Gate Research: BTC Hits New Highs Amid Lower Search Interest | US Congress May Pass Key Crypto Bills This Week

Crypto Market Overview

• BTC (1.34% | Current price: 119,079 USDT): BTC remains in a high-level upward consolidation pattern. After breaking above 112,000 USDT, trading volume significantly increased, confirming the strength of the rally. The current price is testing the 119,000 USDT level; if it can successfully break and hold above 119,500 USDT, BTC could further challenge 120,000 USDT and beyond. On July 11, BTC ETFs saw a daily net inflow of 1.029 billion USD, with BlackRock’s IBIT accounting for 953 million USD, showing continued institutional allocation to Bitcoin.
• ETH (1.11% | Current price: 2,979 USDT): ETH is in a phase of high-level consolidation, maintaining a generally bullish trend. There is strong recent support around 2,920 USDT and key resistance near the 3,000 USDT mark. Currently, the price is hovering around this resistance, with short-term market sentiment evenly balanced. It will be important to watch whether ETH can break through 3,000 USDT accompanied by increased volume. On July 11, ETH ETFs recorded a daily net inflow of 204 million USD, with BlackRock’s ETHA seeing 137 million USD and Fidelity’s FETH adding 12 million USD.
• Altcoins: Some major altcoins have seen slight pullbacks, but funding rates and long-short ratios still generally lean bullish, suggesting short-term potential for continued upward consolidation. The Fear & Greed Index stands at 74 today, still in the “Greed” zone, reflecting relatively strong market sentiment while cautioning against excessive optimism.
• Macro: On July 11, the S&P 500 fell 0.33% to 6,259.75 points; the Dow Jones declined 0.63% to 44,371.51 points; and the Nasdaq dropped 0.22% to 20,585.53 points. As of July 14, 2:30 AM (UTC), spot gold is trading at 3,359 USD per ounce, with a 24-hour gain of 0.1%.

Trending Tokens

HBAR Hedera (+27.33%, Market Cap: $10.669 billion)

According to Gate market data, HBAR is currently priced at $0.253, marking a 24-hour increase of approximately 27.13%. HBAR is the native cryptocurrency of the Hedera network, used to pay transaction fees and secure the network. Hedera is a public network based on the hashgraph consensus algorithm, which originates from traditional blockchain concepts but offers higher transaction throughput and lower latency.

Recently, Hedera has seen multiple bullish developments: its council member Australian Payments Plus (AP+) was selected to participate in the Reserve Bank of Australia’s tokenization pilot project, further strengthening Hedera’s presence in the payments and financial infrastructure sector. At the same time, Hedera has partnered with NVIDIA, SCAN UK, and Accenture Public Sector to advance trusted computing and compliance for pre-certified sovereign AI systems through innovative chip governance technologies. Boosted by these positive catalysts, the HBAR price has steadily risen from around $0.17 USDT, breaking through the key resistance at $0.25 USDT and continuing to climb with increasing trading volume — indicating strong capital inflows and heightened market buying interest. The price is now testing even higher levels, maintaining a bullish short-term trend.

XLM Stellar (+22.11%, Market Cap: $15.824 billion)

Gate market data shows XLM currently priced at $0.504, up 22.11% over the past 24 hours. XLM (Stellar Lumens) is the native cryptocurrency of the Stellar network — a decentralized, open-source blockchain payment network designed to provide low-cost financial services to underserved populations.

The recent surge in XLM’s price is mainly driven by anticipation of the upcoming network upgrade. The newly released Stellar Core v23.0.0rc2 brings faster transaction speeds, improved NFT and stablecoin support, and an added asset flow tracking feature. Additionally, the upgrade introduces parallel execution for Soroban smart contracts, significantly improving network efficiency. A final mainnet vote on this upgrade is scheduled for August 14, fueling strong market expectations. As a result, XLM has shown robust upward momentum, repeatedly breaking new highs with rising volume, climbing steadily from around $0.29 USDT to surpass the $0.50 USDT mark and reaching a high of $0.50598 USDT.

ALGO Algorand (+28.75%, Market Cap: $2.471 billion)

Gate market data shows ALGO currently trading at $0.285, a 24-hour gain of about 28.75%. Algorand (ALGO) is a blockchain platform focused on speed, security, and decentralization — addressing the industry’s “impossible trinity.” The platform supports smart contracts and uses a Pure Proof-of-Stake (PPoS) consensus mechanism. The native ALGO token is used for transaction fees, governance, and staking.

Benefiting from the growing RWA (real-world assets) narrative and its scalable, high-performance network, ALGO’s price has steadily risen from around $0.19 USDT, breaking through $0.28 USDT and reaching a high of $0.28823 USDT. The rally saw the price surpass multiple key resistance levels and close above the trendline, notably with strong volume during breakouts — indicating aggressive buying and solid capital support for the uptrend. The market is also recognizing Algorand’s potential: 100% uptime, transaction speeds exceeding 10,000 TPS, and being among the leading layer-1 chains by RWA TVL, which together lay a strong foundation for further growth.

Alpha Insights

BTC Hits New Highs, but Google Search Interest Lags Behind Past Bull Markets

As Crypto Week approaches, market sentiment continues to heat up, driving broad gains across major crypto sectors. BTC broke through the $120,000 mark, setting yet another all-time high, while ETH held steady in a narrow range around $3,000. Notably, Google Trends data reveals that despite Bitcoin’s repeated record highs, public search interest remains well below the peaks seen during the bull markets of 2017 and 2021.

Unlike previous cycles, this Bitcoin rally isn’t primarily fueled by retail hype or online buzz. Instead, deeper macroeconomic and policy factors are at play: the U.S. raising its $5 trillion debt ceiling alongside ongoing massive deficit spending, and an upcoming crypto policy report from the Trump working group have together increased institutional demand for Bitcoin as a hedge. Seasonal trends in July, strong call option buying, and a wave of short liquidations have also contributed to the latest price surge.

US Congress Set to Vote on Key Crypto Bills

This week, the U.S. Congress is scheduled to vote on several important crypto-related bills, including the GENIUS Act aimed at encouraging innovation, the CLARITY Act focused on regulatory clarity, and the Anti-CBDC Surveillance State Act targeting restrictions on central bank digital currency monitoring features. These bills are expected to have a potentially profound impact on the U.S. crypto industry over the long term. However, details of the legislation have yet to be fully disclosed, and there may still be a time gap between voting and final implementation.

If passed, these bills could reshape the landscape for crypto in the U.S.: the GENIUS Act and CLARITY Act signal an effort to provide a more stable regulatory and innovation framework, while the Anti-CBDC Surveillance State Act directly addresses market concerns over excessive centralization and privacy risks. Overall, while the market remains cautious in the short term, successful passage could offer clearer compliance paths for businesses and investors, likely attracting more institutional capital and driving the industry toward a more mature and regulated future.

PUMP Presale: Around 10,000 Wallets Bought In, Nearly 200 Addresses Purchased Over $1 Million Each

Pump.fun’s official PUMP token presale sold out in just 12 minutes, drawing in 23,959 wallets that completed KYC, with 10,145 wallets successfully purchasing tokens at an average contribution of $44,209 each. Notably, 89.7% of presale funds were raised directly via the official website, while only about 10.3% came from centralized exchanges (CEX).

In the website presale alone, 202 wallets each contributed over $1 million; another 138 wallets contributed between $500,000–$1 million, 445 wallets between $100,000–$500,000, and 1,030 wallets between $10,000–$100,000. The largest group, totaling 5,758 users, contributed less than $1,000 each.

Pump.fun successfully raised over $500 million, making it the third-largest ICO in crypto history and highlighting its strong brand appeal and capital draw as a leader in the meme coin sector. However, it’s worth noting that the funds are highly concentrated: the top 340 wallets collectively contributed over $300 million, about 60% of the total, with an average ticket size of roughly $44,000. While this concentration provides strong initial price support, it could also pose risks of heightened volatility in future trading.

Gate Launchpool

Token Sale Details

• Project: Revolving Games
• Token Name: RCADE
• Sale Period: Until July 16, 2025, at 15:00 (UTC)
• How to Participate: Stake BTC or RCADE to receive free airdrops
• Total Airdrop Amount: 19,200,000 RCADE

Project Introduction

Revolving Games launched in 2020 as a free-to-play mobile gaming project and has since grown into a team of over 100 employees across two studios, working on blockchain gaming projects in Europe, Asia, and South America. In June 2022, the company launched its first AAA Web3 title: a Battlestar Galactica-themed game developed in collaboration with metaverse gaming company Gala Games and global entertainment giant NBCUniversal.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Bitcoin News, https://news.bitcoin.com/zh/guge-qushi-shuju-xianshi-bitebi-jiage-chuang-jilu-weineng-yinfa-sousuo-rechao/
• X, https://x.com/Cointelegraph/status/1944570176881476037
• Dune, https://dune.com/adam_tehc/pumpfun-ico
• Gate, https://www.gate.com/launchpool/RCADE?pid=335

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.