Although a large amount of money was transferred to the Mt. Gox address yesterday, the overall market was not affected much. Bitcoin broke through $66,000 today, and Ethereum also broke through $3,500.
Altcoins as a whole are also following the market rebound, with the AI and MEME sectors performing the strongest, with WLD, BONK, and PEOPLE all rising by more than 15%.
The news worth noting is:
1. Trump said that the Federal Reserve should avoid cutting interest rates before the November election, and he also considered letting JPMorgan Chase CEO Dimon serve as Treasury Secretary.
It seems that Trump hopes that the first rate cut will occur during his second term. If the Fed cuts interest rates before the election, it may bring an economic boost to the current President Biden, which will benefit Biden's campaign.
According to CME Federal Reserve Watch: The probability of the Federal Reserve keeping interest rates unchanged by September is 0%, the probability of a cumulative interest rate cut of 25 basis points is 85.7%, and the probability of a cumulative interest rate cut of 50 basis points is 13.7%.
At present, it seems that lowering interest rates before the election will bring more advantages to the Biden administration, and they should try their best to promote it, so the probability of a rate cut in September is very high.
2. According to reports, Trump has confirmed that he will attend the 2024 Bitcoin Conference and deliver a speech.
Attendees will be able to interact with Trump and participate in a roundtable discussion at the event, which will be held on Saturday, July 27, 2024, at the Bitcoin Conference in Nashville, Tennessee.
The fee is $844,600 per person, which is worth about 13 bitcoins. It includes VIP reception and a photo with Trump, and supports payment in US dollars or cryptocurrencies.
3. Bloomberg Crypto published an article stating that according to informed sources, the US SEC has instructed at least four Ethereum spot ETFs to submit documents for possible approval. This means that Ethereum spot ETFs will soon be officially listed and traded.
4. Compensation for the Mentougou incident has begun to arrive, and some exchanges have stated that they will complete the compensation within 7 to 14 days.
Nobuaki Kobayashi, the trustee of Mentougou, said that as of now, the trustee has repaid BTC and BCH to more than 13,000 creditors, and more than half of them have been repaid.
Although large-scale transfers began to occur in Mentougou-related addresses, the price of Bitcoin was not greatly affected.
Mentougou holds a total of 140,000 BTC, and the amount paid to users is about 20%. And it is paid in batches.
After receiving the coins, users will keep some of them and will not sell them all. Therefore, the actual selling pressure in Mentougou will be much lower than that of the German government.
5. Canadian listed investment company Cypherpunk has significantly increased its holdings of SOL, with holdings exceeding 63,000.
6. The co-founder of Mechanism Capital said that Bitcoin may have bottomed out at $50,000, and Ethereum is expected to hit $3,600 before the launch of the ETF.
7. According to the Worldcoin Foundation, the WLD tokens allocated to Worldcoin contributor Tools for Humanity were originally scheduled to be unlocked daily in a linear manner starting on July 24, 2024.
But TFH will extend the unlocking schedule for 80% of WLD held by team members and investors from 3 years to 5 years.
This shows that the project owners have begun to come out to support the market. As I have shared with you before, the project owners are very aware of the current FUD sentiment in the market.
Once the panic chips are almost washed out, they will pull up the market by delaying the unlocking.
And this may just be the first step. We can look forward to whether the project party will release more positive news in the future.
8. BabyDoge officially announced on the X platform that 1,000,000 users have participated in the BabyDoge Telegram game.
They achieved this milestone in just 8 hours, 35 minutes and 12 seconds, making it one of the fastest-growing apps in history.
Overall, with the Ethereum spot ETF about to be officially launched for trading, Trump has confirmed his attendance at the 2024 Bitcoin Conference, and the market's expectations for a rate cut in September continue to increase.
The price of Bitcoin is constantly breaking upwards, and market sentiment is also recovering. What we should do now is to follow the trend and hold 80% of the long-term positions for the currency to rise. For the short-term 20% positions, we can reduce positions when the market is high and buy low by selling high.
