Binance Market Update (2026-07-05)

The global cryptocurrency market cap now stands at $2.17T, up by 1.32% over the last day, according to CoinMarketCap data.Bitcoin (BTC) has been trading between $62,416 and $63,462 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $62,735, up by 0.41%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include VANRY, PIVX, and RPL, up by 58%, 32%, and 29%, respectively. Top stories of the day:Key Data Next Week: Eurozone PPI, US ISM Services PMI, ADP Employment, EIA Crude Inventories, Jobless Claims Key Takeaways:Gold posts first weekly gain in five weeksFOMC minutes and Fed speakers in focusQ2 earnings season enters transition phaseSummary:The US dollar weakened against most major currencies following soft nonfarm payrolls data, with spot gold closing Friday at $4,174.66 per ounce — up 2.29% on the week and briefly approaching $4,200 for its first weekly gain in five weeks — while silver gained 6.1% to $62.38. The week of July 6–10 brings a dense calendar headlined by FOMC meeting minutes on Wednesday, US ISM Non-Manufacturing PMI and S&P Global Services PMI on Monday, ADP employment data on Tuesday, EIA crude inventories on Wednesday, and initial jobless claims plus remarks from New York Fed President Williams and Dallas Fed President Logan on Thursday. Q2 2026 earnings season remains in a transition phase next week with reports focused on consumer staples, apparel, and airlines before major bank earnings peak in mid-July. South Africa Releases Draft Crypto Tax Guide and Opens Public Comment Until August 31, 2026 Key Takeaways:5.8M–6.0M crypto users affectedCrypto-to-crypto swaps treated as barterDedicated Crypto Revenue Augmentation Unit deployedSummary:South Africa's Revenue Service released a draft crypto-asset tax guide on July 1, 2026, proposing compliance rules for an estimated 5.8 to 6.0 million crypto users that classify digital assets as intangible property rather than foreign currency, with tax obligations triggered only upon disposal rather than during holding. The framework applies marginal income tax rates of 18%–45% to profits from business-like or short-term trading activity, while long-term investment disposals fall under capital gains tax at effective personal rates of 18%–36%, and crypto-to-crypto exchanges are treated as barter transactions with tax consequences based on local market value at the time of swap. SARS also disclosed that it has established a Crypto Revenue Augmentation Unit to track and audit digital wallets, and urged taxpayers with previously undisclosed crypto income to use a voluntary disclosure program before the August deadline to avoid stepped-up enforcement penalties. Bitcoin Miner IREN Falls After $700 Million Co-CEO Stock Award Key Takeaways:18.2M RSUs equal ~5% of companyFour-year vesting with two-year sale bansNo further equity grants before fiscal 2031Summary:IREN shares fell approximately 10% to $38.82 on July 2 after the Bitcoin mining company granted co-CEOs Daniel and William Roberts 18.2 million restricted stock units valued at roughly $700 million, representing about 5% of the company, with each founder receiving 9,099,328 units approved by the board on June 30. The RSUs vest over four years with each tranche subject to a two-year sale ban and final shares unlocking in fiscal 2033, while the filing prohibits either executive from receiving additional equity grants before fiscal 2031. The market reaction underscores investor sensitivity to dilutive compensation packages at crypto miners already navigating a challenging operating environment of lower block rewards and rising costs. Michael Saylor Expects Bitcoin’s Next Decade to Be Driven More by Capital Flows Than Protocol ChangesKey Takeaways:Capital flows to outpace halvings as price driverBitcoin framed as monetary network, not payments railCustody transparency flagged as key riskSummary:Michael Saylor argued that Bitcoin's evolution over the next decade will be driven primarily by expanding capital flows through ETFs, corporate treasuries, sovereign reserves, bank credit, derivatives, and insurance frameworks rather than by protocol-level changes, as the base layer matures into a stable settlement and reserve-asset network. Saylor emphasized that Bitcoin should be understood as a monetary network designed for final settlement and collateral use rather than everyday payments, and said the traditional four-year halving cycle is no longer the dominant model — halvings tighten supply, but capital flows will increasingly shape the growth trajectory. He cautioned that a central risk going forward will be whether economic exposure remains tied to "real" Bitcoin or drifts toward excessive "paper Bitcoin," elevating the importance of custody transparency, proof of reserves, and counterparty risk management. Saylor forecast that by 2036 Bitcoin will be more widely held, more politically significant, and a core form of collateral in digital credit markets. Strategy CEO Phong Le Calls Bitcoin the ‘United States of Money’ Key Takeaways:Le bought 11,000 STRC shares at $90.80STRC dividend raised to 12% from 9%Strategy holds 818,334 BTC totalSummary:Strategy CEO Phong Le described Bitcoin as the "United States of money" in remarks coinciding with on-chain tracker Arkham reporting that his roughly $1 million personal investment in the firm's Stretch preferred stock (STRC) has returned to break-even after trading below par. A June 22 filing disclosed that Le purchased 11,000 STRC shares through his family trust at a weighted-average price of $90.80, below the $100 par value the instrument is designed to hold, and stated his intention to hold until the stock reaches par. Strategy has raised STRC's annual dividend to 12% from 9% at its July 2025 debut to support the price peg, while the total preferred-stock stack now exceeds $13 billion in value. Vitalik Buterin Outlines Multi-Year “Lean Ethereum” Roadmap After Berlin Research Meeting Key Takeaways:Recursive STARKs to replace re-execution verificationQuantum security elevated to protocol priorityGas fees could drop 10x via state migrationSummary:Ethereum co-founder Vitalik Buterin outlined a phased "Lean Ethereum" roadmap developed at a recent Berlin research meeting, describing a series of protocol upgrades to be implemented over the next three to four years with scope and significance comparable to "the Merge," spanning refactoring across nearly all core protocol modules. The plan introduces recursive STARKs as a core layer-1 verification component to replace direct re-execution, elevates quantum security to a priority with plans to replace all quantum-vulnerable elements, and targets one- to two-round finality by decoupling the availability chain from consensus. Buterin said new state types including UTXO storage and ring buffers would be added alongside existing dynamic state, with application migrations potentially reducing gas fees by more than 10 times, while privacy is being promoted from an add-on feature to a layer-1 design objective across the mempool and state tree architecture.  Market movers:NVDAB: $196.86 (+0.04%)MSFTB: $391.2 (+0.06%)SPCXB: $161 (+0.68%)METAB: $589.78 (+0.04%)TSLAB: $406.47 (+1.18%)MUB: $1036.35 (+0.04%)AMDB: $533.85 (+0.21%)INTCB: $124.13 (-0.82%)LITEB: $760.8 (+0.05%)QQQB: $722.67 (-0.08%)