Bitcoin’s short-term rebound lacks momentum, temporarily around $66,470 as of July 22. There is disagreement over which authority will enforce the moral provisions of the CLARITY Act, with Democrats dissatisfied with the details of President Trump’s concessions. The crypto ethics rules backed by Trump will be enforced by the Department of Justice and will prohibit federal officials from issuing digital assets. Galaxy Digital launches a Bitcoin quantum-safe initiative, setting aside $5 million to respond to “quantum threats”.
Macro Events & Crypto Market Hotspots
1、According to CoinDesk, U.S. Senate Democrats expressed dissatisfaction with the details of the most controversial moral provisions of the CLARITY Act, with the core disagreement over the allocation of enforcement power. Democrats insist that state attorneys general should have the right to enforce moral limits on federal officials, while the White House and Republicans insist that the Attorney General serve as the top enforcement authority. This provision would restrict connections between government officials—including the President, Vice President, and all members of Congress—and the crypto industry, and is a key obstacle to moving the bill forward. A White House official said in an industry briefing on Tuesday that Democrats still maintain their position.
Trump previously agreed to the “most comprehensive and broadest” moral provisions in history, but Democrats have not yet seen the exact text. The White House said it has “done everything it can” to meet Democrats’ demands. Aug. 7 (the last day before the Senate’s summer recess) is seen as a key deadline for passing the bill this year. Industry insiders expect a vote to be submitted as early as next Monday. In addition, splits within House Republicans could affect further consideration, and there is also discussion within the Democratic Party about inserting prediction market policy into the bill, but that move could derail the entire effort.
The revised crypto moral provisions signed by President Trump have been approved. They clearly prohibit federal officials (including members of Congress, the President, and the Vice President) from issuing digital assets and designate the Department of Justice as the primary enforcement body rather than the state attorney general. This arrangement has sparked controversy among Democrats. Maryland Democratic Senator Angela Alsobrooks said bluntly that “it’s not a serious proposal to have the Department of Justice enforce the moral provisions.” If the final text is like this, she said she would not support the bill.
2、According to Decrypt, Galaxy Digital has launched a Bitcoin quantum readiness initiative built on three pillars: up to $5 million in developer grants to develop post-quantum solutions; research projects conducted through Galaxy Research; and a quantum advisory committee made up of academic experts. The goal of the action is “Q Day,” when quantum computers can use Shor’s algorithm to forge Bitcoin signatures and steal wallets susceptible to attack.
The whole industry is building momentum: Project Eleven plans to manufacture cryptographically meaningful quantum computers in 2030–2033. Coinbase’s advisory committee urges developers to start migration work now. Trump signed an executive order pushing the final deadline for the federal government’s post-quantum era to Dec. 2031.
News Updates
1、S&P and Pantera Capital jointly launch a revenue-filtered digital asset index
2、Multicoin Capital unstakes 1.96 million HYPE tokens and transfers them to three wallets, roughly $120 million
3、Analyst: Bitcoin’s rebound at $68k faces a key test; the crypto market is in a “summer lull” period
4、Disagreement over which authority will enforce the CLARITY Act’s moral provisions; Democrats unhappy with Trump’s concession details
5、Solana and Hyperliquid ETF account for nearly 80% of altcoin ETF trading volume
6、Movement Labs files for bankruptcy; the dismissed founder’s $1.6 million claim is the largest debt
7、UK listed company Satsuma shareholders approve liquidating its bitcoin treasury and delisting
8、U.S. Digital Chamber sues Illinois over the soon-to-be introduced crypto currency trading tax
9、The crypto ethics rules backed by Trump will be enforced by the Department of Justice and will prohibit federal officials from issuing crypto
10、OpenAI admits it tested an AI model escaping the sandbox, leading to an intrusion of Hugging Face infrastructure
Market Performance
1、Latest on Bitcoin: $BTC short-term rebound lacks momentum, temporarily around $66,470. Over the past 24 hours, $72.45 million was liquidated, mainly long liquidations;
2、U.S. stock market rose on July 21, ending three consecutive days of declines. Chip stocks rebounded strongly, lifting the Nasdaq index, while investors also awaited earnings reports from tech giants such as Alphabet, Tesla, and Intel to assess whether the AI investment frenzy can continue. The Dow Jones Industrial Average rose 385.38 points, up 0.7%, to close at 52,224.64; the S&P 500 rose 65.92 points, up 0.9%, to close at 7,509.20; the Nasdaq Composite rose 329.13 points, up 1.3%, to close at 25,837.21. The Nasdaq 100 rose 1.9%, the biggest single-day gain in three weeks.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 66,650.10 USDT as the reference point: if it drops to around $65,525, the cumulative amount of long positions liquidated would exceed $694 million. If it rises to around $66,970, the cumulative amount of short positions liquidated would exceed $151 million. The liquidation amount for shorts is significantly lower than for longs. It is suggested to manage leverage reasonably and avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows were $2.01 billion, outflows were $1.86 billion, resulting in net outflows of $150 million.
（Source: Coinglass）
5、Over the past 24 hours, net outflows led in contract trading for $BTC, $ETH, $XRP, $MU, $XAG , etc., presenting trading opportunities.
X KOL Selected Views
Phyrex Ni（@Phyrex_Ni）：「Yesterday we discussed that, with third-party mediation, Iran is preparing to resume talks with the United States, and there were also reports about a 10-day ceasefire deal. But today, when Trump was live-streaming, he showed unusually tough behavior and publicly said he has zero interest in a ceasefire or negotiations with Iran, while hinting that the U.S. has not yet entered an intense strike mode—but the U.S. is already ready and can make Iran fall into a ‘hell mode’ at any time.」
「WTI and Brent prices jumped up again due to this. The market began to expect that Trump’s over-tough measures would force Iran to give in. However, yesterday the U.S. retail oil price adjustment rose again to around $4, which would be very unfavorable for U.S. inflation if oil prices stay elevated. Inflation only came down a bit, but now inflation expectations are set to be raised again.」
「I still hold my short oil positions, but I must emphasize again: although I’m strongly bearish on oil and believe oil won’t stay at high levels long-term, you still need sufficient margin—at least it shouldn’t be lower than $100 right now—to guard against short-term spikes if the fighting suddenly escalates. Even if the two oil prices rise above $90, my margin would increase to $110.」
「Bitcoin’s two-coin trades actually went through. Back then, choosing to sell at $65,000 wasn’t a very good price—it was indeed a bit low. But even choosing $66,000 still executed. Tomorrow I’ll post a report on the last month’s performance for the two-coin trades. For now, the test account is a low buy at $64,000, and my main account is a low buy at $63,000, but I don’t think I’ll be able to buy in the short term. And once it’s above $65,000, my buying interest will drop.」
Today’s Outlook
1、UK June Consumer Price Index (YoY), previous value 2.8%
2、UK June Producer Price Index output (unadjusted for seasonality, YoY), previous value 4.0%
3、UK June Producer Price Index input (unadjusted for seasonality, YoY), previous value 8.7%
4、U.S. last week EIA crude oil inventory change (ten thousand barrels) (through 0717), previous value -169.2
