Bitcoin Price: US$ 59,501.52 (+1.73%)
Ethereum Price: US$ 2,636.36 (+0.93%)
The Bitcoin Hash Ribbons indicator suggests a potential end to miner capitulation, typically signalling market price bottoms and offering a strategic entry point for investors, while Bitcoin mining difficulty has reached an all-time high, eroding miner profit margins despite a recent slight adjustment. To cope with declining profits, some miners, like TeraWulf, are diversifying into high-powered computing services, including AI, by reallocating part of their operations to data Centers. Meanwhile, VanEck’s plans for a Solana ETF remain active despite the removal of a key regulatory filing, as they continue to advocate for recognising SOL as a commodity similar to BTC and ETH. In the political realm, the US Democratic Party’s 2024 platform makes no mention of crypto policy, despite earlier suggestions that Kamala Harris’ campaign would pivot from Biden’s anti-crypto stance, raising doubts about the sincerity of this potential shift as the platform is finalised, some speculate on a possible rhetorical pivot to attract crypto voters, though most experts expect no significant changes.
EigenDA, a data availability protocol on EigenLayer’s Ether restaking platform, has slashed its service prices by 10x and introduced a free tier to attract more layer 2 chains, with the goal of enhancing data availability for Ethereum’s scaling solutions. Meanwhile, tokenised real-world assets (RWAs) are seen as a $30 trillion market opportunity, driven by high-net-worth individuals increasing their allocations to alternative assets, with significant investments already taking place on Polygon’s blockchain. Despite $420 million in outflows from spot Ether ETFs, Ether’s price decline is more attributed to waning investor risk appetite than to ETF-related issues. The recent $510 billion sell-off in the crypto market, influenced by traditional equities and external economic factors, has led to speculation about whether this price dip signifies a temporary consolidation or the end of the bull market, contingent on future decisions by the US Federal Reserve.
Since the launch of the first spot Ether ETFs, Ether’s price has dropped by 26%, driven by $420.5 million in net outflows from these ETFs and an increase in Ether’s supply by 60,555 ETH, which has compounded the market’s downward pressure. Following the Dencun upgrade, intended to enhance Ethereum’s scalability, Ether’s price has continued to struggle, falling by 35% as the supply grew by over 197,000 ETH. Concurrently, Tether’s expansion of USDT to the Aptos blockchain seeks to reduce transaction costs and improve accessibility, while Nansen’s partnership with Aptos aims to provide advanced onchain analytics. Meanwhile, Celsius has filed a $3.5 billion lawsuit against Tether for alleged asset misappropriation. Goldman Sachs has lowered the probability of a US recession to 20% based on recent economic data, but the effect on Bitcoin remains uncertain, with analysts split on whether potential Federal Reserve rate cuts will drive Bitcoin’s growth or lead to further declines, reflecting varied expectations about future economic conditions.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
