The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence.
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The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As Ethereum ( ETH) and Bitcoin (BTC) negotiate these difficult waters, their mechanics as well as the risk of trend reversals are impacting each other.
BTC up in the last month. Source: Coingecko
According to Santiment statistics, since March 2023 the proportion of positive to negative comments about Bitcoin has climbed to its highest level. Seeing an all-time high within reach once more, investors are becoming more hopeful about the future of cryptocurrencies as they stay at $66,882.
Market Dynamics: Ripple Effect Of Ethereum ETFs
Ethereum exchange-traded funds (ETFs) have greatly raised market liquidity, therefore affecting overall stability. Not just Ethereum but also unintentionally Bitcoin has been impacted by this influx. Having a market valuation of $1.32 trillion and a 55% market domination, traders are closely watching how these events might change market dynamics.
Bitcoin is now trading at $66,845. Chart: TradingView
Though it recently surged, the price of Bitcoin has declined by 1.36% during the previous day. This fall underlines how erratic the crypto sector is. Given changing opinions and uncertain circumstances, investors find it challenging to precisely predict short-term swings. However, the growing hope for Bitcoin suggests a revival of virtual currency interest and confidence.
$BTC is very close to the Crucial 70k Resistance and is on the Cusp of Broadening Wedge Upside Breakout.
As the 70k Resistance weakens with each test, a Breakout is expected this time.
Forecasts By Analysts: Breaking Limits, Scaling New Heights
Renowned bitcoin guru Captain Faibik has given a positive future price estimate for the coin. According to Faibik, Bitcoin is poised to test once more the crucial $70,000 resistance level. Historically a major barrier, this level seems to be becoming simpler with every test that comes around. Faibik says this declining resistance suggests a potential upward breakthrough shown as a broadening wedge.
A spreading wedge technical chart pattern suggests that the price of an asset could be poised to break out. A breakthrough is looking more plausible as Bitcoin approaches the $70,000 barrier level. According to Faibik, should Bitcoin be able to pass this obstacle, by August it might be valued beyond $80,000. This hopeful forecast is based on the trend of declining resistance, which generally indicates an approaching breakout and consequent price rise.
Bitcoin seems to be going to have a notable increase in the following weeks. Although the price of the alpha coin is now 31% below the projection for the next month, short-term indicators show a positive trend that may cause the price to rise. Investors are preparing themselves for a probable resurgence as the market responds to several positive signals and increasing demand.
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Based on CoinCheckup data, major resistance levels might be challenged soon; support is concentrated around the current trading price. For the expected climb, this projection provides a strong basis. Forecasts show a notable upward trend as Bitcoin will increase by 45% during the next three months.
Featured image from Pexels, chart from TradingView
After hitting an all-time high of $73,400 in March 2024, the Bitcoin price has since retraced, remaining below its all-time high for the last four months. Nevertheless, expectations remain high that the Bitcoin price will eventually recover and hit a new all-time high, with crypto analyst “Melikatrader94” on TradingView predicting another run to $77,600.
Bitcoin Turns Bullish On The Charts
In the analysis that was shared on the TradingView website, crypto analyst Melikeatrader94 revealed her thesis for why the Bitcoin price could be headed to a new all-time high. The major reason behind the prediction is bullish chart patterns.
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The crypto analyst pointed out that the Bitcoin price had successfully broken out of a descending trend line. This is important because such a break indicates a return of bullish pressure, causing the price to go up. From here, Bitcoin could push toward its current all-time high price.
Furthermore, there have been multiple confirmations on the chart, suggesting that the resulting rally from this descending trend line break could be incredibly strong. The crypto analyst points out that there will be corrections along the way. But ultimately, the direction for the Bitcoin price from here is up.
Targets For The BTC Price
With the Bitcoin breakout from the descending trend line, the crypto analyst believes that the price will rise to a new all-time high of $77,604. However, this is not going to be a completely easy path for Bitcoin as major resistance levels lie ahead.
For starters, the crypto analyst believes that the BTC price risks a downward correction when it eventually gets to $70,000. This makes it the first major level to clear in the road to a new all-time high before encountering another resistance.
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If Bitcoin is able to beat $70,000, then it is expected to reclaim its current all-time high above $73,400. However, it faces major resistance just a short distance away. The analyst’s next resistance level lies at $73,612. Due to this, the analyst believes that both $70,000 and $73,612 could serve as possible re-entry points.
Going by the crypto analyst’s prediction, the Bitcoin price could see a notable 15% jump in price from its current level. Furthermore, the BTC price hitting a new all-time high would be positive for the crypto market given that the pioneer cryptocurrency is the established market mover and altcoins follow its path.
Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin.
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The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price.
Price Momentum Flips Positive
Crypto analyst Ali Martinez highlighted an intriguing phenomenon with the hash ribbon indicator on social media platform X. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive.
The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health. When the 30-day moving average drops below the 60-day, it indicates miner capitulation; when it crosses back above, it signals recovery and potential bullish price action.
As shown by the price chart below, the last miner capitulation began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average crossing back up, suggesting that miners are now at a bullish outlook.
Bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily revenue from an average of $70 million pre-halving to $30 million post-halving. This revenue drop forced many miners to sell their BTC holdings to cover operational costs. However, recent data indicates that miner capitulation may be nearing its end, as increased activity on the Bitcoin network pushed daily miner revenue back above $40 million.
Bitcoin is now trading at $67,492. Chart: TradingView
Positive Bitcoin Comments Reach Highest Level In 16 Months
Still in the spirit of bullishness, crypto on-chain intelligence platform Santiment noted Bitcoin’s bullishness among market participants is now at its peak. Santiment’s data reveals that the ratio of positive versus negative comments about BTC on social media has surged to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high.
This surge in positive sentiment can be attributed mainly to the favorable mentions of Bitcoin at the recently concluded Bitcoin conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. reiterated his bullish stance on Bitcoin.
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Additionally, former president and current Republican nominee Donald Trump altered his previous stance on Bitcoin and expressed support for the cryptocurrency. Trump also promised to fire SEC Chairman Gary Gensler, who is known for his very strict approach towards Bitcoin and other cryptocurrencies, if elected president.
The combination of political support and positive sentiment on social media has fueled mentions of Bitcoin reaching a new all-time high in August. At the time of writing, Bitcoin is trading at $67,500.
Featured image from Vecteezy, chart from TradingView
Trump’s speech is an hour behind. A half hour into the wait, restless attendees start chanting “Trump.” The woman sitting in front of me murmurs her own chant:
“Bitcoin, bitcoin—that’s what they should be chanting.” She must have gotten the memo: It’s not a Trump rally; it’s a bitcoin rally.
When Trump finally takes the stage to “God Bless the USA,” he basks in the glory of his standing ovation, “thrilled…to become the first American president ever to address a bitcoin event.” His next step is to pander to his supporters in the audience. “This is the kind of spirit that will help us make America great again. I stand before you today filled with respect and admiration,” for what he later calls all the “high IQ individuals” in the room. He reiterates past promises (freeing Ross on day one, never creating a Central Bank Digital Currency) and tacks on some new ones (the plan for a US strategic bitcoin reserve, which senator Lummis details in a brief speech after Trump’s; the firing of SEC chairman Gary Gensler, a crypto industry nemesis). He promises no one in the industry will have to move to China for jobs and says we’ll continue to use fossil fuels. We’ll have so much electricity, he says, “you’ll say please, please Mr. President … no more electricity, sir, we have enough!”
He disses his political opponents, as per usual, and promises no one in his administration will “go woke,” a sentiment he maybe knows will resonate with the bitcoin crowd. But he shows an even better understanding with a basic appeal to audience’s wallets: Under his leadership, “bitcoin and crypto will skyrocket like never before.” The crowd goes wild.
Exiting the conference center after the speech, I spot a dollop of side-swept orange hair disappearing down the escalator. I follow him.
“It was a very orange talk,” the Trump impersonator, Atlanta-based comedian Josh Warren says when I ask how the keynote went, immediately pretending to be Trump. “We’ve been asking people who’s more orange, RFK or me, and it’s coming astoundingly that I’m still the orange man.”
Warren’s not a bitcoin guy, but his shtick got a better reception here than at the Libertarian National convention in DC. When I ask about his vote, he says it’ll be “for comedy.”
“We’re just here to disrupt the status quo. Humanity is killing comedy,” he says, seriously, before jumping back into the Trump act to add how the “deep state doesn’t want you talking about things that make you think anymore.”
In his introduction to Trump’s keynote, Bailey had called bitcoin “not a red party thing. It’s not a blue party thing. It’s an orange party thing [referencing the color of the bitcoin logo].” Before he joked that an orange party should be run by an orange man, he had a point. Bitcoin 2024 ticketholders aren’t necessarily people who would define themselves as Trump enthusiasts, though the majority that spoke to WIRED seemingly plan to vote for him. Moreso, they’re people who have traditionally distrusted the government, an opinion that more mainstream swathes of society now share.
“I was born conservative, went to liberalism. Now, going back to conservativism, mainly because of what I’ve seen in our country recently,” says Andrew Campbell, who drove in from Texas and sports a bitcoin pin along with his naturally bitcoin-orange hair. “I think we’ve gone too far left, and we need to snap back a little and recenter.”
Former president Donald Trump outlined a plan to turbocharge crypto growth and make the US a crypto mining powerhouse in his keynote address to the 2024 Nashville Bitcoin Conference on Saturday.
Trump announced that if elected, he would create a strategic bitcoin reserve in the US. “It will be the policy of my administration to keep 100 percent of all bitcoin the US government currently holds or acquires in the future … as a core of the strategic national bitcoin stockpile,” he said.
This move confirmed rumors spread by bitcoin enthusiasts who are hopeful that endorsement of a reserve from Trump could bolster the price of the cryptocurrency.
Trump also announced plans to appoint a bitcoin and crypto advisory council, whose task would be to “design transparent regulatory guidance to the benefit of your industry” in the first 100 days of his next presidency. He said he wanted the US to become the “crypto capital of the world.”
Trump also pledged to create a framework for ensuring the safe expansion of stablecoins, “allowing us to extend the dominance of the USD to other places around the world,” and doubled down on his vow to scrap any effort to create a Central Bank Digital Currency (CBDC) or digital dollar, saying “there will never be a CBDC while I’m president of the United States.”
“I will always defend the right to self-custody,” he told the exultant crowd. What got perhaps the biggest cheer was a day one promise to fire Securities and Exchange Commission chair Gary Gensler.
“The moment I am sworn in, the persecution stops and the weaponization against your industry ends,” he said, name-checking Democratic senator Elizabeth Warren of Massachusetts as the industry’s sworn enemy.
He promised to make regulations friendly to crypto mining operations in the US, so workers wouldn’t have to “move to China.” Trump promised, again, to free Ross Ulbricht, imprisoned for life for his involvement with online underground market Silk Road, where people could buy items like illegal drugs before it was shut down in 2013.
The crowd expected the bitcoin strategic reserve announcement. On July 22, Senator Cynthia Lummis of Wyoming posted “Big things … in store this week” on X, two days before Fox Business reported she would “announce legislation for a strategic bitcoin reserve” at the conference.
Lummis appeared before the crowd just after Trump walked off to announce a “present to President Donald Trump”: the bitcoin reserve bill she’d been drafting.
“This is our Louisiana Purchase moment,” she said, elaborating that the bill would take “the bitcoin President Trump just mentioned and pull it into the reserve—[and] that’s only the beginning.”
“Over five years, the United States will assemble 1 million bitcoin,” she added, “Five percent of the world’s bitcoin, and it will be held for a minimum of 20 years and can be used for one purpose—reduce our debt.”
Bitcoin has remained the most used cryptocurrency by criminals, even with the rise of privacy coins like Monero.
According to the recent Europol Internet Organized Crime Threat Assessment report, financial crimes are also still the main illicit crypto use.
Bitcoin’s Popularity with Criminals Sparks Concerns
Bitcoin has been the preferred asset for ransomware groups due to its accessibility for non-savvy users compared to alternatives like Monero (XMR). Despite this, criminals often convert Bitcoin to stablecoins to avoid market volatility, particularly when obtained through investment fraud.
According to the report, the increasing prices of cryptos and media attention have led to a surge in fraudulent investment schemes. Cryptocurrencies, particularly the U.S. dollar-pegged stablecoin Tether (USDT) on the Tron (TRX) network, are frequently reported in such schemes, likely due to the network’s low transaction fees.
In addition, altcoin use in illicit activities has surged, with underground banking and crypto debit cards gaining popularity for quick conversion to cash at automated teller machines (ATMs).
There’s also a growing trend of using encrypted messaging apps for cash-to-crypto exchanges, allowing criminals to bypass compliance checks and conceal their identities.
Meanwhile, Europol expressed concerns about the approval of spot Bitcoin ETFs, saying they could open new avenues for scammers. Moreover, companies issuing these ETFs hold significant crypto reserves, making them attractive targets for fraudsters.
Monero is Gaining Traction Among Criminals
While Bitcoin remains the preferred crypto for ransomware groups, Europol’s report highlights the rising use of Monero (XMR) as an alternative. Monero’s privacy features make it an optimal choice for criminals looking to conceal their funds.
In January 2024, a significant crypto-jacking operation was uncovered in Ukraine. The operation had covertly mined over €1.8 million ($1.95 million) worth of cryptos. While the scheme primarily focused on mining Monero, it also included Ethereum (ETH) and Toncoin (TON).
The report emphasized that the decentralization inherent in Web3, blockchain technology, and peer-to-peer (P2P) networks creates environments conducive to cybercrime. These technologies enable transactions to be conducted anonymously and beyond the reach of authorities. Europol warned that as these decentralized systems continue to evolve, they will increasingly facilitate cybercriminal activities.
Europol noted law enforcement’s challenges in tracking and prosecuting such activities, especially when virtual asset service providers are non-compliant and offshore-based. This is due to privacy laws, especially concerning end-to-end encryption (E2EE) communication platforms, which prevent law enforcement agencies from accessing any criminal communications.
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Republican presidential nominee and former U.S. President Donald Trump walks off stage after speaking at a campaign rally at the Van Andel Arena in Grand Rapids, Michigan, on July 20, 2024.
Anna Moneymaker | Getty Images
NASHVILLE — Former President Donald Trump said that if he were returned to the White House, he would ensure that the federal government never sells off its bitcoin holdings. But he stopped short of proposing a formal federal reserve of digital currency.
“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump said during his keynote speech at this year’s Bitcoin Conference in Nashville, the biggest bitcoin conference of the year.
The former president’s remarks cameas the race to capture the votes and the campaign cash of America’s frontline fintech adopters takes center stage in the 2024 presidential contest.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world and we’ll get it done,” Trump said.
But Trump’s pledge to simply maintain the U.S. government’s current bitcoin holdings was a less radical pitch to the crypto crowd relative to other proposals at the conference.
Third-party candidate Robert F. Kennedy Jr., for instance, during his Friday Bitcoin Conference speech promised to launch a reserve of 4 million bitcoin, starting with the bitcoin holdings that the U.S. government already has stockpiled from criminal seizures. Kennedy said he would mandate the government purchase 550 bitcoin a day until the reserve reached 4 million.
Shortly after Trump’s speech, Sen. Cynthia Lummis, R-Wy., read out her own legislative proposal to amass an official U.S. federal reserve of 1 million bitcoin over five years.
“It will be held for a minimum of 20 years and can be used for one purpose: Reduce our debt,” Lummis said.
The price of bitcoin briefly dipped during Trump’s speech, but recovered and was up slightly for the day, as of 5:15 p.m. E.T.
Throughout his remarks, the former president worked to draw contrasts between the Republican Party’s growing embrace of crypto versus the hardline regulatory approach that has characterized the Biden administration.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country,” Trump said. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”
Trump went on to list a series of crypto-friendly promises to a crowd of cheering bitcoin supporters, promising to dismantle what he called the “anti-crypto crusade” of President Joe Biden and Vice President Kamala Harris.
“On day one, I will fire Gary Gensler,” Trump said, referencing the Biden-appointed chairman of the Securities and Exchange Commission who has taken an aggressive approach to crypto regulation.
The president does not have the power to fire appointed commissioners. Even if Trump were to appoint a new SEC chairman, Gensler would remain a commissioner on the independent agency.
The former president also pledged to create a “bitcoin and crypto presidential advisory council.”
“The rules will be written by people who love your industry, not hate your industry,” Trump said.
The Republican presidential nominee also held an accompanying fundraiser in Nashville, with tickets topping out at $844,600. In June, BTC Inc. CEO David Bailey, who organized the conference, pledged to raise $100 million and turn out more than 5,000,000 voters for the Trump re-election effort, as the bitcoin sector increasingly turns to the Trump camp for support.
Trump taking the main stage to directly address the bitcoin community is the latest in a months-long campaign to appeal to the crypto contingent, including accepting donations in virtual tokens, pledging to end President Joe Biden’s “war on crypto,” and advocating that all future bitcoin be made in America. It is also quite the about-face by the Republican presidential nominee.
Trump very publicly dismissed bitcoin when he was in the White House. In July 2019, he said he was “not a fan” of bitcoin and other cryptocurrencies. He said that tokens aren’t money, that their value was “based on thin air,” and warned that unregulated crypto assets could help facilitate the drug trade, among “other illegal activity.”
“Bitcoin just seems like a scam,” he told Fox in a phone interview in 2021. “I don’t like it because it’s another currency competing against the dollar.”
“I want the dollar to be the currency of the world, that’s what I’ve always said,” continued Trump in his conversation with Fox.
But five years, a lost presidential election, and millions of dollars from the crypto lobby later, the Republican presidential nominee sung the praises of the digital currency at the biggest bitcoin conference of the year in Nashville, which kicked off on Thursday.
“Bitcoin stands for freedom, sovereignty and independence from government coercion and control,” Trump said during his keynote speech.
Trump’s shift on bitcoin comes as the Republican Party pledges to lift the red tape of the Biden-Harris administration, working to turn crypto regulation into a voting issue for November, especially as inflation consistently ranks as a top voter priority in polls.
As crypto lobbyists and supporters become more of a presence in Washington, it raises questions on whether the Democratic Party will dig into the hardline regulatory approach of the past several years or ease its position.
“Every presidential candidate needs to understand, digital asset, pro-innovation voters are here to stay,” Democratic Rep. Wiley Nickel of North Carolina told CNBC in an interview, adding that crypto regulation should not become a “partisan political football.”
“I want to keep this as a bipartisan issue. I don’t want Donald Trump to politicize this issue,” Rep. Nickel said.
Rep. Ro Khanna, D-Ca., echoed Rep. Nickel’s sentiment, saying that crypto should not turn into a partisan talking point but will require regulation like any technology.
“I don’t really see why it’s partisan. Being against bitcoin is like being against cell phones. It’s like being against AI. It’s like being against laptops,” Khanna told CNBC. “It’s a technology. Have thoughtful regulation on the technology, but it’s a technology that has appreciated from about $10,000 to $80,000.”
Reps. Khanna and Nickel were two of the only Democrats to attend the Bitcoin Conference.
Bitcoin 2024 conference organizers say they were briefly in talks to have Vice President Kamala Harris appear at the conference, though she ultimately declined. But billionaire businessman Mark Cuban posted on X that the Harris campaign had reached out with questions about crypto, so it appears the vice president is looking into this space and potentially figuring out where her policies, if elected president, could land.
“I think we’re going to hear from Vice President Harris soon on this. And I’m very optimistic we’re gonna get a reset. And that I think, will matter in a major way,” Rep. Nickel said. “This issue isn’t going anywhere. And we’ve got to make sure we continue to embrace this in bipartisan way.”
Harris’ team has already begun to reach out to people close to crypto companies to set up meetings, the Financial Times reported on Saturday.
The recent thaw in Trump’s sentiment for the digital asset space has coincided with a sudden influx of interest and cash from the country’s top tech talent.
He has raised more than $4 million in a mix of cryptocurrencies, including bitcoin, ether, the U.S. dollar pegged stablecoin USDC, and various memecoins, with contributors hailing from 12 states, including a few battlegrounds.
Crypto billionaire twins and venture investors Tyler and Cameron Winklevoss led the charge, each contributing 15.57 bitcoin, or just over $1 million at the time of their donation, according to a filing with the Federal Election Commission — though they received a partial refund, because contributions surpassed the $844,600 limit.
There are a number of other venture capitalists who are pro-crypto, and they’ve pledged millions to the Trump campaign, as well.
Venture capitalists Marc Andreessen and Ben Horowitz told employees of Andreessen Horowitz (a16z) that they plan to make significant donations to political action committees supporting Trump’s campaign. The partners of Sequoia Capital are backing Trump, as is venture investor David Sacks, who helped the former president raise $12 million at a fundraiser he hosted in his San Francisco home. The chief legal officers for centralized crypto exchange Coinbase and blockchain giant Ripple were both there.
These members of the tech elite are also heavily contributing to pro-crypto super PACs like Fairshake, which has raised more than $200 million dollars to elect pro-crypto candidates up and down the ballot, and on both sides of the aisle.
But reporting from NBC News finds that the vice president’s team is looking to win over support from some of big tech’s undecided donors, many of whom remained on the sidelines while President Joe Biden remained in the race. Their tune may be changing now that the vice president is the de facto nominee for the party.
It helps that Harris has a long track record in California.
She has been fundraising in the tech community for years, including from those working at Amazon, Alphabet, Microsoft and Apple.
“The pivot that has occurred in the last three days is dramatic,” Steve Westly, a venture capitalist and one-time gubernatorial candidate for California, told NBC News. “I don’t think I’ve ever seen such a surge of enthusiasm in any campaign I’ve been involved with.”
This comes as Trump’s running mate for vice president, JD Vance, is set to hold a fundraiser of his own in Palo Alto on Monday.
— CNBC’s Rebecca Picciotto contributed to this report.
Kennedy proposes that the federal government should buy Bitcoin until its holdings match the value of the nation’s gold reserves.
US gold reserves are currently around 8,133 tonnes, which is worth around $615 billion. So, this amount of Bitcoin would equate to roughly 9.4 million BTC, which is almost 45% of the total supply.
“I would like to have the federal government begin to buy Bitcoin and to, over the term of my term of office, ultimately have an equivalent amount of Bitcoin that we have gold because Bitcoin is an honest currency.”
His comments came in an interview this week with Custodia Bank CEO Caitlin Long and YouTuber Scott Melker.
RFK Jr. Big on Bitcoin
“Bitcoin was a unique invention, and it was intended to reproduce the intrinsic value of gold,” he said before adding that “it has the advantage over gold in that it is infinitely divisible, and so it is an ideal currency.”
He also said that he was happy that rival presidential candidate Donald Trump had pivoted to crypto.
“I couldn’t be more happy that Trump has publicly committed to Bitcoin; it’s a new issue for him, and he has not been committed to it in the past,” he said.
Kennedy called Bitcoin an “honest currency” based on proof-of-work and decentralization, adding that he plans to back government fiat currency and debt with a basket of hard currencies, including gold, silver, and BTC.
He suggested a new class of Treasury bills that could be anchored to that basket by 1% in its first year, 2% in the second year, and ultimately 100% over time.
“If we want to save our democracy, we need to decentralize it,” he said before adding that Bitcoin is honest “because there is nobody in charge.”
“Americans who are buying Bitcoin understand that there’s a real link to ending government corruption, to property rights, to personal freedoms, to self-sovereignty, to decentralization … all the things that we care about.”
“A lot of my personal net wealth is now in Bitcoin because I just love the beauty of it,” he said.
Trump’s BTC Treasury
The crypto community rumor mill is awash with stories about what Donald Trump may say at the Bitcoin Conference, which is currently taking place in Nashville.
Rumor has it that Trump may announce a strategic Bitcoin treasury at the conference when he speaks. Rival presidential candidate Kamala Harris will not be attending and is reportedly not fond of crypto, although she has had to catch up on it to attract voters.
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Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.
Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.
Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.
One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.
Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.
Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.
However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.
Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.
With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.
Recent analysis from QCP Capital indicates a marked shift in derivatives market sentiment, signaling that options traders are bracing for further declines in Bitcoin value.
Dissecting the Bearish Sentiment
The derivatives market has experienced a notable shift over the past day, with the implied volatility in Bitcoin options decreasing.
This indicates that traders are worrying more about the possible downside risks. According to a note from analysts at QCP Capital, the spread between call and put options has tightened by three volatility points. QCP Capital noted:
While spot prices remain muted, the options market is painting a different picture. 26 Jul vols made an impressive 8-vol rally with RR dipping by 3 vols signalling caution to the downside.
This contraction reflects growing market caution as traders prepare for possible Bitcoin price declines amid increasing sell-pressure. Notably, the US government moving Bitcoin to exchanges like Coinbase and MtGox creditors beginning to receive their redistributed assets via Kraken, are contributing factors.
These movements have injected substantial Bitcoin into the market, potentially suppressing prices further. QCP Capital’s analysts added:
With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections.
The Positive Bitcoin Signal
Amid the bearish sentiment from the derivative market shared by QCP Capital, some other Bitcoin metric suggest quite an opposite sentiment—Bullish.
According to a CryptoQuant author on the QuickTake platform, there has been a significant increase in Bitcoin withdrawals from Kraken.
This is particularly noteworthy as it comes at a time when Mt.Gox creditors are receiving their funds from the Kraken exchange. The analyst noted:
This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets. Although the volume is not high, over 5K $BTC (USD 329.192.018$) have been withdrawn in the last 24 hours.
Meanwhile, regardless of the mixed signals from both QCP Capital and the CryptoQuant analyst, BTC itself is still maintaining a crucial mark price above $66,000.
Although the asset briefly traded at $67,073 earlier today, Bitcoin has now retraced slightly, trading for $66,705 at the time of writing.
According to prominent crypto analyst RektCapital, so far, not only has BTC successfully retested the old all-time high (ATH) major resistance area, but the asset now has a chance to “form a new Higher High for the first time in months.”
Bitcoin movements from the rehabilitation trustee of the defunct crypto exchange Mt. Gox are still ongoing. The wallet linked to the defunct entity just moved $2.47 billion worth of bitcoins (BTC) to an unknown address.
According to data from the blockchain intelligence platform Arkham, the wallet transferred 32,371 BTC to the unlabelled address at around 04:46 am UTC. The stash was initially worth $2.47 billion, but bitcoin’s 24-hour plunge of nearly 1% has reduced its value slightly.
Mt. Gox Continues Creditor Distributions
Over the last two weeks, the Mt. Gox trustee has sent bitcoins to exchanges involved in its creditor distribution plan. These entities include Kraken and Bitstamp. One has received the funds to be distributed to creditors, and the other is still involved in the process.
Kraken told affected parties on July 16 that it had received $3.1 billion worth of BTC and Bitcoin Cash (BCH) from the Mt. Gox rehabilitation trustee and would begin distribution within the following seven to 14 days. On July 23, Mt. Gox creditors confirmed Kraken had begun distributions as promised.
On the other hand, Bitstamp is still receiving the assets to be distributed to creditors. So far, the defunct entity has transferred more than $657 million worth of BTC to addresses linked to Bitstamp, of which $156 million was moved yesterday. Arkham said $335 million of the funds moved this morning would be distributed to Bitstamp addresses. The exchange has promised to repay creditors shortly after receiving the total assets.
More Distributions Coming
Yesterday, Mt. Gox moved $2.85 billion worth of BTC to new wallets in preparation for more distributions. Such large moves often precede transfers to involved exchanges for creditor payouts. Kraken and Bitstamp are some of the five trading platforms involved in this process. Others are bound to receive their assets with time.
At the time of writing, the Mt. Gox wallet address held about 90,344 BTC worth roughly $5.99 billion at market prices. Bitcoin was trading at $66,400.
Meanwhile, creditors’ potential sale of the Mt. Gox bitcoins has stirred some fear, uncertainty, and doubt in the crypto space, but analysts insist that the impact on the market is overestimated.
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The long-awaited Ethereum Exchange-Traded Funds (ETFs) are finally live, registering over $100 million in volume in the first 15 minutes. Investors expect to see the launch’s impact on the crypto market, while some market watchers believe ETH ETF’s performance will kickstart the Altcoin season.
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Ethereum Spot ETFs Are Officially Live
On Monday, the US Securities and Exchange Commission (SEC) gave the final nod to Ethereum spot ETFs, setting the launch date for Tuesday, July 23. After the approval, investors raised the alarm following some online reports.
Per Whale Alert, Grayscale has transferred $1 billion in ETH to Coinbase Institutional. This led many investors to fear that the digital asset manager’s transaction would add selling pressure to the asset and affect its price performance ahead of the launch.
However, ETF expert Eric Balchunas offered some relief to investors after pointing out that Grayscale didn’t move the tokens to dump them. The firm transferred the 292,262 Ethereum “from $ETHE to its mini-me = $ETH.” Balchunas considers it “a new variable in this race that we didn’t have in the btc race.”
The initial numbers have been released now that the highly anticipated products are live. Balchunas shared on X that the Ethereum ETFs saw $112 million in the first 15 minutes of trading. This number increased to $361 million total after 90 minutes.
The Bloomberg expert praised the volume, calling it a “solid showing” regardless of being 20-25% of Bitcoin (BTC) ETFs numbers. Despite the healthy performance, ETH remains hovering between the $3,440 and $3,540 price range.
Are ETH And Altcoins About To Take Off?
Ahead of the launch, some market watchers anticipated that the ETFs’ performance could kickstart an upswing for Altcoins. According to several analysts, the Altcoins chart shows similarities to the 2016-2017 performance, suggesting that the Altseason is “brewing.”
To Crypto Jelle, “Altcoins are still following the traditional bull market preparation playbook.” Per the macro chart, altcoins broke from the accumulation zone and chopped around key support levels during previous cycles.
ETH’s chart shows similarities to previous bull runs. Source: Crypto Jelle on X
The “pre-bull market consolidation” was followed by a take-off that propelled cryptocurrency prices to new highs. Jelle pointed out altcoins are currently in the consolidation zone, similar to past cycles. He also suggested a new take-off “shouldn’t take long” after Ethereum ETFs’ launch.
Crypto trader MikyBull also highlighted the similarities between the previous cycles, which suggest that a “huge Altseason is brewing.” To the trader, the recent “fake out” made investors believe that this cycle’s Altseason “has been written off,” but he expects altcoins to “pull a 2017 kind of explosive” rally that follows the same PA path.
The trader considers Ethereum’s price might be positively affected by ETH spot ETFs. This performance will be the primary driver for the “huge rally in the coming months.” Additionally, he set a band price target of $10,000 for ETH.
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Other market watchers suggested that investors must remain serene if a price drop occurs. Pseudonym analyst and trader Moustache called for patience as “it’s only a matter of time.” “Ethereum chart looks like it did in the last cycle, just before the Altcoin bull market started,” he added.
As of this writing, the second-largest cryptocurrency by market capitalization is trading at $3,419, a 1.1% decline in the last 24 hours.
Ethereum’s performance in the three-day chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s price surged back above $66,000 on Friday, reclaiming its highest market value since early June.
The digital asset ripped from $64,102 at 13:27 UTC on Thursday up to $66,472 at 17:00 UTC. It trades for $66,332 at writing time.
This is the highest price Bitcoin has achieved since early June, shortly after the Securities and Exchange Commission (SEC) approved Ethereum (ETH) spot ETFs for listing on national securities exchanges. Experts say the first set of Ethereum ETFs are set to launch early next week.
As Bitcoin surged, ETH is up 2.3% on the day to $3,488, and Solana (SOL) is up 7.9% to $169. According to Coinglass, over $131 million in liquidations have occurred across the crypto market in the last 24 hours. That includes 42,000 affected traders.
The surge arrives during a worldwide computer outage that’s impacted the operations of several banks, airlines, TV stations, and other businesses.
The problem, stemming from cybersecurity firm CrowdStrike, arose after the firm pushed out a defective upgrade that left several of its partner’s computers – including Microsoft’s Windows-based computers – unable to turn on.
Due to Bitcoin’s decentralized nature, the blockchain network has remained fully functional.
“Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin,” tweeted Republican Senator Cynthia Lummis on Friday. “Vires in Numeris.”
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Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.
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Crypto Community Clueless On Meeting Cancellation
There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.
There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs.
Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events.
XRP market cap currently at $30.9 billion. Chart: TradingView.com
Market Experts Keep A Close Eye On The Altcoin
Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.
The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%.
$XRP (Ripple) is RIGHT NEAR a point of BREAKOUT 🤯!
If the past is any indication, another rise could be coming soon. According to Javon’s prediction, the price of XRP could climb to a level above $237. Even though this prediction is very high, it fits with how things have been in the past and shows that things could go up from where they are now.
XRP: Resistance And Support
The technical indicators at hand provide XRP buyers with a mixed bag of data. In terms of support, the altcoin is still higher above the 50% Fibonacci retracing line and the 100-hour Simple Moving Average. Strong support is spotted at $0.5820 and $0.5850. These figures are quite significant as they highlight major areas where the price may settle and maybe even rise.
On the other hand, the coin meets strong opposition at different levels. Right now, there is resistance around $0.620. There are also bigger blocks at $0.6350, $0.6420, and possibly even $0.6550 and $0.680.
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If there is a clear break above these support levels, more gains could happen. But if XRP fails to break through these levels, there may be a drop to the downside. The price is likely to find support near $0.600, and it will likely go down even more if it falls below $0.5850.
Featured image from Quick Tips, chart from TradingView
Former U.S. President and Republican presidential candidate Donald Trump attends a campaign event in Philadelphia, Pennsylvania, U.S., June 22, 2024.
Shannon Stapleton | Reuters
Former President Donald Trump will headline a campaign fundraiser in Nashville on the sidelines of the Bitcoin Conference, where the top ticket is going for $844,600 per person.
According to an invitation shared with CNBC, the July 27 event will coincide with Trump’s expected keynote speech at the conference, the country’s biggest gathering of cryptocurrency fans.
The top-tier tickets, which include a seat at a roundtable with Trump, are priced at the maximum donation amount permitted for individuals to give to Trump and the Republican party’s largest joint fundraising committee, known as the Trump 47 Committee.
A next level down includes a photo with the former president at $60,000 per person or $100,000 per couple, according to the invitation.
Trump signed on to headline the Music City Center gathering shortly before he survived an attempted assassination on July 13.
A spokesman for the Trump campaign did not respond to a request for comment on his Nashville appearances.
In recent months, Trump has positioned himself as the pro-crypto candidate for president, a reversal from his previous stance during his time in the White House.
In April, Trump launched his latest non-fungible token collection on the solana blockchain in April and has been making increasingly bullish comments on crypto since then.
The Trump campaign team is accepting digital currency donations, and he has personally pledged to defend the rights of those who choose to self-custody their coins, meaning that they don’t rely on a centralized entity like Coinbase to hold their tokens and instead, do it themselves in personal crypto wallets, which are sometimes outside the reach of the Internal Revenue Service.
Trump also vowed at the Libertarian National Convention in Washington in May to keep Sen. Elizabeth Warren, D-Mass., and “her goons” away from bitcoin holders.
Meanwhile, following a meeting at Mar-a-Lago with about a dozen bitcoin mining executives who pledged cash and votes to him, Trump declared that all future bitcoin will be minted in the U.S., should he return to the White House.
On Monday, the Republican presidential nominee named Ohio Senator JD Vance as his running mate — a move viewed by many as a net win for the crypto sector. Vance has advocated for looser regulation of crypto and disclosed in 2022 that he personally holds bitcoin.
It comes in stark contrast to the Biden White House, which has taken a consistently skeptical approach to crypto regulation. Under Biden, the Securities and Exchange Commission has dialed up actions on the sector.
In the absence of hard-and-fast rules from Congress, the U.S. has proven to be one of the most active enforcers of penalties and legal challenges against crypto companies.
Read more about tech and crypto from CNBC Pro
This election cycle, the crypto contingent has become a key pipeline for cash — and votes.
One day after Trump named Vance to his ticket, venture capitalists Marc Andreessen and Ben Horowitz told employees of Andreessen Horowitz that they plan to make significant donations to political action committees supporting Trump’s campaign.
“They’re losing almost all these lawsuits, but the problem is that when you’re a startup, you don’t have the money to fight the U.S. government. And so they’re kind of nuking the industry in that way,” he said.
Fairshake, a super PAC backed by crypto’s top companies is now one of the top-spending PACs in this election cycle. Of the $160 million in total contributions it has raised, 94% can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto.
Bitcoin is steady when writing, floating above immediate support levels and inches away from reclaiming the all-important local liquidation line at around $66,000. Even as the broader crypto community expects buyers to step in and push prices higher, there are exciting developments that buttress this outlook.
Billions Worth Of BTC Pulled From Exchanges
According to exchange data shared by one analyst on X, BTC holders increasingly pull their coins from exchanges.
On July 5, when prices tanked, pushing the world’s most valuable coin close to $50,000, a staggering $3.8 billion BTC was moved from exchanges.
BTC moving from exchanges | Source: @Woo_Minkyu via X
Once this happened, prices rapidly bounced back, rising from as low as $53,500 to $65,000 recorded earlier this week. Though prices have been moving horizontally above $62,500 recently, more BTC is being withdrawn. On July 16, BTC owners pulled another $3.4 billion of the coin.
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Even though there is no clear impact on prices, if past performance guides, it is likely that prices will edge higher like they did after the collapse to $53,500.
Usually, analysts interpret exchange outflows as positive for price. Whenever coin holders move assets to non-custodial wallets, they want to take control of their coins. As such, they might be unwilling to sell.
Their decision helps support prices since they won’t sell on demand if they wish to, like if they held them on crypto platforms like Binance or Coinbase. Moreover, with fewer BTC readily available on exchanges, bulls tend to benefit due to increased scarcity.
Is Bitcoin Preparing For Another Leg Up Above $72,000?
Beyond this development, another analyst notes that the Realized Profit and Loss Ratio metric has fallen and stands at multi-month lows. The metric is used to gauge market sentiment, mainly influenced by profit and loss at any point in time.
Realized profit and loss ratio falling | Source: @AxelAdlerJr via X
This decrease suggests that investors who wanted to exit at highs have already taken profit. For now, traders must wait for these metrics to rise, perhaps to multi-month highs, ideally above $72,000 and $74,000, before profit-taking resumes.
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Bitcoin has also reclaimed its average cost basis of short-term holders (STHs) as prices recover above $62,000. Those who bought within the last 155 days are now in the money. They are likely holding and expecting more gains in the coming sessions before realizing profits.
In the past, whenever the average cost basis is surpassed, CryptoQuant analysts say prices tend to rise by over 30%.
In their latest analysis, Ark Invest’s crypto specialists Julian Falcioni, David Puell, and Dan White, are presenting a review of the Bitcoin market behavior and prospects, delineating the interplay of various economic, technical, and policy-driven factors that could shape the future of this pioneering digital currency.
Bitcoin Validates The Bullish Scenario
Since early June, Bitcoin witnessed a significant decline, dropping more than -25%. More critically, on July 7, BTC fell beneath its 200-day moving average—a key technical threshold. According to Ark, the dip below the 200-day moving average was “a crucial bearish signal that often precedes further declines unless a strong recovery ensues.” Ultimately, Bitcoin displayed significant strength in the last few days and Ark was right in that BTC staged a quick recovery above the 200-day EMA, invalidating the bearish prospects.
Source: X @dpuellARK
A surprising element in June’s Bitcoin volatility was the aggressive sale of approximately 50,000 Bitcoins by the German government. These assets were seized from the illegal streaming site Movie2K and gradually transferred to various exchanges for sale, starting June 19. “The influx of a large volume of bitcoins during a traditionally low liquidity period, around the July 4th holiday, significantly pressured the price downward,” the report notes. Notably, this selling pressure is now gone.
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Despite these challenges, Bitcoin managed an impressive rally of more than 17% in the last few days. Several indicators supported this reversal, according to Ark. The discrepancy between the decline in Bitcoin’s price and the lesser drop in US ETF balances—17.3 %—suggested that Bitcoin was oversold. “This overselling is likely driven by external shocks rather than intrinsic market movements, pointing towards a mispricing that could correct in the medium term,” the experts explain.
Delta between 30d percent change in price vs US ETF flows | Source: X @dpuellARK
Short-term holders, typically a more speculative segment, have been realizing losses as indicated by the sell-side risk ratio. This ratio, calculated by dividing the sum of short-term holder profits and losses realized on-chain by their cost bases, showed more losses than profits, which typically precedes a short-term market correction.
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June also saw significant activity from Bitcoin miners. “Miner outflows, which often prelude market adjustments, mirrored patterns observed around previous Bitcoin halving events, when the reward for mining a block is halved,” says Ark. Such events historically lead to a decreased supply and potential price increases as market dynamics adjust to the new supply level.
On the macroeconomic front, the report notes that the US economic data have been consistently underperforming against expectations, with the Bloomberg US Economic Surprise Index registering the most significant negative deviations in a decade. Yet, the Federal Reserve has maintained a surprisingly hawkish tone, which could influence investor sentiment and financial market stability.
Corporate America is not insulated from these challenges. Profit margins, which peaked in 2021, are on a downward trajectory as companies lose pricing power as Ark notes. This squeeze on profits is prompting price cuts across various sectors, further dampening economic outlooks.
Regarding equity markets, there has been a notable increase in market capitalization concentration, reaching levels unseen since the Great Depression. “This concentration in larger entities with significant cash reserves could be an early indicator of a shifting economic landscape, which historically sees a breakout in favor of smaller cap stocks,” the report says.
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
Germany’s on-chain Bitcoin wallet balance has officially reached zero, according to Arkham Intelligence, meaning sell pressure from the European economic powerhouse is likely at or near its end.
The wallet’s latest outflows bring an end to a bearish narrative that’s hung over the crypto market for weeks, at a time when on-chain indicators are signaling that a local bottom is near.
Germany’s Last Bitcoin Sale
As of late Thursday, Arkham said that the government had just 4925 BTC ($282.45 million) left sitting in its wallets. That’s down from the 50,000 BTC the state-owned as recently as recently as June 19, as officially seized from the movie piracy website Movie2kin January.
Early on Friday, the government received back 4169 BTC from exchanges including Kraken, Coinbase, and Bitstamp, before sending back 2700 BTC to such platforms by 5:00 am ET.
By 10am, the state had sent another 2300 BTC to Kraken, an unidentified address, and a likely institutional deposit/ over-the-counter trading service. Later at roughly 2:35 pm, the government sent all of its remaining 3846.05 BTC ($223.81M) to the institutional trading desk and Flow Traders – a proprietary trading firm.
Does This Mark The Bitcoin Bottom?
Germany’s sales began at a time when the U.S. government was also selling some of its coins seized from criminals, and market fears surrounding repayments to creditors of the bankrupt Mt. Gox Bitcoin exchange abounded.
Combined with minimal demand growth from Bitcoin whales and a lack of stablecoin liquidity, low bullish momentum pushed Bitcoin’s price down to $53,900 last Friday – its largest pullback yet from its March high of $73,700.
Bitcoin investors online are celebrating the government’s completed selloff, while also criticizing the state for forfeiting their coins for fiat currency.
“Germany full stack dumping their seized BTC may go down as one of the biggest strategic blunders in history as soon as the next few decades,” tweeted Reflexivity Research co-founder Will Clemente on Friday.
MicroStrategy’s executive chairman Michael Saylor also took a subtle jab at the government on Friday, tweeting “Du verkaufst deine Bitcoin nicht,” translating from German to “You do not sell your Bitcoin.”
With the selloff finished, on-chain analysts say Bitcoin’s price looks like a healthy entry point for new investors.
Earlier this week, institutional investors accumulated BTC at their fastest rate since March, suggesting that they’ve deliberately been ‘buying the dip.’ Meanwhile, short-term holders have been selling their coins at a loss en masse, which analysts say is a good sign that market fear has peaked, and the price is due for a correction.
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