This week’s major U.S. economic reports and Fed speeches are scheduled as follows:
Tuesday, July 9
- Fed Chairman Powell testifies before Senate
Wednesday, July 10
- Fed Chairman Powell testifies before House of Representatives
Thursday, July 11
- CPI inflation data: 3.1% estimated, 3.3% last month
- Core CPI inflation data: 3.4% expected, compared with 3.4% last month
- St. Louis Federal Reserve President Luis Alberto Mussallem speaks
Friday, July 12
- PPI inflation data (wholesale price index)
The incident will likely have a significant impact on the crypto market, especially the inflation data and the testimony of the Federal Reserve Chairman, which deserve close attention.
$BTC $ETH $BNB

According to data from CoinGlass, approximately $102 million in Bitcoin (BTC) short positions were liquidated in the past 24 hours, while an additional $57 million in long positions were also liquidated. During the same time frame, Ethereum only experienced $63 million in liquidations as it regained $3,000.

The volatility in Bitcoin prices comes amid intense selling pressure as the German government dumps Bitcoin and 127,000 creditors await crypto funds from Mt. Gox’s bankruptcy estate.

Despite these recent moves, addresses linked to the German government currently hold more than $1.8 billion worth of Bitcoin, according to Arkham Intelligence. Meanwhile, defunct exchange Mt. Gox began moving billions of dollars worth of Bitcoin in preparation to repay creditors.

The company currently has $7.9 billion worth of Bitcoin in its wallets, according to Arkham Intelligence, and many believe the coins could be sold once sent to creditors to whom it has been owed for a decade.

According to Coinglass, U.S. Bitcoin ETFs saw net inflows of $143 million on Friday, while Hong Kong Bitcoin ETFs saw zero net inflows.
In this difficult week, the Cryptocurrency Fear and Greed Index has fallen to 28, indicating fear, compared with a high of 72 a month ago.
$BTC $ETH

Bitfinex analysts say BTC may have reached a potential local bottom.

Data provided by Bitfinex shows that the funding rate of the BTC perpetual contract has become negative for the first time since hitting bottom on May 1.
Historically, periods of negative funding rates coupled with low short-term SOPR values ​​(a financial metric that measures the profits or losses realized by the wallets of a specific group of investors on a given day) typically mark the bottom of a price correction.
Analysts said: “This may be seen as an increase in bearish sentiment, but also strengthens the view that BTC may be stabilizing or approaching a potential bottom as the balance of buying and selling pressure evolves. Negative indicators indicate heavy selling pressure or sellers Dominates the market, but can also indicate that the market is oversold. When this oversold condition coincides with a recovery in SOPR, it usually indicates that the market is bottoming."

Analysts at Secure Digital Markets said in their report: “The RSI indicator shows that Bitcoin is oversold for the first time since August, just before the upward squeeze. For Bitcoin to gain further momentum, the price needs to break through $58,500. , a break above $60,500 would mark a return to bullish territory.”

Tyr Capital Chief Investment Officer Ed Hindi believes that the current pullback is temporary and insists that BTC prices will reach six figures by the end of the year. Ed Hindi said in a CNBC interview: “Bitcoin is currently in correction territory as miners and governments sell off Bitcoin stocks, but we believe long-term investors and speculators will continue to buy on dips. We see no reason to change Bitcoin’s end-2024 outlook $100,000 goal.”
$BTC $ETH
#BTC☀

Deribit Asia Pacific Business Leader: Focus on the opening of US stocks tonight

The main catalysts for this decline were the sale of seized Bitcoin by the German and U.S. governments, and the beginning of repayments by the bankrupt Japanese exchange Mt. Gox, which triggered "preemptive" selling in the market.

Rachel Lin said: The selling pressure is unlikely to ease in the short term. The German government still holds about $2.2 billion in Bitcoin, the U.S. government holds more than $12 billion, and Mt. Gox still holds more than $8 billion in assets. In the next few years, The trend of Bitcoin today will depend on the selling pressure of Mt. Gox users:
If the selling volume is lower than expected, we could see a rebound, on the other hand, if there is enough selling volume to push the price down, we could see $50,000 soon.

LinChen, head of Asia-Pacific business at Deribit, analyzed that last week, except for a small amount of net outflows on Tuesday and Wednesday, and the Independence Day holiday on Thursday, the BTC spot ETF had net inflows on other days. Last week, the total net inflow reached US$237.8 million. Although the increase was Market sentiment remained low this week, but BTC once rebounded from $54,000 to $57,000.

Rachel Lin said: Focus on the opening of US stocks this Monday. If it rises again, this wave of Bitcoin bottoming may be over.
#BTC下跌分析 #BTC☀️ $BTC

BTC is down 13% in the past week, similar to what happened after the FTX crash.

A recent report from ING showed that U.S. employment data was stronger than expected, but rising unemployment is expected to see the Federal Reserve cut interest rates in September.

ING's James Knightley writes that private sector job growth continues to be weak, with just 136,000 jobs added in June, below expectations of 160,000. Government, education and health services added nearly 60% of jobs, while retail, temporary workers, professional business services and manufacturing all saw job losses.

Citi Research has made a more aggressive forecast, writing in a recent report that it predicts the Fed will cut interest rates eight times from September 2024 to July 2025.
#BTC☀️ #降息 $BTC

The Ethereum spot exchange-traded fund (ETF) may be approved and is expected to be launched as soon as late next week or July 15; at the same time, the U.S. Congress will vote on whether to overturn the SEC’s SAB 121, an announcement requiring financial institutions to Listing customers’ digital assets in financial statements has sparked widespread discussion inside and outside the industry.

The ETFs "will likely be available late next week or the week of July 15," said James Seyffart and Eric Balchunas, ETF analysts at Bloomberg Intelligence. ETF Store President Nate Geraci echoed this sentiment.
"It would be shocking if the spot ETH ETF didn't trade in the next two weeks. Late next week is possible, but I think the week of July 15 is more likely," he noted.
The SEC approval process remains critical for these ETFs to begin trading. Although the SEC has approved Form 19b-4, the issuer still requires approval of Form S-1 to proceed.
#eth
$ETH

Technical development of Cardano (ADA)

Mainly around its important upgrade called Alonzo. The Alonzo upgrade is part of a series of upgrades to Cardano, enabling it to support smart contract functionality.

Smart contract capabilities:
The core goal of the Alonzo upgrade is to introduce smart contract functionality to Cardano. Smart contracts allow automated contracts and code to be executed on the blockchain without the need for third-party involvement or trust. This enables Cardano to be used in more application scenarios, such as decentralized finance (DeFi), supply chain tracking, voting systems, etc.

Developers and Ecosystem:
The introduction of smart contract functionality is a major attraction for the developer community. Cardano hopes to use this feature to attract more developers to participate in the construction of its ecosystem, thereby increasing the number and diversity of DApps.

Plutus language and tools:
Plutus is a Haskell-based functional programming language designed to write secure and reliable blockchain smart contracts.

Phased implementation:
Alonzo upgrades are implemented in phases to ensure system stability and security. Limited smart contracts will be introduced during the initial testing and deployment phase.
#ADA #ada未來 $ADA