Crypto Currents: Trade deal sparks crypto rally as firms continue big buys

As the digital asset space continues its rapid evolution, major legal actions, new regulatory frameworks, and key technological adoptions are shaping the future of finance. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

U.S.-E.U. TRADE DEAL FUELS CRYPTO SURGE: A major trade deal between the U.S. and EU, which reduced tariffs and eased global economic tensions, triggered a rally in both crypto and traditional markets. Bitcoin (BTC) rallied near $119,077, while ethereum (ETH), rose 3.4% to $3,901. Binance coin (BNB) broke above $850, overtaking solana (SOL) in market cap, and achieved new all-time highs.

METAPLANET, SHARPLINK BOOST CRYPTO TREASURIES: Japanese investment firm Metaplanet (MTPLF) acquired an additional 780 bitcoin for $92.5M, elevating its total bitcoin holdings to 17,132 BTC, valued at approximately $2B. This move solidifies its position as a significant corporate holder of digital assets.

In a related development, SharpLink Gaming (SBET), acquired $295M in ether, equal to 77,210 ETH, increasing its total holdings to over 438,000 ETH. This substantial acquisition follows the appointment of Joseph Chalom, a veteran from BlackRock (BLK), as SharpLink’s new co-CEO, signaling a strong strategic pivot towards digital assets. These significant treasury acquisitions highlight a growing trend among companies incorporating cryptocurrencies onto their balance sheets.

SENATE PROBES FHFA ON CRYPTO IN MORTGAGES: On Friday, July 25, after the market close, a group of five Democratic Senators, including Jeff Merkley and Elizabeth Warren, dispatched a letter to Federal Housing Finance Agency director William Pulte, probing his directive to explore allowing unconverted crypto assets in mortgage underwriting. The senators expressed concerns about the volatility and risks associated with cryptocurrency in mortgage lending, referencing past instances of bank failures linked to crypto-based businesses.

OTHER CRYPTO NEWS:

• Galaxy Digital (GLXY) facilitated a record $9B bitcoin sale of over 80,000 BTC for a long-dormant Satoshi-era investor as part of their estate planning strategy.

JPMorgan analyst Reginald Smith ratings changes: 

• Upgrades MARA Holdings (MARA) to Overweight from Neutral, with a price target of $22, up from $19.
• Downgrades IREN (IREN) to Neutral from Overweight, with a price target of $16 up from $12.
• Downgrades RIOT Platforms (RIOT) to Neutral from Overweight, with a price target of $15 up from $14.

PRICE ACTION: As of time of writing, bitcoin (BTC) was trading at $118,277.78, while ethereum (ETH) was $3,811.77.