Bitcoin

Bitcoin skies remain blue on the back of Germany sell-offs and Mt. Gox refunds

Published

7 months ago

10 July, 2024

Bitcoin skies remain blue on the back of Germany sell-offs and Mt. Gox refunds

It may seem like turbulent times in the cryptocurrency market amid Bitcoin from Germany (BTC) sales and fears about mass liquidations of defunct exchanges Mt. Gox Creditors. However, looking beyond these supply gluts reveals a promising outlook, underpinned by favorable macroeconomic factors and sustained risk-taking in traditional markets.

BTC, the top cryptocurrency by market value, has fallen more than 17% to $57,200 in four weeks, sending meme coins, digital assets purportedly tied to artificial intelligence (AI) and other risky corners of the crypto market into a tailspin. CoinDesk Data Show.

The overall picture, however, remains bullish, meaning that once the supply glut from Germany and Mt. Gox creditors is gone, the market could stage an impressive recovery.

Investors generally show a greater willingness to invest money in risky and growth-sensitive assets, such as bitcoin and stocks, during periods of global economic expansion.

The G-7, an informal grouping of advanced economies, is currently experiencing an expansionary phase of the economic cycle amid high interest rates, according to the Organisation for Economic Co-operation and Development (OECD) composite headline indicator.

The indicator, which measures the short-term economic outlook for a group of major nations, has surpassed 100 and is rising, indicating above-trend growth and acceleration, according to TS Lombard.

The U.S. Bureau of Labor Statistics’ June consumer price index (CPI) report, due out Thursday, is expected to show the cost of living rose 3.1% over the year, slowing from a 3.3% annual increase in May, according to a survey of economists by The Wall Street Journal.

The expected slowdown would imply continued progress toward the Fed’s 2% target, strengthening the case for the central bank to start lowering benchmark borrowing costs this year.

Further rate cuts could further catalyze demand for risk assets, including bitcoin. Weaker-than-expected CPI prints since the start of this year have galvanized inputs in spot bitcoin ETFs, increasing the market value of the cryptocurrency.

“We forecast core CPI rose 0.1% m/m due in part to another drop in energy prices. This would result in the y/y rate falling a tenth to 3.2% and the NSA index reading 314.770. Meanwhile, we expect core CPI to have increased 0.2% m/m,” BofA economists said in a July 5 note to clients.

“If the CPI report is in line with our expectations, we will maintain our expectations that the Fed will start its cutting cycle in December,” the economists added, saying a core CPI of 0.2% m/m would increase the chances of an early rate cut.

The path of least resistance for bitcoin lies on the higher side as Wall Street remains entrenched in a wave of tech optimism, as evidenced by new record highs in the ratio of its tech-heavy Nasdaq (NDX) index to the broader S&P 500 (SPX).

Since the beginning of 2017, bitcoin has moved in sync with the NDX/SPX ratio making strong gains during periods of relatively outperformance by technology stocks.

Furthermore, social media concerns about a potential collapse in US stocks, adding to downward pressures on other risk assets, may be unfounded, as the stock market does not appear to be in a bubble.

“Whenever US margin debt increases, we hear calls for a bubble forming in US equity markets. However, unlike previous bubble episodes (including 2020-21), margin debt is growing at a slower rate than equity market capitalization. Rather than being a driver of equity performance, it is likely a consequence. This is not surprising given the current high level of interest rates, which is not conducive to leverage increases,” TS Lombard said in a July note to clients.

“Another indication that the US stock market is not in bubble territory is investor positioning, which is close to neutral on both the S&P 500 and Nasdaq futures,” Lombard added.

Gold has also held steady recently, a sign that the macroeconomic outlook is favorable for assets with alternative investment appeal, such as bitcoin.

Finally, previous data shows that months after the rewards halving are optimistic and characterized by double-digit price corrections. The Bitcoin blockchain underwent its fourth halving in April this year.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

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.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

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.

Source: TradingView

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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