Bitcoin
Bitcoin (BTC) Price Drops to 2-Month Low After Fed Meeting Minutes
The worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on the price of bitcoin this year.
STR | Nurphoto via Getty Images
Bitcoins the price fell to around $57,000 apiece on Thursday, hitting a two-month low after the US Federal Reserve released the minutes of its June meeting, indicating the central bank is not yet ready to cut interest rates.
By 2:30 p.m. London time, the digital currency had fallen about 5% in 24 hours to $56,837, falling below the $57,000 mark for the first time since May 1, according to data from cryptocurrency rankings website CoinGecko. Bitcoin has since pared losses somewhat and was trading at $57,932.57, down 3.4% as of 5:05 p.m. London time.
Rival token ether, the world’s second-largest cryptocurrency, fell 5% to $3,120.
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It happens after the Federal Reserve on Wednesday minutes released from the June meeting, which showed that policymakers are reluctant to cut interest rates until additional data shows that inflation is moving sustainably toward the central bank’s 2% target.
Higher interest rates are generally less favorable for bitcoin and other cryptocurrencies as they decrease investors’ risk appetite.
Bitcoin hit an all-time high above $73,700 in March this year after the Securities and Exchange Commission approved the first US spot bitcoin exchange-traded fund (ETF).
ETFs allow investors to buy a product that tracks the price of bitcoin without owning the underlying cryptocurrency. Crypto advocates say this has helped legitimize the asset class and made it easier for larger institutional investors to get involved.
Since then, however, bitcoin has been trading in a range between roughly $59,000 and $72,000.
Recently, the world’s largest cryptocurrency has been pressured by news of the collapse of bitcoin exchange Mt. Gox, which is preparing to distribution of approximately US$9 billion of coins to users, which is expected to lead to some significant selling action.
On Thursday, a small amount of bitcoin was moved from three wallets previously associated with Mt. Gox, according to Arkham Intelligence. The largest movement was $24 worth of the cryptocurrency. It was not immediately clear whether that transaction was made in connection with Mt. Gox’s payment plan.
Elsewhere, the German government on Thursday sold about 3,000 bitcoins — worth roughly $175 million at today’s prices — from a pile of 50,000 bitcoins seized in connection with the movie piracy operation Movie2k, according to blockchain analytics firm Arkham Intelligence.
Arkham, which is tracking the German government’s bitcoin wallet, said the assets were moved to cryptocurrency exchanges Kraken, Bitstamp and Coinbase, as well as a separate, unidentified wallet. “These funds are likely being moved to a deposit for an institutional or OTC service,” Arkham he said in a post on X.
However, analysts at crypto data and research firm CCData said in a research report Tuesday that bitcoin has yet to reach the top of its current appreciation cycle and will likely reach a new all-time high.
According to the report, historical market “cycles” have shown that bitcoin’s so-called “halving” event — which cuts off the supply of new bitcoins to the market — has always preceded a period of price expansion that can last between 12 to 18 months “before producing a cycle top.”
The last Bitcoin halving occurred on April 19th this year, so these historic deadlines have not yet passed.
“Furthermore, we observed a decline in trading activity on centralized exchanges for nearly two months following the halving event in previous cycles, which appears to have mirrored this cycle. This suggests that the current cycle could expand further into 2025,” CCData said.
Meanwhile, bitcoin bull Tom Lee told CNBC:Sound box“Monday he Still Sees Bitcoin Hitting $150,000 Despite “Excess” From Upcoming Mt. Gox Disbursement of tokens to creditors.
“If I were investing in cryptocurrencies, knowing that one of the biggest gluts was going to disappear in July, I would think that would be a reason to expect a pretty sharp recovery in the second half,” Lee, co-founder and head of research at Fundstrat Global Advisors, said in the TV interview.
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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