According to ChainCatcher, QCP Capital said in its latest market analysis that the macro background has become more optimistic over the past week, and it believes that cryptocurrencies have bottomed out. QCP Capital remains bullish for reasons including weak labor data last week and even Powell's testimony in the Senate reiterated that market conditions are moving toward the ultimate goal. Despite the German police selling more than 6,000 bitcoins and the release of Mt Gox hanging over their heads like the sword of Damocles, Bitcoin formed a double bottom and did not fall below $54,000. The lower CPI data released tomorrow may ultimately consolidate the Fed's decision to cut interest rates in September and December. The rush of S-1 amendment submissions for ETH spot ETFs may also indicate that trading is about to begin, which we believe will happen this month, especially if the applicant announces a fee plan.
● Bitwise Chief Investment Officer predicts Bitcoin could reach $100,000, ETH will hit a record high
According to PANews, Bitwise Chief Investment Officer Matt Hougan said that all the current selling pressure adverse factors are one-time sales, causing a short-term liquidity shock, and the seasonal period of low liquidity of cryptocurrencies is coming to an end. In contrast, the inflow of spot Bitcoin ETFs, Bitcoin halving, the change in political attitudes of spot Ethereum ETFs, and the prospect of interest rate cuts by the Federal Reserve have created a better long-term environment for cryptocurrencies. Coupled with the strong growth of the stablecoin market, Layer 2 development, and the increasing participation of institutions such as BlackRock in the field, the right combination of developments in the second half of the year may easily push Bitcoin to $100,000 and push ETH to a record high.
According to WuSay, CryptoQuant analysts pointed out that the increase in BTC long-term holders has reached the fastest rate since April 2023. The latest market report shows that the monthly holding growth rate of BTC whales has reached 6.3%, indicating that the demand for BTC is rising. Although the confiscation of BTC by the German and US governments and the funds allocated by Mt. Gox have increased market supply, the demand of long-term holders has supported the BTC price. However, the report also pointed out that the lack of liquidity of stablecoins may delay the rebound of BTC prices, especially when the growth of USDT market value slows down.
● Binance CEO Richard Teng: Cryptocurrency prices may fluctuate, but fundamentals are strong
Binance CEO Richard Teng took to Twitter to highlight the strong interest in Bitcoin and other cryptocurrencies, noting that Bitcoin exchange-traded funds (ETFs) listed in the United States have attracted more than $14.7 billion in net inflows in the past six months. Teng emphasized the industry's strong long-term fundamentals and urged the community to stay focused and continue building despite market volatility.
● Bitcoin's correlation with U.S. stocks falls to multi-month lows
According to Golden Finance, according to Block's data, the 30-day Pearson correlation between Bitcoin and the Nasdaq Index and Bitcoin and the S&P 500 Index fell to -0.84 and -0.82 respectively, the lowest since November 2023. The Block's relevant data is consistent with a recent report from Bloomberg, which stated that the 90-day correlation coefficient between Bitcoin and the Nasdaq 100 Index fell to 0.21 on Tuesday, a multi-month low.
According to the United Daily News, the Central Bank of Taiwan has instructed the Financial Corporation to establish a "digital voucher platform". The platform is expected to be tested in August and is scheduled to be officially launched in October. Since the "digital voucher platform" is very similar to the CDBC path that Taiwan is about to issue, it is regarded as the "pioneer platform" of CDBC.
● U.S. stocks closed on Wednesday, with the Dow Jones, S&P 500 and Nasdaq hitting new highs
According to BlockBeats, on July 11, the U.S. stock market closed on Wednesday, with the Dow Jones Industrial Average initially closing up 1% or 430 points, the S&P 500 rose 1%, setting a record closing high for 6 consecutive trading days, and the Nasdaq rose 1.18%, setting a record closing high for 7 consecutive trading days. Tesla (TSLA.O) rose 0.35%, Nvidia (NVDA.O) rose 2.7%, and Apple (AAPL.O) rose 1.8%.
● US CPI monthly report may strengthen the Fed's September rate cut prospects
According to Jinshi, forecasters expect the monthly U.S. CPI report to show that the core inflation rate is expected to hit the smallest two-month increase since last summer, which will strengthen the prospect of the Federal Reserve cutting interest rates in September. According to the median forecast of the agency survey, today's data may show that a key price indicator excluding food and energy rose 0.2% in June, maintaining this increase for the second consecutive month. The broader CPI index is expected to rise by 0.1%, a smaller increase, partly due to lower natural gas prices. If this is the result, it will help consolidate financial market expectations that the Federal Reserve will begin to cut interest rates at its September policy meeting, which is the first step to end its most aggressive tightening since the early 1980s.
● Fed Chairman Powell: Inflation does not need to be below 2% before rate cuts
According to BlockBeats, on July 10, Federal Reserve Chairman Powell delivered a speech saying that the Federal Reserve has made considerable progress on inflation and that the Federal Reserve does not need inflation to be below 2% before cutting interest rates.
● Trump will give a speech at the 2024 Bitcoin Conference
According to Odaily Planet Daily, Trump plans to give a speech at the 2024 Bitcoin Conference. The conference will be held from July 25 to 27.
