Bitcoin
Bitcoin hits $66K after Donald Trump assassination attempt and more: This week’s crypto recap
It’s been a good week for the cryptocurrency market. Its total capitalization has increased by more than $250 billion, currently above $2.5 trillion, thanks to considerable gains across the board.
But what seems to have sparked this recovery is an event that many describe as one of America’s darkest days. In fact, it was the assassination attempt on US presidential candidate Donald Trump that fueled the market rally. The reason is quite simple. Many seem to believe that the events that have unfolded over the past few days have cemented Trump’s chances of becoming the next US president.
He has been very positive about the cryptocurrency industry recently and will even make an appearance at the Bitcoin conference in Nashville later this month. This has given investors optimism that the industry will flourish under Trump’s presidency.
And they flourished…
Bitcoin’s price is up a whopping 14% compared to the same period last week. It is currently attempting to break through the important resistance at $66,000. It is worth noting that it failed to do so earlier in the week when bears stepped in and pushed the price down towards $63,000.
However, buyers have succeeded in recovering and are now attempting to chart a 1-month high. The same can be said about Ethereum, which is up around 12% and is attempting to break above the critical $3.5K level.
But it wasn’t all good. Today, India’s leading cryptocurrency exchange WazirX was hacked. The attack stole an estimated $230 million, nearly half of its reported reserves last month, meaning the exchange’s entire future is at risk.
Elsewhere, market participants are eagerly awaiting the launch of spot Ethereum ETFs, which is expected to take place next week – on July 23.
Overall, a lot happened this week, but it’s also true that we’re likely in for an exciting ride in the coming weeks!
Market data
Market Cap: $2.5 Trillion | 24h Vol: $88 Billion | BTC Dominance: 51.5%
BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)
This Week’s Top Cryptocurrency Headlines You Shouldn’t Miss
Huge volatility in cryptocurrency markets amid Donald Trump shooting. There was a failure attempted murder about US presidential candidate Donald Trump. Markets took this as a sign that he would win and rallied in response.
Unraveling the WazirX hack: What happened and how much cryptocurrency was lost. The leading Indian cryptocurrency exchange – WazirX, was hacked today. This has resulted in over $230 million being compromised, raising the important question of whether the trading venue will be able to recover.
Vitalik Buterin urges the crypto community to look beyond pro-crypto stance into political support. Ethereum founder Vitalik Buterin is calling in the cryptocurrency community to look beyond the mere pro-crypto stance to show his political support. He emphasized values such as individual freedoms and more.
See when Polygon will migrate from MATIC token to POL token. Polygon will go go through a mainnet upgrade on September 4th this year, following the community’s approval of the proposal. This upgrade will mark the transition from the native MATIC token to one with a POL ticker.
Bitcoin ETFs See Over $422 Million in Daily Net Inflows as BTC Sees 10% Weekly Gains Earlier this week, Bitcoin exchange-traded funds (ETFs) recorded a whopping $422 million in daily net inflows. Leading the pack was, as is often the case, BlackRock’s IBIT ETF.
OKEx to discontinue services in Nigeria. Here’s what users need to know. Popular cryptocurrency exchange OKX will be discontinuing its services in the country of Nigeria. Users have until August 30 to fully withdraw their assets.
Graphics
This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu and Toncoin – click here for full pricing breakdown.
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Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
Fuente
Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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