Friday, 5 July 2024

Market Summary

Market Summary July 5 2024

Bitcoin Price: US$ 57,097.00 (-5.17%) 
Ethereum Price: US$ 3,059.70 (-7.15%) 

On July 5, Bitcoin experienced a significant crash, plummeting to $53,600 on Coinbase, sparking fears among analysts that the worst is yet to come, with predictions suggesting a further dip to as low as $50,000 in the coming weeks. Despite this short-term bearish outlook, there are factors that provide a more optimistic view for investors in the longer term, such as the potential for the Federal Reserve to cut interest rates and the full acceptance of an Ethereum ETF from the SEC. In the midst of this, Multicoin Capital has pledged to double every Solana donated to the Sentinel Action Fund, a super political action committee (PAC), through July 14. This initiative aims to support the campaigns of four pro-crypto Republican challengers vying for United States Senate seats, reinforcing the PAC’s commitment to backing conservative candidates who champion responsible innovation in the crypto space. Meanwhile, in a separate development, the High Court of the United Kingdom has issued a World Freezing Order against the assets of computer scientist and businessman Craig Wright. This move is intended to assist podcast host and entrepreneur Peter McCormack in recouping roughly 1.5 million British pounds ($1.9 million) in legal fees incurred during a legal battle with Wright, who had falsely claimed to be Satoshi Nakamoto, the pseudonymous inventor of Bitcoin. 

The defunct exchange Mt. Gox has begun repaying its debts in Bitcoin and Bitcoin Cash, which could add $8.2 billion worth of selling pressure to the Bitcoin price, potentially driving it back into bear market territory. Despite this, the repayments are seen as a positive development for the industry and the defunct exchange’s users. More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors, and analyst Jacob King expects around 99% of the creditors to sell their Bitcoin. Mt. Gox has transferred 47,229 Bitcoin to a new wallet address and plans to repay a total of $8.5 billion worth of Bitcoin to creditors. German lawmaker Joana Cotar has urged the German government to stop its Bitcoin selling spree and adopt it as a strategic reserve currency. Despite Germany’s continued Bitcoin sell-off and Mt. Gox’s reimbursement plan, Bitcoin is currently trading at $57,810, down 6% over the last week and 18% over the last month. 

Binance, the world’s largest exchange, recently celebrated its 7th anniversary. Boasting over 200 million users worldwide, the company launched a new “Be Binance” campaign to reward its loyal customers, despite a bearish short-term outlook. Seeing massive growth potential beyond its current user base, Binance believes education will be key to attracting the next wave of mainstream adopters. In a similar vein, PancakeSwap, a multichain decentralised exchange, announced a significant community reward initiative. The platform is airdropping 2,452,128 zkSync (ZK) tokens to its community, recognising their ongoing support. This zkSync airdrop is designed to reward both past and future contributors, with distribution available to veCAKE holders and past contributor user categories. Meanwhile, Matter Labs, the developer behind zkSync, recently faced and refuted allegations of “insider minting” related to its Libertas Omnibus non-fungible tokens (NFTs). A representative clarified that there were no invalid mints and that the NFTs were legitimately acquired through interaction or by event attendees. On the political front, the odds of United States President Joe Biden being reelected fell as low as 9% on the decentralised predictions platform Polymarket. Punters are speculating whether Vice President Kamala Harris will replace Biden as the Democrat candidate. Despite the odds and increasing concerns about his fitness for a second term, Biden has stressed he has no intention to step down. 


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