Bitcoin tested $110,000, a developer launched the Ethereum Community Foundation, Kazakhstan backed the idea of a state crypto reserve, and other highlights from the week.
Bitcoin failed to hold $110,000
The price of the leading cryptocurrency started the week with a pullback. On Wednesday, July 2, it fell below $105,500.
Experts attributed the drop to traders de-risking ahead of key US data releases. Additional pressure came from concerns over President Donald Trump’s tax bill advancing in Congress.
The next day, a sharp rebound saw the price top $110,500. The move came as global money supply (M2) expanded to a new high of $55 trillion. A potential driver was renewed hope for rate cuts by the Fed after a series of dovish remarks from central-bank officials.
After a pullback, bitcoin mostly traded between $108,000 and $108,400, attempting to clear $109,000 on Sunday.
On the weekly timeframe, the price rose 0.9%—the bellwether lagged all major altcoins by market cap except Solana. Ethereum held above $2,500, up 4.9%. XRP and Dogecoin gained 4.1%.
Total market capitalisation was little changed over seven days at $3.44 trillion. Bitcoin dominance is 63%.
The crypto Fear and Greed Index remains in the “green zone” at 66.
A “rival” to the Ethereum Foundation unveiled at EthCC
Core Ethereum developer Zack Cole created a new organisation, the Ethereum Community Foundation (ECF). One stated goal is to lift ETH to $10,000.
According to Cole, the ECF intends to fund infrastructure projects that develop the ecosystem while supporting gains in the native cryptocurrency.
“Ethereum is the foundation of decentralized finance and stablecoins. It is the future of the monetary system. The vision of the Ethereum Foundation (EF) brought us to this point. But strategically, economically and culturally [the foundation] has gone off course,” the developer said.
Cole added that the ECF will fill the “gaps” left by the EF and do what the organisation “does not want or cannot” do.
Kazakhstan backs a reserve built from confiscated bitcoins
The National Bank of Kazakhstan will create a state cryptocurrency reserve, chairman Timur Suleimenov said in response to a parliamentary inquiry.
The concept is being developed with reference to international practice; officials are studying whether to delegate management to a subsidiary focused on alternative investments.
According to Suleimenov, control by a centralised institution will ensure proper oversight and risk management.
“Sources of such a reserve could include confiscated cryptoassets and cryptocurrencies mined by a miner with state participation,” the document says.
Meanwhile, Bhutan, which holds a bitcoin treasury of 11,924 BTC, moved part of its coins to the Binance exchange. The country built its crypto fund largely by developing its own digital-gold mining operations.
The authorities are also rolling out crypto payments to modernise the financial system and attract tourists. The initiative is being implemented with support from Binance.
What to discuss with friends?
- An expert suggested a hack of bitcoin wallets holding $8.6bn.
- A solo miner mined a bitcoin block amid a slump for the giants.
- Dubai tested a flying taxi.
- Internet by passport. In China, digital IDs will go live.
Ripple and Circle apply for US banking licences
Ripple has filed an application for a national bank charter with the US Office of the Comptroller of the Currency (OCC).
According to Garlinghouse, the initiative will “set a new benchmark of trust in the stablecoin market.” If approved, Ripple USD (RLUSD) would fall under both federal jurisdiction and state supervision.
The company is following Circle, the issuer of USDC, which has also filed with the OCC to establish a national trust bank.
Ripple has also sought approval to open a master account at the US Federal Reserve. This would allow it to hold RLUSD reserves directly at the central bank.
Also on ForkLog:
- A staking-enabled Solana ETF debuted with $12m in inflows.
- FTX proposed a new payout plan for “problem” countries.
- Rostec will launch the RUBx token on the TRON blockchain.
- In Germany, officials urged Google and Apple to remove DeepSeek.
US lawmakers announce a “crypto week”
The US House of Representatives has announced a “crypto week” from July 14th to 18th, during which three key digital-asset bills are slated for consideration.
The initiative was proposed by Speaker Mike Johnson, French Hill, chair of the Financial Services Committee, and Glenn Thompson, head of the Agriculture Committee.
The move is aimed at advancing President Donald Trump’s cryptocurrency agenda.
Votes are planned on bills covering stablecoins, digital-asset market structure and a CBDC.
What else to read?
In a new piece, we examined the current state of BTCFi and tools to preserve user privacy.
We explained the historical underpinnings of the Network State concept, the launch of Network School, Vitalik Buterin’s “pop-up cities” Zuzalu, and why even citizens are not allowed into their predecessor, Liberland.
In the “Silicon Tanks” series, we profiled the philosopher Nancy Fraser, who introduced the very notion of “cannibal capitalism.”
In our regular digest, we rounded up the week’s key cybersecurity developments.