Bitcoin Soars Above $109,000
Olivia Capozzalo & yyc trader
July 02, 2025
gm, Defiers!
Today’s big story:
- Crypto markets rally on U.S.-Vietnam trade deal
Plus:
- SEC approves the conversion of Grayscale multi-asset crypto fund into an ETF
- Crypto tax amendments didn’t make it into the Senate’s version of the One Big Beautiful Bill
- Coinbase acquires token-management platform Liquifi
- Can PayPal’s PYUSD grow into a true payments powerhouse? [Issue #2 of Real World — our new weekly newsletter on stablecoins and tokenization]
- SSV 2.0 and based applications: Decentralized infrastructure for secure, scalable Ethereum staking [SPONSORED]
- The Stellar development roadmap paves way for expansion and network scalability [SPONSORED]
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
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Final Agenda Drop: Arthur Breitman in Conversation with Camila Russo + Surprise Game Reveal
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We’re back! Here’s what you need to know in web3 today
Markets Rally on Positive Macro Cues
Crypto markets are kicking off July with a bang as geopolitical tensions ease and macroeconomic conditions improve.
After plunging as low as $98,400 on June 22 when the U.S. launched airstrikes on Iranian nuclear facilities, Bitcoin has rebounded sharply to $109,600 at the time of writing — just 2% away from all-time highs.
BTC Chart
Meanwhile, investor sentiment is being buoyed by today’s U.S.-Vietnam trade deal and a flurry of positive developments, such as progress on stablecoin regulation, Robinhood doubling down on crypto and Circle and Ripple applying for bank licenses.
On the macro front, the Federal Reserve is now expected to cut rates twice this year (in September and October, according to CME FedWatch) amid cooling U.S. inflation. President Trump’s One Big Beautiful Bill Act has been passed by the Senate, and if approved by the House, is projected to add $3 trillion to the federal deficit over the next decade.
US Dollar at 2-year Low
Risky assets like stocks and crypto are also being boosted by a weakening U.S. dollar. The Dollar Index (DXY) has fallen below 97 for the first time since March 2022.
US Dollar Index
A weak dollar typically reflects and encourages a "risk-on" environment where investors have greater appetite for higher-return, riskier assets globally, while safe-haven demand for the dollar and U.S. Treasuries wanes.
Caution Remains Warranted
While it appears that market conditions are conducive to a bull market rally, investors might want to think twice before piling in heavily at these levels.
While July is generally a positive month for crypto markets, August and September have historically been the worst months, with median returns of -8% and -4.3% for Bitcoin, according to data from CoinGlass.
BTC Monthly Returns
So, for those feeling sidelined, there’s a good chance of better entries presenting themselves over the summer.
As always, stay safe out there!
yyctrader, Degen in Chief at The Defiant
📈 Markets in the last 24 hrs:
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $109,554 | 3.11 % |
 | Ethereum | $2,570.44 | 5.88 % |
 | XRP | $2.26 | 3.15 % |
 | BNB | $664.04 | 2.66 % |
 | Solana | $153.14 | 3.27 % |
 MessariPortals | MINDSHARE Rank | MINDSHARE % Change (7d) |
|---|---|---|
 Solana SOL | 6  | 41.55% |
 Avalanche AVAX | 20 | 28.95% |
 TRON TRX | 8  | -19.81% |
| Powered by Messari Portals | ||
This is the news that mattered in the past 24 hrs
- The U.S. SEC yesterday approved the conversion of crypto asset giant Grayscale’s Digital Large Cap Fund into a spot ETF product; The new multi-asset vehicle will track the prices of the large-cap cryptocurrencies held in Grayscale’s weighted fund — BTC, ETH, SOL and ADA.
- Two crypto-related tax amendments to the Trump administration’s One Big Beautiful Bill Act ended up not making it into the version that was passed in the Senate yesterday; Senator Lummis, who led the charge to add the provisions, told The Defiant that she will continue working with her colleagues “to fix these important tax issues” in the future.
- Top U.S. CEX Coinbase has acquired Dragonfly Capital-backed token management platform Liquifi for an undisclosed amount with the aim of working with early-stage crypto firms even before they launch a token, and further streamlining the proccess; Shares of COIN rallied over 5% on the news this morning.
- In the latest issue of Real World, we take a deep dive into PayPal’s PYUSD, looking into the ecosystem, what it’s used for, and whether there’s any real traction; plus we give you the most important stories in stablecoins and tokenization from the past week. → Sign up here to get Real World in your inbox every week.
🎬WATCH
On the latest episode of The Defiant Podcast, Vinny spoke with Vikram Arun, CEO of Superform, about the evolution of stablecoins as a financial tool, why automation is critical for DeFi growth, and whether 20% on-chain yields are truly sustainable in today’s crypto economy.
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