Former Binance Eastern Europe executives Gleb Kostarev and Vladimir Smerki have joined forces to launch a new cryptocurrency platform named Blum. The platform is designed to allow users to trade directly from third-party crypto wallets across multiple blockchain networks. Its initial launch is scheduled for later this month.
Blum aims to serve clients throughout Asia and is planning to seek approval as a virtual asset service provider in Georgia. The company is expected to be headquartered in Dubai and is currently in talks to raise capital from external investors. The funding round is anticipated to be completed by the end of this month.
Market Context and Performance
In the first half of 2025, the USD/JPY (US Dollar/Japanese Yen) pair accumulated a decline of 9%, marking one of its strongest performances in recent years.
Strong US non-farm payroll data in June indicated the resilience of the American economy despite tariff-related shocks. This has significantly dampened expectations for a Federal Reserve rate cut in July. Additionally, the US House of Representatives passed the revised version of the "Big and Beautiful Act," which had been amended by the Senate. It is expected that the bill will be signed into law by former President Trump before the July 4 deadline.
Driven by these factors, the 10-year US Treasury yield rose to 4.35%. Major US stock indices also posted gains: the Dow Jones Industrial Average closed up 0.77%, the S&P 500 rose 0.83% to 6,279 points, and the Nasdaq Composite increased 1.02% to close at 20,601 points. Both the S&P 500 and Nasdaq reached new all-time highs. The Golden Dragon Index, which tracks Chinese companies listed in the US, rebounded by 0.4%.
Impact on Precious Metals and Forex
Gold prices fell by 1% on Thursday, July 3. The robust US employment data reduced the likelihood of an early interest rate cut by the Fed, diminishing the appeal of non-yielding assets like gold. Valeria Bednarik, Chief Analyst at FXStreet, provided a technical analysis of gold’s outlook following this movement.
On the same day, the British Pound (GBP) strengthened against the Japanese Yen (JPY). This rise was supported by the stronger-than-expected US non-farm payroll data, which improved global risk sentiment and put pressure on traditional safe-haven currencies.
Bitcoin’s Remarkable Surge
Bitcoin recently broke through the $110,000 mark, triggering a rise in bearish sentiment. However, this movement may also serve as a catalyst for further substantial price increases.
On Friday, July 4, Bitcoin (BTC) continued its upward trend, gaining nearly 1% and reaching a high of $110,529. At the time of writing, the price had retreated slightly below $110,000, settling at $109,483. With the current price only about $1,000 away from its all-time high of $120,000, investor attention is intensely focused on BTC’s price action.
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Frequently Asked Questions
What is the Blum cryptocurrency exchange?
Blum is a new crypto trading platform founded by former Binance executives. It allows users to trade directly from their existing third-party wallets across various blockchains, aiming to enhance accessibility and user experience.
Why did gold prices fall recently?
Gold prices declined primarily due to strong US non-farm payroll data, which suggested a resilient economy. This reduced market expectations for an imminent Federal Reserve interest rate cut, making gold less attractive as an investment.
What factors are driving Bitcoin's price towards its all-time high?
Bitcoin's approach to its previous high is fueled by a combination of market optimism, institutional interest, and its evolving role as a digital store of value. Even rising bearish sentiment can sometimes create buying opportunities that further propel the price upward.
How does strong US economic data affect global currencies?
Robust US economic data, like positive job reports, typically strengthens the US Dollar. This can put downward pressure on other currencies, particularly those considered safe havens like the Japanese Yen, and boost risk-on currencies like the British Pound in the short term.
Where will Blum be regulated?
The new exchange is initially seeking regulatory approval as a virtual asset service provider in the country of Georgia. Its operational headquarters are planned to be located in Dubai.