Price: $65,520 | Last Year: $26,328
"He who knows that enough is enough will always have enough." -Lao Tzu
Can this week’s economic data lift markets from lethargy? One glimmer of hope comes from the Bitcoin Taker Buy Sell Ratio, a metric that tracks the balance between buy and sell orders on exchanges. However, $BTC price risks $62K dip as Bitcoin sellers return to exchanges. Bitcoin exchange inflows increase with little relief in sight for those eyeing a BTC price renaissance. Based on the price action clusters above the $71,600 mark, Bitcoin’s price could be on track toward a further correction. Meanwhile, as Bitcoin price falls, new Whales continue to accumulate.
$66K BTC price now ‘critical’ — 5 things to know in Bitcoin this week:
- BTC price dices with support failure
- Jobless claims highlight cool macro week
- Bitcoin miner capitulation in full swing
- BTC wallet numbers erase bear market wipeout
- Bitcoin ETF coins offer “strong support indicator”
Post-FTX Era, Bitcoin whale wallets reclaim correlation with market value.
In a statement that dates back to June 17, 2010, and would shape the future of digital currency, Satoshi Nakamoto declared, "The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime." -UToday
Bitcoin investment products saw over $600M in outflows last week according to CoinShares. Corporate adoption and trust in the cryptocurrency industry are still in their infancy, despite the previous approval of the first spot Bitcoin exchange-traded funds (ETFs) says Marc Degen, the co-founder and chairman of TRUST SQUARE, a blockchain-focused technology hub.
Larry Fink emphasized the shift to capital markets for private sector financing over traditional bank models and he announced the Investor Coalition's $25 billion commitment to Asia's emerging economies for growth; Bitcoin is gaining traction as a safe haven, with low correlation to equities and strong institutional support. In addition, Binance CEO Richard Teng is revealing his latest crypto predictions as Bitcoin (BTC) hovers in the mid-$60,000 range; predicting that Bitcoin will soar past $80,000 before the year’s end.
A merging of crypto and artificial intelligence (AI) technology could give a $20 trillion boost to the global economy, according to asset management giant Bitwise Inc. U.S.-listed Bitcoin miners reached record total market cap of $22.8B in June according to J.P. Morgan.
Bitcoin Runes racks up over 2500 BTC in fees under 2 months as Runes-related transactions could extend a significant revenue boost for Bitcoin miners, after the 2024 halving.
U.S. SEC's Crypto enforcer David Hirsch quits. Hirsch was the chief of the crypto asset and cyber unit in the Division of Enforcement at the U.S. SEC.
Bitcoin Basics
Podcast of the Day: Post-FTX Era: Bitcoin Whale Wallets Reclaim Correlation with Market Value
OTHER NEWS
Crypto whales abruptly accumulate over 700K $ETH worth $2,450,000,000 as it flashed a bullish signal according to Ali Martinez. ETH at $5,000 still on the menu for 2024. Ethereum scaling ecosystem’s combined TPS hits new all-time high. Over 41% of those transactions took place on Xai, a new Ethereum layer-3 scaling solution focused on gaming applications.
Tether debuts new 'Synthetic' Dollar backed by tokenized Gold in tokenization push. Users can mint new tokens using the company's new Alloy platform, which will be part of Tether's upcoming tokenization venture, CEO Paolo Ardoino said.
