Bulls face a test unlike anything in bitcoin's 17-year history

Your day-ahead look for July 23, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Your day-ahead look for July 23, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.
Abu Dhabi's sovereign wealth-backed asset manager Mubadala Capital has entered the asset tokenization space by moving one of its private market funds onto blockchain networks. The firm partnered with KAIO to facilitate the tokenization across three networks: Base, Solana, and Sui. As part of the development, Coinbase has taken a stake in the onchain fund. The move reflects growing institutional interest in bringing traditional financial products onto public blockchain infrastructure.

Prediction market platform Polymarket is preparing to legally challenge a nationwide website block imposed by French authorities. France's gambling regulator ordered the ban on grounds that Polymarket continued to promote illegal gambling activity within the country. Regulators also raised concerns around financial loss risks, inadequate identity verification, and potential market manipulation on the platform. The dispute highlights growing regulatory scrutiny of prediction markets as they expand into new jurisdictions.

Bitcoin is trading in a narrow range between $64,000 and $66,800 following a 13% recovery from its July lows. The cryptocurrency market appears to be consolidating gains as broader macro markets provide little directional guidance. With no major catalysts driving movement, traders are largely in a wait-and-see mode. The session's notable outlier was WLFI, which posted a 12% gain, standing out amid an otherwise subdued market.

Bitcoin continued trading above $65,000 amid positive sentiment in the chip sector. Alphabet reported stronger-than-expected revenue but also announced an increased forecast for AI-related spending. The higher spending outlook weighed on Alphabet's own stock in after-hours trading. However, for chipmakers, greater AI investment signals stronger future demand, providing a bullish outlook. Bitcoin, which tends to track movements in the chip sector, benefited from this positive read on chip stocks.

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