SDM Daily Market Report

Trading Desk Insights

Risk assets were rattled after the US announced that tariffs will now kick in on August 1 instead of July 9 for countries that haven’t finalized a deal with Washington. Adding fuel to the fire, Trump floated the idea of slapping an extra 10% tariff on nations aligning with what he called the anti-American agenda of BRICS—namely Brazil, Russia, India, and China. Despite the rising trade tensions, markets found some relief after Treasury Secretary Scott Bessent told CNBC that several trade-related announcements are expected over the next 48 hours, hinting at a flurry of activity in the days ahead.

On the crypto side, BTC briefly touched 110,500 on Thursday, its highest level since June 9. But every attempt to hold above that zone has been met with heavy selling pressure. Order book dynamics show sellers stacked around 109,000 to 110,000, while buyers are lining up bids near the 106,000 to 107,000 range. On the 4-hour chart, there's a noticeable bearish divergence forming, price continues to grind higher, but the RSI is rolling over, suggesting the rally may be losing steam.

Elsewhere, CoreWeave is making headlines with its $9 billion all-stock acquisition of Core Scientific, marking a major move in the intersection of AI and crypto mining infrastructure.

In equities, Tesla dropped nearly 7% in premarket trading after Elon Musk revealed plans to launch a new political movement dubbed the America Party.

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The News Room

Russia launches national crypto‑mining registry

Russian authorities, including the Ministry of Energy, Federal Tax Service, and Ministry of Digital Development, have introduced a mandatory registry of Bitcoin mining equipment to clamp down on illegal operations and unregistered energy consumption. With only about 30% of mining already registered, the government aims to improve transparency, enforce taxation, and reduce unauthorized electricity usage, especially in regions facing energy shortages—while deploying local efforts like internet traffic monitoring and regional blocks on mining .

Vitalik advocates per‑transaction gas cap to bolster Ethereum

Ethereum co-founder Vitalik Buterin and researcher Toni Wahrstätter have proposed EIP‑7983, which caps gas usage per transaction at 16.77 million (2²⁴) units. This cap is designed to preempt DoS attack vectors, stabilize network performance, and bolster prediction in transaction costs. It also supports zkVM scalability by enforcing smaller transaction sizes—aligning with Ethereum’s push toward modular, resilient architecture. Most existing transactions fall well beneath this limit, making this a targeted yet non‑disruptive regulatory adjustment

EU issues 53 MiCA licenses—Binance and Tether excluded

Under the EU’s Markets in Crypto‑Assets (MiCA) regime, authorities have granted operating licenses to 53 crypto firms across the bloc‍. Germany leads adoption, accounting for over a third of the rollouts . Notably, major players like Binance and Tether-based stablecoins were left out, highlighting the regulatory barriers these entities face in accessing European markets under the new framework.
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Crypto Charts

ETF Flow

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Disclaimer

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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

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