Welcome to our thrilling weekly roundup in the dynamic realm of cryptocurrencies!
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As we kick off another exciting week on Monday, July 8th, 2024, at 9:00:05 AM EST (3:00:20 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, July 12th , 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
CRYPTO | INITIAL | % CHANGE | FINAL |
---|---|---|---|
BTC | $57,078.15 | 0.96% | $57,625.94 |
ETH | $3,039.28 | 2.64% | $3,119.46 |
BNB | $514.36 | 3.27% | $531.19 |
SOL | $140.21 | -1.39% | $138.26 |
XRP | $0.4412 | 6.71% | $0.4708 |
TON | $7.2330 | 1.06% | $7.31 |
DOGE | $0.1089 | -1.65% | $0.1071 |
ADA | $0.3774 | 9.06% | $0.4116 |
AVAX | $25.19 | 1.91% | 25.67 |
Bitcoin Bulls Face Setback, But Optimism Remains
Despite a positive U.S. inflation report, Bitcoin (BTC) couldn’t break key resistance on Thursday, continuing its downward trend from June highs. BTC briefly surged past the descending trendline, only to fall below $57,000, dashing bullish hopes. However, the outlook isn’t entirely bleak. The MACD histogram indicates a potential bullish momentum shift, and the recent supply glut from Germany’s Saxony state is nearly depleted. Additionally, potential Fed rate cuts and repayments from FTX could bolster BTC, according to FalconX. While challenges persist, these factors might offer the support needed for a Bitcoin rebound
Germany’s Bitcoin Sell-Off Sparks Market Jitters
Germany’s Bitcoin stash has dwindled to 9,094 BTC, just 18% of its original holdings, after aggressive sales since June. On July 11, the government wallet briefly dipped below 5,000 BTC before some funds were moved back. These actions, following the seizure from the Movie2k crackdown, have unsettled the market, contributing to Bitcoin’s recent price slump to $56,870. Critics argue Germany should have kept Bitcoin as a strategic reserve. The sell-off, coupled with fears of Mt. Gox’s BTC distribution, has plunged the Crypto Fear & Greed Index into “Extreme Fear” for the first time since January 2023.
Analyst Predicts Bitcoin’s Soaring Rise to $330K This Bull Cycle
Despite recent dips, institutional investors are buying Bitcoin, strengthening its long-term bullish outlook. Market analyst Arsen predicts BTC will rebound to $330,000 this bull cycle, citing historical patterns and smart money accumulation during corrections. Previous bull cycles saw significant gains, though diminishing over time. Arsen expects a 450% increase this cycle.
Despite a 23% drop from its all-time high of $74,000, institutional buying remains strong. Whale holdings are growing at the fastest pace since April 12, signaling increased demand. While shortterm corrections are expected, analysts like Markus Thielen and Apsk32 see a significant longterm rally, supporting Arsen’s optimistic forecast.
FDIC Nominee Endorses Bank Custody of Digital Assets
During a July 11 hearing, FDIC chair nominee Christy Goldsmith Romero stated her belief that banks should be allowed to custody crypto assets, describing crypto as “another business just like any other.” Her stance, supported by the Digital Chamber, came as Congress failed to overturn Biden’s veto of the SAB-121 repeal. This SEC rule disincentivizes banks from holding crypto assets by requiring them to list these assets as liabilities. As the regulatory landscape evolves, the 2024 election and recent Supreme Court rulings may significantly impact the future of crypto regulation in the U.S.
Supreme Court Ruling Shifts Power Dynamics for US Crypto Firms
The recent Supreme Court decision in Loper Bright vs. Raimondo marks a significant shift for the crypto industry, ruling that US courts no longer need to defer to federal agencies on ambiguous statutes. This overturns the 1984 Chevron decision, impacting how regulations are interpreted across various sectors, including crypto. Experts like Jim Lundy and Joshua Simmons view this as a “game changer,” potentially curbing the SEC’s authority and encouraging more challenges to agency rulings. While this ruling doesn’t eliminate regulatory oversight, it paves the way for Congress to take a more active role in crypto legislation.
Sources:
https://www.coindesk.com/markets/2024/07/12/bitcoin-bulls-fail-again-but-there-is-still-hope/
https://cointelegraph.com/news/germany-bitcoin-wallet-down-to-9000-btc-transfers
https://cointelegraph.com/news/bitcoin-price-330k-this-bull-cycle-analyst
https://cointelegraph.com/news/fdic-nominee-goldsmith-romero-banks-can-custody-digital-assets
https://cointelegraph.com/news/supreme-court-us-crypto-chevron
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