Ethereum briefly rebounded and broke through $1,800.
Related
Bitcoin broke through $63,000 this morning, recovering its losses from the end of June, with XRP leading the gains among major cryptocurrencies.
According to Mars Finance, Bitcoin briefly broke through $63,000 this morning on July 5th, the first time in two weeks, rising approximately 3.6% from last week and essentially recovering the losses from the end of June. This surge occurred during the quiet trading period of the US Independence Day holiday, influenced by low liquidity. The market generally believes that low liquidity amplified short-term volatility. Among major cryptocurrencies, XRP rose 5.3% to $1.18, a weekly gain of nearly 10%, with its market capitalization rising to approximately $73 billion, surpassing USDC to become the fifth largest cryptocurrency. On-chain data shows that XRP holders' average losses are at historically extreme levels, which some traders see as a signal of a sentiment reversal. ETH rose 3.2% to approximately $1,793, a weekly gain of approximately 11.5%; Dogecoin rose 2.6%; and Solana rose approximately 13.2% for the week, continuing its overall rebound. Analysts believe this rebound was driven by comments from Federal Reserve officials regarding easing inflationary pressures, weaker-than-expected non-farm payroll data, and short covering, propelling Bitcoin from below $60,000 to above $63,000. Future market movements will depend on upcoming US inflation data and the return of institutional liquidity after the holidays.
Tether burned 2.5 billion USDT on Ethereum in a single day, the largest single-day destruction since February.
According to Mars Finance, on July 8th, CryptoQuant, citing on-chain data analysis, reported that on July 7th, the Tether Treasury burned $2.5 billion worth of USDT on the Ethereum network, the largest single burn on the network since February this year. This surpasses the $2 billion burn on May 8th and is second only to the historical high of $3.5 billion on February 10th. Simultaneously, the USDT balance flowing in and out of Binance via the Tron network fell to approximately $806 million, the lowest level since December 29th, 2025 ($391 million), falling below the $1 billion mark, indicating a significant contraction in USDT liquidity through the Binance Tron channel. While the large-scale burn by the Tether Treasury primarily reflects redemptions, fund management, or cross-chain rebalancing operations, it is not a direct market signal. However, the simultaneous contraction in Ethereum supply and Binance Tron liquidity warrants continued monitoring to see if the trend of synchronized tightening of liquidity in both stablecoin chains continues.
Binance stock trading will be suspended on July 11 to support system upgrades for partner brokers.
According to Foresight News , Binance announced that due to a system upgrade by its partner brokerage, stock trading will be suspended from 18:50 to 23:30 (Beijing time) on July 11, 2026. During this period, users will be unable to place orders. Service will be automatically restored after the upgrade is completed, but the actual downtime may be adjusted.
Sophia Dew, a developer relations member at the Ethereum Foundation, has announced her departure.
According to Mars Finance, on July 8th, Sophia Dew, a developer relations member at the Ethereum Foundation (EF), announced that this week will be her last week serving full-time at the Ethereum Foundation. Dew has been active in the Ethereum ecosystem for the past four years. She stated, "I remain very optimistic about the future of Ethereum. It truly is one of the most powerful and cohesive ecosystems ever."
Opinion: Ethereum is testing a key resistance level; a break above this level could see it rise to $2245.
According to Mars Finance, on July 7th, crypto analyst Alicharts stated that Ethereum is currently testing resistance at the 0.8 MVRV pricing band around $1796. If the daily closing price is above this level and successfully holds as support, it will strengthen the bullish case and could potentially initiate a move towards the Ethereum realization price, namely $2245. Alicharts further points out that a break above both $1796 and $1816 would trigger a bullish breakout. From a technical perspective, such a move would also increase the probability of ETH breaking through the channel top at $1844 and starting its march towards the $2245 realization price.
Bitcoin defied the trend and broke through $64,000; "Moji" took the opportunity to add to his long positions, and his weekly profit has exceeded $400,000.
According to BlockBeats, on July 7th, Bitcoin initially fell but then rebounded overnight following the negative news of Strategy's historic sell-off of 3588 BTC, briefly breaking through $64,000 this morning and leading a rebound in major cryptocurrencies. According to HTX market data, as of press time, Bitcoin was trading at $64,007.31, up 0.81% in the last 24 hours, while Ethereum was trading at $1797, up 0.51% in the last 24 hours. Furthermore, according to HyperInsight monitoring, "Maji" has been continuously adding to his positions during the market rebound, and his Ethereum long positions have now reached $17.08 million, with a liquidation price of $1765.32. However, amidst the strong market rebound, Maji has already made over $400,000 in profit in the past week.