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ETH Holds Firm as Strong U.S. Jobs Data Lifts S&P 500 and Nasdaq Composite to Record Highs

Ether (ETH) traded around $2,584.90 on July 3, registering a 0.55% gain over the past 24 hours as risk assets responded positively to robust U.S. labor market data, according to CoinDesk Research's technical analysis model. The broader crypto market, as gauged by the CoinDesk 20 Index (CD20), was up 0.08% during the same period.

According to a report published by CNBC, the latest nonfarm payrolls report showed 147,000 jobs were added in June, beating expectations of 110,000 and exceeding the upwardly revised 144,000 from May. Meanwhile, the unemployment rate fell to 4.1%, defying forecasts for a rise to 4.3%, according to the Bureau of Labor Statistics.

The strong data sent U.S. equities surging to fresh all-time highs, with the S&P 500 closing at 6,279.35 and the Nasdaq Composite finishing at 20,601.10 — both up more than 0.8% on the day. The Dow Jones Industrial Average also gained 344 points to settle at 44,828.53.

However, the strength of the labor market complicated the outlook for monetary policy. It now seems highly unlikely that the Fed will lower rates at its next meeting and traders are no longer even certain that there will be any rate cuts in the second half of this year.

Despite this, ether remained resilient, with traders encouraged by the broader risk-on sentiment that lifted crypto alongside equities.

Technical Analysis Highlights

  • ETH traded within a $71.20 range between $2,558.89 and $2,629.88 over the July 2 18:00 to July 3 17:00 window.
  • A breakout during the 13:00 UTC hour on July 3 pushed price to $2,625.10, the session high, on volume of 464,365 ETH.
  • A pullback followed during the 15:00 hour with ETH touching $2,569.18 before finding solid support.
  • The 17:16 UTC candle saw a sharp volume spike (5,308 ETH), lifting price to $2,580.75 before brief consolidation.
  • In the final hour from 16:59 to 17:58 UTC, ETH gained $4.93 (0.19%), closing near $2,584 with a bullish structure of higher lows.
  • Resistance remains near $2,630, with momentum favoring a potential retest if macro conditions remain supportive.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Sui Reclaims $3 After Week-Long Rally Sparked by Lion Group’s Treasury Plans

Sui (SUI) is trading at $3, up about 4% in the past 24 hours, as the token continues to rally following an announcement by Lion Group Holding Ltd. (LGHL) that it intends to acquire SUI tokens as part of a broader $600 million crypto treasury strategy.

The strategy was announced on June 26, triggering a rally in the price of the token, which is currently up nearly 15% over the past 7 days.

SUI experienced a significant bullish breakout over the past 24 hour period, according to CoinDesk Research's technical analysis model. The token established a strong support level at $2.87 during early hours on Thursday, before surging dramatically with high volume.

Sui’s network has emerged as Solana’s (SOL) primary challenger in the Layer-1 blockchain space, recording remarkable 54% developer growth over two years while most crypto ecosystems face significant developer attrition, according to a report from Electric Capital.

The network’s token is outperforming the broader crypto market as measured by the CoinDesk 20 Index, which rose about 5% over the same period.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Solana Treasury Firm Expands SOL Holdings and Staking Strategy With $2.7M Purchase

Solana's on-chain fundamentals gained a major vote of confidence on Thursday as Florida-based DeFi Development Corp (DFDV) announced it had expanded its SOL SOL treasury by acquiring 17,760 additional tokens. The purchase, valued at approximately $2.72 million, was executed at an average price of $153.10 per token. This move aligns with the company’s stated long-term strategy of compounding SOL holdings and staking rewards.

Following this acquisition, DeFi Dev Corp's total holdings reached 640,585 SOL and SOL equivalents, representing a U.S. dollar value of around $98.1 million. Based on the company’s last reported total of 14,740,779 shares outstanding, the current SOL-per-share (SPS) stands at 0.042, or roughly $6.65 per share using the day’s price data.

All newly acquired SOL will be staked with a variety of validators, including DeFi Dev Corp’s own infrastructure on the Solana network. This approach enables the company to earn native yield through staking rewards and validator fees, while directly contributing to Solana’s decentralization and operational resilience.

DeFi Dev Corp has positioned itself as the first public company to make Solana the centerpiece of its treasury strategy. In addition to accumulating and staking SOL, it is also actively engaged in decentralized finance (DeFi) opportunities and ecosystem participation. The company’s treasury strategy offers shareholders direct economic exposure to the token while supporting Solana’s application-layer development.

At the time of writing, SOL was trading at around $150.75, down 1.6% in the past 24-hour period, according to CoinDesk Research's technical analysis model. Meanwhile, the broader crypto market, as gauged by the CoinDesk 20 Index (CD20), is up 0.13% in the same period.

Technical Analysis Highlights

  • SOL ranged from $156.28 to $150.04 between July 2 17:00 and July 3 16:00, reflecting 4.15% volatility.
  • Strong resistance formed at $156 during early trading hours, with above-average volume triggering a reversal.
  • Price dropped below key support at $152 during the 12:00–15:00 period, settling at $150.44.
  • In the final hour (15:16–16:15 UTC), SOL declined 0.63% from $151.85 to $150.89.
  • A sharp selloff occurred at 15:35 UTC, with price dropping to $150.44 on high volume (213.6K).
  • Support emerged at $150.35 with increasing buy-side activity and a modest recovery in the final minutes.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Tom Lee’s Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink’s Plunge Warrants Caution

Bitmine Immersion (BMNR), the ether treasury strategy firm helmed by Fundstrat's Thomas Lee, is the latest red-hot crypto proxy play in town.

The company's shares more than doubled on Thursday topping $140, now rallying over 3,000% in less than a week since the firm announced the raising of $250 million by selling shares to acquire ETH.

The private placement offering, priced at $4.50 per share and due to close today, attracted institutional investors including Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG.

At its core, Bitmine is positioning itself as a publicly traded proxy for ether exposure, similar to how Michael Saylor's Strategy (MSTR) became a leveraged bitcoin bet. The approach has gained traction recently as investors look for new ways to access crypto through public equities.

The firm originally focused on crypto mining using immersion cooling and held $16 million in bitcoin prior to the fundraising.

Sharplink déjà vu

But a similar crypto treasury stock's rapid rise and fall may offer a cautionary tale.

The parabolic rise in BMNR mirrors the trading behavior of Sharplink Gaming (SBET), another public company that repositioned itself as an ETH treasury firm last month under the leadership of Consensys co-founder Joseph Lubin.

Sharplink soared as much as 4,000% in days following its $450 million fundraising announcement. Shares since plunged over 90% from peak as the firm closed its ETH acquisition and early investors in the private placement sold stock locking in their profits.

Bitmine’s valuation, with a market capitalization over $800 million at current prices, already prices in aggressive assumptions about the firm's future ETH gains.

Retail investors chasing the momentum should tread carefully.

Read more: Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist

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Tom Lee’s Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink’s Plunge Warrants Caution

Bitmine Immersion (BMNR), the ether treasury strategy firm helmed by Fundstrat's Thomas Lee, is the latest red-hot crypto proxy play in town.

The company's shares more than doubled on Thursday topping $140, now rallying over 3,000% in less than a week since the firm announced the raising of $250 million by selling shares to acquire ETH.

The private placement offering, priced at $4.50 per share and due to close today, attracted institutional investors including Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG.

At its core, Bitmine is positioning itself as a publicly traded proxy for ether exposure, similar to how Michael Saylor's Strategy (MSTR) became a leveraged bitcoin bet. The approach has gained traction recently as investors look for new ways to access crypto through public equities.

The firm originally focused on crypto mining using immersion cooling and held $16 million in bitcoin prior to the fundraising.

Sharplink déjà vu

But a similar crypto treasury stock's rapid rise and fall may offer a cautionary tale.

The parabolic rise in BMNR mirrors the trading behavior of Sharplink Gaming (SBET), another public company that repositioned itself as an ETH treasury firm last month under the leadership of Consensys co-founder Joseph Lubin.

Sharplink soared as much as 4,000% in days following its $450 million fundraising announcement. Shares since plunged over 90% from peak as the firm closed its ETH acquisition and early investors in the private placement sold stock locking in their profits.

Bitmine’s valuation, with a market capitalization over $800 million at current prices, already prices in aggressive assumptions about the firm's future ETH gains.

Retail investors chasing the momentum should tread carefully.

Read more: Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist

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Cardano’s ADA Rises as Altcoin Trading Volume Surges Amid Broader Rally

Cardano's native token (ADA) rose more than 6% over the past 24 hours as trading volume spiked overnight amidst a broader crypto rally.

Market analysts remain divided on ADA's short-term prospects. While some point to a potential bullish reversal with targets around $0.70-$0.72, others note bearish on-chain metrics, including declining active wallets and substantial exchange outflows.

The broader economic landscape continues to influence crypto markets, with President Trump's firm stance on tariffs creating additional uncertainty. As July unfolds, investors are closely monitoring both technical indicators and macroeconomic developments that could determine whether ADA's recent volatility represents the beginning of a recovery or merely a temporary bounce.

Technical analysis highlights

  • The asset established a strong uptrend, reaching a peak of $0.611 at 08:00 UTC, marking a 5.69% increase from the period's opening price of $0.578, according to CoinDesk Research's technical analysis data.
  • High volume support emerged around the $0.590 level during the 05:00 UTC hour when buying pressure propelled ADA upward on above-average volume of 48 million.
  • The subsequent pullback found resistance at $0.609 during the 12:00 hour with elevated volume of 81.6M, suggesting profit-taking after the rally.
  • During the 60-minute period from July 3, 14:50 to 15:49 UTC, ADA experienced significant downward pressure, declining from $0.599 to $0.589, representing a 1.7% loss.
  • A sharp sell-off occurred at 15:35 when the price plummeted to $0.589, accompanied by an extraordinary volume of 7.5M, establishing a clear support zone.
  • The asset attempted recovery between 15:36 and 15:42 UTC, forming a minor consolidation pattern around $0.591, but failed to sustain momentum as selling pressure resumed.
  • The final minutes showed signs of potential reversal with price bouncing from the session low of $0.588 to close at $0.589, suggesting possible exhaustion of short-term bearish momentum.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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BONK Leads Memecoin Amid Crypto Rally While the Token Approaches 1M Holder Milestone

As bitcoin (BTC) hovers near a fresh all-time high, the Solana-based memecoin, BONK (BONK), is leading the major altcoin rally.

The surge coincides with renewed optimism in risk assets following bitcoin's recovery above $110,000, which has triggered widespread gains across established cryptocurrencies.

BONK's momentum appears sustainable as numerous crypto analysts express bullish sentiment, citing significant upside potential remaining.

Adding to BONK's bullish case, the BONK foundation's token launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume with a 126% increase. This development benefits BONK holders as 50% of the platform's revenue is allocated to buying and burning BONK tokens, creating additional positive price pressure in a market already anticipating the upcoming 1 trillion token burn when the project reaches 1 million holders.

Meanwhile, Tuttle Capital Management confirmed July 16 as the earliest possible launch date for its suite of leveraged crypto ETFs, including a 2× BONK ETF, fueling bullish sentiment.

Technical analysis highlights

  • The BONK-USD pair experienced increased buying pressure during the last 24 hours, from July 2, 16:00 UTC, to July 3, 15:00 UTC. It surged from $0.0000147 to a peak of $0.0000175, representing a 10.4% range, according to CoinDesk Research's technical analysis model.
  • A significant volume spike to 2.9 trillion at midnight on July 3 established strong support at the $0.0000157 level, while high-volume buying at the $0.0000168 level during the 05:00 UTC hour propelled prices higher despite late session profit-taking, the model showed.
  • However, during the last 60 minutes from July 3 at 14:50 to 15:49 UTC, BONK-USD experienced significant volatility, dropping from $0.00001666 to a low of $0.00001619 before recovering to $0.00001624.
  • A notable volume spike of 86.9 trillion at 15:35 coincided with the price bottoming at $0.00001619, establishing a key support level. The subsequent recovery formed an ascending trendline with increasing volumes, particularly at 15:49, where 22.5 trillion in volume pushed prices up by 2.7% from the session low, according to the model.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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BONK Leads Memecoin Amid Crypto Rally While the Token Approaches 1M Holder Milestone

As bitcoin (BTC) hovers near a fresh all-time high, the Solana-based memecoin, BONK (BONK), is leading the major altcoin rally.

The surge coincides with renewed optimism in risk assets following bitcoin's recovery above $110,000, which has triggered widespread gains across established cryptocurrencies.

BONK's momentum appears sustainable as numerous crypto analysts express bullish sentiment, citing significant upside potential remaining.

Adding to BONK's bullish case, the BONK foundation's token launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume with a 126% increase. This development benefits BONK holders as 50% of the platform's revenue is allocated to buying and burning BONK tokens, creating additional positive price pressure in a market already anticipating the upcoming 1 trillion token burn when the project reaches 1 million holders.

Meanwhile, Tuttle Capital Management confirmed July 16 as the earliest possible launch date for its suite of leveraged crypto ETFs, including a 2× BONK ETF, fueling bullish sentiment.

Technical analysis highlights

  • The BONK-USD pair experienced increased buying pressure during the last 24 hours, from July 2, 16:00 UTC, to July 3, 15:00 UTC. It surged from $0.0000147 to a peak of $0.0000175, representing a 10.4% range, according to CoinDesk Research's technical analysis model.
  • A significant volume spike to 2.9 trillion at midnight on July 3 established strong support at the $0.0000157 level, while high-volume buying at the $0.0000168 level during the 05:00 UTC hour propelled prices higher despite late session profit-taking, the model showed.
  • However, during the last 60 minutes from July 3 at 14:50 to 15:49 UTC, BONK-USD experienced significant volatility, dropping from $0.00001666 to a low of $0.00001619 before recovering to $0.00001624.
  • A notable volume spike of 86.9 trillion at 15:35 coincided with the price bottoming at $0.00001619, establishing a key support level. The subsequent recovery formed an ascending trendline with increasing volumes, particularly at 15:49, where 22.5 trillion in volume pushed prices up by 2.7% from the session low, according to the model.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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NEAR Protocol Surges 10% Before Profit-Taking Halts Rally

AI-focused NEAR token halted its 10% rally on Thursday as traders began to take profits from a rally that was spurred by Bitwise's announcement that it is launching a NEAR exchange traded product (ETP) in Germany.

“The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards,” Illia Polosukhin told CoinDesk. “Investors gain compliant access to the NEAR ecosystem and user-owned AI without needing to handle private keys or node operations, and with full price transparency.”

The token has now established a key level of support at $2.26 as it looks to consolidate before continuing to the upside.

Technical analysis

  • NEAR established strong support at $2.26 with above-average volume during the 24-hour period from 2 July 16:00 to 3 July 15:00.
  • Price broke through the $2.30 resistance level in the early hours of 3 July, reaching a new high at $2.36 during the 08:00 hour with substantial volume confirmation.
  • The 23.6% Fibonacci retracement level provided support during the profit-taking phase, suggesting the underlying uptrend remains intact.
  • During the 60-minute period from 3 July 14:50 to 15:49, NEAR experienced a steep sell-off at 15:04-15:07, where volume spiked to over 310,000 units.
  • A new support zone has been established between $2.26-$2.27, with the closing price of $2.26 suggesting continued bearish pressure in the short term.

CoinDesk 20 Index Jumps 2% Before Late Session Selloff

Over the last 24 hours from 3 July 15:00 to 2 July 16:00, CD20 exhibited significant volatility with an overall range of $37.27 (2.11%), reaching a peak of $1,811.11 during the 14:00 hour on 3 July before sharply retracing to $1,791.50 by session close.

The asset demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, with particularly aggressive buying momentum observed during the 09:00 and 13:00 hours that suggests institutional accumulation despite the late session profit-taking.

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NEAR Protocol Surges 10% Before Profit-Taking Halts Rally

AI-focused NEAR token halted its 10% rally on Thursday as traders began to take profits from a rally that was spurred by Bitwise's announcement that it is launching a NEAR exchange traded product (ETP) in Germany.

“The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards,” Illia Polosukhin told CoinDesk. “Investors gain compliant access to the NEAR ecosystem and user-owned AI without needing to handle private keys or node operations, and with full price transparency.”

The token has now established a key level of support at $2.26 as it looks to consolidate before continuing to the upside.

Technical analysis

  • NEAR established strong support at $2.26 with above-average volume during the 24-hour period from 2 July 16:00 to 3 July 15:00.
  • Price broke through the $2.30 resistance level in the early hours of 3 July, reaching a new high at $2.36 during the 08:00 hour with substantial volume confirmation.
  • The 23.6% Fibonacci retracement level provided support during the profit-taking phase, suggesting the underlying uptrend remains intact.
  • During the 60-minute period from 3 July 14:50 to 15:49, NEAR experienced a steep sell-off at 15:04-15:07, where volume spiked to over 310,000 units.
  • A new support zone has been established between $2.26-$2.27, with the closing price of $2.26 suggesting continued bearish pressure in the short term.

CoinDesk 20 Index Jumps 2% Before Late Session Selloff

Over the last 24 hours from 3 July 15:00 to 2 July 16:00, CD20 exhibited significant volatility with an overall range of $37.27 (2.11%), reaching a peak of $1,811.11 during the 14:00 hour on 3 July before sharply retracing to $1,791.50 by session close.

The asset demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, with particularly aggressive buying momentum observed during the 09:00 and 13:00 hours that suggests institutional accumulation despite the late session profit-taking.

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NEAR Protocol Surges 10% Before Profit-Taking Halts Rally

AI-focused NEAR token halted its 10% rally on Thursday as traders began to take profits from a rally that was spurred by Bitwise's announcement that it is launching a NEAR exchange traded product (ETP) in Germany.

“The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards,” Illia Polosukhin told CoinDesk. “Investors gain compliant access to the NEAR ecosystem and user-owned AI without needing to handle private keys or node operations, and with full price transparency.”

The token has now established a key level of support at $2.26 as it looks to consolidate before continuing to the upside.

Technical analysis

  • NEAR established strong support at $2.26 with above-average volume during the 24-hour period from 2 July 16:00 to 3 July 15:00.
  • Price broke through the $2.30 resistance level in the early hours of 3 July, reaching a new high at $2.36 during the 08:00 hour with substantial volume confirmation.
  • The 23.6% Fibonacci retracement level provided support during the profit-taking phase, suggesting the underlying uptrend remains intact.
  • During the 60-minute period from 3 July 14:50 to 15:49, NEAR experienced a steep sell-off at 15:04-15:07, where volume spiked to over 310,000 units.
  • A new support zone has been established between $2.26-$2.27, with the closing price of $2.26 suggesting continued bearish pressure in the short term.

CoinDesk 20 Index Jumps 2% Before Late Session Selloff

Over the last 24 hours from 3 July 15:00 to 2 July 16:00, CD20 exhibited significant volatility with an overall range of $37.27 (2.11%), reaching a peak of $1,811.11 during the 14:00 hour on 3 July before sharply retracing to $1,791.50 by session close.

The asset demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, with particularly aggressive buying momentum observed during the 09:00 and 13:00 hours that suggests institutional accumulation despite the late session profit-taking.

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ATOM Consolidates as Bitcoin Takes Driving Seat, Finds Support at $4.20

The altcoin market took a backseat on Thursday as crypto majors bitcoin and ether attempted to rally to new highs.

As billions of dollars worth of liquidity flowed into shorting bitcoin on the brink of record highs, altcoins like ATOM consolidated, finding support at the $4.20 level.

Typically when bitcoin rallies altcoin price action is muted and the inverse is true when bitcoin consolidates, so ATOM could be primed for a rally once bitcoin begins to cool off.

Technical analysis

  • ATOM-USD traded within a range of $4.09 to $4.26 during the 24-hour period from 2 July 16:00 to 3 July 15:00, representing a 4% swing.
  • Key support established at $4.16-$4.17 with high volume buying emerging at the $4.20 level during the 13:00 hour session on July 3rd.
  • Despite reaching a peak of $4.26 during the 07:00 hour, ATOM failed to sustain momentum above the $4.25 resistance level.
  • In the last 60 minutes from 3 July 14:24 to 15:23, ATOM-USD declined from $4.24 to $4.21, representing a 0.73% decrease.
  • Sharp selloff occurred between 15:03-15:07, dropping to a session low of $4.19, before staging a recovery.
  • Final 15 minutes showed stabilization with price consolidation around $4.21, suggesting potential short-term equilibrium.

CD20 Index Surges 2% Before Profit-Taking Emerges

  • The CD20 demonstrated significant volatility in the last 24 hours from 2 July 16:00 to 3 July 15:00, reaching a peak of $1,811.11 before retracing to $1,793.55, with an overall range of $37.27 (2%).
  • After establishing support around $1,780 during early hours, the index staged an impressive rally through the morning session of 3 July, gaining momentum particularly between 09:00-14:00 before profit-taking emerged in the final hour.
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Traders Pile on Short Positions as Bitcoin Approaches Record High

Crypto traders are exhibiting bearish behavior despite bitcoin BTC trading above $110,000 and possibly taking aim at a new record high above $112,000.

Data from Coinalyze shows that during bitcoin's move this week from $106,000 to $110,000, the long/short ratio fell from 1.223 in favor of longs to 0.858 in favor of shorts.

Open interest also rose from $32 billion to $35 billion during this period, indicating that significant capital is being pumped into shorting bitcoin.

Bitcoin long/short ratio (Coinalyze)

Bitcoin has been trapped in a relatively tight range since early May, trading between $100,000 and $110,000 with three tests of each level of support and resistance.

Technical indicators like relative strength index (RSI) continue to paint a bearish image with several drives of bearish divergence, with RSI weakening on each test of $110,000.

The recent influx of short positions could well be lower timeframe traders capitalizing on the range, shorting resistance before reversing their trade at each test of $100,000.

This rang true on June 22 when the long/short ratio shot up to 1.68 as bitcoin momentarily slumped through $100,000 before bouncing.

There is a potential bull case with the increase in short positions: a short squeeze. This would occur if bitcoin begins to trigger liquidation points and stop losses above a record high, which would cause an impulse in buy pressure and continuation to the upside.

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PEPE Climbs 10% as Golden Cross Signals Possible Further Gains in Hot Memecoin Market

The popular frog-themed memecoin PEPE surged 10% in 24 hours to reach $0.00001049, fueled by technical signals that could point to more upside amid a wider memecoin market rise.

The token climbed from $0.00000949 to $0.00001049, hitting a peak of $0.00001077 in early trading before retracing slightly.

A key technical pattern, a golden cross, where the short-term moving average rises above the long-term average, has formed on PEPE’s chart, hinting at sustained bullish momentum.

A golden cross is widely watched in trading circles because it suggests that recent buying pressure might carry over into a longer-term rally.

Trading volume spiked significantly during the rally, hitting 13.7 trillion tokens in a single hour as the price started lifting, and 7.7 trillion later on, underscoring the intensity of the rally.

Meanwhile, the wider memecoin sector, according to the CoinDesk Memecoin Index (CDMEME), rose 11.4% in the last 24 hours.

Despite a pullback from the highs, PEPE has established a strong support level near $0.0000101, according to CoinDesk Research's technical analysis data model. Fibonacci extension levels suggest the price could push toward $0.0000110 if the rally holds.

The cryptocurrency has outperformed the wider cryptocurrency market over the last 24 hours, as measured by the CoinDesk 20 (CD20) index, which rose 5.92% in the same period.

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Filecoin Gains as Much as 9% Amid Wider Crypto Market Rally

Filecoin (FIL) surged as much as 9% in the last 24 hours, climbing from $2.24 to $2.44 with exceptional volume support at the $2.30 level, according to CoinDesk Research's technical analysis model.

The model showed that FIL has established strong support at $2.40 despite wider market uncertainty.

Filecoin is holding an informal networking evening on July 3 in Cannes, aligned with EthCC.

The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 3.9%.

In recent trading, FIL was 6.4% higher over 24 hours, trading around $2.395.

Technical Analysis:

  • FIL traded within an $0.19 range (8.5%) between the low of $2.24 and high of $2.44 during the last 24 hours
  • Most significant price movement occurred during the 16:00 hour on July 2, with a 5.2% surge on high volume (11 million units), establishing strong support at $2.30.
  • After reaching $2.44 at 07:00 on July 3, FIL entered consolidation with increased selling pressure forming resistance around $2.42.
  • During the 60-minute period from July 3 11:50 to 12:49, FIL showed high volatility with an uptrend to $2.42 at 12:30, followed by a sharp 4.5% correction to $2.37.
  • Notable volume spike (739,000 units) at 12:30-12:31 triggered the reversal, with support established at $2.38.
  • Decreasing volume in final minutes suggests consolidation after the volatile hour.
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U.S. June Jobs Data Blows Through Forecasts, With 147K Added, Unemployment Rate Falling to 4.1%

The U.S. employment picture was far stronger than forecast in June, furthering Federal Reserve Chairman Jerome Powell's insistence on remaining patient with respect to easing monetary policy.

Nonfarm payrolls grew 147,000 last month, according to a report Thursday from the Bureau of Labor Statistics. Economist forecasts had been for job growth of 110,000. That's also modestly up from May job growth of 144,000 (revised from an originally reported 139,000).

The unemployment rate for June was 4.1% versus an expected 4.3% and 4.2% in May.

The price of bitcoin (BTC) dipped modestly in the minutes following the report's release to just under $109,000. Bitcoin had been on a steady climb higher in the days ahead of the report, topping $110,000 for the first time in about one month just hours ago.

U.S. stock index futures rose modestly after the data, with the Nasdaq 100 and S&P 500 each ahead by about 0.3%. The 10-year Treasury yield spiked nine basis points to 4.36%.

Market participants are closely monitoring economic data for signals about the Federal Reserve’s next move. While there's been some chatter from at least a couple of Fed officials about a July rate cut, Chairman Jerome Powell has remained insistent that the economy is in a good spot and the central bank can thus stay patient as it considers the need for monetary ease.

This stance has put him directly at odds with President Trump, who has been equally insistent that the Fed needs to cut now and in a sizable way.

Prior to the Thursday morning data, traders had placed 75% odds that the Fed would hold steady at its next meeting in late July, according to CME FedWatch. At the subsequent meeting in September, however, traders are pricing in a 95% chance of one or more 25 basis point rate cuts.

Fifteen minutes following the news, the odds for holding steady in July had soared to 95% and the chances of a September move had declined to 78%.

Checking other report details, average hourly earnings rose 0.2% in June versus expectations for 0.3% and May's 0.4%. On a year-over-year basis, average hourly earnings were higher by 3.7% against forecasts for 3.9% and May's 3.8%.

Today's employment report was released a day early due to the July 4 holiday weekend, with the NYSE and Nasdaq closing at 1 p.m. ET and bond markets at 2 p.m. ET Thursday, while all U.S. markets will remain shut on Friday.

Weekly initial jobless claims were released as well on Thursday and are also showing strength, dipping to 233,000 from last week's 237,000 and forecasts for 240,000.

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Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone

Meme token Shiba inu (SHIB) has completed a major bullish reversal pattern as ETF speculation drives BONK higher.

SHIB surged 5.2% in the past 24 hours, climbing from $0.00001136 to $0.00001195 with significant volume spikes, establishing a new support level at a high-volume support level at $0.00001162.

The upswing marked the completion of the inverse head-and-shoulders (H&S) pattern on the hourly chart, confirming a bullish shift in momentum. An inverse H&S, appearing after a notable sell-off, as in SHIB's case, comprises three troughs, with the middle one being the lowest and flanked by shallow and equidistant ones on either side.

“Technical indicators suggest continued bullish momentum as SHIB maintains prices above the newly established support levels,” CoinDesk's AI research said.

SHIB's hourly price chart. (TradingView/CoinDesk)

Key AI insights

  • SHIB demonstrated remarkable strength during the 24 hours from July 2, 12:00 to July 3, 11:00, climbing from $0.00001136 to $0.00001200, representing a 5.65% gain with a price range of $0.00000081.
  • The token experienced a significant volume spike at 16:00 on July 2 (1.68B), establishing a high-volume support level at $0.00001162.
  • The 24-hour volume profile confirms strong buyer interest, particularly during the European trading session.
  • During the 60 minutes from 3 July 10:09 to 11:08, SHIB experienced notable volatility, initially trading at $0.00001204 before declining to $0.00001199, representing a 0.41% decrease.
  • A significant volume spike occurred at 10:18 (15.01B), followed by an even larger spike at 11:04 (20.94B), coinciding with a price recovery from the session low of $0.00001195 at 10:50.
  • The 5-hour period between 05:00 and 10:00 on July 3 saw sustained trading above $0.0000120, forming a new resistance zone.

BONK surges

BONK, a memecoin built on the Solana blockchain in late 2022, has surged 23% to $0.00001665 in the past 24 hours, becoming the best-performing top 100 cryptocurrency by market value.

According to CoinDesk's AI, the rally featured three distinct waves, with the most aggressive buying occurring between 23:00 and 01:00, when volume peaked at nearly 3 trillion units, establishing a high-volume support zone around $0.0000161.

The cryptocurrency also approached a one-million holder milestone. These bullish developments follow reports that Tuttle Capital’s proposed 2x Long BONK ETF has taken a procedural step forward.

Speaking of technical analysis, BONK's hourly price chart displays a SHIB-like inverse head-and-shoulders bullish reversal pattern.

BONK's hourly price chart. (TradingView/CoinDesk)

Key AI insights

  • BONK-USD demonstrated remarkable strength over the 24 hours from 2 July 12:00 to 3 July 11:00, surging from $0.0000142 to $0.0000167, representing a 17% gain.
  • A significant price range of $0.00000345 (24%) was observed, with strong volume-supported resistance at the $0.0000174 level during the 5:00 hour on July 3rd.
  • During the 60 minutes from July 3, 10:34 to 11:33, BONK-USD experienced significant volatility, declining 1.35% from $0.00001689 to $0.00001667.
  • A notable sell-off occurred at 10:42 when the price dropped 7.6% amid peak volume of 95.9 billion units.
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JPMorgan Sees Stablecoin Market Hitting $500B by 2028, Far Below Bullish Forecasts

The stablecoin market is poised to grow to $500 billion by 2028, according to JPMorgan (JPM) strategists, a projection that falls well short of some of the more exuberant forecasts calling for a $1 trillion to $2 trillion market cap within the same timeframe, the Wall Street bank said in a research report on Thursday.

In the note led by strategist Nikolaos Panigirtzoglou, the bank outlined a more tempered view of the sector's trajectory, arguing that crypto-native demand, not broader payment adoption, remains the primary driver of stablecoin usage.

“We find forecasts for an exponential expansion of the stablecoin universe rom $250 billion currently to $1 trillion-$2 trillion over the coming years as far too optimistic,” the team wrote.

Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.

According to the bank's analysts, roughly 88% of stablecoin demand today comes from crypto-native activity, including trading, decentralized finance (DeFi) collateral, and idle funds held by crypto firms, with payments accounting for just 6%.

Even under generous assumptions, the growth of stablecoin use in payments would only marginally increase overall market size, the report said.

JPMorgan also dismissed the likelihood of a large-scale shift from traditional bank deposits or money market funds into stablecoins, citing the lack of yield and added friction in moving between fiat and crypto.

The firm's analysts pushed back on comparisons with China’s e-CNY or the rise of Alipay and WeChat Pay, noting that these systems are centralized and not representative of how stablecoins operate.

Ultimately, the bank sees moderate, crypto-driven growth as the most realistic path for stablecoins, not a mass adoption story.

Some banks are more bullish than JPMorgan about the outlook for stablecoins.

The Guiding and Establishing National Innovation for U.S. Stablecoins (Genius) Act is expected to be passed in the U.S. in the coming months, and that could trigger an almost 10-fold jump in stablecoin supply, investment bank Standard Chartered said in a research report in April.

U.S. legislation “would further legitimize the stablecoin industry,” the bank's analysts wrote at the time, adding that “we estimate this would cause total stablecoin supply to rise from $230 billion today to $2 trillion by year-end 2028.”

Read more: Stablecoin Market Could Grow to $2T by End-2028: Standard Chartered

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Bitcoin Tops $110K With BONK and FARTCOIN Gaining Over 20%

Bitcoin BTC topped the $110,000 mark during Thursday's European hours, hitting the highest since June 11, according to data source CoinDesk.

The rally follows net inflows of $407.78 million into the U.S.-listed spot ETFs on July 2, which boosted the lifetime tally to $49.04 billion, according to data source SoSoValue.

BTC's upswing brought cheer to the broader market, lifting major tokens such as XRP, ETH, SOL and ADA higher. Standout gainers were memecoins BONK and FARTCOIN, which boasted 24-hour gains of over 20%, a sign of increased investor willingness to take risk.

Traders looked forward to the U.S. nonfarm payrolls data due for release later Thursday while maintaining the constructive outlook.

“The historical high of around $112K, set at the end of May, may be tested for strength or updated before the end of this week, given the fairly high risk appetite in global markets. However, it is worth remembering that the monthly US employment report, due later Thursday, could serve as both a catalyst and an insurmountable obstacle,” Alex Kuptsikevich, chief market analyst at the FxPro said in an email.

Posted on

Bitcoin Tops $110K With BONK and FARTCOIN Gaining Over 20%

Bitcoin BTC topped the $110,000 mark during Thursday's European hours, hitting the highest since June 11, according to data source CoinDesk.

The rally follows net inflows of $407.78 million into the U.S.-listed spot ETFs on July 2, which boosted the lifetime tally to $49.04 billion, according to data source SoSoValue.

BTC's upswing brought cheer to the broader market, lifting major tokens such as XRP, ETH, SOL and ADA higher. Standout gainers were memecoins BONK and FARTCOIN, which boasted 24-hour gains of over 20%, a sign of increased investor willingness to take risk.

Traders looked forward to the U.S. nonfarm payrolls data due for release later Thursday while maintaining the constructive outlook.

“The historical high of around $112K, set at the end of May, may be tested for strength or updated before the end of this week, given the fairly high risk appetite in global markets. However, it is worth remembering that the monthly US employment report, due later Thursday, could serve as both a catalyst and an insurmountable obstacle,” Alex Kuptsikevich, chief market analyst at the FxPro said in an email.