Monday’s crypto session opened on a sour note as Bitcoin fell below the crucial $63,000 level overnight, dipping to around $62,900. The loss of this support, combined with a second consecutive day of net outflows from spot Bitcoin ETFs, has traders bracing for a potential slide to $60,000 if the price is not reclaimed within 24 hours. On July 9, funds shed $95 million in BTC, with Fidelity’s FBTC alone accounting for $63 million. The broader market felt the chill, as the total crypto market cap contracted by 1%, though privacy tokens Zcash (ZEC) and Monero (XMR) managed modest gains. The Crypto Fear & Greed Index inched up to 28 (Fear), but sentiment remains fragile against a backdrop of Middle East tensions.
Thailand to scrutinize large USDT transactions
The Bank of Thailand is ramping up oversight of stablecoin transfers, with Tether’s USDT squarely in the crosshairs. The central bank, together with the Thai SEC, will review high-value transactions involving USDT, cash, and foreign exchange to combat money laundering, illicit financing, and the gray economy. Scam call centers are a key concern; losses from fraud reached 115 billion baht (~$3.4 billion) in 2025, with 173 million fraudulent calls and messages recorded. Under the new rules, individuals depositing 5 million baht ($150,000) or more in cash must verify the source of funds, and commercial banks will face extended monitoring obligations that also cover gold bullion trading and stablecoin settlements.
American Bitcoin’s reverse split masks deep losses
Eric Trump’s American Bitcoin executed a 1-for-15 reverse stock split on July 2 to keep its Nasdaq listing afloat. The cosmetic move did nothing to paper over the company’s financial wounds. In Q1 2026, the firm held roughly 7,021 BTC at quarter-end (now over 8,000 BTC), having mined 817 BTC and purchased 803 BTC during the period. Yet it reported a net loss of $81.8 million, negative adjusted EBITDA of $91.3 million, and a $117.2 million loss on digital assets, against only $62.1 million in mining revenue. Eric Trump’s personal stake has lost more than $600 million in market value as the stock slid over 95% from its peak.
CLARITY Act, Japan’s Web3 pledge offer hope
Optimism stirred on the regulatory front as the CLARITY Act, which aims to draw a clear line between securities and commodities for digital assets, could be introduced in Congress as early as July 17. Meanwhile, Japanese Prime Minister Sanae Takaichi used the WebX 2026 stage to reaffirm strong government backing for Web3 startups through expanded funding and friendlier policies. These developments helped Bitcoin stabilize in the $63,000–$64,000 range after $14 million in long liquidations during a weekend dip.
Ethereum draws institutional eyes
Ethereum traded tightly around $1,800, but institutional interest remained robust. Fundstrat’s Tom Lee described Ethereum as the settlement layer for the AI economy, and his firm Bitmine disclosed a 5.74 million ETH position. Whales bought another $20.6 million worth of ETH, while the Ethereum Foundation credited one of its AI agents with detecting a validator-crashing bug. A Cambridge study reconfirmed that the network’s shift to proof-of-stake slashed electricity use by more than 99.9%, bolstering its ESG appeal.
Stablecoin market capitalization has shed over $10 billion since May, yet analysts view this less as an exodus and more as a rotation into riskier assets like memecoins on the newly launched Robinhood chain. With spot Bitcoin ETFs recording net inflows after nine weeks of withdrawals and the Coinbase Premium Index climbing back toward neutral, the market appears to be entering a delicate equilibrium. The days ahead will test whether the CLARITY Act’s momentum and institutional accumulation can overcome the drag of regulatory crackdowns and geopolitical unease.
