News related to the currency circle on July 2. Is the market about to turn around?

1. Bitcoin network computing power decline and market expectations

The computing power of the Bitcoin network has declined significantly, and multiple authoritative data agencies have confirmed that its "efficiency index" has hit the lowest point since December 2022.

This sign coincides with the bottoming out reversal pattern during past bear markets. The market generally expects that the crypto market may be close to the bottom area, and a new round of rebound may be gaining momentum.

Historical data shows that after falling in June, Bitcoin often rebounds strongly in July, with an average increase of 7.42%.

2. Crypto hacker losses and Ethereum fund withdrawals

Losses from encryption hackers dropped significantly in June. The Peckileel report pointed out that hacker attacks in the encryption field dropped to about 20 in June, causing losses of about $176 million, a 54.2% drop from the previous month.

Ethereum ETP encountered a torrent of capital withdrawals at the end of June, with outflows reaching $61 million within a week, a new high since August 2022. The total net outflow for the whole month was US$37 million, and the Ethereum Fund performed at the bottom during the year.

3. The strong rise of Dogwifhat (WIF)

Solana’s ecological meme currency Dogwifhat (WIF) soared 16% in a single day and rebounded more than 60% within a week, with the price soaring to a high of $2.34. The bottom shape of BARR appears, and a strong trend in July is expected.

4. US Supreme Court ruling and encryption regulation

The two rulings of the U.S. Supreme Court shocked the encryption industry. They not only reshaped the SEC's enforcement boundaries, but also clarified Trump's new criminal immunity rules, bringing far-reaching impacts to the industry's legal environment.

5. Crypto market capital flows and trading activities

A certain whale continues to withdraw a large amount of ETH from Binance, showing the flow of funds and trader behavior in the market.

6. Other digital currencies and platform dynamics

Other digital currencies such as Solana (SOL) and Kaspa (KAS) also have varying degrees of rise and fall and market performance.

The crypto market continues to be affected by multiple factors such as technological updates, policy changes, and market sentiment.

Please note that the above information is for reference only and market conditions may change at any time. Investors should treat market forecasts with caution and make decisions based on their own investment strategies and risk tolerance.