On July 7, the BTC price is currently fluctuating around 109,531.9 USDT; ETH is oscillating in the range of 2,570-2,580 USDT. Letsbonk's fee revenue in the past 24 hours exceeded 1 million USDT, surpassing Pump.fun and Sky; Block CEO Jack Dorsey launched a decentralized peer-to-peer chat application called bitchat; UAE officials clarified that digital currency investors do not qualify for the golden visa.
Bitcoin (BTC) (0.92% | Current price 109,197 USDT): The BTC price started to fluctuate upward from around 105,000 USDT. After reaching above 110,000 USDT, the price slightly retraced and is currently fluctuating around 109,531.9 USDT. Whether it can effectively break through 110,000 USDT and stabilize will be key to judging the subsequent trend. The market was closed on July 4, and prior to that, on July 3, the net inflow of BTC ETF reached 601 million USDT in a single day, with BlackRock's IBIT inflow of 224 million USDT and Fidelity's FBTC inflow of 237 million USDT, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the asset allocation weight.
Ethereum (ETH) (0.69% | Current price 2,576 USDT): ETH experienced a strong rebound, with the price quickly rising from around 2,500 USDT, briefly breaking through 2,600 USDT but failing to hold, and then slightly retreating to oscillate in the range of 2,570-2,580 USDT. The top of the previous downtrend channel and the recent rebound high around 2,600-2,620 USDT jointly form short-term resistance. If it can break through and stabilize in this area, it will be key for ETH's further rise. The market was closed on July 4, and prior to that, on July 3, the net inflow of ETH ETF reached 148 million USDT in a single day, with BlackRock's ETHA inflow of 85.4 million USDT and Fidelity's FETH inflow of 64.6 million USDT.
Altcoins: Some mainstream altcoins have declined, but overall long-short ratios indicate that the bullish forces of most mainstream altcoins still dominate. The Fear and Greed Index reported 73 today, still in the greed range, indicating that market sentiment is relatively positive but attention should be paid to the risk of overheating sentiment.
Macro: July 4 was a market holiday for the U.S. Independence Day. Prior to that, on July 3, the S&P 500 index rose by 0.83%, closing at 6,279.35 points; the Dow Jones index rose by 0.77%, closing at 44,828.53 points; the Nasdaq index rose by 1.02%, closing at 20,601.10 points. As of July 7, 10:30 AM (UTC+8), the spot gold price is reported at 3,315 US dollars per ounce, with a 24-hour decline of 0.65%.
BONK Bonk (+14.49%, Circulating Market Cap 1.772 billion USDT)
According to Gate's market data, the current price of BONK token is 0.000022474 US dollars, up about 14.49% in the last 24 hours. BONK is a dog-themed meme token built on the Solana blockchain, aimed at introducing liquidity to the Solana ecosystem and promoting community interaction and rewards through diverse applications. Since its launch in December 2022, it has become one of the most representative community tokens on the Solana chain.
Previously stimulated by positive news regarding ETF applications, the price of BONK surged. In this round of market activity, the performance of the Letsbonk project, supported by the Bonk community, has been impressive: the number of tokens launched on the Letsbonk.fun platform in the past 24 hours has surpassed Pump.fun for the first time, significantly increasing market attention and demand for BONK. This phenomenon reflects the continued rise in community activity and funding enthusiasm, bringing more buying support for BONK and pushing the price further upward.
TIA Celestia (+10.27%, Circulating Market Cap 1.152 billion USDT)
According to Gate's market data, the current price of TIA token is 1.628 US dollars, up 10.27% in the last 24 hours. TIA is the native token of Celestia, a modular blockchain network that provides plug-and-play data availability (DA) layer solutions for Web3 developers. Its core mechanisms include data availability sampling (DAS) and namespace Merkle trees (NMT), helping projects quickly integrate DA capabilities.
Previously, Celestia's shift to governance proof and the reduction of TIA's inflation rate sparked market controversy, leading to a significant price retracement. After a prolonged period of decline and consolidation, a noticeable rebound occurred on the 7th: the price quickly rose from around 1.45 USDT, breaking through key resistance levels of 1.50 USDT and 1.60 USDT, accompanied by a continuous increase in bottom trading volume, attracting more funds and pushing it above 1.64 USDT. This round of increase is mainly attributed to the entry of funds after technical stabilization and the warming of market sentiment, with strong performance expected to continue in the short term.
SPX SPX6900 (+10.68%, Circulating Market Cap 1.245 billion USDT)
According to Gate's market data, the current price of SPX token is 1.3418 US dollars, up about 10.68% in the last 24 hours. SPX6900 is an emerging MEME coin inspired by the S&P 500 index, characterized by community-driven and technological innovation, proposing an innovative SPX6900 index concept that holds 6,900 types of assets.
Driven by regulatory easing and the continued rise of the RWA narrative, tokenized stocks have become a hot topic in the market, with platforms like Gate, Robinhood, and xStocks quickly laying out related products. As a token linked to the stock index concept, SPX6900 experienced a significant increase in volume on the 7th after a long period of consolidation: the price quickly broke through multiple short-term resistance levels from around 1.20 USDT, peaking above 1.35 USDT, reflecting strong demand for tokenized stocks and short-term bullish sentiment.
Letsbonk's fee revenue in the past 24 hours exceeded 1 million USDT, surpassing Pump.fun and Sky
According to DefiLlama data, on July 7, the meme coin issuance platform Letsbonk achieved fee revenue of 1.04 million USDT in the past 24 hours, surpassing Pump.fun (920,000 USDT) and Sky (950,000 USDT), ranking 16th in blockchain protocol fee revenue.
Letsbonk achieved fee revenue and activity surpassing Pump.fun and Sky in a short time, mainly due to the platform's simplified token issuance process and lower thresholds, significantly reducing user participation costs. At the same time, the active community atmosphere and topic popularity attracted a large number of new projects to launch, driving a significant increase in the number of launches and graduations: recently, the number of meme coins launched on Letsbonk.Fun in a single day reached 16,802, far exceeding Pump.fun's 9,908; the number of tokens "graduated" also reached 182, leading Pump.fun's 31. In addition, the number of active addresses on the platform exceeded 37,000, second only to Pump.fun's 88,000, further demonstrating a significant increase in user participation and capital inflow.
Block CEO Jack Dorsey launched a decentralized peer-to-peer chat application called bitchat
Block CEO Jack Dorsey recently announced the launch of a decentralized peer-to-peer chat application called bitchat. Dorsey stated on the X platform that this is a project he spontaneously developed over the weekend, aimed at exploring technologies such as Bluetooth mesh networks, relaying and storage forwarding mechanisms, and message encryption models. According to its description on GitHub, bitchat achieves local communication entirely through Bluetooth mesh networks, without the need for the internet, servers, or phone numbers, providing a purely encrypted peer-to-peer chat experience with an IRC-style design concept.
Although the launch of bitchat is still a personal experimental project of Jack Dorsey, it showcases a new direction for decentralized communication in terms of both technology and concept: it is based on Bluetooth mesh networks and encrypted messaging mechanisms, allowing users to achieve true peer-to-peer private communication without the need for servers or phone numbers in a no-network environment. This not only resonates with users' concerns about privacy protection and anti-censorship needs but also aligns closely with Dorsey's long-standing advocacy for open networks. For the industry, bitchat provides new ideas for decentralized social tools and offline network applications, potentially inspiring more developers to explore social solutions that do not rely on centralization, and demonstrating practical value in sudden network outages or special scenarios, injecting new possibilities into the Web3 communication ecosystem.
UAE officials clarify: Digital currency investors do not qualify for the golden visa
Recently, news regarding "the UAE issuing golden visas to digital currency investors" circulated on some websites and social media, sparking heated discussions. In response, the UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) jointly issued a formal statement, clearly denying this claim. The statement pointed out that the application conditions for the UAE golden visa have a clear legal framework, only targeting real estate investors, outstanding talents, scientists and experts, excellent students and graduates, humanitarian pioneers, and frontline workers, and does not include digital currency investors. The SCA also reiterated that digital currency investments are regulated by specific regulations and are unrelated to the golden visa policy, urging investors to verify information through official channels. VARA also stated that it has not approved Dubai to issue golden visas to virtual asset investors and specifically clarified that the TON project has not obtained its permission or regulation.
Previously, TON announced that it would cooperate with the UAE to provide a 10-year golden visa for eligible TON token stakers, requiring a stake of 100,000 US dollars and a one-time fee of 35,000 US dollars, attracting external attention.
The market hype surrounding the TON project and the golden visa reminds everyone to be cautious of such aggressive or misleading marketing behaviors, while also reflecting the UAE's clear stance on digital asset regulation: although virtual assets are supported and regulated, they have not been included in long-term immigration or residency incentive policies. In the short term, the official clarification will curb the promotion of certain projects that leverage immigration or identity benefits, reminding investors to be wary of the potential risks behind such "attached visa" promises. In the long term, this once again highlights the importance of compliance and transparency for the development of the digital asset industry: if projects want to gain recognition from sovereign countries, they must strictly adhere to local laws and regulatory requirements, rather than relying on marketing gimmicks to attract users.
Related: Musk confirms the newly established "American Party" will embrace Bitcoin (BTC)
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