Positive factors:
CryptoQuant: Bitcoin miners' selling pressure is weakening, and if absorbed, it may form an upward momentum.
Crypto analyst Ash Crypto: FTX's repayment to creditors will be the biggest catalyst for the rise in cryptocurrency prices. To learn more about cryptocurrency investment logic, please visit my homepage! 🌟
People are worried about the MT.GOX crash and other negative factors, but some factors will drive the crypto market to new highs, such as FTX's plan to distribute more than $16 billion to its creditors. August 16 is the deadline for FTX customers to vote, and Judge Dorsey will make a decision on the approval of the plan on October 7.
If approved by the court, FTX will repay creditors within two months, which will occur between the fourth quarter of 2024 and the first quarter of 2025 according to the schedule, which perfectly matches other positive factors such as interest rate cuts, the implementation of Financial Accounting Standards Board accounting rules and the results of the US election. The huge amount of $16 billion will enter the cryptocurrency market and become the biggest catalyst for price increases.
Financial Times: Former President Trump may return to the White House, which will trigger a sharp surge in the value of Bitcoin.
The concept of the "Trump trade" has become increasingly popular among cryptocurrency traders due to the former president's "perceived pro-cryptocurrency stance and policies."
Analysts believe that Trump's 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.
Other positives include:
Japanese listed company Metaplanet has purchased BTC multiple times, the US spot Bitcoin ETF has accumulated a net inflow of $238.4 million in the first week of July, Dell's founder may buy a large amount of Bitcoin, and Sony plans to restart the acquired cryptocurrency exchange Whalefin.
