Gate.io announced the presale of Pump.fun’s PUMP token with a $600 million target set for July 12. However, all announcements were quickly removed. Meanwhile, Bit Digital (BTBT) sold all of its Bitcoin holdings and shifted its treasury entirely to Ethereum. The company now holds 100,603 ETH worth $254.8 million, making it one of the largest publicly listed ETH holders. 

Market Cap and Technical Levels in Motion 

The total market cap dropped by $20 billion in the past day, falling to $3.30 trillion. Since July 3, TOTAL has been trading within a narrow range between $3.35 trillion resistance and $3.27 trillion support. This reflects uncertainty among market participants. 

If buying momentum strengthens, the $3.35 trillion resistance could be broken, potentially pushing the market cap to $3.44 trillion. However, this scenario requires a notable increase in buying activity. Conversely, if selling pressure rises, TOTAL may fall below the support level to $3.22 trillion, leading to broader market losses. 

Trump’s Tariffs and Market Impact 

Bitcoin price declined 1% today to $108,206. Interestingly, daily trading volume rose by 15% to $44 billion, indicating rising sell pressure in the market. A falling price coupled with increasing volume suggests panic selling by investors. 

On July 7, U.S. President Donald Trump sent letters announcing new tariffs between 25% and 40% to 14 countries. Initial letters were sent to South Korea and Japan, followed by similar messages to 12 more countries, including Tunisia, Kazakhstan, Serbia, Bosnia, Myanmar, Laos, Bangladesh, Malaysia, Cambodia, Thailand, Indonesia, and South Africa. Trump emphasized concerns over trade deficits and warned of additional tariffs if retaliation occurred. 

Economist Peter Schiff described Trump’s action as a fundamental misunderstanding of trade. According to Google Finance, crypto-related stocks like MicroStrategy and Robinhood declined, with Bitcoin mining stocks suffering even greater losses. 

The tariffs also affected U.S. stock markets. CNN data showed the Dow Jones fell by 422 points, the S&P 500 by nearly 50 points, and NASDAQ by 189 points—indicating a correlation between market volatility and tariff news. 

In the past, the U.S.–China trade war had pushed Bitcoin below $80,000. The new tariffs are expected to take effect on August 1. In addition, reduced expectations of a Fed rate cut further reinforce the downward trend. 

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The post Why Is the Market Down Today? NASDAQ, Crypto & More  appeared first on Coin Engineer.

Bit Digital liquidated 280 BTC to buy ETH. It also allocated $172 million raised from a recent public offering toward Ethereum investment. As a result, the company’s ETH holdings rose from 24,434 in Q1 2024 to 100,603. This bold move positively impacted the company’s stock price. 

The stock surged 20%, reaching $3.52, while the weekly increase hit 60%. This spike reflects investor confidence in the Ethereum strategy. 

Ethereum Strategy Based on Three Key Reasons 

Bit Digital CEO Sam Tabar cited three main reasons for the transition. First, Ethereum’s programmable structure. Second, its growing global adoption. Third—and most crucial—is the yield generated through staking. 

Tabar stated, “We believe Ethereum will reshape the entire financial system. We currently hold over 100,000 ETH, but we aim to significantly grow this number,” summarizing the company’s vision. 

Bit Digital began accumulating ETH back in 2022 with steady purchases. With this latest move, the company’s focus on Ethereum has intensified. Moreover, other publicly traded firms are also increasing their ETH holdings. 

Ethereum Treasuries Growing—Is Bitcoin Losing Its Throne? 

The number of companies shifting to Ethereum is rapidly increasing. Firms like SharpLink Gaming and BitMine have also started accumulating ETH. Notably, BitMine raised $250 million in funding. Additionally, crypto researcher Tom Lee has joined BitMine’s board of directors. 

Ethereum co-founder Joseph Lubin argues that this trend will accelerate DeFi adoption on Wall Street. Meanwhile, ETH price has fallen 2% in the last 24 hours, reportedly due to a transfer of ETH to Coinbase by the U.S. government. 

On the other hand, Bitcoin investment remains high. Institutions purchased a total of 8,400 BTC last week. However, Michael Saylor’s company has paused its 12-week buying streak. It seems some major investors are choosing to pivot to Ethereum. 

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The post They Sold All Their Bitcoin and Switched to Ethereum! Here’s Why  appeared first on Coin Engineer.