Today's Crypto and Bitcoin News
Last Friday, the U.S. Producer Price Index (PPI) for September remained flat compared to the previous month, easing concerns triggered by the Consumer Price Index (CPI). This relief sparked gains in both U.S. stocks and the crypto market over the weekend. As we move through this week, there are no significant macroeconomic data releases on the horizon. However, the market will closely watch earnings reports from tech giants TSMC and ASML, which could provide fresh insights into AI developments. In today’s roundup of crypto news, MicroStrategy sets its sights on a trillion-dollar valuation as part of its plan to become the world’s leading bitcoin bank. Paradigm invests $20 million in a Layer 2 blockchain project, while Arkham prepares for the launch of a crypto derivatives exchange. Bitcoin search volumes have hit their lowest point since the FTX collapse, reflecting waning retail interest, while World Liberty Financial (backed by the Trump family) gears up for its WLFI token sale. Additionally, a massive phishing attack results in a crypto whale losing $35 million, and China’s upcoming fiscal stimulus announcement could bring fresh volatility to the market. The crypto market remains in neutral territory today, with the Crypto Fear & Greed Index slightly decreasing from 50 to 48. Bitcoin (BTC) has shown positive momentum, trading above $63,800, up by over 2% in the past 24 hours. Despite recent fluctuations, the overall market sentiment remains steady. Quick Market Updates Prices (UTC+8 8:00): BTC: $64,359, +2.90%, ETH: $2,531, +3.16% 24-hour Long/Short Ratio: 57.775%/42.25.8% Today’s Fear and Greed Index: 48 (24 hours ago: 50), indicating neutral sentiment Crypto Fear & Greed Index | Source: Alternative.me Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change BRETT/USDT +13.80% WLD/USDT +9.58% ENA/USDT +6.64% Trade now on KuCoin Industry Highlights The probability of a 25-basis-point rate cut by the U.S. Federal Reserve in November is now at 95.6%, with just a 4.4% chance of no rate cut. On Polymarket, Donald Trump’s chances of winning the U.S. election have risen to 54.9%, 10 percentage points higher than Kamala Harris. Google searches for Bitcoin have dropped to their lowest levels since the FTX collapse, reflecting declining retail interest. SpaceX’s “Starship” successfully ignited and launched, marking a significant milestone for space exploration. MicroStrategy Targets Trillion-Dollar Valuation in Bitcoin Bank Endgame Michael Saylor, CEO of MicroStrategy, revealed his vision for the company to become the world’s leading bitcoin bank, projecting a potential trillion-dollar valuation. Saylor believes Bitcoin, currently making up just 0.1% of global financial capital, could rise to 7% by 2045, pushing its price to $13 million. Saylor also highlighted the firm’s strategy of leveraging capital markets to arbitrage between debt and Bitcoin, predicting that the cryptocurrency will grow at an average of 29% annually. MicroStrategy now holds 252,220 BTC, valued at over $15 billion. "We just keep buying more. Bitcoin is going to go to millions a coin, you know, and then we create a trillion-dollar company," Saylor remarked. Read more: MicroStrategy's Bitcoin Holdings and Purchase History: A Strategic Overview China’s Fiscal Stimulus Announcement Could Impact Bitcoin China is set to announce new fiscal stimulus measures this Saturday, which could have a ripple effect on global financial markets, including crypto. Analysts predict that the announcement could bring increased volatility in Bitcoin prices, especially if the stimulus is more aggressive than expected. "Easing monetary and fiscal conditions puts a bid under risk assets, and crypto is likely to benefit," said Alex Tapscott, Managing Director of Digital Asset Group. ‘Bitcoin’ Search Volume Drops to a Yearly Low, While ‘Memecoin’ Surges Search interest for Bitcoin drops | Source: Google Trends Google search volumes for the term “Bitcoin” reached a yearly low during the week of October 12, 2024, with interest dropping to 33 out of 100. Meanwhile, memecoins saw a surge in popularity, with a search volume of 77 out of 100 during the same period. According to CryptoQuant CEO Ki Young Ju, search volume for memecoins could reclaim its previous all-time high by the end of October as market interest in these assets remains high. Memecoins have been the top-performing digital asset sector in 2024, driven by new token creation on Solana, Tron, and most recently, Sui. The Sui memecoin space is among the most trending, following Solana memecoins and Tron memecoins in the crypto market lately. On October 9, nearly 20,000 new tokens were minted on the Solana network within 24 hours, many of which were memecoins. The memecoin craze on Solana has been fueled by platforms like Pump.Fun, which provide quick liquidity and low transaction fees on decentralized exchanges like Raydium. Read more: Memecoins Surge, Upbit Under Fire for Monopoly Concerns, and More: Oct 11 World Liberty Financial to Launch WLFI Token Public Sale Source: Donald Trump on X World Liberty Financial (WLF), a DeFi project backed by former President Donald Trump and his family, will launch the public sale of its WLFI tokens on October 15. The project, which opened its whitelist in late September, aims to raise $300 million by selling 20% of its token supply at a $1.5 billion valuation. WLF plans to launch a version of the DeFi lending platform Aave on Ethereum and Layer 2 network Scroll, allowing users to lend and borrow assets like Bitcoin, Ether, and stablecoins. The Trump family’s involvement has drawn both support and criticism from the crypto community. Read more: Top PolitiFi Coins to Watch in 2024 Uniswap’s New Layer 2 Blockchain Unichain Could Generate $468M Annually for UNI Holders UNI/USDT price chart | Source: KuCoin Uniswap Labs has launched its new Layer 2 blockchain, Unichain, which could bring in nearly $500 million annually for UNI token holders by redirecting fees that would have previously gone to Ethereum validators. The move allows Uniswap to capture $368 million in transaction fees and up to $100 million in Maximum Extractable Value (MEV), boosting the potential earnings of both tokenholders and liquidity providers through staking. However, Ethereum holders are expected to lose out due to fewer fees being burned on Ethereum, as Unichain redirects revenue to Uniswap’s ecosystem. Launched on October 10, Unichain aims to provide faster, cheaper transactions and improved interoperability across blockchain networks. While met with mixed reactions, the move is a significant step for Uniswap as it strengthens its position in the DeFi sector. Conclusion In conclusion, the crypto market continues to navigate a landscape marked by macroeconomic factors, shifting regulatory frameworks, and evolving technological advancements. MicroStrategy’s ambitious goal to become a trillion-dollar bitcoin bank underscores the growing institutional belief in Bitcoin’s potential, while World Liberty Financial’s upcoming token sale highlights the expanding influence of high-profile figures in the DeFi space. Despite the dip in Bitcoin search volume to a yearly low, the surge in memecoin interest shows that certain sectors of the crypto market remain highly active and speculative. As China’s fiscal stimulus announcement looms, market participants will be watching closely for any impact on Bitcoin and broader market volatility. As always, investors should remain cautious in navigating both opportunities and risks in this dynamic market.
In today’s whirlwind of crypto news, the major South Korean exchange, Upbit is in the spotlight as local regulators launch a monopoly investigation, headlines today's Daily on Crypto Brew. U.S. Representative Tom Emmer is calling the recent overturn of the Chevron doctrine, which he implies won't have much impact in the crypto space unless Congress steps in. Furthermore, OpenAI has officially fired back at Elon Musk in a legal filing, accusing the tech mogul of harassment. The crypto market showed fearful sentiments today as major coins experienced price small decreases. The Crypto Fear & Greed Index decreased from 39 to 32 today leaning more towards the ‘fear’ zone. Bitcoin (BTC) remains volatile this week and has dipped below 60,000 today. Quick Market Updates Prices (UTC+8 8:00): BTC: $60,319, -0.53%, ETH: $2,386, +0.67% 24-hour Long/Short Ratio: 48.2%/51.8% Yesterday’s Fear and Greed Index: 32 (24 hours ago: 39), indicating fear Crypto Fear and Greed Index | Source: Alternative.me Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change UNI/USDT +11.42% POPCAT/USDT +10.14% WIF/USDT +6.72% Trade now on KuCoin Industry Highlights for October 11, 2024 US Inflation Surges: September’s Consumer Price Index (CPI) climbed 2.4% year-over-year, outpacing market expectations, while core CPI hit 3.3%, slightly higher than the predicted 3.2%. Jobless Claims Spike: Initial jobless claims in the U.S. reached 258,000 last week, exceeding forecasts and signaling potential shifts in the labor market. Fed Officials Unfazed: Despite rising inflation, several Federal Reserve officials expressed little concern over September’s CPI data. Fed’s Raphael Bostic remains open to the idea of holding off on a rate cut in November. Bitcoin ETF Insight: Glassnode reveals that the cost basis for Bitcoin ETFs from heavyweights like BlackRock and Fidelity ranges between $54,900 and $59,100. Mt. Gox Delay: The long-awaited compensation process for Mt. Gox creditors have been extended by another year, with a new deadline set for October 31, 2025. Puffer Finance Airdrop: Ethereum’s re-staking protocol, Puffer Finance, will release its airdrop, available for claiming on October 14. Fidelity’s Next Move: Fidelity is gearing up to launch a blockchain money market fund, further expanding its presence in the crypto financial space. Crypto heat map | Source: Coin360 Upbit Under Fire for Monopoly Concerns South Korea’s Financial Services Commission (FSC) is investigating the country’s largest crypto exchange, Upbit, for potential monopoly practices. During a parliamentary audit, lawmaker Lee Kang-il raised concerns about Upbit’s relationship with online bank K-Bank, pointing out the significant portion of K-Bank's deposits tied to Upbit. This connection, he warned, could pose a bank run risk. FSC Chairman Kim Byung-hwan confirmed the commission's awareness of the issue, stating they would assess Upbit’s dominance under the new Electronic Financial Transaction Act, implemented in mid-September. Memecoins Surge on Ethereum, Solana, and SUI Amid a Growing Supercycle Narrative Memecoins are experiencing a surge of momentum across multiple blockchains, hinting at the possibility of a memecoin supercycle—a phase marked by explosive price increases driven by speculative trading, social media hype, and community-driven support. One notable example is the Solana-based memecoin MARU, which saw a 120% increase in 24 hours, pushing its value to $0.002663. MARU, inspired by the viral MARU CAT, a Guinness World Record-holding feline, has also gained attention for its charitable donations to the Variety Autism Children’s Project, drawing recognition from Own The Doge, the originator of Dogecoin. Beyond Solana, memecoins on Ethereum and Sui are also gaining traction. On Ethereum, MOODENG, a memecoin inspired by a viral baby pygmy hippo, surged 480% following a charitable sale of tokens by Ethereum co-founder Vitalik Buterin. The sale raised $181,000 for anti-airborne disease research, showcasing how celebrity involvement can rapidly influence the memecoin market. Sui has also seen significant activity, with its own meme tokens like Sudeng rising to a $150 million market cap, contributing to the growing belief in a potential memecoin supercycle. Read more: Top Sui Memecoins to Watch in 2024-25 The Memecoin Supercycle: FOMO, Hype, and Community Engagement The growing influence of social media, speculative trading, and retail participation are key factors driving this potential memecoin supercycle. Memecoins like MARU thrive in this environment as communities rally around internet jokes and cultural icons. This has led to a surge in interest and trading activity across blockchains like Ethereum, Solana, and SUI, where meme tokens are gaining prominence. Social media platforms such as X (formerly Twitter) and Reddit play a pivotal role in spreading awareness, creating viral moments, and encouraging retail traders to jump in on the action. The rise of MARU is emblematic of how new memecoins can capture the market’s attention through a blend of virality and community engagement, a pattern seen in other tokens like Dogecoin and Shiba Inu during previous memecoin cycles. This dynamic, coupled with speculative trading strategies, helps fuel the rapid appreciation of these tokens, resulting in massive gains for early investors. However, it also brings with it the risks of volatility and short-term sustainability, as market sentiment can shift quickly. Celebrity Endorsements and Charitable Contributions: Fuel for the Fire Another key factor contributing to the recent success of memecoins like MARU is the involvement of high-profile figures and charitable efforts. MARU has gained additional visibility through its partnerships and donations, similar to how Dogecoin benefited from Elon Musk’s tweets. These efforts create a narrative that draws in both crypto enthusiasts and casual investors alike, further driving speculative interest and price momentum. As the concept of a memecoin supercycle continues to develop, traders are keeping a close eye on these emerging projects across blockchains, ready to capitalize on the next wave of viral growth. However, while the potential for short-term gains is enticing, the inherent risks and volatility in the memecoin market remain a crucial consideration for both new and experienced investors alike. Bitcoin’s Price Slump and Exchange Inflows In the past 72 hours, over 63,000 BTC—valued at nearly $1.83 billion—was sent to crypto exchanges, raising eyebrows across the market. Although high exchange inflows don’t always mean immediate selling pressure, the sheer volume suggests investors could be preparing to liquidate. As Bitcoin struggled this week, falling from $64,000 to $62,000 and breaking below its 200-day exponential moving average, analysts are split on where the price will head next. Some believe Bitcoin could drop below $50,000 before rebounding, while others think a rally above $60,000 is essential to reignite investor interest. Current BTC price action. Source: TradingView The Bitcoin price slump this week has been driven by a combination of macroeconomic factors and internal market movements. After starting the week at over $64,000, Bitcoin experienced a steady decline, falling to around $62,000 by October 7. The downward trend continued, and by October 10, it had slipped below its 200-day exponential moving average (EMA), which is a key technical indicator used to gauge market momentum and trend direction. Breaking below this level is often seen as a bearish signal, indicating that selling pressure could intensify. Factors Contributing to BTC Price Slump Bitcoin's price is often influenced by global economic conditions, and this week was no exception. Investors were digesting higher-than-expected inflation data in the U.S., which showed that inflation remains stubbornly high, adding uncertainty about the Federal Reserve’s future monetary policy. Rising inflation typically leads to concerns about potential interest rate hikes, which can reduce liquidity in riskier assets like Bitcoin. In the United States, jobless claims increased, adding to fears that the economy was indeed slowing, a factor contributing to negative action in the cryptocurrency market. While some look to Bitcoin as an inflation hedge, economic uncertainty makes investors flee to the safety of less volatile assets, at least for the short term. CryptoQuant's Bitcoin Exchange Inflows Data showed that upwards of 63,000 BTC were sent to crypto exchanges between October 7 and October 9, worth about $1.83 billion. This may be an early warning sign of potential sell-offs as investors always move their holdings from cold storage to exchanges if they decide to sell. The significant increase in inflows brings concerns that further selling pressure might still be upcoming, as there would be additional downward pressure on the price of Bitcoin. Bitcoin has been caught within a sideways trading range for several months, denying the cryptocurrency an upward trajectory back toward its all-time high of roughly $74,000 reached in March 2024. The more prices do not rise, the less confident some investors will become that a rally could take place anytime soon, which could lead to further sell-offs in the market. Besides, falling below the 200-day EMA will make many traders and institutions turn bearish, which may even further dampen market sentiment. The possible sale of over 69,000 BTC by the U.S. government-seized in the aftermath of the Silk Road raid-has also added to the bearish ambiance. In such a case, investors are afraid that it would lead to a highly supply-heavy market of Bitcoin, which would push down the price further. While the Bitcoin has not moved, the looming uncertainty continues to affect market sentiment. Bitcoin exchange inflow. Source: CryptoQuant In summary, the Bitcoin price slump is being driven by a combination of external economic factors, technical market signals, and concerns over potential large-scale sell-offs. While some analysts believe that Bitcoin could experience further declines before finding a new support level, others are waiting for the price to break above key resistance points to reignite bullish momentum. Silk Road’s Bitcoin Casts Shadows on the Crypto Market Adding to market jitters, the U.S. Supreme Court has cleared the way for the federal government to sell over 69,000 Bitcoin—seized in the Silk Road raid—after declining to hear a lawsuit that sought to block the sale. This potential influx of BTC into the market has investors on edge, fearing further downward price pressure as the crypto community waits for the government's next move. The confiscated Silk Road holdings. Source: Arkham Intelligence. Conclusion In summary, today’s crypto landscape is shaped by major developments that extend beyond market prices. South Korea's Upbit faces regulatory scrutiny over potential monopolistic practices, raising questions about the power dynamics within the country’s crypto exchange scene. Meanwhile, U.S. Representative Tom Emmer downplays the potential impact of the overturned Chevron doctrine on the crypto industry, emphasizing that real change will only come through legislative action. Lastly, the escalating legal battle between Elon Musk and OpenAI adds another layer of intrigue, with accusations of harassment and business ethics at the forefront. These unfolding events underscore the crypto industry’s evolving relationship with global regulatory frameworks, institutional power, and the broader tech space, where legal and economic challenges continue to shape its future trajectory. Read more: Only 12.7% of Crypto Wallets on Polymarket Make Profits, Satoshi Still a Mystery, BTC Dips, and More: Oct 10
In today’s crypto news, OpenAI accuses tech mogul Elon Musk of harassment in a heated legal battle, new data reveals that only 12.7% of Polymarket users have made a profit on bets, and HBO’s controversial Bitcoin documentary claims that Peter Todd is the elusive Satoshi Nakamoto. Furthermore, Bitcoin slips below $61K despite Fed’s dovish outlook. The crypto market showed neutral sentiments today as major coins experienced price small decreases. The Crypto Fear & Greed Index decreased from 49 to 39 today leaning more towards the ‘fear’ zone. Bitcoin (BTC) remains volatile this week and has dipped below 60,000 today. Quick Market Updates Prices (UTC+8 8:00): BTC: $60,638, -2.45%, ETH: $2,370, -2.89% 24-Hour Long/Short Ratio: 48.2%/51.8% Fear and Greed Index: 39 (Fear, down from 49) Crypto Fear and Greed Index | Source: Alternative.me Federal Reserve Minutes: A Divided Stance on Rate Cuts The recently published Federal Reserve September minutes have exposed a divide among members regarding the anticipated rate cuts, leaving hopes for a 50 basis point reduction unfulfilled. With employment figures remaining robust, the likelihood of rates being maintained in November has surged, especially as inflation data continues to play a more critical role in shaping the Fed's decisions. Rising inflation might slow the pace of rate cuts, as the market awaits the release of today’s US CPI report. Meanwhile, the dollar continues to strengthen, marking its eighth consecutive day of gains, with the Dow and S&P hitting new record highs. In contrast, the crypto market faced an independent correction—Bitcoin dropped 2.45%, while the ETH/BTC exchange rate saw a slight uptick. Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change ⬆️ SUIA/USDT - 4.25% ⬆️ AIC/USDT +11.41% ⬆️ NEIRO/USDT +7.00% Trade now on KuCoin Industry Highlights for October 10, 2024 Federal Reserve Minutes: While a majority backed a 50 basis point rate cut, this wasn’t viewed as a sign of economic concern or a signal for rapid cuts. SEC Chairman's View on Cryptocurrencies: The SEC Chair expressed doubts that cryptocurrencies will ever reach mainstream currency status. Nigeria’s Financial Boost: The Nigerian government injected $543.5 million into the economy to support the Naira. Brazil’s Stablecoin Release: Bitso, Mercado Bitcoin, and Foxbit have collaborated to launch a stablecoin pegged to the Brazilian Real, known as brl1. Puffer Finance’s Upcoming Tokenomics: The platform is set to release its tokenomics framework in the coming days. Vitalik Buterin: Ethereum’s co-founder has been nominated for the Nobel Prize in Economics, recognized by leading economists for his contributions. Ethereum Foundation Moves: The foundation recently sold another 100 ETH, signaling ongoing shifts within the Ethereum ecosystem. Crypto heat map | Source: Coin360 Elon Musk Accused of Harassment by OpenAI OpenAI, the artificial intelligence powerhouse, has fired back at billionaire Elon Musk, accusing him of harassment in an Oct. 8 court filing. The filing, a motion to dismiss Musk’s lawsuit, claims that Musk is using legal action to intimidate the AI firm after his earlier failed attempts to assert control over the company. Source: X | Gary Marcus Musk originally filed the suit in February, questioning OpenAI’s transition from a nonprofit to a profit-driven model, raising concerns about the ethics behind its sudden pivot. Then in August, Musk filed another lawsuit, accusing OpenAI and its CEO, Sam Altman, of manipulating him through his concerns about AI’s potential existential risks. OpenAI’s response emphasized that while Musk once supported the company, he abandoned the venture when his ambitions to lead it were thwarted. Only 12.7% of Polymarket Users See Profits New data from Layerhub sheds light on the harsh realities of Polymarket, a decentralized prediction market where users place crypto bets on real-world events. Shockingly, just 12.7% of the platform's users have turned a profit. Out of 171,113 crypto wallets analyzed, 149,383 failed to generate returns, leaving only 21,730 wallets in the black. Polymarket wallets by confirmed realized profits. Source: Layerhub Even among the profitable accounts, earnings are modest—fewer than 2,200 wallets earned over $1,000, while the bulk made less than $100. This data underscores the volatile and unpredictable nature of betting markets in the crypto space, where traders often juggle multiple wallets and take on high-risk bets. Read more: Polymarket Hits Record $533M in Volume Amid U.S. Election Hype and Potential Token Launch HBO Documentary Points to Peter Todd Being Bitcoin’s Creator In a bombshell revelation, HBO’s documentary Money Electric: The Bitcoin Mystery points the finger at Peter Todd, a respected Bitcoin core developer, as the mysterious Satoshi Nakamoto, the creator of Bitcoin. The film confronts Todd with what it claims is compelling evidence, including a confrontational moment where Todd sarcastically admits, “Well yeah, I’m Satoshi Nakamoto,” a phrase he often uses to defend the real creator’s anonymity. However, Todd quickly denied the accusations on social media, responding to the film’s release with a blunt “I am not Satoshi.” Despite this, HBO’s documentary continues to stir controversy by suggesting Todd's involvement, citing an old chat log in which he joked about sacrificing his Bitcoin holdings, a move the film interprets as Todd cutting off access to Nakamoto’s alleged $69.4 billion fortune. Source: X | Peter Todd Whether HBO’s claims hold water or not, this documentary has reignited one of crypto’s most enduring mysteries—who is the real Satoshi Nakamoto? Bitcoin Slips Below $61K Despite Fed’s Dovish Outlook The FOMC minutes released on Oct. 9 confirmed a 50 basis point rate cut for this year, but Bitcoin failed to follow equities' rally, remaining in the red. Bitcoin (BTC) extended its losses, slipping below the $61,000 mark despite the Federal Reserve’s dovish tone reflected in the Federal Open Market Committee’s (FOMC) minutes released on October 9. At the time of writing, Bitcoin was trading at $60,935, marking a 2% decline over the last 24 hours. Minutes from the FOMC showed a "substantial majority" of the committee members supported a 50 basis point cut to U.S. interest rates by year's end, which could bring rates to a target range of 4.75%-5.0%. While the minority preferred a more conservative 25 basis point cut, believing that such a rate cut of a larger size would appear premature, the majority thought that a 50-point cut would better reflect recent economic indicators, including inflation trends and the labor market's resiliency. Supporters of the larger cut emphasized its potential to maintain the strength of both the economy and the job market, while continuing progress toward the Fed’s 2% inflation target. Major altcoins followed Bitcoin’s downward trend, with Ethereum (ETH) down 1%, Solana (SOL) shedding 2.5%, and Binance Coin (BNB) dropping by 2.3%. Despite the broader crypto market’s subdued performance, futures open interest surged notably in the wake of the FOMC meeting, hinting at heightened anticipation among traders. BTC/USDT price chart | Source: KuCoin In contrast, U.S. equities responded positively to the minutes. The S&P 500 rose 0.68%, nearing an all-time high, while the Nasdaq climbed 0.5%, reaching levels not seen since its September slump. Andrew Kang, co-founder of Mechanism Capital, noted that this divergence between equities and crypto reactions to the rate cuts is typical. Equities are more directly impacted by interest rate policies due to their connection to cash flow valuations and corporate debt financing, leading to a surge in stock prices post-announcement. Meanwhile, the crypto market remained sluggish. Traders in the crypto space appeared cautious, likely awaiting further U.S. economic data expected on October 10 before making any bold moves. The upcoming data could provide clearer signals for the next phase of market action. Read more: BTC Remains Neutral Amid Market Volatility, Satoshi’s Identity, and More: Oct 9 Conclusion A maelstrom of high drama, from the world of legal wrangling to cryptic data in markets and bold accusations, courses through the crypto world-just about as dynamic and unpredictable as it has ever been. OpenAI's fight with Elon Musk illustrates the tension about the role of AI in tech ramping up, while profit data by Polymarket lays bare a risky game of bets on real-world events. Meanwhile, it gets even weirder with an HBO documentary naming Peter Todd as Satoshi Nakamoto, the controversial creator of Bitcoin. Meanwhile, each of these stories continues to unfold, and the singular thread that actually binds them together is one continuous promise of innovation, matched only by a mirror-image amount of controversy born from technology, finance, and a very human ambition. 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BTC has neutral sentiments, and bullish investors should be cautious. Speculation over Bitcoin creator Satoshi Nakamoto intensifies ahead of HBO's new documentary. Meanwhile, Cardi B's WAP token is linked to a crypto scam, the Supreme Court clears the sale of Silk Road Bitcoin, and FTX moves forward with its bankruptcy plan. The crypto market showed neutral sentiments today as major coins experienced price small decreases. The Crypto Fear & Greed Index stayed at 49 today, still lingering in the 'Neutral' zone. Bitcoin (BTC) remains volatile this week, but showing clear signs of rally potential. Quick Market Updates Prices (UTC+8 8:00): BTC: $62,163, -0.10%, ETH: $2,440, +0.74% 24-Hour Long/Short Ratio: 49.5%/50.5% Fear and Greed Index: 49 (Neutral, unchanged from 24 hours ago) Crypto Fear and Greed Index | Source: Alternative.me Federal Reserve officials have been quite busy in recent times with their number of speeches that show indications of future monetary policy shifts. John Williams, one of the influential FED officials, showed confidence in the US economy and thought it is "prepared for a soft landing." He supports the 25-bps rate cut for November, which is a cautious approach towards economic stability. Market participants continue to look forward to further details from the coming Fed minutes happening tomorrow. Further, added to this will be the US Consumer Price Index inflation data scheduled for Thursday, which becomes important to interpret the trend of inflation and consequent decisions on rates. US stocks trended higher in financial markets, and with the comments of the Fed officials, it would seem that their comments were well-received by the markets. The ETH/BTC exchange rate climbed to 0.0395, increasing by about 1% in the past 24 hours and indicating a subtle shift in market dynamics between the two leading cryptocurrencies. Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change ⬆️ NEIRO/USDT +11.68% ⬆️ EIGEN/USDT +10.53% ⬆️ APTOS/USDT +6.82% Trade now on KuCoin Industry Highlights for October 9, 2024 The HBO documentary “Money Electric: The Bitcoin Mystery” will reveal the identity of Bitcoin’s founder, Satoshi. Google and Twitter trends show a surge in interest in Satoshi Nakamoto. The ban on social media platform X has been lifted, and the Brazilian market for X may restart. Crypto heat map | Source: Coin360 Debate Over Bitcoin Creator Satoshi Nakamoto Heats Up as HBO Documentary Nears Release Speculation surrounding the identity of Satoshi Nakamoto, Bitcoin's enigmatic creator, is intensifying as HBO prepares to release its documentary Money Electric: The Bitcoin Mystery. Researchers from 10x Research revisited two main theories: one that points to cryptographer Nick Szabo, and another suggesting the involvement of the US National Security Agency (NSA). Szabo's proposed "Bit Gold" in the 1990s closely resembles Bitcoin, making him a prime candidate, while the NSA's expertise in cryptographic technology raises questions about its possible role in Bitcoin's inception. As the Oct. 8 broadcast date approaches, Polymarket odds shifted, suggesting that Bitcoin pioneer Adam Back might be the focus of HBO's documentary. Whether Szabo, Back, or the NSA is unveiled, the speculation has reinvigorated debate within the crypto community. Cardi B’s WAP Token Promotion Traced to Crypto Scam On Oct. 8, Cardi B’s official X account shared a promotional post for a cat-themed memecoin called WAP (an acronym for her hit song Wet Ass Pussy). Along with the post, Cardi B shared a wallet address. Blockchain investigators quickly flagged the address, revealing its ties to several fraudulent crypto projects, including rug pulls. Source: X | Cardi B According to BubbleMaps, 60% of the WAP token supply was bundled at launch, with $500,000 worth of tokens dumped within hours. Pseudonymous sleuth Wazz and crypto investigation firm PeckShield believe Cardi B’s X account may have been hacked and used by scammers to promote the token. The situation highlights ongoing risks in celebrity-endorsed crypto projects, where scammers leverage star power to attract unwitting investors. Supreme Court Clears Path for Government to Sell $4.4 Billion in Silk Road Bitcoin The US Supreme Court has declined to hear a case over 69,370 Bitcoin seized from the infamous Silk Road marketplace. The Bitcoin, valued at $4.38 billion, had been claimed by Battle Born Investments, which argued it purchased rights to the crypto through a bankruptcy claim. However, both lower courts ruled against Battle Born, and the Supreme Court’s refusal to hear the case clears the way for the US government to sell the Bitcoin. With the legal battle over, the government is expected to liquidate the remaining Silk Road-linked Bitcoin, following an earlier sale of $2 billion worth of assets in July. FTX Bankruptcy Plan Approved, Paving the Way for Creditor Repayments FTX has reached a milestone in its bankruptcy process. On Oct. 7, US Bankruptcy Judge John Dorsey approved the crypto exchange’s liquidation plan, allowing FTX to repay its users and creditors. The plan covers 98% of FTX users, with repayment potentially exceeding the total value of claims for non-governmental creditors. The approval comes nearly two years after FTX’s collapse, often dubbed the "Lehman moment" for the crypto industry. With this plan, FTX can distribute more than $16 billion to its creditors, bringing closure to one of the largest financial collapses in crypto history. Bitcoin Price Analysis: Crypto Fear and Greed Index Holds Neutral Amid Market Volatility The Crypto Fear and Greed Index, a barometer for investor sentiment, currently shows a neutral outlook, reflecting uncertainty in the market. Recent fluctuations in Bitcoin’s price have caused concern among investors, but historical data suggests a potential bullish breakout if the price moves beyond key resistance levels. Market watchers are eyeing the $58k to $60k price range for buying opportunities, while a rise beyond $66k could ignite a stronger rally. The Bitcoin market is at a pivotal point since the Crypto Fear and Greed Index, which measures market sentiment, remains neutral which reflects indecision amongst investors. This balance suggests that traders are waiting for a clear directional signal before making significant moves. The key support level for Bitcoin currently sits between $58,000 and $60,000. Trading below this level, if the price holds within the above-mentioned range, will indicate stability and can create a good buying opportunity toward lower level entry. On the downside, a downward trend could bring further decline with the next important support being close to $55,000. To the upside, the vital resistance level falls between $66,500 and $67,000. Bitcoin has already tested this resistance level but was rejected previously. A decisive break above this range may generate formidable buying momentum, which could propel the price toward $70,000. Several indicators give an insight into the present condition of Bitcoin. The RSI is at 52, and conditions are neutral. What that means is that the market isn't overbought or oversold, and no trend has shown its way. If the RSI should happen to rise above 70, this would mean that Bitcoin is in overbought territory, which might result in a price correction. Source: BTC/USDT on TradingView On September 18, the midpoint of the descending channel was broken. A rally approached the channel's highs but faced rejection. Since then, the $64,000 zone has turned into a resistance level. The Chaikin Money Flow (CMF) is -0.09, indicating capital outflow from the market. This could be seen as an ominous suggestion that confidence among investors is falling, with increased selling pressure. On-Balance Volume (OBV) showed consistent selling during the past two weeks; in the last few days, however, there has been some slight recovery, so maybe some buying interest is re-returning. However, in their entirety, these indications still point toward caution for investors to stay vigilant. On the other hand, if the bullish case were to happen, a Bitcoin breakout above $67,000 might trigger a rally that traders can look forward to. This happens because when such a breakout happens, there's normally an increase in buying volume that shoots the price upwards. This would turn into a decline that can drive the price of Bitcoin down to around $55,000 or even lower. While the current indications of the CMF and OBV show weakness, traders should be aware that at any time soon, downward pressure may be applied. Another measure is the Tether Dominance Index (USDT.D), indicative of money flowing into stablecoins. This normally moves upwards during a bear market, where investors are flowing into stablecoins to reduce risk. The uptrend at present would show that caution is dominating, and until this is broken in the uptrend, traders might need to set more conservative bullish targets. Read more: Crypto Daily Movers October 7: Bitcoin Breaks $63,000, Technical Analysis of APT, WIF, and FTM Conclusion With the Satoshi Nakamoto HBO documentary about to drop, there's more speculation from Nick Szabo to the NSA about who he really is. In contrast, Cardi B with her WAP token shows the fallacies of celebrity endorsements in the use case, while it also serves as yet another reminder for investors to do their due diligence. From the Supreme Court's ruling on the Silk Road Bitcoin to the approved bankruptcy plan for FTX, legal sea changes keep coming in waves. While the crypto market will have to sail through such complications, the investor should be quite aware and prepared to understand how the combined influence of celebrities, the regulatory change in laws, and market dynamics shapes this ever-changing layout. Keep up with daily KuCoin News for the latest crypto trends!
Bitcoin's rise above $63,000 signals potential rallies in altcoins like APT, WIF, and FTM. With decreasing exchange-held Bitcoin and the Fed's potential rate cut, the crypto market could see further bullish movement. Explore the key technical patterns driving these markets. The crypto market showed improving sentiments today as major coins experienced price increases. The Crypto Fear & Greed Index decreased from 61 last week to 50 today, signaling a slight improvement but still lingering in the 'Neutral' zone. Bitcoin (BTC) remains volatile this week, but showing clear signs of rally potential. Crypto fear and greed index | Source: Alternative.me Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change ⬆️ CLH/USDT +43.45% ⬆️ STORE/USDT +42.02% ⬆️ ZELIX/USDT +31.43% Trade now on KuCoin Last Friday's U.S. non-farm payrolls report for September showed the strongest job growth in six months, with the unemployment rate unexpectedly declining. This shifted market expectations away from a significant interest rate cut in November. U.S. stocks closed higher on Friday, and Asia-Pacific markets opened positively. Bitcoin surpassed $63,000, while the ETH/BTC exchange rate held steady around 0.039, reflecting optimism for a soft economic landing. Currently, market narratives are centered on AI, meme coins, and popular public blockchains. Among these, the public chain SUI (+9%), AI-related TAO (+16%), and meme coin NEIRO (+47%) are attracting the most attention. Notably, Sui's on-chain activity reached its second-highest level in history this week. There's also a growing trend of on-chain meme coins, with the hippo-themed HIPPO leading the pack. This market overview highlights the interconnected nature of traditional finance, cryptocurrency markets, and emerging blockchain trends, showcasing how economic data can influence various sectors of the digital asset space. Read more: Sui Price Prediction: Can SUI Touch New ATH as TVL Crosses $1 Billion? Quick Market Updates 1. Price (UTC+8 8:00) BTC:$63,464，+2.41%； ETH:$2,488，+2.95% 2. 24 hours long/short: 52.2%/47.8% 3. Yesterday's Fear & Greed Index: 50 (50 24 hours ago), with a neutral rating Industry Highlights for October 7, 2024 Trump's probability of being elected president rises to 50.8% on Polymarket, Harris drops to 48.4% Vitalik Buterin donated 100 ETH to Roman Storm Legal Defense Fund Tether launches a 10th anniversary documentary about USDT and its impact on the fight against inflation Fractal Bitcoin released its Q4 roadmap to launch a trustless CAT20 marketplace and activate Runes Crypto companies raised $823 million in September 2024 Bitcoin Price Analysis: Rally Toward $66,500? Bitcoin has recently reclaimed the $62,000 price level, showing signs of a continued uptrend. After testing the 50-day Simple Moving Average at $60,589 on October 4, Bitcoin rebounded sharply, indicating that buyers are actively defending key support zones. If the bullish momentum persists and the price remains above the 20-day Exponential Moving Average, Bitcoin could potentially rise toward the next resistance at $66,500. This level could attract selling pressure; however, a sustained breakout above $66,500 would open the path to a rally toward the $70,000 psychological barrier. Crypto market data daily view October 6, 2024 Source: Coin360 On the downside, if Bitcoin fails to hold above the 50-day SMA, the price could decline to the $57,500 support level, with the next major support at $54,000. In the 4-hour chart, the price remains above the 20-EMA, suggesting a shift in momentum to the bulls. A close above the 50-SMA would likely increase the probability of a rally toward $65,000. Failure to hold above the 20-EMA could indicate a short-term reversal, potentially bringing the price back down to $60,000. A break of this level would suggest deeper correction toward $57,500 or even $54,000. Read more: Bitcoin Market Holds Strong Amid $60K Threat: Traders Remain Optimistic BTC/USDT daily chart. Source: TradingView Read More: Bitcoin Could Rally to $90,000 If Trump Wins the US Election: Bernstein Aptos (APT) Price Analysis: Inverted Head-and-Shoulders Breakout Aptos recently broke out from an inverted head-and-shoulders pattern on September 21. The breakout was confirmed on October 2 when Aptos successfully retested the $7.65 level. The 20-day EMA has turned upwards, and the Relative Strength Index is in positive territory, indicating bullish control. Aptos is currently poised to reach the pattern's technical target of $11. However, the continuation of this bullish trend depends on the price remaining above the 20-EMA on the 4-hour chart. If it breaks above $9.32, it would confirm the uptrend and signal further gains. On the downside, a break below the $7.65 support level would invalidate the breakout and signal a potential decline toward $5.66. The bulls need to hold the 20-EMA to prevent profit-taking by early buyers. A failure to do so could lead to a decline to the 50-SMA. APT/USDT daily chart. Source: TradingView Dogwifhat (WIF) Price Analysis: Bullish Ascending Triangle Pattern Dogwifhat has been trading within an ascending triangle pattern, signaling a potential bullish continuation. The price has remained above the 20-day EMA at $2.09, with both moving averages sloping upward. The RSI is in positive territory, suggesting that bulls currently have the upper hand. A decisive breakout above the downtrend line could lead to a rally toward the $2.64 to $2.89 resistance zone. If bulls push through this zone, Dogwifhat could target the next major resistance level at $3.50. On the other hand, a break below the 20-day EMA would indicate a weakening bullish sentiment and potentially pull the price down to the 50-day SMA at $1.77. On the 4-hour chart, it is currently holding at the breakout level of $2. The ascending triangle pattern has a target objective of $2.93, with a rally to $2.60 being immediate. If it breaks below $2, it could invalidate this bullish pattern and lead to a drop to its uptrend line. WIF/USDT daily chart. Source: TradingView Fantom (FTM) Price Analysis: Inverse Head-and-Shoulders in Play Fantom completed an inverse head-and-shoulders pattern on September 17 by breaking above the $0.55 resistance level. Typically after such a breakout, prices retest this level; Fantom is currently holding support at the 20-day EMA at $0.62. If it can rebound and break through resistance at $0.70, Fantom could rally toward its technical target of $0.83 with further potential to reach $0.93 if momentum sustains. However, if Fantom breaks below $0.55, it would invalidate this bullish breakout and signal a potential trend reversal. Bulls need to defend around $0.58 to form a local bottom; breaking above the 50-SMA would confirm buying interest and set up for a rally to $0.76 with a next target at $0.83. In contrast, failing to maintain these support levels would signal renewed bearish pressure and potentially drive prices down to or below $0.55. FTM/USDT daily chart. Source: TradingView Market Outlook: Key Catalysts for Bitcoin and Altcoins Bitcoin's rise above $62,000 is occurring against macroeconomic factors that are favorable for risk assets. The expected rate cut by central banks is boosting risk-on sentiment in financial markets while decreasing amounts of Bitcoin held on centralized exchanges indicate a supply squeeze that could further fuel its price action. For altcoins like Aptos, Dogwifhat, and Fantom, bullish technical patterns suggest potential rallies in the near term; however much will depend on broader market sentiment and Bitcoin's ability to maintain its current upward trajectory. Investors should closely watch support levels and moving averages to assess potential reversals or continuations in this uptrend as volatility remains high in crypto markets but technical indicators currently favor bullish action. Key factors Driving Bitcoin's Current Rally Monetary Policy Expectations: There is growing sentiment that central banks, particularly the Federal Reserve, may be done with interest rate hikes and could potentially cut rates soon. This expectation of looser monetary policy tends to boost riskier assets like Bitcoin. AI-Driven Demand: Some analysts predict that Bitcoin miners accommodating data demands for artificial intelligence could help support Bitcoin's price by providing an alternative revenue stream. Geopolitical Factors: The increasing likelihood of a second Trump presidency is seen as potentially bullish for Bitcoin, given a more crypto-friendly stance compared to previous terms. Technical Factors: Bitcoin has broken through key resistance levels, which often triggers further buying momentum. Seasonal Trends: Historically, October and November have been strong months for Bitcoin performance, which may be influencing investor sentiment. Read more: Crypto Inflows Surge: $1.2 Billion in a Week Amid Rate Cut Hopes Conclusion In conclusion, the cryptocurrency market is showing signs of bullish momentum as Bitcoin breaks the $62,000 level. This surge is driven by several factors, including favorable macroeconomic conditions, anticipated regulatory approvals, and technical breakouts in various altcoins. The potential for further Federal Reserve rate cuts and decreasing Bitcoin holdings on centralized exchanges are contributing to a positive market outlook. As the crypto market continues to experience volatility, it's crucial for traders to stay informed and utilize advanced trading tools and strategies. Whether you're a seasoned trader or just starting out, understanding different order types and market dynamics can greatly enhance your trading experience. Read more on KuCoin or trade on KuCoin now to explore the exciting world of cryptocurrency trading and stay ahead in this dynamic market. Stay tuned to KuCoin News for more crypto market updates and insights. Read More: Crypto Daily Movers, October 4: Mixed Sentiments as Market Awaits US Payroll Data
The crypto market showed mixed sentiments today as major coins experienced price fluctuations. The Crypto Fear & Greed Index rose from 37 to 41, signaling a slight improvement but still lingering in the 'Fear' zone. Bitcoin (BTC) remained volatile this week, influenced by increasing tensions in the Middle East and investors' growing focus on traditional safe-haven assets like gold. Crypto heat map, October 4 | Source: Coin360 Additionally, market participants are closely watching the upcoming US Non-Farm Payroll (NFP) data due on Friday. Recent US economic indicators, such as the ISM Services Index reaching an 18-month high, caused a brief rebound in the S&P and Nasdaq before closing lower due to concerns over potential Israeli attacks on Iran's oil industry. Amidst this uncertainty, BTC has managed a slight uptick, while the ETH/BTC ratio continues to decline. Trending Tokens of the Day Top 24-Hour Performers Trading Pair 24H Change ⬆️ ANALOS/USDT +50.38% ⬆️ SAROS/USDT +23.78% ⬆️ BIIS/USDT +21.21% Trade now on KuCoin Quick Market Updates Prices (UTC+8 8:00): BTC: $61,292 (+0.96%); ETH: $2,375 (+0.95%) 24-Hour Long/Short Ratio: 49.5%/50.5% Fear and Greed Index: 41 (Up from 37, still in 'Fear' territory) Industry Highlights for October 4, 2024 Fed’s Rate Cut Expectations: Federal Reserve official Austan Goolsbee suggested that cutting rates by 25 or 50 basis points is less urgent than a more substantial reduction to neutral levels over the next year. Current market sentiment indicates a 62.5% probability of a 25-basis-point rate cut in November. Ethereum Developments: Co-founder Vitalik Buterin proposed increasing bandwidth requirements and lowering the minimum staking threshold to 16 or 24 ETH, reflecting the ongoing evolution of the Ethereum ecosystem. Ripple Expansion: Ripple launched its high-speed payment solution, Ripple Payments, in Brazil, extending its international reach and reinforcing its role in cross-border payments. Crypto Inflows Surge: $1.2 Billion Amid Rate Cut Hopes Last week saw significant inflows into crypto investment products, totaling $1.2 billion – the highest in 10 weeks. Bitcoin led with over $1 billion in inflows, while Ethereum broke its five-week losing streak, gaining $87 million. This surge in inflows is driven by hopes of interest rate cuts in the U.S., enhancing the market's outlook. Read More: Crypto Inflows Surge: $1.2 Billion in a Week Amid Rate Cut Hopes XRP Dips 9% as SEC Reignites Legal Battle XRP dropped by 9% after the SEC filed an appeal against a previous court ruling that had determined XRP was not a security when sold to retail investors. Ripple's CEO Brad Garlinghouse and CLO Stuart Alderoty expressed disappointment but hinted at a possible cross-appeal. Despite this setback, Ripple’s XRP Ledger continues to play a vital role in cross-border payments. Bitcoin's Dominance Climbed Near a Three-Year High Bitcoin dominance spikes to 58% | Source: TradingView While XRP faced challenges, Bitcoin saw a modest 1% increase, pushing its price close to $61,000. Meanwhile, Ethereum slipped by over 1% to around $2,350, reflecting the broader market's volatility. Bitcoin's dominance climbed near a three-year high, standing at 58%. Read more: Bitcoin Market Holds Strong Amid $60K Threat: Traders Remain Optimistic Notable Movers: Aptos Surges, SUI Declines APT/USDT price chart | Source: KuCoin Aptos (APT) outperformed the market with a 7% gain following the news of Franklin Templeton expanding its tokenized money market fund to the Aptos blockchain. Conversely, SUI dropped after a month-long rally, as some traders rotated profits into Aptos. U.S. Dollar Strengthening DXY rises above 101 | Source: TradingView The crypto market's mixed performance coincided with the U.S. dollar surging to its highest level since mid-August due to strong economic data and ongoing geopolitical concerns in the Middle East. A spike in the Secured Overnight Financing Rate (SOFR) has also raised concerns over potential liquidity stress, drawing parallels to the repo crisis of 2019. What to Watch Next Markets now await Friday's U.S. jobs report, which could serve as a catalyst. A mix of expected rate cuts and strong labor data may drive renewed optimism in risk assets, including cryptocurrencies. Solana Could Challenge Ethereum’s Dominance Solana vs. Ethereum price performance | Source: TradingView Recent trends show financial institutions considering Solana for real-world asset tokenization and stablecoins. This shift could position Solana as a serious competitor to Ethereum over the long term, especially with Visa's recent integration of USDC on the Solana network. Read more: Solana vs. Ethereum: Which Is Better in 2024? PayPal's First Corporate Payment via PYUSD Stablecoin PayPal completed its first business transaction using its USD-pegged stablecoin, PYUSD, with Ernst & Young through SAP’s digital currency hub. This marks a significant milestone in using stablecoins for instant corporate payments. Read more: All You Need to Know About PayPal USD (PYUSD) - PayPal’s Stablecoin Conclusion The crypto market continues to showcase a mix of optimism and caution, driven by global economic developments, regulatory changes, and technological advancements. Bitcoin's resilience above the $60,000 mark, Ethereum's proposed updates, and Solana's potential challenge to Ethereum highlight the dynamic nature of the market. However, factors such as geopolitical tensions, U.S. economic data, and regulatory scrutiny, particularly the ongoing legal battles like the XRP case, add layers of uncertainty. As always, investors should stay informed and be mindful of the market's inherent risks, understanding that volatility is a constant companion in the crypto space. It's crucial to conduct thorough research and consider risk tolerance before making any investment decisions. Stay tuned to KuCoin News for more crypto market updates and insights.
Bitcoin (BTC) continues to display strength in the market, despite facing the critical $60,000 support level. Traders are emphasizing a "bullish market structure" that remains intact even after several retests of this key psychological mark. Quick Take Bitcoin maintains "bullish market structure" despite a $60K retest. Whale buying activity suggests confidence in a future rally. Bitcoin ETFs show signs of recovery with net inflows in late September. Analysts target $85,000–$100,000 for BTC by year-end if demand grows. Market sentiment remains cautious amid geopolitical tensions and regulatory developments. Market analyst Rekt Capital recently stated that while Bitcoin's price hovers around $60K, traders should avoid succumbing to fear. "BTC has revisited the low $60,000s countless times over the past several months," he mentioned, highlighting that each drop generates a new reason for concern. However, the overall market structure continues to lean bullish. Mixed Sentiment as $60K Support Threatens Breakdown Bitcoin weekly price | Source: CheckOnChain While the $60,000 mark has provided crucial support in the past, recent market movements have caused concern among investors. Bitcoin experienced a 6% dip over three days after touching a two-month high above $66,000. Despite this decline, some traders see it as a healthy correction in an ongoing bull market. Popular trader Jelle reinforced the sentiment, suggesting that Bitcoin is executing a crucial resistance-to-support (R/S) flip. "Bitcoin's market structure is bullish again, and we're turning key S/R back into support," he noted. This viewpoint urges investors to avoid being shaken out by temporary volatility. Read more: Crypto Inflows Surge: $1.2 Billion in a Week Amid Rate Cut Hopes Bitcoin Whale Accumulation Hints at Future Rally Bitcoin whale behavior analysis | Source: CheckOnChain Despite market downturns, whale activity indicates strong accumulation at the $60K range. CryptoQuant founder Ki Young-Ju highlighted that influential entities continue buying large amounts of Bitcoin. This whale activity suggests that significant investors are betting on a future bull run. On-Chain Metrics Signal 'Buy the Dip' Moment Bitcoin short-term holder analysis | Source: CheckOnChain Short-term holders' behavior offers insights into Bitcoin's current market position. Checkmate, the creator of Checkonchain, analyzed the Short-Term Holder Spent Output Profit Ratio (STH-SOPR). This metric measures the proportion of funds in profit when moved on-chain by speculators who hold Bitcoin for up to 155 days. Currently, the STH-SOPR is below its center value of 1.0, which some analysts interpret as a "buy the dip" opportunity. When this metric is low, it indicates that holders are not taking profits, suggesting potential market upside. Can Bitcoin Price Touch $100K? The broader market remains cautious due to various factors, including geopolitical tensions and regulatory uncertainty. Analysts from CryptoQuant project that Bitcoin has a fair chance to reach $85,000–$100,000 by the end of the year, provided demand grows. However, they caution that external factors, such as the Federal Reserve's monetary policy and geopolitical developments in the Middle East, could impact market dynamics. Institutional interest, particularly from Bitcoin ETFs, could act as a catalyst. Net buying of Bitcoin ETFs surged in late September, reversing previous selling trends. Read more: Bitcoin Rallies as Crypto Market Reacts to Fed Rate Cut Speculation and Q4 Optimism Bearish BTC Prediction: Can Bitcoin Price Dip to $57K? Not everyone shares the same optimism. Some analysts predict a further drop if Bitcoin fails to hold the $60K level. Mark Cullen, a crypto enthusiast, recently cautioned traders to prepare for a potential dip to $57,000. He stated, "It's taking time, but Bitcoin still appears to be heading lower." This view adds to a growing chorus calling for a pullback of up to 10% or more if support gives way. Read more: The Bitcoin Stock-to-Flow (S2F) Model: A Comprehensive Guide Conclusion Bitcoin’s market structure remains optimistic despite the threat to the $60,000 support. Whale buying activity, bullish market indicators, and potential ETF interest suggest the cryptocurrency could still have a path to higher prices. Yet, caution prevails due to external uncertainties and mixed market signals. Will Bitcoin hit $100K by year-end? Demand growth and global market conditions will likely be the deciding factors.
Crypto investment products saw significant inflows of $1.2 billion last week, marking the highest inflows in 10 weeks. Bitcoin led the surge with over $1 billion, while Ethereum broke its five-week losing streak. Discover the factors driving this massive growth and the impact this has on the U.S. interest rate outlook. Quick Take Crypto investment products led an astonishing inflow of $1.2 billion last week, which set the record for the highest weekly total since July, extending a three-week streak of positive inflows driven by U.S. interest rate cuts. Bitcoin products alone accounted for over $1 billion in inflows, reflecting strong institutional interest, especially with the approval of physically settled options tied to BlackRock’s U.S. Bitcoin ETF. After a five-week losing streak, Ethereum gained $87 million in inflows, signaling a renewed confidence in Ethereum's long-term potential. Crypto Market Update Source: Coin360 The global crypto market cap has declined to $2.13 trillion, down by 1.37% in the past 24 hours. Trading volume also saw a decrease of 20.45%, totaling $91.53 billion. DeFi accounts for $5.36 billion of this volume, while stablecoins make up 91.45%, amounting to $83.7 billion. Bitcoin’s dominance increased slightly to 56.82%. Trending Cryptos of the Day Market leader Bitcoin has faced considerable volatility in the wake of rising geopolitical tensions, slipping down under $61,000 but bouncing back above this key level at the time of writing. Notwithstanding the risk-off sentiment weighing on the king crypto, other leading projects have etched out small gains and are trending the market: TRON Network posted a record high revenue of $577 million in Q3 2024, bringing reason to cheer for TRX investors, while Hamster Kombat price sees a small bounce as the sell-offs following the airdrop ease. Meanwhile, EigenLayer’s newly unlocked token following the airdrop has seen considerable selling pressure, driving double-digit losses for the EIGEN crypto. Cryptocurrency 24-h Change Hamster Kombat (HMSTR) +1.% Sui (SUI) +0.95% TRON (TRX) +0.08% Bitcoin (BTC) -0.67% EigenLayer (EIGEN) –12.06% Crypto Inflows Soar Amid U.S. Rate Cut Expectations Last week saw a major shift in the digital asset landscape with crypto investment products raking in a staggering $1.2 billion in net inflows. This marked the largest single-week inflow since mid-July, continuing a three week streak of positive market sentiment. The surge in investment was largely attributed to growing optimism around potential interest-rate cuts in the U.S. as investors shifted their portfolios in anticipation of a more favorable economic environment. U.S. based funds dominated the inflows, accounting for $1.17 billion of the total. The return of investor confidence is a clear indication that crypto remains resilient, despite ongoing volatility in global markets. The approval of new investment products and the anticipation of economic policy changes have bolstered market sentiment, creating an ample environment for inflows. Crypto Assets Fund Flows (Source: CoinShares) Bitcoin's Dominance: A Billion-Dollar Boost Bitcoin products led the way with over $1 billion in inflows, reaffirming its position as the top choice for crypto investors. The approval of physically settled options tied to BlackRock’s U.S. bitcoin ETF (IBIT), the largest spot Bitcoin fund by assets, was a key factor in driving these inflows. With regulatory approvals continuing to shape the market, Bitcoin's status as the premier digital asset has only strengthened. Interestingly, while the approval of new options boosted market sentiment, trading volumes did not see a comparable increase, declining slightly by 3.1% week-over-week. Despite this, Bitcoin remains the go-to asset for institutions and retail investors alike, particularly in the U.S. market. Read More: Best Spot Bitcoin ETFs to Buy in 2024 Ethereum's Resurgence: Breaking the Losing Streak Ethereum products also experienced a notable turnaround, attracting $87 million in net inflows after five consecutive weeks of losses. This marked the first measurable inflows for Ethereum since early August, signaling renewed investor confidence in Ethereum's long-term potential. The timing aligns with growing discussions around Ethereum’s scalability and the ecosystem's development, including advancements in staking and Layer 2 solutions. Ethereum’s ability to attract capital after a difficult period is significant, suggesting that investors are regaining faith in the asset as both a store of value and a functional blockchain for decentralized applications. Crypto Assets Weekly Flow (Source: CoinShares) The above image shows that Bitcoin's recent surge to around $65,000 prompted an inflow of $8.8 million into short-Bitcoin products, as some investors anticipated a possible decline following the rally. Regional sentiment, however, varied significantly. The U.S. led with a substantial $1.2 billion in inflows, while Switzerland followed with $84 million. In contrast, Germany and Brazil saw outflows, with $21 million and $3 million, respectively, indicating mixed investor sentiment across global markets. Read more: Best Ethereum ETFs to Watch in 2024 The U.S. Impact: Regulatory Approvals Drive Sentiment A major driver behind the recent inflows was the U.S. regulatory landscape. The approval of physically settled options for U.S.-based investment products, particularly tied to BlackRock's Bitcoin ETF, had a significant psychological impact on the market. While trading volumes did not spike as much as anticipated, the inflows indicate growing confidence in regulated crypto products, particularly in the U.S. This regulatory backing is essential as it provides a sense of security for institutional investors who might have been hesitant to dive into the crypto space due to regulatory uncertainty. With clearer rules emerging and new products receiving approval, crypto is poised to capture an even larger share of the traditional investment market. Conclusion: A Bullish Sign for Crypto Markets? It's a clear indication that investor sentiment is turning bullish. In fact, massive inflows of $1.2 billion into crypto investment products have been recorded. The crypto market seems to get back to momentum, led by Bitcoin and followed by Ethereum. Anticipation of rate cuts in the U.S. and regulatory approvals for new products in the near term will likely keep driving inflows higher. Large-cap digital assets signaled mixed performances: Litecoin had inflows of USD 2 million, XRP had USD 0.8 million inflows, while Solana lost USD 4.8 million. This indeed shows positive investor interest in the first two assets. However, with Solana losing $4.8 million, this perhaps indicates mixed market sentiment whereby some large-cap altcoins are attracting capital while others-like Solana-are witnessing reduced investor confidence. As always, the cryptocurrency market is very volatile, but the trend now suggests a growing confidence in digital assets as a viable avenue of investment. Again, Bitcoin and Ethereum are casting themselves as safe havens during times of uncertainty, with this perhaps just the beginning of yet another memorable rally.
Musk X Empire has gained significant traction as one of the most popular tap-to-earn games on Telegram, where users engage in virtual stock investments and challenges to earn cryptocurrency. Today's article provides you with the latest answers for the Daily Combo, Riddle, and Rebus, helping players maximize their rewards before the token launch. Key Takeaways Stock Exchange Combo Answers (September 18): The correct picks are Blockchain Projects, Real Estate in Nigeria, Game Development. Daily Riddle Answer: "Code that runs automatically and fair, No middleman needed when I’m there." The answer is Liquidity Rebus Answer (September 18): The solution to today’s rebus is Spam. What is X Empire? X Empire is a viral Telegram-based game combining cryptocurrency mining with strategic gameplay elements. Launched in June 2024, it amassed 10 million players within the first month and has over 3.2 million members in its official Telegram community. Players tap to earn coins, upgrade their virtual character inspired by Elon Musk, and invest in a simulated stock exchange. Its partnership with Notcoin, another popular game, offers additional perks to cross-platform players, boosting its popularity. Read Also: What is Musk Empire Telegram Game and How to Play? 1. Today’s Stock Exchange Combo Answers - September 18 For today’s Daily Combo challenge in X Empire, players are tasked with selecting the top three investments from a provided list. The correct answers for September 18 are: Blockchain Projects Real Estate in Nigeria Game Development Picking these three correctly will grant players significant in-game rewards, allowing them to advance more quickly and efficiently in their gameplay. 2. Daily Riddle of the Day - September 18 Today's riddle in X Empire challenges players with a clever question:"I provide the ease of trade and flow, Enabling assets to move to and fro, What am I?"The answer to this riddle is Liquidity. By solving riddles like this, players can earn extra rewards and enjoy an engaging experience. 3. Rebus of the Day - September 18 The Rebus puzzle for September 18 in X Empire is the word “Spam.” Successfully solving the rebus, along with other puzzles available in the "Quests" section, can earn players additional in-game bonuses, enhancing their overall gameplay experience. These daily tasks and puzzles provide a fun and rewarding way to engage with the game and earn more rewards. Exciting News! Hamster Kombat (HMSTR) is now available for Pre-Market Trading. Place your buy or sell orders before the official spot market listing and get a head start. Trade HMSTR today before the Hamster airdrop on September 26! What is X Empire Pre-Market? X Empire has introduced a unique pre-market trading feature ahead of its token airdrop, using custom NFT vouchers. Players can mint and trade these NFTs on the Getgems marketplace to gain early access to X Empire tokens. Unlike traditional pre-market trading on centralized exchanges, X Empire uses NFTs minted on The Open Network (TON) for a decentralized approach, allowing more flexibility and early engagement in the game’s token economy. Get Ready for the X Empire Airdrop With the X token airdrop set to occur shortly after the mining phase ends on September 30, 2024, players are preparing for significant rewards. Currently, the NFT vouchers available for pre-market trading represent only a portion of the total airdrop allocation. Players will receive the remaining tokens during the airdrop, which promises to add an exciting dynamic to X Empire's evolving ecosystem. By participating in these daily challenges and understanding the pre-market opportunities, players can maximize their earnings and prepare for the upcoming airdrop, making the most of their time in the Musk X Empire game. Read more: X Empire Daily Combo, Riddle, and Rebus of the Day for September 17, 2024
Bitcoin (BTC) and the broader crypto market experienced a brief rally on Tuesday amid speculation that the Federal Open Market Committee (FOMC) could implement a 50-basis-point rate cut during its Wednesday meeting. Key Takeaways: The crypto market, spearheaded by Bitcoin, has surged in recent hours as investors brace for Wednesday's FOMC meeting. The CME FedWatch Tool now suggests a higher chance of a 50-basis-point rate cut, a move that has historically aligned with crypto bull runs. Additionally, Bitcoin has a track record of outperforming in Q4, making this quarter especially promising for potential gains compared to others. Source: Trading View In the past, Bitcoin and the broader crypto market have thrived during times of low interest rates. This was especially noticeable in 2017 during the explosive crypto bull run and the ICO boom, when interest rates hovered between 0.75% and 1.25%. The red line indicates BTC’s movement and the blue line is the United States Interest Rate since 2017. Given that history, the current buzz around a potential 50-basis-point rate cut and the positive outlook for Q4 could ignite another strong rally in crypto assets. The combination of these factors suggests a potentially exciting period ahead for the market. Bitcoin Breaks above $ 61K ahead of the Federal Reserve's Interest Rate Decision Bitcoin recently surged by 5%, reaching $61,330 ahead of the Federal Reserve's meeting, where uncertainty remains about the rate cut's impact on the market. Other cryptocurrencies like ETH, SOL, XRP, ADA, and AVAX also saw gains between 2% and 4%. However, data from KuCoin may suggest market volatility with the interest cuts. Joel Kruger from LMAX Group emphasized that much of the market's focus is on positioning ahead of the Fed's decision. Joel Kruger from LMAX Group highlighted that much of the market's focus is now on positioning ahead of tomorrow’s anticipated Federal Reserve event. Significant BTC sell orders between $61,000 and $62,500 may cap further rally since, "A lot of the focus will be around positioning into tomorrow’s highly anticipated Fed event risk," LMAX Group's Joel Kruger said. Bitcoin led the crypto rally, hitting its highest price in September, while ETH, SOL, XRP, ADA and AVAX advanced 2%-4%. Bitcoin (BTC) surged to $61,000 during the US trading session on Tuesday as cryptocurrencies rallied in anticipation of the Fed's upcoming meeting where it's widely expected that the central bank will reduce its benchmark interest rate for the first time in 4 years. Leading the digital asset market Bitcoin hit $61,330 marking its highest price in three weeks before retracing some of its gains. It’s currently hovering just below $61,000 still reflecting an impressive 5% increase over the past day. Uncertainty Looms in the Continuation of the BTC Rally Meanwhile the CoinDesk 20 Index which tracks the broad crypto market gained 3% reaching 1,880 with most altcoin majors like Ethereum (ETH) Solana (SOL) Ripple’s XRP Cardano (ADA) and Avalanche (AVAX) showing more moderate increases of 2% to 4%. Despite the upward surge, Bitcoin remains trading in a relatively narrow trading range and with the Federal Open Market Committee (FOMC) meeting on the horizon a breakout seems unlikely due to the fact that. Despite the rally, bitcoin continues to trade in a fairly tight range and seems unlikely to break out before Wednesday's meeting of the Fed's Federal Open Market Committee (FOMC). The market is still extremely uncertain on whether the Fed will cut 25 basis points or opt for a larger 50 basis point move. BTC Quarterly Returns | Source: Coinglass Conclusion As Q4 approaches, crypto investors are hopeful for a rebound from the market lull seen in Q3. Historically, Q4 has been Bitcoin's strongest quarter, with an average gain of 88.84%.As a result, optimism around Q4 and the potential for a 50-basis-point rate cut could trigger a significant bull run in the crypto market. Read More: Bitcoin Could Rally to $90,000 If Trump Wins the US Election: Bernstein
The 2024 U.S. presidential election is shaping up to be a pivotal event for the cryptocurrency market, with Bitcoin's price trajectory closely tied to the outcome. Analysts predict that a victory for Donald Trump could spark a significant rally, while a win for Vice President Kamala Harris might put downward pressure on the crypto market, creating uncertainty for digital assets like Bitcoin. Quick Take Bitcoin price could reach as high as $90,000 if Donald Trump wins the 2024 U.S. presidential election, according to a report on CoinDesk. A Kamala Harris victory could see Bitcoin drop to around $30,000, due to potential regulatory challenges. Polymarket polls show Trump and Harris neck and neck after their first debate, with crypto markets closely watching the outcome. According to a recent investment note from Bernstein, if Trump secures the White House, Bitcoin could surge to $90,000 by the end of the year. Trump’s pro-crypto platform, which includes promises to roll back regulatory barriers and support blockchain innovation, has attracted widespread attention from investors. Conversely, if Harris wins, Bitcoin could potentially dip to $30,000, as her stance on cryptocurrency remains unclear and may align with the more cautious approach of the current Biden administration. Polymarket Polls Reveal Trump's Chances of Winning at 49% Donald Trump’s chances of winning the US presidential elections | Source: Polymarket Prediction market Polymarket, which allows users to bet on political outcomes, saw Trump’s odds of winning the election drop by 3% during the first presidential debate on September 10. This brought him neck and neck with Harris, with both candidates holding roughly a 49% chance of victory. The debate, held in Philadelphia, focused on major topics like the economy, immigration, and foreign policy, but cryptocurrency was notably absent from the discussion. Despite the drop in Polymarket odds, analysts and industry insiders remain optimistic about Trump’s potential impact on the crypto market. His pledge to end what he calls the Biden administration’s "war on crypto" and his commitment to fostering blockchain development have bolstered hopes for a Bitcoin rally. A Trump win could provide regulatory clarity and reduce the legal pressures that have weighed on crypto firms in recent years. Trending: Bitcoin Soars on Trump Speculation and ETF Inflows: Can It Break $71,500? What a Harris Victory Could Mean for Bitcoin On the other hand, a Harris victory could lead to a more challenging environment for the crypto market, according to Bernstein analysts. Analysts fear that without clear support for digital assets, her administration might continue the regulatory policies of the Biden presidency, which has been criticized for its tough stance on the industry. If Harris wins, Bitcoin’s price could face downward pressure, with some experts predicting a drop to $30,000 due to increased uncertainty and potential legal hurdles. Despite the differing predictions, it’s important to recognize that Bitcoin’s price is influenced by more than just political outcomes. Broader economic conditions, market sentiment, and global regulatory trends will also play a significant role in determining Bitcoin’s performance in the months ahead. The Impact of Fed Rate Hikes on Bitcoin Price Likelihood of Fed rate cut in upcoming meeting | Source: CME FedWatch The Federal Reserve's interest rate policies have become a significant driver of Bitcoin’s price movements in 2024. Market participants are closely watching the Fed's next decision, with speculation around whether the central bank will opt for a 25 basis point or a more aggressive 50 basis point cut. A 25 basis point cut is viewed as a favorable outcome for Bitcoin, as it could ease recession fears and inject liquidity into the financial system. Historically, lower interest rates have created a more conducive environment for riskier assets like Bitcoin, as borrowing costs decrease and investors seek higher returns. Increased liquidity often flows into speculative markets, providing a potential boost for cryptocurrencies. However, a 50 basis point cut could trigger market volatility. Analysts, such as those at 10x Research, caution that a larger cut may signal deeper economic concerns, which could spook investors. Rather than interpreting the cut as a sign of economic recovery, markets may see it as a response to a looming recession. This could lead to investors pulling back from risk assets like Bitcoin, causing short-term price declines. The recent price movements in Bitcoin illustrate the Fed's influence. After a sharp drop to $50,000, Bitcoin has rebounded toward $60,000, as traders await the Fed's decision. However, BlackRock analysts have warned of further volatility, as the central bank is unlikely to cut rates as quickly as some market participants hope. The uncertainty around future Fed moves, combined with broader economic conditions, will continue to weigh heavily on Bitcoin’s price trajectory in the months ahead. See Also: Bitcoin Price Experiences Slight Dip After Fed Decisions and CPI Data Conclusion As the 2024 U.S. presidential election approaches, the crypto market is keeping a close watch on political developments. A Trump victory could pave the way for a Bitcoin rally, pushing prices as high as $90,000, while a Harris win might signal a tougher road ahead for digital assets, with Bitcoin potentially falling to $30,000. While platforms like Polymarket provide real-time insights into the candidates' chances, investors should consider the broader landscape when making decisions, as the future of cryptocurrency will be shaped by multiple factors beyond the election alone.
On-chain data analysis by CryptoQuant reveals that Bitcoin's permanent holder addresses have seen a massive influx, accumulating nearly $23 billion worth of BTC in the past month. CryptoQuant founder and CEO Ki Young Ju highlighted this trend in a recent post, indicating significant behind-the-scenes activity. Quick Take Bitcoin permanent holder addresses have accumulated nearly $23 billion worth of BTC in the past month, according to CryptoQuant, a renowned on-chain analysis platform . Miner activity shows signs of stabilization with capitulation nearly over and hashrate nearing all-time highs. The Crypto Fear & Greed Index improved from extreme fear to fear, indicating a slight positive shift in market sentiment. Technical analysis identifies $50,000 and $45,000 as critical support levels, while $60,000 and $65,000 are key resistance levels. In his Aug. 7 post, CryptoQuant’s CEO Ki Young Ju pointed out that around 404,448 BTC had moved to permanent holder addresses over the past 30 days, signaling clear accumulation. He speculated that within a year, various entities, including TradFi institutions and governments, might announce their Bitcoin acquisitions, potentially sparking regret among retail investors for not buying during this period. Ki Young Ju also noted positive signs from Bitcoin miners. "Miner capitulation is nearly over," he stated, with the hashrate nearing all-time highs. He emphasized that U.S. mining costs are around $43,000 per coin, suggesting stability in the hashrate unless prices fall below this level. Retail investors remain mostly absent, similar to mid-2020. However, there has been a notable reduction in old whale activity, with long-term holders selling between March and June. Currently, there's no significant selling pressure from these old whales, supporting Ki's belief that the bull market remains intact. He plans to reassess if the market doesn't recover in the next two weeks. Bitcoin Whales Accumulate Over 400K BTC in July Bitcoin permanent holder addresses 30-day demand change. Source: CryptoQuant In late July, Ki observed increased flows to permanent holder addresses, including Bitcoin ETFs. He noted that whales are accumulating at unprecedented levels, even amid market slumps. This trend continued as Bitcoin's price crashed to $49,800 on Aug. 5, only to recover 14% to $57,000 on Aug. 6. Nearly $23 billion of Bitcoin has been accumulated by permanent holder addresses over the past month. A significant amount of Bitcoin, 404,448 BTC, has moved to permanent holder addresses, indicating accumulation. The Crypto Fear & Greed Index also improved slightly, moving from extreme fear to fear, indicating a shift in market sentiment. However, a key Bitcoin volatility indicator reached its highest level in 20 months, reflecting ongoing market uncertainty. Divergent Views Among Traders: Expect Further Downsides? Bitcoin Volmex Implied Volatility Index reached a high of 97.14 on Aug. 5. Source: Trading View While some traders remain cautious, others see potential buying opportunities. Yoddha, a pseudonymous crypto trader, declared this period as potentially the best buying opportunity of 2024. The Bitcoin Volmex Implied Volatility Index hit 97.14 on Aug. 5, the highest since November 2022, when FTX collapsed. Despite Bitcoin's recovery to the $56,000 level, futures traders remain cautious. Tyr Capital CIO Ed Hindi highlighted a put-to-call volume ratio signaling bearish sentiment, with a ratio of 1.13, indicating traders are hedging against further downside. Realized Price Indicator Signals Whales Mostly in Green Ki Young Ju's analysis of the Realized Price indicator provides further insights into Bitcoin's market status. The Realized Price metric tracks the average acquisition cost of specific investor cohorts. Currently, new whales (holding over 1,000 BTC acquired in the past 155 days) have a Realized Price of $65,000, indicating significant losses after the recent crash. Binance Traders have a cost basis of $55,000, suggesting they are breaking even, while Miner Whales have a Realized Price of $45,000. Historically, dipping below the miners' cost basis has confirmed bear markets, but Bitcoin remains above this level, suggesting the market hasn't fully transitioned to a bear phase. Long-Term Holder Whales, with a Realized Price of $22,000, have never seen this level breached in Bitcoin's history. This cohort's continued holding pattern reinforces the idea that significant long-term support remains. BTC Price Analysis: Key Resistance Level at $60,000 BTC/USDT price chart | Source: KuCoin Bitcoin's technical analysis reveals potential support and resistance levels. The recent price action saw Bitcoin dip to $49,800 on Aug. 5, which acted as a critical support level. The recovery to $57,000 indicates a strong buying interest at lower levels. Key resistance levels to watch are $60,000 and $65,000. If Bitcoin breaks above $60,000, it could retest the $65,000 level, aligning with the Realized Price of new whales. On the downside, $50,000 remains a crucial support level, with $45,000 as the next major support, corresponding to the Realized Price of Miner Whales. The Bitcoin Volmex Implied Volatility Index reaching 97.14 suggests heightened market uncertainty, making it essential for traders to monitor volatility indicators. The put-to-call volume ratio of 1.13 further underscores the cautious sentiment in the market. Conclusion Bitcoin's recent accumulation by permanent holders, coupled with signs of miner stabilization and varying trader sentiment, paints a complex picture. While some analysts predict further declines, others see potential for a major rally. On-chain data and market indicators will be crucial in determining Bitcoin's trajectory in the coming months.
The financial markets started the day under pressure following the release of stronger-than-expected economic data from the U.S. According to a report on The Block, the second quarter's GDP growth rate came in at an annualized 2.8%, well above the anticipated 2%. This was a significant jump from the 1.4% growth seen in Q1. Quick Take Q2 GDP surged to 2.8%, surpassing the expected 2%. PCE Price Index rose to 2.9%, above the forecasted 2.7%. FedWatch Tool shows a 100% chance of a September rate cut. Big Tech stocks and cryptocurrencies experienced a sell-off. Bitcoin nears its 50-day moving average as the crypto market dips too. PCE Price Index Surges to 2.9%, When Will Fed Cut Interest Rates? Adding to the mix, the Personal Consumption Expenditures (PCE) Price Index, a key inflation metric, rose to 2.9%, exceeding the expected 2.7%. This data is crucial as it influences the Federal Reserve's decisions on interest rate policies. Emma Wall, head of investment analysis at Hargreaves Lansdown, noted that the robust economic growth coupled with slightly higher inflation might reduce the urgency for the Fed to cut rates in the near term. Could the Fed cut interest rates in November? | Source: CME FedWatch A recent Reuters poll indicated that economists do not expect the Fed to cut rates until November, maintaining the current range of 5.25-5.5%. The CME FedWatch Tool echoes this sentiment, showing a 60% chance of a November rate cut. Markets Experience Big Sell-offs, Tech Sector as Alphabet Slides 5% Lower S&P 500, Dow Jones, and NASDAQ experience sell-offs | Source: Yahoo! Finance As a result, major U.S. stock indices opened negatively but managed to recover slightly. The S&P, Dow, and Nasdaq all clawed back into positive territory later in the day. However, cryptocurrencies and precious metals continued to trade in the red. Bitcoin, for example, dropped to $64,723, a 2.56% decrease over 24 hours. Gold and silver also saw declines, with silver hitting its lowest price since May. Despite the strong economic data, markets faced a broad sell-off. Investors are re-evaluating the high valuations of Big Tech stocks and the timing of returns on their AI investments. Daniel Van Der Woude, Product Lead at Nuklai, highlighted concerns over Alphabet’s mixed results, despite beating earnings estimates. The stock slid 5% due to weaker ad revenue and higher capital expenditure, although optimism remains for Alphabet's AI and cloud technologies. Neil Roarty, an analyst at Stocklytics, pointed out that silver’s recent downturn might be due to profit-taking after significant gains earlier in the year. He also mentioned the potential impact of a Donald Trump victory in the upcoming U.S. elections on green energy demand for silver. Read more: Bitcoin Soars Past $62,000 Following Trump Assassination Attempt: The Trump Effect Bitcoin Moves Closer to 50-Day MA as Crypto Market Dips BTC/USDT price chart | Source: TradingView In the cryptocurrency market, the broader sell-off has also had an impact. According to Alex Kuptsikevich, senior market analyst at FxPro, the pressures from the traditional financial markets have spilled over into cryptocurrencies. The market lost 3.5% in the last 24 hours, with Bitcoin nearing its 50-day moving average, a critical support level. However, Kuptsikevich noted a glimmer of hope for Bitcoin. The Hash Ribbons indicator, a technical analysis tool, signaled a potential buy opportunity. This indicator, which recently exited a ‘capitulation’ phase, historically precedes substantial price increases. Ethereum, the second-largest cryptocurrency, has also been affected. It dropped over 9% to $3,150, testing its 200-day moving average. The recent launch of the Ethereum ETF, which coincided with a significant drop in the Nasdaq index, has also contributed to the sell-off. Read More: What’s the Ethereum Price Prediction After SEC Approves Spot Ether ETFs? PBOC Cuts Rates to 2.3%, Surprises Markets Compounding the uncertainty, the People’s Bank of China (PBOC) made a surprise off-schedule rate cut, reducing the one-year medium-term lending facility rate to 2.3% from 2.5%. This move injected 200 billion yuan ($27.5 billion) into the market, raising concerns about economic instability in China. Conclusion Despite the market turbulence, some analysts see the economic data as a sign of underlying strength in the U.S. economy. ING Bank economist James Knightly suggested that the PCE data could indicate progress toward the Fed's 2% inflation target, potentially supporting the case for a rate cut later in the year. Durable goods orders for June presented a mixed picture, with a significant decline in overall orders but a modest rise in orders excluding transportation. These figures reflect ongoing economic uncertainties, which may bolster Bitcoin’s appeal as a hedge against traditional market volatility. In summary, while strong GDP growth and rising PCE figures have led to increased speculation about future interest rate cuts, the markets have reacted with caution. Big Tech stocks, cryptocurrencies, and precious metals have all experienced sell-offs, influenced by global economic developments and investor sentiment. The coming weeks will be crucial in determining whether these trends will continue or if the markets will stabilize.
Spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $78 million on Tuesday, marking the end of a 12-day inflow streak. Bitwise's BITB led the outflows with $70 million, followed by Ark’s ARKB at $52 million, and Grayscale’s GBTC at $27 million. In contrast, BlackRock’s IBIT ETF saw a net inflow of $72 million, pushing its assets under management (AUM) above $22 billion for the first time. Quick Take Bitcoin ETFs see net outflows of $78 million, ending a 12-day inflow streak. Bitwise's BITB leads outflows with $70 million, while BlackRock's IBIT sees net inflows of $72 million.BTC prices remain steady above $66,000. Ether ETFs launch with $107 million in net inflows. Market awaits potential cryptocurrency regulation updates from U.S. presidential candidates. Leading analyst Willy Woo presents a balanced Bitcoin technical analysis with both bullish and bearish indicators. The market saw this activity as Ether ETFs launched, garnering $107 million in net inflows and trading volume exceeding $1 billion. Despite the bitcoin ETF outflows, BTC prices remained steady above $66,000, showing a minor decline of 0.5% in the past 24 hours. Read more: Spot Ethereum ETFs Make a Splash: First-Day Trading Volume Hits $1.08 Billion Bitcoin to See Low Volatility Ahead of Nashville Bitcoin Conference on July 25 Traders anticipate a continued lull in BTC price action until fresh commentary from U.S. presidential candidates provides more clarity on future cryptocurrency regulations. Alice Liu, research lead at CoinMarketCap, noted, "The market is in 'wait and see' mode ahead of Trump's speech at the Nashville Conference on July 25th, where it is anticipated that he may announce BTC to be used in the national reserves." Liu added, "If this does happen, it will trigger a parabolic rise in Bitcoin's price." Meanwhile, Singapore-based QCP Capital mentioned in a Telegram broadcast that prices might remain subdued until momentum builds leading to the elections, citing potential selling pressure from the U.S. Government and Mt. Gox. Read more: Bitcoin Soars on Trump Speculation and ETF Inflows: Can It Break $71,500? Mt. Gox Transfers $2.8B of BTC Holdings The defunct Bitcoin exchange Mt. Gox moved a fresh batch of assets to new wallets on Wednesday, potentially tempering chances of a price rally. Arkham data shows Mt. Gox transferred 37,400 BTC, worth $2.5 billion, from its main wallet to a new wallet "12Gws9E," and another $300 million to an existing cold wallet. An additional $130 million was sent to crypto exchange Bitstamp. Despite these movements, BTC prices remained stable. Mt. Gox currently holds $6 billion worth of BTC, down from $9 billion earlier in July. These movements mirrored Tuesday’s transfers, where $130 million was moved to Bitstamp, and $2.5 billion was shuffled between wallets. Several creditors on Kraken reported receiving Bitcoin repayments in their personal accounts. Read more: Will $10 Billion in Bitcoin Repayments from Mt. Gox Weaken BTC Price? Bitcoin Technical Analysis by Willy Woo: Short Squeeze to $77,000 Expected? Leading crypto analyst Willy Woo recently provided an in-depth analysis of Bitcoin, highlighting five macro signals that influence his view of the top digital asset. His analysis includes three bullish and bearish indicators that could shape Bitcoin’s trajectory. Bullish Signals Bitcoin’s bullish signals | Source: Willy Woo on X End of Miners’ Capitulation: Woo noted that the end of miners’ capitulation is a significant bullish indicator. This phase, where miners cease to sell large amounts of Bitcoin, often precedes a price rally. The Bitcoin hash rate, reflecting the computational power for mining, is surging back, driven by new hardware like the M66s and S21 Pros. Puell Multiple: This indicator measures miners' relative profit to past revenues. Woo explained it as a two-punch macro signal. First, macro bottoms occur when profitability is at its lowest. Second, a signal bottom happens when BTC halving cuts miner earnings by 50%, setting the stage for a bull run. According to Woo, we are currently at the second stage, suggesting that miners will soon be making good profits, potentially leading to a breakout in publicly listed miner stocks. Global Liquidity: The rise in global liquidity underpins market optimism. Increased money supply often leads sectors like Traditional Finance (TradFi) to allocate funds to risk-on assets such as Bitcoin. Preliminary signs suggest a breakout in this department, attracting more investment inflows into Bitcoin and other cryptocurrencies. Bearish Signals Bitcoin Flowing into Spot Exchanges: Woo highlighted a large increase in Bitcoin moving to spot exchanges, a common precursor to sell-offs. Notably, 50,000 BTC was recently transferred to Kraken from Mt. Gox, indicating a potential imminent dump. Ethereum Spot ETF Launch: The launch of an Ethereum spot ETF could temporarily siphon capital away from Bitcoin spot ETFs into Ethereum, posing a bearish development for Bitcoin. Despite these bearish signals, Woo remains optimistic. He stated, "In summary we have a tug-o-war happening on demand and supply. In my opinion, the bullish factors overpower the bearish factors. In the short term, BTC only needs to break $73k to light the fuse to a short squeeze to $77k, above that there’s nothing holding it down for price discovery." BTC Price Action: Sell-Side Concerns Keep Bitcoin Under $68,000 BTC/USDT price chart | Source: KuCoin BTC price action remains in a state of flux on lower timeframes after a recovery initially lifted the market past $68,000. However, sell-side concerns persist due to ongoing payouts to Mt. Gox creditors and the market's reception of U.S. spot Ether ETFs. Monitoring resource MiningPoolStats reported Bitcoin hashrate at 676 exahashes per second as of July 22. While the market remains in anticipation of regulatory updates and potential catalysts, the long-term outlook for BTC appears optimistic, especially with the recent buy signal from the hash ribbons indicator suggesting a potential for significant price increases. Conclusion The recent outflows in Bitcoin ETFs highlight the market's cautious stance as it awaits crucial regulatory updates from the U.S. political landscape. Despite these outflows, the stability in BTC prices and the promising signals from Willy Woo’s analysis provide a hopeful outlook for Bitcoin's future performance. Investors remain vigilant, watching for key announcements that could propel the market into its next bullish phase.
Bitcoin prices surged on Wednesday, continuing a recent recovery fueled by speculation surrounding a possible Donald Trump presidency and the approval of Ether ETFs. Bitcoin climbed 2% in the past 24 hours to $65,803.3 by 01:41 ET. Quick Take Bitcoin price rises above $65,000 amid Trump speculation and institutional inflows. Mt Gox mobilizes $2.8 billion in Bitcoin, but the market absorbs the impact. Spot Bitcoin ETFs see over $1.3 billion in net inflows over the past week. BlackRock's Bitcoin ETF sees significant inflows of $260 million on July 16, the 8th consecutive day of inflows. Trump Fuels Optimism While Mt. Gox Moves $2.8B BTC to Exchanges The prospect of Trump winning a second term has injected optimism into the crypto market. Known for his pro-crypto stance, Trump is set to speak at the Bitcoin Conference in Nashville. His recent popularity surge, following a failed assassination attempt, has further bolstered market sentiment. Trump's campaign accepts crypto donations and plans to release more NFTs. Read more: Trump Plans to Launch His Fourth NFT Collection Even as PolitiFi Coins Remain in the Limelight Meanwhile, defunct crypto exchange Mt Gox has moved about $2.8 billion worth of Bitcoin to exchanges, likely for planned distributions. This move initially spooked the market, pushing Bitcoin to four-month lows earlier in July. However, the market has since rebounded, recouping all losses over the past four days. Read more: Will $10 Billion in Bitcoin Repayments from Mt. Gox Weaken BTC Price? US Spot Bitcoin ETFs See Over $422M Net Inflows on July 16 US spot Bitcoin ETFs inflows and outflows | Source: Glassnode Institutional interest has also played a crucial role in Bitcoin's recovery. ETF inflows have surged, with Bitcoin investment products logging $1.347 billion in inflows between July 8 and July 12. Data from CoinShares corroborates this, showing substantial weekly inflows. Spot Bitcoin ETFs have seen seven consecutive days of net inflows, with more than $300 million flowing into 11 U.S. ETFs on July 15. BlackRock’s iShares Bitcoin Trust gathered $260 million from investors on July 16, contributing significantly to spot Bitcoin ETFs' net inflows. This marked the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, totaling $422.5 million, the best performance since June 5. Other notable inflows include the Fidelity Wise Origin Bitcoin Fund with $61.1 million and the ARK 21Shares Bitcoin ETF with $29.8 million. Despite significant inflows into these funds, some, like Grayscale and WisdomTree-issued spot Bitcoin ETFs, failed to register any inflow. Read more: Bitcoin ETF Investors Buy the Dip: Traders Capitalize on Market Dip with $300M Inflows Bitcoin Breaches $65,000, Next Target $71,500? Bitcoin technical analysis by Rekt Capital | Source: X Bitcoin's price is currently at $65,300, according to KuCoin data. Analysts predict that Bitcoin could head toward $71,500 after breaching the $65,000 mark. Historically, breaking this barrier has led to significant upward movements. Crypto trader Rekt Capital highlighted that breaking $65,000 could see Bitcoin move within the $65,000-$71,500 range. This range has been tested multiple times this year, often leading to further gains. Read more: Why Is Bitcoin Price Up Today? Bitcoin Technical Outlook: NVT Golden Cross at -1.8, Suggesting Potential Rally A recent analysis by CryptoQuant highlights that the Bitcoin Network Value to Transactions (NVT) Golden Cross is currently at a level suggesting BTC might be underpriced. The NVT ratio measures the ratio between Bitcoin’s market cap and its transaction volume. A high value indicates the asset might be overpriced, while a low value suggests it could have room to grow. The NVT Golden Cross, a modified version of the NVT ratio, compares its short-term trend (10-day moving average) against its long-term trend (30-day moving average). This helps identify potential tops and bottoms. Historically, when the NVT Golden Cross drops below the -1.6 line, Bitcoin is considered undervalued. The chart below shows the trend in the NVT Golden Cross for Bitcoin over the past few years: Bitcoin NVT Golden Cross | Source: CryptoQuant The NVT Golden Cross recently declined into the undervalued zone, similar to the market downturn following the spot ETF approval earlier this year. This decline was followed by a rally to a new all-time high (ATH). The current value of the NVT Golden Cross is -1.8, indicating Bitcoin might still be in an undervalued state and potentially poised for further gains. $1.47B Short Positions at Risk of Liquidation at $71,500 Bitcoin open interest (OI) | Source: CoinGlass Despite the bullish sentiment, there is a significant amount of short positions that could be liquidated at $71,500. According to CoinGlass data, approximately $1.47 billion in short positions are at risk, indicating confidence among traders that the price might not reach that level soon. However, Open Interest (OI) has spiked 13% over the past five days, indicating renewed interest among future traders. On-Chain Data Suggests Sellers Are Exhausted: Glassnode German government exhausts its Bitcoin supply | Source: Glassnode Market intelligence firm Glassnode attributes Bitcoin's recent price rally to "complete exhaustion of the German government sell-side pressure." The German government had been a significant seller, depleting their 48.8k BTC balance rapidly. The majority of this selling occurred when Bitcoin was around $54,000, suggesting the market had already priced in this sell-off. Additionally, declining exchange flows indicate reduced selling pressure. Glassnode reports a significant drop in exchange volumes since the all-time high set in March. Current volumes have stabilized at about $1.5 billion a day, further easing sell-side pressure. Conclusion Bitcoin's recent price rally is a result of multiple factors, including speculation around Trump’s presidency, institutional inflows, and reduced selling pressure from Mt Gox and the German government. With positive sentiment from institutional investors and potential regulatory changes on the horizon, Bitcoin could see further gains, testing new resistance levels. However, it's essential to remember that the crypto market is highly volatile. Always do your own research and consider the risks before making any investment decisions.
Donald Trump plans to release a fourth NFT collection, revealing his growing comfort and engagement with the crypto industry. Meanwhile, PolitiFi coins continue to shine in the crypto market following Trump’s assassination attempt during the weekend, after his choosing a crypto-friendly running mate, J.D. Vance. Quick Take Former President Donald Trump plans to release a fourth NFT collection. Trump comfort with crypto is increasing, as he continues to accept donations in digital currencies, and raises $3 million in crypto donations for his campaign. Ohio Senator J.D. Vance, a vocal advocate for the industry, was chosen as Trump's running mate, signaling a strong pro-crypto stance. The US crypto scene could witness a potential shift towards a regulated yet integrated crypto economy, with positive market reactions and legislative efforts to support the industry. Trump’s Next NFT Collection Coming Up Soon? In an interview with Bloomberg Businessweek, Trump expressed his satisfaction with the success of his previous NFT collections, which sold out quickly. "The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one. It’s unbelievable spirit. Beautiful," Trump stated. The former president had previously hinted at the possibility of another NFT collection during a gala for his mugshot NFT holders at Mar-a-Lago in May. Initially non-committal, Trump now appears more decisive, driven by the principle of supply and demand. "One did great, two did great, three did great. At some point maybe that turns around," he had mentioned back then. A Look a Trump’s Pro-Crypto Campaign So Far Trump's campaign began accepting crypto donations in May, and the support from the crypto community has been substantial. A report from the Wall Street Journal highlighted that out of the $331 million raised by Trump's campaign last quarter, $3 million came from crypto donations. This significant sum underscores the growing acceptance and integration of cryptocurrency in political fundraising. Trump's growing familiarity with the crypto industry is evident from his interactions with major players at his fundraisers. "I’ve gotten to know a lot of people from the crypto industry at my fundraisers, calling them 'top-flight people'," Trump told Bloomberg Businessweek. Once a skeptic, Trump now believes that embracing crypto is essential for the United States to maintain its competitive edge, particularly against countries like China. Read more: PolitiFi Tokens Gain Traction as Trump Survives Assassination Attempt Pro-Crypto Running Mate Trump's selection of Ohio Senator J.D. Vance as his running mate is another clear indication of his commitment to the crypto sector. Vance, known for his pro-crypto stance, has been a vocal advocate for the industry. He has criticized the United States' "regulation by enforcement" regime and has been instrumental in drafting crypto-friendly legislation. Vance's involvement in the crypto space is not just political; he has personal investments in Bitcoin, highlighting his belief in the technology. In 2023, Vance introduced a bill to protect banks from regulatory pressures to sever ties with crypto platforms. He has also been vocal about the SEC's aggressive actions against decentralized finance (DeFi) protocols. His draft Senate legislation is seen as even more crypto-friendly than the House’s Financial Innovation and Technology for the 21st Century Act (FIT21). Future of U.S. Crypto The significance of a crypto-friendly White House under Trump and Vance cannot be overstated. The current U.S. regulatory environment has often been seen as stifling innovation in the crypto space. A Trump administration with a clear pro-crypto agenda could bring about much-needed regulatory clarity, enabling greater integration of blockchain technology into the financial system. Historically, U.S. regulators have subjected blockchain protocols to arbitrary and punitive enforcement actions, resulting in a bifurcated system. This has led to a freewheeling ecosystem of unregulated Web3 protocols and slow progress among regulated institutions. The solution lies in regulatory clarity, which a Trump administration is likely to pursue. The SEC could embrace the issuance of tokenized securities in compliance with existing disclosure requirements, while the Commodity Futures Trading Commission (CFTC) could oversee cryptocurrency spot markets and blockchain networks, including decentralized exchanges. Clear guidelines for safe and transparent dollar-backed stablecoins, like Circle’s USD Coin (USDC), could spark a proliferation of on-chain dollarization, securing America’s lead role in the digital economy. PolitiFi Coins Continue to Trade Bullish: MAGA (TRUMP) Weekly Gains Over 36% TRUMP price chart | Source: Coinmarketcap Trump’s evolving stance on crypto has also impacted the performance of PolitiFi coins, especially the MAGA (TRUMP) token. Following the announcement of Vance as his running mate, these tokens saw a significant surge. The MAGA (TRUMP) token, in particular, has experienced a notable increase in value, reflecting the market’s positive reception to a pro-crypto administration. Over the past week, the MAGA (TRUMP) token has risen by approximately 36%, currently trading at around $7.79 with a market cap exceeding $367 million. This performance underscores the strong connection between political developments and crypto market dynamics. Read more: Donald Trump Memecoin MAGA Price Soars 64% Following Assassination Attempt Conclusion Trump's pivot towards embracing crypto is not just about innovation but also about national security. "If we don’t do it, China is going to pick it up and China’s going to have it – or somebody else, but most likely China," Trump stated, emphasizing the strategic importance of leading in this sector. Trump's plan to release a fourth NFT collection, his acceptance of crypto donations, and the selection of J.D. Vance as his running mate suggest a shift towards a more crypto-friendly future. With potential regulatory clarity on the horizon, the U.S. crypto industry may be on the verge of increased integration and development. Observers will closely monitor these developments as they could reshape the global crypto landscape. Read more: Top PolitiFi Tokens to Watch During the US Presidential Elections
Bitcoin has experienced a significant surge and broke above $64,000 in its price recently, driven by a series of influential factors that have captivated the attention of investors and the broader cryptocurrency community. Key developments include substantial inflows into Bitcoin ETFs managed by ARK Investment Management and BlackRock, a notable transfer of Bitcoin from Mt. Gox, and a significant purchase by MetaPlanet. Additionally, the increasing odds of a Trump victory in the upcoming U.S. presidential election have further fueled Bitcoin's rise. Quick Take Bitcoin surged 12% due to $300 million ETF inflows from ARK and BlackRock. Bitcoin recovers strongly from Mt. Gox repayment and Germany's $2.9B Bitcoin sale. Increased odds of a Trump victory boosted Bitcoin's value significantly ETF Inflows Top $300 Million in a Single Day One of the primary catalysts behind Bitcoin's price increase is the substantial inflow of funds into Bitcoin ETFs. ARK Investment Management and BlackRock, two prominent asset management firms, have attracted over $100 million each into their Bitcoin ETFs. These financial instruments allow investors to gain exposure to Bitcoin's price movements without the need to directly own the cryptocurrency. The influx of funds into these ETFs signifies a growing interest and confidence in Bitcoin as an investment asset among institutional and retail investors alike. Source: Cointelegraph Recent data shows that Bitcoin ETF inflows hit a staggering $300 million on a single day, July 15. The roster of eleven spot Bitcoin funds netted a total of $300.9 million worth of net inflows, with BlackRock and ARK Investment Management leading the pack, each attracting $117.2 million in inflows on the same day. Bitcoin recovers from Mt. Gox Repayment and Germany’s $2.9 billion Bitcoin sale Mt. Gox, the infamous cryptocurrency exchange that suffered a major hack in 2014, recently transferred 47,200 Bitcoin, worth nearly $3 billion, from a cold wallet to an unknown wallet. This movement of a substantial amount of Bitcoin has sparked curiosity and speculation within the crypto community. While the exact reason behind this transfer remains unclear, it weighed down the Bitcoin price for the last week. Additionally, Bitcoin lifted from the downward pressure following the completion of Germany’s $2.9 billion Bitcoin sale. The German government recently finished liquidating its substantial Bitcoin stock, acquired during judicial seizures. This large-scale operation ended on July 12 with the sale of the last 3,846 BTC, totaling nearly 50,000 BTC sold. Despite the downward pressure from this massive liquidation, Bitcoin has shown remarkable resilience, with institutional investors seizing the opportunity, as evidenced by the significant capital inflows into American Bitcoin ETFs. Analysts predict an imminent bullish breakout, with targets as high as $70,000, signaling a robust recovery and a potential new bullish phase for Bitcoin. MetaPlanet Invests 200 Million Yen in Bitcoin In another significant development, MetaPlanet, a Bitcoin investment firm, has made a substantial purchase of Bitcoin worth approximately 200 million yen. This move reflects the increasing interest and confidence in cryptocurrencies among large companies. MetaPlanet's investment underscores the growing recognition of Bitcoin as a valuable asset in corporate portfolios, further reinforcing its potential as a mainstream investment. Increased Odds of Trump Victory Boost Bitcoin Price Bitcoin's value has also risen due to market perceptions of increased odds of a Trump victory in the upcoming U.S. presidential election. Betting markets have suggested a higher likelihood of victory for the crypto-friendly candidate Donald Trump, following a dramatic assassination attempt on the former president. Trump has recently positioned himself as supportive of the cryptocurrency sector, despite past skepticism. He is due to speak at a major annual Bitcoin conference later this month. Analysts believe that a Trump presidency could create a more favorable regulatory climate for the crypto industry. Trump's campaign began accepting donations from the crypto industry in May, and his messaging has become increasingly positive regarding the future of digital assets. The potential for ongoing deficit spending, reduced U.S. leadership in international affairs, and weaker Federal Reserve independence under a second Trump presidency could introduce downside risks for the U.S. dollar, indirectly supporting Bitcoin's price. Read More: Bitcoin Soars Past $62,000 Following Trump Assassination Attempt Bitcoin Short-Term Outlook The combination of these factors has created a positive sentiment around Bitcoin, leading to its recent price surge. The inflow of institutional funds through ETFs, significant movements of large Bitcoin holdings, increasing corporate investments, and favorable political developments all point towards a robust and promising future for Bitcoin. Moreover, key Bitcoin sentiment indicators have quickly flipped into "greed" and "FOMO" (Fear Of Missing Out) territory amid a sharp uptick in the crypto market. Bitcoin has gained over 12% in the last week, currently trading at around $63,636. The Crypto Fear & Greed Index, which tracks market sentiment, has shifted from "extreme fear" to "greed" in just a matter of days, indicating a bullish reversal in market sentiment. As the ETH ETF launch draws near, we can expect further volatility in the crypto market and ETF fluctuations. With the mix of political campaigns, regulatory actions, and economic measures from the Federal Reserve, it will take time to see if we will witness another all-time high for Bitcoin in the short term.
The cryptocurrency market witnessed a dramatic shift following an assassination attempt on former U.S. President and 2024 presidential hopeful Donald Trump. The incident, which occurred during a campaign rally in Pennsylvania, led to a significant surge in Bitcoin's price. Within hours, Bitcoin rocketed over 4%, reaching $60,300, its highest level in the past ten days. Quick Take Bitcoin price surged over 4% following an assassination attempt on former U.S. President Donald Trump. Trump's odds of winning the 2024 presidential election jumped on Polymarket. Trump's pro-crypto stance influenced positive market sentiment. Crypto-themed memecoins like Trump (MAGA) also saw significant gains. Analysts predict further price movements depending on Trump's political fortunes. Bitcoin Technical Analysis: Can BTC Cross $70,000? BTC/USDT technical analysis | Source: TradingView Bitcoin's price experienced a notable surge, breaking through key resistance levels at $60,000. It is currently trading above $62,000, with signs of accumulation suggesting investor confidence in a short-term bottom. On-chain data shows significant accumulation by Bitcoin whales, who have added 71,000 BTC to their holdings. Daily and 4-Hour Charts Analysis Daily Chart: Bitcoin's recovery above the 20-day Simple Moving Average (SMA) and a positive divergence on the Relative Strength Index (RSI) suggest a potential bullish reversal. A sustained break above the $64,602 resistance level is crucial for confirming a bullish trend. 4-Hour Chart: The price is currently testing the downtrend line resistance. A decisive break above this resistance with a sustained move above the 20-SMA would signal a potential upward trend toward $64,602. Conversely, a breakdown below the moving averages could trigger a retest of the $56,552 support level. Trump's Election Odds Spike Above 70% on Polymarket Following the attack, Trump's chances of winning the upcoming presidential election surged on the crypto-based prediction platform Polymarket. His odds jumped by 11 points to 71%, reflecting increased confidence among bettors in his potential return to the White House. Crypto Community's Support for Trump Trump has gained substantial support from the cryptocurrency community due to his favorable stance on digital assets. He has promised to protect the right to hold Bitcoin and even declared support for the self-custody of cryptocurrencies. His recent acceptance of campaign donations in Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu has further solidified his pro-crypto image. Read more: PolitiFi Tokens Gain Traction as Trump Survives Assassination Attempt Trump's Crypto Holdings Soar Above $10 Million The Trump-themed memecoin MAGA (TRUMP) saw a 64% increase in value within 24 hours of the incident. Additionally, Trump's cryptocurrency wallet balance, which includes significant holdings in TROG, TRUMP, ETH, and WETH, rose to $10.8 million, despite being down from its peak of $31 million in early June. Bitcoin Price Prediction and Short-Term Outlook: Watch Resistance at $64,602 Trump’s assassination attempt and its impact on Bitcoin and the crypto market | Source: Santiment Analysts from blockchain intelligence platform Santiment attribute the price surge to a bullish sentiment surrounding Trump. The market's positive reaction reflects confidence in his potential victory and his supportive stance on Bitcoin and cryptocurrencies. Bitcoin's price action remains balanced between bulls and bears. A sustained break above the $64,602 resistance level is essential for confirming a bullish trend and potentially triggering a rally in the broader cryptocurrency market. However, a failure to hold above the 20-day SMA could lead to a retest of lower support levels. In the short term, Bitcoin is expected to trade between $61,000 and $62,000 until Monday. A breakout above $63,000 could initiate a rally toward the upper end of the trading range. Conversely, a rejection at the $61,000-$62,000 level may trigger a decline towards $55,000 and potentially $52,000. Conclusion The recent assassination attempt on Donald Trump has led to a significant surge in Bitcoin's price and an increase in his odds of winning the 2024 presidential election. The market's positive reaction reflects confidence in Trump's pro-crypto stance and his potential influence on the future of digital assets. As the situation develops, Bitcoin's price movements will likely continue to be influenced by Trump's political fortunes and broader market sentiment.
BlackRock Bitcoin ETF IBIT registered $121 million in inflows on July 10, adding 2134 BTC, according to a news report on CoinGape. The day before, BlackRock IBIT saw $187 million in inflows, acquiring over 3,300 BTC as the Bitcoin price dipped to $53,500 on Monday. Quick Take BlackRock IBIT has seen over $300 million in inflows in the past two days. BlackRock's IBIT ETF shares rose 2.49% on July 9, recovering after last month's sell-off. Grayscale's GBTC saw outflows of $37 million on Tuesday. BlackRock’s IBIT Holdings Grow By 2134 BTC Total inflows into Blackrock’s IBIT spot Bitcoin ETF | Source: X These events show Bitcoin ETFs are absorbing the selling pressure caused by the recent sales from the German government. Total inflows in US BTC ETFs hit a 3-week high. Long-term holders view the price dip as a buying opportunity. This week, BlackRock’s IBIT led all US spot Bitcoin ETFs in net inflows. On July 9, BTC ETFs had a net inflow of $216 million, with BlackRock’s IBIT contributing $121 million. Fidelity’s FBTC followed with $90.95 million in net inflows. Conversely, Grayscale’s GBTC had a single-day outflow of $37.5 million. Bitcoin ETFs Record Inflows for Third Straight Day Spot Bitcoin ETF inflows in June-July 2024 | Source: Watcher Guru US BTC ETFs capitalized on the recent BTC price drop. The share prices of spot ETFs had declined as BTC hit a four-month low earlier this week. However, with strong inflows, Bitcoin ETF share prices have recovered by 2-5% over the past two days. On Tuesday, the iShares Bitcoin Trust (NASDAQ: IBIT) surged 2.49% to 32.96. Despite trading at a 17% discount on the monthly chart, IBIT shares have gained 23.77% year-to-date. Other spot BTC ETFs in the US have also seen similar recoveries. Eleven US spot Bitcoin ETFs saw inflows for the third consecutive day on Tuesday, totaling $216.33 million. BlackRock’s IBIT was the top performer, securing $121.03 million. As of Wednesday, IBIT holds 312,565 BTC valued at $18.26 billion. Fidelity’s FBTC followed, gaining $90.95 million, increasing its holdings to 171,857 BTC worth over $10 billion. Fidelity’s FBTC and BlackRock’s IBIT Drive Bitcoin ETF Gains Recent inflows brought the total net inflows for US spot Bitcoin ETFs to $15.27 billion, according to sosovalue.xyz stats. BlackRock’s IBIT captured $121.03 million, followed by Fidelity’s FBTC with $90.95 million. ARKB from Ark Invest and 21shares accumulated $43.3 million, while Vaneck’s HODL gained $3.27 million. Conversely, Grayscale’s Bitcoin Trust (GBTC) lost $37.5 million, reducing its reserves to 274,142 BTC worth $16 billion. Bitwise’s BITB fund saw a $4.72 million decrease. BTCO, BRRR, EZBC, BTCW, and DEFI remained neutral with no inflows or outflows. Trade volume on July 9 was approximately $1.19 billion. The combined holdings of all 11 spot BTC ETFs amount to $50.79 billion, representing 4.45% of BTC’s total market cap. Fiduciary Alliance Bags BlackRock Bitcoin ETF Investment advisory firm Fiduciary Alliance LLC became one of the largest buyers of BlackRock iShares Bitcoin ETF (IBIT) in Q2 2024. A US SEC filing on July 10 revealed the company added 188,668 units of IBIT valued at $6.64 million. Fiduciary Alliance also purchased Grayscale Bitcoin Trust (GBTC) units worth $3.48 million. Grayscale recently saw $25 million in inflows due to 13-F filings by several institutional investors. City State Bank also revealed its Bitcoin exposure through IBIT and GBTC ETFs. Additionally, Fiduciary Alliance acquired shares in crypto-related companies, including Coinbase, MicroStrategy, and Tesla. They added 8,332 Coinbase shares valued at $1.89 million, $1.70 million worth of MicroStrategy shares, and $744,426 in Tesla shares. Northwest Capital Management, with $5 billion AUM, also entered the Bitcoin market through BlackRock’s iShares Bitcoin Trust (IBIT). Bitcoin Bulls Becoming Strong Amid Selloff BTC/USDT price chart | Source: KuCoin Institutional investors are buying the dip as Bitcoin bulls gain dominance. The Mt. Gox repayment and German government selloff are pulling Bitcoin lower. According to CryptoQuant CEO Ki Young Ju, custodial wallets accumulated 85K BTC in a month. “These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings,” he said. BTC price jumped 0.50% in the past 24 hours, trading at $57,748. The 24-hour low and high are $57,014 and $59,416, respectively. Trading volume decreased by 7% in the last 24 hours due to the upcoming CPI inflation data. Derivatives traders are buying, with total futures open interest surpassing $28 billion. CME BTC futures open interest rose to $8.27 billion, up more than 2.50% in the last 24 hours. Total BTC options open interest continues to rebound, currently valued at $16.5 billion. Conclusion The crypto market has been volatile, with recent Bitcoin ETF inflows and DeFi market trends having a significant impact. From June to July 2024, Bitcoin ETF flow patterns show a large influx of $650 million into top US spot Bitcoin ETFs, according to a report on Watcher Guru. This move coincides with the German federal police offloading their seized Bitcoin. The data from recent Bitcoin ETF flows includes periods of both positive and negative activity across various funds. Despite market fluctuations, the crypto ecosystem continues to grow and adapt. The launch of US ETFs tracking Bitcoin strengthens the connections between cryptocurrencies and traditional finance. However, it is important to remain aware of potential risks and uncertainties that may arise from this evolving landscape.
Bitcoin (BTC), the leading cryptocurrency by market value, experienced a sharp decline of over 17% in the past four weeks, dropping to $57,200. This decline caused significant volatility in memecoins and other risky digital assets. However, the broader market outlook remains optimistic, with several supportive macroeconomic factors suggesting a potential recovery once current supply pressures subside. Quick Take Bitcoin ETFs saw nearly $300 million in net inflows on July 8, indicating strong investor confidence despite recent market declines. The G-7 economies are in an expansion phase, encouraging investment in growth-sensitive assets like bitcoin. The U.S. CPI slowdown may lead to Fed rate cuts, potentially boosting demand for bitcoin. Technical analysis suggests BTC could soon gain upward momentum, with a crucial retest of the $58,000 resistance level on the horizon. BTC ETFs Record Almost $300M in Inflows Spot Bitcoin ETF inflows on July 8 | Source: CoinDesk On July 8, spot bitcoin exchange-traded funds (ETFs) saw nearly $300 million in net inflows, marking the highest buying activity since early June, according to a report from CoinDesk. BlackRock’s IBIT led the inflows, followed by Fidelity’s FBTC. Despite significant selling pressures from sources like the Mt. Gox repayments and German government BTC transfers, investors view these as buying opportunities. CoinShares reported digital asset investment products saw inflows totaling $441 million, reflecting confidence in the market's resilience. Read more: Mt. Gox Resumes Bitcoin and Bitcoin Cash Repayments Amid Market Uncertainty Bitcoin’s History Suggests 9% Average Returns in July Historically, July has been a bullish month for the crypto market, with an average return of 9%, according to a report on CoinDesk. This trend is expected to continue, bolstered by the positive macroeconomic indicators and renewed interest in Bitcoin ETFs. The recent inflows into BTC ETFs signal strong investor confidence, despite ongoing market turbulence. Bitcoin dominance | Source: TradingView Meanwhile, Bitcoin’s dominance has steadily increased over the past six months. The figure has been rising especially since the fourth Bitcoin halving which took place in April 2024. At the time of writing, Bitcoin dominance holds above 54%, an indicator of rising investor confidence in the leading crypto amid the downward market sentiment recently. Bitcoin Faced the Crucial Resistance at $58,000 Bitcoin's price remains in bearish territory, currently below the 200-day exponential moving average (EMA). The price is attempting to surpass the weaker resistance at $57,000. If successful, BTC is likely to rise and retest the stronger resistance at $58,000, which aligns with the 200-day EMA. Upwards Momentum on the Horizon BTC/USDT price chart | Source: TradingView On the weekly timeframe, BTC faces significant resistances that could potentially reject any rally. However, the stochastic RSI, a key indicator, is showing signs of a bullish crossover from the bottom, which occurs roughly every six months. This crossover is happening now, suggesting a potential momentum boost for Bitcoin. The stochastic RSI's double bottom on the weekly chart is a notable event. This pattern can provide a substantial momentum boost, potentially dragging Bitcoin back into a bull market uptrend. Despite a fakeout in early June, the current setup indicates that a revival could be underway, starting with this momentum shift. Other Macroeconomic Factors Supporting Bitcoin’s Uptrend Here’s a look at some other supporting macroeconomic factors from around the world that have also contributed to Bitcoin’s rebound above $57,000: G-7 Economies in Expansion Phase OECD composite leading indicators | Source: CoinDesk The G-7, a group of advanced economies, is currently in an expansionary phase of the business cycle, according to the OECD's composite leading indicator. This phase typically encourages investors to deploy funds into risky, growth-sensitive assets like bitcoin and stocks. The indicator has crossed above 100, signaling above-trend growth and acceleration, which bodes well for BTC and other risk assets. CPI Slowdown and Fed's Potential Rate Cuts The U.S. Bureau of Labor Statistics is expected to report a 3.1% annual increase in the consumer price index (CPI) for June, down from May's 3.3%. This slowdown indicates progress toward the Federal Reserve's 2% inflation target, increasing the likelihood of rate cuts. Such cuts could further drive demand for bitcoin. Historically, weaker-than-expected CPI prints have boosted inflows into bitcoin ETFs, supporting the cryptocurrency's market value. Read more: Bitcoin Price Experiences Slight Dip After Fed Decisions and CPI Data Wall Street's Tech Optimism NDX/SPX ratio at record highs, a bullish signal for Bitcoin? | Source: CoinDesk Wall Street's tech sector remains highly optimistic, as evidenced by the new record highs in the ratio between the Nasdaq index (NDX) and the broader S&P 500 (SPX). Since 2017, Bitcoin has moved in tandem with this ratio, often rallying when tech stocks outperform. The current surge in the NDX/SPX ratio signals a bullish outlook for Bitcoin. Investor Concerns and Market Reality Despite concerns about a potential meltdown in U.S. stocks, indicators suggest that the equity market is not in a bubble. Margin debt growth remains below equity market capitalization, and investor positioning in S&P 500 and Nasdaq futures is neutral. This stability, combined with a steady performance in gold, supports the broader macroeconomic environment, favoring assets like Bitcoin. Bullish Outlook for Bitcoin While the recent decline in Bitcoin's price has caused concern, the broader economic indicators and investor behavior suggest a potential recovery. The expansionary phase of the G-7 economies, expected CPI slowdown, and tech sector optimism on Wall Street provide a supportive backdrop for Bitcoin. Additionally, the significant inflows into BTC ETFs indicate a renewed interest in the cryptocurrency. As the market navigates through current challenges, Bitcoin's resilience and potential for growth remain strong.