We mentioned previously that cryptocurrencies had been uncharacteristically calm over the past couple of weeks. That all changed last night when Bitcoin decided to rip straight to $117k, surpassing its previous record of $112k established back in May. The wider crypto sphere wasted no time in getting in on the action, driving the alt market into a frenzy of activity. The sudden rise in prices comes days before “crypto week” kicks off next Monday, which will see the US House of Representatives discuss a number of bills relating to cryptocurrencies. The GENIUS act, which aims to provide the regulatory framework surrounding stablecoins, is arguably the most prominent element of the agenda and is expected to pass without too much drama. The second item is the CLARITY act, which seeks to formally define “digital commodities” as well as establish proper boundaries between the SEC and CFTC. The third bill is the Anti-CBDC Surveillance Act, which aims to block the Fed from creating a central bank issued digital currency.
Beyond crypto, the wider technology sector also enjoyed modest gains over the past couple of days. Nvidia (NVDA) became the first company in history to achieve a $4 trillion valuation on Wednesday, beating Apple (AAPL) and Microsoft (MSFT) to the milestone. The Nasdaq Composite index hit back-to-back record highs over the past two sessions while the S&P 500 also achieved a fresh all-time high yesterday. The Dollar meanwhile continued to exhibit minor signs of strength, pushing the DXY to just south of 98.
The latest FOMC minutes unveiled a difference of opinion among board members, with some arguing for rate cuts as early as later in month, while others do not see the need for any adjustments until next year. Fed governors Michelle Bowman and Christopher Waller have both been open about the possibility of a rate cut during the next meeting on the 30th of July, although their voices remain in the minority for now.
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