Markets were shocked by first-quarter inflation data, expecting a 150bp rate cut. JPMorgan President Pinto suggested no rate cuts this year due to ongoing inflation. Continue Reading: JPMorgan Analyzes Interest Rate Predictions
In recent developments, the German government’s Bitcoin management strategy is facing significant criticism. Joana Cotar, a member of the German parliament, has vocally opposed the decision to sell off Bitcoin holdings amid market volatility. Cotar highlights potential long-term benefits of retaining Bitcoin, urging a strategic reassessment. German government’s recent moves to sell Bitcoin amid market
In a scathing critique of the recent Bitcoin management strategy of the German government, Joana Cotar, a member of parliament has openly expressed her disapproval of the plan to sell off its BTC holdings during a volatile time in the market. Cotar, a well-known supporter of innovation and digital assets in the Bundestag, contended that
Trump is siding with crypto while Biden may be at war with it. What about lawmakers though?
**Fidelity Sees Daily Inflow of $117.6 Million Amid Market Downturn** In a surprising turn of events amidst the ongoing market decline, Fidelity Investments has reported a significant influx of capital. As per the latest data, the investment giant is witnessing an average daily inflow of $117.6 million. This remarkable trend highlights the continuous trust and
A new report by blockchain intelligence firm TRM reveals that crypto thefts in the first half of 2024 have doubled compared to 2023, with $1.38 billion stolen by June 24. Major hacks constitute 70% of losses, with private key compromises and smart contract exploits as top attack vectors. Crypto projects are advised to adopt comprehensive
Crypto stocks missed an opportunity to hit a rally after the stock market recorded huge gains. The US market picked up gains of close at highs following a swing in macro factors linked to the newly released U.S. Job data. According to the Labour Department, the US economy gained 206,000 jobs in June, a decline The post Crypto Stocks Fail To Capitalize on Big Tech Rally appeared first on CoinGape .
**Tree Fidelity Reports Daily BTC Flows of 117.6M** According to recent data from Bloomberg, Tree Fidelity has recorded daily Bitcoin (BTC) flows amounting to 117.6 million. This significant influx underscores the growing interest and activity levels in the cryptocurrency market. Tree Fidelity, known for its robust financial management and investment strategies, appears to be capitalizing
The cryptocurrency market experienced a substantial downturn on Friday, compounding the selling pressure witnessed over the past two weeks. The leading cryptocurrency, Bitcoin (BTC), retraced over 20% from its highs in June and May, dropping as low as $53,500. The market decline was largely attributed to the long-awaited trustee overseeing the Mt. Gox bankruptcy, who announced the commencement of Bitcoin and Bitcoin Cash repayments to creditors affected by the infamous hack that resulted in billions in losses. As a result, the entire cryptocurrency market shed over $170 billion in combined market capitalization in just 24 hours. Bitcoin Repayments And German Government Sell-Off The trustee responsible for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, stated that Bitcoin and Bitcoin Cash repayments had begun through designated crypto exchanges. While the amount transferred to these exchanges was not specified, data from market intelligence platform Arkham revealed that 47,229 BTC, valued at $2.71 billion, had been transferred to an unknown address. Related Reading: Polkadot Under Fire: 20% Price Drop Follows $87 Million Spending Outrage Kobayashi emphasized that the remaining funds would be returned to creditors once “specific conditions” were met, including verifying registered accounts and finalizing discussions with the designated exchanges. The decline in crypto prices led to substantial liquidations in the derivatives markets, with over 229,755 traders experiencing combined liquidations worth $639.58 million in the past 24 hours. Of this amount, $540.46 million represented long trades, indicating positions taken by investors expecting long-term asset appreciation. Additionally, the German government contributed to the market pressure by selling approximately 3,000 BTC, equivalent to around $175 million, from a seized stash of 50,000 BTC associated with the movie piracy operation Movie2k. Despite the sell-off, the government still holds over 40,000 BTC, valued at over $2 billion. What Historical Price Cycles Suggest Despite the ongoing bloodbath witnessed in crypto prices over the past month, industry insiders and analysts remain optimistic about Bitcoin’s future performance. Despite the short-term selling pressure resulting from Mt. Gox repayments, experts anticipate a rebound towards the end of the year. Crypto data and research firm CCData suggested that Bitcoin’s current appreciation cycle has not yet peaked and will likely achieve a new all-time high. Historical market cycles indicate that Bitcoin’s Halving event, which reduces the supply of new BTC, typically precedes a period of price expansion between 12 and 18 months. The most recent Halving occurred in April, suggesting potential further growth into 2025. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told CNBC that he predicts that Bitcoin will hit $150,000 despite the Mt. Gox overhang. The launch of an Ethereum exchange-traded fund (ETF) in the US and the approval of the first US spot Bitcoin ETF earlier this year contribute to the overall positive sentiment in the market, indicating potential growth and further mainstream adoption of cryptocurrencies. At the time of writing, BTC is trading at $55,680, reflecting a significant 21% drop in price over the past month. Bulls in the market are closely monitoring the $54,480 price level, representing substantial support for BTC. This level holds critical importance as it could prevent further price declines and the risk of breaking below the crucial $50,000 level. Featured image from DALL-E, chart from TradingView.com
Surprisingly, things have gotten even worse than they were