Cryptocurrency markets experienced significant declines as Bitcoin briefly dropped below the $90,000 threshold before stabilizing around $91,300, representing a 4% decrease. This movement effectively erased Bitcoin’s gains for 2025, with the asset now showing a 2% year-to-date decline. Ethereum followed suit with a 5% drop to $3,050, while BNB decreased 2% to $915 and Solana fell 3% to $137.
Despite the broader market downturn, several altcoins demonstrated resilience, with Internet Computer (ICP) gaining 9%, Aster rising 7%, and Hype advancing 5%. Market sentiment remains cautious, with the Crypto Fear & Greed Index holding at 11 in the ‘extreme fear’ territory for six consecutive days.
Regulatory developments continue to shape the landscape, as the White House considers enabling the IRS to monitor and tax cryptocurrency holdings on foreign exchanges. Meanwhile, Japan implemented substantial tax reforms, reducing capital gains rates on crypto from 55% to 20%.
Institutional products expanded with CBOE’s introduction of continuous Bitcoin and Ethereum futures featuring 10-year terms, providing a perpetual futures alternative. The Ethereum ecosystem saw progress with the launch of Kohaku, a new initiative focused on integrating privacy and security features directly into wallet infrastructure.
Real-world asset tokenization gained momentum as Trump International Maldives announced blockchain-based shares for its luxury resort, enabling fractional ownership of the 80-villa property. Mining stocks showed strength despite market conditions, with HIVE Digital posting record Q2 revenue and securing new infrastructure agreements. Coinbase Ventures continued its strategic investments, backing USD AI in its latest funding round.
