TL;DR

Bitcoin recovered from its late-June lows and briefly climbed above $66,000 as demand returned to US spot Bitcoin ETFs.

Beyond the market, crypto moved closer to traditional finance. US lawmakers continued working on clearer industry rules, Circle received approval to establish a national trust bank, Swift prepared blockchain payments with 17 global banks, and Citadel Securities invested $400 million in Crypto.com.

Meanwhile, BitMEX announced that it would shut down after more than a decade in the industry.

Prices remained uncertain. Crypto infrastructure kept moving forward.

Bitcoin bounced back — cautiously

Bitcoin entered July near $58,300 and later climbed above $66,000, reaching its highest level since early June. The recovery was supported by renewed demand for US spot Bitcoin ETFs.

By July 21, the funds had recorded six consecutive trading days of inflows. However, the new capital remained small compared with the $6.9 billion withdrawn during May and June.

July therefore looked more like a cautious recovery than the start of a new bull run. Read more in Barron’s.

The US moved closer to clearer crypto rules

US lawmakers published an updated version of the CLARITY Act, which aims to clarify how digital assets, exchanges and decentralized platforms should be regulated.

The key question is simple: which regulator is responsible for which part of the crypto market?

The bill has not become law and still needs enough support to pass the Senate. Its return to the agenda nevertheless shows that comprehensive US crypto regulation remains a priority.

USDC moved closer to the banking system

On July 10, Circle received final approval from the US Office of the Comptroller of the Currency to establish Circle National Trust Bank.

It will not operate like a conventional retail bank. Instead, it will focus on digital asset custody for institutional clients and bring more of the infrastructure supporting USDC under federal supervision.

For stablecoins, this is another step toward becoming part of the regulated financial system.

Global banks prepared for 24/7 blockchain payments

Swift announced that its blockchain-based ledger was ready for initial use. Seventeen banks across six continents are preparing to test cross-border payments using tokenized bank deposits.

The goal is to make international transfers available around the clock, including overnight and on weekends.

It is not a public cryptocurrency or a replacement for banking infrastructure. It is a practical attempt to bring faster settlement, programmable payments and 24/7 availability into traditional finance.

Citadel Securities invested $400 million in Crypto.com

On July 16, Citadel Securities made a $400 million strategic investment in Crypto.com, valuing the company at $20 billion.

The funding will support Crypto.com’s expansion into derivatives, tokenized securities and other financial products.

The deal also shows that major financial firms increasingly view crypto as infrastructure, not only as a speculative market.

BitMEX announced the end of an era

BitMEX announced that its exchange would close on September 23, 2026. New registrations have stopped, and users have been asked to close positions and withdraw their assets.

Founded in 2014, BitMEX helped popularize perpetual futures. By 2026, however, its reported market share had fallen below 0.01%.

Its shutdown is unlikely to affect the wider market, but it closes an important chapter in crypto history.

What July tells us

July did not deliver a full market comeback. Bitcoin recovered, but investor confidence remained fragile.

The more important shift happened behind the prices: stablecoins moved closer to banking, global banks prepared blockchain payments, US regulation advanced, and Wall Street continued investing in digital asset infrastructure.

Crypto prices were still searching for direction. Crypto adoption was not.