Hello everyone, I am Ali, from Wujie Club. Wujie Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
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BTC price hits bottom, local bottom becomes focus
The Bitcoin market is going through a phase known as the “local bottom,” a phenomenon that stems from traders keeping a close eye on the sub-$60,000 area for BTC prices. The market predicts that BTC price may briefly fall below this key support level before continuing to rise. However, multiple market top and bottom indicators suggest the worst may be over. Looking ahead, Bitcoin (BTC) is poised for a third “local bottom” in 2024, thanks to significant room for growth revealed by leading BTC price indicators.
This week, the Bitcoin market has flashed warning signs that the BTC/USD exchange rate could slide again as the market is about to see a “death cross” technical formation. However, the long-term outlook remains unclear as other market indicators such as NVT-GC (described by CryptoQuant as a volatility indicator similar to Bollinger Bands) suggest a rebound could be imminent.
NVT-GC provides market top and bottom forecasts by comparing Bitcoin market capitalization and transaction value, combined with long-term and short-term NVT value changes. This indicator has successfully predicted the market bottom three times in history. The latest analysis shows that the current market is in a local bottom area, indicating that the market may turn positive in the short term, although prices are still facing downward pressure.
Although Bitcoin remained trading near $60,000 for most of the weekend, the market is very sensitive, and many people are worried that Bitcoin may test lows again, suggesting that a pullback to the $58,300 level may be possible. As expected, Bitcoin is currently on a downward trend, as most people feared, with the current price at $58,741.
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WBTC security standards have not changed due to concerns
BitGo announced a partnership with BiT Global and the Tron ecosystem to globalize its WBTC custody service and expand it to Singapore and Hong Kong. However, Justin Sun's participation has raised concerns in the industry about risks and transparency. BA Labs warned of rising risks and proposed to suspend new WBTC debt issuance and restrict borrowing. BitGo CEO Mike Belshe insisted that Justin Sun's participation would not affect the security and transparency of WBTC, and emphasized that BitGo will continue to use mature technology to ensure transaction security.
Justin Sun himself also responded to the matter on social media, reiterating that his role in the WBTC project is only a strategic investor and does not involve any direct management of funds or private key control of BTC reserves. He emphasized that WBTC's key protection mechanism still relies on BitGo's advanced cold wallet technology and offline key storage solution, and has backups in many countries and regions around the world to ensure the safety of assets.
Currently, the BA Labs team has proposed to hold an executive vote on August 12 to decide whether MakerDAO will adopt its proposal on the change of WBTC holdings. This discussion around the security and transparency of WBTC will undoubtedly bring new thinking and inspiration to the cryptocurrency industry.
Today’s recommendations are LUNA, RUNE, TIA, and ACE.
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OFFICER
LUNA coin is a cryptocurrency based on the Terra blockchain, officially issued by the Korean company Terraform Labs in April 2019. Terra blockchain is a public blockchain protocol that supports a variety of algorithmic stablecoins, which are cryptocurrencies that maintain prices pegged to fiat currencies or other assets by adjusting supply and demand through algorithms. LUNA ensures the transparency and security of transactions through a distributed ledger based on blockchain technology, protecting user funds from potential risks. As the endorsement asset of the stablecoin on the Terra platform, LUNA can pledge other digital assets and provide price stability. The current price is $0.327.
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RUNE
RUNE is the native token of the THORChain project, which is a cryptocurrency based on blockchain technology. THORChain is a decentralized liquidity network designed to facilitate the exchange of cryptocurrencies between different blockchains.
RUNE plays a vital role in the THORChain network. As the underlying fuel and medium of value transfer, it allows users to exchange encrypted assets securely and seamlessly between different blockchains. The current price is $3.154.
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LOVE
TIA coin is the native token of the modular blockchain network Celestia, and its full English name is also Celestia. TIA coin is the native cryptocurrency of the Celestia blockchain and plays a key role in pricing and paying for "PayForBlobs" transactions, thereby maintaining the normal operation of the Celestia network and incentivizing participants to provide data and resources. As an innovative digital currency based on blockchain technology, TIA coin has a high degree of decentralization, low cost and fast transaction confirmation time, as well as strong community support and a professional team. The current price is $5.483.
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ACE
It is the native token of the Endurance project, a decentralized gaming/social blockchain platform. ACE token holders can stake their tokens to ensure the security of the network, and can also participate in network governance decisions. ACE tokens are directly used in the Fusionist team's new game ACE Arena, which further proves the value and potential of ACE. As the native token of a project combining blockchain games and social infrastructure, ACE tokens have great potential and room for development. The current price is $2.174.
Review of club recommendations
1.【ETH】
Facing yesterday's plunge, I guess everyone was dizzy. But for such a market, the most important thing we need to understand is that although the market is falling like this, the bull market in the big cycle is still there. Only if we firmly believe in this point, before the big bull market comes, such a decline will only be gradually forgotten by us. After analysis, the club also recommends that everyone can buy the bottom of ETH around 2150-2250. The lowest price of ETH also fell to 2111, which was perfectly received. With the rebound of the market today, it also confirms the judgment of the club. The current price has come to around 2485, which is 15% higher than the club's bottom position. The long orders held have achieved 12 times the profit.
We can hold such low-priced chips for a long time, and we welcome everyone to join the club to obtain more bargain-hunting targets.
2.【STORAGE】
Storj Labs' acquisition of GPU cloud company Valdi is a big positive. Storj is a storage company, and its transformation into AI has completed the empowerment of depin+AI. The club recommends building a position at 0.3468, and STORJ has reached a high of 0.50, an increase of 40%.
Unbounded Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
Thank you for reading this far. Ali is with you and wishes you a happy life. Good morning, good afternoon, good night, and see you next time.
