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#MarketSentimentToday Polymarket, a prediction market platform based on the Polygon blockchain, has seen a significant portion of its 2024 trading volume—88%—driven by bets on U.S. election outcomes, according to Dune Analytics. The platform has recorded over $650 million in trading this year, with nearly half of that volume occurring in July as traders placed bets on presidential candidates like Donald Trump and Kamala Harris. Data shows that markets tagged “Presidential Election Winner 2024” and “Democratic Nominee” account for 50% of the platform’s trading volume, highlighting the intense focus on U.S. elections. Prediction: As the election approaches, trading volume on platforms like Polymarket is likely to increase, especially in markets related to key political races. This trend could lead to further growth and visibility for blockchain-based prediction markets. #MarketDownturn #BinanceTurns7 #HamsterKombat #CryptoMarketMoves

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Rumors are circulating that SEC Chairman Gary Gensler might be nominated as Treasury Secretary if Vice President Kamala Harris wins the presidential election in November. Although Gensler hasn't indicated any plans to leave his current role, there is speculation that he could be tapped for the Treasury position, which has significant implications for the crypto community due to Gensler's cautious stance on crypto innovation. The role of Treasury Secretary involves overseeing U.S. economic policy, managing government finances, and regulating financial institutions, including those in the crypto space. If nominated, Gensler would need 51 votes in the Senate for confirmation, which could be difficult if Republicans hold a majority. There are also rumors that Gensler might step down as SEC chairman before the election, potentially allowing President Biden to appoint a successor and maintain a Democratic majority at the SEC if Harris wins. However, strong opposition from Republicans is expected if Gensler is nominated, though he would likely receive broad support from Democrats. Prediction: If Harris wins and nominates Gensler for Treasury Secretary, the confirmation process could be contentious, especially if Republicans control the Senate. The crypto community may face further regulatory challenges under Gensler's leadership, impacting the broader financial landscape. #MarketDownturn #CryptoMarketMoves #BinanceTurns7 #BinanceHODLerBANANA

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The Hash Ribbons indicator, used to identify periods of stress in Bitcoin's mining market, has signaled the end of miner capitulation, according to analysts at CryptoQuant. This comes as Bitcoin retested the $59,000 level after struggling to break past the $62,400 resistance. Despite recent price declines, the network's hash rate has surged to a record high of 638 exahashes per second, signaling renewed strength in the mining sector. The end of miner capitulation typically suggests a bottom in Bitcoin's price, indicating that a fresh upward momentum could be on the horizon. Given these signals, analysts are optimistic about a potential price surge for Bitcoin in the coming months, though bearish threats still loom. Prediction: With the end of miner capitulation and a record-high hash rate, Bitcoin is likely to experience a renewed bullish trend, potentially leading to significant price gains in the near future, provided it can overcome resistance levels and maintain its upward trajectory. #MarketDownturn #CryptoMarketMoves #BinanceHODLerBANANA #BinanceTurns7

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#MarketDownturn Scott Johnsson, a general partner and general counsel at Van Buren Capital, believes that the U.S. government is on the verge of selling Bitcoin linked to the Silk Road marketplace. On August 16, he responded to a post by Joey Krug, co-founder of Founders Fund, who highlighted that over 19,000 BTC had been moved to a Coinbase address. This transfer, according to Johnsson, suggests that the U.S. Marshal Service (USMS), responsible for disposing of seized assets, is likely preparing to sell these Bitcoin assets. The U.S. government recently moved approximately $594 million worth of Bitcoin to a Coinbase Prime address. This transfer aligns with an established servicing agreement between the USMS and Coinbase made in June, which requires that assets be segregated unless they are about to be sold. Johnsson expects official confirmation of the sale in the DOJ’s fiscal year 2024 report, due in January 2025. Prediction: If the U.S. government proceeds with selling the seized Bitcoin, it could exert downward pressure on Bitcoin's price due to the large volume being offloaded into the market. The sale might create short-term volatility, especially given the significant amount of BTC involved. Investors and traders might anticipate this move and start selling off in advance, leading to a possible decline in Bitcoin's market value. However, if the sale is well-publicized and coordinated, the market might absorb the impact without dramatic fluctuations. The move could also trigger debates on the government's role in the crypto market, especially in light of political figures like Donald Trump discussing policies on Bitcoin holdings.

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#MarketDownturn #MarketDownturn Bitcoin briefly reached a local high of $60,100 before settling around $58,894. Despite three consecutive days of gains, the cryptocurrency remains in a consolidation phase. Daily trading volume for Bitcoin has decreased by 42% to around $14.7 billion, indicating a possible cool-down and reduced price volatility. Data from Santiment shows that Bitcoin's five-year dormant circulation is currently low at 104 BTC, down from 16,592 BTC on July 23 when the price was around $66,000. The one-year dormant circulation also fell significantly from 6,040 BTC on August 15 to 1,412 BTC. This decline suggests that long-term holders may have taken profits and are now inactive. Additionally, whale transactions (large transactions of at least $100,000 worth of BTC) have dropped from 9,295 on August 15 to 5,309, signaling reduced whale activity and lower price volatility. Meanwhile, Bitcoin exchange-traded funds (ETFs) in the U.S. saw over $36 million in net inflows, contributing to bullish sentiment and the recovery of Bitcoin's price above $59,000. Prediction: Given the decline in trading volume and whale activity, Bitcoin may experience lower price volatility in the short term, as fewer large transactions reduce the likelihood of sudden price swings. The drop in dormant circulation also indicates that long-term holders may have already taken profits, potentially leading to a period of consolidation as new buyers enter the market. However, the positive inflows into Bitcoin ETFs suggest ongoing institutional interest, which could support the price and possibly lead to a gradual recovery. If this trend continues, Bitcoin might maintain its current levels or gradually move higher, but without the extreme volatility seen in previous weeks.

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