Price Action

• Bitcoin demonstrated significant upward momentum with a 2% gain to $120.3K, supported by strong bullish sentiment as evidenced by high funding rates and positioning above key moving averages, while maintaining stability despite $2.1M in liquidations. The cryptocurrency’s immediate outlook suggests potential for further gains above $122.8K if momentum continues, though caution remains warranted near the $115K support level.
• ETH’s upward trajectory has been marked by successful breaks through multiple technical resistance levels, maintaining position above key moving averages while experiencing balanced liquidation volumes between longs and shorts. The asset’s prospects remain positive above $3600 with potential to reach $4088, though downside risks exist if support at $2743 fails to hold.
• Notable movers today include ETC (+20.7%), UNI (+17.8%), SKY (+13.4%), LDO (+13.5%).

Friday

• U.S. markets hit new highs with the S&P 500 and Nasdaq reaching fresh records, bolstered by strong retail sales data and corporate earnings. Trump indicated he would likely retain Fed Chair Powell despite ongoing criticism.
• European markets advanced on positive earnings reports, while Asian markets showed mixed results. Banking stocks declined following disappointing results from major institutions.
• Oil prices increased due to supply concerns and new EU sanctions on Russia. The dollar weakened against major currencies as markets evaluate potential Fed rate cuts.

Thursday

• The Federal Reserve’s autonomy remains uncertain as President Trump leaves open the possibility of dismissing Chair Powell, triggering market volatility.
• Retail sales bounced back in June, suggesting President Trump’s tariffs haven’t yet had a major effect on consumer spending. Overall retail sales rose 0.6% for the month, beating economists’ forecast of a 0.1% gain.
• European shares rebounded with the STOXX 600 gaining 0.7%, while U.S. jobless claims decreased for the fifth consecutive week to 221,000.
• Asian markets advanced as trade tensions softened, with China’s Shanghai Composite rising 0.37%, while European inflation reached the ECB’s 2% target in June.

Wednesday

• US stock futures edged lower Wednesday as Wall Street examined earnings for signs corporate America is enduring tariff-driven inflation. Dow futures rose 0.2% after a 400-point drop Tuesday, S&P 500 futures were flat, and Nasdaq 100 futures dipped about 0.2%.
• U.S. mortgage applications fell 10% in the second period of July 2025. Asian markets declined after Trump announced a 19% tariff on Indonesian exports under a new bilateral agreement.
• Major U.S. banks including Goldman Sachs posted strong Q2 earnings with robust investment banking and trading revenues. The UK reported an unexpected inflation spike to 3.6% in June, reaching a 12-month high.

Tuesday

• Tech stocks led gains as U.S. futures rose Tuesday, boosted by China’s approval for Nvidia ahead of key inflation data and the start of bank earnings. S&P 500 futures rose 0.5%, Nasdaq 100 futures gained 0.6% on Nvidia strength, while Dow futures stayed flat after prior market gains.
• JPMorgan reported a 17% profit decline to $14.9 billion, though this was largely due to tough year-ago comparisons. China’s economy grew 5.2% in Q2, slightly above expectations but marking the slowest pace in three quarters.
• Trump threatened 30% tariffs on EU and Mexican imports starting August 1, though he signaled openness to negotiations. Gold prices firmed above $3,360 per ounce as safe-haven demand increased amid the geopolitical uncertainty.

Monday

• US stock futures slipped Monday as Wall Street prepared for a turbulent week, with renewed trade tensions adding uncertainty ahead of key inflation data and the first wave of Q2 earnings.
• Futures tied to the S&P 500 and Dow Jones were both down about 0.3%, while Nasdaq 100 contracts also fell around 0.3%.
• President Trump announced 30% tariffs on EU and Mexican imports starting August 1, with the EU delaying retaliatory measures while negotiations continue.
• Precious metals saw significant gains, with gold reaching $3,380 and silver surging above $39/oz, while oil prices rose to $70.5 as markets anticipate potential new US sanctions on Russia.