🔽 NFT sales volume drops to a November 2023 low

In July 2024, the sales volume in the NFT sector reached $395.5 million, according to CryptoSlam. This is a new low since November 2023.

The average sale price also hit a local minimum, falling to $39.56, a level not seen since September 2023.

28th BNB Burn Completed

The BNB Foundation successfully completed the 28th quarterly BNB token burn, burning 1,643,698.8 BNB (~$971M). The transaction ID can be viewed, and there were no burns from the Pioneer Burn Program.

BNB, essential for the BNB Chain ecosystem, powers transactions and serves as a governance token. Its Auto-Burn system aims to reduce the total supply to 100,000,000 BNB, ensuring transparency.

#BNB

JPMorgan analysts believe that the recent rise in Bitcoin's price to $67,000 is not an indicator of a bullish trend and expect a correction. They consider the current price to be overvalued and see the long-term growth potential of Bitcoin as limited.

Crypto
#BTC #crypto

⚡️ On the social network X, there is speculation about a possible announcement by Donald Trump at the Bitcoin 2024 conference in Nashville

Allegedly, the U.S. presidential candidate may include a proposal to create a national Bitcoin reserve in his campaign.

This event is being compared to the abandonment of the Bretton Woods monetary system in 1971.

✔️ The foundation for this could be the confiscated cryptocurrency. According to Arkham, the U.S. government is the leader among other countries in the volume of Bitcoins held — 213,297 BTC worth almost $14 billion, as well as other assets.

Bank of America notes continued bullish sentiment among investors. (fund manager survey)

💰The managers surveyed manage $632,000,000,000+ in assets.

✔️Optimistic sentiment in the markets is caused by expectations of a Fed rate cut and a soft landing.

✔️62% of respondents predict at least three Fed rate cuts over the next 12 months .

✔️Most fund managers are confident that the global economy will NOT grow over the next 12 months. (expectations are the most pessimistic since March 2022)

✔️62% of respondents are confident that global inflation will decrease within 12 months.

😎Ethereum has again formed a similar pattern before climbing to $4,000.

The price recently broke out of the downward resistance and tested it again. So now the chance of another strong upside step to test the important resistance level of $3900-4000 is very high.

Now the price is facing surface resistance in the area of $3500, so both the upward scenario to the resistance level and the scenario of the price falling again to the support level of $3030 are significant.

💬 BlackRock CEO Larry Fink called Bitcoin "digital gold" live on CNBC

He said that for 5 years he was mistaken, being skeptical about Bitcoin, but he studied the matter and is now an open supporter.

💸 According to Fink, Bitcoin is a full-fledged financial asset with protection against devaluation risks, especially in countries with high inflation. Bitcoin has a place in financial portfolios.

Fink believes that many still miss and do not understand Bitcoin as an asset.

💵 BlackRock's Bitcoin-based ETF manages $18.3 billion worth of cryptocurrency.
#bitcoin #CNBC

What is a Bear Market?

A bear market is a market condition in which the prices of financial instruments such as stocks, bonds, or cryptocurrencies continue to decline over an extended period.

This decline is typically accompanied by investor pessimism and expectations of further price drops.

Characteristics of a Bear Market:

🔵 Price Decline: Significant and prolonged decrease in asset values.
🔵 Pessimism: Investors expect further market deterioration.
🔵 Reduced Trading Volume: Decrease in market activity.

Causes of a Bear Market:

🔵 Economic Downturns: Recessions or slow economic growth.
🔵 High Inflation: Sharp increase in the cost of goods and services.
🔵 Political Instability: Domestic or international conflicts.

Advantages and Risks:
While a bear market can lead to significant losses for investors, it also provides opportunities to buy assets at reduced prices for long-term investments.

CryptoFam
#BearMarket #cryptofam

🕯 The cryptocurrency market capitalization has increased by 3.4% over the last 24 hours, reaching $2.37 trillion.
Amid this, the Fear and Greed Index has risen to the "Greed" zone.

#crypto

🛍 In South Korea, a proposal has been made to delay cryptocurrency taxation for three years due to concerns about investors moving to other jurisdictions.

❗️ If the proposal is adopted, the 20% tax will take effect in 2028. Initially, the initiative was planned to be implemented in 2022 but was later postponed to 2025.

✔️ Approximately 12.5% of the country's population used cryptocurrency last year, and the won surpassed the US dollar in trading volume in the first quarter.
#crypto

Important events of the week

🔵 Bitcoin surpassed $60,000 following an assassination attempt on former President Trump, causing market volatility. Traders estimate his chances of returning to the White House at 70%.

🔵 The launch of DeepMind's JEST algorithm made AI model training faster, cheaper, and greener, improving performance by 13 times and increasing energy efficiency by 10 times.

🔵 Coinbase highlighted uncertainty in the Bitcoin and Ethereum markets in the third quarter of 2024 due to the potential approval of the Ethereum ETF and the upcoming U.S. elections.

🔵 PC market growth driven by AI interest, with Apple leading, showing a 20.8% increase in Mac sales in the second quarter of 2024.

🔵 Binance reached 200 million users and obtained licenses in 18 jurisdictions, setting a record among centralized exchanges.

CryptoFam
#News #cryptofam

A new Coinbase report highlights uncertainty in the Bitcoin and Ethereum markets in the third quarter of 2024. The market is struggling to form a compelling narrative, which could lead to continued volatility.

In particular, investors are cautious about the potential approval of an Ethereum ETF and the upcoming U.S. elections.

CryptoFam
#BTC #cryptofam

💸 Over the past five weeks, Bitcoin has dropped by nearly 20 percent. Meanwhile, the S&P 500 stock index reached a new all-time high, jumping 5.4 percent in the same period.

As noted by Santiment analysts, such a disparity in the behavior of these asset categories has been rare over the past three years.

📈 However, they bet that the crypto sector will eventually join the upward trend. A possible catalyst for this is the upcoming launch of spot ETFs on Ethereum in the U.S.
#bitcoin

🔒 Ahead of a potential launch of an ETH ETF, let's remember that 40% of Ethereum's supply is currently in a locked state:

~28% is staked
~12% is locked in smart contracts and bridges

The entry of ETF operators into the market could significantly boost prices.
#ETH #ETF

The launch of an Ethereum-based ETF is nearing its final stages, according to Bitwise's chief commercial officer. The first Ethereum-focused ETF is expected to be approved and launched soon, which could have a significant impact on the cryptocurrency market. Analysts believe that the approval of such ETFs will attract significant investment in Ethereum, contributing to its growth and market value. This move could make Ethereum more accessible to institutional investors and increase its liquidity in the market.

CryptoFam
#ETF #cryptofam

❌ Uniswap Labs: SEC should abandon attempts to regulate DeFi

Uniswap Labs has urged the U.S. Securities and Exchange Commission (SEC) to cease its efforts to regulate the DeFi sector.

🖥 The company referenced the overturning of the Chevron doctrine, which restricted the SEC's and other federal agencies' powers and allowed courts not to defer to such agencies in interpreting ambiguous laws.

❗️Since April 2023, the Commission has been proposing to broaden the definition of "exchange," seeking to expand its authority over decentralized protocols.

Spot or Futures: What to Choose

Spot trading and futures trading each have their own characteristics, advantages, and risks.

Spot Market

🔵 Simplicity: Buying and selling cryptocurrencies occur instantly at the current market price.
🔵 Long-term investments: Suitable for those who want to hold assets for a long time.
🔵 Low risk: Less risky compared to futures as there are no margin positions.

Futures

🔵 Hedging: Allows hedging risks by locking in the purchase or sale price of an asset in the future.
🔵 Speculation: The possibility of profit on both rising and falling prices.
🔵 High risk: Using leverage can lead to significant losses.

Choosing between spot and futures depends on your goals, risk level, and experience. Beginners are recommended to start with spot trading, while experienced traders can use futures for hedging and speculation.

CryptoFam
#Spot #Futures #cryptofam

Important News of the Week

🔵 Sentient Labs, supported by the co-founder of Polygon, raised $85 million to develop an open artificial intelligence platform. This step aims to democratize AI and enhance AGI (artificial general intelligence) capabilities.

🔵 Ripple, the developer of XRP Ledger, announced the launch of a new stablecoin that will compete with Tether and USDC. This step is aimed at expanding the Ripple ecosystem and increasing its market share in stablecoins.

🔵 Ellipsis Labs, the developer of the decentralized exchange Phoenix based on Solana, raised $20 million in a Series A round led by Paradigm. The funds will be directed towards improving the functionality and security of the platform.

🔵 The transaction volume on decentralized applications (dApp) on the Polygon platform increased by 83%, leading to increased interest in the MATIC token. Despite this, the price of MATIC faced pressure from sellers.

🔵 According to CryptoQuant, Bitcoin reserves on cryptocurrency exchanges have reached a multi-year low, indicating a growing interest in storing Bitcoin off exchanges. This could impact the supply of Bitcoin on the market and potentially lead to a price increase.

CryptoFam
#Blockchain #cryptofam

Overview of Cryptocurrency Futures Trading Volumes

The image presents data on the 24-hour and weekly trading volumes for various cryptocurrency platforms and futures.

Binance Futures leads with $39.44 billion in 24-hour volume and $337.80 billion in weekly volume. Poloniex Futures is in second place with $29.75 billion in 24-hour volume and $178.52 billion in weekly volume.

OKX Futures ranks third with $16.58 billion in 24-hour volume and $152.07 billion in weekly volume. Bybit Futures and Binance show $13.10 billion and $10.03 billion in 24-hour volume, respectively.

MEXC Futures also showed a significant weekly trading volume of $22.00 billion.

CryptoFam
#Crypto #cryptofam

Nigeria is developing its own blockchain called "Nigerium" to ensure data sovereignty. The National Information Technology Development Agency (NITDA) states that this will help protect national data and enhance security.

Looks like we will soon have a new cryptocurrency trend — national blockchains!

CryptoFam
#Nigerium #cryptofam