July ā Week #3
š¤ Markets
- Bitcoin gains capped by profit-taking: Bitcoin's recent price hike to $67,500 might be capped by profit-taking activity, as short-term holder realized capitalization has seen a significant spike, indicating potential local tops and corrections. The liquidation heatmap shows a pool of liquidity in the $73k-$75k region, which might be swept before the next downward move, adding to the uncertainty in Bitcoin's trend.
- Bitcoin Analysts Project $200K Price Target: Bitcoin's price has rallied about 21% since a recent low, breaking through several technical levels, and analysts expect it to push higher, with potential targets of $69,000 and $74,000, and some even forecasting a price of $200,000 or more based on historical patterns and miner capitulation cycles. To confirm the bullish outlook, Bitcoin needs to reclaim and hold above $65,000, with significant inflows into US spot Bitcoin ETFs supporting further price increases.
- Germany sells $2.8 billion Bitcoin: Germany's sale of $2.8 billion in seized Bitcoin has been labeled as "market intervention" by experts, who question the timing and legal justification of the sale, which may have caused a selloff and potentially missed out on higher returns if held long-term. The authorities cited a legal requirement to sell due to the risk of significant loss of value, but some experts argue that the law only provides an opportunity to sell, not an obligation, and that the decision may have been influenced by a desire to avoid speculation with public funds.
š§āāļø Policy & Regulation
- Winklevoss twins donate $1 million in Bitcoin: The Winklevoss twins, Tyler and Cameron, have donated $1 million in Bitcoin to support John Deaton, a pro-crypto lawyer, in his campaign against Senator Elizabeth Warren, who is seen as a critic of the crypto industry. This donation is part of their effort to promote a pro-crypto candidate and counter Warren's perceived anti-crypto stance.
- Mark Cuban Sees Bitcoin Play in Trump's Rise: Mark Cuban believes that Silicon Valley's support for Donald Trump's presidential campaign is driven by the potential benefits for the cryptocurrency industry, particularly Bitcoin, as Trump's presidency could lead to more favorable regulatory changes at the U.S. Securities and Exchange Commission (SEC). Cuban notes that this alignment of factors could accelerate the price of Bitcoin, which has a global market and a limited supply of 21 million units with unlimited fractionalization.
āļø Technology
- Bitcoin Culture Defended in Present: The article "In Defense of Bitcoin Culture" responds to the original piece "Reflections on Bitcoin Culture," emphasizing that Bitcoin is for anyone who needs it, regardless of preconceived cultural norms. It highlights the inclusive nature of Bitcoin, which transcends traditional cultural boundaries and is accessible to all who require it.
- A Zero-Knowledge Proof Is Verified on Bitcoin: A zero-knowledge proof has been successfully verified on Bitcoin for the first time in history through an open-source collaboration between StarkWare and venture firm L2 Iterative, marking a significant technical milestone for the Bitcoin protocol. This achievement opens up new design possibilities for developers and demonstrates the potential of zero-knowledge technology in enhancing the security and scalability of Bitcoin.
š Bitcoin Events Coming Up
Bitcoin 2024 - Nashville
šļø When: July 25-27, 2024
š Where: Music City Center, Nashville, USA
This is the world's largest Bitcoin event, featuring prominent speakers like Cathie Wood from ARK Invest and Micheal Saylor from MicroStrategy. The conference will cover various aspects of Bitcoin, including its adoption, innovation, and community building.
EDCON 2024
šļø When: July 24-30, 2024
š Where: Tokyo, Japan
EDCON 2024 is a comprehensive blockchain and cryptocurrency event that includes webinars, workshops, meetups, and conferences. It will cover a broad range of topics related to blockchain technology and cryptocurrencies.
Asia Blockchain Summit 2024
šļø When: August 6-8, 2024
š Where: Taipei City, Taiwan
This summit will bring together industry experts and thought leaders to discuss the latest developments and trends in blockchain technology and its applications.
Istanbul Blockchain Week 2024
šļø When: August 13-14, 2024
š Where: Istanbul, Turkey
Istanbul Blockchain Week 2024 is a significant event that will cover various aspects of blockchain technology, including its applications, innovations, and future prospects.
Blockchain Futurist Conference
šļø When: August 13-14, 2024
š Where: Toronto, Canada
This conference will focus on the future of blockchain technology, featuring discussions on its potential applications, innovations, and challenges.
Money Expo India
šļø When: August 17-18, 2024
š Where: Mumbai, India
Money Expo India is a significant event that will cover various aspects of fintech, including blockchain technology, cryptocurrencies, and digital payments.
Coinfest Asia
šļø When: August 22-23, 2024
š Where: Bali, Indonesia
Coinfest Asia is a prominent event that will bring together industry experts and enthusiasts to discuss the latest developments and trends in blockchain technology and cryptocurrencies.
Baltic HoneyBadger
šļø When: August 24-25, 2024
š Where: Riga, Latvia
The Baltic HoneyBadger event combines discussions on Bitcoin and free speech with networking opportunities, providing a platform for Bitcoin enthusiasts to gather and exchange insights.
š¤š¤ Wanna learn more? Check out the BLOCKTALK!