IS THERE ANYTHING TO HOLD CRYPTO’S BACK?
https://www.howestreet.com/2025/07/is-there-anything-to-hold-cryptos-back-mark-leibovit/
UPCOMING FED MEETINGS
U.S. Stocks Pull Back Off Best Levels But Close Mostly Higher
After moving mostly higher early in the session, stocks continued to turn in a strong performance throughout much of the trading day on Monday before giving back ground going into the close.
Despite the late-day pullback, the Nasdaq and the S&P 500 ended the session at new record closing highs.
The Nasdaq rose 78.52 points or 0.4 percent to 20,974.17 and the S&P 500 inched up 8.81 points or 0.1 percent to 6,305.60, although the narrower Dow edged down 19.12 points or less than a tenth of a percent to 44,323.07.
The early strength on Wall Street reflected optimism about potential trade deals, with Commerce Secretary Howard Lutnick saying he is confident the U.S. will reach an agreement with the European Union.
“These are the two biggest trading partners in the world, talking to each other. We’ll get a deal done,” Lutnick said in an interview with CBS News over the weekend. “I am confident we’ll get a deal done.”
However, Lutnick also described August 1st as a “hard deadline” for new “reciprocal tariffs” on U.S. trade partners to take effect.
“Nothing stops countries from talking to us after August 1st, but they’re going to start paying the tariffs on August 1st,” he said.
Buying interest waned over the course of the session, however, as traders looked ahead to the release of earnings news from several big-name companies this week, including Google parent Alphabet (GOOGL), Tesla (TSLA) and Intel (INTC).
On the U.S. economic front, a report released by the Conference Board showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June.
The Conference Board said its leading economic index declined by 0.3 percent in June following a revised unchanged reading in May.
Economists had expected the leading economic index to slip by 0.2 percent compared to the 0.1 percent dip originally reported for the previous month.
Sector News
Despite the pullback by the broad markets, gold stocks showed a substantial move to the upside on the day, resulting in a 3.8 percent spike by the NYSE Arca Gold Bugs Index. The rally by gold stocks comes amid a sharp increase by the price of the precious metal.
Significant strength was also visible among steel stocks, as reflected by the 2.5 percent surge by the NYSE Arca Steel Index.
Telecom and retail stocks are also saw some strength on the day, while natural gas and biotechnology stocks showed notable moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with Japanese markets closed for a holiday. China’s Shanghai Composite Index climbed by 0.7 percent, while Australia’s S&P/ASX 200 Index slumped by 1.0 percent.
The major European markets also ended the day mixed. While the French CAC 40 Index fell by 0.3 percent, the German DAX Index inched up by 0.1 percent and the U.K.’s FTSE 100 Index rose by 0.2 percent.
In the bond market, treasuries moved notably higher early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.0 basis points to 4.372 percent.
President Trump on Friday signed into law a bill that establishes the first federal framework for dollar-backed stablecoins, one of the biggest victories yet for a crypto industry that has pushed for more favorable oversight in Washington, D.C.
“I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that’s what we’ve done,” Trump said during a signing ceremony for the GENIUS Act at the White House.
Two other crypto bills also passed through the House this week, the CBDC Anti-Surveillance State Act and the Clarity Act, which served as additional wins for the crypto industry.
They prohibit the creation of central bank digital currencies and assign oversight over all digital assets except stablecoins to either the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC).
Both will now go to the Senate, where their ultimate fates are still unknown.
The passage of all three bills came after a series of roadblocks and delays as GOP leaders struggled to bring some Republican holdouts in line during what has been dubbed “Crypto Week” by backers of the legislation.
President Trump at the White House. (AP Photo/Alex Brandon) · ASSOCIATED PRESS
Trump is also deepening his own financial involvement in cryptocurrencies with several separate ventures. They include World Liberty Financial, a new crypto startup backed by Trump and his sons that has already launched its own US-dollar-pegged stablecoin (USD1) in partnership with BitGo.
Stocks with crypto ties have been surging recently as investors anticipated the moves in the nation’s capital, notably Coinbase (COIN), Robinhood (HOOD), and newly public stablecoin issuer Circle (CRCL).
The GENIUS Act signed into law by Trump on Friday outlines how US companies can issue and manage dollar-backed stablecoins for payments, giving those digital assets a massive stamp of approval that is expected to encourage wider adoption.
It bans members of Congress and their families from earning profits from stablecoins, but not Trump and his family, an omission that irked some Democrats and slowed progress on the legislation earlier this spring.
Between Washington and Wall Street, expectations are riding high for what this legislation ultimately brings.
A senior Treasury official said growth in the $260 billion stablecoin market over the months and years ahead will have a significant impact on the dominance of the US dollar and demand for US debt.
The legislation is also expected to unleash a wave of new stablecoin entrants as traditional companies ranging from banks to megaretailers consider whether to issue their own coins.
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MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.
Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.
In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.
He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.
Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.
His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.
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