According to CryptoPotato, Bitcoin's price recently fell below $54,000, leading to a market-wide correction. However, the increased interest in purchasing Bitcoin suggests that some investors see this as a potential buying opportunity. Metrics such as the Relative Strength Index (RSI) and the Fear and Greed Index indicate that the asset is oversold and in fear territory, which could be interpreted as a potential signal for a rebound. On July 5, Bitcoin's price dropped by over 5%, falling below the $54,000 level for the first time in five months. This downtrend coincided with a general market correction, affecting leading altcoins like Ethereum, Ripple, Solana, and others. While some critics, including American stockbroker Peter Schiff, predicted that the market would continue to fall in the near future, others see the negative conditions as a potential buying opportunity. Google Trends data shows that searches for 'buy Bitcoin' have reached their highest level in a month. The most interested residents are from Nigeria, Cameroon, Singapore, the United Arab Emirates, South Africa, and Australia. Americans ranked 12th, while residents of European countries like Sweden, Switzerland, the United Kingdom, and Ireland were further behind. Two key metrics suggest that Bitcoin's crash may soon be replaced by another surge. The Relative Strength Index (RSI), which indicates whether the asset is oversold or undersold, is currently at 24, having crossed the 70 mark only a few times in the past several months. The Bitcoin Fear and Greed Index, which measures current investment sentiment, recently entered fear territory after being in the greed or extreme greed zone for most of 2024. Some industry participants believe that Bitcoin being in this state presents a good buying opportunity. Billionaire investor Warren Buffett once said that investors should be greedy when the crowd is fearful and vice versa.

According to Odaily, QCP Capital released a market analysis on July 5, indicating that spot prices have stabilized, showing good support around $54,000. The analysis also pointed out that panic sentiment has eased, with the front-end volatility dropping significantly from 65 to below 50 for Bitcoin (BTC), and from 80 to 62 for Ethereum (ETH). The report also highlighted that US employment data showed downward revisions for both April and May. This confirms Powell's inflation path and could lead to earlier rate cuts. The probability of rate cuts in September and December has increased accordingly. This analysis by QCP Capital provides a comprehensive overview of the current market conditions and future expectations.

On Jul 05, 2024, 3:05 PM (UTC). According to Binance Market Data, Bitcoin (BTC)  has crossed the 56,000 USDT benchmark and is now trading at 56,233.269531 USDT, with a narrowed 1.99% decrease in 24 hours.

According to CoinDesk, the CoinDesk 20 Index, a broad-based index traded on multiple platforms globally, has experienced a significant drop in its trading value. The index is currently trading at 1852.82, marking a 5.7% decrease, or a drop of 111.28 points, since the previous day's close. In this downturn, all 20 assets included in the index are trading lower. Among these, SOL and DOT are leading the pack with a lesser decrease of 3.3% and 3.4% respectively. On the other hand, LTC and ATOM are the laggards, experiencing a more substantial decrease of 12.0% and 10.5% respectively. The CoinDesk 20 Index is a globally recognized index, traded on multiple platforms across various regions. Despite the current downturn, it continues to be a significant indicator of the performance of the leading and lagging assets in the cryptocurrency market.

According to U.Today, the cryptocurrency market has experienced its second largest liquidation event in history, with nearly $700 million worth of long orders being wiped out overnight as Bitcoin's value fell below $55,000. This significant downturn has triggered a cascade effect, causing large-scale liquidations and inciting investor panic, which in turn has led to further price drops. The situation has been exacerbated by panic sales, which have resulted in even more liquidations and a steeper decline in prices. This pattern is currently being observed in the market, with potentially severe consequences. The market has been under considerable selling pressure due to the transfer of funds from the now-defunct Mt. Gox exchange, which has increased the total quantity of Bitcoin available for purchase and subsequently lowered prices. Another key factor contributing to the downturn has been the recent selling pressure from exchange-traded funds (ETFs). Despite previously accumulating Bitcoin, ETFs have now become a major source of selling pressure. When these funds offload substantial quantities of the cryptocurrency, the market price of Bitcoin is adversely affected. The situation is further complicated by the fact that the governments of the U.S. and Germany have been liquidating their cryptocurrency holdings. This government liquidation has increased supply and lowered prices, exacerbating the market's problems. The current selling volume is beyond the market's liquidity capacity, meaning even modest sales volumes can have a significant impact on the price. Given the scale of the liquidations, large sell-offs from institutional and governmental sources, and overall negative market sentiment, a rapid recovery seems unlikely. It may be prudent to prepare for a midterm bearish market.

On Jul 05, 2024, 13:03 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 55,000 USDT and is now trading at 54,976.398438 USDT, with a narrowed 3.95% decrease in 24 hours.

According to Foresight News, the cryptocurrency ZRO has shown a rapid rebound, breaking through the 3.4 USDT mark. The current report indicates that ZRO is now valued at 3.379 USDT. Over the past 24 hours, the cryptocurrency has seen an increase of 7.29%. This significant rise in value demonstrates the volatile nature of the cryptocurrency market and the potential for rapid gains.

5 July 2024 Macro/TradFi The Supreme Court has overturned the Chevron doctrine, which required courts to defer to federal agencies like the SEC on ambiguous laws. Now, agencies must tread carefully in extending their regulatory reach without clear legal backing, especially in emerging fields like crypto and AI. Experts see this as a win for the crypto industry, but it could also slow down progress on crypto and stablecoin regulation. Digital assets firm 21Shares has filed for regulatory approval to launch an ETF tied to Solana's (SOL) spot price, hot on the heels of VanEck's similar filing just a day earlier. Eric Balchunas, a senior Bloomberg ETF analyst, notes that Bitcoin ETFs are seeing strong net positive flows despite the broader crypto market decline. This resilience highlights sustained investor confidence in Bitcoin ETFs amid market turbulence. Polymarket odds of President Biden withdrawing from the race have hit a record 55%, following former President Obama's private concerns about Biden's campaign and debate performance. Crypto L1/L2: The Starknet Foundation announced an additional 50 million STRK to its DeFi Spring program, following a successful initial 40 million STRK allocation. The total now stands at 90 million STRK. Telegram founder Pavel Durov predicted that the TON blockchain could onboard hundreds of millions to Web3, driven by the viral success of Hamster Kombat and its upcoming token launch. Since its March 2024 debut, the game has attracted over 200 million players, with 4-5 million new users joining daily, making it one of the fastest-growing digital services worldwide. DeFi: Pendle, a DeFi protocol, saw withdrawals of nearly $3 billion in user deposits since last Wednesday as several markets expired, dropping deposits to just over $3.7 billion. The markets for Ether.Fi’s eETH, Renzo’s ezETH, Puffer's pufETH, Kelp’s rsETH, and Swell’s rswETH ended in what Pendle called "the big June 27 maturity." MakerDAO, a decentralized organization on the Ethereum blockchain, hit a record-breaking $85 million in revenue for Q2, marking its highest earnings ever. Stablecoins: The Bahamas aims to accelerate the adoption of its CBDC, the "Sand Dollar," by integrating it into commercial banks within two years. Central Bank Governor John Rolle announced plans to implement necessary regulations and ensure all commercial banks offer CBDC access to their clients. Tether has joined forces with Web3 shopping infrastructure company UQUID to boost USDT adoption in everyday transactions. This partnership lets Filipinos pay their Social Security System (SSS) contributions using USDT on the TON blockchain, enhancing the stablecoin's presence in financial services. Paxos Digital Singapore Pte. LTD. has gained approval from Singapore’s central bank to offer digital payment token services. This clearance allows Paxos to issue stablecoins compliant with local regulations, marking a key expansion in its global operations. Circle is the first stablecoin issuer to meet MiCA regulations, now registered as an electronic money institution (EMI) by France’s banking regulator, and permitted to issue USDC and EURC stablecoins in the EU. NFT: The NFT market experienced a sharp 45% drop in trading volumes in Q2 2024 compared to Q1, marking a significant downturn. Ethereum's Layer 2 network, Linea, has launched 'Culture SZN,' a free NFT minting event running from July 1 to August 1. The five-week event features four regular stages and one special stage, allowing users to mint NFTs weekly. Others: SEC sues Consensys, alleging that Metamask Swaps and staking services constitute unregistered securities offerings. Sony, Japan's multi-industry giant, is set to launch a cryptocurrency exchange subsidiary by revamping WhaleFin, the local trading platform it acquired last year. Latest Binance Research Publications  Check out our latest publications: Monthly Market Insights - July 2024 Road to One Billion Users Navigating Crypto: Industry Map Explore our Binance Research website for more project and macro research. For more frequent market updates and insights, follow us on Twitter @BinanceResearch. That’s a wrap! Binance Research About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes. General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.

According to BlockBeats, on July 5th, several cryptocurrencies have shown a positive rebound in the market. The major cryptocurrencies that have shown significant growth in terms of trading volume and price increase in the last hour include: ZRO is currently priced at 3.12 USD, showing a 7% increase in the last hour. DYDX is currently priced at 1.14 USD, showing a 6.5% increase in the last hour. SAFE is currently priced at 1.29 USD, showing a 6.0% increase in the last hour. These figures indicate a positive trend in the cryptocurrency market, with several major cryptocurrencies showing significant growth. This could be a sign of a potential market rebound, as investors continue to show interest in these cryptocurrencies. However, it is important to note that the cryptocurrency market is highly volatile and prices can change rapidly.

The global cryptocurrency market cap now stands at $2.32T, up by 2.10% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $53,486 and $58,813 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $54,350, down by -5.54%. Most major cryptocurrencies by market cap are trading lower. Market outperformers include GFT, PDA, and CREAM, up by 13%, 8%, and 7%, respectively. Top stories of the day: Mt. Gox Initiates Repayments in Bitcoin and Bitcoin Cash to Creditors Ethereum ETF Launch May Disappoint Compared to Bitcoin ETF, Says Analyst Balchunas Bitcoin Balance On CEX Reaches Nearly One-Year Low Potential Collapse of Dollar-Based System Could Benefit Bitcoin Holders, Says Jefferies' Chief Strategist Bitcoin Likely To Reach Its Peak In Mid-2025, Data Suggests  Mid-Year 2024 Report Reveals $314 Million Losses to Phishing Attacks on EVM Chain  CoinMarketCap Research Report: Bullish Sentiment Driven by ETFs and Institutional Investments  Russia Considers Incorporating Stablecoins Into Upcoming Legislation For Cross-Border Payments  Hamilton Launches Tokenized US Treasury Bills On Bitcoin L2 Blockchain Market movers: ETH: $2870.95 (-9.15%) BNB: $467.5 (-11.24%) SOL: $125.03 (-7.01%) XRP: $0.4045 (-10.17%) DOGE: $0.09628 (-13.43%) ADA: $0.332 (-15.39%) TRX: $0.12216 (-4.37%) AVAX: $23.24 (-9.78%) WBTC: $54312.01 (-5.66%) SHIB: $0.00001325 (-13.46%) Top gainers on Binance: GFT/USDT (+13%) PDA/USDT (+8%) CREAM/USDT (+7%)

According to PANews, data from the Hong Kong stock market indicates that the total turnover for all Hong Kong virtual asset ETFs was approximately HKD 207 million as of the close of trading. The Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) recorded a turnover of HKD 129.37 million, while the Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a turnover of HKD 17.8022 million. The Jiashi Bitcoin ETF (03439.HK/09439.HK) had a turnover of HKD 26.611 million, and the Jiashi Ethereum ETF (03179.HK/09179.HK) recorded a turnover of HKD 10.4584 million. The Boshi Bitcoin ETF (03008.HK/09008.HK) had a turnover of HKD 9.5585 million, and the Boshi Ethereum ETF (03009.HK/09009.HK) recorded a turnover of HKD 13.1242 million. It should be noted that all the above-mentioned virtual asset ETFs have both Hong Kong dollar and US dollar counters, with only the two Huaxia ETFs also having a Renminbi counter.

According to Odaily, Adam, a macro analyst at Greeks.live, has shared his insights on the imminent expiry of a significant number of Bitcoin (BTC) and Ethereum (ETH) options. He revealed that 18,000 BTC options are set to expire with a Put Call Ratio of 0.65 and a maximum pain point of $61,500, representing a nominal value of $1 billion. Additionally, 164,000 ETH options are also nearing their expiry, with a Put Call Ratio of 0.36 and a maximum pain point of $3,350, amounting to a nominal value of $470 million. Adam further commented on the recent downturn in the cryptocurrency market. He noted that the market had experienced a significant slump since the beginning of July, with major cryptocurrencies hitting several months' lows. This downturn coincided with the completion of quarterly deliveries, resulting in substantial market volatility and a significant increase in Implied Volatility (IV) for the main term. This situation presents a good opportunity for institutional sellers to build their positions. The market sentiment is rather pessimistic, with the IV for bearish options on mainstream coins noticeably increasing. The term structure exhibits an inverted phenomenon, with the far term being lower than the near term. Adam also hinted at some clear news regarding the ETH ETF in the near future. He suggested that those interested in buying at the bottom could purchase some bullish options for the end of the month, as they offer a much better cost-performance ratio than going long on futures.

According to Foresight News, Blast TVL has seen a significant decrease in its value. The data from L2BEAT indicates that Blast TVL has dropped to $25.8 billion, marking a 21.32% decline within a week. This substantial decrease reflects the volatile nature of the market and the challenges faced by Blast TVL.

According to Odaily, Blockstream CEO Adam Back recently shared his insights on the current market downturn. He pointed out that the market has experienced a decline of approximately 26%. Back compared this to previous bull markets, which have seen six instances of declines exceeding 30%. This perspective provides a historical context to the current market situation, suggesting that such downturns are not uncommon in the volatile world of cryptocurrency. Back's comments serve as a reminder that fluctuations are part and parcel of the crypto market, and investors should be prepared for such eventualities. However, it's important to note that while historical patterns can provide some guidance, they do not guarantee future performance. The market's trajectory is influenced by a multitude of factors, and each downturn or upswing is unique in its own way. Investors should therefore approach the market with caution and make informed decisions based on comprehensive research and analysis.

According to Odaily, Santiment recently reported a significant drop in the cryptocurrency market, with social media reflecting a peak in Fear, Uncertainty, and Doubt (FUD). This unusual scenario was observed when the mentions of 'sell' outnumbered 'buy' on crypto forums within an hour. This rare occurrence has led to the highest ratio of negative to positive comments so far in 2024 within the past 24 hours. For more aggressive traders, this situation presents an opportunity. Some may wish to become true contrarian investors, buying at the bottom amidst widespread anger and frustration. This strategy involves capitalizing on the market's fear and uncertainty, which is currently at an all-time high. However, it's important to note that this approach carries significant risk and should be undertaken with caution.

On Jul 05, 2024, 04:58 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 54,000 USDT and is now trading at 53,974.75 USDT, with a narrowed 8.56% decrease in 24 hours.

According to BlockBeats, data from Coinglass on July 5th revealed that global liquidation has surged to $600 million in the past 24 hours. The report indicates that the majority of this figure, $536 million, was from long positions being liquidated, while short positions accounted for the remaining $78.13 million. This significant increase in liquidation across the network signals a volatile period in the market. However, the specifics of the contributing factors to this surge were not detailed in the report. Further analysis and monitoring of the market trends are required to understand the full implications of this development.

On Jul 05, 2024, 04:20 AM(UTC). According to Binance Market Data, BNB has dropped below 460 USDT and is now trading at 459.700012 USDT, with a narrowed 15.01% decrease in 24 hours.

On Jul 05, 2024, 04:17 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 55,000 USDT and is now trading at 54,988.359375 USDT, with a narrowed 6.93% decrease in 24 hours.