Weekly Update: 11th of July
What happened between the 4th and the 11th of July?
- Bitcoin hit a record near $118K while Ethereum and major altcoins strongly outperformed, suggesting the early stages of an altcoin season. Read more
- U.S. “Crypto Week” to review three bills on stablecoins, regulatory oversight, and limiting CBDC efforts, balancing innovation and consumer protection. Read more
- Elon Musk launched the America Party, calling the US dollar hopeless and pledging the party will embrace Bitcoin as a financial alternative. Read more
- Trump Media filed for a Crypto Blue Chip ETF with five tokens, aiming for institutional access amid conflict‑of‑interest concerns. Read more
Bitcoin hits new high, altcoins outperform
Bitcoin reached a new high this week around $118,000, driven by institutional ETF inflows and increased corporate treasury purchases. Notably, major altcoins such as Ethereum outperformed: Bitcoin rose about 10% last week, while Ethereum surged over 20%.
This trend signals a potential altseason, with ETH leading the rotation into higher-risk assets. Other large-cap tokens like Solana, XRP, and Cardano are also showing strong upward momentum. The rally is further supported by inflows into Ethereum ETFs, pending filings for additional altcoin ETFs, and the first recorded purchases of altcoins for corporate treasuries
‘Crypto Week’ in U.S. Congress
Starting July 14, the U.S. House of Representatives will host a dedicated “Crypto Week” to review three legislative proposals: the GENIUS Act, the CLARITY Act, and the Anti‑CBDC Surveillance Act. These bills focus on stablecoin regulation, redistribution of oversight between the SEC and CFTC, and restrictions on federal CBDC initiatives.
Supporters see this as an opportunity to position the U.S. as a global financial and tech innovation hub. At the same time, consumer advocacy and privacy groups have raised concerns over weakened protections and latent risks embedded in the proposals.
Elon Musk launches political party and embraces Bitcoin
Elon Musk announced the creation of the “America Party” last week—a pro-tech, fiscally conservative third party that labels the U.S. dollar as “hopeless” fiat and openly embraces Bitcoin.
On his platform X, Musk stated that fiat currency has no future, and that his party would promote BTC as a viable financial alternative. The America Party is initially focused on Congressional seats and aims to advance crypto acceptance and reduce regulatory interference. With this move, Musk places digital assets firmly on the political agenda. Whether the party can challenge the Democrats and Republicans remains to be seen.
Trump Media launches Crypto Blue Chip ETF
Donald Trump’s media company has filed for a “Crypto Blue Chip ETF” with the SEC, allocating exposure to five major tokens: BTC, ETH, SOL, XRP, and CRO. The initiative reflects institutional strategies aimed at making crypto more accessible to retail investors, though it also raises concerns over potential conflicts of interest. Trump presents the ETF as part of a broader push to establish the U.S. as a global leader in crypto, aligning with prior initiatives like the GENIUS Act. The filing underscores a broader trend of institutional capital entering regulated crypto investment products.
In other digital assets news
- BlackRock’s iShares Bitcoin ETF (IBIT) has officially surpassed 700,000 BTC in holdings, translating to more than USD 80 billion in AUM, in just 18 months.
- Michael Saylor’s Strategy aims to raise another $4.2 billion to purchase Bitcoin.
- Emirates Airlines partners with Crypto.com to offer crypto payments to customers.
- Memecoin platform Pump.fun aims to raise $600 million through a token launch.
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