Written by: Bright, Foresight News
On the morning of July 10, the secondary cryptocurrency market broke upward after a long period of sideways movement. BTC broke the 112,000 mark for the first time, refreshing its historical high again. Many altcoins saw significant rebounds. Since BTC set its previous high on May 22, it has retracted and consolidated for nearly 7 weeks, with the lowest point reaching 98,200 USD, and the current new high is over 14.05% higher than the low point. As of the time of writing, Bitcoin has temporarily reported a pullback to 111,299 USD.
ETH has performed relatively strongly, rebounding from a low of $2111 to break through to $2795, just $85 short of the recent high point of this rally, with an increase of over 32.4% during this period. SOL may have been sold off by market funds due to the cooling of the on-chain Meme market, barely recovering to $158 after hitting a low of $121, with an increase of 30.57%. However, it still has nearly 20% of space to reach the recent high of $187.71.
The total market capitalization of cryptocurrencies rose by over 3.2%, surpassing $3.51 trillion. As altcoins collectively rallied, Bitcoin’s market share slightly decreased to 62.94%, and the altcoin season index rebounded to 24, while the fear and greed index climbed to 67, indicating greed. During the same period, large tech stocks led the gains in the U.S. stock market, with the Nasdaq index rising 0.94%, the Dow Jones Industrial Average closing up 0.49%, and the S&P 500 rising 0.61%. Nvidia rose 1.8%, leading the seven major tech giants.
In the US cryptocurrency stocks, Coinbase surged 5.36%, with its stock price breaking through to $373.85. Meanwhile, MicroStrategy rose over 4.65%, closing at $415.41, firmly above the $400 mark. Circle opened high but fell back, closing down 2.02%, currently reported at $200.68.
In terms of liquidation data, according to Coinglass, over 109,100 people have been liquidated in the last 24 hours, with a total liquidation amount of 511 million USD. Short positions accounted for 448 million USD, while long positions accounted for 63.29 million USD, with a focus on liquidated short positions. The largest single liquidation on CEX was for BTC-USDT, occurring on Huobi, valued at 51.56 million USD.
NVIDIA reaches the highest market value in the US stock market.
On the evening of July 9, Nvidia’s stock price surged to a new high, rising 2.52% within the day, with each share priced at $164, bringing its total market capitalization to $4 trillion. Nvidia has completely shattered the previous record of $3.915 trillion for the highest global market capitalization set by Apple at the end of 2024, becoming the first company to reach a market value of $4 trillion, surpassing the total market capitalization of countries like the UK, France, and Germany.
Since the low point in April of this year, NVIDIA’s stock price has risen nearly 90%. In fact, since the earnings report was released at the end of May, NVIDIA’s stock price has begun to rise steadily.
The growth of global AI demand has always supported Nvidia’s growth. At the Nvidia shareholders’ meeting on June 25, Jensen Huang pointed out that the demand for “sovereign AI” is increasing globally, and Nvidia is at the starting point of a decade-long wave of AI infrastructure construction. Huang stated that in just the last quarter, Microsoft handled more than five times the volume of AI model requests compared to the same period last year.
Citi recently released a report, raising Nvidia’s data center sales forecasts for fiscal years 2027 and 2028 by 5% and 11%, respectively, citing strong demand for autonomous AI that will provide Nvidia with more expansion opportunities. Citi also pointed out that demand for sovereign AI (artificial intelligence typically developed by national governments) is higher than expected, and by 2028, the AI data center market size will reach $563 billion, up from the previous estimate of $500 billion, which will benefit Nvidia as the company is involved in almost all sovereign deals.
Wedbush analyst Dan Ives also stated in a report to clients on July 3 that he expects Nvidia’s market value to exceed $4 trillion this summer, and it may even challenge the $5 trillion mark in the next 18 months.
However, for example, well-known Wall Street short seller Jim Chanos still believes that “the entire ecosystem surrounding the AI craze” is reminiscent of the internet bubble of the early 21st century. Chanos stated: “(The AI craze) is a revenue source with greater risks, and once the market retracts, companies are likely to reduce capital expenditures, and related projects will be shelved. If this happens, it will immediately be reflected in disappointing earnings and performance guidance.”
Short-term events do not disturb the rise.
Last night, there were advancements on issues such as tariffs and interest rate cuts, but this did not hinder the further rise of risk assets.
On the evening of July 10, the Federal Reserve released the minutes of its monetary policy meeting. “Fed mouthpiece” Nick Timiraos stated that Fed officials are divided into three main camps: the first acknowledges a rate cut within the year but excludes July, with most officials supporting this camp; the second advocates for no changes throughout the year; and the third calls for immediate action at the next meeting.
The minutes show that only a “minority” of participants support the third camp, implying that those who have previously supported rate cuts, such as Federal Reserve governors Waller and Bowman.
Most Federal Reserve officials still believe that the overall U.S. economy is stable, allowing them to remain patient regarding interest rate adjustments. The minutes noted that policymakers view economic growth as “robust” and the unemployment rate as “low.” The market also believes that the probability of the Federal Reserve keeping interest rates unchanged in July is as high as 93.3%. Accordingly, the probability of a 25 basis point rate cut is only 6.7%.
U.S. President Trump issued a second wave of tariff letters last night regarding the equivalent tariff levels for various countries, covering eight countries: Brazil, Brunei, Algeria, Moldova, Iraq, the Philippines, Libya, and Sri Lanka. Among them, the tariff imposed on Brazil reached the highest level since the announcement of the new equivalent tariffs—50%.
However, some analyses indicate that, unlike the other 21 countries that received tax notices, Brazil did not have a trade deficit with the United States last year, as the U.S. recorded a trade surplus of $6.8 billion with Brazil. The action of raising tariffs on Brazil is, in fact, an attempt by Trump to use tariff threats to change the domestic decisions of other countries.
Previously, Trump stated on his social platform Truth Social that 50% of the new tariffs stemmed from Brazil suing its former president Bolsonaro. He called on the Brazilian government to withdraw the charges against Bolsonaro for attempting a coup, stating that his “trial should not take place. This is political persecution and should end immediately.”
Speculative sentiment is high, and hoarding coins is still ongoing.
Currently, listed companies in the United States, the United Kingdom, Europe, and Japan are no longer satisfied with merely establishing so-called “BTC strategic reserves”; instead, they view hoarding BTC as an arms race and are continually raising funds to purchase more BTC, with many of these financing amounts exceeding 100 million dollars.
Among them, the NYSE-listed company Genius Group is a typical example of “having tasted success.” Genius Group announced that it has increased its original target of 1,000 BTC in Bitcoin treasury reserves by 10 times, planning to achieve a purchase plan of 10,000 BTC within 12-24 months. Furthermore, between May 22, 2025, and July 4, 2025, the company has achieved a 74% return on BTC.
Data shows that from July 1 to July 7, the total net inflow of BTC allocated by global listed companies (excluding mining companies) reached as high as 275 million USD in a single week. This allocation speed is already comparable to the net inflow of BTC ETFs, and no companies have explicitly stated that they are selling BTC.
It can be said that Nvidia’s combined breakthrough to a new high has made it the world’s first $4 trillion company, greatly stimulating the speculative enthusiasm in the risk market, and also driving BTC’s rapid breakout this morning. At this stage, the main buying power of BTC has concentrated on asset management institutions and listed companies, and the demand for traditional financial instruments like ETFs has significantly reshaped the Bitcoin market landscape. Therefore, BTC is now closely linked to the U.S. tech stocks favored by institutions, and the essential reason is that Wall Street has strongly become the operator behind BTC.
