Crypto Market Bouncing back?
Bullish or Bearish?
Hey, Degens!!
The crypto market is heating up with Bitcoin at $57,000, altcoins in the green, and whales on the move. Is a bull run coming? Let's dive in!
Crypto Market Overview:
The total market cap is up by 2.4%.
Trading volume has dropped by 46.3%, currently at $104 billion.
We’ve seen an inflow of 1,116 BTC since midnight.
The index has shifted from extreme fear to fear, now at 29.
The sentiment shows a slight recovery, with Bitcoin up 2.59% and Ethereum up 5.5%.
US Market Performance:
The S&P 500 and NASDAQ-100 are showing some volatility.
We’ll need to watch the CPI data closely. If the numbers come out poorly, it could lead to further market downturns.
ETF Developments:
There’s been significant selling in Bitcoin ETFs. BlackRock hasn’t made any new buys, and the total outflow has reached $148.5 million recently.
In contrast, Grayscale has seen a decrease in Ethereum holdings, which could signal a positive trend.
Whale Purchases: Over the past two days, Bitcoin whales have acquired more than 30,000 BTC, valued at about $1.62 billion, leading to a decrease in Bitcoin supply on centralized exchanges.
Market Outlook: Veteran trader Peter Brandt suggests that Bitcoin may be forming a potential rebound after hitting a psychological support level around $49,000, but warns that significant price movements could take weeks to manifest, reflecting patterns from previous cycles.
Ideal Entry Point: Crypto analyst Markus Thielen from 10x Research suggests that Bitcoin should ideally drop to the low $40,000s for investors to make optimal entries before the next bull market, expecting a major rally at that price point.
Consensus Among Analysts: Other analysts share the sentiment that Bitcoin could fall into the $40,000 range in the coming months, with some predicting potential prices of both $40k and $80k within 60 days.
Important Updates on Binance
Binance received a GST notice for ₹772 crores due to unpaid taxes while operating in India.
This is a critical update because it signals that regulatory scrutiny is increasing. Other exchanges may face similar issues.
Smaller exchanges may struggle more than Binance to handle such large tax notices. This could affect their operations and profitability.
Public Companies Raising to Buy More BT
Metaplanet, a prominent Japanese public company, is set to raise $70 million through stock offerings to boost its Bitcoin holdings, currently valued at $13.4 million.
This ambitious move follows MicroStrategy's $2 billion fundraising plan and Semler Scientific's $150 million initiative.
US Election 2024
Kamala Harris Leads National Polls: Kamala Harris is ahead of Donald Trump in national polls for the 2024 U.S. election, with mixed results in key battleground states. She has selected Tim Walz, Governor of Minnesota, as her running mate.
Crypto4Harris Campaign Boost: Supported by figures like Mark Cuban and Anthony Scaramucci, the Crypto4Harris group aims to garner cryptocurrency community support for Harris. A town hall on August 14 will discuss a crypto-friendly policy framework.
Eric Trump's Crypto Move: Eric Trump, son of former President Donald Trump, hints at a significant upcoming announcement in the crypto and DeFi spaces, showcasing growing political interest in digital assets.
Interview with Elon Musk: Trump plans to interview tech mogul Elon Musk, focusing on Bitcoin and the election, further cementing his pro-crypto stance.
I remain bullish! The crypto market is heating up, with Bitcoin at $57,000 and sentiment turning positive. Keep an eye on market fluctuations and regulatory updates, particularly with Binance and ETF developments.