July — Week #4

🤑 Markets

1. Robert Kennedy's Bitcoin Reserves Idea: Robert F. Kennedy Jr., an independent presidential candidate, has proposed that the U.S. government acquire a massive Bitcoin reserve, equivalent to the value of the country's gold reserves, which would be approximately 9.4 million BTC at current prices. This plan aims to support both government currency and debt with a diverse array of tangible assets, including Bitcoin, and would be executed during the first four years of Kennedy's administration.
2. Bitcoin Regains $67,000 Value: Bitcoin has regained the $67,000 mark, adding nearly 5% in the past 24 hours. This surge follows a recent decline, indicating a potential recovery in the cryptocurrency's value.
3. Bitcoin's All-Time High by August: Analyst: An analyst predicts that Bitcoin could hit a new all-time high by August, with increasing market consensus suggesting a significant price increase in the next two months. This prediction aligns with the growing optimism in the market, fueled by factors such as institutional demand and the approval of Bitcoin Spot ETFs.
4. Marathon buys 100 million Bitcoin: Marathon, a Bitcoin miner, has purchased $100 million worth of Bitcoin and plans to adopt a full "hold on for dear life" (HODL) strategy, meaning they will hold onto their Bitcoin instead of selling it. This move indicates Marathon's confidence in the long-term value of Bitcoin.
5. Bitcoin Reclaims High Liquidity Zone: Bitcoin has found an oscillating range between $55.8K and $71.6K for over four months, and its recent rally has brought it into a relatively high liquidity zone, which could lead to less volatility in the short term. The coin's price action has formed a rising wedge pattern, which often provokes a trend reversal, and any decline below the 20 and 50-day EMAs could delay immediate recovery prospects.

⚙️ Technology

1. Ethereum-based Alkimya creates Bitcoin fee market: Alkimiya, an Ethereum-based protocol, has created a market for hedging Bitcoin fees, allowing users to manage and mitigate the uncertainty of Bitcoin transaction fees. This innovation enables users to buy and sell fee derivatives, providing a new tool for managing the volatility of Bitcoin transaction costs.

🌈 Adoption

1. Ferrari accepts Bitcoin and crypto payments: Ferrari, the luxury sports car manufacturer, has announced that it will start accepting Bitcoin and crypto payments at its European dealerships, following a similar move in the United States. The company plans to expand this payment option to dealers worldwide by the end of 2024, where legally permitted, in partnership with BitPay to process the payments.

📅 Bitcoin Events Coming Up

Bitcoin 2024

🗓️ When: July 25-27, 2024
📍 Where: Music City Center, South Nashville, Tennessee
Bitcoin 2024 is the world's largest Bitcoin event, hosted by BTC Inc., which publishes Bitcoin Magazine. Keynote speakers include Cathie Wood of ARK Invest and Micheal Saylor of MicroStrategy. This event is a prime opportunity to connect with the broader Bitcoin community and learn from industry leaders.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!