The crypto market traded sideways on Thursday, with Bitcoin bulls and bears evenly matched, trading between $60,500 and $62,500. At press time, the price was $61,458, up 0.8% in the 24 hours.

Altcoins moved higher, with most of the top 200 tokens by market cap seeing gains. Mog Coin (MOG) led the gains with a 31% gain, followed by SATS (1000SATS) with a 16% gain, and Book of Meme (BOME) with a 15.6% gain. Three AI-related tokens led the declines, with Fetch.AI (FET) down 13.3%, Ocean Protocol (OCEAN) down 11.8%, and SingularityNET (AGIX) down 11.4%.

The current overall market value of cryptocurrencies is $2.29 trillion, and Bitcoin’s market share is approximately 53%.

How long will BTC's sideways fluctuations last?

According to data, after U.S. spot Bitcoin ETF investment products experienced outflows for seven consecutive days, spot Bitcoin ETF fund flows turned positive in the past two days.

If there is a reason for the start of this bull market, it must be BlackRock. In the context of the market being in a deep bear state and the industry facing high-pressure supervision, BlackRock's ETF single-handedly reversed the situation in the crypto market.

After the launch of the Bitcoin spot ETF, IBIT was also the one with the strongest performance and the best liquidity. Last week, HODL15Capital listed the top ten companies holding Bitcoin in the world so far, and BlackRock's IBIT ranked first with 305,614 BTC.

Less than a month after BUIDL was launched, the Ethereum spot ETF, which had regulatory issues with staking, staged a dramatic turnaround and was approved directly on one application.

On May 24, the Ethereum spot ETF went from being unpopular with only a 7% approval rate to a 75% approval rate overnight, and the ETH price also repeatedly broke through the $3,800 mark.

Although industry insiders say the Solana ETF has little chance of being approved this year, the development highlights the growing acceptance and adoption of Bitcoin ETFs in the traditional financial sector, helping to drive up crypto market valuations.

The adjustment may last five months.

Axel Adler Jr., an analyst at the on-chain analysis platform CryptoQuant, wrote on the X platform. "The current market is very similar to the 2019-2020 adjustment, which is the most likely scenario for this adjustment. The adjustment lasted for 5 months and the maximum drop was 46%."

Market analyst Sage Young is optimistic about the outlook for July, noting that history shows that "a drop in Bitcoin prices in June means double-digit growth in July."

According to data from crypto derivatives statistics platform Coinglass, in addition to this year, BTC prices have five poor performances in June: 2022, 2021, 2020, 2018, and 2013. After falling in June, BTC rose by more than 9.6% in the next month, sometimes as high as 24%.

Sage Young added: “Looking at the larger sample size, BTC’s median return in June was -0.49%, while BTC’s median return in July was 9.6%.”

The first televised election debate has officially begun

The debate between Biden and Trump on the US presidential election on CNN has officially begun. The current president, Democrat Biden, and the former president, Republican Trump, who had been engaged in a "war of words" in the air, once again confronted each other on stage after nearly four years.

Will this debate trigger volatility in the crypto market? How will the two political meme coins perform?

Cryptocurrency Didn’t Come Up in First Election Debate

According to statistics, by 2024, 20 million people in the United States will be using cryptocurrencies, accounting for about 14% of the population. Against this backdrop, protecting the security of residents’ crypto assets has naturally become a hot topic in the United States, a land that focuses on protecting human rights. The first presidential debate just ended, and cryptocurrencies were not mentioned.

Despite three crypto-backed Super ZZ Action Committees (PACs) raising $202.8 million from big industry backers and spending $93.6 million to influence the 2024 election, crypto remained largely unmentioned.

The second debate between Biden and Trump is scheduled for September 10. The elections for president, vice president, all 435 House seats and 34 of the 100 Senate seats are scheduled for November 5. The candidate-elect will be sworn in on January 20, 2025.

What are the subsequent impacts of related MEMEs after the election?

The US election has become a commonplace among crypto people. But it is worth mentioning that according to the usual style of the US election, Trump has more openly expressed his love and understanding of cryptocurrency. In the end, no matter who is elected, he will have to fulfill the promises he made to voters when he ran for president. This also laid the groundwork for the development of the crypto market in the next four years.

There are already many Trump-related tokens on the market, far more than Biden-related ones, and these meme tokens related to the US presidential campaign may gain attention during the heated debate.

In the public eye, tokens with larger market capitalization:

1. PEOPLE (ConstitutionDAO): It was first issued by ConstitutionDAO on the decentralized crowdfunding platform JuiceBox. It is an ERC-20 governance token based on proof of donation. It has a total circulation of 5.06 billion tokens and 100% circulation. Its current market value is 470 million US dollars and ranks 129th. If the crypto industry is mentioned and supported during the debate, PEOPLE will undoubtedly usher in a wave of growth.

2. MAGA (Trump): A meme coin named after former US President Trump and his campaign slogan "Make America Great Again" (MAGA). The current US President has also been used in similar projects (such as Biden and his meme "Jeo Boden"). MAGA has seen a sharp increase in price in 2024. On June 1, 2024, MAGA hit an all-time high of $17.66, and has now retreated significantly to below $9, with volatility approaching as the first debate on Thursday approaches.

3. BODEN (Jeo Boden): The largest of a group of meme coins that reference politicians with tilted heads, it currently has a market cap of $112 million and is ranked 384th on CMC. In June, within an hour of Hunter Biden, son of President Biden, being convicted of three federal gun violations, BODEN surged another 14%. This rise was the opposite of what happened after Trump was found guilty, when most of the meme tokens associated with him plummeted, once again proving that the trading of meme tokens is full of randomness.

It can be seen that Meme coins mainly rely on emotions and FOMO effects, which are more in line with Trump's political style and aura; while VC coins are more in line with Biden's tone. The fierce debate will not only attract national attention, but will also directly affect the election results. Although the debate ended without discussing cryptocurrency, according to the consistent style of the US election. In the end, no matter who is elected, they must fulfill the promises they made to voters when they ran for president. This also laid the groundwork for the development of the crypto market in the next four years.