Following the decision, BTC broke below its three-week horizontal support channel. If the price fails to recover, the next technical support level stands near $111,000. This decline reflects a 6.5% drop from the $122,800 all-time high recorded on July 14. 

In the past 12 hours alone, $110 billion exited spot cryptocurrency markets. Data from CoinGlass reveals that 158,000 investors liquidated positions worth $630 million in total, mostly from long trades. 

Investor Nervousness: Sharp Sales in Stocks and Cryptos

With the signed decree, Trump raised tariffs on Canada from 25% to 35%. Additionally, countries like South Africa, Switzerland, Taiwan, and Thailand face new tariffs ranging from 19% to 39%. Meanwhile, trade agreements with the European Union, Japan, South Korea, and the United Kingdom gained official status. 

These developments pressured not only cryptocurrencies but also stock markets across Asia. Many investors interpret these sudden policy changes as temporary corrections rather than structural threats. 

Henrik Andersson, Chief Investment Officer at Apollo Capital, said, “Seeing a correction amid tariff uncertainty is natural.” Meanwhile, Nick Ruck, Director at LVRG Research, described this week’s drop as a mix of tariff deadline fears and broader macroeconomic uncertainty. In other words, multiple factors drive the current market pressure. 

Bitcoin Achieves Record Monthly Candle Close in July

Despite these pressures, Bitcoin closed July at $115,784, marking its highest monthly candle to date. However, this close remains below the massive $26,000 gain in November when Trump’s election victory pushed markets sharply higher. Trump won the U.S. elections at that time, which strongly boosted the markets. 

A potential trade deal with China could boost investor confidence. This development might trigger a new market recovery. For now, investors closely monitor macro developments and key technical levels.

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Immediately after taking office, U.S. President Donald Trump initiated efforts for digital asset regulations. On January 20, he signed an executive order titled “Enhancing U.S. Leadership in Digital Finance Technologies.” Under this directive, a Digital Assets Task Force was formed and assigned to prepare a strategic proposal within 180 days. That deadline has now passed, and the White House has announced the report will be released within a few days, certainly by month’s end. 

Bitcoin Reserve on the Agenda 

One of the most notable sections in the report is the proposal for a strategic Bitcoin reserve, based on a presidential directive that took effect in March 2025. The government aims to retain previously seized BTC as an official reserve asset. The government is also considering a national digital asset stockpile to boost institutional trust in the digital financial system.

These strategies are not only about security but also establish a foundation for digital sovereignty. On the other hand The federal government may use these assets during economic crises or cyber threats as part of its national security framework. 

New Regulations Incoming 

The report goes beyond reserve policies. It will address stablecoin regulation, consumer protection, tax policies, and transparency standards. Integration between the banking sector and crypto markets is also a key focus. The government will establish clear rules for decentralized finance (DeFi) projects.

To counter illicit use, the strategy includes strong measures against money laundering, sanction evasion, and unlawful transactions. The White House aims to prevent international sanctions from being bypassed through digital assets. These issues are treated as direct national security concerns. 

The timing of the report is noteworthy—it aligns with Trump’s announced “Crypto Week.” It also fully complies with the GENIUS Act, Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. This alignment provides reassurance to digital asset holders and reinforces opposition to centralized digital currencies. 

U.S. Aims for Global Leadership 

The U.S. expects its Bitcoin reserve to make a global impact. Other countries may follow suit by developing similar strategic reserves, strengthening Bitcoin’s position as a global strategic asset. 

This is not just a policy document—it’s a strategy paper that defines the digital financial future of the United States.

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Coinbase Targets Tokenized Equities for U.S. Market

Leading crypto exchange Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer tokenized equities, according to chief legal officer Paul Grewal. If approved, this would allow Coinbase to offer stock trading using blockchain, placing it in direct competition with firms like Robinhood and Charles Schwab.

Tokenized equities are digital representations of company shares. Instead of owning physical stock, investors hold blockchain-based tokens representing ownership, with the potential to reduce costs, enable faster settlement, and allow 24/7 trading.

Regulatory Hurdles and Legal Uncertainty

Currently, tokenized equities are not legal for trade within the U.S. For Coinbase to move forward, it would need a “no action letter” or regulatory exemption from the SEC—effectively a statement that the agency will not pursue enforcement if the company proceeds.

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Coinbase is not registered as a broker-dealer, a requirement for traditional securities trading. In 2023, the SEC sued Coinbase for operating without registration, but the lawsuit was dropped in 2025 under President Trump’s administration, which has taken a more crypto-friendly stance.

Market Interest Growing Amid Regulatory Shifts

Competitor Kraken has already introduced xStocks, a tokenized equity product available in non-U.S. markets. The race is on to establish dominance in this emerging segment.

Grewal emphasized:

“What’s been missing is confidence. A no action letter signals that the SEC has acknowledged compliance, giving institutional players the assurance they need to participate.”

With shifting U.S. crypto policy, including SEC lawsuits being dropped and new regulatory initiatives launched under Trump, the momentum for tokenized equities appears to be building rapidly.

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From Walled Garden to Open Ledger

JPMorgan Chase has long maintained a “walled garden” approach to blockchain, focusing on a private system for its clients. But on May 14, 2025, the bank announced that it successfully settled a transaction on a public blockchain with the support of Chainlink and Ondo Finance.

Through its blockchain unit, Kinexys, JPMorgan facilitated a transaction between two internal accounts to purchase tokenized treasuries on Ondo’s public network. The payment was triggered via Chainlink, a decentralized oracle network that bridges real-world data and blockchains.

More Than Just a Proof of Concept

Although JPMorgan has tested public blockchain interactions before, such as a 2024 collaboration with Siemens, this marks the first time it has built a functional interface to a public ledger. According to Sergey Nazarov, Chainlink’s cofounder, this infrastructure is moving toward production use.

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Nelli Zaltsman, head of platform settlement solutions at Kinexys, emphasized that this isn’t about chasing political trends or investor hype. It’s a carefully planned move rooted in the bank’s long-term blockchain roadmap.

Regulatory Shifts and Industry Momentum

JPMorgan’s move comes during a broader shift in the U.S. regulatory landscape. Under President Donald Trump, a known pro-crypto advocate, regulators have reversed prior crackdowns, encouraging institutions to re-engage with crypto. His administration has even ordered the creation of a strategic Bitcoin reserve.

Meanwhile, legacy finance names like Fidelity, BlackRock, and Morgan Stanley are ramping up their blockchain efforts. But JPMorgan’s leap into the public space is being viewed as a turning point driven by strategy—not politics.

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While the full scope of the investigation remains unclear, the El Dorado Task Force has reportedly reached out to former Anchorage employees to inquire about internal compliance practices. The unit focuses on dismantling global money laundering networks.

Regulatory History Raises Questions

Back in April 2022, the OCC issued a consent order against Anchorage over weak customer due diligence and anti-money-laundering (AML) controls. Anchorage responded by pledging to improve its compliance efforts and continues to operate under that consent order.

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The probe comes at a time when Anchorage is actively marketing its regulated status to lawmakers. CEO Nathan McCauley recently attended a Digital Asset Summit at the White House and has positioned himself as a vocal critic of “debanking.” His close ties with the Trump camp — including public appearances with White House crypto advisers — have raised eyebrows among regulators.

Strategic Board Appointments to Navigate Compliance!

To help manage increasing scrutiny, Anchorage has added former regulators and bankers to its board. Notable additions include Connie Shoemaker (formerly of Goldman Sachs) and Julie Williams (former OCC general counsel). Former SEC crypto investigator TuongVy Le recently stepped back from her role as general counsel.

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If approved, this would be the first U.S. ETF to directly hold NFTs, setting a precedent in the market. According to the filing, the fund will also hold digital assets such as SOL and ETH, which are necessary for purchasing, selling, and transferring the fund’s PENGU tokens and Pudgy Penguins NFTs.

Launched in December, PENGU currently has a market cap of approximately $438 million as of March 20, according to CoinGecko. Pudgy Penguins is widely regarded as one of the most popular NFT brands in the space.

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Just two days earlier, on March 18, Canary also filed for the first Sui (SUI) ETF in the U.S., focusing on the native token of the Sui Layer-1 blockchain.

Policy Shifts and Market Reactions

Under President Donald Trump’s second term, the U.S. government has reversed its stance on digital assets, aiming to make America “the world’s crypto capital.” During President Joe Biden’s administration, regulators had initiated more than 100 enforcement actions against crypto firms.

Despite these developments, some analysts remain skeptical about the adoption of ETFs focused on NFTs and memecoins. Crypto researcher Alex Krüger commented on X (formerly Twitter), “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke.”

On March 20, asset manager Volatility Shares launched two new Solana futures ETFs: SOLZ and SOLT, which offer 1x and 2x leveraged exposure to SOL price movements. Spot Solana ETFs are still awaiting regulatory approval.

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Is the SEC Changing Its Stance on Crypto?

This move is seen as a potential shift in the SEC’s approach to cryptocurrencies. In 2020, the agency sued Ripple, alleging that the company issued XRP tokens as unregistered securities. However, in August 2023, a U.S. judge ruled that XRP is not inherently a security but could be considered one under certain conditions.

If the XRP ETF is listed as a commodity trust, it would be classified alongside existing spot Bitcoin (BTC) and Ethereum (ETH) ETFs, which were approved in 2023 and have driven significant interest in crypto investment products.

Trump’s Pro-Crypto Policies

21Shares submitted its Core XRP Trust ETF application in November 2024, just days after Donald Trump won the U.S. presidential election. Trump has pledged to make America the global hub for crypto and has appointed pro-crypto officials to key regulatory positions.

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On February 6, Cboe filed for four spot XRP ETFs, including 21Shares Core XRP Trust.

More Crypto ETFs Await Approval!

With the SEC’s acceptance of the XRP ETF application, expectations for additional crypto ETF approvals are rising. Applications have been filed for memecoin ETFs like Dogecoin (DOGE), Trump Coin (TRUMP), and Bonk (BONK), as well as altcoin ETFs for Solana (SOL) and Litecoin (LTC).

Existing Bitcoin and Ethereum ETFs are also looking to introduce staking and in-kind redemptions. On February 14, the Hashdex Nasdaq Crypto Index US ETF, the first spot crypto index fund in the U.S., began trading on Nasdaq.

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