Markets
The Cryptocurrency Market Is Finally Learning to Ignore FUD
What Happened in the Crypto Market Today: The Crypto Market Is Finally Learning to Ignore FUD
The cryptocurrency market has nerves of steel…
Mt. Gox just moved $3 billion in Bitcoin and prices have seen virtually no dip.
Is the crypto world finally growing up? Or have we all become numb to the chaos?
It looks like the days of panic selling in every stock are behind us (at least in this cycle). The market has been showing some resilience lately.
So, let’s dive into today’s top crypto news. Here’s the TLDR for those of you who like your information in bite-sized form:
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Elon is back in the cryptocurrency game, giving the green light to Bitcoin. Is Musk publicly backing Bitcoin again? bullish sign? 🤔
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Trump wants America to become a leader in Bitcoin mining. As impactful would it be for Bitcoin or alt? 💻
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Solana is on a rollercoaster ride, up 16% and down 8%. Is Solana too reliant on memecoins and the ETF dream? What analysts do think? 🎢
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BlackRock says that for now, only Bitcoin and Ethereum are worthy of ETF investment, while Solana ETFs are not eligible. But Solana ETF still has large institutions supporting it. 📊
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Hamster Kombat is planning a massive token airdrop. Wouldn’t that cause a market crash? Some plans okay? 🐹
Additionally, we will provide our analysis on what is really happening in the market and what could happen in the future.
Let’s start!
Elon is back, he talks about cryptocurrencies
Elon Musk is back with his signature style of cryptocurrency commentary.
At an X-Event, Musk expressed a favorable opinion of Bitcoin, saying that it “has some merit.”
But let’s face it, his heart still belongs to Dogecoin. “I have a soft spot for Dogecoin because I like dogs and memes,” he joked.
But Elon made one thing clear: “If you see me investing in cryptocurrency, that’s not me.”
So is it a bullish sign that Musk is publicly backing Bitcoin again? Read the full story!
Another Bullish Statement from Trump
The former president wants America to lead the global Bitcoin mining race.
AllianceBernstein analysts predict that this could be a turning point for the mining industry. We are talking about a potential $20 billion market for mining chips and hardware in the next five years.
Currently, most mining hardware comes from China. But Trump’s push could flip the script.
For U.S. Bitcoin miners, this could be a jackpot hit. Greater efficiency, cheaper chips, and even the chance to try their hand at artificial intelligence and high-performance computing.
For cryptocurrency investors, this is huge. We are potentially witnessing a major shift in the global Bitcoin mining landscape. Could “Made in America” become the new standard for mining rigs?
How much impact would this have on Bitcoin or altcoins? Read the full story!
Solana continues to grow
Solana’s SOL token surged 16% to $193.92, a move that was quickly followed by an 8% correction, dropping the price to $179.
The story continues
Despite the decline, SOL still posted a notable gain of 23.5% in July.
The driving force? ETF speculation. With Ether ETFs now trading in the U.S., all eyes are on SOL as a potential next in line. The SEC’s decision, expected in March 2025, has investors on edge.
The memecoin trend is also playing a significant role.
Platforms like Pump.fun are generating massive volumes, with fees that even exceed Bitcoin’s protocol fees. It’s a double-edged sword: it drives activity but raises sustainability concerns.
Is Solana too reliant on memecoins and the ETF dream? What do analysts think? Read the full story!
BlackRock: Bitcoin and Ethereum Lead the Pack
Speaking of ETFs, according to Samara Cohen, CIO of BlackRock, only Bitcoin and Ethereum will be traded through ETFs in the near future. They are the only ones that meet BlackRock’s strict criteria.
For other cryptocurrencies, including Solana, the demand is not yet there.
Despite the hype surrounding Solana, he is not on BlackRock’s ETF radar.
But the world of crypto ETFs is far from stagnant. The recent launch of the Ethereum ETF saw trading volumes hit $14.8 billion in a week. That’s significant traction in a short time.
So is this the end of the Solana ETF dream? Far from it!
But Solana ETF is still backed by major institutions. Read the full story!
Hamster Kombat to Airdrop Tokens to 300 Million Players
Hamster Kombat just hit an incredible milestone: 300 million players in less than five months.
Now they are preparing for what they call “the largest airdrop in crypto history”. 60% of HMSTR tokens will go directly to players. This is a serious commitment to their community.
Here’s an interesting twist: there is no venture capital or initial investment behind HMSTR. The token’s value will be driven solely by market demand.
But wouldn’t releasing such a large amount of tokens via an airdrop cause a major sell-off, hence a major price drop? Is the team preparing to prevent this situation? Read the full story!
Where are we going? An analysis
The cryptocurrency market has recently taken a dive after the US government moved $2 billion in Bitcoin from seized Silk Road funds. We’ve covered all of this and how the situation could play out in the future in yesterday’s analysis.
So don’t panic: we are still at yesterday’s prices.
Let’s find out together what really happens behind the scenes.
HODLers remain strong
Glassnode data provides interesting insights into investor behavior.
The Supply Last Active 1y+ metric shows that 65.8% of Bitcoin has not moved in over a year, indicating a strong holding mentality among long-term investors.
Source: Glassnode
This suggests that a significant portion of the market remains confident in Bitcoin’s future prospects.
The Realized Cap HODL Wave metric gives us a unique view of how wealth in Bitcoin is distributed. It currently shows that new investors (those who have held Bitcoin for less than three months) own less of the total wealth in Bitcoin than before.
This usually happens when we are not at the peak of market excitement, which suggests that we may not be at the peak of this cycle yet.
At the same time, people who bought Bitcoin 3-6 months ago are seeing their share of the network’s wealth grow. This suggests that these recent buyers are staying and becoming more committed to holding their Bitcoin.
Looking at the Long-Term Holder Supply, we see that 45% of all Bitcoin wealth is held by patient, long-term investors. That’s a pretty high number.
The Long-Term Holder Binary Spending Indicator confirms this, showing that these savvy investors are not selling much, and are actually selling less than before. This behavior of long-term holders could help keep the market stable, even when prices become unstable.
Summary?
Bitcoin data shows that 65.8% has not moved in over a year, indicating strong investor confidence. Long-term holders own 45% of Bitcoin’s wealth and are not selling much, potentially stabilizing the market.
Beyond Bitcoin: Solana’s Expansion
While Bitcoin is making headlines, Solana has made some interesting moves:
It is becoming an increasingly important player in the stablecoin and real-world asset (RWA) space.
Projects like Ondo’s USDY and a partnership with Maple Finance are putting Solana on the map alongside big names like Ethereum and Tron.
This diversity could make the entire cryptocurrency world stronger. It is no longer just a currency.
The big picture
Sure, prices go up and down every day. But that’s not the whole story. What really matters is how cryptocurrencies are slowly becoming part of mainstream finance. More stablecoins, more real-world assets in cryptocurrencies: these are signs of a growing and maturing market.
So, what should your next move be?
The recent market decline may be unsettling, but our data analysis paints a more nuanced picture.
Long-term Bitcoin holders are holding firm, while new investors are moving into more stable positions. This suggests underlying confidence despite short-term volatility.
Instead of reacting to every price swing, try to focus on understanding the broader market dynamics.
For a clearer view of the health of the Bitcoin market, To explore CMC Bitcoin Analysis Tool. Provides insights into whale holdings, address changes, and holding patterns over time. This data can help you contextualize market movements and make more informed decisions about your cryptocurrency strategy.
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