Headlines
BTC falls below $56,000
The market shows that BTC fell below $56,000 and is now trading at $55,927.61, with a daily drop of 3.9%. The market is volatile, so please do a good job of risk control.
▌Financial Times: Former President Trump may return to the White House, which will trigger a sharp surge in the value of Bitcoin
Former President Donald Trump’s potential return to the White House would trigger a major surge in the value of Bitcoin, according to the Financial Times, citing multiple analysts. The concept of the “Trump trade” has become increasingly popular among cryptocurrency traders due to the former president’s “perceived support for cryptocurrency positions and policies.”
The flagship cryptocurrency’s performance has been hampered in recent days by miner selling and regulatory actions by U.S. and German authorities. Expected repayments from the Mt. Gox bankruptcy also fueled market volatility, causing Bitcoin to fall below $54,000 for the first time in months.
However, analysts remain optimistic that a Trump victory could lead to a sharp rise in Bitcoin, with the potential to hit another all-time high in August and reach $100,000 on Election Day.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $55,854.15, with a daily change of -4.2%;
ETH's latest transaction price is $2926.56, with a daily change of -4.5%;
BNB's latest transaction price is $489.68, with a daily change of -7.1%;
SOL's latest trading price is $131.80, with a daily change of -8.0%;
DOGE’s latest trading price is $0.1041, with a daily change of -8.3%;
XPR’s most recent trading price is $0.4192, with a daily change of -6.6%.
policy
▌North Carolina Governor Vetoes CBDC Ban Bill, Calling It “Premature”
North Carolina Governor Roy Cooper has vetoed a bill that would have prohibited the state from accepting payments in a central bank digital currency (CBDC) issued by the Federal Reserve. House Bill 690 would also restrict the state’s participation in any CBDC testing by the Federal Reserve.
Cooper noted in a statement that the federal government is working to ensure that any CBDC has appropriate standards and safeguards for consumers. He added that vetoing the bill would open the door to those who might want to use a CBDC for transactions.
Cooper said North Carolina should “wait and see” how the CBDC works before making a final decision. Cooper said the bill itself is not fit to be passed into law, adding: This legislation is premature, vague and reactionary, and imposes final consequences on important monetary decisions that have not yet been made.
▌Judge dismisses programmer's DMCA claim against Microsoft, OpenAI, and GitHub
The judge overseeing the multibillion-dollar class-action lawsuit against GitHub, OpenAI, and Microsoft has partially dismissed charges against the defendants for their alleged unauthorized use of intellectual property (IP) to train the “GitHub Copilot” artificial intelligence (AI) coding software.
This marks a victory for Big Tech and the generative AI industry, which is currently facing multiple related lawsuits. The plaintiffs in the lawsuit accuse OpenAI of "plagiarizing" GitHub and using human-written code snippets to train GitHub Copilot without permission, payment, or attribution. According to the lawsuit, Copilot copied the human-written code line by line, and as a result, the plaintiffs are apparently seeking $1 billion in damages.
There are five anonymous complainants in the case, ostensibly on behalf of a class action, each of whom is labeled “John
Blockchain Applications
▌Input Output Global (IOG): Cardano’s latest developments
Input Output Global (IOG) publishes weekly Cardano development updates on X. According to its latest report, Cardano has seen significant growth across different metrics such as total transaction volume, native token, and token policy. Cardano’s current total transaction volume is 93.3 million, an increase of 0.43% from last week’s 92.9 million. Additionally, the number of native tokens in the Cardano ecosystem increased by 40,000 over the past week to 10.17 million. Additionally, Cardano’s token strategy increased from 136,594 to 141,712 in a week, a 7-day gain of 3.74%.
Additionally, 2,970 new Plutus scripts were added to the Cardano network this week. This brings the total to 64,248 at the time of update.
▌Tether is developing a decentralized artificial intelligence model
Tether CEO Paolo Ardoino reveals how to prevent the OpenAI hack, USDT stablecoin issuer Tether is developing a decentralized artificial intelligence (AI) model as part of its push into the space.
Cryptocurrency
▌Deribit Asia Pacific Business Director: If the price rises again next week, this wave of bottoming out may be over
LinChen, head of Asia Pacific business at Deribit, said that this week, except for a small amount of net outflow on Tuesday and Wednesday and a break on Thursday due to Independence Day, the BTC spot ETF had net inflows on the other days, with a total weekly net inflow of $237.8 million. Market sentiment remained sluggish this week, but BTC rebounded from $54,000 to $57,000. Next Monday, pay attention to the opening of the U.S. stock market. If it rises again, this wave of bottoming out may be over.
dYdX founder: The number of crypto assets is growing exponentially
Antonio Juliano, founder of dYdX, wrote that the number of crypto assets is growing exponentially, and the same thing is happening with information on the Internet. As this happens, we see this evolution: list -> search -> social.
▌Analysis: Bitcoin faces technical resistance at 200-day moving average
Material Indicators LLC, a financial technology startup that provides algorithmic trading indicators and tools, said Bitcoin faces strong technical resistance at the 200-day moving average, and if bulls can break through that resistance by the close of Sunday, that should drive some short-term momentum. If Bitcoin fails to do that, be prepared for the market to test support in the $50,000 to $53,000 range.
Michael Saylor reiterates Bitcoin's advantages over traditional investments during market downturn
MicroStrategy founder and chairman Michael Saylor reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the cryptocurrency is designed to outperform traditional investment vehicles. The statement comes as Bitcoin prices plummeted, causing a widespread shakeout across the crypto market.
Saylor’s post features a compelling chart comparing 13 years of price performance across various asset classes, including Bitcoin, U.S. growth, Nasdaq 100, gold, emerging market (EM) stocks, commodities, EM bonds, convertible bonds, the entire bond market, and long-term Treasuries.
The best performers among all compared assets were Bitcoin, U.S. growth stocks, the Nasdaq 100, and U.S. large-cap stocks. While these assets have generally delivered positive returns almost every year since 2011, Bitcoin has delivered the most impressive ROI.
▌Bitcoin News: Bitcoin continues to flow out of German government wallets
According to Bitcoin News, Bitcoin continues to flow out of the German government wallet, even over the weekend. They did not buy back Bitcoin yesterday; instead, their sell orders were not fully executed, so the unsold Bitcoin was returned to their account.
▌Wall Street Journal: Millennials own 9.2% of the nation’s wealth, but more than 50% of BTC
According to the Wall Street Journal, the net worth of American baby boomers is $7.8 million, accounting for 51% of the national wealth, but their Bitcoin ownership is less than 10%. Millennials own 9.2% of the national wealth, but account for more than 50% of BTC ownership. Bitcoin is an asymmetric opportunity for this generation.
▌Dogecoin founder opposes psychological "diagnosis" of cryptocurrency holders
Dogecoin founder Billy Markus posted on the X platform, strongly opposing a recent psychology study that he believes discriminates against cryptocurrency investors. The study claims that those who invest in cryptocurrency assets tend to have "dark personality traits," especially the "dark tetrad."
The Independent article reports on the study, which was conducted on 2,001 adults living in the United States, who were asked if they owned any cryptocurrencies. About 30% of these adults admitted to owning cryptocurrencies. In addition to questions about owning cryptocurrencies, the researchers also collected some other information about them, including their psychological, political, and other personality traits. Based on this data, the researchers tried to determine the characteristics that best predict whether someone has purchased crypto assets.
The study suggests that cryptocurrency owners among these respondents rely on “fringe social media sources,” “believe in conspiracy theories,” and “feel victimized.”
Considering that X is also a very popular platform in the crypto community, the aforementioned article and the research it is based on look like an attempt to discriminate both X and cryptocurrencies in the eyes of the American public.
▌Bitcoin ETF investors bought the dip on Friday, with net inflows exceeding $140 million
The price of the world's largest cryptocurrency has staged a modest rebound since falling below $54,000 early Friday, and is now trading back up to $58,283. U.S. spot bitcoin ETFs saw net inflows of $143.1 million on Friday, the highest level in at least two weeks, according to data compiled by Farside Investors. The largest inflow was from Fidelity's WiseOrigin Bitcoin Fund (FBTC), which saw net inflows of $117.4 million. Other funds that saw net inflows included the Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL).
Important economic developments
▌CITIC Construction Investment: The number of expected rate cuts in the United States this year has been revised to 2, which is conducive to boosting the price of precious metals
According to a report from Jinshi Data on July 8, the number of new non-farm payrolls in June released by the United States on Friday was slightly better than expected, but the total number of new non-farm payrolls in April and May was revised down by 111,000. At the same time, the unemployment rate was 4.1%, higher than the previous value and the expected value. The continued cooling of the US labor market performance pushed up investors' expectations for a rate cut in September. The interest rate observation tool shows that the probability of a rate cut in September is more than 80%, and the expected number of rate cuts this year has been revised to 2 times. The revision of expectations has caused the US bond yield to fall, which is conducive to pushing up the price of precious metals. Judging from the high level of nominal interest rates and real interest rates, the rate cut has a strong driving force on the price of precious metals. (Jinshi Data APP)
Golden Encyclopedia
What is market depth in cryptocurrency trading?
In cryptocurrency trading, market depth describes the ability of a market to withstand a large number of orders without noticeable impact on the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
