CryptoNews of the Week by NordFX

CryptoNews of the Week


? On May 23, the U.S. Securities and Exchange Commission (SEC) approved form 19b-4 applications from eight issuers of spot Ethereum exchange-traded funds (ETFs). However, trading of ETH ETFs will only commence after the SEC signs the form S-1 statements. According to Bloomberg analyst James Seyffart, this could take "weeks or months." Before trading begins, the price of Ethereum could rise to $4500, as predicted by Arthur Cheong, founder and CEO of DeFiance Capital. Commenting on the approval of spot Ethereum ETFs, JPMorgan referred to this regulatory move as a political decision ahead of the U.S. presidential elections.

? The theme of cryptocurrency continues to strengthen in the pre-election rhetoric of U.S. presidential candidates seeking votes from the crypto community, which, according to NYDIG, comprises over 46 million U.S. citizens or 22% of the adult population. Former President and Republican candidate Donald Trump reiterated his support for the industry, this time in a post on Truth Social. "I am very positive and open to crypto companies, and everything related to this new and growing industry. Our country must be a leader in this field. No second place. Dishonest Joe Biden, on the other hand, the worst president in our country's history, wants [the crypto industry] to die a slow and painful death. This will never happen under my watch!" Trump wrote.

? On May 24, the Shiba Inu dog named Kabosu, the meme hero and symbol of Dogecoin, passed away. In November, Kabosu would have turned 19 (approximate birth year - 2005). Kabosu first gained attention in 2010 when her owner posted photos of the dog on her blog. It was Kabosu who inspired programmers Billy Markus and Jackson Palmer to create the meme cryptocurrency Dogecoin in 2013. Memes featuring Doge also became popular on Reddit, where a dedicated section now boasts over 330,000 users. American politicians used the meme in their social media, and one of its most famous fans, businessman Elon Musk, even temporarily changed the logo of the social network X (formerly Twitter) to the most famous image of Kabosu used in Dogecoin.

? In one of his recent posts on the social network X, popular analyst Lark Davis forecasted bitcoin's growth to $150,000 and ethereum's to $15,000, explaining this sharp increase by the emerging market dynamics. According to Davis, the main reason for the rapid growth of these coins will be the inflow of funds already observed in spot BTC ETFs, which attract hundreds of millions of dollars daily. Spot ETH ETFs will further fuel the crypto market's enthusiasm, resulting in billions of dollars flowing daily into exchange-traded funds based on the two leading cryptocurrencies. Currently, spot bitcoin ETFs hold 2,343 coins (≈ $70 billion), about 5% of the flagship asset's circulating supply. This significant figure, according to Davis, clearly indicates the growing recognition of cryptocurrency and the interest from institutional investors, especially from the U.S.

? Strike payment service CEO Jack Mallers predicts that during the ongoing bull rally, bitcoin could reach $250,000 and potentially grow to $1 million. In a podcast with Pomp Investments founder Anthony Pompliano, Mallers explained his bold forecast by stating that bitcoin is still in its early development stage. He noted that the bond market is facing issues, so central banks might introduce a significant amount of liquidity into the financial system to stabilize it. Such an influx of liquidity will provoke a rise in the value of risky assets, including the leading cryptocurrency. Jack Mallers disagrees with the notion that bitcoin is a bubble or a speculative tool. The asset is becoming increasingly popular among financial giants on Wall Street, and its limited supply of 21 million coins makes BTC highly resistant to inflation, unlike government currencies and gold. "Bitcoin can be considered the hardest form of money ? thanks to its fixed issuance schedule and halving events every four years. The rate of new coin issuance gradually decreases, thus increasing bitcoin's long-term value," argued the Strike CEO. The Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase demand for the first cryptocurrency. Thanks to this, Mallers believes, bitcoin can be used for everyday purchases, such as paying for a cup of coffee in a bar.

? Analysts from the financial investment company Motley Fool suggested similar figures. They hypothesized that bitcoin's rate could rise to $400,000 and might even reach $1 million. This will happen due to money inflows from institutional investors through spot BTC ETFs. Motley Fool analysts noted that more pension funds and hedge funds, managing multi-billion-dollar sums, are entering the bitcoin market. Thanks to cryptocurrency ETFs, they can seamlessly include bitcoin in their investment portfolios.
According to analysts, about 700 investment companies have already invested in such funds. Nevertheless, institutional investors currently make up only about 10% of the total number of bitcoin ETF holders. Motley Fool estimates that if financial institutions invest approximately 5% of their assets in bitcoin, the first cryptocurrency's market capitalization could exceed $7 trillion, explaining its forecasted rate of $400,000.

? On the contrary, Cardano founder Charles Hoskinson expressed an opposing viewpoint. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." The Cardano founder pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the other hand, considered L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of innovation resurgence in bitcoin. Former BitMEX crypto exchange CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low usage in protocols.

? Bloomberg senior analyst Mike McGlone believes bitcoin's volatility makes it less attractive for investment compared to gold and the U.S. dollar. He also thinks that stocks will soon crash amid the anticipated recession, but BTC will suffer even more than the stock market.
The expert emphasized that the U.S. dollar-pegged stablecoin Tether (USDT) is usually traded twice as much per day as bitcoin. "I can access U.S. dollars anywhere in the world at any time from my phone with Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has switched to the dollar. Why? Because it's the least bad of all fiat currencies," McGlone argued.

? Unlike the optimism of many experts, Wall Street legend Peter Brandt felt it necessary to warn investors about a catastrophe that could arise from the launch of spot ETFs on Ethereum. "The biggest disasters in the cryptocurrency sector that are yet to come will be related to staking," Brandt believes, emphasizing the likelihood of significant financial losses and bankruptcies in the future. Staking is a way of earning cryptocurrency by "freezing" a certain number of coins in a wallet on the Proof-of-Stake (PoS) algorithm to support the network's operation. In return, the user receives rewards in the form of additional coins. Brandt noted that such assets as Ethereum are often rented out to earn this kind of income, often in the form of interest, and this reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it might attract increased attention from central banks, government treasuries, and other authorities. This will lead to stricter regulation, significantly changing the crypto space and potentially ending staking and bankrupting those involved.

? A criminal case on the largest bribes has been initiated in Russia. The former head of the Investigation Department of the police in one of Moscow's districts, a 35-year-old major, and one of his subordinate officers are accused of 10 counts of receiving bribes amounting to more than $1.5 million and 2,718 BTC ($180 million). In total, flash drives and hard drives with crypto wallets containing 5,213 BTC (about $350 million) were seized during the operation.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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CryptoNews of the Week


? The Republican candidate for the upcoming US elections, Donald Trump, has declared his intention to become the "cryptocurrency president." Speaking in San Francisco, he presented himself as a defender of digital assets and criticized Democrats' attempts to regulate the industry.
According to Reuters, Trump raised $12 million for his campaign at an event for venture capitalists from Silicon Valley, organized by Chamath Palihapitiya and David Sacks at Sacks' mansion in the Pacific Heights area. Media reports indicate that executives from the crypto exchange Coinbase, the founders of the Gemini trading platform, Cameron and Tyler Winklevoss, and other industry representatives were present at the event.
Intercom CEO Eoghan McCabe shared on X about his participation: "I spoke with six people there. None identified as Republicans. All had voted for or donated to Democrats in the past. Now they support this guy [Trump] for his policies on war, immigration, cryptocurrency, and more. These elections are a referendum on these issues."

? The attitude towards cryptocurrencies will be a key difference between the candidates for the US presidency, Donald Trump and Joe Biden, though neither understands the topic. Billionaire Mark Cuban stated this: "Do you really think [Trump] understands anything about cryptography beyond making money from selling NFTs? Neither candidate understands. But I've often said that Biden will have to choose between [SEC Chairman] Gary Gensler and crypto voters, or it could cost him the White House."
Discussing the upcoming elections on X, ASI crypto-lawyer Preston Byrne noted that Trump's crypto policy is "actually very substantial and well thought out, while Biden's approach is insane and punitive."

? The "Intelligence Authorization Act for Fiscal Year 2025" was submitted to the US Senate on 3 June 2024. On 5 June, Senator Mark Warner's strategic amendment to this bill was published on the social network X, granting the US president new broad powers. This allows the president to "prohibit any transactions between any person under US jurisdiction and foreign intermediaries in digital asset transactions."
Financial lawyer Scott Johnsson criticized the law due to its wide scope. He sees it as an attempt to control digital assets under the guise of fighting terrorism, as the amendments added by Warner are borrowed from the Anti-Terrorism Financing Act.

? Late in the evening (CET) on 12 June, the FOMC (Federal Open Market Committee) of the US Federal Reserve will decide on the dollar interest rate. Historically, such decisions have always significantly impacted bitcoin's price. In this regard, ChatGPT-4o AI was tasked with forecasting BTC's price based on technical analysis and financial analysts' assumptions.
According to the AI, bitcoin will trade in the $68,000-73,000 range. However, a rate cut or hints of an upcoming reduction could push BTC beyond this range. In this unlikely economic scenario, ChatGPT-4o predicts the leading cryptocurrency will trade between $73,000 and $75,000 or higher.

? Over the past few days, the crypto market leader has lost nearly 10% in value. Many experts believe this is due to investors' concerns that US inflation will remain high for a long time. Under such conditions, a quick easing of the Federal Reserve's monetary policy is unlikely. Enthusiasm was also dampened by the fact that spot bitcoin ETFs broke a 19-day streak of investment inflows. On 11 June alone, industry funds lost nearly $65 million. MN Capital founder and analyst Micha?l van de Poppe noted that investors are acting more cautiously ahead of the FOMC meeting on 12 June. He does not rule out that seller pressure will persist in the near term. Under such conditions, bitcoin could correct to $65,000. However, van de Poppe does not expect a deep price drop, as significant liquidity is concentrated around the $60,000 mark, indicating strong support, and positive dynamics could be supported by geopolitical instability.

? Traders note that "digital gold" has recently been trading within a narrow range of $66,000 to $72,000. One popular market participant considers the lower boundary an ideal entry point, while entry at the upper boundary carries high risk.
Despite recommended caution, over 70% of the crypto community participants in several surveys believe BTC is on the verge of continued growth. For example, a trader nicknamed Captain Faibik is confident that bitcoin is preparing to break out of the "expanding wedge" technical analysis pattern. Breaking above its upper boundary, in his opinion, will open the way for the cryptocurrency to rise above $94,000. Trader Titan of Crypto, in turn, expects bitcoin to reach $100,000 this summer.
Community participants also point to the activity of large investors as a sign of BTC's growth potential. Whales, according to crypto industry representatives, are actively taking long positions in bitcoin. Cryptoquant CEO Ki Young Ju noted that the $69,000 level has become particularly attractive for large investors.

? By the end of 2024, the first cryptocurrency will be worth between $125,000 and $135,000, according to BitGo CEO Mike Belshe. He believes that one of the catalysts for bitcoin's growth will be the high level of US national debt. "Our macroeconomic climate continues to confirm the necessity of bitcoin. Without a doubt, the US national debt is out of control. [?] This situation supports the idea that bitcoin is the gold of the new generation," Belshe said.
He also noted that the US dollar is losing its position as the world's reserve currency due to US foreign policy. The BitGo CEO believes that the country uses the dollar as a weapon and a tool for manipulation. "Thus, the US national debt crisis is one thing, foreign policy and sanctions control is another. And BRICS is providing alternative payment systems. [?] This is the story of why bitcoin exists," he concluded.

? The new Binance CEO Richard Teng, who succeeded Changpeng Zhao, believes that bitcoin will soon exceed $80,000. Teng associates the potential new high with the launch of spot BTC-ETFs traded on stock exchanges. This has strengthened trust in the asset, and retail traders and institutions no longer perceive it as risky. The Binance CEO also suggests that cryptocurrency legalization is possible if Donald Trump is elected president of the United States. Declaring himself a "crypto president," Trump stated in May that the US should lead the global crypto industry.

? The self-proclaimed first resident of Bitcoin City, American Corbin Keegan, left El Salvador without seeing his dream city begin to take shape. In November 2021, El Salvador's President Nayib Bukele announced plans to establish a crypto settlement. Upon hearing this news, Keegan left Chicago and headed to the South American country to become Bitcoin City's first resident. However, his patience eventually ran out, and he returned home.
The project's implementation was likely frozen due to a lack of funding. Bukele wanted to raise the necessary funds through the sale of "Volcano Bonds." These securities were planned for release in Q1 this year, but for various reasons, they did not see the light of day.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

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CryptoNews of the Week


? On Monday, 24th June, for the first time since 3rd May, the price of bitcoin fell below $60,000, reaching $58,468 at one point. Ethereum, meanwhile, dropped below $3,250. ?The market is struggling to digest large sales,? Bloomberg quoted Caroline Mauron, head of Orbit Markets. Although it is difficult to pinpoint the exact source of the current selling pressure, several contributing factors can be identified. The issues in the crypto market reflect the overall instability in global financial markets and uncertainty regarding monetary and regulatory policies in several leading countries, particularly China and the USA. Moreover, in mid-June, the German government began selling a large quantity of bitcoin (approximately 50,000 BTC) that was confiscated in January.
Bearish sentiments intensified following reports of imminent payments of about 140,000 BTC to creditors of the bankrupt crypto exchange Mt. Gox, which are set to begin in July. Popular trader Bob Loukas believes that in anticipation of this event, the flagship crypto asset?s prices reached their lowest level in the last eight weeks yesterday. Additionally, it became known that bitcoin miners' reserves reached a 14-year low as they were forced to sell a significant amount of coins to cover operational expenses due to the halving.

? In the absence of positive signals, the demand for spot bitcoin ETFs continues to decline, with major market participants slowing their activity in the derivatives market, further creating downward pressure. According to 10x Research, throughout the past week, US spot BTC-ETFs recorded investor outflows, with net outflows exceeding $105 million on 21st June. Earlier, Ki Young Ju, CEO of the investment company CryptoQuant, calculated that over the past two weeks, bitcoin whales and miners reduced their positions on over-the-counter platforms by $1.2 billion. 10x Research analysts believe that bitcoin will now need to find a new price range to stabilize the fall and then look for growth catalysts. In the medium term, according to 10x Research analysts, BTC is unlikely to return above $70,000.
It should be noted that according to JPMorgan analysts, the cost of bitcoin mining is $53,000. This support could become the lower boundary of the price range. However, back in March, JPMorgan did not rule out that after the April halving, bitcoin might temporarily drop to even $42,000.

? Popular analyst Matthew Hyland noted that the total balance of bitcoin on centralized exchanges has reached a multi-year low. In theory, this could be seen as a bullish signal, but the flagship of the crypto market is not yet showing upward momentum. It is expected that the publication of key US economic data in the coming week could serve as a vector for the further movement of cryptocurrencies. If macro statistics increase the likelihood of the Fed starting to ease monetary policy and the first interest rate cut as early as September, this could support risky assets, including bitcoin. Experts from Cryptology believe that the chances of bitcoin hitting an all-time high by the end of September are quite high and that the current situation is a phase of accumulation.

? Andrew Kang, co-founder of the venture company Mechanism Capital, stated that Ethereum?s price could correct by 30%, falling to $2,400 after spot ETFs for ETH are approved. In his opinion, at this stage, the main altcoin attracts much less attention from institutional investors compared to bitcoin. Based on this, ETH-ETFs will be able to attract only 15% of the funds compared to what BTC-ETFs received at launch. Kang noted that to increase Ethereum's attractiveness to investors, its ecosystem needs to be positioned as a decentralized financial settlement layer, a global computer, or a Web3 application store. At the same time, selling funds on new uses for Ethereum will be difficult since the asset is perceived by investors as an overvalued stock of one large tech company.

? Unlike Andrew Kang, SkyBridge Capital CEO Anthony Scaramucci believes that Ethereum's price could reach $10,000-12,000. As for bitcoin, the entrepreneur anticipates it could grow to $170,000-250,000. The main driver here will be the institutional adoption of cryptocurrency. Scaramucci called the approval of spot exchange-traded ETFs a significant regulatory barrier breakthrough for attracting new capital. According to him, this will soon result in digital gold comprising about 3% of large players? portfolios.

? Cryptocurrency exchange Coinbase has been listed among American brands most often impersonated by scammers to deceive their victims. According to analysts at Mailsuite, from January 2020 to March 2024, the Coinbase brand was used in 416 scam schemes and phishing attacks.
Mailsuite studied 1.14 million incidents in total, in which scammers impersonated a well-known company or organisation more than 249,000 times. Among traditional firms, Facebook/Meta was the most popular American brand among scammers, mentioned in 10,457 recorded fraud cases. Next were the US Internal Revenue Service (9,762 incidents), Apple (9,110), Amazon (8,919), Steam (4,833), and Microsoft (4,518). Internationally, scammers prefer Japanese firms, with mobile operator au (18,964 cases) and railway company JR East (18,250) leading the list.

? The US Federal Bureau of Investigation has issued a warning about fake law firms promising to recover lost crypto assets from scammers or government agencies.
Scammers pose as authorised lawyers from government departments, including the FBI, and offer assistance in recovering previously lost or confiscated digital assets. The FBI recommended being wary of such service advertisements, especially when pseudo-lawyers demand advance payments and request sensitive financial information and personal data.

? Former Goldman Sachs CEO Raoul Pal predicted significant growth for bitcoin and the cryptocurrency market in Q4 2024. Speaking on the podcast "The Wolf Of All Streets," the financier noted that risky assets like bitcoin usually rally during US presidential elections. "The final quarter of an election year is a real ?banana zone? for all assets. It?s always like that," Pal optimistically stated, adding that the ?banana zone? for cryptocurrencies in the autumn is much more pronounced than, for example, for the Nasdaq index.

? MicroStrategy founder Michael Saylor is convinced of the potential for the first cryptocurrency to grow to $10 million, supported by China and other factors.
He believes that in the future, governments, especially China, will fully accept the first cryptocurrency and integrate it into state infrastructure.
Calling bitcoin a "perfect asset," the entrepreneur explained that digital gold acts as a "corporate machine" that will allow companies to "live forever." He is confident that firms investing in bitcoin can last longer than those "mired in corporate ailments of the past." "The average lifespan of a corporation is about 10 years. [?] We?re talking about eliminating corporate mortality; we?re talking about easily increasing economic viability by ten, a hundred, or maybe a million times," added the MicroStrategy founder.
Saylor also called all economic tools that appeared before bitcoin outdated. "Before Satoshi Nakamoto, economics was a pseudo-science. All economists before Satoshi tried to develop economic laws using shells, glass beads, bits of paper, and credit instruments," the businessman emphasized.
Recall that MicroStrategy is one of the world's largest holders of bitcoin. In June 2024 alone, it purchased 11,931 BTC.

? Founder and CEO of tech giant Dell Group Michael Dell expressed interest in bitcoin in correspondence with Michael Saylor. The situation has caused a stir in the cryptocurrency community for several reasons. Dell was among the top 10 richest people in the world in 1999 and 2000. He periodically appeared in the top 20 afterward. At the same time, the entrepreneur himself has positively commented on the digital industry. In 2021, he publicly stated that blockchain technology is highly undervalued. His company, Dell Technologies, accepted bitcoin as a payment method from 2014 to 2017. However, this option was later removed due to "low demand," as explained by the company. Now, the billionaire posted a statement on his page regarding the value of bitcoin and published another note on this topic.

? Ahead of the US presidential election, former cryptocurrency advisor Carole House has returned to work with Joe Biden?s team. "It is an honour for me to return to the Biden administration, where I hold the position of special advisor on the White House National Security Council," House wrote on her LinkedIn. In 2022, Carole House co-authored Biden?s executive order on cryptocurrencies and digital assets. Her return to the White House signals an improvement in the US president?s attitude towards cryptocurrencies.

? Matt Hougan, CIO of Bitwise, which manages cryptocurrency funds, cited three reasons why long-term investments in both bitcoin and ethereum have advantages over investments in bitcoin alone. These are: 1. portfolio diversification, 2. the ability to profit from vastly different ecosystems, and 3. economic benefits.
Given the difference in capitalization levels between bitcoin and ethereum, Matt suggests investing 75% of capital in BTC and 25% in ETH. According to the report, from May 2020 to May 2024, the return on such an investment portfolio was 3% higher annually than one in which bitcoin alone accounts for 100%.
However, Hougan acknowledges that in the short term, a portfolio consisting solely of bitcoin outperforms a diversified one. Additionally, investing solely in bitcoin carries less risk due to its higher market capitalization and features such as limited coin issuance and gradual reduction of inflation to zero.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

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CryptoNews of the Week


? Many members of the crypto community believe that bitcoin has already reached its local bottom. For example, this forecast is supported by an analyst known as MartyParty. In his opinion, this is indicated by the fact that the main cryptocurrency has fallen to levels that barely cover the costs of its mining.
MartyParty believes that the behaviour of bitcoin can be predicted using the Wyckoff method. However, the analyst is confident that it is important to consider the impact of the upcoming US presidential elections. MartyParty overlaid the Wyckoff distribution on the BTC price curve to show the expected trajectory of the cryptocurrency, considering the potential reaction to the election outcome. According to his calculations, the peak of bitcoin's growth may be recorded in June 2025.
Ryan Lee, the Chief Analyst at Bitget Research, also shared a positive forecast in a conversation with BeInCrypto. He noted that on the weekly chart, BTC is near the lower boundary of the Bollinger Bands. Such behaviour of the cryptocurrency, in his observations, indicates that the coin has reached its local bottom.

? However, many in the crypto community predict further declines for bitcoin. For instance, a trader known as AltstreetBet does not rule out the coin falling to $47,000, with the bearish trend continuing until the end of the year. A similar forecast was given by analyst Inmortal. He noted the similarity between BTC's behaviour and its trajectory in 2019. If history repeats itself, bitcoin will be able to grow only at the beginning of 2025.

? The correction of the first cryptocurrency may continue until it reaches $44,000. This opinion was expressed by legendary Wall Street trader and head of Factor LLC, Peter Brandt. The expert questioned whether bitcoin has completed the "double top" pattern on the daily chart. According to his calculations, the upper level of this model is around $72,000, and the lower level is at $43,970.
It is worth recalling that a "Double Top" is a chart pattern that signals a medium- or long-term trend reversal from bullish to bearish. It forms when the price of an asset reaches a peak twice with subsequent pullbacks.

? Popular analyst known as Dave the Wave gave a forecast similar to Peter Brandt's. He warned his 146,700 followers on social media platform X that bitcoin might be reflecting the price movement seen at the beginning of 2017. In this case, according to the logarithmic growth curve (LGC) model, the dip could lead to $44,000, followed by a parabolic surge. (The LGC model aims to predict the lows and highs of BTC's long-term cycle by filtering out short-term volatility).
According to the analyst, downward volatility is an integral part of a bull market. "Bitcoiners have to take the good with the bad... technically we are still in a bull market? And although one can be confident in ultimate victory, there may be a fall along the way."
Dave the Wave emphasizes that a deep corrective movement will benefit bitcoin in the long term. According to his forecast, the dip will allow BTC to rise by 400%, reaching $220,000 by the end of 2025.

? Benjamin Cowen, founder and head of ITC Crypto, also commented on the BTC price drop. In his opinion, digital gold is near a critical level. The movement of the two-week trend strength indicator (RSI) will soon show whether the price will go up (as in 2013 and 2016) or down (as in 2019). "I keep playing these games, trying to figure out what year it is now, but then I tell myself it's 2024, and [bitcoin] must be doing something different than before," the expert emphasized.

? Peter Schiff, a fierce opponent of cryptocurrencies and president of Euro Pacific Capital, pointed to the lack of institutional demand for bitcoin. "Pumpers blame the price drop on sales related to [payments to creditors of the bankrupt crypto exchange] Mt. Gox. This is partly true, but the liquidation also exposes the myth of institutional demand. If it existed, buyers would have jumped at the chance to buy Mt. Gox bitcoins," said the entrepreneur.

? According to a document published on Monday, June 8, the Republican Party of former US President Donald Trump has officially adopted a platform aimed at supporting innovation in the crypto sphere, reflecting Trump's and his fellow party members' interest in digital assets. "Republicans will end the Democrats' illegal and un-American repression in the crypto field and oppose the creation of a Central Bank digital currency," the document states. "We will protect the right to mine and the right of every American to self-custody their bitcoins [and] conduct transactions without government oversight and control."

? Katie Stockton, Managing Partner at Fairlead Strategies, confirmed in an interview on CNBC that the current drop in bitcoin prices is due to the beginning of payments to clients of the Mt. Gox exchange, which went bankrupt ten years after the hack. In her opinion, the long-term upward trend remains, and the BTC price drop is short-term: "In the second half of the year, more volatility is likely to be observed. The upward trend will remain, but more correction phases will occur."
Katie Stockton emphasized that bitcoin should be considered a long-term investment with significant growth potential akin to a call option. However, if the first cryptocurrency's price drops to $40,000, this could threaten the long-term bullish trend.

? Michael Saylor, co-founder and former CEO of MicroStrategy, stated that the decline in the first cryptocurrency's value would not affect the asset's attractiveness among investors. As evidence, he showed a table comparing the price dynamics of various asset classes over several years. Among them were bitcoin, gold, emerging market stocks, emerging market bonds, and treasury bonds. The best results were shown by bitcoin, young company stocks (U.S. Growth index), and the Nasdaq 100 index. From 2011 to 2024, the price of bitcoin increased by 18,881%, while during the same period, the Nasdaq 100 index rose by 931%, and gold by 59%. Earlier, Michael Saylor predicted bitcoin's growth to $10 million, declaring that the first cryptocurrency would offer economic immortality for corporations.

? According to Forbes, citizens of Argentina, a country with the highest level of cryptocurrency adoption in the Western Hemisphere and inflation of about 300%, prefer buying and holding digital assets. Forbes cites the latest study by analytical company SimilarWeb, according to which out of 130 million visitors to the 55 largest global crypto exchanges, approximately 2.5 million were from Argentina.
According to Maximiliano Hinz, head of the Latin American division of the crypto exchange Bitget, "Argentinians do not play lotteries with meme coins and do not try to get rich on the next hot token. Instead, they buy and hold Tether (USDT) stablecoins. This is an abnormal market where many people just buy USDT and do nothing else with it." Newly elected Argentine President Javier Milei stated that the country is moving towards a "regime of competing currencies" where every citizen will choose which assets to use for payments. However, according to Forbes, none of the five largest crypto exchanges represented in Argentina - Binance, eToro, BingX, HTX, and Bitget - have been registered with the National Securities Commission (CNV).


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

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CryptoNews of the Week


? The rise in cryptocurrency prices is likely to be tactical and is not expected to mark the beginning of a prolonged upward trend, according to JPMorgan. The bank's experts noted that the current price of bitcoin significantly exceeds its mining cost ($43,000) and, compared to gold, appears overvalued relative to the "fair" price adjusted for volatility ($53,000). A significant upward deviation of prices from this latter parameter "limits the potential for long-term growth."
Analysts forecasted positive market dynamics in August, owing to the reduced impact of the sale of coins confiscated by German police and the distribution of coins among clients of Gemini and Mt.Gox. In this case, the price of bitcoin is expected to align with the trend in gold futures, where a recent rise has been observed. Experts also noted that both assets would benefit in the event of Donald Trump's victory in the upcoming U.S. presidential election.

? Bloomberg also reports that bitcoin miners and crypto companies, previously hindered from going public in the U.S., would benefit from a second term of Donald Trump?s presidency. The agency cites Christian Catalini, founder of the Cryptoeconomics Lab at the Massachusetts Institute of Technology, who stated, "Almost everyone in America would benefit if they chose to operate under the new rules once implemented."
In June, Trump met with miners, stating that bitcoin mining should become the "last line of defense against CBDCs." He added that he wants all remaining bitcoin to be "made in the USA."
Following Joe Biden's poor performance in the debates and a failed assassination attempt on Trump, the price of bitcoin rose by 10%, and shares of the two largest public miners, Marathon Digital and Riot Platforms, increased by 30%. Cipher Mining?s shares surged by nearly 50%. For the first time since the crypto market crash in 2022, industry companies are planning initial public offerings. USDC stablecoin issuer Circle filed for an IPO in January with a valuation of $33 billion. Crypto miner Northern Data, which is actively developing AI computing capabilities, is considering a U.S. listing, with a potential valuation of $16 billion. Kraken, the country's second-largest exchange, is also preparing for a stock market listing.

? U.S. President Joe Biden shocked the markets on Sunday, 22 July, when he announced his withdrawal from the presidential race. Some analysts suggested that this move could benefit bitcoin and other crypto assets, while others warned that investors should temper their excitement.
Analyst Josh Gilbert stated that Trump's increased chances of re-election represent "a huge boost for the asset class": "The longer we see Trump leading in the election odds, the more crypto assets will be worth following his victory." Gilbert explained, "It is hard to imagine Kamala Harris or another Democratic candidate overthrowing Trump's lead in the polls just three months before the end of this electoral race," but added, "a lot can happen during this period, so nothing can be ruled out."
Gary Black, managing partner of The Future Fund, shares a similar view. He warned his 433,000 followers on X that a Trump presidency victory is still far from certain. "Those who think that Trump/Vance will secure a decisive victory are getting ahead of themselves," Black wrote.

? Markus Thielen, the founder of 10x Research, suggested that the crypto-friendly Donald Trump might announce at the upcoming Bitcoin-2024 conference that he will make bitcoin a strategic reserve asset for the U.S. government. Currently, the government holds only 212,800 BTC, worth approximately $15 billion, whereas its gold reserves are around $600 billion. If the government were to double its bitcoin holdings, this would be "almost equivalent" to the price impact of the net inflow into bitcoin exchange-traded funds (ETFs) since the beginning of the year.

? U.S. Senator and Republican Party member Cynthia Lummis highlighted that during a recent major system outage at Microsoft, caused by a software update error from CrowdStrike, the bitcoin network remained unaffected, while other industries experienced complete chaos. The bitcoin blockchain and associated cryptocurrency services continued to operate without disruptions. The senator quoted the Latin phrase "Vires in Numeris," meaning "strength in numbers," underscoring that the primary cryptocurrency's network employs complex mathematical algorithms to ensure security and stable operation even in unpredictable technical circumstances.
Senator Lummis recently proposed backing the U.S. dollar with bitcoin to improve the country's financial system. She also voiced opposition to the introduction of a digital dollar, fearing it could compromise citizens' privacy..

? Arthur Hayes, the former CEO of the cryptocurrency exchange BitMEX, warned that voters supporting cryptocurrencies may lose their influence on politicians after the presidential elections in November 2024. He suggested that if a regulatory framework for digital assets is not established before the elections, the newly elected president and their administration are likely to shift focus to other pressing issues. Geopolitics may overshadow discussions about cryptocurrencies, with the president's attention potentially diverted to international conflicts, particularly those involving Iran and Russia.
"The capital required to support laws aimed at developing cryptocurrencies may be redirected to addressing more urgent foreign policy issues. Therefore, regulatory clarity must be achieved now, before the political landscape changes after the elections," Hayes stated.

? At the beginning of the year, Nigel Green, CEO of deVere Group, predicted a rapid rise in bitcoin to $60,000, which proved accurate. He now believes that the demand for the leading cryptocurrency will continue to grow, and its price could reach $100,000 by the end of the year. "Bitcoin is likely the best asset for growth potential by the end of the year," writes the financier. "It is currently priced at $65,000, but many expect it to hit $100,000 by year-end. Is this possible? Certainly, because the number of bitcoins is limited. If demand for BTC increases, the price will go up. Bitcoin is not the same as the U.S. dollar, where the Federal Reserve can simply print more." Green also noted that the possible election of Donald Trump as President of the United States could further benefit bitcoin.

? Analyst and trader RLinda identifies the bullish flag pattern as a key indicator of a potential upward movement for bitcoin. This pattern, observable on both daily and weekly charts, is characterised by a sharp upward movement followed by a consolidation phase. RLinda expects that a breakout from this consolidation could continue the previous uptrend, with a potential target around $90,000.
Support and resistance levels are crucial in this analysis. The key support levels at $59,300 and $63,800 have shown strong buying interest and stability. High trading volumes at these levels reinforce expectations that they will hold during any potential pullbacks.
Critical resistance levels are marked at $67,250 and $71,754. Overcoming these resistance points is necessary for BTC to advance towards higher targets. The all-time high (ATH) at $73,743 is particularly significant, with a successful breakout potentially triggering further bullish momentum.

? Peter Brandt, head of Factor LLC, expressed skepticism that the price of bitcoin will exceed $71,000 and set a new record. He stated, "I try to be as honest as possible when identifying patterns. The current stagnation in the bitcoin market is incorrectly labeled as a flag (it has lasted too long); it actually represents a descending channel. Anything that lasts longer than 4-6 weeks is not a flag," wrote Brandt.
The flag pattern, which some analysts believe has emerged on the BTC/USD chart, is typically a precursor to a bullish rally. However, the descending channel mentioned by the veteran trader suggests a price decline. This pattern is characterised by lower highs and lows, which have been established since bitcoin reached its all-time high in March.
Based on the chart Brandt published, he believes that bitcoin's price will not surpass the resistance line around $71,000. If this scenario plays out, a bearish trend may ensue, potentially driving the price of the digital asset down to $51,000. The descending channel is slightly widening, indicating that price volatility is expected to increase over time.

? Analysts from the cryptocurrency market maker Wintermute predict that Ethereum could rise to a maximum of $4,300 in 2024. They believe that demand for this altcoin will be lower than expected, estimating that investment in these derivatives will range between $3.2 billion and $4.0 billion in the first 12 months following the start of trading. Under this scenario, the ETH price could increase by a maximum of 24% during 2024, reaching approximately $4,300.
In contrast, researchers at ASXN have made a more optimistic forecast. They predict that monthly capital inflows into Ethereum ETFs will range from $800 million to $1.2 billion. This suggests that by the end of the year, at least $6-7 billion will be invested in ETH-based exchange-traded funds, significantly exceeding the figures provided by Wintermute's analysts.

? The pace of Ethereum's potential bull rally will heavily depend on the capital inflow into ETH-ETFs shortly after trading begins. However, the launch of these products has not yet generated significant excitement in the cryptocurrency market, with investors responding cautiously to the event. Experts from QCP Capital reminded that after the launch of similar BTC-ETFs, bitcoin's price initially dropped to $38,000, but then hit historical highs two months later. (Although, it should be noted that the BTC halving may have played a significant role at that time.)
Currently, the options market suggests a potential decline in Ethereum's price in the near term. This expectation is reinforced by news of pressure from the U.S. government and the situation surrounding Mt.Gox. These factors add uncertainty and create additional challenges for ETH's growth. "As a result, ETH's price may remain stagnant or even decline until a new catalyst emerges," QCP Capital analysts suggest.
Experts also caution against underestimating the impact of political factors. As the U.S. elections approach, cryptocurrency market volatility may increase. Statements and actions by key political figures can create new opportunities or threats. Therefore, investors should be prepared for price swings and closely monitor news developments.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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? According to analysts, with the current bitcoin price ranging from $58,000 to $61,000, many publicly traded mining companies are in a difficult financial position. This is due to both the increase in mining difficulty and the decrease in revenues following the halving. The miners faced another blow on the last day of July. It is worth recalling that the mining difficulty is adjusted every two weeks depending on the total power of the mining installations involved. The adjustment is necessary to maintain the block mining speed at one block every 10 minutes. On 31 July, the difficulty surged by 10.5%, the largest increase since October 2022.
As a result, according to Ki Young Ju, CEO of the analytical firm CryptoQuant, the average cost of mining one coin is currently around $43,000. Of course, this figure is lower than the current BTC price; however, it does not account for loan repayments taken earlier to build data centres and purchase equipment, as well as various overhead and administrative costs.
Experts from TheMinerMag, based on financial reports for the second quarter, calculated the full cost of the coins mined in July for leading mining companies. It turns out that companies like Marathon Digital and Riot are operating at a loss. However, they continue to accumulate reserves of digital gold, counting on its future growth. It is worth noting that Core Scientific followed the same path until 2022, but the subsequent bear phase led to its bankruptcy (though it was officially termed "business reorganisation").

? The mining company Marathon Digital announced that it would label all of its blocks mined in the USA with the mark "Made in the USA." According to some experts, this is a "nod" to Donald Trump, who stated during his election campaign that all remaining bitcoins should be mined in the United States. Marathon CEO Fred Thiel emphasised that his company is the only major miner capable of implementing this initiative, as it has its own MARA Pool and can guarantee that all blocks mined within it are indeed "Made in the USA."
As of today, Marathon is the world's largest mining company with a market capitalisation of $4.44 billion. Its shares, traded under the ticker MARA on Nasdaq, have fallen by 43.3% since the beginning of the year. The company explained that the results were impacted by equipment failures, power transmission issues, an increase in network hashrate, and the April halving. Currently, Marathon's bitcoin reserves exceed 20,000 BTC (approximately $1.2 billion). Recently, the company announced the issuance of bonds worth $250 million, maturing in 2031. The proceeds from their sale will be used to purchase new bitcoins, indicating confidence in the continued growth of the leading cryptocurrency's price.

? MicroStrategy has announced a potential injection of up to $2 billion into its already enormous bitcoin portfolio. According to the financial report for the second quarter, the company acquired 12,222 BTC for $805.2 million, bringing the total number of bitcoins to 226,500 (currently worth over $13 billion). The crypto market eagerly anticipates this move, as such large inflows could lead to a potential rise in BTC's price.
Over the past four years, MicroStrategy has invested approximately $8.4 billion in bitcoin, generating more than $5 billion in profit. As a result, the company's shares have risen by 995% since 2020. Interestingly, Arkham even created a dedicated portal to track MicroStrategy's steps in purchasing the leading cryptocurrency.

? According to CoinShares, Ethereum outpaced bitcoin from 5 to 9 August in terms of investment in cryptocurrency funds by nearly 12 times. Capital inflows into ETH-based derivatives reached over $155 million, with the majority ($105 million) coming from nine recently launched US spot ETH-ETFs. Financial instruments based on BTC saw their market capitalisation increase by only $13 million. Multi-cryptocurrency funds received investments totalling $18.3 million.
CoinShares notes that over the past month, capital outflows from BTC-based funds totalled $366 million. Half of these funds may have been the source of the inflow into ETH derivatives. 

? El Salvador has finally secured investments for the construction of Bitcoin City. Most of the funding will be provided by the Turkish holding company Yilport. The initial agreement was reached after the country's president, Nayib Bukele, visited Turkey two years ago.
The Bitcoin City project was first introduced in November 2021 as a "tax-free city" that would be funded by mining powered by local volcanoes. The "city of the future" aims to attract digital nomads and crypto companies. According to the authorities, this project will create thousands of new jobs and "attract even more investments into basic digital infrastructure."

? According to IntoTheBlock, the recent drop in Ethereum's price has reduced the number of holders of this altcoin with unrealised profits to 66%. At the beginning of August, that figure was 75%. As a result, 9% of coin owners suffered losses or broke even due to the dump. Meanwhile, the number of BTC holders who remain profitable stands at 81%. Analysts believe this indicates that the leading altcoin is undervalued relative to the leading cryptocurrency. As a result, it could quickly regain lost ground. This is confirmed by the emerging flow of investments from spot BTC-ETFs to ETH-ETFs.

? Digital asset management company VanEck has released a new forecast for bitcoin. It outlines three possible BTC price levels depending on the development of the market and the adoption of bitcoin as a reserve asset globally. According to the base scenario, by 2050, the flagship cryptocurrency could reach $3 million per coin. In the bear scenario, the minimum price of BTC would be $130,314. If the VanEck bull scenario comes true, one bitcoin could be worth $52.4 million in 26 years.

? The GameFi sector, or cryptocurrency gaming, is showing strong growth, with this sector attracting $1.1 billion in investments in the first half of 2024 alone. Crypto exchange and Web3 company Bitget recently published a report based on a survey of players of tap-based games operating on the "play-to-earn" principle within the Telegram messenger. Approximately 86% of respondents play the mega-popular Hamster Kombat. Following it are Tapswap and Blum, with 79% and 78% of users playing them, respectively. Yescoin and Catizen are also among the top five most popular games. According to Telegram founder Pavel Durov, the number of Hamster Kombat clicker players reached 239 million people within three months, with 4-5 million users joining the game every day.

? According to Santiment experts, a renewed hype in the market could push bitcoin back to the $70,000 range, reaching a new all-time high of $75,000 in the short term.

? CryptoQuant takes a different view. They believe that although bitcoin has managed to break through an important resistance level in the current bull cycle, the asset shows no signs of recovery in the short term. The high volatility of cryptocurrencies, the decline in the shares of leading AI-related technology companies such as Nvidia, Google, and Microsoft, combined with growing geopolitical tensions, are forcing investors to seek safer investments such as physical gold. On Wednesday, 13 August, its price reached another all-time high of $2,477, and according to some experts, this precious metal has a good chance of reaching $3,000 by the end of the year.

? According to the analyst known as TheMoonCarl, bitcoin is aiming to rise and consolidate above the $60,000 level. TheMoonCarl believes that a confident break of this key resistance could lead to $125,000. This forecast is based on the formation of a "cup with handle" pattern.
The cup part represents a period of consolidation and recovery, where the coin's price gradually formed a rounded bottom or solid support level. After the cup, the handle forms a brief period of consolidation or a minor correction, which bitcoin appears to be experiencing now. TheMoonCarl cited BTC's price movement since 2021 as an example. He also noted that if bitcoin successfully breaks out of this handle formation and then reaches $70,000, the next target could be $125,000. This figure is obtained by adding the height of the cup to the breakout point.

? Another analyst, TheScalpingPro, believes that despite recent volatility, bitcoin is capable of a bullish rally in the long term. In his opinion, the leading cryptocurrency is forming a classic parabolic curve often associated with strong upward momentum. The curve suggests that BTC could experience rapid growth with a potential target around $180,000. After reaching it, a sharp correction could be expected.

? The US Securities and Exchange Commission (SEC) has postponed its decision on the launch of a bitcoin-ethereum ETF. This product from Hashdex, which takes into account the market value changes of the two flagship assets, could have been the first universal ETF on the US market. However, SEC experts considered the launch of the BTC-ETH-ETF premature and requiring further study.
Earlier, Matthew Sigel, Head of Digital Assets Research at VanEck, stated that an exchange-traded fund tied to the Solana cryptocurrency could soon be offered to investors.