Weekly Crypto Market Wrap: 29th July 2024 π
Weekly Crypto Market Wrap: 29th July 2024 π
π Welcome to the Weekly Crypto Market Wrap for 29th July 2024! π This week has been packed with exciting developments, from Ethereum ETFs making a strong debut to political heavyweights like Trump and Kennedy shaping the future of Bitcoin. Buckle up as we dive into the most significant happenings in the crypto world! ππ
Key Takeaways π
- Ethereum ETFs launched with $106 million net inflows and $1 billion in trading volume. π
- Kraken completes Mt. Gox Bitcoin distribution; creditors holding onto BTC. π¦
- Bitcoin mainnet achieves first-ever zk-proof integration without altering base layer. π
- Donald Trump vows to make the U.S. the “crypto capital” and warns of Chinaβs crypto dominance. π
- BlackRock notes strong client interest in Bitcoin and Ethereum. πͺ
- Kamala Harris gains support for Democratic nomination, seen as crypto-friendly by Mark Cuban. π
- Ferrari expands crypto payment system to European dealers. π
- U.S. economy shows mixed signals: manufacturing slumps, services PMI recovers, 2.8% GDP growth. π
- Bank of Canada cuts interest rates and lowers growth forecasts. π
- Bitcoin targets $72,000, with potential for all-time highs at $73,800. π
- Ethereum follows Bitcoin, next key level at $4,000. πͺ
Ethereum ETFs debut with a splash, raking in $106 million in net inflows and hitting $1 billion in total trading volume. π°
Kraken completes the Mt. Gox Bitcoin distribution, with creditors holding onto their BTC. π¦
The Bitcoin mainnet achieves a milestone with its first-ever zk-proof integration without altering the base layer. π
Donald Trump addresses the Bitcoin Conference, pledging to make the U.S. the “crypto capital of the planet” and voicing concerns over Chinaβs dominance in the crypto space. π
BlackRockβs digital assets chief notes that client interest is heavily centered on Bitcoin and Ethereum, with minimal interest in other cryptocurrencies. πͺ
Kamala Harris secures enough support for the Democratic nomination, potentially offering a crypto-friendly stance, according to Mark Cuban. π
Ferrari extends its crypto payment system to European dealers. π
U.S. economy shows mixed signals with manufacturing data slumping while services PMI recovers, leading to a 2.8% GDP growth in Q2. π
The Bank of Canada cuts interest rates and adjusts growth forecasts downward. π
Gear Up for a Big Week! π
Last Week Recap: The Trump trade remains strong, with long positions in energy, banks, and Bitcoin. Despite concerns over Mt. Gox creditor payments, the positive sentiment prevails as creditors hodl their BTC. The political landscape is the biggest momentum driver. π³οΈ
Trumpβs Crypto Vision: Trump has proposed creating a strategic Bitcoin reserve, ensuring the U.S. never sells its Bitcoin holdings, and even comparing Bitcoinβs potential to the steel industry of a century ago. This bold stance could significantly influence the crypto market. π
Robert F. Kennedy Jr. also hinted at building a massive government Bitcoin reserve, matching its proportion to gold reserves. The competition for the votes of around 50 million U.S. crypto holders is heating up. π₯
Market Movements π
Bitcoin (BTC) is on the rise, targeting the $72,000 level, with a potential run to all-time highs of $73,800. Breaking these highs could trigger a significant move.
- Key levels to watch: $59,000, $66,000, $72,000, $73,794 (ATH). π
Ethereum (ETH) is trailing Bitcoinβs ascent, benefiting from the positive ETF launch. However, Bitcoin might outperform ETH in the political momentum play.
- Key levels: $2,700, $3,350, $3,600, $4,000. πͺ
What to Watch This Week π
- Tuesday: U.S. consumer confidence, Jolts job openings, and BoJβs monetary policy rate and statements.
- Wednesday: BoJβs outlook report, U.S. federal funds rate decision, and FOMC press conference.
- Thursday: U.S. non-farm payroll data, BoEβs monetary policy report, official bank rate, and U.S. unemployment claims.
Stay tuned and stay informed, the crypto market is buzzing with activity! ππ
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Stay tuned for more updates and market insights as we navigate through these dynamic times. Keep an eye on the key levels and upcoming events that could impact your investments. Until next week, happy trading! ππΉ
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