Crypto
crypto
Yaël Bizouati-Kennedy

Bitcoin crosses $123,000 ahead of “Crypto Week”

Just in time for “Crypto Week,” bitcoin smashed another record, crossing $123,000 for the first time early on July 14. A year ago, bitcoin was around $60,000 — a 102% jump. Institutional inflows, short squeezes, and regulatory momentum continue to be strong drivers of the rally.

With a $2.42 trillion market cap, bitcoin now surpasses Amazon’s $2.39 trillion market cap. The asset also overtook gold in annual returns, with a 30% annual return, compared to 26.7% for gold.

Crypto ETFs also saw their second-largest week of inflows on record, with $3.7 billion total. Bitcoin ETFs made up the lion’s share, with $2.7 billion, according to CoinShares.  

The House of Representatives declared July 14 will kick off “Crypto Week,” and lawmakers will consider the CLARITY Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which the Senate passed last month. If the GENIUS Act passes, it would be a watershed moment for the crypto industry and could push bitcoin’s price higher.

Nic Puckrin, founder of Coin Bureau, told Sherwood News that this rally is still driven by institutional capital, while the typical signs of a surge in retail involvement — soaring search traffic and crypto app rankings — are absent.

“I don’t see them getting involved in a meaningful way until we get to around $150,000 and the FOMO kicks in,” he said.

Puckrin added that the bitcoin long/short ratio is currently overbalanced in favor of the longs, while 24-hour liquidations are close to $1 billion, so a short-term reversal in the price is almost guaranteed, with liquidations looming at about $118,000.

“Regardless of where we get to before this reversal happens, we’re in for an exciting week in crypto,” he said.

More Crypto

See all Crypto
Sage D. Young
6/5/26
Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

Zcash coins on blue background.
$62B
Yaël Bizouati-Kennedy

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

crypto
Sage D. Young

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

  • Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.

  • XRP declined 4.5% to an 18-month low last hit in November 2024.

  • Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.

  • Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy
6/4/26
Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”

Bitcoin Medals Manufactured At Sakamoto Metal
Yaël Bizouati-Kennedy
6/3/26
Bitcoin tumbles toward $65,000 as crypto may be “forced to go through a painful metamorphosis”

The AI trade is “sucking all the oxygen out of the room,” one analyst wrote.

ITALY-BITCOIN-COMPRO-EURO-CRYPTOCURRENCY

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC