Epic rally fades
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 15th July 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Stocks, Stellar Lumens, Still Sizzling
The bond market is spooked. And inflation may or may not be right around the corner. But stocks are having a laugh.
Asia-Pacific equities ended today higher after the U.S. tech barometer, the Nasdaq, reached a record close on Monday. European stocks were moving higher as of earlier today. S&P 500 futures were up early. AI postergargantuan Nvidia jumped 4.5% in pre-market trading.
Global investors just are not sweating the Trump tariff threats, or at least not like they did back in April.
In crypto, a combination risk-on/safe-haven rally faded into the sunset as Bitcoin pulled back from its once unthinkable all-time high near $123,000.
Most big coins lost ground over the past 24 hours. Not Stellar Lumens though. XLM, the 14th-largest coin, gained 2% since this time yesterday. It's nearly a half-dollar after sitting at a quarter only last week. XLM is the top-performing Top 50 digital asset on a weekly basis, up 84% in that period.
Looking at the Top 100, No. 62 Pudgy Penguins (PENGU) is top ... aquatic bird ... up 104% in seven days' time on hype about a possible PENGU ETF.
What's down
Bitcoin Beelines It Below $120K
Just when it seemed the total crypto market was on the verge of an unprecedented pig-out propelling it to the $4 trillion mark, a not-at-all-unexpected pullback ensued. The total market over the past day declined 7% to $3.74 trillion.
Bitcoin's ATH — of $122.8K, per CoinGecko — came early yesterday. Since then, BTC lost 5% to settle close to $117K as of 7 a.m. (EST).
What's next
Bond Market Stress Bodes Well For Crypto
The ongoing flight from government bonds to hard assets like gold is "palpable," a former Wall Street executive told Decrypt.
“Bitcoin is increasingly being treated as a macrohedge and structurally scarce asset,” said Javier Rodriguez-Alarcón, who had been a portfolio manager at Goldman Sachs and who is now the CIO of digital assets platform XBTO.
Seems there is an erosion of trust in so-called “risk-free” assets. In Japan, long bonds are getting routed.
"Stress in global bond markets is beginning to ripple through risk assets," Decrypt said of cracks in sovereign debt markets.
As for the yield on the U.S. 10-year Treasury, it is slightly higher on a YTD basis (meaning its price is down) but the yield is sticking near 4.4%, fairly flat, as inflation ticked up in June, but not by much and not unexpectedly. A rate cut could be coming in the fall, in other words. That'd be a boost to the risk-on narrative which'd bode well for BTC.
The next leg up for the largest cryptocurrency depends on a few other factors, including institutional interest and legislative tailwinds.
This week, the House is considering the GENIUS Act, already passed by the Senate and which seeks to regulate so-called stablecoins, as well as two other bills: the Digital Asset Market Clarity Act, aimed at outlining a clear system for regulating cryptocurrencies, including by defining the oversight roles of the CFTC and SEC; and the Anti-CBDC Surveillance State Act, prohibiting the Federal Reserve from creating its own central bank digital currency (CBDC).
