Bitcoin hit a new all-time high of $112k after adding 3% to its value on Wednesday.
The coin could rally towards $115k-$120k if macro conditions remain favorable and price action holds.
Bitcoin hits a new all-time high
Bitcoin, the leading cryptocurrency by market cap, surged to a new all-time high price on Wednesday after adding 3% to its value. The new Bitcoin all-time high now stands at $112,128 as analysts predict the coin to hit between $115k and $120k over the coming weeks or months.
The positive performance comes amid growing institutional demand. Recent reports reveal that spot Bitcoin ETFs now have nearly $150 billion in assets under management (AUM).
Furthermore, an increasing number of companies are adding Bitcoin to their balance sheets. Strategy, Metaplanet, and GameStop are the biggest corporate Bitcoin adopters, but more companies are now implementing Bitcoin treasuries.
BTC could surge to $115k
The BTC/USD 4H chart is bullish but inefficient after Bitcoin rallied to a new all-time high. This means that Bitcoin could temporarily dip to the $109,700 level to grab liquidity before rallying higher.
The Relative Strength Index (RSI) of 65 shows that Bitcoin is currently in a buying spree, but investors could push it higher. Furthermore, the MACD lines are in the positive zone, suggesting a bullish bias.
If Bitcoin rallies higher and $112K becomes support, the rally could extend toward $116K–$120K. Supporting confluences for this rally include a clean break of all-time high, continued accumulation by institutions, lack of major resistance until $115k psychological level, and the 4-Hour Fair Value Gap ($109,800-$110,800) remaining intact.
However, if the rally stalls at the all-time high levels, we may see a correction. The failed breakout above $112,000 with no sustained momentum could see BTC dip lower. If that happens, the 4H FVG around $109k would not provide any major support, and BTC could drop to the $108k level.
GMX price fell 20% after the decentralised perpetuals exchange suffered a $40 million exploit on its V1 platform.
Investor panic and concerns over repeated security incidents put bulls under pressure near $11.45.
GMX’s response to stabilise confidence and mitigate further losses will be key.
GMX, an on-chain perpetual and spot exchange, experienced a substantial security breach.
The exploit, which resulted in the loss of approximately $40 million, has triggered a sharp decline in the value of the GMX token.
As far as hacks go, this incident further underscores the dangers and impact of persistent vulnerabilities within the decentralised finance space.
Prices have often dipped sharply amid such news.
GMX hacked for $40 million
On July 9, 2025, GMX announced that its V1 platform and GLP liquidity pool on the Arbitrum network were compromised, leading to the unauthorised transfer of around $40 million in tokens to an unknown wallet.
The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40M in tokens has been transferred from the GLP pool to an unknown wallet.
Security has always been a core priority for GMX, with the GMX smart contracts undergoing numerous audits from top security…
The GMX team detailed in a post by X that, following the incident, trading, minting, and redeeming of GLP on both Arbitrum and Avalanche were disabled to mitigate further risks.
SlowMist also highlighted the exploit, noting on X:
“The root cause of this attack stems from GMX v1’s design flaw where short position operations immediately update the global short average prices (globalShortAveragePrices), which directly impacts the calculation of Assets Under Management (AUM), thereby allowing manipulation of GLP token pricing.”
By leveraging the Keeper’s ability to enable timelock.enableLeverage, the attacker created massive short positions, artificially inflating GLP prices, and subsequently profited through redemption operations.
The highlighted code snippet from the post illustrates the critical section where global short profit/loss calculations were exploited, enabling the manipulation.
GMX’s response included a commitment to investigate the incident with the assistance of security partners, promising a detailed update.
“Out of an abundance of caution, GMX had already updated the caps for the GM tokens of GMX V2 on Arbitrum and Avalanche, so that minting new tokens is currently restricted in most liquidity pools. A follow-up notification will be sent out once this restriction is lifted,” the platform wrote.
GMX price dives 20% amid market reaction
The reaction of GMX holders to the hack was largely negative, with the price falling sharply to see the DEX protocol lag the overall crypto bounce.
According to data from CoinMarketCap, the GMX token experienced a double-digit decline.
It traded above $14.54 but dropped more than 20% to lows of $10.40.
The breach of GMX adds to the list of key crypto protocol exploits in 2025, with Cetus Protocol among those to suffer a malicious attack a few months ago.
Unless GMX successfully recovers the funds or implements robust security enhancements, the negative sentiment could impact its price.
Currently, the GMX token trades near $11.45, still under pressure after falling from highs above $14.54.
Elon Musk’s tweet has triggered a sharp rally in Peanut the Squirrel (PNUT) memecoin.
PNUT trading volume has also surged over 150% to $273 million.
Analysts predict a potential 654% breakout for PNUT.
Elon Musk has once again ignited a crypto market frenzy, this time by reviving interest in an unlikely memecoin, Peanut the Squirrel (PNUT).
A single post on X, formerly Twitter, triggered a sharp rally in the price of the Solana-based token, causing both volume and open interest to surge in a matter of hours.
The coin, previously flying under the radar, soared after Musk made a veiled yet sarcastic remark referencing a controversial incident involving a squirrel named Peanut and a broader jab at US authorities.
The viral tweet by Elon Musk that sent PNUT flying
The sudden spike in PNUT’s price came shortly after Musk posted on X, expressing his frustration that no one from Jeffrey Epstein’s alleged list had been arrested, while also referencing the euthanisation of a squirrel named Peanut.
They arrested (and killed) Peanut, but have not even tried to file charges against anyone on the Epstein client list.
His mention of Peanut reignited sympathy and outrage from a previous incident during the Biden presidency, when the squirrel was reportedly taken from its owner and put to sleep, sparking widespread backlash and recurring mentions by Musk.
In his latest post, the Tesla and SpaceX CEO once again used the word “Peanut,” a move that historically precedes market reactions among memecoin enthusiasts.
This particular tweet caused the PNUT token to leap over 10%, peaking at $0.235 before slightly pulling back to around $0.2193.
Peanut the Squirrel (PNUT) volume spikes as traders pile in
Speculative interest exploded shortly after Musk’s post, with PNUT’s daily trading volume surging by over 150% to reach $273 million.
This dramatic increase highlights the strong influence Musk continues to wield over digital assets, especially low-cap, narrative-driven tokens.
Open interest in PNUT futures also rose by 14%, hitting $132 million, suggesting that traders are becoming increasingly bullish about the coin’s short-term trajectory.
The trading frenzy comes despite the fact that PNUT has no formal utility, roadmap, or protocol backing — its popularity rests entirely on its meme appeal and Elon Musk’s unpredictable support.
Analyst predicts massive upside potential for PNUT
At the time of writing, Peanut the Squirrel (PNUT) was trading at $0.2193, reflecting a modest gain of 1.3% over the past 24 hours but still far below its all-time high of $2.44 recorded in November 2024.
The coin’s price has fluctuated within a daily range of $0.2128 to $0.2386, with its seven-day range stretching from $0.2104 to $0.2536.
Despite the recent rally, the token remains down more than 90% from its peak, though it has gained over 580% from its all-time low of $0.03187.
While some observers dismissed the rally as another short-lived meme coin bubble, technical analysts have started taking notice of PNUT’s price action.
Crypto analyst Javon Marks shared his outlook on X, projecting a potential 654% rally that could see the token break out toward a target of $1.7907.
$PNUT (Peanut The Squirrel) can be setting up here to deliver a major continuation within an over 654% uphill run towards the $1.7907 BREAKOUT TARGET which is IN PLAY 🔥! https://t.co/vUkSWC2ftdpic.twitter.com/BgLcjJb805
The move would give digital asset firms access to tax breaks and state funding.
Dunamu paid ₩24 billion in taxes after losing venture status in 2018.
Policy is part of President Lee’s pro-crypto economic strategy.
South Korea is moving to formally recognise crypto businesses as venture companies, a decision that could give the industry access to tax relief, government-backed loans, and startup funding for the first time.
The Ministry of SMEs and Startups has introduced a proposal to reclassify virtual asset firms, removing them from a list of restricted industries that includes gambling and nightlife.
If passed, the policy would reverse a long-standing rule that has blocked crypto startups from the country’s thriving venture ecosystem.
This legislative push follows years of regulatory exclusion, with one major flashpoint in 2018. Dunamu, the parent company of crypto exchange Upbit, lost its venture status and was forced to pay ₩24 billion ($18 million) in taxes.
Dunamu challenged the decision in court but lost, highlighting the financial consequences of South Korea’s previous stance.
The ministry now says it wants to acknowledge the innovative and entrepreneurial qualities of crypto companies, bringing them in line with other emerging technology sectors.
New law aligns with Seoul’s broader pro-crypto pivot
The proposal marks a significant departure from previous policy. Until now, crypto-related businesses have been grouped with sectors barred from receiving government support.
The proposed revision would remove virtual asset firms from this restricted category, allowing both new and existing startups to register as venture businesses without risking their certification.
The ministry argues that the new framework will expand South Korea’s venture ecosystem and promote growth in the blockchain and crypto industries.
Public feedback on the draft law is being collected until 18 August 2025, signalling the beginning of a formal legislative process.
If enacted, it would enable crypto firms to access the same support tools—such as tax cuts, subsidies, and loan guarantees—that are currently available to other recognised startups.
The change could also benefit companies that already hold venture status and want to expand into crypto, which previously risked losing their designation if they added digital asset operations to their business models.
President Lee’s crypto policies begin taking shape
The venture company proposal is one of several initiatives under President Lee Jae Myung’s new administration. Since taking office last month, Lee has made digital assets a cornerstone of his economic strategy.
His government is supporting the approval of spot Bitcoin exchange-traded funds (ETFs), exploring a won-based stablecoin, and reviewing the ongoing ban on institutional trading of cryptocurrencies.
Major South Korean banks are already responding. Some have filed trademarks for stablecoin products, while others are working on blockchain infrastructure and digital wallet services.
Industry legitimacy and investment may follow
The proposed legal amendment could have wide-reaching effects beyond tax incentives.
Recognising crypto firms as venture companies may lend credibility to an industry that has long operated on the fringes of formal finance in South Korea.
Greater legitimacy could attract institutional investors, encourage new business formation, and reduce compliance-related friction.
It may also align South Korea with other markets advancing similar policies, such as the European Union’s MiCA framework and Japan’s reforms to allow limited crypto fundraising.
With venture-backed crypto projects potentially gaining access to bank loans and innovation grants, the ecosystem may see accelerated development and a stronger foothold in South Korea’s broader tech economy.
Public submissions on the proposal are currently open, with final decisions expected later this year.
Exchange net flows remain negative, pointing to continued accumulation.
Golden Crossover signal is forming between the 50 and 200-day EMAs.
Elder Ray’s Index flips positive, suggesting buyer control.
BONK, the meme coin built on the Solana blockchain, has jumped nearly 60% over the past seven days, driven largely by market sentiment and speculation surrounding potential ETF-related demand.
With BONK breaking out of a long-term technical pattern and momentum indicators flipping bullish, traders are now watching closely to see whether the rally can push past a key resistance level at $0.00002840.
A potential Golden Crossover between two important moving averages is also forming on the daily chart, raising hopes of a sustained breakout if the signal is confirmed.
However, BONK is now trading at $0.00002128, down 5.95% in the last 24 hours.
BONK has officially broken out of a falling wedge pattern that has been forming over the last year on the daily timeframe.
The breakout was confirmed when the price surged past $0.00001550, a key level that had previously held the coin in a downward compression between lower highs and flat support.
Currently, BONK is consolidating near $0.00002203. Immediate resistance sits at $0.00002389, with another critical zone between $0.00002577 and $0.00002840.
The absence of strong resistance between $0.00002840 and $0.00003670 makes this zone a potential price vacuum should buyers break above current ceilings.
However, traders remain cautious. A reversal below $0.00001806 could indicate a loss of breakout momentum, while a drop under $0.00001435 would nullify the wedge breakout entirely and bring the previous bearish structure back into focus.
BONK ETF speculation fuels investor interest
Speculation around BONK’s potential inclusion in future crypto ETF portfolios has contributed significantly to the recent price surge.
While no official confirmation has emerged, BONK has re-entered the conversation as institutional interest grows around meme coins and altcoins with high liquidity and community traction.
Social media discussions have been instrumental in amplifying the narrative, with investors pointing to BONK’s strong fundamentals on-chain.
The meme coin’s trading volume has increased in tandem with positive netflows, reflecting growing demand across centralised and decentralised exchanges.
Exchange outflows support bullish supply trend
Data from Arkham shows a prolonged period of negative netflows for BONK over the last year.
This suggests that more tokens are being withdrawn from exchanges than deposited, a typical sign of accumulation.
While the trend has moderated in the last 30 days, it remains negative, indicating neutral-to-bullish positioning.
The reduced exchange supply could play a major role in sustaining upward pressure, particularly if new demand continues to arrive on the back of speculative interest or positive technical developments.
The supply squeeze narrative has gained traction on platforms like X, where some users argue BONK may be gearing up for a sharp move once resistance levels are cleared.
Technical indicators turn bullish for BONK
One of the more significant developments on the BONK chart is the near-confirmation of a Golden Crossover.
This occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, typically considered a bullish signal in technical analysis.
The Elder Ray Index, which measures bull and bear power by comparing price against a moving average, has also flipped into positive territory.
This suggests buyer strength is currently dominant over selling pressure, supporting the idea that bulls have regained control.
At the time of writing, BONK’s structure supports continuation if it can break above $0.00002577 and hold the gains.
Any rally past $0.00002840 would likely open the path to $0.00003670, as the price moves into a zone with few historical resistance points.
However, failure to maintain support above $0.00001806 could signal weakening momentum.
If BONK slides below $0.00001435, it may re-enter the bearish wedge structure it recently broke out from.
