Bitcoin and prominent cryptocurrencies saw a rise following dovish signals from the Federal Reserve, with speculative tokens such as Memecore’s M and Audiera’s BEAT leading the charge.
By Omkar Godbole|Edited by Sheldon Reback Jul 2, 2026, 11:27 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The CoinDesk 20 Index rose nearly 5% within 24 hours, reaching its highest point in a week. (CoinDesk)SummaryShow- Bitcoin and major cryptocurrencies saw a rebound due to dovish Federal Reserve signals, with BTC surpassing $61,000 and speculative tokens like Memecore’s M and Audiera’s BEAT at the forefront of the gains.
- Derivatives data indicates an increase in open interest and favorable funding rates for bitcoin, suggesting a bullish sentiment.
- The swift recovery and reopening of Taiko’s cross-chain bridge, after a $1.7 million hack, temporarily boosted its token price.
Smaller speculative tokens are experiencing a surge as bitcoin BTC$61,240.22 and other prominent tokens continue to build on Wednesday's gains. The CoinDesk 20 Index has increased by nearly 5% over the last 24 hours, marking its highest level in a week, with all components showing positive movement.
Memecore’s M and Audiera’s BEAT saw increases of 81% and 12% respectively, making them the top performers among the top 100 cryptocurrencies by market capitalization. Venice Token (VVV) follows in third place with a 9% rise.
Bitcoin, the leading cryptocurrency, rose by over 4% to $61,200, while ether (ETH), the second-largest, gained 5%. Solana’s SOL saw a 9% increase as the network introduced an on-chain governance system requiring a minimum stake of 100,000 tokens to propose changes. XRP also rose by nearly 4%.
"This marks the first genuine rebound from the selloff, and there is substantial backing for it," stated analysts at Marex in an email. "[Federal Reserve Chairman Kevin] Warsh indicated at Sintra that inflation risks have diminished, which led to a reassessment of the July rate hike expectations, allowing BTC to rebound over $60k for the first time in a week. SOL has been particularly notable, up approximately 16% this week, leading the pack."
Some experts are also highlighting the nonfarm payroll report scheduled for later Thursday and President Donald Trump’s forthcoming introduction of voluntary AI model standards as significant events to monitor.
Derivatives Positioning
- The derivatives market is witnessing heightened activity, with BTC, ETH, and other major cryptocurrencies rising following dovish remarks from Fed Chair Kevin Warsh.
- In the last 24 hours, trading volume surged by 18% to nearly $200 million, with open interest (OI) increasing by 4% to $107 million. Liquidations reached $444.6 million, predominantly from short positions, marking a stark contrast to previous weeks characterized by long liquidations.
- BTC’s OI climbed to 777.87K BTC from 768K BTC the previous day, the highest since June 4. An uptick in OI alongside rising prices typically supports an upward trend. Therefore, BTC’s rise to $61,000 may have sustainability.
- Positive annualized funding rates around 10% and the strongest 24-hour cumulative volume delta (CVD) among major cryptocurrencies reinforce this bullish perspective.
- However, ETH has yet to see renewed demand for leveraged exposure, with futures OI remaining stable at about 13.8 million tokens. Similar patterns are observed for XRP. SOL futures activity is also declining, with OI now at 72 million SOL, down from a peak of over 76.6 million on June 24.
- On Binance, the three-month futures basis for both BTC and ETH is below the U.S. 10-year Treasury yield of 4.49%, indicating limited incentive for cash-and-carry arbitrage and reduced institutional investment. The overall market appears to be in a favorable position.
- The 24-hour OI-adjusted CVD for most of the top 25 tokens is positive, demonstrating that buyers are more aggressive and executing market orders rather than relying on passive limit orders. This represents a significant shift from the previous dominance of sellers.
- Supporting the bullish outlook, the 30-day implied volatility indexes for BTC and ETH have reverted from the spike observed in late June. Typically, volatility indexes move inversely to spot prices.
- However, the Deribit options market has not yet shown similar easing, with BTC and ETH puts trading at a premium over calls. Block flows from over-the-counter desk Paradigm reveal diverging trends: demand for BTC $57K puts has increased, while ETH calls have seen interest across various strike prices.
Token Talk
- The Ethereum layer-2 scaling network Taiko's cross-chain bridge is back in operation after being temporarily shut down following a $1.70 million hack on July 22.
- Taiko’s restoration of the bridge was achieved through a multistage recovery that included an independent security audit.
- This quick fix led to a brief spike in the price of the native token TAIKO, which surged over 100% to 38 cents before falling back to 16 cents.
- Such rapid price fluctuations underscore the volatility risks that smaller tokens carry. TAIKO's market capitalization recently stood at just $32.5 million, placing it outside the top 500 tokens.
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Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
By CoinDesk ResearchJun 30, 2026Commissioned byGenZcashZcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
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