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Another day, another Trump’s new tariffs plan. The market is tired and it didn’t react to the news positively. U.S. President Donald Trump has signed an executive order reimposing ‘reciprocal tariffs’ of 10% to 41% on imports from 69 countries, along with higher duties on certain Canadian goods over drug-smuggling concerns. Canada’s tariffs take effect on August 1, with others following on August 7. Overall, the market is still holding up well, with major altcoins retesting key support levels. It could be interesting to identify what might be the next crypto to explode once the dust settles. The tariff news hit just as global risk assets tumbled. Over $570 million in crypto long positions were liquidated in 24 hours, with Ethereum and Bitcoin taking the biggest blows. Fear of higher inflation and tighter trade flows drove a broad sell-off. Still, seasoned investors are looking past the headlines, scanning on-chain data for signs of a rebound. EXPLORE: Top 20 Crypto to Buy in 2025 Next Crypto to Explode? Whales Accumulate ETH as XRP Retests Support While spot prices slipped, whale wallets quietly scooped up more Ether. In the last week, 12 new large holders added roughly 790,000 ETH (about $2.9 billion) to their balances. Two of those fresh wallets alone bought 68,300 ETH ($252 million) just eight hours ago. This steady accumulation suggests big players see value in holding ETH through short-term turbulence. At the same time, XRP price is retesting a key support zone around $2.95. After peaking near $3.66, XRP has pulled back to this horizontal level first tested in March and May. If buyers defend $2.95, XRP could rally back toward $3.20 or higher. But a break below might send price down to the next floor near $2.65. Between the tariff-driven dump and aggressive ETH buying, traders are split on which asset is truly set to explode next. Bulls point to whale activity and XRP’s support bounce as a recipe for a fast rebound. Skeptical traders warn that macro uncertainty and ongoing liquidations could keep pressure on prices. For now, keep an eye on on-chain flows and chart levels. If ETH accumulation continues and XRP holds above $2.95, these could be the ingredients that spark the next crypto to explode once the market finds its footing. 52 minutes ago Bankrcoin (BNKR) Crypto Hit 100M Marketcap: How’d it happen? By Fatima Bankrcoin (BNKR) crypto has doubled in market cap since our initial coverage. After completing its Coinbase listing, the token soared over 100% and is now over a 100M market cap. With Coinbase’s backing and full Baseapp integration, BNKR has captured a 14% market share. It now leads coins like Fartcoin, Rekt, Virtuals, OpenLedger, and Monad, according to CookieDAO. How did this happen? Read The Full Article Here The post [LIVE] Crypto News Today – Next Crypto To Explode? Crypto Market Is Down But Whales Keep Accumulating ETH As XRP Price Retests Support Level appeared first on 99Bitcoins.

Coinbase (COIN) shares experienced a decline on Thursday after the cryptocurrency exchange reported second-quarter revenue that fell short of analysts’ expectations, according to CNBC. Weaker Trading Volumes Impact Coinbase For the period ending June 30, Coinbase reported a net income of $1.43 billion, or $5.14 per share, a significant rise from just $36.13 million, or 14 cents per share, in the same quarter the previous year. This growth was largely driven by a $1.5 billion gain from its investment in Circle (CRCL) and an additional $362 million from its crypto investment portfolio. On an adjusted basis, the company earned $1.96 per share, surpassing estimates of $1.26, according to LSEG. However, total revenue slightly increased to $1.5 billion, up from $1.45 billion a year ago, yet it still fell short of the anticipated $1.6 billion. Transaction-related revenue totaled $764 million, which missed StreetAccount’s estimates of $787 million. As a result, shares fell 6% in after-hours trading. Analysts had predicted a weaker second quarter following a period of market enthusiasm in the first quarter, when traders were optimistic about potential regulatory improvements from the Trump administration. As attention in Washington shifted towards tariffs, speculative trading by retail investors declined across centralized crypto exchanges (CEXs). Nonetheless, inflows into crypto exchange-traded funds (ETFs) and purchases by treasury companies helped sustain market prices. Short Of Analyst Expectations Coinbase did report a 16% year-over-year growth in retail trading volume, reaching $43 billion. However, this was below the $48.05 billion expected by analysts. The company’s subscription and service offerings, which encompass stablecoins, staking, interest income, and custody services, experienced a 9% increase from the previous year, totaling $655.8 million. This figure was also below analysts’ projections of $705.9 million. Revenue from stablecoins, a key theme in the crypto market during the second quarter, came in at $332.5 million, closely aligning with estimates of $333.2 million. This represented a substantial 38% increase compared to the same period last year and a 12% rise from the first quarter. The surge in stablecoin interest was partly fueled by the successful June IPO of Circle, the issuer of the USDC stablecoin. Coinbase benefits from a revenue-sharing agreement with Circle, allowing it to retain 100% of the revenue generated from USDC held on its platform and approximately 50% of revenue from USDC on other platforms. Despite the challenges in trading volumes, the company announced plans to broaden its services beyond cryptocurrencies, introducing tokenized real-world assets, derivatives, prediction markets, and early-stage token sales, starting with US users. Year-to-date, Coinbase shares remain up more than 50%, outperforming the S&P 500 benchmark, which the stock joined in May. As of this writing, COIN closed the trading day at $377. Featured image from DALL-E, chart from TradingView.com

After rising to a new 7-year high off the back of strong buys, the XRP price has moved back downward in search of new support levels. This move has been spurred by the general bearish sentiment that has plagued the market as the Bitcoin price struggled to reclaim its all-time high levels, putting altcoins at risk once again. On its own, the XRP price is facing unique barriers, especially when it comes to buying, which could trigger another wave of decline. Directions The XRP Price Could Go Crypto analyst Thecafetrader has highlighted the possible directions that the XRP price could go in following its decline. These include both bullish and bearish directions, both being decided by buyers and how much weight they put behind their positions during this time. The first point that the analyst makes is the fact that the XRP price rally was driven by massive buyers. These buys had triggered a breakout above the 2024 highs, but met resistance from sellers once again. Thus, it suggests that bulls have been trapped at higher prices inside their positions. However, this is not the most concerning development. One thing that the analyst points out is the major decline in trading volume despite XRP hitting new highs this year. For example, back in 2024, when the XRP price had first crossed the $3 mark, the daily trading volume had peaked above $78 billion. But with the new highs above $3.6, the highest daily trading volume recorded was just above $41 billion. Given this, it suggests that there is a major decline in buying interest, especially as conviction has been impacted by the price decline. Interestingly, though, the buyers are not the only ones who seem to be abstaining from the XRP altcoin at this point. According to the analyst, there are no “real” sellers that are moving into the market. Therefore, there is still bullish momentum for a possible recovery back to $4.64. Moving to the more bearish side, the analyst explains that the XRP price does need the strong buyers to step in to continue an uptrend. If these buyers fail to hold up, then the XRP price does risk crashing back downward from the initial $2.95 point of interest. The targets for such a decline are placed by the crypto analyst at $3.13 initially. However, the more the price struggles, the lower the targets go. Next is the $2.95 territory, then $2.15-$2.3, which the analyst calls a “good price” for entry. Then last but not least is the $1.60-$1.93 range, marked as a “steal.”

Tether, the company behind the market’s largest stablecoin USDT, has announced major financial results for the second quarter (Q2) of the year, reporting a net profit of $4.9 billion. Tether Achieves $5.7 Billion In Earnings For H1 2025 According to the report, this surge in profitability comes amid the issuance of over $13.4 billion in new USDT, boosting the total circulating supply to more than $157 billion—a remarkable $20 billion increase since the beginning of the year. At the end of Q2 2025, Tether’s exposure to US Treasuries reached $127 billion, comprising $105.5 billion in direct holdings and an additional $21.3 billion in indirect investments. The company’s shareholder capital remained stable at approximately $5.47 billion, reinforcing Tether’s strong solvency profile and ensuring long-term sustainability. For the first half of 2025, Tether reported total earnings of $5.7 billion, with $3.1 billion coming from recurrent profits alone. Excluding mark-to-market contributions from investments in gold and Bitcoin (BTC), which added another $2.6 billion, this performance emphasizes Tether’s operational strength and revenue consistency. CEO Paolo Ardoino’s Highlights Building on its financial foundation, Tether revealed that it has reinvested a significant portion of its profits into long-term initiatives. Over the past six months, the company has allocated more capital toward these efforts than in prior periods, demonstrating its commitment to foundational infrastructure. Among its key initiatives are investments in XXI Capital and a partnership with Rumble, which includes the development of the Rumble Wallet. The firm also unveiled that SDT continues to facilitate commerce, remittances, and innovation across more than 150 countries, particularly in regions where traditional banking services are limited or unreliable. As of June 30, 2025, Tether reported total assets of approximately $162.6 billion against total liabilities of about $157.1 billion, with nearly all liabilities relating to the digital tokens issued. Importantly, the company’s assets exceed its liabilities, providing a reassuring financial outlook. Additionally, proprietary investments in emerging sectors such as artificial intelligence (AI), renewable energy, and communications infrastructure are not included in the reserves backing issued tokens, indicating further growth potential. Paolo Ardoino, CEO of Tether, emphasized the company’s achievements, stating, “Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating. With over $127 billion in US Treasury exposure, robust Bitcoin and gold reserves, and over $20 billion in new USDT issued, we’re not just keeping pace with global demand, we’re shaping it.” He added, “As regulators formalize frameworks for digital dollars, Tether stands as a live, proven model of what stablecoin innovation can achieve: transparency, resilience, and massive global reach. USDT is helping billions access the stability of the US dollar, and that mission has never been more urgent or relevant.” Featured image from DALL-E, chart from TradingView.com

Gold prices are making a fresh attempt to reclaim ground above the $3300/oz mark following a selloff this week. The selloff in Gold has been down to a combination of factors such as improved sentiment as trade deals were struck and a stronger US Dollar. The question now is whether this is the start of a larger correction or is the road still bumpy ahead? Gold Prices Moving Forward Golds continued back and forth over the past few weeks left market participants scratching their heads. However the recent price drop and trendline break have raised interest in the potential for further downside. Gold buyers are still holding on, but the lower peak at 3435, below April's high of 3500, suggests the rally might be losing steam after a 75% climb over 15 months. The reason that bulls have remained buoyant thus far, comes from the fact that two previous attempts by bears to gain control saw the precious metal attract buyers en masse. This resulted in higher lows instead of the predicted lower lows which would go with the trend. In May following a selloff from highs around $3500/oz support and buyers returned around the $3200/oz before a rally to $3433/oz. This was followed by a new lower low at $3122/oz which seemed to many that it could be the start of a longer term downtrend. However, a rise in geopolitical risk saw a higher high posted instead of a lower high and this saw a two month period of mixed price action. This begs the question, is the current drop the start of a longer move to the downside or more of the same? US Dollar Recovery Gains Pace There is a notable difference with the current rally though. Firstly, Geopolitical risk has quietened down toward the background over the last 3 weeks which is not to say that it may not return. The Iran question remains open ended, with ongoing meetings and a potential regime change still being touted in many avenues of the media. Should the situation escalate again, safe haven demand may return. For now though this avenue has led to a reduction of haven flows. The US dollar has been bid of late as trade deal announcements appear to be aiding the US dollar. The rally in the DXY is now at a crucial point as tariffs kick in. The DXY is testing a crucial pivot level around the 100.00 mark, just ahead of today's NFP data. US Dollar Index (DXY) Daily Chart, August 1, 2025 Source: TradingView (click to enlarge) A positive jobs number could add to optimism around the US economy. Whether this is misguided as some analysts have pointed out is irrelevant, what matters is what market participants are doing, and based on market moves it appears there is no doubt that confidence is growing around global growth and growth in the US during h2 2025. If this picture persists through the month of August, Gold bulls could be in for a challenge. However, it is always important to remember that the situation has been fluid and ever evolving in 2025, so this is by no means set in stone. For a full breakdown of the NFP data due later today, read August Non-Farm Payrolls preview 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 monthly candle close for July closed as a massive shooting star which hints at further downside ahead. This also marked the first bearish monthly close since December 2024 and could be a sing of the shift in momentum between buyers and sellers. Dropping down to a daily chart and as you can see below, we have broken below the triangle pattern where last week we had a false breakout to the upside. The breakout to the downside has been followed by a significant push lower, with Wednesday seeing the precious metal lose about 1.55% and record its lowest daily close in just over a month. However, yesterday we saw an inside bar bullish candle close as Gold found some support at the 100-day MA which is hovering around the $3270/oz handle. If bulls are to make a move higher, acceptance above the $3300/oz handle is crucial with a daily candle close above this level needed for bullish momentum to return. Immediate resistance rests at $3322, $3341 and $3350 respectively. A move lower here will first need a clean break and daily candle close below the 100-day MA. This could open up the possibility of further downside toward support at $3243, $3200 and potentially the $3121 handle (which is the lowest price reached since the April all-time high of $3500/oz. Gold (XAU/USD) Daily Chart, August 1, 2025 Source: TradingView (click to enlarge) Client Sentiment Data - XAU/USD Looking at OANDA client sentiment data and market participants are Long on Gold with 72% of traders net-long. I prefer to take a contrarian view toward crowd sentiment and thus the fact that the majority of traders are net-long suggests that Gold prices could continue to slide 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.

Strategy (previously MicroStrategy) announced its first profit in six quarters, buoyed by a notable surge in cryptocurrency values during the latest quarter that saw the market’s largest cryptocurrencies,, including Bitcoin (BTC), recover from previous price corrections. This development comes as the crypto firm, the largest corporate holder of Bitcoin, capitalizes on a favorable market environment that saw Bitcoin reached a new all-time high past $123,000 for the first time, following the signing of the GENIUS Act into law by US President Donald Trump earlier this month. Strategy Reports $14 Billion Gain As of June 30, Strategy held an impressive 597,325 BTC, purchased at an average price of $70,982 per coin. With Bitcoin currently trading in a consolidation between $114,000 and $120,000, the company recorded a staggering $14 billion unrealized fair value gain on its digital assets. This marked a stark contrast to the previous year, when the company co-founded by Bitcoin bull Michael Saylor, faced a loss of $102.6 million, or 57 cents per share. For the three months ending June 30, Strategy posted a net profit of $9.97 billion, or $32.60 per share as the company has increasingly ramped up its acquisition efforts through new initiatives this year. ‘Hyper-Growth Phase’ For Bitcoin Historically, the company faced restrictions on recognizing gains from Bitcoin unless it sold the assets; it could only account for losses if the cryptocurrency’s value fell below its purchase price. However, this recent profit signals a shift in its financial strategy, reflecting broader corporate acceptance of cryptocurrencies. Strategy began its Bitcoin accumulation in 2020, initially using cash and later financing its purchases through low-cost convertible bonds and stock sales. The firm is now ranked first among the top 100 public Bitcoin treasury companies. Following it are the mining firm MARA Holdings, XXI, the Bitcoin Standard Treasury Company, and Riot Platforms. The company’s stock, MSTR, has surged nearly 39% this year, outpacing Bitcoin’s own 25% increase. This momentum has inspired other public companies to adopt similar strategies, emulating the buy-and-hold treasury approach championed by Strategy’s co-founder Michael Saylor. On a recent post-earnings call by the company, Saylor remarked that the digital asset industry is entering a “hyper-growth, hyper-adoption phase” for Bitcoin as a treasury reserve asset. Moreover, several companies are now diversifying their crypto holdings, exploring other tokens like Ethereum (ETH) and utilizing mergers with blank-check companies to integrate crypto assets into their equity structures. Strategy’s stock, which saw a nearly fivefold increase last year, even earned it a place in the Nasdaq 100 index in December. When writing, the market’s leading crypto trades at $115,780, meaning a 6% gap between current prices and its record high. Featured image from DALL-E, chart from TradingView.com

After hitting a new low two days ago, Pump.fun (PUMP) has jumped nearly 30% to a key resistance level. As the token attempts to reclaim this area, an analyst suggested that the bottom may be in, and a recovery rally is underway. PUMP Sees Rollercoaster Price Action On Thursday, Pump.fun retested a crucial level after its recent struggles. The token has been making the headlines for its constant bleeding, hitting new all-time lows (ATLs) over the past week. Notably, PUMP launched on July 14 and surged 70% from its Initial Coin Offering (ICO) price of $0.0040, hitting its all-time high (ATH) of $0.0068 two days later. However, selling pressure from large-scale investors and disappointing updates about the highly anticipated token airdrop halted the fun. Just a week after its launch, Pump.fun’s token fell below its ICO price and continued to nosedive below the $0.0030 mark over the following days. The cryptocurrency hit an ATL of $0.0028 last Thursday after the platform’s co-founder, Alon Cohen, stated that the PUMP airdrop would not be taking place soon. Since then, the token has dropped even further, hitting a new low of $0.0022 on July 29, nearly a 70% drop from the ATH. Nonetheless, PUMP has also been ranging between the $0.0024-$0.0029 area during the past week, attempting to break above this range three times. Over the past two days, Pump.fun has surged nearly 30% from the lows, breaking above the $0.0030 resistance for the first time in a week. The token surged 12% on Thursday to hit a weekly high of $0.0032 before retracing toward the $0.0027-$0.0029 area. Crypto analyst Altcoin Sherpa highlighted the recent price action, suggesting that PUMP has shown “some great strong moves lately” and a breakout and “hated rally” could be coming soon. He previously forecasted that the bottom would happen “relatively soon,” and it would likely be followed by “some sort of giga crime pump.” Pump.Fun Buybacks To Fuel The Recovery? The recent recovery appears to be partially driven by the platform’s buyback program and whales’ renewed interest in the token. Notably, a large-scale investor that previously lost $125,000 on PUMP purchased $3.16 million worth of tokens on Thursday. Lookonchain shared that a whale spent 17,542 SOL to buy $1.06B of $PUMP at $0.00297. Meanwhile, a community member noted that “PumpFun has pivoted to what seems to be 100% token buybacks. 98% of yesterday’s PumpFun / PumpSwap revenue went to buying PUMP today.” Similarly, On-chain sleuth EmberCNB detailed that Pump.fun transferred 12,000 SOL, around $2.16 million, to its buyback address on July 30. It’s worth noting that the memecoin launchpad started a repurchase initiative on July 16, when the token hit its ATH. According to the report, Pump.fun initially transferred 187,770 SOL, approximately $30.53 million, from its fee wallet to the buyback address. Since then, the platform has repurchased 3.828 billion PUMP tokens for 129,100 SOL, valued at $21.5 million. Nonetheless, an X user expressed concerns about the initiative, affirming that “it is erratic.” To the community member, the inconsistent buybacks are “not a good look (…) first day 10m (way above their revenue), then stop, then 1m, then stop, now 100%, they are just playing to see what gets the attention, then stop buybacks altogether.” As of this writing, PUMP is trading at $0.0027, a 7% decline in the weekly timeframe.

On-chain analytics firm CryptoQuant has highlighted six indicators that could point to growing momentum in the altcoin market. These Altcoin Metrics Are Observing Positive Developments In a new thread on X, CryptoQuant has discussed about how the altcoins have been heating up since Bitcoin’s breakout to the new all-time high (ATH) in mid-July. At the forefront of this alt push has been Ethereum, the cryptocurrency second only to Bitcoin in terms of market cap. Since BTC’s high, ETH has broken out above the $3,000 level and has neared $4,000. The coin is still a distance away from its ATH of $4,800, but it’s getting closer. The hype around the cryptocurrency has been accompanied by major buys from Sharplink, the Strategy equivalent of ETH. the firm currently owns around 438,190 tokens of the asset. Since the altcoin rally has begun, BTC has only shown sideways action. A natural consequence of this has been that the number one digital asset has lost market dominance. As is usually the case, the bullish momentum in the market has brought in speculative interest from the investors. From the below chart, it’s apparent that the futures volume associated with Ethereum and the altcoins has seen a strong surge. The combined futures trading volume of the altcoin sector has recently hit the $223.6 billion mark, which is the highest level in five months. While attention has poured into the alts, it has shifted away from BTC. “Altcoins and ETH now make up 83% of total futures volume, with Bitcoin accounting for just 17%,” notes the analytics firm. Earlier in the year, BTC was sitting at a peak futures volume dominance of more than 50%. Most of the 424 futures pairs on cryptocurrency exchange Binance have seen a positive percentage change since BTC’s ATH. The final metric shared by CryptoQuant is the Bitcoin Retail Investor Demand. It measures, as its name suggests, the amount of demand for the asset that exists among the retail cohort. Since these holders tend to have relatively small holdings, the indicator uses the transaction volume associated with transfers valued at less than $10,000 as a proxy for the activity among them. As displayed in the above graph, the 30-day change of the Bitcoin Retail Investor Demand has turned positive recently, which suggests small hands are showing interest in the market. The analytics firm describes the trend as a “signal we’ve seen before major rallies on both Bitcoin and Altcoins.” ETH Price At the time of writing, Ethereum is floating around $3,770, up around 2% over the last 24 hours.

Bitcoin (BTC) continues to face resistance just under the $120,000 mark, struggling to build enough momentum for a breakout. Over the past 24 hours, the cryptocurrency has remained in a tight trading range above $118,000, representing a slight decline of nearly 4% from its most recent all-time high. Despite the lack of upward movement, analysts suggest that Bitcoin may be entering a phase of energy consolidation rather than signaling an imminent downturn. According to data from CryptoQuant, two separate market analysts have shared their perspectives on BTC’s current cycle, focusing on long-term valuation metrics and investor activity patterns that could influence the next significant price movement. Bitcoin MVRV Ratio Signals Potential Upside Momentum CryptoQuant contributor CoinCare highlighted the role of the Market Value to Realized Value (MVRV) ratio in assessing Bitcoin’s position in its current market cycle. The MVRV ratio measures whether BTC is trading above or below its perceived fair value, with readings below 1 often marking market bottoms and readings above 3.7 typically associated with market peaks. In a recent post titled “The MVRV Indicator is Converging Toward Its 365-Day Moving Average. What Comes Next”, CoinCare explained that Bitcoin’s MVRV is currently at 2.2, gradually moving closer to its 365-day moving average. “Historically, when the MVRV ratio converges toward its long-term average, it tends to rebound and move toward overvalued territory, often accompanying price growth,” the analyst noted. Based on historical patterns, CoinCare expects BTC to continue consolidating before attempting another upward push, potentially retesting overvaluation levels if buying activity strengthens. New Investor Activity Indicates Healthy Late Bull Cycle A separate analysis from another CryptoQuant analyst, AxelAdlerJr, examined Bitcoin’s market structure based on investor dominance metrics. The data showed that new investor dominance currently sits at 30%, significantly below levels that previously indicated overheated market conditions, which reached 64% and 72% during local price peaks in March and December 2024, respectively. According to AxelAdlerJr, the steady increase in activity from new market participants since July 2024 suggests that fresh liquidity is entering the market, supporting ongoing bullish sentiment. At the same time, long-term holders are selling moderately, with a coefficient of 0.3, meaning that the supply from coins held for three years or more is being absorbed without triggering sharp market corrections. “This dynamic indicates that while new buyers are active, there is still space before the market reaches euphoric levels, which typically occur when new investor dominance exceeds 60-70%,” the analyst stated. Featured image created with DALL-E, Chart from TradingView

Robinhood (HOOD), the trading platform that gained notoriety during the meme-stock frenzy, has demonstrated a significant evolution in its business model, according to a recent report by Reuters. The company’s latest earnings reveal a surge in trading volumes across equities, options, and cryptocurrencies, indicating its ability to engage retail investors even amidst market uncertainties like high interest rates and tariff concerns. Robinhood Shows Strong Growth In Options And Equities In its second-quarter (Q2) report, the crypto platform announced transaction-based revenue of $539 million, marking a remarkable 65% increase compared to the previous year. The growth was driven by a 46% rise in options trading and a similar 65% increase in equities. Notably, revenue from cryptocurrency nearly doubled, bolstered by the firm’s recent $200 million acquisition of Bitstamp. CEO Vlad Tenev noted a transformative shift in the company’s stability since its public debut in 2021. He emphasized that the current roadmap is packed with new product offerings, including tokenization and perpetual futures, suggesting a robust strategy to enhance user engagement. He said: In 2021, when we went public, it felt to me like we were much more fragile than today. But now the road map, if you look at things that we expect to deliver in the short-term, medium-term and long-term, is pretty packed. Meme-Stock Mania Resurgence Analysts at Piper Sandler highlighted that the diverse range of products available on the platform has fostered strong retail engagement, with equity and options trading reaching record levels in July. This resurgence in trading activity comes in the wake of a recent wave of meme-stock mania, reminiscent of the trading frenzy that characterized the 2021 bull cycle for the broader industry. Stocks of heavily shorted companies like Krispy Kreme and Kohl’s saw significant surges from retail investors, echoing the earlier excitement surrounding GameStop. Despite fluctuations in trading volumes, CFO Jason Warnick expressed confidence in the platform’s steady customer engagement and high retention rates, suggesting that Robinhood is well-positioned to maintain its growth trajectory. The crypto market continues to play a pivotal role in Robinhood’s future earnings, with analysts projecting that crypto exchange Bitstamp acquisition will solidify the company’s roadmap in this sector. JPMorgan analysts believe that crypto has historically contributed about 10% to 20% of the trading platform’s revenue, and this figure is expected to rise throughout the year. Robinhood’s stock, HOOD) recently reached record highs beyond $113, pushing the company’s market capitalization close to $94 billion. Following the impressive earnings report, several brokerages have raised their price targets for the stock, with Wall Street maintaining an average “buy” rating. As of this writing, HOOD is valued at $103, recording a 3% drop on Thursday’s trading session. Featured image from DALL-E, chart from TradingView.com

Solana (SOL) is staging a potential comeback, rebounding 1% to $187.43 after triggering a TD Sequential buy signal at $178. This technical indicator, widely used to identify trend reversals, has sparked renewed bullish sentiment among traders, especially as SOL consolidates above the key $180 level. The 4-hour chart shows diminishing bearish momentum, with candlesticks losing strength—an early sign that sellers are losing control. A green arrow under the final bearish candle, coupled with a black arrow confirmation, adds credibility to the bullish thesis. Solana’s Price action is forming higher lows, suggesting strength is building for a possible breakout toward $188–$190. However, SOL’s bullish narrative is tempered by growing internal tension in the crypto space, especially with growing security concerns. Ethereum-Based Scams Threaten The Solana Ecosystem Integrity? Community sentiment has turned cautious after warnings from prominent Solana contributor Dean Little. He flagged the risk of Ethereum “grifters” exploiting Solana’s fast and affordable infrastructure for scams, potentially undermining trust and driving away long-term users. This concern isn’t unfounded, Solana has seen its daily active addresses fall by 16% in the past week, with DeFi total value locked (TVL) dipping 8%. Though July was strong, with $9.85B TVL and $82B in DEX volume, signs of cooling engagement have coincided with SOL’s price retracing from its $206 high. Traders Eye Breakout as Sentiment and Technicals Collide Despite the volatility, the TD Sequential buy signal has provided a technical lifeline. SOL is holding the 20-day EMA near $178, a key dynamic support. Retail long positioning has surged, and open interest is rising, suggesting that traders are preparing for a move. As SOL battles for control above $180, a sustained close above $190 could reignite momentum. Still, with Ethereum-based scams casting a shadow, traders must stay woke. The next few sessions could determine whether Solana’s bullish setup leads to a breakout, or succumbs to broader distrust. Cover image from ChatGPT, SOLUSD chart from Tradingview

JPMorgan Chase and Coinbase just went public with a major deal that’s set to make crypto more accessible for millions of U.S. consumers. Announced yesterday, the partnership introduces a phased rollout starting this fall, beginning with direct credit card funding to Coinbase. In 2026, things will expand further with crypto rewards and direct bank account links. Credit Card Funding Coming Later This Year By the end of the year, Chase cardholders will be able to use their credit cards to top up Coinbase accounts directly. This will skip the usual dance with third-party apps and ACH delays. It is meant to be plug-and-play. The goal is to streamline the experience so people can enter the crypto space without extra friction. Rewards Points Will Soon Be Convertible to Crypto In 2026, Chase Ultimate Rewards points will be redeemable for USDC, with a flat rate of 100 points to one dollar. That’s a first for a major credit card program. Instead of buying gift cards or booking travel, customers can now turn their points into a stablecoin and move it into their wallets. It’s a simple way to test the waters without spending extra cash. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Chase Account Linking Also Coming in 2026 Along with the rewards upgrade, customers will also be able to link their Chase checking accounts to Coinbase. This means verified users will be able to transfer funds and complete transactions directly between bank and wallet. It’s being built with JPMorgan’s internal API, so no Plaid or third-party bridges are involved. That matters for people who care about privacy and control. A Change in Tone From JPMorgan Jamie Dimon’s previous comments about crypto weren’t exactly glowing, so this new direction has raised some eyebrows. But the company isn’t just dipping its toes. This is a full-featured integration with a dedicated roadmap. Analysts say it could draw in a crowd that was sitting on the sidelines due to complexity or lack of trust. BitcoinPriceMarket CapBTC$2.32T24h7d30d1yAll time Coinbase Gains a Shortcut to Millions of Users For Coinbase, this is a massive distribution win. Instead of chasing users one by one, they’re getting direct access to Chase’s customer base. It also strengthens Coinbase’s position as infrastructure rather than just a place to trade coins. They’ve been pushing to become a go-to backend for digital asset services, and this puts them right on track. DISCOVER: 20+ Next Crypto to Explode in 2025 Questions Still Hang Over Credit Card Fees The fine print may still throw a few people off. Some analysts have pointed out that credit card transactions might be coded as cash advances, which could trigger extra fees. And it’s still unclear how Chase will handle things like chargebacks or fraud claims once crypto enters the equation. These details will likely matter once the rollout starts. Part of a Larger Movement in Traditional Finance JPMorgan is not alone. Other banks are experimenting with similar tie-ins, and the rise of clearer rules around stablecoins has helped push these projects forward. This partnership just happens to be the biggest and most direct so far. What to Expect From the Rollout The integration will go live in stages. Credit card funding comes first, followed by rewards and account linking next year. Analysts and regulators alike will be watching adoption and customer behavior closely. Whether it works out or not, this marks a meaningful new chapter for both crypto and banking. The move connects one of the biggest names in finance with one of the largest crypto platforms. It simplifies entry points, gives users more flexibility, and could set a new template for how the two industries work together. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways JPMorgan and Coinbase are teaming up to let Chase cardholders fund Coinbase accounts directly, starting in late 2025. In 2026, Chase customers will be able to redeem Ultimate Rewards points for USDC, offering a no-risk way to explore crypto. Chase checking accounts will link directly to Coinbase using JPMorgan’s API, removing the need for third-party services. This partnership marks a major change in JPMorgan’s approach to crypto, moving from skepticism to full product integration. For Coinbase, this deal brings direct access to millions of Chase customers and reinforces its role as crypto infrastructure. The post JPMorgan Chase Partners With Coinbase to Bring Crypto to Millions appeared first on 99Bitcoins.

The U.S. Securities and Exchange Commission is stepping into the blockchain era with a bold new initiative called Project Crypto. Under Chair Paul Atkins, the agency is aiming to modernize financial markets by bringing core infrastructure like trading, custody, and fundraising onto public and permissioned blockchains. The plan is ambitious, but so is the size of the problem it’s trying to fix. Atkins Wants to Ditch Outdated Rules Speaking at the America First Policy Institute, Atkins didn’t hold back. He said it plainly: U.S. markets are stuck using analog-era rules that don’t work for digital assets. With Project Crypto, the SEC wants to build a rulebook that matches how crypto actually works today, not how traditional finance operated 50 years ago. It’s a clear message that regulators are finally starting to meet the industry where it is. Sorting Out Which Tokens Are Securities One of the biggest headaches in the crypto world has always been determining whether a token constitutes a security. Under this new initiative, the SEC will develop clear criteria for that. Atkins believes that most crypto assets should not be automatically labeled as investment contracts. Instead of defaulting to enforcement, the SEC will offer guidance that developers and issuers can follow to avoid ending up in legal hot water. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in August2025 Tokenized Stocks and Crypto Super-Apps Get a Green Light Project Crypto will also support the growth of tokenized financial products—think stocks, funds, and even ETFs issued and traded directly on-chain. These products would operate within licensed platforms that combine custody, trading, lending, and other services under one roof. Atkins suggested this model could remove state-by-state licensing headaches and let the U.S. compete with global financial hubs that already support these innovations. BitcoinPriceMarket CapBTC$2.32T24h7d30d1yAll time Making Room for ICOs, Airdrops, and Other Onchain Fundraising The SEC is also considering new exemptions and safe harbors for common crypto fundraising methods like ICOs and airdrops. If approved, these would give startups more breathing room to raise capital without being buried in red tape. The goal here is to bring token launches back to U.S. soil, rather than pushing them offshore due to legal uncertainty. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Custody Rules Catch Up to Reality The way people store and secure digital assets has evolved, and the SEC seems ready to catch up. Project Crypto includes plans to update custody regulations, making space for both self-custody wallets and institutional providers. This could remove a major compliance obstacle for firms looking to serve U.S. investors while using modern security models. Based on Broader White House Recommendations This entire effort stems from a larger digital asset policy push out of the White House. A 160-page roadmap laid out key priorities like defining token categories, improving DeFi oversight, and fostering innovation. The SEC is now translating those ideas into practical changes that can reshape how digital assets are treated across the country. What to Expect Next The SEC plans to start drafting proposals over the next few months. That could include formal rule changes, new definitions, or even temporary relief for some activities. What’s clear is that Atkins wants this process to move fast, cutting through legacy red tape that has slowed crypto’s growth in the U.S. A Pivot Away From the Old SEC Playbook For years, the SEC has leaned hard on enforcement. Project Crypto flips that narrative. Atkins wants the agency to be a guide, not a roadblock. Instead of regulating through lawsuits, the SEC wants to offer real tools and pathways for compliance. That alone marks a serious change in tone. Project Crypto could be the start of a more balanced approach to digital asset regulation in the U.S. With clearer rules and fewer legal landmines, the crypto industry might finally be able to grow inside the American system instead of around it. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways The SEC launched Project Crypto to move key market functions like trading, custody, and fundraising onto blockchain infrastructure. Chair Paul Atkins said legacy rules no longer fit modern crypto markets, pushing for a rulebook that reflects how digital assets actually work. Project Crypto includes clearer guidance on token classifications, support for tokenized stocks, and on-chain fundraising methods like ICOs and airdrops. Custody regulations will be updated to accommodate both institutional solutions and self-custody wallets used by everyday investors. The SEC is moving away from regulation-by-enforcement, offering real tools and legal clarity to keep crypto innovation on U.S. soil. The post SEC Launches Project Crypto to Move Markets Onto Blockchain appeared first on 99Bitcoins.

A fresh move by the SEC could clear the path for the first US spot ETFs tracking altcoins like XRP. Traders and investors are watching closely as new rules aim to speed up approvals by late 2025. This change comes just months after in-kind creation and redemption for crypto ETPs won the regulator’s blessing. New Listing Standards Open Door According to the recent filing of the US Securities and Exchange Commission, any coin with at least six months of futures trading on a platform such as Coinbase’s derivatives exchange can qualify for an exchange-traded product. The six-month rule replaces a longer review process that could stretch into 240 days. Instead, exchanges can use a 75-day window once they file a rule change. This shift aims to simplify the path for an XRP ETF and similar products. Developments around in-kind creation and redemption also matter. Based on reports from crypto lawyer Bill Morgan, this change lets authorized participants create or redeem ETF shares using actual cryptocurrency rather than cash. The revision slashes settlement costs and lines up crypto products with how gold and other commodity ETPs work. Market makers can now back ETFs with real tokens, cutting out extra steps. XRP ETF Odds Climb Bloomberg analyst Eric Balchunas has put the chance of an XRP ETF approval at 85% for September or October 2025. He notes that once the six-month futures threshold hits for assets like XRP, Dogecoin and Solana, the path becomes much clearer. Prediction markets back his view, showing odds near 86% even after procedural delays. Balchunas and his team have tracked every filing and rule tweak. They say these updated listing standards are the last major barrier. With futures already trading for multiple altcoins, issuers need only get the final green light from the SEC. That could happen by early fall, he suggests. Ripple Lawsuit And Deadlines A key hurdle remains the legal fight between Ripple and the SEC. Based on reports, both sides may drop appeals ahead of an August 15 status report deadline. If that happens, it would remove a major overhang on XRP ETF applications. The SEC has already extended Franklin Templeton’s review through the end of 2025, but this new filing hints those long waits might wrap up sooner. Legal experts like former SEC lawyer Marc Fagel believe a dismissal of appeals would clear one of the last big obstacles. Then only final SEC sign-off would stand between issuers and live trading. Featured image from Meta, chart from TradingView

What State Has the Most Gold? Production, History, and Storage Explained Let’s cut through the fog. When people ask “which state has the most gold,” they often mix three separate ideas: where the most gold is mined today, which state mattered most in America’s gold story, and where large stores of gold are actually kept in vaults. Those are different scorecards. This guide gives you a clean framework so you can answer the question confidently, without hype. By the end, you’ll know who leads in modern output, who shaped the legend, and where the vaults sit—plus how to read headlines without getting spun. How to Define “Most” (So You Don’t Get Misled) “Most gold” can mean: Current production: the state that mines the most gold today. Historical significance: the state that most influenced America’s economy and culture through gold discoveries. Storage: the places where large volumes of gold are held in vaults. Choose the lane that matches your question. If you want the modern workhorse, look at production. If you care about how gold shaped the American story, look at history. If you’re asking where bars sit right now, consider storage. Keep these categories straight and the noise fades quickly. Which State Has the Most Gold Today? Nevada Leads in Production On the scoreboard that counts modern mining output, Nevada wears the crown—and has for years. This isn’t an accident. It’s a durable system built on consistent geology, major ore trends, sophisticated processing, a skilled workforce, and an operating environment that understands mining realities. Nevada turns low-grade rock into reliable production at scale. Why Nevada Leads Geology that delivers: Extensive gold trends and ore bodies support long-life operations. Industrial backbone: Roads, power, water, equipment, labs, and experienced people keep throughput steady. Operational know-how: Modern processing can extract microscopic gold that you can’t see with the naked eye. Walk a ridge outside Elko and you’ll see plants and haul roads weaving across the horizon. It’s not romantic—but it’s real. If your question is purely, “Who produces the most gold today?” the answer is Nevada. California’s Gold Rush Legacy: The State That Changed the Nation Shift lanes to history, and California dominates the narrative. The mid-19th-century Gold Rush accelerated westward expansion, fueled banking and railroads, and transformed San Francisco into a commercial hub. California’s current production is smaller than Nevada’s, but its cultural and economic impact still echoes. Why California Still Matters National impact: Migration, infrastructure, finance, and entrepreneurship all surged. Enduring culture: “Gold Fever” shaped America’s spirit of risk-taking and frontier problem-solving. Ongoing presence: Small miners, museums, and historic sites keep the story alive. Ask anyone who has panned a creek near Auburn or toured an old stamp mill: California’s legend didn’t fade—it matured. Storage & Vaults: Fort Knox, West Point, Denver, and the New York Fed Now consider storage. The United States holds significant government gold at secure facilities, including Fort Knox in Kentucky, as well as West Point and Denver. The Federal Reserve Bank of New York also operates a famous vault that holds gold for the U.S. central bank and for foreign monetary authorities. Storage vs. Production (Don’t Confuse Them) Storage = where bars are safeguarded, audited, and accounted for. Production = where new gold is extracted from the ground. States with vaults don’t “win” the production race; they perform a different, equally important role: protecting the metal that already exists. That’s logistics and security, not mining. Beyond the Big Two: Other Gold-Producing States You Should Know America’s gold map is broader than Nevada and California. Several states contribute meaningful chapters to the U.S. gold story—some historically, some actively today. Alaska: Rugged operations in harsh climates; mining expertise runs deep in local communities. Colorado: From historic camps to modern underground and open-pit work, the Centennial State blends legacy and ongoing output. South Dakota: Home to one of the most storied hard-rock mines in the nation; a training ground for generations of miners. Idaho & Montana: Intermountain West districts with cycles of boom, consolidation, and renewed exploration. Arizona & Utah: Polymetallic districts (copper, silver, gold) where gold remains a valuable part of the portfolio. These states don’t challenge Nevada’s modern totals, but they make the industry more resilient and the national story more complete. How Modern Gold Mining Works (In Plain English) TV nuggets make for great clips, but most modern U.S. gold comes from ore that looks ordinary. The magic is in the process: drill, blast, crush, grind, and chemically separate tiny amounts of gold from a lot of rock. It’s capital-intensive, safety-driven, and highly engineered. Scale matters: Big mines move millions of tons of rock to produce steady ounces. Safety first: Modern standards protect workers and the environment far better than in the past. Recovery rates: Plants are designed to squeeze out gold you can’t see—efficiency is everything. When you hear production numbers, remember: they reflect thousands of coordinated steps, not lucky finds in a streambed. Common Misconceptions About “Which State Has the Most Gold” Myth: The state with the biggest vault “has the most gold.” Reality: Storage is not mining. Different scorecard. Myth: California still dominates production. Reality: California owns the legend; Nevada leads modern output. Myth: Visible nuggets are the main source of U.S. gold. Reality: Most ounces come from rock processed at industrial scale. Myth: One new mine can transform a state overnight. Reality: Geology, infrastructure, workforce, and policy determine durable leadership. Myth: Gold prices rise only when mine supply falls. Reality: Prices also respond to interest rates, currency moves, and global demand. Reading Headlines Without the Hype Gold news swings from breathless to gloomy, often in the same week. Use a simple checklist to stay grounded: Ask the lane: Is this about production, history, or storage? Check the time frame: Is it a short-term blip or a long-term trend? Look for context: Output numbers mean more when compared year-over-year and across multiple states. Separate facts from spin: A dramatic headline might only reflect normal quarter-to-quarter variability. This approach keeps you informed, not agitated. Quick Reference: Who Leads by Category? Modern production leader: Nevada. Historical impact leader: California. Major storage hubs: Fort Knox (Kentucky), West Point and Denver facilities, and the New York Fed’s vault. Other contributors: Alaska, Colorado, South Dakota, Idaho, Montana, Arizona, Utah, and others in the Mountain West and Southwest. Multiple statements can be true at once because they answer different questions. That’s not a trick—it’s just precise language. FAQs: Simple, Straight Answers Does Nevada’s lead change often? Not typically. Nevada’s leadership reflects deep geology and long-term investments, not one-off discoveries. Is California still worth mentioning in production terms? Yes, but mainly at a smaller scale compared with its Gold Rush past and compared with Nevada today. Do storage locations affect the gold price? No. Storage is about custody and security. Prices move on broader supply-demand and macroeconomic forces. Conclusion: The Clear Answer to “What State Has the Most Gold?” If your question is “which state has the most gold production today,” the answer is Nevada. If you’re asking which state most shaped America’s gold history, the answer is California. If you mean where large amounts of gold are stored, include Kentucky (Fort Knox), West Point, Denver, and the New York Fed in the conversation. Different lanes, different winners—no contradiction. Keep that simple map in your head and you’ll read the next headline with clarity and confidence. The post What State has the Most Gold? first appeared on American Bullion.

As Bitcoin (BTC) continues to consolidate slightly below the $120,000 level, the dominance of new investors is steadily rising. However, on-chain data shows that BTC is still far from overheating, suggesting the premier cryptocurrency may have more room to run before a significant correction sets in. Bitcoin May Still Have Some Room To Run According to a CryptoQuant Quicktake post by contributor AxelAdlerJr, new investor dominance in Bitcoin is gradually increasing – currently hovering around 30%, which is only halfway to the historical “overheated” threshold. The analyst shared the following chart, which highlights two past instances – marked in orange – when new investor dominance reached overheated levels and coincided with BTC local price tops. The first instance occurred in March 2024 when the metric hit 64%, and the second in December 2024 when it peaked at 72%. In both cases, BTC experienced a significant pullback, leading to the formation of local bottoms. Notably, as the influx of new liquidity dried up during these phases, long-term holders began actively taking profits. This added further pressure on BTC’s price. Currently, while new investor dominance is trending higher, it remains well below the euphoria zone – typically between 60% and 70% – suggesting more upside potential in BTC’s bullish momentum before exhaustion. Meanwhile, older holders continue to sell moderately. The chart indicates a coefficient of 0.3, showing that the supply of three-year-old BTC is still absorbing fresh demand without sharp disruptions. From a long-term perspective, the market remains balanced, and the risk of large-scale capitulation from veteran wallets appears low. AxelAdlerJr concluded: If the indicator’s growth accelerates and approaches the historical corridor of 0.6-0.7, one should expect intensified profit-taking and, consequently, a correction. For now, the supply/demand structure remains in a healthy late bull cycle phase, when new money is coming in but old players have not yet transitioned to mass selling. Is BTC Price About To Stall? While the data above suggests that Bitcoin still has room to grow, other indicators point to waning momentum. One such signal is the recent decline in the Bitcoin Coinbase Premium Gap, which has broken its long streak of positive values. Fellow CryptoQuant analyst ArabChain confirmed this development in their analysis. They noted that US investor enthusiasm for BTC appears to be cooling at current price levels. That said, positive macroeconomic factors – such as BTC’s historical correlation with global M2 money supply expansion – could still lead the digital asset to new all-time highs in the near term. At press time, BTC trades at $118,371, up 0.6% in the past 24 hours.

Log in to today's North American session recap for July 31, 2025. Market saw another leg higher in the US Dollar after the Core PCE came above expectations (0.3% vs 0.2% exp m/m). Despite pushing back some tariff deadlines with Mexico notably, Equities still finish the session in the red – This comes amid some technical resistances (high of channel for the Nasdaq) that coincides with some profit-taking right before tomorrow's Non-Farm Payrolls. You can access our preview of tomorrow's data release right here. Nasdaq 8H Chart, spot the reactions at the high of the Channel, July 31, 2025 Donald Trump also sent letters to healthcare CEOs menacing them to strongly cut prices on drugs, this may have an effect on expected EPS for Healthcare and Biotech companies. It seems that the combination of technicals right before the Non-Farm Payrolls release dominated the price action today, and this comes despite very solid earnings from Amazon. The market still awaits the Apple earnings. Read More: The SEC launches Project CryptoDaily Cross-Asset performance Cross-Asset Daily Performance, July 31, 2025 – Source: TradingView There hasn't been many records beaten today, as expected in a pre-NFP session and particularly as US PCE inflation comes in strong again. Watch how risk assets progressively gave up their progress throughout the session (ETH and Nasdaq particularly). Gold however enjoyed the session, rallying back a bit but still trading just below the $3,300 key mark – Other commodities keep rejecting their highs, even the strong performing Oil. A picture of today's performance for major currencies Currency Performance, July 31 – Source: OANDA Labs The USD had another strong day but two things changed compared to yesterday's picture: The CHF fought well and is finishing on top of majors and this comes at the cost of the JPY, weakest of majors. There is some more rebalamncing between the two safe-haven currencies after the Bank of Japan disappointed Yen bulls yet again. Earnings Season: Who is releasing their numbers tomorrow Earnings Calendar for August 1st – Source: Nasdaq.com It will be interesting to see what Regeneron (Healthcare company) announces in terms of their earnings previsions after Trump's announcement. Don't forget to check out the Berkshire-Hathaway earnings (Warren Buffet recently retired for those who didn't know) and Exxon's earnings. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The calendar is absolutely packed tomorrow, especially for US Data. Don't forget the Chinese Caixin PMIs, Australian PPI and Japanese unemployment tonight. 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.

The latest What Bitcoin Did episode, hosted by Danny Knowles, turns squarely to the question stalking one of the market’s hottest trades: can the boom in “Bitcoin treasury” companies withstand the next prolonged drawdown? Dylan LeClair, who helps lead the Bitcoin strategy at Tokyo-listed MetaPlanet, argues the answer rests less on ideology than on balance-sheet engineering, scale, and the willingness to endure volatility without blinking. “There’s sort of a ‘gradually then suddenly’ inflection point,” he said, describing how corporate exposure to Bitcoin has migrated from gimmick to boardroom agenda. The shift, in his view, is irreversible, but survival “is a constant fight with gravity” for firms that trade at premiums to their net asset value (NAV). Why Some Bitcoin Treasury Companies Won’t Survive The Bear Market LeClair’s thesis starts with market structure. Bitcoin is homogeneous collateral, but public equities are not. Liquidity, index inclusion, and the absolute size of a balance sheet produce a “winner-take-most dynamic,” he said. Even where two issuers have the same headline premium, the gravity of size changes the calculus: “Strategy is at a measly 1.8x premium, but the premium is like $50 billion of value,” he noted, contrasting that with the far smaller absolute premia attached to emerging players. Premiums compress mechanically as companies buy more Bitcoin or as the price rises, he added, which means maintaining a rich multiple demands ever-larger inflows of capital. Pressed on what a bear market would do to those premia, LeClair separated cycle folklore from funding reality. He does not buy the inevitability of a 70% “pack it up for three years” drawdown as a base case, arguing the market now tends to reprice and then chop for extended periods. But he is unequivocal that a risk-off phase would punish sloppy balance sheets. “There will be pressure on MNAVs… Are you levered? With what sort of debt? Do you have secured debt where your Bitcoin’s encumbered? Do you have debt due in one year?” By contrast, he pointed to perpetual preferred equity—dividends but “no debt maturity ever”—as a structure that removes the most dangerous cliff: “With the prefs it’s like, no, we’re not selling actually ever.” For MetaPlanet, he framed risk management in deliberately dull terms: “We’re focused on staying… pristine, maintaining maximal flexibility.” He cited a “BTC rating” of roughly 16.5x—“we have 16 bucks of Bitcoin for every dollar of debt”—as intentional dry powder rather than under-optimization. The stress test, to him, is behavioral as much as financial: can management “eat the 70% bear market” if it comes? He expects casualties. “It’s naive to say that every company that adopts Bitcoin will be a success… there will be failures. There will be a bankruptcy… it’s a brutal, competitive world.” Where, then, is the moat? Not merely in being public, he argued, but in graduating from equity capital to the far deeper fixed-income markets. Convertibles provided early leverage—but at a cost he described with traderly bluntness. Convertible desks “woo you,” then short aggressively to hedge, “dampening the volatility” that many treasury companies actually want in their common stock. The more durable solution, he said, is permanent capital in the form of preferred equity. Here he credits Michael Saylor’s Strategy (formerly MicroStrategy) with reaching “escape velocity,” pioneering a layered capital stack that now includes a new variable-rate preferred dubbed “Stretch” (ticker: STRC). Stretch is engineered to keep trading near $100 by adjusting its dividend and, if necessary, issuing new shares or calling them at $101—“a pretty genius feat of financial engineering,” in LeClair’s words, because it behaves like a cash-equivalent for investors without imposing maturity cliffs on the issuer. Strategy priced STRC in late July with an initial dividend framework and then closed a multi-billion-dollar offering, with the company describing the instrument as variable-rate, perpetual preferred stock designed to pay monthly and target trading near par. LeClair sees this as the practical realization of a long-standing ambition in crypto finance: a dollar-like instrument tied to Bitcoin collateral, without forcing asset sales in stress. Unlike algorithmic stablecoins that were vulnerable to redemptions spirals, Strategy’s preferreds are senior to common equity and massively over-collateralized by transparent Bitcoin holdings, he argued. External observers have reached similar high-level descriptions: Strategy’s own materials emphasize STRC’s variable dividend on a stated $100 amount, while coverage in financial media notes the offering’s explicit aim to hew to par and its place alongside earlier preferreds (Stride, Strike, Strife) in a capital stack backed by tens of billions in unencumbered Bitcoin. All of this feeds the consolidation logic LeClair expects in a downturn. Preferreds, he said, are both offensive and defensive. Offensively, they add dry powder to buy more BTC or even buy back common if MNAV compresses, reversing flow against short sellers “playing this spread game.” Defensively, they function as an “MNAV defense mechanism,” easing reliance on converts and the gamma-trading that “neuters volatility” in the common. If markets turn, he anticipates classic Wall Street behavior: opportunists will “clear off some debt, buy the Bitcoin at a discount.” MetaPlanet, he added, is not seeking to be a roll-up; the focus is “laser” on BTC itself. Could Anyone Catch Strategy? LeClair is diplomatic on peers bringing large private Bitcoin pools public, calling it “overwhelmingly positive” for the asset. But his competitive assessment is stark: “I think Saylor’s reached escape velocity… a 600,000 Bitcoin lead is pretty insurmountable.” To contextualize that claim with public data, Strategy now reports roughly 629,000 BTC, giving it a commanding lead over other corporate holders. He adds that only a mega-cap with a decisive pivot—“if Mark Zuckerberg took the orange pill tomorrow”—could realistically challenge, which he deems unlikely given competing priorities like AI. LeClair is no maximalist about smooth sailing. Premiums will ebb. Funding windows will open and slam shut. Some firms, he warned, are “cosplaying as Bitcoiners” and may abandon discipline at the first whiff of pain. He was also frank about the sector’s self-selection bias: during the good times, new “treasury companies” appear by the week; the real filter arrives when prices fall and maturities near. “The times are good now… there will be a cycle. That’s what will separate the men from the boys,” he said. Survival, in his telling, comes down to a few non-negotiables: unencumbered collateral, long-dated or perpetual liabilities, and management that will not sell into downdrafts. Yet his broader message is that the game board has changed. Corporate adoption remains “early innings,” he said, because “the rest of the world actually simply doesn’t care” yet. The depth of the credit markets—and the emergence of Bitcoin-backed instruments palatable to those markets—may be what finally does the persuading. “If Bitcoin is going to eat the world… it has to get to all these different pools of capital.” Treasury companies that make that leap, he believes, can not only endure a bear market—they can use it to widen the gap. At press time, BTC traded at $118,100.

This morning, SEC's Chair Paul Atkins announced the commencement of Project Crypto which aims at regulating Cryptocurrencies while making the US a leader in Digital Asset investment and creation haven. The announcement follows a promise from the Trump Administration to tackle a wider adoption for Cryptocurrencies in a revolutionary move – Europe has promised to do the same but Markets are still awaiting them to announce anything concrete. As a reminder, Trump passed a bill that would ensure a study of the entire Crypto Market during 180 days before releasing new regulations. The move is sending mixed signals to Participants who enjoyed cryptos for their unregulated and incorruptible status from Politics, but in the grand scheme of things, it is still an advance towards wider adoption of digital assets amid higher deficits hurting Fiat currencies' credibility. You can read more on Project Crypto right here. Read More: August Non-Farm Payrolls preview Looking back at the past month rally in Cryptos It may be wise to assume that some of the most knowledgeable asset managers had anticipated the move which may be one of the reasons for the immense rally that occured in the entire market throughout July. Cryptos haven't made a concrete move since, but it's still wort getting ready for the upcoming action that may see heightened volatility as Markets brace for the upcoming NFP release. Current session in Cryptocurrencies, July 31, 2025 – Source: Finviz TRX has been an outperformer in the past few weeks particularly as it's been holding strong during selloff sessions like the one from today. Sentiment towards risk-assets is also getting dragged down by the downmove in Equities. Bitcoin 2H Chart BTC 2H Chart, July 31, 2025 – Source: TradingView The price action resembles to some continuous and restricted profit-taking in the largest Crypto – More institutional participants are in the Crypto game now and this is surely affecting Bitcoin trading before the Key data tomorrow. Keep an eye on the 115,000 Pivot Zone that acts as a key barometer for immediate bull/bear strength. Upcoming Support will be between $110,000 to $112,000 and following resistance is between $120,000 and the $123,000 ATH. Ethereum 2H Chart ETH 2H Chart, July 31, 2025 – Source: TradingView ETH had been consolidating for the past week very close to its local $3,944 top and despite ranging around $100 to $200 below its Monday gap-open highs, buyers still remain in control. This condition remains as long as prices hold above or around the Immediate Pivot between $3,700 to $3,750. Watch for reactions on any close below. The zone to breach for higher continuation is between $3,900 to $3,950 and bears would look to breach $3,700 to test the $3,500 Support Zone. It will be interesting to see if buyers show some reaction to the break retest of the triangle formation that was capping volatility – The level is around $20 to $25 from current trading. Do consider that the NFP figure will be released tomorrow which may restrain movement. Wider market watch – ETH/BTC and Total Market CapETH/BTC ETH/BTC Weekly Chart, July 31, 2025 – Source: TradingView ETH/BTC has moved up throughout the past week above its 50-Week MA, a very positive sign for the broader market. Now, Crypto aficionados will be looking for Bitcoin to keep consolidating in the bigger picture to allow ETH and other altcoins to catch-up. As long as BTC prices hold above the $100,000 mark, this scenario has relatively high chances to happen – Also look at ETH holding above $3,000. Total Market Cap Crypto Total Market Cap, July 31, 2025 – Source: TradingView The Crypto Total Market Cap is still holding above previous all-time highs and came very shy of the $4 Trillion mark (T$ 3.94 ATH) – Despite some small profit-taking, technicals don't indicate any signs of panic. Keep in mind that tomorrow's Non-Farm Payrolls release may affect sentiment deeply and lead to some swift changes to this current analysis. 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.

Agnico Eagle Mines (TSX, NYSE: AEM) shares rose after the Canadian miner reported record quarterly profit and free cash flow on the strength of rising gold prices. Adjusted net income for the second quarter jumped 82% to a record $976 million, or $1.94 a share, topping analyst expectations. Free cash flow more than doubled to $1.31 billion, or $2.60 a share, Toronto-based Agnico said Wednesday after the close of stock market trading. The company’s operating margin – which is calculated by deducting production costs from mining operations revenue – jumped 55% to a record $2.03 billion. “The better financial results are mainly due to stronger operating results,” Scotia Capital mining analyst Tanya Jakusconek said in a note. Cost control Agnico “continues to demonstrate strong quarterly results, maintaining its track record of meeting or exceeding quarterly expectations while remaining focused on cost control to expand margins,” added Shane Nagle, a mining analyst at National Bank Financial. Shares of Agnico about rose 0.8% to C$172.01 Thursday in Toronto, boosting the company’s market capitalization to about C$86.5 billion. The stock has gained about 46% this year, topping the 9.5% gain of the benchmark S&P/TSX Composite Index. Rising gold prices only explain part of the profit improvement. Agnico’s realized gold price averaged $3,288 during the second quarter, about 38% more than the $2,342 average from the same period a year ago. That outstripped a 5.7% increase in production costs to $911 per ounce. Output drop Quarterly gold production fell 3.3% to 866,029 oz. primarily due to lower production from the Canadian Malartic mines and Meadowbank mines in Canada, and Fosterville in Australia, Agnico said. Longer-than-expected Caribou migration in Nunavut, which affected both mining and milling operations at Meadowbank, curtailed output. Gold sales also declined, falling 3.1% to 846,835 oz. from 874,230 oz. in the same period a year ago. Agnico’s second-quarter performance “reflects the strength of the gold price environment, our disciplined cost management and the consistency of our operational execution,” CEO Ammar Al-Joundi said in the statement. “We remain focused on executing on our 2025 guidance and advancing our key growth projects to drive long-term value creation.” Toronto-based Agnico said it expects to produce between 3.3 million and 3.5 million oz. of gold this year, unchanged from an earlier target. All-in sustaining costs should range from $1,250 to $1,300 per oz., the company added. Excluding capitalized exploration, capital expenditures should range from $1.75 billion to $1.95 billion this year, Agnico also said. Including capitalized exploration, the figure rises to between $2.04 billion and $2.26 billion.

In a post shared on TradingView, crypto analyst Xanrox argues that the current bullish cycle is nearly over, pointing to a potential downtrend that would see the Bitcoin price crash to $60,000. This analysis comes as Bitcoin is trading within a very quiet phase, prompting many crypto traders and crypto analysts to start reassessing its next direction. Xanrox Predicts Bitcoin Top At $122,000 And Crash To $60,000 The world’s largest cryptocurrency has been hovering just above the $118,000 price level for several days now, struggling to break decisively above this zone but also showing no major signs of a breakdown. Despite this consolidation, market sentiment remains upbeat. The crypto fear and greed index continues to flash “greed,” and most analysts still argue that Bitcoin is setting up for another leg upward. However, an interesting technical outlook challenges this bullish consensus and issues a crash warning. Notably, crypto analyst Xanrox identified a sell signal on the weekly candlestick timeframe chart after Bitcoin reached the 1.618 Fibonacci extension and touched the long-term 2017–2021–2025 trendline, with the latest touch of the trendline aligning to Bitcoin’s recent all-time high at $122,800. According to him, the most recent touch of this trendline might be the top of the current cycle. Furthermore, he noted that the Elliott Wave structure has now completed Wave 5 of a rising wedge and a larger Wave 5 impulse move. As such, a corrective phase is about to start. What’s Next For Bitcoin? As shown in the chart below, the next major move could be at least a 50% decline, with Bitcoin dropping to around $60,000 by 2026. This projection is based on previous price action, where Bitcoin embarked on 84% and 77% price crashes after touching the trendline in 2017 and 2021, respectively. The technical setup also aligns with statistical data that shows August and September historically bring increased selling pressure. Xanrox noted that while traders can wait for further confirmation, such as a break below the 50-week moving average, he personally believes the top is already in. Large institutions and professional investors pay close attention to the 20, 50, 100, and 200-period moving averages. Related Reading: Bitcoin Short Squeeze Incoming As Market Makers Set Trap To Go Above $123,000 Xanrox’s outlook is a sharp contrast to the prevailing sentiment among crypto investors. Bitcoin’s current structure is still showing strength on higher timeframes, and several other analysts see the recent consolidation between $117,000 and $119,000 as a base for continuation toward $130,000 and beyond. The lack of major sell-side volume, the firm hold above the $118,000 price level and the 50-week moving average, and bullish indicators across altcoins like Ethereum are on-chain signals that the Bitcoin price still has more room to run before it reaches a peak price this cycle.

According to comments from Ripple CTO David Schwartz, XRP is still at the heart of Ripple’s payments system, even as the company highlights its new stablecoin, RLUSD. Ripple’s lead tech officer stressed that XRP remains the primary bridge asset in cross-border transactions—and that wider use of the XRP Ledger will keep boosting the altcoin’s utility and value. XRP Remains Core To Ripple Payments In a recent exchange, an XRP supporter pointed out that Ripple now mentions RLUSD more often than XRP. Schwartz replied that he doesn’t have the exact figures on hand, but he’s sure that Ripple uses XRP far more than any other digital asset for its payments service. Based on reports, XRP still dominates as the bridge currency when moving money from one fiat to another. That role helps institutions send funds quickly and cheaply, even when market swings might make a stablecoin less ideal. Ripple launched RLUSD in December 2024 to meet demand for price stability. According to Schwartz, stablecoins like RLUSD make sense in use cases that depend on a fixed value—such as when firms use crypto assets as collateral or enter and exit markets without risking 5% swings overnight. He noted that Hidden Road, one of Ripple’s big partners that works with over 300 institutions, chose RLUSD as its main collateral asset in May 2025. That move shows RLUSD’s appeal for stability-focused tasks. Stablecoin Role Versus Altcoin Utility Schwartz drew a clear line between the two tokens. For tasks where price predictability matters most, a stablecoin helps avoid hiccups. But for the majority of payments, he believes a liquid asset like XRP does a better job—unless someone wants to avoid risk entirely. Holding major digital assets can capture upside, and XRP fits that need better than cash, he said. Adoption Drives XRP Demand Looking ahead, Schwartz stressed that real-world use of the XRP Ledger will naturally drive more demand for the crypto. As more projects and institutions tap into XRPL’s fast transaction speeds and low fees, they’ll need XRP to power each move. That design makes it harder to sidestep the coin’s native token than it is on other networks, where developers can wrap or bypass the base coin entirely. Schwartz’s remarks arrive amid community worries that XRP is being sidelined in favor of stablecoins. The choice by Hidden Road to back RLUSD raised eyebrows back in May 2025. XRP’s Use Case But by highlighting how deeply XRP is woven into XRPL’s mechanics—and reminding investors that the altcoin’s volume still outstrips any other asset in Ripple Payments—Schwartz sent a clear message: XRP’s use won’t fade, even as stablecoins gain ground. Based on these comments, Ripple appears to be taking a two-pronged approach: use RLUSD where price stability is critical, and rely on XRP for its proven liquidity and built-in role on the ledger. That strategy could help keep both tokens busy in different parts of the crypto economy, ensuring XRP stays relevant even as new products emerge. Featured image from Unsplash, chart from TradingView

Shares of St. Augustine Gold and Copper (TSX: SAU) rose at market open Thursday following the release of an updated preliminary feasibility study (PFS) for its flagship project in the Philippines that showcased its potential to be one of the world’s largest copper-gold producers. The Kingking project, located in Pantukan, Davao de Oro, is estimated to produce approximately 4.4 billion lb. of copper and 6.9 million oz. of gold over a 38-year life, according to the new report. Average production in the first five years is expected to be 284 million lb. copper and 333,000 oz. gold. Michael Regino, chief operating officer of St. Augustine, stated in a press release that the PFS represents a long-awaited milestone for the greenfield project, especially in the context of recent changes to the Philippine mining regulatory structure, which he says “have paved the way for a world-class project development.” World-class mine The first five years of production would make Kingking “one of the top 25 worldwide gold producers” and one of the “top 10 copper producing mines” on a copper-equivalent basis, Regino highlighted. The gold-rich porphyry copper deposit has previously been listed by the Philippine Mines and Geosciences Bureau as one of the nation’s top priority projects. Its total reserves available for milling are estimated at 849 million tonnes grading 0.26% copper and 0.36 g/t gold, plus another 111 million tonnes grading 0.23% copper for leaching only. Based on its production profile and prices of $4.30/lb. for copper and $2,150 for gold, the PFS estimated a post-tax net present value (discounted at 7%) of $4.18 billion and an internal rate of return of 34.2%, with a payback period of 1.9 years. The initial capital estimate is $2.37 billion, giving the project a benefit-cost ratio of 1.8. Project director Andrew Russell said with the new PFS, the company believes there is an opportunity to move the Kingking project through the definitive feasibility process, and production can soon be realized. In comparison, its previous PFS showed a mine life of only 22 years and a lower NPV of $1.8 billion, based on lower production. However, those estimates were completed more than a decade ago. “This project will produce copper net of by-product credits at one of the lowest rates of any operation worldwide. The tradeoff studies and recommendations provide a clear path to improved efficiencies, levelized production, and operational excellence,” Russell said. Permitting status The Kingking project was initially slated to enter production around 2016-2017, but had faced delays due to a combination of regulatory restrictions, including an open-pit mining ban that was lifted in late 2021, and operational disruptions caused by the Covid pandemic. At the time, St. Augustine had secured the project’s environmental permit, which remains valid to this day, but its mineral processing permit has since lapsed. The company said its management is actively working to complete the requirements to secure a renewal of the permit. In May, the Canadian miner doubled its ownership in the project by acquiring another 40% stake from Nadecor. Shares of St Augustine Gold and Copper surged to a near 52-week high of C$0.56 during the early hours of trading, before pulling back to C$0.48. The company has a market capitalization of C$583 million.

Bitcoin’s new investor dominance is gaining momentum just as the asset consolidates in a tight range, setting the stage for a major breakout. After more than two weeks of sideways movement between $115,000 and $120,000, BTC continues to trade within this well-defined range—building pressure that typically precedes a sharp move. Data from CryptoQuant highlights a crucial dynamic: the comparison between demand and supply from new versus old investors. The current new investor dominance sits at 30%, only half of the “overheated” range of 60–70% seen during euphoric phases, but the trend is clearly climbing. This means new liquidity is entering the market steadily, while old holders are still distributing at a manageable pace. The supply of long-term holders is absorbing this growing young demand without disrupting the price structure. This healthy balance suggests that the market is still in a stable late bull phase, with no signs of mass profit-taking or capitulation from seasoned investors. With Bitcoin maintaining a bullish structure and demand from fresh entrants rising, the coming days will be critical. Bitcoin Enters Healthy Late Bull Phase as New Investor Activity Grows Top analyst Axel Adler recently shared detailed insights into Bitcoin’s market structure, focusing on the balance between new and old investor behavior. According to Adler, previous peaks in new investor dominance—64% in March 2024 and 72% in December 2024—aligned precisely with local BTC price tops. At those points, new liquidity began to wane, and experienced holders ramped up profit-taking. Currently, new investor dominance stands at 30%, which is still far from those overheated extremes. However, the trend is upward. The purple fill on the chart, which reflects cumulative activity from younger coins, has been climbing steadily since July 2024. This indicates that a fresh wave of buyers continues to enter the market, while selling pressure from old hands remains limited. This dynamic creates room for further bullish continuation before the typical euphoria zone—above 60–70% dominance—takes hold. Old holders are still distributing coins, but only moderately. A coefficient of 0.3 means that three-year-old coins are absorbing demand without triggering major volatility. This balance suggests that the market remains structurally sound. Bitcoin Forms A Tight Consolidation Range Bitcoin is currently trading at $118,413, consolidating in a narrow range between $115,724 and $122,077, as seen in the 8-hour chart. This sideways movement has persisted for over two weeks, indicating indecision in the market. The key support sits at $115,724, which has been tested multiple times but held firmly, while the $122,077 level acts as immediate resistance after a strong rejection earlier in July. The price remains above the 50, 100, and 200-period moving averages, which now align in bullish order—another sign that the underlying trend is still intact despite short-term consolidation. Volume remains relatively low, suggesting that neither bulls nor bears are aggressively positioning at the moment. However, such tight ranges often precede large directional moves. If bulls manage to break above the $122K resistance with strong volume, it could trigger a continuation toward new highs. On the other hand, a breakdown below the $115.7K support would expose downside risk. Potentially leading to a retest of the 100-period moving average around $114,490 or even the 200-period average near $110,188. Featured image from Dall-E, chart from TradingView

The upcoming Non-Farm Payrolls (NFP) report will be released tomorrow, the same as last month’s consensus expectation of 110K. As a reminder, the July NFP release shook markets with another positive surprise, coming in 37K stronger than the 110K Expected (+ 147K). Markets are now awaiting to see if the US can once again surprise with more upside on its Labor data. For those newer to trading, the NFP is one of the most market-moving data releases globally. It offers insight into the health of the US labor market for the just—concluded month, with the Unemployment Rate also published at the same time. I strongly invite you to look at our last month’s July Non-Farm Payrolls preview to learn more about why NFP matters so much for Markets (most of the info is in the introductory section). Read More: NZDUSD tests the edge of its range as USD buying pressure buildsMarket moving flows as July concludes We are concluding a strongly volatile July trading, with powerful disruptions to what was the 2025 most significant trend of US Dollar selling: After hitting 96.40 lows on its Dollar Index (DXY), the Greenback made its way back to the 100.00 level just today after Core PCE came in stronger once again (0.3% m/m vs. 0.2% estimate). The key question for the upcoming month is: Will the US keep beating expectations as they have done since 2024? The answer to this will help to assess when the first FOMC rate cut of the year will take place. All participants are getting ready for the session close which brings the usually volatile Month-End flows. Let’s now explore: Seasonal trends for August payrollsA small look at the Dollar IndexWhat potential reactions traders might expect from this key reportUS Data releasing tomorrow morning, including NFP and ISM PMIs For all Market moving events, check the MarketPulse Economic Calendar Seasonal trends for the August NFP release August NFP (where Markets learn more about the prior month's data) averages around 160,000 since 2010, excluding 2020 and 2021 due to COVID recovery numbers significantly influencing typical trends (1.80 Million jobs created in the August 2020 NFP!). Taking a look at the Dollar Index Dollar Index 8H Chart, July 31, 2025 – Source: TradingView The US Dollar is up around 2.60% since last Thursday's lows, which is shaking up FX markets. In our previous US Dollar analysis, we mentioned a potential Break-Retest pattern from the 2025 Downtrend and after some strong data, the rally took the index from 97.15 to some 100.12 highs in the morning session. US Dollar strength will be a key to monitor upcoming flows in August – A significant break above the 100.00 to 100.50 Resistance should accelerate the rebuying of Dollar-selling positions. On the other hand, staying around the 100.00 should lead to some more longer-run consolidation for currencies – A stronger Dollar may also impair Equities a tid-bit, as they are still at record-highs. FYI, the Weekly RSI on the Dollar Index is back right at neutral levels, coming back from oversold which would re-allow a more balanced buying/selling scenarios – Markets are once again at a tipping point. What to Expect from this Upcoming Report This upcoming report will be even more tricky than the previous one. Seeing the major reversal in the US Dollar, participants will look to spot if this ongoing strength is poised to cancel more of the 2025 "Dollar-selling" flows, or if a weaker employment figure would provide a good point to resume the Dollar-selling trend. I cannot emphasize enough how important the 100.00 level is in the DXY. What's priced in: US Equity markets are at all-time highs and FX Majors have all corrected significantly since their July 1st highs. Markets have reacted positively to the EU-US and Japan-US Trade Deals – More Deal announcements are expected, particularly with Mexico and China talks getting pushed back – For now, Equities are still trading in the TACO trade Watch for potential sell-the-news on actual settlement of deals similar to what happened with the Euro. What to expect (subject to largely different reactions as Markets are tough to predict): Looking at the current state of pricing, Equities are at an extreme and Forex flows are more balanced after the strong July correction. A miss would once again prompt the largest reactions, with US Dollar selling resuming in a flash, substantially higher pricing of a September cut (more cuts throughout 2025), and Equities correcting sharply. A beat would shoot the Dollar higher yet again, with Equities following the same direction, Cuts getting priced out further towards 25 bps in 2025 and Gold would correct strongly. An as-expected report (~ +/- 5K from the 110K expectations) would lead to a small correction in the USD and Equities, followed by more rangebound action throughout the first part of the month in the waiting of more data (Major focus on CPI). The extent of such outcomes would depend on how large the beat/miss is. Safe Trades for the upcoming NFP! 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.