From June 30 to July 4, the virtual asset market showed a mild upward trend as expectations grew that the United States would make trade agreements with major countries. Experts predicted that as the U.S. job market has strengthened and stock markets like the Nasdaq are showing upward trends, Bitcoin could also rise in the short term.
As of 4:30 p.m. on the 4th, the price of Bitcoin recorded $108,857. After surpassing $110,000 just a day after hitting $105,000 on the 2nd, it has slightly decreased and is hovering around $108,000. Compared to a week ago, it has risen by 1.37%.
Around the same time, Ethereum recorded $2,548, a 4.23% increase compared to a week ago. During the same period, XRP rose 6.21% to $2.22, BNB rose 1.82% to $657.46, and Solana rose 6.63% to $150.94. Additionally, Pudgy Penguins surged by 83.98%, and Partcoin showed a strong increase of 28.93%.
The rise in the virtual asset market was due to a more positive-than-expected count of jobs in the U.S. According to the U.S. Department of Labor, non-farm jobs increased by 147,000 last month, significantly exceeding market expectations of 110,000. The unemployment rate also dropped by 4.1% compared to the previous month. As a result, there were concerns that the Federal Reserve might delay anticipated interest rate cuts, but fears of a recession eased, maintaining a preference for risky assets.
Expectations that the Trump administration would make trade agreements with major countries also supported the upward trend in the virtual asset market. The U.S. decided to lower reciprocal tariffs with Vietnam, and an agreement with India is also said to be imminent. This is why there are projections that the deadline for the extension of the reciprocal tariff suspension, scheduled for the 8th, may be extended. The virtual asset market reacted positively, as the tariff suspension could alleviate inflationary pressures and reduce policy uncertainty.
Experts are viewing the virtual asset market positively from a short-term perspective. Hwang Hyo-jun, a researcher at the cryptocurrency data platform, noted, "As major risk assets such as the Nasdaq show good upward trends, Bitcoin and others could maintain an upward trend in the short term." However, he added, "Since risks related to macroeconomics, such as tariffs, have not been completely resolved, attention must be paid to changes due to external variables."
◇ SEC 'Tokenization is innovation'… Declares end of regulations
The U.S. Securities and Exchange Commission (SEC) is abolishing regulations on the real-world asset (RWA) tokenization market. Paul Atkins, SEC Commissioner, said in an interview with a media outlet on the 3rd, "Tokenization is key to financial innovation, and the SEC should encourage it," adding, "The regulatory approach of former Chairperson Gary Gensler is now over."
The SEC has already abolished the controversial accounting guideline (SAB 121). Both private and institutional entities are entering the market by promoting tokenization as a new investment strategy. In the first half of this year, the market size of real-world asset tokenization surpassed $24 billion, excluding stablecoins.
In the virtual asset industry, there are expectations that if tokenized assets are incorporated into regulated financial products, the boundaries between traditional finance and the blockchain ecosystem could be rapidly broken down. It suggests that digital assets could move beyond the experimental stage and establish themselves as the center of financial innovation.
◇ SEC approves conversion of mixed virtual asset ETF
The SEC has also approved the conversion of Grayscale's mixed virtual asset fund, GDLC, into an exchange-traded fund (ETF). GDLC is a fund primarily composed of 80% Bitcoin and 12% Ethereum, with small amounts of XRP, Solana, and Cardano included. Therefore, there are expectations that ETFs that bundle only individual altcoins such as Solana, XRP, and Cardano will be launched.
However, the SEC ordered a 'stay of execution' simultaneously with this approval, delaying the substantive commencement of transactions. The virtual asset industry interprets this as a 'transitional approval' with significant symbolism, even though the nominal conversion to an ETF has been approved. It is projected that formal launches will only be possible after clear regulations regarding digital asset ETFs are established.
In the virtual asset industry, it is interpreted that if GDLC is formally converted to an ETF, the U.S. virtual asset ETF regulations could enter a new phase. This could extend not only to Bitcoin and Ethereum ETFs but also to various assets.
James Seyforth, an ETF analyst at Bloomberg, stated, "GDLC is an ideal structure for the SEC to test its regulatory framework," adding, "The likelihood of approval for standalone ETFs for Solana, XRP, and Cardano has also risen to about 95% this year."
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providing a data-driven essential operational solution and trust-based community-building services for companies and foundations adopting Web3. It operates a crypto data intelligence platform called Jengle, and the Jengle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.