US Presidential Elections Are Approaching: What Do Voters Say About Bitcoin?

A survey conducted by Grayscale together with Harris Poll revealed that American voters' interest in cryptocurrencies has increased before the 2024 US Elections.

The survey, conducted between April 30 and May 2, 2024, showed that voters' interest in owning cryptocurrencies and their perception of crypto has changed significantly.

Interest in cryptocurrencies is increasing
According to the survey, almost half of voters (47 percent) expect to have cryptocurrency in some part of their investment portfolio. This rate was at 40 percent late last year.

Additionally, 32 percent of voters stated that they are more open to or considering investing in crypto since the beginning of the year.
The most important problem is inflation
As in the first phase of the survey, respondents pointed to inflation (28 percent) as the most important issue in this year's election. This brings the potential value of transparent and fixed-supply assets like Bitcoin back into focus.

Party policies
Poll results show crypto is a bipartisan issue. While the crypto ownership rate among Republicans is 18 percent, this rate is 19 percent among Democrats. Voters from both parties think that their party is the most positive towards crypto policies (30 percent).
While Republican voters think that the most important problem facing America is inflation and the economy (54 percent), Democrats care more about issues such as gun violence, climate change and income inequality. This may be one of the reasons why Trump has highlighted crypto more in his election campaign.

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Bitcoin Analyst Pointed to This Price and Said “Game Over”

Cryptocurrency analyst Jason Pizzino has warned that Bitcoin (BTC) could fall further if a key support level collapses.

Pizzino, who has more than 300 thousand followers, said in his new video that Bitcoin's support level around $ 44,600 should be held, otherwise the leading cryptocurrency could return to the prices recorded in early 2023.

“Game over”
“Any close below $44,600 will likely be very dangerous,” Pizzino said. "This danger is that the price will fall below $ 40,000," he said.

According to the analyst, Bitcoin falling below $ 40,000 will mean that the bull trend in the market is officially over. Pizzino said, “When it goes below $40,000, if it closes monthly below that, the trend is essentially broken. This is everything. "The game is over," he said.

According to Pizzino, if Bitcoin falls to $40,000 and closes below it, this cycle is more likely to end. “And if it goes to $40,000 and closes below, it means that this cycle is over and the price will fall further, testing the 30,000s and 20,000s, although that is not a guarantee,” he said.

Will the upward trend continue?
Pizzino stated that Bitcoin could continue its uptrend if it can stay above the bull market support level. Sharing a chart, he predicted that BTC could rise above $60,000 again by November this year.

“I see [Bitcoin] still above bull market support [around $49,243] at these levels up to the mid-$50,000s,” Pizzino said. Therefore, it still has higher chances of continuation. “This may just take a little longer than we expected,” he added.

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Mt. Is the Gox Effect Exaggerated? A Record Expected for Bitcoin by the End of the Year

Mt. The large-scale sales wave in the crypto market as Gox started paying its creditors led to a daily liquidation of over $665 million.

However, some market makers and investors remain optimistic about Bitcoin's medium-term performance.

A record could be reached by the end of the year
Rich Rosenblum, co-CEO and co-founder of GSR, said the payout was a burden on the third quarter.

Rosenblum: This amount is almost the entire amount of BTC that will be mined in the first year after the halving. "But once digested, there is plenty of time to reach new heights by the end of the year."

May have less impact than expected
Despite the current price pressure, Bitwise President Teddy Fusaro said in his post on the
Fusaro referenced a recent statement by Galaxy Research President Alex Thorn, stating that Thorn predicted “a large portion of BTC will be hodled.”

In his detailed analysis of the issue, Thorn speculated that “fewer coins will be distributed than people think, which will create less Bitcoin selling pressure than the market expects.”

Thorn explained that Mt.Gox lost 940,000 BTC but only regained 141,868 BTC. He added that creditors will have to take a 10 percent cut if they want to get paid now, and a significant portion of those funds will be paid back into the funds.

This means that the total amount that can potentially be released will be less than 141,868 BTC.
Emphasizing that the majority of creditors are early Bitcoin users, Thorn thinks that more people than expected will hold the coin without selling.

Whales' Half Billion Dollar Bitcoin Transaction Shook the Market

Cryptocurrency whales are converting their Bitcoins into cash. These led to the price of Bitcoin falling.
In recent days, the two wallets may have liquidated approximately $550 million worth of cryptocurrency, depositing 9,500 BTC to Binance since June 27.
Created selling pressure
These wallets, detected by blockchain analysis firm Lookonchain, show that whales are converting their Bitcoin assets into cash. Originally these Bitcoins were worth close to $575 million, but are now worth $537 million.

Lookonchain analyzed the timing of transfers from the two wallets. Blockchain analysis firm Arkham Intelligence discovered a correlation between transfers to addresses tagged as Binance and declines in the price of Bitcoin. These massive sell-offs led to significant declines in Bitcoin price.
One of the wallets still holds more than 4,300 Bitcoins, and the current value of these bitcoins is approximately $250 million. This wallet last deposited money into the Binance account two days ago.
The cryptocurrency market has exploded in recent days with Mt. Gox repaid its creditors with Bitcoin and Bitcoin Cash.
This news caused liquidations of hundreds of millions of dollars in the crypto market. The refund timeline varies for each exchange, and some creditors may have to wait up to three months to receive their coins.

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The Mystery of the $56.9 Million Transaction in Bitcoin: Awakened After 10 Years!

A user who bought BTC when the price of Bitcoin (BTC) was only a few hundred dollars took action years later.

According to Blockchain data, a 10-year-old Bitcoin user transferred the coins he bought years ago to another address after midnight today.

It is worth 56.9 million dollars
According to transaction records, this user purchased 620 Bitcoins on November 25, 2013. He then bought another 383.9 Bitcoin on March 13, 2014.

Bitcoin price surpassed $1 in 2011 and rose to $29.6 on June 8, 2011. However, the subsequent decline in the market brought the price down to approximately $5. While Bitcoin had a quiet year in 2012, it entered 2013 at $13.

Bitcoin surpassed the $100 level in April of the same year and surpassed the $200 threshold in October. Bitcoin price, which exceeded $ 1,000 in November 2013, closed the year at $ 732.

This user, who had not made any transactions for 10 years, sent a total of 1,004.4 Bitcoins to an unknown address. At the time of the transaction, their value was approximately $56.9 million.

Mt. Could it be related to Gox?
Mt., the largest Bitcoin exchange of its time. Gox was hacked in 2014 and went bankrupt, losing approximately 950,000 Bitcoin.

The exchange managed to buy back approximately 140,000 Bitcoins in the following period. Mt.Gox bankruptcy administration started returning coins to its creditors as of yesterday.

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QCP: Panic in Bitcoin and Ethereum Markets is Passing

According to Singapore-based cryptocurrency trading firm QCP, the level of panic in the market has started to decrease.
Bitcoin and Ethereum prices fell below $54,000 and $2,900, respectively, in Asian markets the other day. With the US markets taking action, Bitcoin rose above $ 55,000 again.
There was a brief panic
The decline in cryptocurrency markets is largely due to Mt. Gox and the actions taken by the German government.

German authorities sent tens of millions of dollars worth of Bitcoin to central cryptocurrency exchanges this week. It is estimated that these have been sold. Mt., which will distribute a total of approximately 140,000 Bitcoins to its creditors. Gox announced that it started payment transactions.
These two developments caused Bitcoin investors to panic. However, according to QCP, the level of panic in the market started to decrease in the past hours. Short-term volatility level for Bitcoin from 65 to below 50; In Ethereum, it dropped from 80 to 62.
In addition, QCP stated that US labor force data showed downward revisions for April and May, and stated that this confirmed Powell's disinflationary path and potentially interest rate cuts in September and December began to be priced as a higher possibility.

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What About Bitcoin and Altcoins: Market Overview (July 6)

At the time of writing, Bitcoin is traded at 56,517 dollars, with an increase of 4.6%, and 1,921,111 TL against the Turkish lira.

Ethereum (ETH) increased by 5.1% to 3.002, BNB (BNB) decreased by 11.2% to 476, Ripple (XRP) increased by 8.4% to 0.433, Dogecoin (DOGE) increased by 14.2% to 0.109, Toncoin (TON) by 14%. It is around $7.55, up .3, and Solana (SOL) is around $136, up 9%.

In the last 24-hour period, dogwifhat (WIF) was the altcoin that increased the most with an increase of 23.9%, while Zebec Protocol (ZBC) was the altcoin that decreased the most in price with a decrease of 1.4%.

dogwifhat (WIF) is trading at $1.98 while Zebec Protocol (ZBC) is trading at $0.0174.
Dollar index (DXY) is at 105.3.
While the market value of Bitcoin is around 1.11 trillion dollars, the total value of the cryptocurrency market is around 2.18 trillion dollars.

The 24-hour cryptocurrency market volume is around 109 billion dollars.

Dollar/TL parity started the new week at 32.52 with a 0.02% increase, and Euro/TL parity started at 35.18 with a 0.28% increase.

While $193 million was liquidated from the cryptocurrency market in the last 24-hour period, more than 56 thousand cryptocurrency investors were affected by this situation.

While 73.08% of the liquidated positions were short positions, the most liquidations took place in Bitcoin (BTC).

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“Meme Coin” Criticism from Former Goldman Sachs Analyst to Two Leading Altcoins!

Murad Mahmudov, former analyst at Goldman Sachs, stated that XRP and ADA are actually cult memecoins.

Former Goldman Sachs analyst Murad Mahmudov stated on Twitter on July 4 that people have finally realized that Ripple (XRP) and Cardano (ADA) are actually just cult memecoins.

Mahmudov emphasized that the real values ​​of coins such as XRP and ADA, which have been discussed for a long time in the cryptocurrency market, are controversial.

He argued that these coins, in particular, were perceived as popular cultural symbols among some investors, but their technological and economic foundations were weak. Mahmudov's statements led experts and investors in the cryptocurrency world to question the real value of such coins.

The term cult memecoin is used to describe cryptocurrencies that are popular within a particular community or culture but are generally not technologically or economically powerful.

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Economist Knowing About Bitcoin Collapse Warns for Ethereum: $1,500 Is at the Door!

Famous economist Peter Schiff, nicknamed the “Gold Bug”, stated that Ethereum broke critical support levels and fell below $ 2,900 and has the potential to drop to $ 1,500.

Famous economist Peter Schiff stated in his post on Twitter on July 5 that Ethereum broke critical support levels and was traded below $ 2,900.

Predicting that Ethereum, which fell below $ 2,900 with a 30% drop from its peak in March, will drop to $ 1,500, Schiff stated that investors bought Ether ETF rumors and sold without waiting for the truth.

Schiff emphasized that this situation could mean further decline for Ethereum. The analyst also stated that the market becomes more volatile with such reactions and investors should be careful.

Knowing Bitcoin, is it Ethereum's turn?
Schiff stated last week that he thought the price of Bitcoin could fall below $59,000 in the near future. He also wrote that Bitcoin “has officially entered bear market territory again.” It was a matter of curiosity whether the analyst's claim about Ethereum would come true or not.

According to CoinGecko data, Ethereum is trading at $2,976 at the time of writing.

Shares are for informational purposes only

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Bitcoin Reached the Giant Correction Level in 2021 with Its Sharp Fall!

Julio Moreno stated that Bitcoin is at a bottom or a major correction level like the summer of 2021 from a valuation perspective.

According to on-chain data and analysis platform Julio Moreno's Twitter post on July 4, Bitcoin is at a summer-2021 bottom or major correction level from a valuation perspective.

In 2021, when the bull was experienced, the price of Bitcoin fell from $ 64,800 to $ 29,700. This corresponded to a 54% withdrawal.

Moreno stated that Bitcoin's current situation is similar to major corrections experienced in the past. The analyst based this assessment on analysis of the cryptocurrency's current price levels and on-chain data. While Bitcoin's being at these levels causes different comments among investors, future expectations vary in the market.

While many investors think that the price has experienced sufficient correction, analysts even expect levels of 50 thousand dollars.

In another post, Julio Moreno warned investors against the possibility of a harsher correction.

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Who Is Suppressing Bitcoin the Most? They Sold More than $100 Billion

Bitcoin (BTC) miners are putting unprecedented selling pressure on the markets.
According to data from blockchain analysis platform CryptoQuant, miners sold more Bitcoin in 2023 and 2024 than ever before in history.

exceeded one hundred billion dollars
According to CryptoQuant data, miners have sent a total of $166.2 billion worth of Bitcoin to cryptocurrency exchanges over the past years.

In return, they withdrew only $48 billion worth of Bitcoin from the exchanges. It is estimated that coins worth $118 billion were sold.

The fact that most of these Bitcoins (BTC) were sold in 2024 attracted the attention of analysts. Miners became the group that sold the largest amount of Bitcoin with transactions this year.

It has gained momentum this year
Miners started selling Bitcoin much more actively, especially this year. The increase in supply in the markets and the failure of the demand to meet this directly affected the spot markets.

Bitcoin miners generally sell coins to pay production costs and electricity costs. For this, they generally prefer periods when the Bitcoin price rises.

“But 2024 takes a different shape, and the increase in the amount of BTC sent to exchanges could lead to a further decline in the Bitcoin price,” commented one analyst.

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Bitcoin Decline Also Hit the Shares of Cryptocurrency Companies by 10 Percent!

As the price of Bitcoin (BTC) fell to its lowest level since February, stocks linked to the cryptocurrency industry in the USA went into the red.

The worst-hit names were MicroStrategy (MSTR) and Bitcoin mining company Hut 8 (HUT), with declines of almost 10 percent. MicroStrategy and Hut 8, which has more than 210,000 Bitcoins, lost 8.5 percent and 9.5 percent, respectively.

MicroStrategy, led by Michael Saylor, adopted Bitcoin as a “reserve asset” and began investing in August 2020.

They lost value along with Bitcoin
Other mining companies Marathon Digital (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT) fell between 6 percent and 7.5 percent. Cryptocurrency exchange Coinbase (COIN) lost 6.5 percent of its value.
Bitcoin is hovering around $55,200 at noon today and is down 5 percent in 24 hours. It previously fell to $53,600, falling to its lowest level since late February.

This decline comes as a result of the collapse of crypto exchange Mt. Gox moved $2.6 billion worth of BTC to a new wallet and announced that it had started paying creditors 10 years after its bankruptcy. Traders panicked at the possibility of creditors selling these coins immediately, creating a huge selling pressure.

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The Whale Who Dropped the Prices of Four Altcoins Couldn't Resist: He Sold All of them

The whale, which caused the prices of four altcoins to fall, could not withstand the decline in the market and sold its remaining tokens.

According to information shared by the blockchain analysis platform Lookonchain, a whale sold a total of $ 8.23 ​​million worth of altcoins.

It caused a decline in four altcoins
This whale sold 3.13 million Lido DAO (LDO), 49 thousand 771 Aave (AAVE), 269 thousand 177 Uniswap (UNI) and 250 thousand 969 Frax Share (FXS) on July 3. After this, LDO, AAVE, UNI and FXS prices started to fall.

According to transaction records, the whale purchased $73 million worth of Ethereum and altcoins after the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filings of spot Ethereum ETFs.
Although Whale earned $7.29 million thanks to Ethereum, he lost $3.23 million and $1.1 million from his LDO and AAVE investments, respectively.

He completely emptied his wallet
According to CoinGecko data, Lido DAO increased by 11.64 percent in the last 24 hours; AAVE lost 10 percent of its value. During this period, there was a decline in the entire cryptocurrency market and the total market value decreased by 7.8 percent.
According to Lookonchain data, the whale did not wait for the market to reverse and deposited the remaining 3.33 million LDO ($5.67 million) and 31 thousand 191 AAVE ($2.56 million) in his wallet to Binance at night.

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Bitcoin Has Lost Its Critical Support Point: A Harder Correction May Come!

Bitcoin lost more than 5 percent in value in the last 24 hours, falling to $ 54,000.

The leading cryptocurrency, Bitcoin, moved upwards to heal its wounds after the sharp sell-off at night and rose above $55,000 at noon. These sudden fluctuations created great uncertainty in the markets. The US non-agricultural inflation data announced today is also expected to increase the increase in volatility.

A deeper correction may come
Julio Moreno, research director of blockchain research firm CryptoQuant, warned investors against the possibility of a harsher correction.

Stating that the $ 56,000 level is a support point for Bitcoin according to the Metcalfe model, Moreno said that a "harder correction" may occur if it falls below this level.

According to Metcalfe's law, the value of the Bitcoin network is directly proportional to the user base on the network. In this regard, it is predicted that Bitcoin will gain more value as its user base grows.
According to CoinGecko data, Bitcoin reached levels of $ 55,270.

Shares are for informational purposes only and are not trading advice.

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US Non-Farm Employment Data Announced: Thousand Dollar Reaction in Bitcoin!

A slight decrease was observed in Bitcoin (BTC) after the US non-farm employment data for May was announced as 206 thousand, above expectations.

The US Non-Farm Employment data for June, which was recently announced as 206 thousand, above the market's expectation of 191 thousand, triggered a decrease of approximately $ 1,000 in Bitcoin.
Additionally, the US unemployment rate was announced as 4.1%, above expectations of 4%.

Bitcoin, which rose to $55,814 before the announcement, fell to $54,995 and Ethereum (ETH) fell to $2,920.

The downward movement of data expressing the change in working people outside the agricultural industry in June will trigger a decrease in the value of the dollar. In this case, a decrease in the dollar index (DXY), which moves in reverse correlation with Bitcoin, will have a positive impact on the cryptocurrency market. However, this time, the data that exceeded expectations resulted in a decline in Bitcoin.

Following the announced data, the dollar index accelerated downwards and rose to 105.1 levels, but retreated sharply. In line with these data, it has become a matter of curiosity what kind of policy the US Federal Reserve (FED) will follow with the inflation data to be announced on the 12th of the month.
According to CoinGecko data, Bitcoin is trading at $55,367 at the time of writing.

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📍 Breaking news: US Non-Farm Employment data has been announced. Expected: 191,000 Announced: 206,000

👉While Bitcoin is Falling, Bottom Hunters Are Looking for Opportunities in These 1 Altcoins: They Are Giving Signals!

👉According to the latest data, while the decline in the crypto market continues, the large increase in address activity in 1 altcoin offers reliable dip buying opportunities for brave investors.

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Latest Situation in Bitcoin and Altcoins Before Critical Data from the USA

It is predicted that non-agricultural employment data for June, which will be announced shortly in the USA, will bring volatility in Bitcoin (BTC) and cryptocurrencies.
US non-farm employment data will be announced today at 15.30 GMT. It is thought that the data in question will have a significant impact on the direction of the cryptocurrency market in general.

According to many market experts, non-agricultural employment data is as important as inflation data for interest rate decisions. Experts estimate that the course of the labor market seriously affects the interest rate decision to be taken by the US Federal Reserve (FED).

The previous data was 272 thousand, well above expectations. Expectations for the data to be announced today are 191 thousand.

If the data expressing the change in people working in June, except for the agricultural industry, moves upward, there may be an increase in the value of the dollar. An increase in the dollar index (DXY), which moves in reverse correlation with Bitcoin, will negatively affect the cryptocurrency market.

Since the last announced data remained above expectations, it triggered a sudden decline in Bitcoin price.

Latest Situation in Cryptocurrencies Before the Data to Be Announced

There have been major declines in the cryptocurrency market for several weeks. In the last 24-hour period, Bitcoin is trading at $ 55,583, down 3.6%.

More negative movements were observed in major altcoins compared to Bitcoin. Ethereum (ETH) is down 6.9% to $2,943, Ripple (XRP) is down 7.9% to $0.413, Solana (SOL) is down 2.5% to $129, and BNB (BNB) is down 7.7% to $484.

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