July ā Week #1
š¤ Markets
- Bitcoin Falls Below $58,000 Today: Bitcoin dropped under $58,000 for the first time since May, marking a 5% loss in 24 hours, as Mt. Gox wallets showed activity with test transactions, hinting at potential asset distributions and increased selling pressure. The German Federal Criminal Police Office also moved over $75 million to crypto exchanges, creating sell speculation in the market and contributing to the price drop. On-chain metrics like the long-term holder inflation rate and dormancy flow also suggest possible weakness in the market, contributing to the downward trend.
- Bitcoin Price Continues to Rise: Bitcoin has gained 4.5% since June 29, with the $60k psychological support holding and the $73k zone being the next area of interest for traders. The price increase is attributed to a combination of on-chain metrics indicating accumulation and a bullish reversal, despite concerns over "artificial demand" and the potential for a local bottom to form.
- Bitcoin Miners Show Signs of Capitulation: Bitcoin miners are showing signs of capitulation, with a 7.7% decline in the hash rate since April and increased selling pressure, which historically has coincided with significant price bottoms before major rallies. Market experts are divided, with some expecting a bullish divergence if the daily candle closes below $60,300, while others caution that the market may need several months of consolidation before a reversal.
- Bitcoin ETFs See Largest Inflow: Bitcoin exchange-traded funds (ETFs) in the U.S. saw their largest daily inflow in almost a month on Monday, totalling $129 million, marking the fifth straight day of positive flows and the highest daily amount since June 7th. This influx is a welcome sign after a tumultuous June that saw Bitcoin ETFs experience nearly $1 billion in total outflows, with historical trends suggesting a bullish period for Bitcoin in July.
āļø Technology
- Bitcoin Core Announces New Policy: Bitcoin Core has announced a new security disclosure policy aimed at establishing a standardized process for reporting and disclosing vulnerabilities, improving transparency and incentivizing researchers to find and responsibly disclose bugs. The policy categorizes vulnerabilities into four levels of severity and outlines a disclosure timeline, with critical bugs to be handled on a case-by-case basis.
- Navigating Bitcoin Script Improvement Today: A new proposal by Lightning Labs' Ryan Gentry offers a chance to resolve the political gridlock surrounding Bitcoin development by improving Bitcoin script. This proposal aims to address the ongoing challenges and disagreements in the Bitcoin community, potentially paving the way for future growth and advancements.
- Bitcoin Hashrate Continues to Plunge: The recent decline in Bitcoin's hashrate raises concerns about miner capitulation, which could potentially impact the future of the cryptocurrency. Despite this, analysts predict a potential "relief rally" due to reduced selling pressure and positive shifts in Bitcoin's MVRV ratio and active addresses, indicating a more optimistic market trend.
š Adoption
- Bitcoin and American Dream Align: The article compares Bitcoin and the American Dream, highlighting that both concepts mean different things to different people and both may have been captured by corporate interests. The author notes that Bitcoin, like the American Dream, is multifaceted and can be seen as various things, such as peer-to-peer electronic cash, digital gold, or a store of value, depending on one's perspective.
š Bitcoin Events Coming Up
The Bitcoin Rodeo 2024
šļø When: July 2-3, 2024
š Where: Calgary, AB, Canada
The Bitcoin Rodeo 2024 is a two-day conference in Calgary, Canada, organized by bitcoiners for bitcoiners. This event focuses on Bitcoin exclusively, avoiding other buzzwords like NFTs, ICOs, and web3. It features experts and enthusiasts sharing their insights on the best ways to pitch Bitcoin in under a minute, covering both technical and humorous aspects.
Japan Blockchain Week 2024
šļø When: July 4-31, 2024
š Where: Tokyo / Kyoto, Japan
Japan Blockchain Week 2024 is the largest Blockchain Week held in Japan, spanning from July 4th to July 31st. It includes various key events, such as IVS Crypto 2024 and Web3 Future 2024, bringing together guests from around the world.
IVS Crypto 2024
šļø When: July 4-6, 2024
š Where: Kyoto, Japan
IVS Crypto 2024 is part of Japan Blockchain Week and is the largest crypto event in Japan. It provides a multifaceted experience with over 10,500 participants, 300 speakers, and 150 side events, focusing on various aspects of cryptocurrency and blockchain technology.
Bitcoin 2024
šļø When: July 25-27, 2024
š Where: Nashville, Tennessee, USA
Bitcoin 2024 is a premier global gathering for bitcoin enthusiasts, featuring exclusive programming, engaging speakers, and thought-provoking conversations. It aims to advance worldwide hyperbitcoinization and includes dedicated networking lounges, stages, and sponsorship opportunities.
š¤š¤ Wanna learn more? Check out the BLOCKTALK!