Key Developments:
- Regulatory Landscape: US House passes three key crypto bills with bipartisan support amid ongoing debates over consumer protection and potential conflicts of interest. US also investigates Brazil’s digital payment system.
- Ethereum Momentum: Wall Street increasingly interested in Ethereum due to its role in stablecoins, RWAs, and DeFi, positioning ETH as a potential reserve asset. Nasdaq files application to add staking for BlackRock iShares ETH ETF.
- Bitcoin Adoption: Fidelity Investments suggests Bitcoin is mid-cycle in its adoption curve, supported by institutional interest and inflows. Semler Scientific adds $25M in Bitcoin, but stock slides 22% YTD.
- DOGE Rally Potential: DOGE gained 18% this week, with data suggesting a possible 300% rally before the end of 2025 if key price levels are reclaimed.
- Bitcoin-Backed Mortgages: Block Earner in Australia introduces Bitcoin-backed mortgages.
- Legal and Enforcement: US prosecutors expect to close the case against Tornado Cash developer Roman Storm by July 25. Trump’s court pick has a history of representing blockchain entities.
Analysis:
- Institutional Interest: The increasing interest from Wall Street in Ethereum and the filing for staking ETFs indicate a growing acceptance of crypto as a legitimate asset class among traditional financial institutions.
- Regulatory Scrutiny: While progress is being made on crypto legislation in the US, disagreements persist, especially concerning consumer protection and potential conflicts of interest.
- Adoption Curve: Fidelity’s analysis of Bitcoin’s adoption curve suggests that there is still considerable room for growth and maturation in the market.