Crypto Market Updates This Week
After a week of strong gains, BTC is currently in a high-level correction and consolidation phase. In the short term, the long and short forces are stalemate, and market sentiment is cautious. Investors need to pay close attention to the effectiveness of the 116,500 USDT support level and the breakthrough of the 118,500-119,000 USDT resistance level above, and observe whether the trading volume can match the price to move in a clear direction.
ETH has shown a strong upward trend in the past few trading days. The price has gradually risen from the $3,400 area and hit a high of about $3,780 in the morning of the 21st, followed by a correction. Currently, ETH is still in a strong upward channel, but it faces certain pressure near $3,780 in the short term. If it can break through this position in the future, it is expected to start a new round of rising market.
This week's popular coins
In terms of popular currencies, ETH, DOGE, SHIB, LINK and FLOKI all performed well. ETH price rose 25.3% this week, with the highest price of 3819.4 USDT. DOGE price rose 32.55%, with a 24-hour trading volume of 22.04B USDT. SHIB, LINK and FLOKI rose 14.08%, 3.8% and 4.09% respectively.
US market and hot news
Dow futures were up slightly late Sunday, with S&P 500 futures and Nasdaq futures also rising. Tesla (TSLA) and Google parent Alphabet (GOOGL) reported earnings this week, with both companies seeing positive stock price action.
Stocks were mixed last week, though the Nasdaq and S&P 500 hit all-time highs on strong economic data and positive news about artificial intelligence chips, particularly from Nvidia (NVDA), TSMC (TSM), and Advanced Micro Devices (AMD).
Fed Chairman Powell will deliver a welcome speech at a regulatory conference on July 22
White House Digital Asset Markets Working Group expected to release first crypto policy report on July 22
Trump plans to issue an executive order to promote the development of artificial intelligence and considers setting July 23 as "AI Action Day"
Popular sections and projects unlocked
Layer 1
CFX Conflux (+88.52%, market capitalization of US$1.117 billion), the CFX token is currently priced at US$0.217, up about 88.52% in 24 hours.
Stimulated by the good news that "Conflux public chain 3.0 is about to be launched, and plans to participate in the pilot issuance of offshore RMB stablecoins in the 'Belt and Road' initiative", CFX has shown an extremely strong upward momentum. After the news was released, CFX quickly rose from around 0.12 USDT, breaking through multiple key resistance levels in a short period of time, reaching a maximum of 0.25 USDT, and the increase doubled. This rise was accompanied by a significant increase in trading volume, indicating that a large amount of funds were concentrated and the buying sentiment was high, pushing the price to achieve an explosive upward trend.
Avail (AVAIL) will unlock approximately 972 million tokens at 4:00 pm Beijing time on July 23, accounting for 38.23% of the current circulation, with a value of approximately US$18.9 million.
SOON (SOON) will unlock approximately 41.88 million tokens at 4:30 pm Beijing time on July 23, accounting for 22.41% of the current circulation, with a value of approximately US$6.1 million.
Venom (VENOM) will unlock approximately 59.26 million tokens at 4:00 pm Beijing time on July 25, accounting for 2.84% of the current circulation and worth approximately US$13.4 million.
AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 pm Beijing time on July 25, accounting for 6.39% of the current circulation, with a value of approximately US$8.9 million.
Sahara AI (SAHARA) will unlock approximately 84.27 million tokens at 8:00 pm Beijing time on July 26, accounting for 4.13% of the current circulation and worth approximately US$6.9 million.
