BTC approaches ATH of €106,000
After a week in which optimism returned to the crypto market, Bitcoin is approaching an all-time high of €106,000. Altcoins are also performing notably well, with Ether clearly leading the charge. Also in this edition of Bitvavo Market News: a spotlight on crypto in American retirement funds.
Market update
On July 2 and 3, bitcoin tested the $112,000 zone as support. That’s the same area where it peaked previously, and where its 50-day average price sits. The test was successful: bitcoin held steady at that level and then made a strong comeback over the past week, climbing back near its all-time high of €123,000.
In euros, we're also getting close to a new record. Since the low point on April 7, the price has already surged by 55%, from €67,400 to €104,500. That’s just one percent below the all-time high of €106,000 set on January 20.
A continued rise to €135,000 in the coming month would be characteristic of this bull market. We've seen a weekly cycle with an increase of around 100% four times before. The most recent was between September 2024 and January 2025, when the price more than doubled from €47,500 to €106,000.
The rest of the crypto market is also performing remarkably well. Ether rose 24% over the past week to above $4,300, its highest price since December 2021. All eyes are now on the all-time high of $4,800.
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Crypto in American retirement funds
On August 7, Donald Trump signed an executive order aimed at making it easier for Americans to include cryptocurrencies in their 401(k) retirement plans. These are savings plans that allow employees to choose how their employer invests on their behalf, which is uncommon in the EU.
The SEC has been instructed to adjust regulations so that crypto can be offered as a standard option, just like stocks and mutual funds. Currently, only expensive and complicated workarounds are available, offered by a limited number of providers and often with a cap on allocation. Back in 2022, under President Biden, the Department of Labor warned employers to exercise “extreme caution” when including crypto in retirement plans.
The potential impact is significant: 401(k) portfolios represent around $8.7 trillion in assets. About 28% of Americans already own crypto, but usually not through their retirement plans. This move could make regular contributions easier, which analysts say may drive prices up and potentially reduce volatility slightly.
For providers like Fidelity and BlackRock, this opens up a new market of millions of potential customers. However, they will first need to implement the required changes, a process expected to take 6 to 12 months. It is not yet known which cryptocurrencies will be made available, but BTC and ETH are the most likely candidates, with other coins possibly added at a later stage.
For the crypto market, this is yet another sign that the political winds in the U.S. are shifting. Whereas government institutions were primarily warning about the risks just a few years ago, efforts are now underway to create laws and regulations that make access easier. This could remain an important political theme in the coming years.
In other news
Case between SEC and Ripple officially over. Both parties have withdrawn their appeals, meaning the 2023 ruling stands: only the sale of XRP to institutional investors falls under U.S. securities law. For violating these rules, Ripple will pay a $125 million fine. After years of legal battle, the company can finally close this chapter.
Trump wants to ban debanking of crypto companies. A new executive order aims to prevent banks from denying services to customers based on political or ideological reasons. “Reputational risk” may no longer be used as an excuse to cut off crypto companies from banking services. This move is intended to bring a definitive end to the era of Operation Choke Point 2.0.
Harvard and Brown universities have invested in BlackRock’s bitcoin ETF. Harvard holds $117 million, making it the 29th largest shareholder in IBT, while Brown has invested over $13 million. According to ETF analyst Eric Balchunas, university endowments are notoriously difficult to convince when it comes to investing in ETFs. Though their allocations are small relative to their total assets under management, the move marks a breakthrough for a traditionally anti-ETF stronghold.
Regulator CFTC launches ‘crypto sprint’. The U.S. commodities watchdog is moving swiftly to implement recommendations from the President’s Working Group on Digital Asset Markets. The goal: to fulfill Trump’s vision of making the U.S. the world’s crypto capital. In collaboration with the SEC, the CFTC is advancing Project Crypto, with a focus on 24/7 trading, perpetuals, and clearer rules for innovation.
Satoshi Radio: It's been over six months since president Trump began his second term. In the latest episode of Satoshi Radio, the hosts review all the election promises he made regarding crypto. Has he kept them? The hosts also discuss the most important news, including the largest crypto heist ever, the lawsuit against Roman Storm, and the quarterly figures of leading crypto companies.
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