The cryptocurrency market showed signs of recovery as weak U.S. jobs figures decreased the likelihood of a Federal Reserve interest rate hike, contributing to a more optimistic environment for crypto investors. Uniswap also saw a significant boost from its partnership with Robinhood.
The Week's Positive Shift in Crypto
As the week wrapped up, bitcoin rebounded to $61,600, reflecting a 6.5% increase from Tuesday's low of $57,750. This surge followed a report of disappointing U.S. job data, which in turn raised hopes for a stable interest rate from the Federal Reserve, propelling Nasdaq 100 futures up by 1.9%.
Ether also performed strongly, dominating the derivatives market with $160 million of the total $417 million in liquidations over 24 hours, as traders exited heavily bearish positions. This led to ether's open interest reaching its highest level since June 10, alongside bullish funding rates and an impressive cumulative volume delta among major cryptocurrencies.
Uniswap (UNI) emerged as the top-performing altcoin, climbing 11% with a doubling of its trading volume after being confirmed as the primary automated market maker for Robinhood's layer-2 network. Moreover, Solana extended its weekly gain to 17%, while AI tokens such as FET, RENDER, and TAO experienced modest increases after a prolonged period of selling pressure.
The overall crypto market is closing the week on a more positive note than it began, with bitcoin trading at BTC$61,954.71 up from a near two-year low. However, the gains on Friday were less pronounced compared to Thursday's 2.6% rise, which was bolstered by the same weak job data.
As the U.S. entered a long weekend with stock markets closed, the positive outlook for interest rates persisted. Ether continued its upward trend, marking its third consecutive day of gains with an 11.5% increase since Tuesday and a 2.6% rise on Friday. Other altcoins, including ADA$0.1693, zcash (ZEC), and dash (DASH), also posted gains between 2.2% and 3.1%.
Despite the recent uptick, the overall market sentiment remains bearish for many cryptocurrencies, with a series of lower highs and lows observed. Bitcoin would need to surpass $67,000 and then break through $81,000, the local high from May, to signal a reversal of the current downtrend.
Derivatives Market Insights
- In the derivatives market, ether overtook bitcoin in 24-hour liquidations, with $417 million in crypto futures liquidated, of which $160.80 million were from ether. Bitcoin followed with $97 million, indicating a significant bearish sentiment on ether.
- Ether's futures open interest stood at 14.31 million, the highest since June 10, with nearly 10% annualized funding rates and the strongest 24-hour cumulative volume delta among major cryptocurrencies, signaling a growing demand for bullish positions.
- DOGE futures also saw increased open interest, accumulating 14.13 billion tokens, the highest since May 16, reflecting renewed demand for leverage, similar to ether's bullish outlook.
- Conversely, futures tied to HBAR and ZEC showed declining open interest, indicating a more aggressive bearish sentiment among traders.
- Most tokens exhibited positive cumulative volume delta, suggesting bullish leadership in the market.
- Implied volatility indexes for both bitcoin and ether have been decreasing, indicating a calmer market and potential for more bullish activity.
- On Deribit, the most traded BTC options were calls with strikes between $60,000 and $70,000, reflecting a bullish sentiment, while ether options indicated similar trends with the $2,500 call being the most active.
- A notable large BTC long call condor was executed, betting on price stability between $66,000 and $68,000 until July 17.
Highlights from Altcoins
- Uniswap (UNI) led altcoin gains following its announcement as the primary automated market maker for Robinhood's layer-2 blockchain.
- UNI's price surged over 11% in the last 24 hours, with daily trading volume increasing to $320 million.
- AI tokens such as FET, RENDER, and TAO also showed positive movement, increasing between 1.5% and 2.3% after a period of selling pressure.
- CoinMarketCap's "Altcoin Season" indicator is currently at 46/100, remaining in the neutral zone as the market awaits a shift to risk-on sentiment.
- Solana (SOL) has been leading the rally among major cryptocurrencies, rising over 17% this week and trading at $80 after dropping to $68 the previous week.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
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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