Your day-ahead look for July 9, 2026
By Omkar Godbole|Edited by Sheldon Reback Jul 9, 2026, 11:27 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on More expensive or cheaper? It depends on the currency. (Nikolay Loubet/Unsplash)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The valuation of a U.S. family home reveals contrasting narratives based on the currency used for comparison. This disparity highlights bitcoin's BTC$62,722.82 potential as a safeguard against the depreciation of the dollar, which reflects the diminishing value of fiat money.
As reported by Fidelity Digital Assets, the average home in the U.S. has appreciated by over $100,000 since 2020. This increase in home prices is thought to create a positive wealth effect, where rising property values lead homeowners to feel richer, thereby increasing their spending and borrowing, which stimulates the economy even if their actual earnings do not change.
However, could this perceived gain be misleading?
When the same house is priced in bitcoin, the situation looks drastically different. What once required over 50 BTC in 2020 is now priced at merely 5 BTC, representing a 90% drop.
“What seems like appreciation in housing prices is more accurately indicative of the dollar's devaluation. The problem lies with the unit of account rather than the asset itself,” stated Zack Wainwright, a digital asset research analyst at Fidelity.
Years of monetary expansion have fueled inflation, which has remained above the Federal Reserve’s 2% target for over five years, eroding the dollar's worth. Bitcoin's capped supply of 21 million coins and its transparent issuance schedule act as a neutral benchmark that reveals this devaluation.
This optical illusion is not unique to bitcoin. Evaluating housing prices in gold, the so-called Magnificent 7 stocks, or the wider Nasdaq index would also indicate varying degrees of fiat currency erosion.
Currently, the takeaway is clear. Bitcoin's long-term attractiveness as a hedge against inflation persists, despite its price halving to $63,000 since last October.
Short-term recovery in bitcoin's value is contingent on renewed demand for ETFs, particularly BlackRock's IBIT, which is viewed as a barometer for institutional interest. The fund attracted over $200 million this week, concluding a record period of outflows totaling billions. Continuation of this trend is crucial. Stay vigilant!
Read more: For insights on today's altcoin and derivatives activity, check out Crypto Markets Today. For a detailed list of events this week, refer to CoinDesk's "Crypto Week Ahead."
What’s trending
- Two blockbuster AI IPOs on the horizon could leave crypto further behind (CoinDesk): SK Hynix is set for its major IPO on July 10. China’s Changxin Memory Technologies, the leading manufacturer of DRAM memory chips in the nation, will start book building on July 15.
- U.S. military carries out fresh strikes on Iran, prompting Iran attacks on Kuwait and Bahrain (Reuters): The U.S. military has launched new strikes on Iran to maintain open shipping routes in the Strait of Hormuz, leading to Iranian retaliatory actions against Kuwait and Bahrain amid escalating tensions.
- World shares are mixed and oil prices slip after Iran and US launch fresh attacks (AP): Global shares exhibited mixed results, and oil prices dipped on Thursday as tensions in the Middle East intensified. U.S. futures remained relatively stable.
- Sony secures conditional approval to set up U.S. stablecoin trust bank (CoinDesk): Sony's online banking division announced it has received conditional approval for the establishment of a U.S. national trust bank subsidiary to facilitate the issuance and management of dollar-backed stablecoins.
Today’s signal
U.S. 10-year real yield. (TradingView)The chart illustrates fluctuations in the yield on a 10-year Treasury inflation-protected security (commonly referred to as TIPS). This reflects the bond market's view of the 10-year real, or inflation-adjusted, returns.
The yield has climbed to 2.30%, the highest level since January 2025, rising by 58 basis points since the outbreak of the Iran conflict in late February.
This increase in the real yield indicates that investors can achieve a 2.3% return even when adjusted for inflation. As a result, it raises the opportunity cost of holding non-yielding assets like gold and bitcoin.
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SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk ResearchJul 7, 2026Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters:
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
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