The latest research from Matrixport Research Institute shows that BTC’s short-term rapid rebound may be affected by the following factors:
Germany's BTC "emergency sale" ends, BTC selling pressure eases
BlackRock CEO breaks with norms and supports BTC as a legitimate financial tool
“Supporting BTC” has become a key factor in Trump’s campaign, and the benefits of the election are still to be realized
Germany's "Emergency Sale of BTC" Ends, BTC Selling Pressure Eases
On July 17, Decrypt published a report revealing that the German law enforcement agency's "emergency sale" of BTC had ended, with sales revenue reaching $2.88 billion (2.639 billion euros). It is reported that the German state of Saxony sold an average of $130 million worth of BTC per day over 25 days. The large-scale sell-off put downward pressure on the price of the currency, causing the value of BTC to fall by nearly 20% from high to low during this period.
BlackRock CEO breaks with norms and supports BTC as a legitimate financial tool
In a recent interview, BlackRock CEO Larry Fink changed his previous position and said that BTC is a legitimate financial instrument with great potential to revolutionize the entire financial industry. Previously, Larry Fink was skeptical about BTC, but after in-depth research, he changed his mind and believed that BTC has the potential to bring revolutionary changes to the financial market. He believes that crypto assets are "digital gold", a legitimate financial instrument, and can play an important role in wealth protection and financial markets.
“Supporting BTC” has become a key factor in Trump’s campaign, and the benefits of the election are still to be realized
Trump will deliver a keynote speech at the 2024 BTC Conference in Nashville, Tennessee on July 27, 2024. In his speech, he will emphasize BTC's potential to change the financial industry landscape and support economic growth, and reiterate his belief that the United States should lead the global crypto asset market and use BTC to enhance the country's economic competitiveness.
ETH ETF is expected to be issued on July 23, 2024
The ETH ETF issuance date has been postponed several times, and the SEC requires issuers to submit final documents by the end of this week. If all goes well, the ETH ETF is expected to be issued on July 23, 2024. Well-known asset management companies such as BlackRock, VanEck, and Franklin Templeton are expected to be successfully approved.
South Korea faces too much resistance to crypto asset taxation, latest proposal postponed to 2028
South Korea's ruling People's Power Party has proposed delaying the implementation of South Korea's crypto asset tax until 2028. South Korea's crypto asset tax was originally scheduled to be levied on January 1, 2022, but it has been postponed several times due to strong opposition from investors and industry experts. The new proposal will postpone the levy date to January 1, 2028.
The development of BTC in August is not clear. From the historical data, BTC's performance in August has been weaker than July, but stronger than September. The average return rate of BTC in August is about -2%. The end of summer vacation may affect the market in August, and the trading volume will decrease. Investors are preparing for the market trends in the next few months.
Some of the above views come from Matrix on Target. Contact us to obtain the full report of Matrix on Target.
Disclaimer: The market is risky and investment should be cautious. This article does not constitute investment advice. Digital asset trading can be extremely risky and unstable. Investment decisions should be made after carefully considering personal circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
