In the world of cryptocurrency, Bitcoin, Ether, and most other top 10 non-stablecoin tokens experienced losses, with Polygon’s Matic leading the losers. Bitcoin dropped on Thursday morning in Asia to below US$30,500, as the U.S. government’s potential sale of Bitcoin seized in the Silk Road theft pressured the token. Along with Bitcoin, Ether and most other top 10 non-stablecoin cryptocurrencies also logged losses, with Polygon’s Matic leading the losers. Despite the slowdown in U.S. inflation reported in the Consumer Price Index, the drop in cryptocurrency prices continued. U.S. equity futures rose on the news, but analysts still predict another interest rate hike in July. The U.S. government’s potential sale of Bitcoin seized from a Silk Road theft also pressured the token. Bitcoin wallets linked to the U.S. Department of Justice (DOJ) moved over 9,800 Bitcoin worth around $300 million to unused addresses in a flurry of transactions on July 12, according to data from Blockchain.com. The move likely exerted further pressure on the token, as has been the case with other large transfers. In 2021, the DOJ seized around 50,000 Bitcoins stolen from the Silk Road darknet marketplace. It is unclear if Wednesday’s transferral between wallets will lead to the U.S. government selling the seized Bitcoin. Despite the lower-than-expected inflation data recorded in the U.S. CPI report, it may not sway the Federal Reserve from making another interest rate hike in July, according to Nigel Green, CEO of independent financial advisory deVere Group. Green said that central banks’ officials will argue that there is still work to be done to tame inflation and they are unlikely to be dissuaded from their course of action for the time being. While analysts expect a 92.4% chance of a 25-basis-point rate increase this month, they also expect a 12.9% chance for one more 25-basis-point rate hike in September, down from 22.3% on Wednesday. Expectations for further rate hikes in November and December also dropped. In other news, Google Play announced a policy change that allows apps and games to incorporate NFTs onto their platforms, opening up a huge new opportunity for creators and projects to build with mobile as their backbone. Meanwhile, U.S. stock futures rose, with all three major U.S. indexes closing higher in regular Wednesday trading, with the Nasdaq composite leading the rally with a 1.15% increase. Asian stock indexes also traded higher on Thursday morning, with China’s Shanghai Composite, Hong Kong’s Hang Seng, Japan’s Nikkei, and South Korea’s Kospi all recording rises.  Source: Forkast

Bitcoin has continued to dominate the cryptocurrency market as it experiences a third consecutive week of positive fund inflows, which have corrected the previous nine weeks of outflows, according to a report published by CoinShares. The inflows for this week alone reached $136 million, with 98% of the funds going into Bitcoin, while the remaining 2% were mostly invested in Ether, multi-asset holdings, and a few altcoins. This trend has extended Bitcoin’s total market cap from 51.46% to 51.66%, cementing its position as the market leader. In addition to the positive news surrounding Bitcoin, blockchain equities inflows have reached a yearlong high of $15 million, which is more than double the previous week’s $6.8 million. This marks the end of a nine-week outflow streak and shows that investors are starting to regain confidence in the industry. However, despite the positive news, trading volume has dropped, reaching a seasonal low. This is a common trend observed in previous years, where liquidity in July and August has been historically low. Despite the recent positive developments, some investors are getting nervous due to the lack of a clear trend in the market. There is also uncertainty surrounding the US government’s authorization of BTC as a spot exchange-traded fund and the ongoing litigation against Binance and Coinbase. Some investors had been hopeful that one or more companies would finally receive authorization from the United States government to offer BTC as a spot exchange-traded fund, but the process is taking longer than expected, and there is no clear timeline for when this will happen. In conclusion, Bitcoin’s dominance in the market remains unchallenged, and the recent positive inflows have corrected the previous outflow streaks. However, the market is still volatile, and investors are advised to exercise caution when investing in cryptocurrencies. Despite the recent positive developments, there is still uncertainty surrounding the industry, and investors should be prepared for ups and downs in the market. Source: Cointelegraph

Standard Chartered, a British multinational bank, has recently released a report predicting that the price of Bitcoin will reach $120,000 by the end of 2024, representing a threefold increase from its current value. The bank’s bullish outlook is based on the belief that miners will begin hoarding their coins, thereby limiting the supply available in the market and driving up prices. As explained in the report, the profitability of Bitcoin mining has increased significantly in recent months due to the rising price of the cryptocurrency. With each block mined, miners are currently rewarded with 6.25 BTC, which is worth over $180,000 at current prices. This has enabled miners to sell fewer coins while maintaining cash inflows, which has led to a reduction in the net BTC supply and a potential bullish feedback loop. According to one of Standard Chartered‘s top FX analysts, Geoff Kendrick, “Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.” Kendrick estimates that if Bitcoin’s price rises to $50,000 by the end of the year, miners will reduce the amount of BTC they sell per day, which will reduce net BTC supply by roughly 250,000 Bitcoins a year. The report suggests that miners’ behavior is likely to change as the price of Bitcoin continues to rise, with more miners opting to hold onto their coins rather than sell them immediately. Standard Chartered believes that this trend will accelerate in the coming years, leading to a decrease in available supply and a corresponding increase in prices. The report also notes that Bitcoin’s recent price surge has reversed the negative momentum that had been building since 2022, with miners now enjoying higher revenue than they did at the start of the year. The bank’s prediction of a $120,000 Bitcoin price by the end of 2024 is more optimistic than some other forecasts, but it is not without precedent. In late 2017, Bitcoin’s price reached an all-time high of nearly $20,000 before crashing back down to around $3,000 in 2018. Many analysts believe that the current bull run is different, however, and that Bitcoin is poised for sustainable growth over the long term. Standard Chartered’s report suggests that Bitcoin is likely to remain a volatile but potentially lucrative investment in the coming years, with a number of factors contributing to its price trajectory. While the exact future of cryptocurrency remains uncertain, the bank’s prediction of a $120,000 price point by the end of 2024 is certainly one to watch closely. Source: CoinDesk

Bitcoin’s price has been struggling to stay above the $30,500 support zone and the 100 hourly Simple Moving Average, indicating bearish signs for the cryptocurrency. There was a break below a contracting triangle on the hourly chart of the BTC/USD pair, with support near $30,200. The pair could extend its decline if it stays below $31,200 for an extended period, which could lead to a nosedive in Bitcoin’s price. Despite the attempted fresh increase above the $30,500 resistance level, the price failed to sustain its momentum. The price seems to be trading in a range above the $29,850 support zone, but if the bears take control, Bitcoin could face significant losses. If there is another increase, the price might face resistance near the $30,300 level and the 100-hourly Simple Moving Average. The next resistance zone is near $30,500, above which the price might retest $30,750, which is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. If the bulls manage to push the price above the $30,750 level, there could be a drift towards $31,000, and the next significant resistance is near the $31,400 level. However, if Bitcoin fails to clear the $30,300 resistance, it could continue to move down, and immediate support on the downside is near the $30,000 level. The cryptocurrency market is highly volatile, and the price of Bitcoin can fluctuate dramatically in response to a range of factors, including regulatory developments, global economic conditions, and investor sentiment. As such, investors should exercise caution when investing in Bitcoin and other cryptocurrencies and be prepared to weather the ups and downs of this volatile market. Source: Bitcoinnews

Bitcoin’s price has been showing signs of strength, and there is optimism that other Altcoins, including SOL, AVAX, FIL, and EOS, may experience a surge in their values if Bitcoin can break through the $31,000 resistance level. The crypto market has been volatile in recent months, with prices fluctuating dramatically in response to a range of factors, including regulatory developments, global economic conditions, and investor sentiment. Market observers remain cautious due to recent cooling labor market figures, but the US Federal Reserve’s expected rate hike is still on track. The FedWatch Tool indicates that the market expects a 25 basis point rate hike at the next meeting. This expectation has kept US equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16%, and the Nasdaq was lower by 0.92%. In addition to these factors, a recent report from JPMorgan managing director Nikolaos Panigirtzoglou suggested that a spot Bitcoin ETF may not have a significant impact on the crypto space. The report cited lackluster interest in spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact, even in the US. Despite these challenges, several altcoins are showing signs of upward movement, and technical analysis indicates potential bullish trends for SOL, AVAX, FIL, and EOS. SOL has been trading in a large range between $15.28 and $27.12 for several months, but recent price movements suggest that the bulls are attempting a comeback. AVAX successfully scaled the 50-day SMA ($12.99) on July 8, indicating that bulls have an edge. FIL is trying to form an inverse head and shoulders pattern, complete on a break, and close above the neckline near $5. EOS has been forming a higher high and higher low pattern, suggesting a potential trend change in the near term. Overall, the crypto market remains unpredictable, and investors should exercise caution when investing in cryptocurrencies. However, the recent price movements of Bitcoin and several altcoins suggest that there may be opportunities for investors who are willing to take on the risks associated with this volatile market. Source: Cointelegraph

Bitcoin’s price has been the subject of much speculation and analysis, with investors and enthusiasts wondering whether it will reach the coveted $100,000 mark this year. According to K33 Research Analyst, multiple positive catalysts lie ahead, fueling optimism and speculation about the potential for a significant surge in Bitcoin’s price. One of the factors contributing to this positive outlook is the resurgence of institutional interest in spot Bitcoin ETFs. This is seen as a validation of Bitcoin as a viable and sound investment alternative, which could drive its price up significantly. Additionally, the summer season is seen as a prime accumulation period, which could also contribute to a rise in Bitcoin’s price. However, Bitcoin’s current trading pattern has been characterized by choppiness, with the price fluctuating within a narrow range between $29,000 and $31,350. The price attempted to surpass the $31,000 resistance level but underwent a downward correction, currently trading near the 23.6% Fibonacci retracement level. Immediate resistance is around $30,600, with significant resistance near $30,750 and the 50-day Simple Moving Average. If the $31,750 resistance level remains unbroken, there is a possibility that Bitcoin’s downward movement may continue. Immediate support lies around $30,150 and the recent low, while the next major support level is near $30,000. However, further losses could potentially drive the price towards $29,550 or even the $29,200 zone in subsequent sessions. Despite the uncertainties in Bitcoin’s trading pattern, K33 Research Analyst remains bullish on the cryptocurrency. The positive outlook and growing institutional interest in Bitcoin ETFs, combined with other factors, sets the stage for an exciting market in the coming months, potentially impacting the price of BTC significantly. Source: Cryptonews

Binance CEO Changpeng Zhao recently held a Twitter Space session where he shared his insights on the next Bitcoin bull run. Zhao noted that historically, Bitcoin has moved in four-year bull cycles and believes this pattern will continue. While he admitted that he could not predict the future, he emphasized the upcoming Bitcoin halving event in 2024 and stated that 2025 is likely to be the year of the next bull market. He also highlighted the importance of increased institutional interest in the cryptocurrency space, which he believes will contribute to the growth of the market. Zhao also welcomed BlackRock’s recent entry into the spot Bitcoin exchange-traded fund arena, saying it is beneficial for the crypto industry. He brushed off concerns that BlackRock could eat up Binance’s market share, stating that the overlap between their respective customer bases is minimal. Zhao explained that anyone who is coming into the cryptocurrency market where they are not today will bring additional people into it, and while they may compete for some existing users, the overlap is minimal. Regarding regulatory action against his exchange, Zhao stated that he and Binance are looking for the most expedient, reasonable, and mutually agreeable solution possible. He acknowledged that he could not talk specifics about the ongoing regulatory action. Still, he reassured the audience that he is committed to finding a solution that satisfies Binance and the regulators. In summary, Zhao provided a comprehensive analysis of the current state of the crypto market, highlighting the potential opportunities and risks for investors and traders alike. He emphasized the importance of increased institutional interest and the upcoming Bitcoin halving event as factors that could contribute to the growth of the market. Additionally, he welcomed BlackRock’s entry into the spot Bitcoin exchange-traded fund arena and reassured the audience that he is committed to finding a solution to ongoing regulatory action against his exchange. Source: Cointelegraph