Daily Market Brief 2024/08/08 12:05 UTC+8
Analyst Views
“Several investors who sold Bitcoin in the $64,000 to $68,000 range are now waiting for favorable re-buy levels. Bitcoin prices are expected to break out of the $60,000 to $70,000 range, but a new range, potentially lower, has yet to be established. Even if the market shakes off the hype surrounding the Japan carry trade news, downside risks remain for the Nasdaq and Bitcoin could fall further.” - 10x Research
“This is a sentiment-driven market right now and Ethereum’s performance since the US spot ETF launch has been a disaster. Would be cautious on the Nasdaq and broader risk-on trades given these moves.” - Adam Button, Analyst @Forexlive
“Another decline in the top tech stocks could lead to a drop in Bitcoin prices. The correlation between stock market performance and cryptocurrency value is well documented; as major tech stocks fall, investor sentiment often turns to alternative assets, including Bitcoin.” - Cointelegraph
Market Hotspots
Yesterday, the US Bitcoin spot ETF had a net inflow of US$45.6 million.
Yesterday, the US Ethereum spot ETF saw a net outflow of $23.7 million.
SOL's market value once again surpassed BNB and rose to fourth place, only behind BTC, ETH and USDT.
Grayscale launches two new crypto trusts, SUI and TAO.
JPMorgan Chase & Co. now sees a 35% chance that the U.S. economy will fall into recession by the end of the year, up from 25% at the beginning of last month.
Investment and Financing Information
Andrena, the DePIN project of the Solana ecosystem, completed US$18 million in financing, led by Dragonfly.
Binance Labs announced its investment in Solana ecosystem re-staking protocol Solayer.
On-chain AI aggregator Aidatify completed a $17.5 million Series A financing round at a valuation of $150 million, led by SM Capital.
Web3 AI network DeAgentAI completed a $6 million seed round of financing, led by Vertex Capital and others.
Regulatory developments
The judge ruled that Ripple did not violate federal securities laws by selling XRP to retail investors and only fined it about $125 million.
Japan's financial regulator: Will not completely rule out the possibility of approving a cryptocurrency ETF
