Last week in the news
Previous week was short in US macro news, however, news regarding trade tariffs were the ones that shaped market sentiment at Friday's trading session. The optimism on the US equity markets still holds, regardless of a short correction on Friday. The S&P 500 reached another all time highest level, ending the week at 6.259. Gold was once again a refuge from tariffs for investors, gaining during the week, ending it at $3.354. Tariffs tensions rattled US Treasury yields, with the 10Y benchmark closing at 4,41%. Certainly, the winning asset of the week was BTC, which broke the $108K resistance and moved all the way up to $118K, bringing another all-time highest level.
This week was relatively quiet in terms of key U.S. macroeconomic data. The main highlight was the release of the FOMC meeting minutes from June. The minutes didn’t reveal any new information beyond what has already been communicated publicly. The Federal Reserve continues to emphasize the need for flexibility regarding future rate cuts and is likely to remain on hold until economic indicators more clearly signal a slowdown. Most analysts still expect the next rate cut to come in late 2025 and early 2026. This outlook is shaped by persistent risks of both rising inflation and increasing unemployment, driven by recently imposed trade tariffs, which present ongoing challenges for Fed policymakers.
When it comes to trade tariffs, the previous week brought news regarding imposition of a 35% tariff on imports from Canada and a 50% tariff on goods coming from Brazil into the U.S. There have also been discussions about the possible introduction of a broader 10% universal tariff on most other countries, with some mentions of rates as high as 15% or 20%, as well as 50% on all copper imports. News posted on Saturday noted the introduction of a 30% tariff on all imports from the European Union and Mexico. The European stocks closed the Friday's trading session lower, waiting for a tariffs-letter from the US Administration, which was released on Saturday.
News is reporting that the US Government managed to end June with a budget surplus of $27B, for the first time since 2017. The reason behind the increased funds analysts are noting a surge in income from tariffs, which reached $113B this year. Still, the broader fiscal picture remains challenging, as analysts are concluding.
Speaking at an event, Fed Governor Christopher Waller stated that the growing use of stablecoins could lead to faster and more affordable payments. "As a free-market capitalist economist, my goal is to see competition in the payments space lower costs for households, consumers, and businesses—plain and simple," he said. Waller also noted that while stablecoins might reduce the demand for physical U.S. currency, they could simultaneously strengthen overall demand for the U.S. dollar.
CRYPTO MARKET
This was a week for celebration for crypto enthusiasts. BTC not only reached the all time highest level, but this coin is on the road to $120K as it managed to reach level above the $118K. This was indeed another significant milestone for BTC to reach, while crypto enthusiasts are noting that the price could easily reach even higher values till the end of this year. What will be the case, is to be seen in the future. Total crypto market capitalization significantly gained during the week, ending the week total 10% higher from the week before, adding $330B of new funds. Daily trading volumes were more than doubled, with an average daily trading volume of around $300B. Total crypto market capitalization from the beginning of this year currently stands at 12%, with a total funds inflow of $380B.
The vast majority of crypto coins gained during the previous week, and managed to significantly increase their market capitalization. The most important coin which drove the market to the upside was BTC, with a surge in value of 8,6% on a weekly basis, adding a total amount of $185B to total crypto market capitalization. ETH also had an incredible week, surging, after a longer period of time, to levels above the $3K, adding 17,5% to its market cap with an inflow of $53B of funds. All major coins had a positive week. Solana was traded higher by 9,3%, adding $7B to its market cap. ADA ended the week higher by 22,6%, with an inflow of $4,6B. One of the unexpected significant gainers of the week was Stellar, with an incredible surge in value of 63,7%. DOGE gained 21%, Uniswap surged by 21%, Algorand was traded higher by 26%. Indeed one incredible week for all crypto coins with strong gains.
As on the spot market, there has also been higher activity when it comes to coins in circulation. It is not frequently seen that BTC has a weekly increase of circulating coins, as it was during the previous week, when the number of coins was increased by 0,1%. Stellar increased its value by an incredible 63,7%, but at the same time, it increased the number of coins on the market by 0,4% w/w. IOTA had a surge in coins on the market by 0,8%, while Filecoin added 0,4% of new coins on the market. Interestingly, this week, BNB decreased the number of circulating coins by 1,1%.
Crypto futures market
In line with the surge of the value of coins on the spot market, crypto futures also skyrocketed in value, reaching some of the all time highest values for long term maturities. BTC short term futures ended the week by more than 9% higher, while the longer term futures were up by more than 7%. Futures maturing in December this year reached the last price at $122.135. At the same time futures maturing in December 2026 reached the new all time highest level at $129.355. As per values of futures, the price of BTC has more space to reach higher grounds.
ETH futures also had an excellent week, surging by more than 20% for shorter maturities and above 16% for longer maturities. What is most important is that futures finally ended the week above the $3K levels. Futures maturing in December 2025 closed the week at $3.121 and those maturing a year later were last traded at $3.359.
Previous week was short in US macro news, however, news regarding trade tariffs were the ones that shaped market sentiment at Friday's trading session. The optimism on the US equity markets still holds, regardless of a short correction on Friday. The S&P 500 reached another all time highest level, ending the week at 6.259. Gold was once again a refuge from tariffs for investors, gaining during the week, ending it at $3.354. Tariffs tensions rattled US Treasury yields, with the 10Y benchmark closing at 4,41%. Certainly, the winning asset of the week was BTC, which broke the $108K resistance and moved all the way up to $118K, bringing another all-time highest level.
This week was relatively quiet in terms of key U.S. macroeconomic data. The main highlight was the release of the FOMC meeting minutes from June. The minutes didn’t reveal any new information beyond what has already been communicated publicly. The Federal Reserve continues to emphasize the need for flexibility regarding future rate cuts and is likely to remain on hold until economic indicators more clearly signal a slowdown. Most analysts still expect the next rate cut to come in late 2025 and early 2026. This outlook is shaped by persistent risks of both rising inflation and increasing unemployment, driven by recently imposed trade tariffs, which present ongoing challenges for Fed policymakers.
When it comes to trade tariffs, the previous week brought news regarding imposition of a 35% tariff on imports from Canada and a 50% tariff on goods coming from Brazil into the U.S. There have also been discussions about the possible introduction of a broader 10% universal tariff on most other countries, with some mentions of rates as high as 15% or 20%, as well as 50% on all copper imports. News posted on Saturday noted the introduction of a 30% tariff on all imports from the European Union and Mexico. The European stocks closed the Friday's trading session lower, waiting for a tariffs-letter from the US Administration, which was released on Saturday.
News is reporting that the US Government managed to end June with a budget surplus of $27B, for the first time since 2017. The reason behind the increased funds analysts are noting a surge in income from tariffs, which reached $113B this year. Still, the broader fiscal picture remains challenging, as analysts are concluding.
Speaking at an event, Fed Governor Christopher Waller stated that the growing use of stablecoins could lead to faster and more affordable payments. "As a free-market capitalist economist, my goal is to see competition in the payments space lower costs for households, consumers, and businesses—plain and simple," he said. Waller also noted that while stablecoins might reduce the demand for physical U.S. currency, they could simultaneously strengthen overall demand for the U.S. dollar.
CRYPTO MARKET
This was a week for celebration for crypto enthusiasts. BTC not only reached the all time highest level, but this coin is on the road to $120K as it managed to reach level above the $118K. This was indeed another significant milestone for BTC to reach, while crypto enthusiasts are noting that the price could easily reach even higher values till the end of this year. What will be the case, is to be seen in the future. Total crypto market capitalization significantly gained during the week, ending the week total 10% higher from the week before, adding $330B of new funds. Daily trading volumes were more than doubled, with an average daily trading volume of around $300B. Total crypto market capitalization from the beginning of this year currently stands at 12%, with a total funds inflow of $380B.
The vast majority of crypto coins gained during the previous week, and managed to significantly increase their market capitalization. The most important coin which drove the market to the upside was BTC, with a surge in value of 8,6% on a weekly basis, adding a total amount of $185B to total crypto market capitalization. ETH also had an incredible week, surging, after a longer period of time, to levels above the $3K, adding 17,5% to its market cap with an inflow of $53B of funds. All major coins had a positive week. Solana was traded higher by 9,3%, adding $7B to its market cap. ADA ended the week higher by 22,6%, with an inflow of $4,6B. One of the unexpected significant gainers of the week was Stellar, with an incredible surge in value of 63,7%. DOGE gained 21%, Uniswap surged by 21%, Algorand was traded higher by 26%. Indeed one incredible week for all crypto coins with strong gains.
As on the spot market, there has also been higher activity when it comes to coins in circulation. It is not frequently seen that BTC has a weekly increase of circulating coins, as it was during the previous week, when the number of coins was increased by 0,1%. Stellar increased its value by an incredible 63,7%, but at the same time, it increased the number of coins on the market by 0,4% w/w. IOTA had a surge in coins on the market by 0,8%, while Filecoin added 0,4% of new coins on the market. Interestingly, this week, BNB decreased the number of circulating coins by 1,1%.
Crypto futures market
In line with the surge of the value of coins on the spot market, crypto futures also skyrocketed in value, reaching some of the all time highest values for long term maturities. BTC short term futures ended the week by more than 9% higher, while the longer term futures were up by more than 7%. Futures maturing in December this year reached the last price at $122.135. At the same time futures maturing in December 2026 reached the new all time highest level at $129.355. As per values of futures, the price of BTC has more space to reach higher grounds.
ETH futures also had an excellent week, surging by more than 20% for shorter maturities and above 16% for longer maturities. What is most important is that futures finally ended the week above the $3K levels. Futures maturing in December 2025 closed the week at $3.121 and those maturing a year later were last traded at $3.359.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.