Allied Gold's 15min chart shows KDJ Death Cross, bearish Marubozu.

Allied Gold's 15-minute chart exhibits a bearish trend, indicated by a KDJ Death Cross and a Bearish Marubozu pattern on July 7, 2025 at 09:45. This signals a shift in momentum towards a downward trajectory, with a potential for further decline. Sellers currently dominate the market, and the bearish momentum is likely to persist.

A bold plan to fill the U.S. government's proposed Bitcoin strategic reserve without increasing the federal deficit has been proposed by Republican Senator Cynthia Lummis from Wyoming. According to the Financial Association News [1], Lummis plans to introduce the Bitcoin Act (BITCOIN Act) when the new Congress takes office in 2025. This bill aims to purchase 1 million bitcoins, which would account for nearly 5% of the total circulating supply.

The bill proposes that the U.S. Treasury sell part of the Federal Reserve's gold reserves to fund the purchase. Based on current market prices, the cost of acquiring 1 million bitcoins would be approximately $90 billion. However, if investors buy ahead of the government, the total cost could increase significantly.

Lummis's bill also includes a provision that the holding period for cryptocurrencies should be at least 20 years, with the assumption that the value of these assets will appreciate over time. This could help reduce the issuance of national debt.

The Federal Reserve's gold reserves are currently valued at approximately $11 billion based on a statutory price of $42.2222 per ounce. However, the actual market value of this gold is estimated to be around $675 billion. Therefore, the gold reserves are more than sufficient to purchase 1 million bitcoins.

However, the bill faces significant challenges. Market observers note that while the crypto community hopes for a more crypto-friendly Congress, the lack of a common sponsor for the bill may make it difficult to gain approval. The likelihood of Trump establishing a Bitcoin reserve after taking office is currently estimated to be 31% on the crypto prediction platform Polymarket.

Jennifer J. Schulp, Director of Financial Regulatory Research at the Cato Institute, expressed concerns about the stability of Bitcoin as an asset for government reserves. Michael Novogratz, the billionaire head of the crypto investment company Galaxy Digital, also believes the chances of the U.S. establishing a Bitcoin strategic reserve are low. If it does happen, Novogratz expects the Bitcoin price to increase to $500,000.

Despite these challenges, Lummis remains optimistic about her bill's chances of gaining support in the next Congress. She cited Trump's acknowledgment of the idea and the presence of advisors who understand Bitcoin's role in the future.

References:

[1] https://www.moomoo.com/news/post/12703792/record-tr4cking-news-tesla-apple-centene-jpmorgan-verint-adobe-biggest-stock-movers