🚀 GoMarket Weekly #21 🚀
Welcome to the 21st edition of GoMarket Weekly with Mike Ermolaev! The crypto industry is teeming with activity, and this week we're getting to the bottom of the biggest market shifts and trends. Here's the lowdown: Bitcoin's price is fluctuating thanks to Trump's latest crypto promises, while Ethereum's holding steady despite investors pulling their cash out of major ETFs, and Tether's posting some impressive financial numbers.
💡 Bitcoin Volatility and Trump's Impact
Bitcoin has been struggling to break the $70k resistance. Despite a brief surge after Trump's speech at the Bitcoin Conference 2024, the price quickly fell back. Trump's proposed policies, including a strategic Bitcoin stockpile and reduced energy costs for mining, initially sparked optimism. However, a significant BTC transfer by the US government added to market uncertainty, causing Bitcoin's price to drop by over 2%.
📊Ethereum Resilience Amid ETF Flows
Ethereum traded within $3,098 to $3,391, supported by $795M in ETH ETF inflows from July 25 to August 1. Blackrock led with $428.9M, followed by Fidelity and Bitwise. Despite $1.244B outflows from Grayscale's ETHE, positive inflows from some other ETFs helped stabilize Ethereum's price.
💼 Tether's Record Profits
Tether reported a record profit of $5.2B for H1 2024, with reserves in US Treasury bills surpassing $80.9B. Over 8B USDT were issued in Q2, with reserves totaling $118.4B against liabilities of $113.1B, highlighting Tether's strong market position.
🔧 Mining Trends and Accumulation
Bitcoin's hashrate reached 613.07 EH/s as of August 1, with a mining difficulty of 90.666T. The continuous rise in hashrate reflects increased miner activity and investment. Declining miner outflows suggest accumulation, contributing to Bitcoin's price stability.
📈 Fed's Rate Decision, Election Impact, and New Bitcoin Reserve Legislation
The Federal Reserve maintained the base interest rate at 5.25-5.5%, with a potential rate cut in September. Election news and major macroeconomic events are drawing attention, with discussions about a national Bitcoin reserve potentially impacting BTC prices. Also, Senator Cynthia Lummis introduced the "BITCOIN Act of 2024," aiming to accumulate up to 1M BTC over five years.
For a deeper dive and more detailed insights, be sure to read the full version of GoMarket Weekly #21! 📈✨
#GoMarketWeekly #NFT #Trends
Welcome to the 21st edition of GoMarket Weekly with Mike Ermolaev! The crypto industry is teeming with activity, and this week we're getting to the bottom of the biggest market shifts and trends. Here's the lowdown: Bitcoin's price is fluctuating thanks to Trump's latest crypto promises, while Ethereum's holding steady despite investors pulling their cash out of major ETFs, and Tether's posting some impressive financial numbers.
💡 Bitcoin Volatility and Trump's Impact
Bitcoin has been struggling to break the $70k resistance. Despite a brief surge after Trump's speech at the Bitcoin Conference 2024, the price quickly fell back. Trump's proposed policies, including a strategic Bitcoin stockpile and reduced energy costs for mining, initially sparked optimism. However, a significant BTC transfer by the US government added to market uncertainty, causing Bitcoin's price to drop by over 2%.
📊Ethereum Resilience Amid ETF Flows
Ethereum traded within $3,098 to $3,391, supported by $795M in ETH ETF inflows from July 25 to August 1. Blackrock led with $428.9M, followed by Fidelity and Bitwise. Despite $1.244B outflows from Grayscale's ETHE, positive inflows from some other ETFs helped stabilize Ethereum's price.
💼 Tether's Record Profits
Tether reported a record profit of $5.2B for H1 2024, with reserves in US Treasury bills surpassing $80.9B. Over 8B USDT were issued in Q2, with reserves totaling $118.4B against liabilities of $113.1B, highlighting Tether's strong market position.
🔧 Mining Trends and Accumulation
Bitcoin's hashrate reached 613.07 EH/s as of August 1, with a mining difficulty of 90.666T. The continuous rise in hashrate reflects increased miner activity and investment. Declining miner outflows suggest accumulation, contributing to Bitcoin's price stability.
📈 Fed's Rate Decision, Election Impact, and New Bitcoin Reserve Legislation
The Federal Reserve maintained the base interest rate at 5.25-5.5%, with a potential rate cut in September. Election news and major macroeconomic events are drawing attention, with discussions about a national Bitcoin reserve potentially impacting BTC prices. Also, Senator Cynthia Lummis introduced the "BITCOIN Act of 2024," aiming to accumulate up to 1M BTC over five years.
For a deeper dive and more detailed insights, be sure to read the full version of GoMarket Weekly #21! 📈✨
#GoMarketWeekly #NFT #Trends
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🚀GoMarket Weekly #22: Bitcoin’s Rollercoaster, Institutional Confidence, and Political Crypto Tensions
Welcome to the 22nd edition of GoMarket Weekly, curated for the GoMining community by seasoned crypto market analyst and journalist Mike Ermolaev. From euphoria to an extreme fear, Bitcoin market sentiment has had a rollercoaster ride. To make sense of the cryptocurrency market's hairpin turns, Mike has zeroed in on the factors that sparked the turmoil, read between the lines of encoded market signals, and monitored the strategy shifts of major institutional players. Is a sudden turnaround on the cards, and what's driving this streak? Let’s GoMarket and discover what he’s uncovered!
😨 Extreme Fear Grips the Market as Bitcoin Takes a Hit
Investor anxiety hit a peak this week with The Fear & Greed Index swinging dramatically to extreme fear at 20, driven by Bitcoin’s sharp correction. While it has since stabilized, the market remains volatile, and caution is the name of the game.
📉 US Economic Woes Weigh Heavily on Bitcoin
The US economy is one of the reasons behind Bitcoin's recent struggles. The ISM Manufacturing Index dropped to 46.8, shaking confidence in the broader market. Despite an initial rally after dovish comments from Fed Chair Powell, the weak economic data reversed momentum, pushing Bitcoin prices lower.
🚀 Bitcoin Poised for Breakout? $90K Could Be Next
Bitcoin might be gearing up for a significant breakout based on parallels with the post-halving cycle of 2015–2017. If history repeats itself, we could see Bitcoin surge to $90K after testing resistance levels near $70K-$73K.
🛡️ Mt. Gox Creditors Hold Steady, Boosting Bitcoin Stability
Data reveals that the majority of Mt. Gox creditors plan to hold their Bitcoin rather than sell, contributing to market stability. With over 600,000 BTC changing hands in the $66.2K-$66.9K range, we’re seeing strong support at these levels, suggesting that long-term holders are holding firm. 🛡️
💼💰 Institutional Confidence Grows
MicroStrategy and BlackRock’s Bitcoin ETF collectively hold over 570,000 BTC now – a vote of confidence from institutional investors putting their chips on Bitcoin's table. In early August, Bitcoin ETFs across all firms recorded a total net inflow of approximately $17.4 billion, with this strong support from the big players likely to help stabilize the market and drive future growth.
🌍 Global and US Crypto Developments
Brazil’s approval of the world’s first Solana ETF and Russia’s legalization of Bitcoin mining signal growing global acceptance of digital assets. Meanwhile, in the US, cryptocurrency is becoming a key political issue, with the Democratic Party’s "Crypto for Harris" campaign countering the crypto industry's support for Trump, showing how crypto is taking over politics.
Uncover the complete story here, and keep an ear out for the next batch of insights next week! 📊✨
#GoMarketWeekly #NFT #Trends
Welcome to the 22nd edition of GoMarket Weekly, curated for the GoMining community by seasoned crypto market analyst and journalist Mike Ermolaev. From euphoria to an extreme fear, Bitcoin market sentiment has had a rollercoaster ride. To make sense of the cryptocurrency market's hairpin turns, Mike has zeroed in on the factors that sparked the turmoil, read between the lines of encoded market signals, and monitored the strategy shifts of major institutional players. Is a sudden turnaround on the cards, and what's driving this streak? Let’s GoMarket and discover what he’s uncovered!
😨 Extreme Fear Grips the Market as Bitcoin Takes a Hit
Investor anxiety hit a peak this week with The Fear & Greed Index swinging dramatically to extreme fear at 20, driven by Bitcoin’s sharp correction. While it has since stabilized, the market remains volatile, and caution is the name of the game.
📉 US Economic Woes Weigh Heavily on Bitcoin
The US economy is one of the reasons behind Bitcoin's recent struggles. The ISM Manufacturing Index dropped to 46.8, shaking confidence in the broader market. Despite an initial rally after dovish comments from Fed Chair Powell, the weak economic data reversed momentum, pushing Bitcoin prices lower.
🚀 Bitcoin Poised for Breakout? $90K Could Be Next
Bitcoin might be gearing up for a significant breakout based on parallels with the post-halving cycle of 2015–2017. If history repeats itself, we could see Bitcoin surge to $90K after testing resistance levels near $70K-$73K.
🛡️ Mt. Gox Creditors Hold Steady, Boosting Bitcoin Stability
Data reveals that the majority of Mt. Gox creditors plan to hold their Bitcoin rather than sell, contributing to market stability. With over 600,000 BTC changing hands in the $66.2K-$66.9K range, we’re seeing strong support at these levels, suggesting that long-term holders are holding firm. 🛡️
💼💰 Institutional Confidence Grows
MicroStrategy and BlackRock’s Bitcoin ETF collectively hold over 570,000 BTC now – a vote of confidence from institutional investors putting their chips on Bitcoin's table. In early August, Bitcoin ETFs across all firms recorded a total net inflow of approximately $17.4 billion, with this strong support from the big players likely to help stabilize the market and drive future growth.
🌍 Global and US Crypto Developments
Brazil’s approval of the world’s first Solana ETF and Russia’s legalization of Bitcoin mining signal growing global acceptance of digital assets. Meanwhile, in the US, cryptocurrency is becoming a key political issue, with the Democratic Party’s "Crypto for Harris" campaign countering the crypto industry's support for Trump, showing how crypto is taking over politics.
Uncover the complete story here, and keep an ear out for the next batch of insights next week! 📊✨
#GoMarketWeekly #NFT #Trends
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📽 GoMining on YouTube: GoMarket Weekly By GoMining
In this week's episode of GoMarket Weekly by GoMining, we delve into recent crypto market fluctuations, Trump's key announcements at the Bitcoin Conference 2024, and their impact on Bitcoin's price. We also explore the US government's significant BTC transfer, mitigated concerns around Mt. Gox payouts, the Federal Reserve's interest rate decisions, and trends in Bitcoin's hashrate and miner behavior. Stay tuned for in-depth analysis and insights on these crucial developments!
👉 Watch now 👀
Let’s GoMarket!
#GoMarketWeekly #YouTube
In this week's episode of GoMarket Weekly by GoMining, we delve into recent crypto market fluctuations, Trump's key announcements at the Bitcoin Conference 2024, and their impact on Bitcoin's price. We also explore the US government's significant BTC transfer, mitigated concerns around Mt. Gox payouts, the Federal Reserve's interest rate decisions, and trends in Bitcoin's hashrate and miner behavior. Stay tuned for in-depth analysis and insights on these crucial developments!
👉 Watch now 👀
Let’s GoMarket!
#GoMarketWeekly #YouTube
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🚀 GoMarket Weekly #26🚀
We’re excited to bring you the latest edition of GoMarket Weekly with insights from Mike Ermolaev, our resident crypto expert! This week’s edition covers Bitcoin’s price action, CEX liquidation data, Ethereum’s inflation concerns, and the latest regulatory updates shaking up the market. Read on for all the details and make sure you don’t miss out on the full analysis! 📈
🔍 Bitcoin’s Trading Range and Market Outlook🔍
This past week, Bitcoin's price fluctuated between $56,004 and $59,804, continuing its volatile journey 📉. September is historically a tough month, but October has consistently delivered, with Bitcoin posting an average gain of 22.9% in eight of the last nine years. Could this be the perfect time to prepare for a bounce-back?
📉 The Erosion of CEX Liquidation Data Transparency 📉
K33 Research has raised concerns about the reliability of liquidation data from major centralized exchanges. It appears that these platforms are reporting fewer liquidations than are actually happening, which skews risk assessments for traders. Could this lack of transparency be affecting market sentiment?
📊 Institutional Outflows and Labor Market Slowdown📊
According to CoinShares, the past week saw a $305 million outflow from digital asset investment products, largely due to rising interest rate expectations following strong macroeconomic data. However, the U.S. labor market is cooling down, with job openings hitting their lowest levels since January 2021, which has retail investors increasingly betting on rate cuts.
📈 Short-Term Bitcoin Holders Under Pressure📈
Glassnode reports that short-term Bitcoin holders are facing heavy unrealized losses, making them more vulnerable to sell-side pressure. Although long-term holders are still in a relatively good position, the market remains sensitive to further downside risks. Will we see heightened volatility in the weeks to come?
🌐 Ethereum’s Inflation and BLOB Object Concerns 🌐
The Ethereum network is grappling with inflation issues due to the introduction of BLOB objects post-Dencun hard fork. The community is split over how to handle this—should transaction fees be increased, or can Layer 2 networks maintain low costs while securing Ethereum’s future? 🤔
🛡 Regulation and Adoption: SEC vs. FTX and Crypto Donations🛡
On the regulatory front, the SEC has signaled it may challenge FTX creditor repayments made in stablecoins, adding more uncertainty to the crypto landscape. Meanwhile, Kamala Harris’s presidential campaign has started accepting crypto donations via Coinbase Commerce, marking a new level of mainstream crypto adoption. 💼
👉 Get the full breakdown and analysis by reading the complete report 👀
Stay tuned for more updates next week! 📲
#GoMarketWeekly
We’re excited to bring you the latest edition of GoMarket Weekly with insights from Mike Ermolaev, our resident crypto expert! This week’s edition covers Bitcoin’s price action, CEX liquidation data, Ethereum’s inflation concerns, and the latest regulatory updates shaking up the market. Read on for all the details and make sure you don’t miss out on the full analysis! 📈
🔍 Bitcoin’s Trading Range and Market Outlook🔍
This past week, Bitcoin's price fluctuated between $56,004 and $59,804, continuing its volatile journey 📉. September is historically a tough month, but October has consistently delivered, with Bitcoin posting an average gain of 22.9% in eight of the last nine years. Could this be the perfect time to prepare for a bounce-back?
📉 The Erosion of CEX Liquidation Data Transparency 📉
K33 Research has raised concerns about the reliability of liquidation data from major centralized exchanges. It appears that these platforms are reporting fewer liquidations than are actually happening, which skews risk assessments for traders. Could this lack of transparency be affecting market sentiment?
📊 Institutional Outflows and Labor Market Slowdown📊
According to CoinShares, the past week saw a $305 million outflow from digital asset investment products, largely due to rising interest rate expectations following strong macroeconomic data. However, the U.S. labor market is cooling down, with job openings hitting their lowest levels since January 2021, which has retail investors increasingly betting on rate cuts.
📈 Short-Term Bitcoin Holders Under Pressure📈
Glassnode reports that short-term Bitcoin holders are facing heavy unrealized losses, making them more vulnerable to sell-side pressure. Although long-term holders are still in a relatively good position, the market remains sensitive to further downside risks. Will we see heightened volatility in the weeks to come?
🌐 Ethereum’s Inflation and BLOB Object Concerns 🌐
The Ethereum network is grappling with inflation issues due to the introduction of BLOB objects post-Dencun hard fork. The community is split over how to handle this—should transaction fees be increased, or can Layer 2 networks maintain low costs while securing Ethereum’s future? 🤔
🛡 Regulation and Adoption: SEC vs. FTX and Crypto Donations🛡
On the regulatory front, the SEC has signaled it may challenge FTX creditor repayments made in stablecoins, adding more uncertainty to the crypto landscape. Meanwhile, Kamala Harris’s presidential campaign has started accepting crypto donations via Coinbase Commerce, marking a new level of mainstream crypto adoption. 💼
👉 Get the full breakdown and analysis by reading the complete report 👀
Stay tuned for more updates next week! 📲
#GoMarketWeekly
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🚀 GoMarket Weekly #27: Bitcoin Bounce, Trump vs. Harris
Want to stay updated with the fast-moving world of crypto? Every week, our regular guest expert Mike Ermolaev covers the latest trends and news shaping the market.
This week, he explores Bitcoin’s recent rebound, Fed rate cut expectations, what Trump vs. Harris debate means for crypto, and more. Below is a brief summary — read the full report here.
📈 Bitcoin Rebounds
Bitcoin has bounced back to $58,000, with analysts linking price movements to U.S. inflation. Could Q4 be the tipping point?
💰 Fed Rate Cut Expectations
With CPI data on target, there’s now a 59% chance of a Fed rate cut to the 500-525 bps range. While the immediate impact is uncertain, historically, the crypto market reacts positively to Fed rate cuts.
🗳 Crypto and the U.S. Presidential Election
The recent debate between Harris and Trump has concluded, with Harris being widely regarded as the winner. Crypto wasn’t discussed, however, if Trump wins, some analysts predict Bitcoin could soar to $90,000.
⛏ Bitcoin Miners’ Confidence and Rising Hashrate
Despite falling revenues and rising hashrate coupled with record mining difficulty, miners are holding their Bitcoin, demonstrating strong confidence in its long-term value.
⚖️ Stablecoins and Regulatory Shifts
USDT volumes on exchanges have increased, showing retail investor interest. In the UK, a new law could classify cryptocurrencies as personal property, enhancing legal protections.
📊 Calmer market ahead?
Volatility has dropped, and speculative trading is cooling. Analysts anticipate a more stable market in the coming months.
🚨 FBI: Crypto fraud totalled $5.6 billion in 2023
The FBI’s 2023 report reveals a 45% increase in crypto-related fraud losses, totaling $5.6 billion. Seniors over 60 are the most targeted. Stay vigilant and always do your own research!
🌍 Global Crypto Adoption Continues
ETFs and stablecoins are driving mainstream adoption. The Chainalysis 2024 Global Crypto Adoption Index shows Central and Southern Asia leading, with India, Nigeria, and Indonesia at the forefront.
#GoMarketWeekly
Want to stay updated with the fast-moving world of crypto? Every week, our regular guest expert Mike Ermolaev covers the latest trends and news shaping the market.
This week, he explores Bitcoin’s recent rebound, Fed rate cut expectations, what Trump vs. Harris debate means for crypto, and more. Below is a brief summary — read the full report here.
📈 Bitcoin Rebounds
Bitcoin has bounced back to $58,000, with analysts linking price movements to U.S. inflation. Could Q4 be the tipping point?
💰 Fed Rate Cut Expectations
With CPI data on target, there’s now a 59% chance of a Fed rate cut to the 500-525 bps range. While the immediate impact is uncertain, historically, the crypto market reacts positively to Fed rate cuts.
🗳 Crypto and the U.S. Presidential Election
The recent debate between Harris and Trump has concluded, with Harris being widely regarded as the winner. Crypto wasn’t discussed, however, if Trump wins, some analysts predict Bitcoin could soar to $90,000.
⛏ Bitcoin Miners’ Confidence and Rising Hashrate
Despite falling revenues and rising hashrate coupled with record mining difficulty, miners are holding their Bitcoin, demonstrating strong confidence in its long-term value.
⚖️ Stablecoins and Regulatory Shifts
USDT volumes on exchanges have increased, showing retail investor interest. In the UK, a new law could classify cryptocurrencies as personal property, enhancing legal protections.
📊 Calmer market ahead?
Volatility has dropped, and speculative trading is cooling. Analysts anticipate a more stable market in the coming months.
🚨 FBI: Crypto fraud totalled $5.6 billion in 2023
The FBI’s 2023 report reveals a 45% increase in crypto-related fraud losses, totaling $5.6 billion. Seniors over 60 are the most targeted. Stay vigilant and always do your own research!
🌍 Global Crypto Adoption Continues
ETFs and stablecoins are driving mainstream adoption. The Chainalysis 2024 Global Crypto Adoption Index shows Central and Southern Asia leading, with India, Nigeria, and Indonesia at the forefront.
#GoMarketWeekly
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📰 GoMarket #27: Bitcoin is UP, Trump’s Crypto Burgers
What's happening in crypto? Every week, our regular guest expert Mike Ermolaev covers the latest trends and news shaping the market.
📈 Bitcoin Surges Following Fed's Rate Cut
On Wednesday, the Federal Reserve announced its first rate cut since 2020, lowering the base interest rate by 50 basis points (from 5.25-5.5% to 4.75-5%). This immediately triggered a BTC rally (current price—$63,450)
💼 BlackRock: Bitcoin as a “Unique Diversifier”
According to the world’s largest asset manager, Bitcoin stands out as a “unique diversifier” that moves independently of traditional risk and return drivers.
Over the last decade, Bitcoin outperformed all major asset classes in 7 out of 10 years, boasting an annualized return of over 100%.
📉 Institutional Confidence Grows as CME Short Positions Drop 75%
Institutional confidence in Bitcoin is also reflected by the fact that aggressive short positions on CME futures have dropped by 75% over the last five months, according to CryptoQuant CEO Ki Young Ju.
🔗 Vitalik Buterin Highlights Ethereum's Progress with Layer 2 Rollups
Vitalik Buterin emphasized the progress in Layer 2 rollups, which have drastically reduced transaction fees on the Ethereum blockchain. These fees, which used to range from $10 to $0.50, are now “under $0.01, basically zero,” Buterin stressed.
🌐 Louisiana to Accept Crypto for State Services
Louisiana has become one of the first U.S. states to accept cryptocurrency for state services. Residents can now use Bitcoin (via the Lightning Network) and USDC to pay for public services.
🍔 Trump Buys Burgers with Bitcoin
Donald Trump conducted his first-ever public Bitcoin transaction by buying burgers for his supporters at Pubkey, a Bitcoin-themed bar in New York City’s West Village. Using the Lightning Network-powered Strike app, Trump spent $998.70 for several dozen burgers, marking his personal step toward Bitcoin adoption. “Bitcoin is really happening,” Trump said.
🔎Above is a condensed version of the report. Get the full version here.
#GoMarketWeekly
What's happening in crypto? Every week, our regular guest expert Mike Ermolaev covers the latest trends and news shaping the market.
📈 Bitcoin Surges Following Fed's Rate Cut
On Wednesday, the Federal Reserve announced its first rate cut since 2020, lowering the base interest rate by 50 basis points (from 5.25-5.5% to 4.75-5%). This immediately triggered a BTC rally (current price—$63,450)
💼 BlackRock: Bitcoin as a “Unique Diversifier”
According to the world’s largest asset manager, Bitcoin stands out as a “unique diversifier” that moves independently of traditional risk and return drivers.
Over the last decade, Bitcoin outperformed all major asset classes in 7 out of 10 years, boasting an annualized return of over 100%.
📉 Institutional Confidence Grows as CME Short Positions Drop 75%
Institutional confidence in Bitcoin is also reflected by the fact that aggressive short positions on CME futures have dropped by 75% over the last five months, according to CryptoQuant CEO Ki Young Ju.
🔗 Vitalik Buterin Highlights Ethereum's Progress with Layer 2 Rollups
Vitalik Buterin emphasized the progress in Layer 2 rollups, which have drastically reduced transaction fees on the Ethereum blockchain. These fees, which used to range from $10 to $0.50, are now “under $0.01, basically zero,” Buterin stressed.
🌐 Louisiana to Accept Crypto for State Services
Louisiana has become one of the first U.S. states to accept cryptocurrency for state services. Residents can now use Bitcoin (via the Lightning Network) and USDC to pay for public services.
🍔 Trump Buys Burgers with Bitcoin
Donald Trump conducted his first-ever public Bitcoin transaction by buying burgers for his supporters at Pubkey, a Bitcoin-themed bar in New York City’s West Village. Using the Lightning Network-powered Strike app, Trump spent $998.70 for several dozen burgers, marking his personal step toward Bitcoin adoption. “Bitcoin is really happening,” Trump said.
🔎Above is a condensed version of the report. Get the full version here.
#GoMarketWeekly
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