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Bitcoin panic intensifies: BTC falls below 60K twice
Bitcoin's Fear and Greed Index has fallen to "Extreme Fear" for the first time since January 2023 as BTC struggles to retake key price levels. As a bellwether for its price, it failed to break through the key psychological barrier of $60,000 twice in the past 48 hours. Bitcoin price was "rejected" again, failed in its attempt to break through $60,000, and formed a potential "rising wedge", indicating that there may be a downward trend next. On July 10, Bitcoin soared to $59,485, but then quickly fell back to $57,000 within 12 hours. On July 11, BTC briefly rebounded to $59,529, but ultimately failed to hold this level. Bitcoin is trading at $57,499, down 23% from its all-time high on March 14.
The low price of Bitcoin is closely related to the recent negative sentiment. Among them, Mt. Gox began to repay creditors on July 5, which may release up to $8.5 billion worth of Bitcoin to the market, which has had a significant impact on the market. In addition, the decline in Bitcoin prices is also inseparable from the large-scale sales by the German government. The German government has recently transferred 16,254 BTC (worth $935 million at current prices) to market makers and exchanges.
The Crypto Fear and Greed Index takes into account multiple factors, including market volatility (25%), trading volume (25%), Bitcoin's dominance (10%) and trends (10%). Although market research previously accounted for 15% of the index's weight, the indicator has been suspended. Since March 5, when Bitcoin broke through its all-time high of $69,000 set in November 2021, the index score has been on a downward trend.
2
German Bitcoin Wallet Balances Drop After Sell-off
The German government has restarted its Bitcoin sales plan and started a series of transactions on July 12. At present, the government has successfully sold 88.4% of the original 50,000 Bitcoins, leaving only 5,800 Bitcoins. The German government completed the transfer of a total of 3,200 Bitcoins on multiple platforms. These Bitcoins were sent to different platforms in a decentralized manner, including Bitstamp, Kraken and Coinbase. Currently, the price of Bitcoin is $57,206, and the relevant transactions were confirmed at UTC+8 15:02. About $300 million worth of Bitcoin may be further sold on July 12, but the German government's cautious distribution strategy may help reduce extreme market price fluctuations.
Some people believe that the German government's large-scale sale of Bitcoin is opposed. Bitcoin should be regarded as a "strategic reserve currency" as a safeguard against risks in the traditional financial system. The recent decline in Bitcoin prices is partly attributed to the German government's sales and market concerns that Mt. Gox may release a large amount of Bitcoin, which together have led to market uncertainty and downward price pressure.
Today’s recommendations are DIA, CHR, SYN, and VIB.
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THERE
DIA is a token for a decentralized data and information provider platform based on blockchain technology. DIA aims to establish an open, transparent and verifiable data source for the financial smart contract ecosystem, thereby promoting wider access to high-quality financial market data. Users holding DIA tokens can participate in the project's decision-making process and influence the development direction, upgrade proposals and future plans of the DIA protocol through a decentralized voting mechanism. In addition, DIA tokens can also be used for activities such as staking and verification, incentivizing contributions, paying fees, and supporting community development and innovation. The current price is $0.354.
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CHR
CHR coin, also known as Chromia, is a cryptocurrency focused on providing tools and platforms for blockchain game and application developers. It aims to provide an efficient, flexible and easy-to-use blockchain platform that enables developers to build complex, scalable distributed applications (DApps), especially blockchain games. Developers holding CHR coins can also participate in the governance and decision-making process of the platform, and influence the development direction and rule-making of the platform through voting. In the future, CHR coins may also be used for other functions and services on the platform, such as incentivizing developers and supporting community development. The current price is $0.229.
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SYN
SYN coin is the native application token of the Synapse project, used to support the decentralized cross-chain infrastructure of Synapse. It is a decentralized cross-chain infrastructure that aims to provide cross-chain bridges, communication protocols, and stablecoin transactions. It supports asset transfers and data exchanges between different blockchains, and bridges blockchains by providing scalable cross-chain communication protocols that support assets and smart contract calls, thereby overcoming the long-standing isolation problem in the blockchain industry. The current price is $0.436.
4
VIB
VIB coin, full name Viberate, is a cryptocurrency based on blockchain technology. It aims to bring a more efficient and transparent working environment to all operating departments of the music industry through blockchain technology. The Viberate platform includes more than 600,000 artists, more than 6,000 music festivals, more than 300,000 playlists and more than 58 million tracks. This huge user base and resources provide broad space and possibilities for the future development of VIB coin. In addition, the Viberate project aims to solve some problems in the music industry, such as market development, value determination, contract negotiation, etc., which also provides support for the long-term growth of VIB coin. The current price is 0.066 USD.
Review of club recommendations
1.【acre】
Akro, as a leader in the Defi sector, has recently topped the list of gains again. Recently, many currencies in the Defi sector, such as Beta and Lever, have emerged and occupied a prominent position in the list of gains. For Akro, a small-cap currency that has no contracts on BN, our team gave a clear holding suggestion in the afternoon survey, that is, buy at around 0.0047. Soon after, Akro ushered in a wave of rapid growth, and the current price has climbed to 0.0056, an increase of more than 15%. We have once again successfully grasped the pulse of the market and accurately captured the hot spots.
2.【RAY】
Like AKRO, RAY is also a token project on Binance that only has spot but no contracts. As expected, this type of token is the easiest to rise, and you can also look for potential targets to ambush in this way. The club found that RAY has been consolidating at the bottom for too long and has signs of rising, so it chose to ambush. It is recommended to open a position at 1.5, and the highest rise is 1.81, an increase of more than 20%.
Anything produced by Wujie must be of high quality.
Unbounded Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
Thank you for reading this far. Ali is with you and wishes you a happy life. Good morning, good afternoon, good night, and see you next time.
#CPI_BTC_Watch #VIB/USDT #SYN/USDT
#BTC500K #US_Job_Market_Slowdown
