Crypto Market Overview
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BTC (-2.25% | Current Price: 62,597.2 USDT): BTC pulled back again over the past 24 hours, indicating that buying momentum following the recent recovery has weakened. On July 13, the latest macro trading day, all three major U.S. equity indices closed lower, with technology stocks and other risk assets under pressure, creating additional headwinds for the crypto market. From a technical perspective, BTC remains above $62,000, but short-term resistance around $64,000 has re-emerged, and the market has yet to establish a convincing breakout structure. Trading activity increased during the pullback, suggesting greater disagreement between bulls and bears than on the previous day. In the near term, a break below $62,000 could lead BTC to test support around $61,000. A recovery above $63,500 would be needed to place the rebound on firmer footing.
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ETH (-1.51% | Current Price: 1,780.74 USDT): ETH declined alongside the broader market over the past 24 hours, slipping back below $1,800. The key issue remains ETH’s inability to hold firmly within the $1,800–1,850range, as rallies continue to encounter selling pressure shortly after moving higher. From a candlestick perspective, underlying support has not completely broken down, but rebound momentum remains clearly insufficient. Trading activity stayed relatively active during the decline, indicating that short-term capital continues to favor range trading. ETH needs to reclaim $1,800 to improve its near-term market structure. A break below $1,760 could extend the current weak consolidation.
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Altcoins: Altcoins remain dominated by selective sector rotation. AI, on-chain asset management, and privacy computing projects have shown pockets of strength, but gains have not spread broadly across the market. The latest Crypto Fear & Greed Index reading stands at 28 (Fear). Sentiment continues to recover from the previous period of Extreme Fear, but capital remains cautious, and the sustainability of the altcoin rally still depends on sufficient trading support.
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Macro: On July 13, the S&P 500 fell 0.80% to 7,515.34, the Dow Jones Industrial Average declined 0.30% to 52,498.64, and the Nasdaq Composite dropped 1.60% to 25,873.18. As of 8:39 AM (UTC+8) on July 14, spot gold was trading at approximately $4,005.90 per ounce, down around 1.68% over the previous 24 hours.
ALLO Allora (+23.85% | Circulating Market Cap: $94.61 Million)
According to Gate market data, ALLO is currently trading at $0.4675, up 23.85% over the past 24 hours. Allora is a decentralized AI network that leverages on-chain incentive mechanisms to aggregate models, data, and predictive intelligence, providing programmable machine intelligence for decentralized applications. The ALLO token is used for network incentives, governance participation, and value exchange within the AI inference ecosystem.
ALLO's latest rally has been primarily driven by renewed capital inflows into the AI infrastructure narrative. The token has experienced significant intraday volatility over the past 24 hours, indicating a notable increase in market participation while maintaining relatively healthy liquidity compared with other small- and mid-cap assets. Although the broader market remains under pressure, projects with clear AI infrastructure exposure continue to attract selective capital. If ALLO can sustain healthy trading activity within the $0.44–0.46 range, the rally may have further room to extend. However, if trading volume declines rapidly, short-term profit-taking pressure is likely to increase.
VELVET Velvet (+21.49% | Circulating Market Cap: $146 Million)
According to Gate market data, VELVET is currently trading at $0.60526, up 21.49% over the past 24 hours. Velvet focuses on on-chain asset management and portfolio infrastructure, offering solutions including strategy portfolios, vault management, and DeFi asset allocation tools. The VELVET token is used for ecosystem participation, incentive programs, and protocol governance.
VELVET's rally appears to reflect a recovery in the on-chain asset management sector following an extended period of weakness. The token has maintained strong turnover near recent highs, suggesting solid buying support and deeper liquidity than many lower-liquidity small-cap tokens. During periods of market volatility, the on-chain asset management narrative tends to exhibit relative resilience as investors increasingly favor systematic allocation strategies and automated portfolio management tools. If VELVET can hold above $0.58, the short-term uptrend could remain intact.
ZBT ZEROBASE (+21.32% | Circulating Market Cap: $29.75 Million)
According to Gate market data, ZBT is currently trading at $0.1388, up 21.32% over the past 24 hours. ZEROBASE is an infrastructure project focused on privacy computing, zero-knowledge proofs, and verifiable on-chain data. Its core use cases center on privacy protection, verifiable computation, and Web3 data collaboration. The ZBT token is used for ecosystem incentives, network participation, and infrastructure-related applications.
ZBT's latest rally highlights growing market interest in privacy computing and zero-knowledge infrastructure. The token continues to trade near its recent highs, indicating that short-term buying support remains relatively healthy. If trading volume continues to expand, ZBT could sustain momentum as interest in blockchain infrastructure themes strengthens. Conversely, insufficient volume could result in significantly higher volatility following the recent rally.
Alpha Insights
SBI and the Solana Foundation Partner to Build an Integrated On-Chain Financial Ecosystem
SBI Holdings has entered into a strategic partnership with the Solana Foundation to develop Japan's domestic on-chain financial market centered on stablecoins, tokenized assets, payments, and institutional blockchain services. Under the agreement, the Solana Foundation will join SBI R3 Japan, which is expected to be renamed SBI Solana Global. Solana will serve as the primary blockchain infrastructure supporting yen-denominated stablecoins, tokenized corporate bonds, commercial paper, investment funds, real estate, and other tokenized assets. The partnership also envisions future applications in cross-border payments, institutional blockchain services, and AI agent payment systems.
Traditional financial institutions are increasingly seeking to integrate issuance, distribution, settlement, and payments into a unified on-chain financial framework. Historically, RWAs and stablecoins have evolved as separate sectors—one focused on asset issuance and the other on payment infrastructure. SBI's initiative aims to bring both together within a single financial value chain. For the market, participation from Japan's established financial institutions could enhance the regulatory credibility of on-chain financial products while accelerating the transition of stablecoins and tokenized assets from pilot projects to real-world financial applications. The next key milestone will be whether these products can secure regulatory approval, institutional adoption, and meaningful transaction volumes.
UK Advances Wholesale Market Tokenization Roadmap with Repo and Digital Government Bonds as Key Priorities
The UK's Wholesale Markets Digitisation Taskforce has released a roadmap for tokenized finance aimed at moving wholesale financial markets beyond pilot programs toward real-world implementation. The initiative estimates that tokenized finance could contribute up to £33 billion annually to the UK economy by 2035. Nine dedicated working groups will focus on areas including collateral management, settlement, legal standards, and market access, with plans to test or launch end-to-end tokenized repo transactions before spring 2027. The roadmap also proposes the development of DIGIT, a digital government bond instrument, with the first issuance targeted for early 2027.
Repo markets, government bonds, and collateral management form the foundation of wholesale finance. If these core functions can achieve on-chain settlement with legal certainty, the utility of tokenized assets could expand significantly. For institutional participants, the key question is whether on-chain assets can be effectively used for financing, collateralization, settlement, and risk management. The significance of the UK's roadmap lies in its focus on practical implementation rather than broad policy ambitions. Going forward, market participants will closely watch whether legal ownership, custody, capital treatment, and settlement rules evolve in parallel.
Bolivia Considers Recognizing USDT as an Official Payment Option, Expanding Stablecoins into Everyday Payments
Bolivia is considering allowing USDT to serve as an officially recognized payment option alongside the local currency and the U.S. dollar. The country has long struggled with foreign exchange shortages, making access to U.S. dollars increasingly difficult for businesses and importers. As a result, stablecoins have gradually expanded beyond trading into payment and savings use cases. Reports indicate that several local banks have already introduced USDT-related services, while some retailers have begun pricing everyday goods in USDT. If approved, Bolivia would become the first country in Latin America to formally recognize USDT as an official payment method.
The role of stablecoins in emerging markets is undergoing a fundamental shift. Once viewed primarily as trading instruments or on-chain hedging assets, stablecoins are increasingly being adopted for everyday payments, remittances, and as an alternative to scarce foreign currencies. For economies facing persistent dollar shortages, stablecoins offer advantages in settlement efficiency, price stability, and accessibility. At the same time, they introduce regulatory challenges related to reserve transparency, anti-money laundering compliance, and monetary sovereignty. Over the long term, broader adoption of stablecoins across payment systems will depend not only on technological efficiency, but also on issuer transparency, banking integration, and the development of supportive regulatory frameworks.
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