries. However, European Union diplomats hinted that the 27-nation bloc is looking to implement broader countermeasures against the US as prospects for a trade agreement dwindle. Investors are also positioning ahead of next week’s Federal Reserve meeting. While the US central bank is expected to hold rates steady, markets are eyeing a potential rate cut in October. A lower rate would potentially benefit gold further. (With files from Reuters)

The British pound is showing limited movement on Tuesday. In the North American session, GBP/USD is trading at 1.3500, up 0.09% on the day. A day earlier, the pound jumped 0.60% and hit a high of 1.3510, its highest level since July 11. Bailey warns government not to ease financial rules Bank of England Governor Bailey testified before the Treasury Committee today and warned the UK government not to tamper with the structure of the banking system. Bailey defended the "ring-fencing regime" which separates retail and investment operations. Bailey said the current system reduces risk and protects consumers, businesses and households in the event of bank failures. Bailey was responding to comments from Finance Minister Reeves, who said last week that regulators needed to be more "growth friendly" and resist "excessive caution" in order to boost investment and innovation. Reeves complained that excessive regulation was a "boot on the neck of businesses". Bailey fired back in his testimony, telling lawmakers that, "there isn't a trade off between financial stability and growth" and pledged that the BoE would ensure that the financial system would remain resilient. Fed eyes rate cut in September The Federal Reserve is expected to continue its wait-and-see approach and maintain the benchmark rate at its July 30 meeting, despite increasing pressure from President Trump on the Fed to lower rates. The money markets have priced in a hold at 97%, according to CME's Fedwatch. Things get interesting in September, with a 58% chance of a rate cut. The Fed is expected to lower rates at least once before the end of the year, but the rate path will depend to a great extent on inflation and whether tariffs are replaced by trade agreements. GBP/USD Technical GBP/USD has pushed above resistance of 1.3496. Above, there is resistance at 1.35101.3485 and 1.3471 are the next support levels GBPUSD 1-Day Technical, July 22, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Trading around the earnings season is always a particular task as all participants have to incorporate expectations, past results, and options into a single data release (especially as most earnings are reported out of the trading hours). This morning's open saw a huge correction in the Nasdaq particularly, showing down 1.02% in the first 30m Candle and some dip buyers are currently stepping in. The Tech-focused index had marked another all-time high record in yesterday's morning session at 23,288 (CFD price – actual index ATH at 23,264) before retracting in the afternoon. Equity traders are eyeing Earnings reports from SAP after the close today, but more importantly preparing for tomorrow's AT&T pre-open's reports and even-more market moving, Google and Tesla earnings after the close. Some investors will be inclined into reducing some of their tech-positions as Market is already heavily positioned, potentially missing some few potential returns to avoid losing more in the scenario of bad earnings – NVIDIA is down about 3% on the session and Google is down -0.60%. For traders, any volatility is good to generate opportunities, and the most short-term participants may still enjoy from this to trade. Let's take a look at the Nasdaq charts to spot the levels of interest. Read More: AUDUSD holds key support after RBA Minutes – Watching for channel re-entry on dollar weakness Nasdaq Multi-timeframe analysis starting from intraday to the longer-outlookNasdaq 30m Chart Nasdaq 100 (CFD) 30m Chart, July 22, 2025 – Source: TradingView As mentioned in the introduction, the Nasdaq has seen some steep profit-taking in the first 30m taking the index form way overbought to way oversold. Some dip buyers are stepping in, bringing the index between its 30m 50 (resistance at 23,195) and 200 (support, at 23,070) Moving averages. Watch for reactions around the middle of the 30m upwards channel that took the NQ to its new all-time highs, level located around 23,150. Nasdaq 100 4h Chart Nasdaq 100 (CFD) 4H Chart, July 22, 2025 – Source: TradingView Taking a step back allows us to see how strong that move towards almost daily new all-time highs has been – The RSI Momentum is correcting after today's selloff but is struggling to go beyond the neutral line (middle line of the indicator). Any break of this middle RSI line accompanied by a close below the 50 period 4H MA should trigger some further profit taking. In the meantime, buyers have defended the low of the immediate channel. Interesting to see some reactions such as the intermediate top at the Fib Extension target mentioned in our post-NFP analysis which you can find here – Let's see if traders manage to break this current roof or fail to do so in the rest of the week. In the waiting of the key earnings tomorrow & the US ISM data on Thursday, there is still some time for movement. Levels to place on your charts: Support Levels: Intraday Support (23,050 to 23,070 low of channel and 30m MA 200)Pivot turned support – 22,700 RegionPrevious ATH Support Zone 22,000, 50 Day MA at 22,050Resistance Levels: Intraday resistance at 23,195Current all-time highs 23,288 (CFD – Index at 23,264)Fib-Extension Resistance zone between 23,250 to 23,500Nasdaq Daily Chart Nasdaq 100 (CFD) Daily Chart, July 22, 2025 – Source: TradingView The Daily chart shows how the Tech-focused index is evolving swiftly, showing some decent demarkation from its 1,000 points-below early 2025 ATH (was at 22,229 on its CFD). Markets are trading in the upper bound of the higher timeframe Upwards channel and Daily momentum seems to be stalling a bit, but still just below the overbought zone and not showing signs of major divergence. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Solana could be on track for a massive 323% rally this altcoin season, according to a new technical analysis by crypto strategist Quantum Ascend, who projects a potential peak around $830 based on market cap extensions and Elliott Wave structures. In a detailed July 22 breakdown, the analyst argues that most retail traders continue to overlook the impact of inflation and token supply dynamics—factors that significantly affect price projections. Solana To $1,000 Is Not Realistic Thus Cycle “Looking at the market cap chart, it’s up almost 216,000%, while the price chart is only up 18,000%. So what this tells us is, there’s some kind of inflationary pressure on the asset,” Quantum Ascend said. “You have to use the market cap chart in order to measure the price.” Using Elliott Wave Theory, the analyst identified Solana as currently operating within a macro third wave—arguably the strongest phase of a five-wave impulse sequence. According to his count, Solana completed its first and second macro waves during previous market cycles and is now accelerating through the early stages of wave three, a move that could culminate in a parabolic rally. “Right now, what we’re working on is this macro wave three,” he explained. “The bear market will be macro four, and then we’ll have another wave at some point well into the future.” To support this thesis, Quantum Ascend pulled Fibonacci extensions from Solana’s historical price structures. He pointed to confluence between the 2.618 extension of the most recent accumulation range and the 3.618 extension of a broader range, both of which intersect near a $300 billion market cap. However, he views this zone as a mid-cycle checkpoint rather than a terminal target. His conservative scenario puts Solana at a $620 price tag, representing a 217% move from current levels. But his primary projection suggests a 323% rally, translating to an $830 top based on market cap behavior and structural alignment. He cautioned that simply targeting round numbers like $1,000 can mislead traders, especially when inflation-adjusted market cap analysis tells a different story. “If I pull those same extensions here for Solana [on the price chart], because of the inflation, you’d be looking for $1,000, which is a nice round number and something that retail would love to hear,” he said. “But the market cap chart shows it’s topping that same extensions only at $830.” The discrepancy arises from Solana’s token inflation. As new tokens enter circulation, they dilute the impact of price movements. This is why, Quantum Ascend insists, market cap projections provide a more accurate view of potential upside. “There’s not enough people paying attention to market cap. You have to do it,” he emphasized. In his final breakdown, the analyst laid out both price zones. “We have $620 as our conservative, $830 as our primary here for Solana,” he concluded. While some viewers may find the upper bound modest compared to speculative retail targets, he stressed the importance of realism over hype. “We’re trying to make sure that we’re not buying into any crazy narratives or anything and we’re not leaving anything on the table and we’re not round tripping our bags.” At press time, SOL traded at $195.

The Australian dollar has edged higher on Tuesday. In the European session, AUD/USD is trading at 0.6528, up 0.06%. RBA minutes: need more data before lower rates The RBA shocked the markets earlier this month when it maintained the benchmark rate at 3.85%. The money markets had widely expected the Reserve Bank to trim rates by a quarter-point for a second successive meeting, especially after the trim mean, a key core CPI measure, fell to 3.5 year low of 2.4% in May. However, the RBA had a surprise up its sleeve by not making a move. The minutes noted that the majority of the board wanted to review more economic data, including the all-important quarterly inflation report in order to confirm that inflation was heading lower. The RBA also said there were additional reasons not to cut, including stronger domestic demand and the labor market proving more resilient than anticipated. The minutes acknowledged that the rate decision was completely unexpected, noting that there had been previous occasions when the markets had been "very confident" about a decision, only to have the central bank act in a different manner. So what's next for the Reserve Bank? Last week's employment report was much softer than expected, with the economy producing only two thousand jobs and the unemployment rate jumping to 4.3% from 4.1%. The money markets have now priced in an August rate cut at around 90%. Will the Fed cut rates in September? The Federal Reserve is expected to continue its wait-and-see stance and maintain the benchmark rate at its meeting on July 30, despite increasing pressure from President Trump to ease policy. The money markets have priced in a hold at 97%, according to CME's Fedwatch. Things get interesting in September, with a 58% chance of a rate cut. The Fed is expected to lower rates at least once before the end of the year, but much will depend on inflation and whether tariffs are replaced by trade agreements. AUD/USD Technical There is resistance at 0.6533 and 0.65410.6514 and 0.6503 are the next support levels AUD/USD 1-Day Chart, July 22, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Strategy (previously MicroStrategy), the world’s largest corporate holder of Bitcoin (BTC), announced on Monday that it had acquired an additional 6,220 BTC during the week spanning July 14 to July 20. This latest purchase brings the company’s total Bitcoin holdings to an impressive 607,770 tokens, acquired at an aggregate cost of approximately $43.61 billion, averaging $71,756 per Bitcoin. Strategy Stock Slumps Despite GENIUS Act Approval This announcement coincided with a breakthrough in the regulatory landscape for cryptocurrencies, as the GENIUS Act successfully cleared the House and received final approval from President Donald Trump on Friday. The new stablecoin legislation establishes federal guidelines for stablecoins. The passage of the GENIUS Act has provided a boost to cryptocurrency exchanges like Coinbase Global (COIN) and Robinhood Markets (HOOD), which saw their stock prices rise by 2.2% and 4.1%, respectively, following the news. Despite the favorable regulatory environment, Strategy’s stock did not experience a similar surge. Instead, it fell by 7.2% over the course of Thursday and Friday, marking the company’s worst two-day performance since late May. This decline mirrored the overall dip in Bitcoin prices, which had recently retreated toward the $117,000 zone from record highs above $123,000 earlier in the past week. Saylor Defends Bitcoin Strategy Reports note that the stock’s performance may have been impacted by a bearish research note from Gus Gala, an analyst at Monness, Crespi, Hardt, who reiterated a Sell rating on Strategy shares with a target price of $200. Notably, Gala is the only analyst among 17 surveyed by FactSet to rate the Strategy’s stock as a Sell, which could contribute to investor caution. Amid these fluctuations, Strategy’s Chairman Michael Saylor remains a vocal advocate for the company’s Bitcoin strategy. In a recent post on social media site X (formerly Twitter), he encouraged followers to “Stay Humble. Stack Sats,” referring to Satoshis, the smallest unit of Bitcoin, emphasizing a long-term commitment to accumulating the cryptocurrency. As the market continues to adapt to shifting regulations, crypto supporters are eagerly awaiting the next legislative development: the CLARITY Act. This bill, which passed the House with a vote of 294-134, aims to create a clearer regulatory framework for digital assets by distinguishing between securities and commodities and delineating oversight responsibilities among various federal agencies. When writing, the market’s leading cryptocurrency trades at $117,500, recording a 14% price surge in the monthly time frame, and nearly 74% year-to-date. With the recent price correction, the Bitcoin price is now 4% below its current all-time high achieved during last week’s rally. Featured image from DALL-E, chart from TradingView.com

🇺🇸 Fed e Tesouro dos EUA mantêm discurso técnico em meio a tensões políticas e comerciais 📅 Por Igor Pereira – Analista de Mercado Financeiro | Membro Junior WallStreet NYSE 🕒 Atualizado em 22/07/2025 💠 ExpertFX School 🔹 Powell evita comentários monetários e reforça foco técnico O presidente do Federal Reserve, Jerome Powell, iniciou hoje a conferência de Supervisão Bancária do Fed sem realizar qualquer comentário sobre juros, inflação ou perspectivas econômicas. Em função do período de blackout pré-FOMC, Powell optou por uma abordagem neutra e institucional, destacando apenas a necessidade de melhorar a estrutura de capital para grandes bancos, promovendo competição e estabilidade regulatória. 📌 “O Fed é uma instituição dinâmica, aberta a ouvir novas ideias”, declarou Powell, mantendo o foco na integridade do sistema bancário. 🎯 O que esperar do Fed: A ausência de sinalizações reforça o cenário de incerteza quanto à política monetária; O mercado segue precificando redução de juros entre setembro e dezembro, mas sem confirmação oficial; Ativos de proteção, como ouro e dólar, tendem a ganhar tração em momentos como esse. 🔹 Secretário do Tesouro, Scott Bessent, endurece discurso sobre tarifas Em paralelo, o Secretário do Tesouro dos EUA, Scott Bessent, trouxe declarações firmes sobre a agenda comercial e industrial da administração Trump. Dentre os principais pontos: Tarifas estão trazendo fábricas de volta aos EUA; Trump exigiu que licenças industriais sejam liberadas em até 30 dias; Uma série de acordos comerciais está prestes a ser anunciada; 1º de agosto é o prazo firme para todos os países ajustarem-se à nova política tarifária; Prazo para negociações com a China (12 de agosto) poderá ser prorrogado, com novas reuniões marcadas em Estocolmo. 💬 “Esperamos que a China reduza o excesso de manufatura e avance nas tratativas”, declarou Bessent, sinalizando avanço nas conversas bilaterais. 🔹 Bessent também comenta sobre Powell: estabilidade institucional é a prioridade Diante de rumores políticos sobre possível saída antecipada de Jerome Powell da presidência do Fed — ventilados pela ala mais dura da administração Trump —, Bessent minimizou a hipótese: ✅ “Não vejo razão para Powell deixar o cargo agora.” ✅ “Nada me leva a crer que ele deva ser substituído neste momento.” 📌 Essas declarações ajudam a conter a especulação e preservam a percepção de independência do Federal Reserve, fator crucial para a confiança dos investidores globais. 🟡 Impacto no Mercado Financeiro 🟠 Ouro (XAU/USD) – cotado a US$ 3.417 no momento: O silêncio do Fed impulsiona o ouro, já que o mercado busca proteção contra incertezas políticas e ausência de guia monetário; A possível extensão do prazo tarifário com a China até após 12 de agosto alivia momentaneamente o risco global, mas mantém o ouro como hedge prioritário; O discurso pró-industrialização de Trump e Bessent gera temores inflacionários futuros, o que também é favorável ao ouro. 🔵 Dólar Americano: A falta de comentários do Fed mantém o índice dólar (DXY) estável, mas sujeito a oscilações com base nas expectativas do mercado de juros; Negociações comerciais bem-sucedidas podem dar impulso ao dólar nas próximas semanas. 🔴 Ações e Treasuries: Treasuries seguem com rendimento estável (Fed Funds em 4,33%), refletindo cautela. Bolsas podem apresentar volatilidade até que haja clareza sobre o rumo da política monetária e comercial. 📌 Conclusão e Recomendações para Traders Atenção ao FOMC (29-30 de julho): o mercado espera algum tipo de posicionamento do Fed sobre o futuro da taxa de juros. Monitorar falas de membros do FOMC nos próximos dias, que podem quebrar o silêncio oficial com entrevistas técnicas pós-blackout. Foco em dados macroeconômicos a serem divulgados esta semana (PMIs, inflação PCE e pedidos de auxílio-desemprego). Ouro segue com viés altista, sustentado por incertezas fiscais, políticas e comerciais. Evite posições agressivas até que hajam sinalizações mais claras do Fed ou evolução concreta nas negociações EUA-China.

Most majors have appreciated the latest bout of dovishness from the FED Speakers as they entered the blackout period (2 weeks before FED Meeting where they can't mention Monetary Policy). The Dollar Index has fell below the 98.00 level, key barometer for appetite after having failed to even reach 99.00 on the July USD run-up. This allowed AUDUSD to find some form of bottom before markets see more data. The Australian Dollar had actually held pretty strong compared to its neighbor NZD for example, after holding their rates at the July 8th Meeting, before Markets saw disappointing Jobs data the week after and decided to still sell the Aussie. As a matter of fact, the RBA Minutes got published overnight (You can access them right here), mentioning some important factors to consider: The first being how the Royal Bank of Australia wants to keep the cuts gradual ("3 out of 4 meeting is too much"), global outlooks are not as bad as expected, Job Market hasn't loosened as much as expected and still looking to measure if the Mon. Policy is restrictive as they don't want it to become too loose. Except for a comment on subdued GDP that could be hurt further by tariffs, the overall comments are surprisingly hawkish – the Australian Cut cycle might not be as smooth as market had previously priced. Read More: Tariffs and Earnings Drive Markets as the FTSE 100 Trades Above 9000 Aussie Multi-timeframe technical analysisAUDUSD Daily Chart – Double top, but ... AUDUSD Daily Chart, July 22, 2025 – Source: TradingView The Pair is currently holding its April upwards channel despite showing signs of breaking before USD weakness and surprisingly hawkish RBA Minutes saved the pair at the 50-Day Moving Average, acting as immediate support. Sellers will want to create new lows before the end of the week to keep their hand, but having failed to hold below the key MA, the action looks more rangebound leaving some chances for buyers to step in at the low of the channel. AUDUSD 8H Chart AUDUSD 8H Chart, July 22, 2025 – Source: TradingView A small parenthesis on the 8H Chart to show how buyers stepped in a key moving averages from different other timeframes. See how the MA 200 (around 0.6480) will be now confirmed as key support for the major trend, with buyers having to breach the 8H MA 50 (0.6540) to regain momentum. AUDUSD 4H Chart AUDUSD 4H Chart, July 22, 2025 – Source: TradingView Looking even closer shows more light on the range that has been formed by the failed breakdown. Buyers are now stepping in, turning the immediate RSI momentum upwards. Low of range is located at the 0.6480 to 0.65 Support Zone while the highs of the range are at the 0.6580 to 0.66 Resistance Zone. Any break on a lot of volume and preferably daily and/or weekly closes below/above these levels will point to further breakouts, but these are not the signs we are seeing for now. AUDUSD 1H Chart AUDUSD 1H Chart, July 22, 2025 – Source: TradingView Buyers have held a retest of the lower trendline forming what could be a short-term double-bottom – a failure to break the 0.6540 (coinciding with the 8H MA 50) will point towards a rangebound consolidation. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Taseko Mines (NYSE: TGB; TSX: TKO) reported that construction of its Florence Copper mine in Arizona is now over 90% complete. The company confirmed the project remains on track to produce first copper cathode by the end of 2025. The operation is projected to boost Taseko’s copper production by 120%, based on a 2024 guidance of 110 million-115 million pounds of the metal. Source: Taseko’s presentation, Oct. 2024. Taseko said that more than 900,000 hours of project work have been completed with no reportable injuries or environmental incidents to date, and the workforce has tapered to roughly 330 on-site personnel. All planned injection and recovery wells have been drilled, and the 69 kV substation has been energized, marking a significant milestone in the ramp‑up process. Shares of Taseko rose 1% on Tuesday, putting the company’s market capitalization at approximately C$1.4 billion ($1 billion). “Florence Copper will be the next major US supplier of domestically produced copper cathode. The potential for 50% tariffs on copper imports into the United States has driven the Comex copper price to record levels in recent weeks. It’s a great time to be bringing on a new U.S.-based copper mine,” Stuart McDonald, President & CEO of Taseko, commented. The project uses in-situ recovery, meaning copper-rich solutions are pumped from underground and processed on-site, lowering environmental impact compared to traditional mining. The Florence project complements Taseko’s existing Gibraltar mine in BC and the New Prosperity copper‑gold project near Williams Lake.

The global crypto fund world saw another banner week as investors piled in. According to CoinShares data, net inflows into digital‑asset products jumped to $4.40 billion—beating the prior record of $4.27 billion set after the 2024 US elections. It was the 14th straight week of positive flows, lifting year‑to‑date inflows to $27 billion and driving total assets under management to a fresh high of $220 billion. Trading also heated up: exchange‑traded product turnover hit nearly $40 billion in a single week, underscoring a surge in both interest and liquidity. Record Inflows Hit New High Last week’s $4.40 billion haul wasn’t just a marginal uptick. It smashed the old record by $120 million. Investors have now pumped capital into these funds every week since early April, showing a clear shift toward digital assets as part of broader portfolios. Total AUM of $220 billion means these products now rival many traditional asset classes in sheer scale. And with $39 billion in weekly turnover, bid‑ask spreads are likely tighter—making it easier for big players to move in and out without major price swings. Ethereum Leads The Charge Based on reports, Ethereum was the standout draw. It pulled in a little over $2 billion—nearly double its previous weekly high of $1.2 billion. Over the past week, ether climbed 24.5%, briefly topping $3,800 for the first time in more than seven months. That price pop clearly caught buyers’ eyes. Bitcoin stayed strong too, with $2 billion in inflows, even if that was down from $2.7 billion the week before. Notably, ETPs made up 55% of Bitcoin’s total exchange volume, signaling that institutions are hunting exposure via these regulated vehicles. US Market Drives The Wave Regional flows tell their own story: the US was by far largest with $4.30 billion of last week’s inflows. Switzerland contributed $47 million, Australia $17 million, and Hong Kong $14 million. Meanwhile, Brazil and Germany experienced minor outflows of $28 million and $15 million as domestic investors booked profits or changed strategy. The sheer magnitude of US demand is evidence of both regulatory certainty regarding spot crypto ETFs and increasing comfort on the part of asset managers to apply those products. Featured image from Meta, chart from TradingView

Most Read: WTI Oil Slips as 200-day MA Caps Upside Potential Gold prices are making a fresh play for the $3400/oz handle, but will a break prove to be sustainable or not? This question remains front and center as trade tensions rise once more. The precious metal peaked just above the $3400 handle but failed to hold before a selloff saw the precious metals price drop to around the $3384/oz handle in the European session Trade Tensions on the Rise Gold prices have benefitted this week as trade tensions remain front and center especially between the US and EU. Trade tensions between the U.S. and the EU have grown as the EU plans new measures to counter tariffs threatened by President Trump. According to a Wall Street Journal report, Trump has raised the proposed baseline tariff rate to 15-20%, up from the previously mentioned 10%. This change disrupted the EU’s plans, which were based on a 10% tariff rate. In response, Germany, along with France and other European countries, has taken a tougher stance against the U.S. A German official reportedly said, “If they want war, they will get war.” If no trade deal is reached before the August deadline, tensions could worsen and disrupt global trade. If these tensions do not come to a positive conclusion that could be the catalyst Gold prices need for acceptance above the $3400/oz mark. US Dollar Struggles as DXY Breaks Trendline Another factor working in favor of higher Gold prices comes courtesy of the US Dollar and the US Dollar Index (DXY). As BoE President Bailey put it, Dollar shorts is the most crowded trade at present and that is showing. Looking at the DXY on the H4 chart below, there is strong support being provided by the 100-day MA which rests at 97.67. A break of this support level could lead to further downside with support at 97.26 and 96.90 respectively. If the DXY is to stage a recovery, a break above the 200-day MA will be needed. The RSI period 14 did bounce off the 50 neutral level which could be seen as a positive sign that could lead to a bounce for the US Dollar index. US Dollar Index (DXY) Daily Chart, July 22, 2025 Source: TradingView (click to enlarge) Outlook Moving Forward Data remains sparse from the US this week with trade deals and earnings likely to drive sentiment. Later in the week we have some US housing data which could impact the US Dollar as well as S&P PMI data which would shed further light on the US economy However, I still see trade deals being the key to the US Dollar, market sentiment and Gold prices for the rest of the week. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Technical Analysis - Gold (XAU/USD) From a technical standpoint, Gold has broken above the 3400/oz mark. A daily candle close above this level is needed and this would strengthen the probability of further upside. Gold has been printing higher highs since bottoming out on June 30. The precous metal is also trading in a triangle pattern and is approaching the upper band of the pattern. A break and daily candle close close above this level could lead to a move of around $386 which could push Gold close to the 3800/oz handle. A rejection of the upper band of the triangle pattern could lead to a retest of immediate support of the 3400 handle before the 3375 and 3350 handles come into focus. Gold (XAU/USD) Daily Chart, July 22, 2025 Source: TradingView (click to enlarge) Client Sentiment Data - XAU/USD Looking at OANDA client sentiment data and market participants are indecisive on Gold with 51% of traders net-long. I prefer to take a contrarian view toward crowd sentiment but the current data shows the indecision and uncertainty by market participants when it comes to the direction for gold prices moving forward. Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

On 19 July 2025, major Indian cryptocurrency exchange CoinDCX suffered a security breach resulting in the theft of approximately $44.2 million in USDC and USDT. Despite the hack, CEO Sumit Gupta took to X on 22 July 2025 to say that “CoinDCX remains financially strong, fully operational, and firmly committed to building for the long term. For us, it’s business as usual.” “We have processed 100%, I repeat, one hundred percent of INR withdrawal requests on the platform,” Gupta insisted. Now, it has come to light that the hack could possibly be attributed to the North Korean Lazarus Group – an internationally notorious, state-owned, cybercrime syndicate known for targeting crypto platforms. Cybersecurity firm Cyvers reported that the theft was executed within just five minutes. It involved seven high-speed transactions. The hackers showed cross-chain expertise to exploit operational wallets on the Solana blockchain Subsequently, the hacker executed multiple transactions to obscure the original transfer, converting stolen funds to ETH ▼-2.82% and SOL ▲4.09% before bridging them across different blockchains. By dispersing funds across multiple intermediary wallets, the hacker aimed to complicate tracing efforts. DISCOVER: 20+ Next Crypto to Explode in 2025 Key Takeaways North Korea’s Lazarus Group is behind CoinDCX’s security breach that resulted in the theft of approximately $44.2 million in USDC and USDT. Cybersecurity firm Cyvers reported that the theft was executed within just five minutes. It involved seven high-speed transactions. The post Is Lazarus Group Behind India’s $44M CoinDCX Heist? Cyvers Report Says Yes appeared first on 99Bitcoins.

Banks may soon begin crypto-backed lending for digital assets such as Bitcoin (BTC) and Ethereum (ETH). According to a recent Financial Times report, published on 22 July 2025, JPMorgan Chase is exploring the possibility of lending against its clients’ holdings of crypto assets, starting next year. If this goes through, JP Morgan Chase would become the largest American bank to endorse crypto. The financial institution, however, has cautioned that its plans are subject to change. With the ability to use Bitcoin and Ethereum as collateral, crypto-backed lending opens new financial avenues for users. The shift by leading US banks toward these services aligns with the pro-crypto regulatory stance of the Trump administration. Explore: Top 20 Crypto to Buy in July 2025 The bank’s CEO, Jamie Dimon, has previously made known his displeasure with crypto, calling it a fraud. Furthermore, according to a source quoted by the Financial Times, Dimon had once stated his intention to fire any trader trading crypto. His stance on stablecoins has shifted, however, acknowledging stablecoins as “real” and confirming JPMorgan Chase’s involvement in both deposit tokens and stablecoins. However, he has also questioned its practicality compared to traditional payment systems. His comments came during an earnings call on 15 July 2025, where he stated that the bank will be engaging with the asset class to “understand it” and “be good at it” Dimon’s comments coincided with Citigroup’s announcement of its intention to join the stablecoin space as well. Citigroup CEO Jane Fraser said that the bank may roll out a stablecoin to power payment solutions. Explore: Top Solana Meme Coins to Buy in July 2025 JPMorgan Already Supports Crypto-Backed Lending For Select Clients While a more mainstream lending apparatus against crypto is being explored by the bank, it already has provisions to let its clients borrow against crypto. Since June 2025, the bank has allowed select clients to borrow against crypto ETFs. BlackRock’s iShares Bitcoin Trust comes to mind. Moreover, JPMorgan Chase has stated that it plans to expand access to other funds after the rollout. The offering is targeted towards high-net-worth individuals and is a marked shift in now cryptocurrencies can now influence creditworthiness. If lending against ETFs is the first phase, then the next major step would logically be the allowance of loans backed by actual digital assets. However, to do so, JPMorgan Chase would need to address technical hurdles, especially the management of crypto collateral in case of default. Dimon has previously stated that the bank will soon permit its clients to buy Bitcoins, although it won’t provide any custody service. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon had then said. The bank’s decision to lend against crypto follows a broader shift in US policy towards crypto, as highlighted by US President Donald Trump’s endorsement of the GENIUS Act, signed last week. Explore: Best New Cryptocurrencies to Invest in 2025 Key Takeaways JPMorgan Chase may commence its crypto-backed lending program for BTC and ETH starting next year with subject to change The bank’s CEO has softened his stance on stablecoins JPMorgan Chase will be the biggest American bank to endorse crypto if it follows through The post JPMorgan Chase To Start Crypto-Backed Lending Against BTC And ETH Starting Next Year appeared first on 99Bitcoins.

CryptoInsightUK believes the long-awaited altcoin season has finally begun—and that XRP could be its headline act. In a 13-minute market update posted on July 21, the British analyst argued that last week’s dramatic collapse in Bitcoin dominance “erased 19 weeks of Bitcoin strength in a single candle,” a move he called the first clear signal of a sustained rotation into altcoins. “Volume tells the story,” he said, pointing to the outsized red bar that accompanied the dominance drop. The pattern, he noted, mirrors the December 2020 setup that preceded the last explosive altcoin cycle. If dominance continues to unwind at a comparable speed, it could slip to the 39 percent zone within seven weeks—giving altcoins room to outperform. XRP Could Rally 500% Against Bitcoin That macro backdrop matters because, in the same breath, XRP just printed the highest weekly close in its history. CryptoInsightUK highlighted an “accumulation-then-breakout” structure on the XRP/USD chart that resembles Bitcoin-dominance’s own staircase lower. “It’s continuation, in my opinion,” he said, adding that XRP’s breach of its 2017-2018 all-time-high band could usher in a series of higher highs. Liquidity data bolsters the thesis. Heat-maps from TradingDifferent show “significant liquidity to the upside… all the way now up to about $4.26,” the analyst said. He expects XRP to attack that magnet “probably within this week” and believes a run to $4.50 is “imminent” if Bitcoin breaks its nearby resistance shelf. The bolder call, however, is denominated in satoshis. With XRP/BTC perched just below its last meaningful resistance, CryptoInsightUK sees scope for a rally of “at least another 200 percent—potentially up to 500 percent—against Bitcoin” once the pair clears the level. Such a move, he argued, would propel XRP’s market-share to the 14–20 percent range, up from roughly 2 percent today, and would likely coincide with Bitcoin itself pushing toward the $135,000–$150,000 corridor. “Things are going to get exciting pretty quick,” he warned, urging followers to prepare profit-taking plans in advance. Though the video focused on XRP, the analyst revealed he recently took full profits on his sizeable Ethena (ENA) position after a 100 percent gain in two weeks, citing over-exposure and extreme daily RSI readings. The sale, he said, lifted his cash buffer from 2 percent to about 5 percent, giving him “the opportunity to hold my XRP bag for longer”. CryptoInsightUK acknowledged that timing any cycle top is notoriously difficult. “No one nails the cycle,” he conceded, promising to disclose his own exit strategy in real-time once price action justifies it. For traders who do not “live the charts,” he recommended a disciplined take-profit plan rather than aiming for absolute peaks. For now, the spotlight stays on two charts: Bitcoin dominance and XRP/BTC. A decisive breakdown in the former and a clean breakout in the latter would, in the analyst’s words, “ignite altseason” and validate the 500 percent upside scenario. Whether that firework display begins this week or takes a little longer, he insisted, “there’s no reason we couldn’t do something like this”—and sketched a near-vertical path higher. At press time, XRP traded at $3.46.

Face off: Mali’s leader Colonel Assimi Goïta (Image: Mali’s Presidence Office.) and Mark Bristow, Barrick Mining CEO. (Image: Screenshot from: Future Minerals’ video |YouTube.) A court in Mali has rejected Barrick Mining’s (TSX: ABX)(NYSE: B) appeal to release four employees arrested in November, deepening a high-stakes standoff between the Canadian mining giant and the country’s military-led government. Judge Samba Sarr ruled the appeal “unfounded” according to Barrick, which has repeatedly dismissed the charges as politically motivated and legally baseless. The employees, local staff working at Barrick’s Loulo-Gounkoto gold mine, remain in pre-trial detention in Bamako. They face allegations including money laundering and regulatory violations, Alifa Habib Kone, a lawyer for Barrick, told Reuters on Tuesday. Chief executive officer, Mark Bristow, is also facing an arrest warrant issued by Malian authorities in December. He is accused of similar offences. Bristow and the company have rejected all allegations, calling them without merit. The court’s decision marks the latest escalation in a high-stakes standoff between Barrick and Mali’s military-led government, which seized power in a 2021 coup — Colonel Assimi Goïta’s second in under a year. Relations have deteriorated sharply over disputes involving taxes, gold export rights, and the ownership structure of the Loulo-Gounkoto complex. Barrick holds an 80 per cent stake in the operation, while the Malian state owns the remaining 20 per cent. Operations at the site have been suspended since January after the government blocked gold export permits and seized more than three tonnes of the metal. On July 10, Malian helicopters reportedly landed at Loulo-Gounkoto without notice and removed an additional tonne of gold, worth $117 million at current prices. Mali accounts for roughly 14 per cent of Barrick’s global gold production. In the first nine months of last year, the company generated $949 million in revenue from its operations in the country. MINING.COM reached out to Barrick for comment on the court ruling, but the company had not responded by the time this story was published.

Bitcoin has surged back above $118,000 after a minor dip yesterday night, showing that the crypto bull run might be in its early phase. This recovery has also positively impacted other major cryptos, including Ethereum, Hyperliquid, XRP, and Solana, which have all bounced. This rebound comes amidst growing institutional demand and positive market sentiment. Inflows into crypto have increased, and altcoins like Ethereum and Solana are benefiting. Additionally, regulatory developments like the US crypto bills are contributing to the overall bullish trajectory. Bitcoin is leading, and analysts are eyeing the $120,000 mark as the next significant resistance level. Some are also predicting a potential rally if this threshold is breached. Ethereum, the second-largest crypto, is priced at close to $3,700. It has also shown resilience, supported by strong ETF inflows and growing adoption in DeFi applications. Market watchers are optimistic about its potential to reach new all-time highs in the coming months. Major alts like Solana, XRP and HYPE have emerged as stong altcoins. Sol new ETFs, XRP’s resolution of legal challenges, and Hyperliquid innovative approach to decentralized trading have boost these altcoins with utilities. The crypto market is demonstrating resilience, with Bitcoin and major altcoins rebounding from recent dips. Let’s watch what today brings for them. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x 1 hour ago Undervalued Crypto Altcoins: 3 Life Changing Altcoins During This BTC Pump By Akiyama Felix The market is currently bouncing after experiencing a slight dip, with ETH bouncing after dropping below $3,700, and many crypto altcoins are now available at a discount. Investors are now seeking the best undervalued crypto altcoins to buy as the market experiences a slight pullback. Find them here. 1 hour ago Hype Running Above $44 After A Dip To Low $43 By Akiyama Felix Hyperliquid is running back after a US lunchtime dip yesterday; the chart is screaming a big rally. The post [LIVE] Bitcoin Back Above $118K After Slight Crypto Dip Yesterday Night: ETH, HYPE, XRP, And Solana Bounce appeared first on 99Bitcoins.

2021 A military junta led by Général d’Armée Assimi Goïta seized power in Mali. August 2022 Mali’s Minister of Economy and Finance ordered an audit of the mining sector. The audit, conducted by Inventus Mining, run by former Barrick staff, and Mazars Senegal, took place through 2022 and 2023. March 2023 Preliminary audit findings aired on national TV criticized the mining sector but omitted industry responses. Observers claimed the report was biased and flawed. August 2023 Mali adopted a new mining code without consulting the industry, despite repeated calls for inclusive dialogue. October 2023 The government launched a review of existing mining contracts, led by the same audit group—raising conflict-of-interest concerns. The 2023 code didn’t legally apply to pre-existing contracts, including Barrick’s. Barrick offered to transition to the new framework, if exemptions could preserve project viability. It submitted several proposals, but the Renegotiation Committee refused to engage with data-driven terms. Late 2023–2024 Barrick made successive concessions during MoA talks, while Mali increased demands. In parallel, authorities launched unfounded investigations and detained local Barrick staff. October 2024 Barrick paid $83 million in good faith and outlined a path to resolve disputes. Authorities released the detained employees. November 2024 Four more employees were arrested on unproven charges and remain in detention. Authorities also issued an arrest warrant for Barrick’s CEO. Since November 14, 2024 Mali has blocked gold export authorizations, halting Barrick’s exports. December 2024 Barrick initiated ICSID arbitration over violations of its legal rights. 2025 January Authorities seized over three tonnes of gold, forcing Barrick to suspend Loulo-Gounkoto operations. Negotiations briefly resumed later in the month, but the Renegotiation Committee backtracked. It then submitted a Memorandum of Agreement (MoA). February 17 To secure its employees’ release, Barrick signed the MoA. The government never countersigned and escalated tensions by asking a local court to place the mine under provisional administration. May 29 The company asks the arbitration tribunal of the World Bank to intervene in the legal proceedings. June 16 The Bamako Tribunal of Commerce appointed Soumana Makadji as provisional administrator. He has indicated plans to resume gold exports and restart operations. July Arbitration proceedings advanced. A hearing on provisional measures is scheduled for late July. On July 7, local lawyers finally got an appeal heard regarding the employees’ detention—months late. A ruling is expected July 22. Government helicopters landed unannounced at Loulo-Gounkoto on July 10, seizing over a tonne of gold, likely for sale by the provisional administrator. The situation remains fluid. A Malian judge rejected on July 22 Barrick’s appeal to release the four employees arrested in November, calling the motion “unfounded.” The company has said the arrests are baseless and part of the broader dispute over taxes and operations ownership. ** Data sources: Barrick Mining and MINING.COM archives.

Overview: The foreign exchange market is quiet. The greenback is narrowly mixed against the G10 currencies. Leaving aside thinner traded New Zealand dollar and Norwegian krone, the other currencies are mostly +/- 0.1%. Emerging market currencies are also mixed and mostly +/- 0.2%. The approaching August 1 expiration of the postponement of US "reciprocal tariffs" casts a pall of anxiety over the markets and spurs hope of last-minute deals. Asia Pacific equities today featured the return of Tokyo markets from a long-holiday weekend. Japanese equity indices were little changed, while China and Hong Kong extended their recent gains. South Korea and Taiwan's main indices fell over 1%. Europe's Stoxx 600 is off for the third consecutive session and the seventh session in the past eight. US index futures are sporting a softer profile. Bond markets are also under a little pressure. European benchmark 10-year yields are mostly 1-2 bp higher, and the 10-year US Treasury yield is 1 bp higher near 4.39%. Japan's 30- and 40-year bond yields were slightly higher. Japan is set to sell new 40-year bonds tomorrow. Gold edged a little higher today to reach near $3403 but was greeted by sellers that drove it to almost $3383 in late Asian turnover. After reversing lower before the weekend from nearly $69, it fell to about $66.50 yesterday and slightly more today. Last week's low was closer to $65.40. USD: The Dollar Index traded to a three-day low yesterday near 97.70, which nearly met the (50%) of this month's rally and approached the 20-day moving average. It has not been unable to resurface above 98.00 today and this keeps the downside pressure intact. The next retracement (61.8%) is near 97.35. Surveys from the Philadelphia Fed (non-manufacturing activity) and the Richmond Fed manufacturing index and business conditions will be reported. They are not typically market movers even in the best of times. And given that Fed officials are downplaying survey data, it is especially true now. The Fed has entered the blackout period ahead of next week's FOMC meeting, we should not expect any discussion of the outlook for monetary policy or the state of the economy from Fed Chair Powell in his opening remarks at the conference on the Fed's Integrated Review of the Capital Framework for Large Banks. EURO: The euro's downside correction appears to have ended last week slightly ahead of $1.1555. It held above $1.1680 today and is holding slightly below yesterday and last week's high slightly around $1.1720. The $1.1725 area (the 61.8% retracement of the pullback from July 1) would lend credence a more constructive outlook for the euro. The eurozone calendar is quiet until Thursday with the flash PMI, which is expected to tick slightly higher and the ECB meeting. There is little chance of a change in policy. The swaps market is discounting the next cut in December, which would bring the deposit rate to 1.75%. Currently, the market suspects that it will be the terminal rate but has about a 1-in-3 chance of a cut next year discounted. CNY: Through the higher dollar fixes in recent days, the PBOC seems to be trying to slow the appreciation of the yuan. The PBOC set the dollar's reference rate higher for five of the past six sessions before today, but today's was not simply lower (CNY7.1460 vs CNY7.1522 yesterday) but it is a new low fix of the year. The greenback remains in the range set last Wednesday (~CNH7.1685-CNH7.1910) amid the heightened speculation at time that Fed Chair Powell's dismissal was imminent. A base appeared to have been carved that extends toward CNH7.1660. Many observers still do not appreciate that China's dominance of several important supply chains is a source of leverage. While rare earth exports jumped around 660% month-over-month in June after the US-China deal was clarified, a new front has opened. Beijing indicated it was adjusting existing restrictions in light of the evolution of the technology to require licenses for eight key technologies used in the manufacturing process for EV batteries. This puts at risk Ford's plans for an EV battery plant in Michigan. It had planned on licensing technology from China's CATL. JPY: Many observers attributed the yen's sharp gains yesterday to unwinding carry trades, but the evidence was sketchy, and it seemed like a simple explanatory narrative. For example, if the yen was the funding currency, what was bought with it? Of the three best performing high-yielding Latam currencies (MXN, BRL, COP) the Mexican peso and Brazilian real appreciated yesterday. Speculators in the CME futures, as of the latest CFTC data (through July 15) are net long yen. The net long position reached a record of almost 180k contracts in late April but were pared back. Still, at around 103.6k contracts, the net long position would still be a record. We note that the US 10-year yield fell by nearly half-of-a-dozen basis points yesterday and is off 15 bp from last week's high. The rolling 60-day correlation between the changes in the exchange rate and the US yield is at its highest level in four months (~0.45) and the 30-day correlation of changes is slightly below 0.77, which remains near the year's high set last week, near 0.80. The dollar rallied from around JPY142.70 on July 1 to last week's high slightly shy of JPY149.20. The (38.2%) retracement is near JPY146.70. The dollar held above JPY147 yesterday and is consolidating in about a JPY147.25-JPY147.95 range today. The (50%) retracement is a little below JPY146. The 20-day moving average is a smidgeon above JPY146. GBP: Sterling reached a six-day high yesterday, slightly above $1.3510. Recall that it peaked on July 1, near $1.3790, and forged a low last week around $1.3365. The $1.3525 area is the (38.2%) retracement of this month's decline and the $1.3570-80 area houses the (50%) retracement and the 20-day moving average. It is in about a third of a cent range today below $1.35. The UK reported government finance figures earlier today, and although the market is aware of the fiscal straits of the Labour government, the monthly data prints tend not to be the focus. That said, government borrowing was greater than expected. The June deficit was GBP20.7 bln, which was about GBP6.6 bln more than a year ago and above the GBP17.5 bln median forecast in Bloomberg's survey. News over the weekend suggested that the government is considering selling cryptocurrencies previously seized. It is not clear how much the crypto is worth, but an estimate in the Telegraph that a single raid in 2018 netted 61k Bitcoins, making that alone worth about GBP5 bln (though Chinese victims of the investment fraud have asked that the BTC is returned). CAD: Weaker Bank of Canada business surveys did not offset the broadly softer US dollar. The greenback pulled back to the shelf forged last week in the CAD1.3670-80 area. The 20-day moving average is found at the lower end of that range. The CAD1.3665 area corresponds to the (50%) retracement of this month's bounce and the (61.8%) retracement is around CAD1.3640. It is a quiet week for Canadian data, leaving it, arguably, at the mercy of the greenback's general direction. May retail sales are due Thursday and a drop in auto sales may have driven overall sales around 1% lower. Excluding autos, economists expect the third consecutive decline in Canada's retail sales. AUD: The Australian dollar traded firmly but inside the pre-weekend range yesterday. Last Friday's high was slightly above $0.6540 and yesterday's high was slightly below it. It is trading quietly between about $0.6505 and $0.6530 today. The $0.6540 area corresponds to the (61.8%) retracement of the leg down from this year's high recorded on July 11 (~$0.6595). The 20-day moving average is near there, as well. The minutes from the central bank meeting earlier this month confirmed what Governor Bullock said at the time. The unexpected decision to stand pat was a question of timing not the direction of policy. Most board members, and overall vote was reported for the first time (6-3 decision), that cutting rates for the third time in four meetings did not meet its forward guidance for proceeding cautiously and gradually. Undeterred, the futures market is fully discounting a quarter-point cut at the next meeting on August 12. MXN: The dollar fell to a six-day low against the Mexican peso yesterday, near MXN18.6250. The greenback peaked last Tuesday around MXN18.8850. The low for the year was recorded on July 9 slightly above MXN18.5525. A move above MXN18.72-75 would suggest the corrective/consolidative phase has more work to do. Mexico reports May retail sales and the IGAE report on economic activity, which serves the function of a monthly GDP estimate. Retail sales slumped 1% in April nearly offsetting in full the cumulative increase in Q1. The median forecast in Bloomberg's survey is for a 0.4% increase. The IGAE report is expected to have risen by about 0.20. That would put the April (0.54) and May average somewhat below the Q1 average. The Mexican economy eked out 0.2% growth in Q1 after it contracted by 0.6% in Q4 24. The median forecast in Bloomberg's survey for Q2 calls for a 0.1% decline in output. It will be reported next week. Disclaimer

The Japanese yen has posted small gains on Tuesday. In the European sesssion, USD/JPY is trading at 147.51, up 0.10% on the day. Earlier, the yen weakened as much as 0.4% before paring these losses. Will Ishiba cling to power? The fallout continues from the coalition's stinging election defeat on Sunday. The coalition lost its majority in parliament after failing to hold onto a majority in the upper house. The immediate question is whether Prime Minister Ishiba will keep his job after the election debacle. Ishiba has declared he will remain in office, there have already been calls for his resignation and his days as prime minister may be numbered. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Over the last few weeks, XRP has creeped up slowly but surely to become one of the most talked-about cryptocurrencies in the space. Its price has also risen steadily through this time, beating the $3.6 level to reach new seven-year highs and triggering momentum for higher prices. While the community celebrates this milestone, there is the fact that the altcoin has not made a new all-time high, and even with all of the recent push, its inability to reach new peaks has become a cause for concern. Are XRP Investors Getting The Short End Of The Stick? In a TradingView post, crypto analyst ICharted made a shocking allegation, namely that XRP investors are being ripped off. The analyst pointed out that the fact that a number of bullish developments have emerged in recent times and the XRP price is still sitting well below its all-time high levels shows that investors were getting the short end of the stick. The analyst listed out seven developments that have been bullish for the XRP price and should’ve already pushed it to new peaks. First on the list is the election of US President Donald Trump, who is the first pro-crypto president in history. Despite the market surge triggered by Trump’s election, XRP has remained well below its all-time highs. Next on the list is the fact that the Ripple case brought by the Securities and Exchange Commission (SEC) in 2020 is nearing its end, and this has also triggered a surge. But it was still not enough for new peaks. This also comes amid mass adoption as Ripple becomes the foremost crypto settlement company in the industry. ICharted also pointed out the myriad of partnerships that Ripple has inked, spanning from payments to real estate, and yet the XRP price continues to struggle. This has put XRP in the eye of the public, making it a well-known cryptocurrency, especially as it plans to take on SWIFT, but it is still sitting below all-time highs. The rise in the volume in the past year is another development the analyst points to, as well as the fact that it was able to receive an ETF approval this year, which began trading last week. Then, last but not least, is the fact that the US Congress has passed multiple favourable crypto bills this year, and yet the XRP price remains below its 2018 peaks. Given that none of these have been able to push the XRP price to new all-time highs, the analyst warned investors that they are being ripped up on the price action. ICharted pointed to a possible price crash back to the $2 level soon, predicting that a free fall will begin in August. “The Feds are soon going to cut rates multiple times. Bitcoin tanks everytime that happens,” the analyst warned.

Precious metals have been the top-performing asset class in 2025, handily trouncing the U.S. stock market and bonds. Gold, platinum, and silver are all notching impressive double-digit gains, with platinum leading the way with a 54% gain year-to-date. Gold soared to a record high above $3,400 an ounce and climbed 26% in the first six months of the year. Now, analysts say, silver could be ready to take the lead after hitting a 13-year high in June, up 25% in the first half. Tightening physical supplies and increasing investment demand are set to push silver higher over the next several months. Citigroup targets gains to the $40 an ounce level in silver in the next three months and then to $43 over the next 12 months. Interest rate cuts from the Federal Reserve could also help boost silver in the second half of the year, Citigroup says. Around the world, retail investors continue to accumulate silver bars and coins. India, in particular, revealed a 7% year-over-year gain in retail silver bar and coin purchases in the first six months of 2025. Why Buy Silver? Silver benefits from both investment demand as a precious metal and industrial demand for many different uses in manufacturing. In industry, silver is utilized in manufacturing and technology, which keeps physical demand high. Silver is used to manufacture solar panels, electronics, batteries, nanotechnology applications, water purification systems, and many other products. Demand for solar power has increased significantly in recent years, which has created a new industrial input for the metal. Timing Can Help Precious metals investors typically take a long-term view to wealth building and precious metals accumulation. If you are considering if now is the right time to buy, the gold/silver ratio can offer insights as an effective timing mechanism. Here’s how that works: The gold/silver ratio is a simple calculation – divide the price of an ounce of gold by the cost of an ounce of silver. Spot gold $3,348 an ounce Spot silver $38 an ounce Gold/Silver ratio = 88 Gold/Silver Ratio at 88 Signals It Remains Undervalued Compared to Gold Historically, there have been only a few occasions when the gold-silver ratio traded above 80. Readings above 80 signal that silver is severely undervalued and is a strong buy signal for the metal. Higher Silver Prices Ahead The trend for silver points to higher prices ahead. Citigroup is targeting a move to $43 an ounce over the next year. If you buy today with silver at $38 an ounce, you could lock in a 13% gain over the next 12 months. What’s in your portfolio now? Curious to explore how silver could help you to build wealth? Blanchard portfolio managers are available for a free, personalized portfolio check-up. Give us a call at 1-800-880-4653. Want to read more? Subscribe to the Blanchard Newsletter and get our tales from the vault, our favorite stories from around the world and the latest tangible assets news delivered to your inbox weekly. Photo by Zlaťáky.cz on Unsplash The post Silver Up 26% YTD. Could Climb More to $43 an Ounce, Citigroup Says appeared first on Blanchard and Company.