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News
Tuesday, July 22, 2025
What’s happening: Solana rose sharply on Monday, amid a broad-based upturn in the cryptocurrency market.
What happened: US President Donald Trump signed the GENIUS Act last Friday, providing regulatory clarity for the cryptocurrency industry.
Large corporate purchases of altcoins also supported the crypto market on Monday.
Why it matters: Ethereum has surged 60% over the past month mainly due to companies purchasing the coin as reserves amid heightened geopolitical tensions. The decline in the US dollar after President Donald Trump slapped trading partners with massive tariffs has also supported the crypto market.
After declining from its January highs of over $250 to around $100 in April, Solana (SOL) has been on an uptrend.
Solana’s rally followed Trump’s signing of the GENIUS Act, a major piece of US legislation providing long-awaited regulatory clarity for the crypto industry.
DeFi Development announced on Monday that it had purchased 141,383 Solana coins between July 14 and July 20, at an average price of $133.53, representing around $19 million. The latest purchase takes the company’s total SOL holding to 999,999. DeFi Development’s CEO said that the company intends to expand its treasury with other cryptos.
Upexi also announced that it had bought an additional 100,000 SOL tokens, bringing its total Solana holdings to 1,818,809, representing a valuation of around $331 million.
Solana surged more than 6% to cross $200 on Monday, taking its market valuation to more than $104.7 billion. Despite this, Solana remains significantly below its record high of $293.31 reached in 2021.
Bitcoin had risen to $117,844 this morning, while Ethereum to $3,775.33.
What to watch: Investors will continue monitoring the pending approval of Solana spot ETF in the US. Markets will also watch further developments in US tariff policies and trade deals signed with other countries.
Context: The EUR/USD forex pair slipped this morning amid strength in the US dollar.
Details: Investors continued to monitor the trade outlook in the European Union. US officials maintained their stance of imposing 30% tariffs on EU exports, while the European Commission is looking to negotiate lower rates ahead of the August 1 deadline.
The EU warned of aggressive retaliation if no deal is reached, raising speculations of higher prices in the bloc.
Investors widely expect the European Central Bank to keep interest rates unchanged on Thursday, after announcing rate cuts after its last eight policy meetings. The central bank is expected to adopt a wait-and-see approach amid concerns around the impact of higher US tariffs.
Some strength in the US dollar weighed on the EUR/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained to 97.89 this morning.
The EUR/USD edged lower to 1.1696 this morning, while the EUR/GBP forex pair rose to 0.8673. The STOXX Europe 600 Index fell 0.08% to close at 546.58 points on Monday, after recording losses last week.
What to watch: Data on manufacturing PMI, services PMI and composite PMI from the Eurozone is scheduled to be released on Thursday. The HCOB Eurozone composite PMI, which climbed to 50.6 in June from 50.2 in May, is expected to rise further to 50.9 in July.
Analysts expect the manufacturing PMI to rise to 49.9 in July from 49.5 in June, while the services PMI is projected to surge to 50.8 in July from 50.5 in the previous month.
Other Markets: US trading indices closed mixed on Monday, with the S&P 500 and Nasdaq 100 up by 0.14% and 0.50%, respectively, and the Dow Jones index down by 0.04%.
France’s Foreign Minister Jean-Noel Barrothas arrived for a two-day visit in Kyiv for supporting Ukraine in its ongoing war with Russia. The news sent the RUB/USD lower in forex trading this morning.
New Zealand’s trade surplus narrowed to NZ$142 million in June, from NZ$585 million in the year-ago month, exerting pressure on the NZD/USD forex pair.
South Korea’s producer inflation rose to 0.5% year-over-year in June, from 0.3% in the previous month, which sent the KRW/USD pair lower in forex trading this morning.
Argentina’s economic activity surged by 5% year-over-year in May. This representing an easing from April’s 8% growth exerted pressure on the ARS/USD forex pair.
Colombia’s trade deficit rose to $1.776 billion in May, from $1.084 billion in the year-ago period. However, the COP/USD pair rose in forex trading this morning.
European Central Bank’s bank lending survey (1200 UAE Time), UK’s Index-linked Treasury Gilt 2035 auction (1300 UAE Time), Germany’s 10-year Bund/g auction (1330 UAE Time), Mexico’s economic activity (1600 UAE Time) and retail sales (1600 UAE Time), as well as US Redbook index (1655 UAE Time), Richmond Fed manufacturing index (1800 UAE Time), Richmond Fed manufacturing shipments index (1800 UAE Time), Richmond Fed services revenues index (1800 UAE Time) and money supply (2100 UAE Time).
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