Bitcoin (BTC) gives back its overnight gains, trading around $64,440 as of July 16. Trump will attend a key meeting on Thursday at the White House regarding the ethics provisions of the “CLARITY Act,” aimed at addressing lawmakers’ concerns about Trump and his family’s crypto businesses. Japan’s parliament approved legislation that reclassifies Bitcoin and other cryptocurrencies as financial assets, marking a major regulatory shift.
Macro Events & Crypto Market Hotspots
1、According to The Block, moral issues will be the core topic of a meeting on Thursday afternoon with President Trump, a group of minority lawmakers, and White House staff. Lawmakers are trying to resolve the ethics provisions in the “CLARITY Act.” Kristin Smith, president of the Solana Policy Research Institute, said the meeting will be held on Thursday local time. Attendees include Republican Senators Bernie Moreno and Cynthia Lummis, senior White House crypto adviser Patrick Witt, and White House Chief of Staff Susie Wiles.
At the time the meeting is convened, lawmakers have been negotiating the ethics provisions to address lawmakers’ concerns about Trump and his family’s crypto businesses. Smith said the meeting is “crucial” for the passage of the “CLARITY Act,” and she hopes to secure Trump’s approval of the ethics provisions. Crypto industry sources said progress depends on the Thursday meeting: “Trump personally attending is a big deal.” Senate Majority Leader Thune hopes to bring the bill to a full Senate vote before the August recess, with an updated text expected to be released this week.
2、According to Japan’s public broadcaster NHK, Japan’s parliament passed an amendment on Wednesday that reclassifies cryptocurrencies as “financial assets.” This change removes Bitcoin and other digital assets from the country’s payment system and brings them under the regulatory framework for stocks, bonds, and investment trusts. The amendment strips cryptocurrencies of their previous status under the Payment Services Act (where regulators treated them as a settlement tool), and places them under the Financial Instruments and Exchange Act (FIEA), which is the same regulation used to oversee traditional securities.
The amendment will put Bitcoin and other cryptocurrencies under unified investor protection standards. NHK reports that the change will take effect within one year, with the goal of completing it by fiscal year 2027.
News Flash
1、NYDIG: Bitcoin’s performance ranks at the bottom this year; if it replicates the 2022 pattern, it could fall to $38,000 to $39,000
2、Aave V4 is live on the Avalanche network, expanding beyond Ethereum for the first time
3、Stanford research: Polymarket’s five-minute Bitcoin betting market shows signs of manipulation
4、ORANGE JUICE completes a $40 million funding round to build a permanent-capital holding company backed by a Bitcoin reserve
5、Tether invests $20 million into Argentina’s digital bank Ualá, expanding its presence in Latin America
6、Shield: Ostium’s public OLP vault was stolen of about 24 million USDC
7、BlackRock CFO: the company’s long-term goal is to provide crypto assets and various traditional assets within digital wallets
8、Trump will attend a key meeting on Thursday at the White House on the ethics provisions of the “CLARITY Act”
9、Arthur Hayes is suspected of increasing holdings by 1,293 ETH via over-the-counter trades, about $2.48 million
Market Snapshot
1、Latest on Bitcoin: $BTC gives back its overnight gains, trading around $64,440. In the past 24 hours, $57.34 million was liquidated, with long liquidations leading the surge;
2、U.S. stocks closed slightly higher on July 15, as large-cap tech stocks strengthened, offsetting pressure from chip stocks’ pullback. After reports that PayPal received an acquisition proposal, its stock surged; along with continued strength in bank earnings, sentiment on Wall Street turned bullish. The Dow Jones Industrial Average rose 150.37 points, up 0.3%, closing at 52,658.64; the S&P 500 rose 28.81 points, up 0.4%, closing at 7,572.40; the Nasdaq Composite rose 162.22 points, up 0.6%, closing at 26,269.23.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, using the current 64,589.70 USDT as the reference: if it drops to around $64,331, the cumulative amount of long position liquidations will exceed $154 million; if it rises to around $65,640, the cumulative amount of short position liquidations will exceed $395 million. Short-side liquidation amounts are significantly higher than long-side. It is recommended to manage leverage levels reasonably to avoid triggering large-scale liquidations amid market moves.
(Source: Coinglass)
4、In the past 24 hours, BTC spot inflows were $1.81 billion, outflows were $1.82 billion, for net outflows of $0.10 billion.
(Source: Coinglass)
5、In the past 24 hours, $SNDK, $SOXL, $SKHYNIX, $MU, $SPCX , and others led net outflows in futures trading, presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “I got hammered today, but the hardness of $BTC is still pretty good—this has happened a few times. When U.S. stocks saw a drop of more than 1%, Bitcoin still maintained a modest gain. It should be that BTC was oversold earlier. Now that AI and semiconductors are gradually cooling off, some funds are starting to return to BTC, which has made my recent pressure on both coins a bit high.”
“Many friends know that over the past month I bought BTC between $59,000 and $63,000 using a two-coin approach. Almost every $1,000 I bought some. And now the price where I bought low has already come back to $63,000—below $63,000, only 3/4 is left.”
“The part about selling at a high price mentioned $66,000. I feel a bit worried—on July 17, it really could possibly exceed $66,000. Even though the two-coin strategy has been making money, I still feel somewhat unwilling to sell Bitcoin in this price range. So the hardest part of trading is following discipline; and the hardest part is the swing between discipline and ideals.”
“The U.S. and Iran are still bickering, but the market has shown some fatigue—especially after Trump’s TACO, oil prices started to edge lower. The market is not very optimistic about the chance of a big rally in oil prices—at least not now. So shorting at higher levels doesn’t feel like a lot of pressure. The current floating losses don’t bother me at all, as long as the funding rate isn’t too high.”
“My current WTI price target is still below $70. This must be the fourth round already. I’m slowly starting to like shorting.”
Today’s Preview
1、UK May industrial production (year-on-year), prior value -0.2%
2、UK May goods trade balance (million pounds), prior value -26046
3、Eurozone May trade balance (seasonally adjusted) (billion euros), prior value 1.3
4、U.S. June retail sales (month-on-month), prior value 0.9%
5、U.S. weekly seasonally adjusted initial jobless claims (thousands) (to 0706), prior value 215
6、U.S. June NAR seasonally adjusted pending home sales index (month-on-month), prior value 3.8%
7、U.S. July NAHB home price index, prior value 35
