Volume continues to shows signs of picking back up, with total notional volume for Tuesday rallying back in line with 30-day average volume. Record volume in May had been followed up by anemic volume in June, and into July things appear to have bottomed.

Total notional volume for Tuesday came in at $871 million. Bitcoin volume narrowed the gap some more with 30-day average volume, off just 6%, while Ether volume was impressive, coming in at $249 million, up 7% from 30-day average volume.

There’s been a lot of talk around increased pressure from the regulatory side, with both the US and the EU at the front of the headlines. Treasury Secretary Yellen had urged the President’s Working Group on Financial Markets to act on stablecoin regulation, while the European Commission proposed legislation that would impose restrictions on crypto transfers.

Meanwhile, BlockFi has been issued a cease and desist order in New Jersey to stop offering interest earning accounts. But BlockFi contends it has done nothing wrong given that it does not classify these accounts as securities.

Still, crypto continues to drive forward and we continue to see plenty of investment money coming into the space. FTX has just completed a $900 million funding round that gives the firm a valuation of $18 billion.

Looking at the price action, we continue to see short-term risk associated with further downside in the US equities market. But at the moment, the latest recovery in stocks has helped to prop crypto back up and bitcoin has successfully averted a break below critical support in the form of the June low at $28,800.