Crypto Today: Top Moves, Fresh Highs, and Market Shakers You Need to Know

Bitcoin Surges to Record Highs as Fed Hints at Rate Cuts; GMX Exchange Suffers $42 Million Hack

The cryptocurrency market witnessed a whirlwind of developments over the past 24 hours, with Bitcoin surging to an all-time high, a high-profile hack shaking decentralized finance, and pre-listing trading for a new token sparking speculative fervor among traders. Against a backdrop of rising geopolitical tensions and political pressure on central banks, the crypto market is once again proving its resilience in the face of global uncertainty.

The total cryptocurrency market capitalization rose by 3% to reach $3.47 trillion, while daily trading volumes soared by 42%, reflecting renewed investor enthusiasm and heightened market activity.

Bitcoin Breaks Record Amid Federal Reserve Rate Cut Signals

Bitcoin shattered previous records, briefly trading near $112,000 after the U.S. Federal Reserve released the minutes of its most recent Federal Open Market Committee (FOMC) meeting. While the Fed maintained its stance on interest rates for now, it signaled potential modest cuts in 2025, a move that triggered a wave of optimism across crypto markets.

Market analysts noted that even the prospect of lower interest rates was enough to fuel significant buying activity, with investors viewing Bitcoin as a hedge against economic uncertainty and potential inflationary pressures. Despite rising international tensions, including ongoing trade disputes and concerns over global growth, Bitcoin's upward momentum signals continued confidence in decentralized financial systems.

“This is a sign of maturing investor confidence in Bitcoin, which is increasingly viewed as a long-term store of value rather than a speculative asset,” noted crypto analyst Lara Feldman.

Trump’s Tariff Threats Drive Interest in Crypto

In a parallel development, President Donald Trump announced plans to impose tariffs on over 30 countries, including major economies such as Japan, Brazil, and Indonesia. These tariff threats sent ripples through traditional financial markets, prompting concerns over potential supply chain disruptions and escalating trade wars.

However, within the crypto sector, the looming tariffs are seen as an opportunity for decentralized assets like Bitcoin to gain further traction, particularly in regions affected by the new trade restrictions. Analysts suggest that trade tensions could accelerate crypto adoption as businesses and individuals seek alternative means of transferring and storing value across borders without the constraints imposed by traditional financial systems.

With an August 1 deadline for the proposed tariffs approaching, traders are closely watching Bitcoin's price movements, which continue to demonstrate strength amid macroeconomic challenges.

Hyperliquid Opens Pre-Launch Trading for PUMP Token

Meanwhile, decentralized derivatives platform Hyperliquid made headlines with the launch of pre-listing trading for its PUMP token, leveraging its proprietary USD-PUMP hyperps. These innovative instruments allow users to trade the PUMP token before its official debut on July 12, using an 8-hour moving average for pricing instead of relying on external oracles.

Source: X

Traders are permitted up to 3x leverage, enabling them to take long or short positions based on anticipated price movements. Early trading activity showed robust demand, with the price briefly spiking before stabilizing, underscoring growing interest in trading yet-to-be-released tokens.

However, Hyperliquid has cautioned traders about the inherent risks associated with trading hyperps, including low liquidity, sharp funding rate changes, and potential liquidation risks due to high volatility. Once the PUMP token is officially listed on centralized exchanges, the hyperp contracts will convert into standard perpetual futures, offering a seamless transition for traders seeking to continue their positions post-launch.

GMX Exchange Suffers $42 Million Hack, Raising Security Concerns

In a stark reminder of the challenges facing decentralized finance, GMX Exchange suffered a $42 million hack from its GLP liquidity pool, affecting assets on both the Arbitrum and Avalanche networks. The attacker reportedly used Tornado Cash and Circle’s Cross-Chain Transfer Protocol (CCTP) to obfuscate the flow of stolen funds, causing widespread alarm within the crypto community.

Source: X

GMX responded swiftly by suspending trading on affected pools and announcing a 10% bounty for the return of stolen assets. The hack impacted a range of tokens, including WETH, WBTC, and USDC, prompting the GMX token to decline by over 10% following the incident.

“This incident underscores the importance of robust security measures in DeFi protocols, which remain vulnerable to sophisticated attacks despite advances in blockchain technology,” said cybersecurity analyst Jason Wu.

The hack has reignited debates within the crypto community about the trade-offs between decentralization and security, with calls for enhanced audits, multi-layer security structures, and real-time monitoring to mitigate future incidents.

Trump Calls for Historic Fed Rate Cut as Bitcoin Hits Another Peak

In a politically charged development, President Trump called for a historic 3% interest rate reduction from the Federal Reserve, framing it as a necessary measure to ease financial pressures on American households and businesses. While the Fed is not expected to act on this request during its upcoming July 30 meeting, Trump’s statement captured headlines and fueled discussions about the future trajectory of monetary policy in the U.S.

Source: Twitter

Simultaneously, Bitcoin surged to yet another record high, trading near $119,360, as investors interpreted Trump’s aggressive push for lower rates as a sign of potential future monetary easing, further boosting demand for crypto assets as an alternative to traditional fiat currencies.

Analysts note that the convergence of political, economic, and technological factors is driving crypto markets to new heights, with Bitcoin increasingly viewed as a safe haven in times of macroeconomic volatility.

Conclusion: Crypto Market Resilience Amid Global Shifts

The past 24 hours have highlighted the dynamic nature of the cryptocurrency sector, where markets respond rapidly to macroeconomic signals, security incidents, and technological advancements.

Bitcoin’s record-breaking performance underscores investor confidence in its role as a resilient asset amid uncertainty. At the same time, incidents like the GMX hack highlight the ongoing need for enhanced security in the DeFi space to protect user funds and maintain trust within the ecosystem.

Meanwhile, initiatives like Hyperliquid’s PUMP pre-listing trading illustrate how the crypto industry continues to innovate, providing traders with new opportunities while also presenting fresh challenges in managing risks associated with unlaunched assets.

As political developments, including tariff threats and calls for aggressive monetary easing, continue to unfold, the crypto market remains poised at the intersection of technology and finance, offering opportunities for growth while requiring vigilance from participants navigating its evolving landscape.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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