Bitcoin (BTC) surged above $110,000 on Thursday, marking its highest level since mid-June. A series of significant global events accompanied the advance.
The rally came as global equities markets nudged higher, the US dollar weakened, and US President Trump finalized a significant trade deal with Vietnam. Bitcoin traded at about $110,350 at 13:50 UTC, rebounding from an earlier wobble triggered by a US employment data report.
Meanwhile, the debut of the REX-Osprey Solana + Staking ETF (SSK) added further interest in crypto assets. The product, which allows US investors to gain exposure to staked Solana (SOL), saw trading volume hit $20 million on its first day, placing it in the top 1% of all ETF launches, according to Bloomberg.
Riding the wave
Looking ahead, 22 July is the final deadline for US President Trump’s long-anticipated crypto executive order, which aims to formally establish a US Strategic Bitcoin Reserve, effectively cementing cryptocurrency as a sovereign asset and further institutionalizing its role in global finance.
In addition, Trump’s "Big Beautiful Bill" could provide a tailwind for crypto – tax cuts for wealthier Americans and massive increase in US debt may weaken the dollar, boosting the relative value of Bitcoin.
Trump volatility
Vetle Lunde, head of research at K33, a Norwegian crypto brokerage, acknowledges that events coming from the White House may play a significant role in crypto’s July volatility, but sees crypto markets remaining relatively calm.
"There are few reasons to expect a massive broad deleveraging of the crypto market, as crypto leverage remains contained," he said. "This favours maintaining spot exposure and staying patient as we progress into a period well known for its seasonal apathy."
Strong institutional demand
Taken together, supportive macroeconomic conditions, regulatory developments and strong institutional demand suggest that crypto markets may be poised for continued resilience.
However, uncertainty remains as President Trump relitigates US trade deals with key partners including China and other major economies.
