Bitcoin
BTC Summer 2024: Analyzing Market Trends and Future Drivers
Bitcoin is currently in a lull between narratives. The excitement, speculation, and rapid pace of inflows from the ETF launch have subsided. There isn’t much good news on the horizon, perhaps until the US election in November. In the meantime, it seems that BTC is mainly facing crypto and macro headwinds.
In June, BTC nearly hit all-time highs before higher-than-expected nonfarm payrolls data sent prices tumbling to $58,000 despite lower inflation numbers. The start of Mt. Gox’s $9 billion BTC distribution and the sale of seized BTC by the German government sent BTC as low as $54,000, but it has now recovered to the low 60,000s. Once Mt. Gox’s distributions are completed in the coming months, it will remove significant price risk. Despite these negative factors, BTC has shown resilience. The next potential catalyst is the approval of an ETH ETF. With less liquidity than BTC, strong inflows could push ETH higher, although a BTC-like oversupply could occur.
Politically, we’ve seen Donald Trump include positive comments about BTC and digital assets in his regular campaign speech, taking an “America First” stance aimed at keeping jobs and wealth here in the US. If Trump is re-elected, the price of BTC will likely benefit (although the shape of the Trump Administration’s policy on digital assets is unclear). It’s possible we’ll see speculative buying leading up to Election Day as well — a positive narrative on the horizon.
Finally, we saw several major central banks cut rates in June, including Canada and the EU. As one of the biggest correlates of BTC price is the global market M2 LiquidityThese rate cuts suggest that the trend of increasing global liquidity is moving in a beneficial direction.
In early June, BTC nearly reached all-time highs before tailwinds pushed it to the lows of the June range. Despite the lower-than-expected PPI, the market showed signs of buyer fatigue. Mt. Gox later announced BTC distributions to creditors in July, and the German government sold seized BTC, causing prices to fall below $60,000. ETH remained more resilient but still below its May ETF rally.
BTC currently lacks a clear narrative, with only negative events on the horizon, giving buyers little to rally behind. In contrast, ETH is anticipating the launch date of its ETFs, which should generate excitement in the market due to its lower liquidity compared to BTC. Many predict an ETF S-1 approval sometime in July, which could spark interest and demand. Investors will also be watching to see whether altcoins and BTC rally alongside ETH.
On the political front, Trump continues to speak out positively about BTC and crypto in their campaign speeches while Biden remains largely silent on the subject. Later this month, BTC 2024 takes place in Nashville, with several politicians in attendance, including Donald Trump. This venue would offer a sensible place for a candidate to announce important positions on the topic of digital assets.
Please note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
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Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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