😀 The cryptocurrency markets have been in turmoil recently. BTC and the entire altcoin market experienced significant growth over the weekend. Following the announcement of Biden's withdrawal from the presidential race, there was a flash crash, but the market quickly recovered to previous levels, with most tokens surpassing their local highs alongside BTC. Today, the market is cooling down after such strong growth.
BTC moved up without significant consolidation, which was unexpected. This growth seems partially driven by expectations of Trump's victory in the presidential race. However, with the announcement of a new candidate, confidence in Trump's victory may diminish along with the market. Currently, there is a play on anti-ratings: if the Democrats present a candidate with a low anti-rating, Trump's position could weaken significantly. Polls I reviewed today show that the public desires a centrist, while Trump's anti-rating is very high. Nevertheless, Trump remains the frontrunner at the moment.
Notable was the meme coin MEW, which grew by over 90% over the weekend. A futures contract for this token was recently listed on Binance.
GameFi token BNX has been impressive, growing for a couple of weeks and not pulling back significantly last week. However, be cautious with it as Koreans are known for pump & dump schemes. The reason for the rise is voting on burning part of the tokens.
😀 TradFi
The most important news this week is the US consumer inflation report on Friday.
A more long-term trend to note is the yield curve between 2-year and 10-year US government bonds, which has turned positive. Historically, when the yield curve crossed zero upwards, a recession followed in the US, as seen in 2008, the early 2000s, and 1978. What does this mean? We may soon see poor economic data from the US, not only in sales and production but also in the labor market. The Federal Reserve may rush to lower the interest rate, but it's unclear if this quick fix will change the situation significantly. This change could be due to the market's expectations of an imminent rate cut, but the rate is not lowered without visible economic deterioration.
😀News
Altlayer will unlock 42% of its circulating supply of ALT on July 25. Stay away from this token. 🐋.
Elon Musk added laser eyes to his X profile picture and might speak at a BTC conference this week. So, DOGE and other tokens Musk shills could surge.
😀Base Scenario
The next big trigger is the announcement of the exact launch date for the ETH ETF, expected this week. Therefore, ETH, which has clearly lagged behind BTC, might catch up. Meanwhile, BTC still faces concerns over potential sales from MT.GOX. It's preferable to pick up tokens on corrections, but without excessive enthusiasm.
😀What to Long Today
JUP (important vote on reducing token inflation this week).
DOGE due to the news mentioned above.
Heavily oversold CYBER will react to the ETH ETF, and the current prices are very attractive.
😀Idea Today: Long MKR
MKR has seen substantial sales by the team, which pressured the market. However, the project is not abandoned; on the contrary, it remains a leader in the DeFi industry and maintains a high TVL.
Move to breakeven at $2966
Stop: $2549
Take profit: $3187
#ETH_ETFs_Trading_Today #Bitcoin_Coneference_2024 #BinanceHODLerBANANA #signal $BTC
