The global cryptocurrency market cap now stands at $2.12T, down by 1.26% over the last day, according to CoinMarketCap data.
Bitcoin (BTC) has been trading between $59,103 and $63,239 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $61,696, down by -1.57%.
Most major cryptocurrencies by market cap are trading mixed. Market outperformers include ATM, SYN, and PSG, up by 53%, 32%, and 22%, respectively.
AI Memory Chips Power Equities While Bitcoin Tests Its Floor and Policy Risk Mounts
The AI cycle is doing the heavy lifting today. Micron surged 10% on a $41.5B revenue print and flagged an HBM4 ramp running twice as fast as its prior generation, while JPMorgan's third Kospi upgrade in two months anchored on Korean memory chipmakers. Bitcoin, by contrast, has broken below the Rainbow Chart's lowest band for only the second time ever, down by 1.57% to $61,696 near its halving price. Adding pressure, Trump's bill standoff clouds the CBDC ban and market structure legislation—leaving crypto adrift as semiconductors set the tape.
Top stories of the day:
Trump Cancels Bipartisan Housing Bill Signing, Demands Passage of SAVE America Act First
Key Takeaways:
Stalled four-year CBDC ban
Threat to market structure bill
Five-week Senate calendar window
Summary:
President Trump canceled a planned signing ceremony for the bipartisan housing affordability bill, which includes a four-year ban on central bank digital currencies through 2030, demanding Congress first pass the unrelated SAVE America Act. The move could trigger a legislative domino effect that delays the Digital Asset Market Clarity Act, with only about five weeks remaining before Congress' summer break. Analysts noted the SAVE Act has no clear path to becoming law, given filibuster constraints and uncertain vote counts. The standoff adds to uncertainty over the crypto industry's policy priorities, including the embedded CBDC prohibition and the broader market structure bill.
Bitcoin Breaks Below Rainbow Chart Floor Into ‘BTC Is Dead’ Zone
Key Takeaways:
50% drop from peak
Second-ever sub-floor break
Trading near halving price
Summary:
Bitcoin has fallen below the lowest band of the Bitcoin Rainbow Chart for only the second time, entering the model's purple "Bitcoin Is Dead" zone after sliding roughly 50% from its October 2025 all-time high of $126,000. The cryptocurrency was trading near $62,500, around its April 2024 halving price. The move has prompted debate over whether it signals deep undervaluation or diminishing relevance of the long-running chart model. The episode highlights ongoing questions about how ETFs, institutional participation, and macro forces are reshaping Bitcoin price discovery.
Ornn Raises $33 Million Seed Round Led by a16z Crypto to Build Compute Pricing and Capacity Platform
Key Takeaways:
$33 million seed round
Transaction-based compute price index
Aggregated GPU capacity layer
Summary:
Ornn, a compute and hashpower market infrastructure company, raised $33 million in a seed round led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel. The funding will support development of standardized pricing and capacity infrastructure for compute markets, including the Ornn Compute Price Index (OCPI), a transaction-based benchmark that partners such as ICE could reference for futures and options contracts. The company also launched Ornn Compute, a physical capacity layer aggregating GPU resources from multiple "neocloud" providers onto a single platform with onboarding, secondary transfers, and subleasing. The launch marks a step toward formalizing financial and operational infrastructure for the growing compute market.
Key Takeaways:
Base target lifted to 12,500
Memory chips drive AI exposure
$95 billion foreign equity outflows
Summary:
JPMorgan raised its Kospi base-case target from 10,000 to 12,500 with a bull case of 15,000, marking its third upgrade in two months and reaffirming Korea as its top Asian equity market. The bank's thesis centers on Korean memory chipmakers, whose profits now influence tax revenue, household wealth, and fiscal receipts, positioning Korea as a direct beneficiary of the global AI cycle. The call follows similar upgrades from Goldman Sachs and Morgan Stanley, underscoring growing institutional optimism toward Korean equities. JPMorgan nonetheless flagged structural pressures, including roughly $95 billion in year-to-date foreign outflows and rising leveraged ETF activity that could amplify price swings.
Micron Shares Rise 10% After Hours Following Earnings Report
Key Takeaways:
10% after-hours share gain
Revenue beat versus estimates
Sharp year-over-year growth
Summary:
Micron Technology shares rose 10% in after-hours U.S. trading to $1,151 following the release of its latest quarterly financial results. The company reported fiscal 2026 third-quarter revenue of $41.456 billion, surpassing the market expectation of $35.423 billion and up sharply from $9.301 billion a year earlier. The substantial revenue beat and steep year-over-year growth highlight strengthening demand across the memory and semiconductor sector. The move underscores investor optimism around chipmakers amid evolving market conditions.
Micron Targets H2 2027 Mass Production for Next-Gen DRAM and NAND Nodes
Key Takeaways:
H2 2027 production timeline
Faster HBM4 ramp pace
Over $1 billion HBM4 revenue
Summary:
Micron Technology said on June 24 that its next-generation DRAM and NAND process nodes are progressing well and are expected to reach mass production in the second half of 2027. The company noted that the ramp-up pace for its 12-high HBM4 product is currently twice that of the 12-high HBM3E version, and that it has cumulatively delivered more than $1 billion in HBM4 revenue. The accelerated HBM4 ramp signals growing demand for high-bandwidth memory tied to AI workloads. The disclosed roadmap reinforces Micron's positioning in the advanced memory segment.
Market movers:
NVDAB: $202.46 (+0.44%)
SPCXB: $156.53 (-0.45%)
MUB: $1228.54 (+12.58%)
TSLAB: $377.63 (-1.81%)
AMDB: $537.33 (+1.74%)
INTCB: $139.01 (+2.46%)
SNDKB: $2178.34 (+7.63%)
ETH: $1648.26 (-1.16%)
BNB: $568.72 (-1.36%)
XRP: $1.0819 (-1.48%)