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It’s been an exciting week for every crypto enthusiast, with plenty of headlines making waves. Let’s dive into what went down in the crypto market over the past seven days.
quick weekly news
Bitcoin soars to new ATH above $112K
Let’s begin this digest with undoubtedly the most bullish news for the entire crypto market, Bitcoin’s new ATH. This Wednesday, Bitcoin suddenly surged from $109K to a new high of $112K, liquidating nearly $217M in short positions, the largest liquidation event since May 2025.
As Katalin Tischhauser, Head of Research at the digital asset banking group Sygnum Bank, said to the Cointelegraph, the main driver behind this rally is the growing recognition of Bitcoin as a safe-haven asset. This trend gained momentum after Donald Trump declared April 2025 as the Liberation Day of America, a move that sparked doubt among investors about the reliability of the traditional stock market and prompted many to turn to more independent assets like Bitcoin.
“This has been supported by Bitcoin’s increasing status as a safe-haven asset in the face of fiat debasement, also confirmed by the first U.S. state signing a Bitcoin reserve bill into law, following the federal Bitcoin reserve established by Executive Order.”
One of the strongest indicators suggesting this shift is real lies in the continuously declining supply of $BTC on centralized exchanges, a trend we’ve been tracking in our previous digests since April 2025.
Pump.fun token sale confirmed, Europe-based users barred: Bybit
Speaking of stories we’ve previously covered, this week also brought confirmation of the long-rumored token sale for Pumpfun, the leading memecoin launchpad on Solana. As mentioned in our earlier digest, there had been speculation that the platform was preparing to launch its token at a $4B valuation, aiming to raise around $1B through an ICO.
These rumors have now been officially confirmed by the Pumpfun team and several leading exchanges. However, the actual fundraising target is significantly lower, around $600M during the ICO phase.
Since these rumors had been circulating online for a while, many prominent crypto influencers have already formed opinions about the upcoming sale. Some argue that this move will further deepen the liquidity black hole created by the Pumpfun protocol itself, now set to absorb another $600M from the on-chain market.
However, the final outcome will likely depend on the success of the token launch. If successful, it could attract substantial new liquidity to Solana’s on-chain ecosystem, much like what we saw with the launch of the $TRUMP token.
Musk’s America Party may support Bitcoin, but still faces third-party pitfalls
Another hot headline this week comes from the U.S., as Elon Musk takes a bold step toward establishing his own political movement, the “America” party. To recap, shortly after the Senate passed the Big Beautiful Bill, which is expected to significantly increase the U.S. deficit, Elon Musk announced the creation of a centrist political party called America.
One of the party’s first declared goals is to support Bitcoin on a national scale. This was confirmed when a user on X (formerly Twitter) asked Musk whether his party would support Bitcoin. Musk replied, “Fiat is hopeless,” signaling that his party would actively promote the adoption of Bitcoin.
Historically, no third-party candidate has won the U.S. presidency since the Republican Party rose to power in 1856. However, even a small share of votes in today’s political climate could have a significant impact, especially in the Senate, where many bills currently pass by narrow margins. In such a scenario, the America party could emerge as a centrist tiebreaker, reshaping how legislation moves through Congress.
NFTs back? Snoop Dogg’s Telegram ‘gifts’ sell out in 30 minutes
Turning back to news from the U.S., legendary rapper Snoop Dogg appears to have sparked new life in the NFT market with the launch of Telegram “Gifts.”
Gifts are digital collectibles on the TON blockchain, introduced by Telegram and available through its native marketplace using Telegram Stars. In essence, these gifts are NFTs on the TON network, a blockchain actively focused on onboarding Web2 users into crypto through the Telegram ecosystem.
On July 9th, 2025, Snoop Dogg released a promotional video on his YouTube channel, unveiling his own collection of Telegram Gifts. Within just 30 minutes, the entire collection sold out, a huge success that quickly caught the attention of the crypto community and is being seen by many as a potential revival of the NFT market.
The drop didn’t go unnoticed by Telegram CEO and TON’s leading ambassador, Pavel Durov, who shared on X: “Snoop Dogg’s digital collectibles drop on Telegram sold out in just 30 minutes today, generating $12M in sales. Nearly 1M unique NFTs inspired by Snoop’s iconic style. Blockchain minting and the secondary market go live in 21 days. It’s going to be wild.”
Zenith, the NFT lead at TON blockchain, also commented on the event. He noted that while Telegram Gifts had been live since January 2025, it wasn’t until Snoop’s collaboration that they began receiving mainstream attention. According to Zenith, this moment might mark the beginning of a new NFT narrative centered around Telegram and TON.
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top crypto meme of the week
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