● Today's Fear and Greed Index is 29, a new low in nearly a year
According to TechFlow, according to the latest data from alternative, today's Fear and Greed Index (FGI) fell sharply, from 44 points yesterday to 29 points, hitting a new low in nearly a year.
According to Odaily Planet Daily, Alex Thorn, head of research at Galaxy Digital, forwarded the news that Mt.Gox transferred 47,000 BTC and said he speculated that this was a transfer to a distribution agent. He predicted that we might see more transfers, totaling 100,000 bitcoins. He still believes that Gox's coins will be held more rather than sold. He believes that the main reason why the token has not yet started to be distributed is that the receiving address is a 34-character P2PKH, and he believes that the distribution agent will use an address similar to P2SH or the newer bech32 type.
● German lawmakers urge German government to stop selling Bitcoin
According to BlockBeats, on July 5, German MP Joana Cotar strongly criticized the government's decision to sell $195 million worth of Bitcoin. Cotar believes that this move may increase market volatility and have a long-term negative impact on the stability of the cryptocurrency market. These Bitcoins originated from an investigation into the illegal website Movie2k.to. Cotar said on Twitter that the German government should reconsider this strategy and discuss with the United States the use of Bitcoin as a strategic reserve currency.
● El Salvador holds over 5,800 BTC, worth about $334 million
According to Foresight News, mempool data shows that El Salvador currently holds more than 5,800 BTC, equivalent to about $334 million. From 2021 to May 2024, El Salvador successfully mined nearly 474 bitcoins using geothermal energy provided by the Tecapa volcano. Of the 102 megawatts of electricity currently generated by the country's geothermal power station, 1.5 megawatts are used for Bitcoin mining.
● FOMC meeting minutes view: The economy is undergoing a systemic shift
According to Blockworks, Felix Jauvin, a newsletter writer at Blockworks, conducted an in-depth interpretation of the recently released meeting minutes of the Federal Reserve Open Market Committee (FOMC) during the US Independence Day holiday. The meeting minutes showed that although inflation fell significantly in the second half of 2023, there was less progress compared with the beginning of 2024. In addition, the FOMC acknowledged for the first time that artificial intelligence may increase productivity and have an inflationary effect. The minutes also mentioned that data on job growth may be overestimated, which may mean that their view of the labor market is too optimistic. He said these FOMC meeting minutes represent an outdated view of the economy, especially at a time when the economy is undergoing an institutional shift. Still, the focus and discussion was found to be generally tame, especially given all the weak economic data that has been received since.
● Report: MiCA is expected to become the basis for global stablecoin regulation
According to Odaily Planet Daily, Digital Euro Association released a report analyzing the impact of European MiCA regulations on stablecoin issuance. The report pointed out that MiCA is expected to become the basis for global stablecoin regulation, but also proposed suggestions for improvement. The report recommends the establishment of a global institution similar to the Basel Committee to unify stablecoin standards and gain insights from the implementation of MiCA.
According to the "2024 New Token Listing Analysis Report" released by CoinMarketCap, this bull market is driven by institutions. Unlike the previous ones, this round of bullish sentiment is mainly driven by ETFs and institutional assets. Since the approval of the US spot Bitcoin ETF on January 10, 2024, more than 70 ETFs around the world have attracted $28 billion in capital inflows. Institutions now hold more than $72 billion worth of Bitcoin through these ETFs and funds, pushing Bitcoin prices to new historical highs again and again. Regarding "Will there be another altcoin season?", the CoinMarketCap report pointed out that looking at the market in the second half of 2024, we can already see a lot of opportunities, whether it is the supply shock after the halving, or the first Fed rate cut since 2021, and the upcoming US election. Both Trump and Biden have expressed support for the encryption industry, which will give the encryption market new impetus.
