Weekly Crypto Market Wrap 🌍🚀 (19th August 2024)
Weekly Crypto Market Wrap 🌍🚀 (19th August 2024)
Welcome to our Weekly Crypto Market Wrap for August 19th, 2024! 🚀 This week has been nothing short of eventful in the ever-evolving world of crypto. From major institutional moves to political drama, and a few surprises in between, the market has seen its share of ups and downs. Let’s dive into the key developments that shaped this week and what’s on the horizon as we move forward! 🔍💹
That wraps up this week’s Crypto Market Review! 🌍🚀 The market continues to evolve at a rapid pace, and with so many critical events on the calendar, the coming weeks promise even more excitement. Stay tuned for next week’s update, where we’ll break down all the latest developments in the crypto space. Until then, keep a close watch on the charts and enjoy the ride! 📈🔮
This past week brought both excitement and uncertainty to the crypto world. Here’s a quick recap of the key happenings:
- 💼 Goldman Sachs unveiled a massive $419 million stake in spot Bitcoin ETFs in its latest filing.
- 🌟 Ether ETF weekly flows turned positive for the first time since their launch.
- 🛠️ Ethereum blockchain median gas fees dropped to 5-year lows, providing relief for users.
- 🤝 MetaMask and Mastercard teamed up to launch a crypto debit card, expanding crypto’s utility in daily transactions.
- 🚫 The NYSE canceled its plan to list Bitcoin ETF Options, a surprising development for the market.
- ⚖️ Celsius filed a lawsuit against Tether, seeking $3.5 billion over the sale of Bitcoin collateral.
- 🗳️ US Senator Chuck Schumer promised a new crypto bill for 2024 if Kamala Harris wins the election.
- 💡 The IMF is considering a significant 85% hike in electricity prices for crypto mining and AI operations.
- 🏠 Trump Organization launched a crypto real estate initiative as the former president revealed his crypto holdings.
- 📊 US inflation slowed to 2.9% in July, marking the lowest rate since 2021.
- 🇬🇧 UK inflation came in lower than expected, boosting hopes for a rate cut as the economy grew by 0.6% in Q2.
Market Overview 🔍💹
After a rollercoaster ride, Bitcoin wrapped up the week back at $58,000—right where we started last week. The market is compressing into a wedge formation, hinting at a significant move in either direction. We could see a dip to retest the $55,000 zone or a rally to the $66,000 range. The deciding factor? 🌊 Orderflow is playing a key role, with massive disbursements—like the 140,000 BTC from the Mt. Gox settlement—acting as a heavy suppressor on price.
Keep your eyes peeled for major macro events this week 🧐, including the Democratic National Convention, FOMC Minutes, and Powell’s Jackson Hole speech. All of these could stir up market volatility.
US Election Drama 🗳️🔥
As the 2024 US Election heats up, crypto could see a dramatic shift. While Trump is clearly favored by many in the crypto community, don’t underestimate Kamala Harris. She’s expressed a desire to “reset” relations with the crypto sector—a move that could bring supportive regulations sooner than expected. 🚀
At a recent Crypto4Harris event, leaders assured that a Harris presidency would be a win for crypto. Meanwhile, Senate Majority Leader Chuck Schumer also backed this stance, hinting at a crypto-friendly future. With both candidates holding strong stances on crypto, this election is set to shake things up in the coming months.
Other Risk Assets 🚀💼
While crypto has been volatile, traditional risk assets like the S&P and Nasdaq have shown strength over recent weeks. This rally could potentially spill over into the crypto space 📊, but orderflow remains a key driver of short-term sentiment.
For the time being, BTC may continue to underperform relative to ETH due to the upcoming US election and the potential introduction of a Strategic Reserve bill. However, if a staking ETF launches, it could dramatically shift risk allocations by providing a new hedge with dividends or income, giving investors a fresh reason to dive back into the crypto market. 🌐
What to Watch This Week 👀📅
Mark your calendars for these critical events:
- 🗳️ US Democratic National Convention: Monday to Thursday
- 🏦 FOMC Meeting Minutes: Wednesday
- 📉 PMI Reports: Thursday (from France, Germany, the US, and the UK)
- 🎙️ Jackson Hole Symposium: Friday
Stay tuned for more updates in next week’s wrap! 👋✨
That wraps up this week’s Crypto Market Review! 🌍🚀 The market continues to evolve at a rapid pace, and with so many critical events on the calendar, the coming weeks promise even more excitement. Stay tuned for next week’s update, where we’ll break down all the latest developments in the crypto space. Until then, keep a close watch on the charts and enjoy the ride! 📈🔮
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