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It's FRIDAY Folks! Crypto market holds firm above $1 trillion as Bitcoin gains threatened. But, Bitcoin price reached $23.4K amid 'very mixed' outlook and currently is trading around $23,313.25; down 2.38% for the past 7 days. Bitcoin funding rate turn positive and is a good indicator why the rally may not be over. Bitcoin may have a bright future if three fundamental forces, namely inflation, halving, and adoption – continue to exert their strong influence. Rekt Capital sees Q1 2023 is when Bitcoin will break out - time will tell.
Ethereum price is currently trading around $1,694.93 down about .18% for the past 7 days. BNB continues to be the best performing asset for the past 7 days up 11.67% while DOT is the runner up at 6.67% reclaiming the number 10 spot on Coinmarketcap. A Cardano Whale believes that transaction volumes are going to absolutely explode. 40% of U.S. investors are buying more crypto amid volatile market and almost 7% of Spanish have invested in Crypto.
A lot of Analyst talking today as CryptoQuant's Tomas Hancar says it's time to buy Bitcoin but also prepared for one more dip below $20K; I don't think that will happen. However, Glassnode believe this recently rally is a bull trap, but looking at the 4 hr chart I believe Bitcoin could test $24K, the daily chart is looking pretty strong, and the weekly is about to see the MACD crossover if we can close this week above $23K; $30K is still in play. Santiment believes Ethereum is set to rally once ETH supply on exchanges decline, as Citi believes the merge will have several consequences for Ethereum. Additionally, Optimism deposits are skyrocketing, showing 800% growth. Peter Brandt says his largest holding is Bitcoin.
The CeFi contagion is still being worked out as Voyager approves the return of $270MM in cash deposits to customers; not assets - cash. Core Scientific mined 10.4% more bitcoin in July despite power cuts and Crypto Miner Argo Blockchain faced equipment challenges and higher costs in July. Texas miner profited ‘significantly’ more by shutting down amid heatwave than mining Bitcoin and Antminer S19 XP dropped in a bid to swing crypto miners back into profit. A land use dispute in Colorado spotlights an emerging approach to powering bitcoin mining.
Regulatory wise, according to a Lummis staffer, Congress will likely decide the fate of crypto jurisdiction, Lawmakers send letter to 20 crypto firms soliciting diversity data, and new CFTC bill could overrule SEC but leaves fate of many Crypto tokens unresolved.
With the good comes the bad, Solana wallets hack explained and why it is not the teams’ fault and experts find private keys on Slope servers, still puzzled over access.
- Crypto market holds firm above $1 trillion as Bitcoin gains threatened (Finbold | Cointelegraph)
- Binance CEO meets with President of Central African Republic to discuss crypto adoption (Finbold | EWN)
- 40% of U.S. investors buying more crypto amid volatile market (Finbold)
- Almost 7% of Spanish Have Invested in Crypto, Regulator Says (Coindesk | Bitcoinist | CryptoPotato)
BITCOIN & ETHEREUM
- Bitcoin And Ethereum Eye 30% Jump In August Despite Lacklustre On-Chain Activity (ZyCrypto)
- Three fundamental drivers for Bitcoin’s potentially bright future (Finbold)
- Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over (NewsBTC)
- Ethereum Among Market Leaders with 6% Growth, Bitcoin to Bring Surprises Next Week: Crypto Market Review, August 5 (UToday)
- Ethereum Price Remains Constricted, Can It Move Above $1,900? (NewsBTC)
- Data Shows Bitcoin Still Highly Correlated With Stock Market (Bitcoinist)
- This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market (NewsBTC)
- Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debate (Cointelegraph | NewsBTC)
- Bitcoin price reaches $23.4K on 4.6% gains amid ‘very mixed’ outlook (Cointelegraph | BIC)
- 516 Million Moved by Ripple and Top-Tier Platforms (UToday)
- Cardano Now Fully Integrated For Over 1.7 Million Uphold Users — What This Means For ADA (ZyCrypto)
- Cardano (ADA) Receives Long-term Bullish Feature as 70.6% of Market Cap Is Staked (UToday)
- Cardano: ‘ADA Whale’ Explains Why ‘Transaction Volumes’ Are Going to ‘Absolutely Explode’ (Cryptoglobe)
- Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10 (NewsBTC)
- Rekt Capital: Crypto Trader Pins Date on Bitcoin Turnaround, Says One Ethereum-Based Altcoin Is Breaking Out (TDH)
- Tomas Hancar: It’s Time to Buy Bitcoin But Also Prepare For One More Dip Below $20K: Analyst (CryptoPotato | NewsBTC)
- Glassnode: Report Shows Previous Bitcoin Surge Was A Bull Trap (Bitcoinist)
- Santiment: Ethereum (ETH) Set To Rally Once This Bullish Signal Starts Flashing (TDH)
- Citi: Ethereum’s Merge Will Have Several Consequences for the Blockchain (Coindesk | Finbold)
- Peter Brandt: Legendary Trader Says Bitcoin Is His Own Largest Position (UToday)
- CNBC’s Jim Cramer: ‘Still Studying Coinbase and All of These Crypto Coins’ (Cryptoglobe)
- DeFi Protocol Voltz Could Bring 150% Interest Rate on Ether Deposits (Coindesk)
- Mastercard Partners With Binance To Roll Out New Crypto Card to This South American Country of 47,000,000 (TDH)
- The Ethereum Merge Resistors: Can They Succeed? (Decrypt)
- Optimism Ethereum Deposits Are Skyrocketing, Showing 800% Growth (UToday | BIC | NewsBTC)
- Cardano ($ADA) Network Surpasses 3.5 Million Wallet Milestone (Cryptoglobe)
- Why Bit Digital Is Expanding Into Canada (Coindesk)
- What the Merge Means for Ethereum Miners (Coindesk)
- Texas miner profited ‘significantly’ more by shutting down amid heatwave than mining Bitcoin (Finbold)
- Antminer S19 XP dropped in a bid to swing crypto miners back into profit (Cointelegraph)
- Core Scientific mined 10.4% more bitcoin in July despite power cuts (TB | Coindesk | Cointelegraph)
- Crypto Miner Argo Blockchain Faced Equipment Challenges, Higher Costs in July (Coindesk)
- A land use dispute in Colorado spotlights an emerging approach to powering bitcoin mining (TB)
- Congress will likely decide the fate of crypto jurisdiction — Lummis staffer (Cointelegraph)
- Lawmakers send letter to 20 crypto firms soliciting diversity data (TB | Cointelegraph | Coindesk)
- New CFTC Bill Could Overrule SEC but Leaves Fate of Many Crypto Tokens Unresolved (Blockworks)
- Russian Citizen Accused of Seizing Massive Trove of Bitcoin (BTC) Extradited to United States (TDH | CryptoPotato | BIC)
- Solana wallets hack explained and why it is not the teams’ fault (Finbold)
- Experts find private keys on Slope servers, still puzzled over access (Cointelegraph)
- Bitcoin Magazine: Is Bitcoin Still In A Bear Market? w/ Jeff Ross
- The Breakdown: Crypto's Institutional Narrative: Less Dead Than It Seems?
- Unchained: Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge
- What Bitcoin Did: How Crypto Replayed the 2008 Financial Crisis with David Morris
- Decrypt Daily: Aug 4: To Bridge or Not To Bridge? $2B Stolen From Cross Chain Bridges
- On The Brink: Weekly Roundup 08/05/22 (BlackRock jumps in, CFTC oversight bill, ETH PoW forks?)