July — Week #2

🤑 Markets

1. Bitcoin below $60K attracts major players: Bitcoin briefly dipped below $60,000 on June 24, but strong hands and increased calls for a market bottom on social media helped it bounce back, with potential targets at $64,600 or $58,150 depending on market pressure. The coin's price movements are influenced by factors such as liquidity, liquidation, and sentiment, with some analysts predicting a potential dip to $60,150 or a rise to $71,000.
2. Trump to Speak at Bitcoin 2024 Conference: Donald Trump is set to speak at the Bitcoin 2024 conference, which coincides with the House of Representatives' postponed vote on overriding President Biden's veto on the SEC's anti-crypto rule, SAB 121. An analyst predicts that Trump will win the election and help Bitcoin reach $150,000 in 2025, reflecting the contrasting stances of the two presidential candidates towards cryptocurrency.
3. Bitcoin Price Fails to Surge After Halving: 83 days after the Bitcoin halving event, the price of Bitcoin has not surged as expected, instead experiencing notable corrections and losing about 12.76% of its value, currently trading at $57,908. Despite this, long-term holders remain confident in Bitcoin's potential, and if demand increases, the price could rebound, potentially reaching $64,688 or even $75,000 by the end of July.
4. Bitcoin bears' days numbered: Bitcoin bears' days may be numbered as key sell pressure from the German government could ease soon, and bullish catalysts such as surging global liquidity and the FTX payout could add liquidity to the market. The next direction for Bitcoin's price will likely be determined by the June US CPI data, with a slower inflation print potentially leading to rate cuts and a higher price, while a hotter-than-expected inflation could give bears more leverage.
5. Bitcoin's Big Buy Spurs Rally Toward $60,000: A market participant purchased 10,000 Bitcoin coins valued at $540 million, which could potentially spur a rally towards $60,000. This significant buy occurred after Bitcoin's price dropped to $54,000 on July 9, 2024.

🌈 Adoption

1. Coinbits Profiles Users for Better UX: Coinbits, a family-run Bitcoin-only exchange, has developed Bitcoin personas to improve the user experience by profiling different users and understanding their needs. The personas are crafted through user interviews and are designed to provide a more personalized and user-friendly experience for Bitcoin users.
2. Japan's MicroStrategy Metaplanet Buys 400M Yen in Bitcoin: Metaplanet, a publicly-listed investment and consulting firm in Japan, has invested an additional 400 million yen in Bitcoin, mirroring MicroStrategy’s successful institutional adoption strategy and demonstrating a long-term belief in the asset despite short-term market fluctuations. This move aligns with the "buying the dip" strategy, where investors purchase assets at reduced prices with the expectation of future value appreciation.

⚙️ Technology

1. Tech investor funds AI bot with $50,000 in Bitcoin: Marc Andreessen, a billionaire tech investor, has given $50,000 in Bitcoin to an AI bot called "Truth Terminal" on Twitter, which plans to use the funds for hardware upgrades, a token launch, and other projects. The AI bot, created by Andy Ayrey, operates with some level of independence and has gained a following among tech enthusiasts, sparking discussions about AI autonomy and funding in the tech community.
2. Bitcoin Mining Difficulty Drops Significantly: Bitcoin's mining difficulty dropped significantly by 7.8% on June 5, 2024, reaching levels not seen since before the halving event in April, marking the largest difficulty drop since the collapse of crypto exchange FTX in 2022. This downward adjustment in mining difficulty can benefit smaller miners and potentially lead to profits for mining farms that were previously unprofitable due to high costs.

🧠 Decentralization

1. Block and Core Scientific Partner: Block, Inc. and Core Scientific have formed a partnership to decentralize Bitcoin mining by integrating Block's advanced 3 nanometer (3nm) mining ASICs into Core Scientific's large-scale mining operations, representing approximately 15 EH/s of hashrate. This collaboration aims to enhance mining efficiency, sustainability, and decentralization, setting a new standard for scaled Bitcoin mining and contributing to the longevity of the Bitcoin Network.

📅 Bitcoin Events Coming Up

Bitcoin 2024 Networking Meetup

🗓️ When: July 26, 2024
📍 Where: Pins Mechanical Co, Nashville, TN, USA
This meetup is a social event following the Bitcoin 2024 conference. It offers a relaxed atmosphere with games, food, and drinks, providing an opportunity to continue conversations and network with fellow attendees. The event is sponsored by TaxBit, Asic Master, and EZ Blockchain.

Bitcoin 2024

🗓️ When: July 25-27, 2024
📍 Where: Music City Center, Nashville, Tennessee, USA
This is the world's largest Bitcoin event, featuring prominent speakers like Cathie Wood from ARK Invest and Micheal Saylor from MicroStrategy. It offers a platform for attendees to learn about the latest trends and developments in Bitcoin, network with industry experts, and explore new opportunities.

Canadian Bitcoin Conference

🗓️ When: July 2024
📍 Where: Montreal, Canada
This conference takes place in Montreal and features insights from prominent figures like Nakamoto, ifedeenmous, and Francis Pouliot, the CEO of Bull Bitcoin. It provides a platform for attendees to engage with the broader Bitcoin community and enhance their knowledge about the digital currency.

Bitcoin Is For Everyone

🗓️ When: July 2024
📍 Where: Portland, Oregon, USA
This single-day event aims to unite individuals from the Pacific Northwest. Key speakers include Jeff Booth from Ego Death Capital and Troy Cross, who will share their perspectives on Bitcoin.

Oslo Freedom Forum

🗓️ When: July 2024
📍 Where: Oslo, Norway
Organized by the Human Rights Foundation, this forum brings together tech experts and human rights advocates to delve into pressing global issues. A dedicated track on financial freedom will explore the intersection of Bitcoin and human rights.

BTC Prague

🗓️ When: July 2024
📍 Where: Prague, Czech Republic
This is Europe's largest Bitcoin event, featuring influential speakers like Adam Back. Attendees can expect insights from prominent figures in the Bitcoin community.

Bitcoin Rodeo

🗓️ When: July 2024
📍 Where: Calgary, Canada
This event combines Western Canadian flair with informative Bitcoin discussions. Notable speakers include Francis Pouliot from Bull Bitcoin and Preston Pysh.

Baltic Honey Badger

🗓️ When: July 2024
📍 Where: Riga, Latvia
This event combines discussions on Bitcoin and free speech with networking opportunities, providing a platform for attendees to engage with the broader Bitcoin community.

Indonesia Bitcoin Conference

🗓️ When: July 2024
📍 Where: Bali, Indonesia
This conference promises engaging sessions and a vibrant marketplace, offering attendees a chance to learn about Bitcoin and network with industry professionals.

Pacific Bitcoin

🗓️ When: July 2024
📍 Where: Los Angeles, California, USA
Hosted by Swan Bitcoin, this event features keynote speakers including Lyn Alden and Peter McCormack, providing insights into the world of Bitcoin.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!