July — Week #5

🤑 Markets

1. Hong Kong's largest online broker launches Bitcoin trading: Hong Kong's largest online broker, Futu Securities, has launched direct Bitcoin and Ether trading for retail investors, offering incentives such as shares of Alibaba and Nvidia to attract users. This move marks a significant step in Hong Kong's push to become a virtual asset business hub, allowing residents to trade cryptocurrencies directly on the brokerage platform.
2. Bitcoin Indicator Flashes Warning Again: The Bitcoin indicator known as the "Bollinger Bandwidth" is signaling a potential increase in volatility, similar to the late 2023 market fluctuations. This indicator, which measures the width of the Bollinger Bands, has historically preceded significant price movements in Bitcoin.
3. Large holders add 54B in BTC in July: Large Bitcoin holders, known as "whales," added approximately $54 billion in Bitcoin to their holdings in July, according to data. This significant accumulation suggests that these influential investors are optimistic about Bitcoin's future and are increasing their exposure to the cryptocurrency.
4. Bitcoin Sell Pressure Mounts Today: Bitcoin's recent rally has been hindered by negative news, leading to increased sell pressure, with long positions being liquidated and a significant transfer of 47,229 BTC to anonymous wallets, which could trigger $3.8 billion worth of sell pressure if dumped into the market. The cryptocurrency's performance has been influenced by factors such as the FOMC data, the FED's upcoming meeting, and profit-taking by short-term traders who bought into the dip.
5. Holding Bitcoin Profitable for 98.5% of Existence: Holding Bitcoin has been profitable for 98.5% of its existence, according to data analysis. This indicates that Bitcoin has consistently provided returns to its investors over the majority of its lifetime, making it a highly profitable investment option.

🧑‍⚖️ Policy & Regulation

1. US Strategic Bitcoin Reserve Funded: A draft bill proposes the creation of a US Strategic Bitcoin Reserve, which would be funded partly by revaluing the Federal Reserve's gold reserves. The bill aims to establish a national Bitcoin reserve to promote financial stability and maintain the US dollar's global dominance.
2. Russia Legalizes Bitcoin for International Trade: Russian lawmakers have passed a bill allowing businesses to use Bitcoin and other cryptocurrencies for international trade, aiming to bypass Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, will establish an "experimental" infrastructure for cryptocurrency transactions, with the first payments expected to occur before the end of 2024.
3. Trump's crypto promise vs Biden's BTC strategy: The Biden administration's recent transfer of $2 billion in Bitcoin to an unknown wallet has sparked criticism and a 4% market drop, contrasting with former President Donald Trump's promise to hold Bitcoin as a strategic asset, which boosted the crypto market. This move has led to predictions that the US government under President Biden will sell all its Bitcoin holdings, while Trump's support for Bitcoin has gained significant momentum and crypto support.

⚙️ Technology

1. Lightning Network Dominates: The Lightning Network proved its significance at the Bitcoin 2024 conference in Nashville, showcasing its potential to become a common language for various subnetworks built on Bitcoin. This development highlights the network's growing importance and its ability to facilitate seamless interactions between different systems within the Bitcoin ecosystem.

🌈 Adoption

1. Trump Campaign Raises $25 Million in Crypto Donations: Donald Trump's presidential campaign has raised $25 million through cryptocurrency donations, marking a significant milestone in political fundraising and underscoring the growing influence of the crypto community. Additionally, Trump's campaign has launched Bitcoin-themed sneakers, further solidifying his support for cryptocurrency and its potential role in future financial systems.
2. The Bitcoin Conference Heads to Las Vegas: The Bitcoin Conference, the world's largest and most prestigious gathering of the Bitcoin industry, will take place in Las Vegas from May 27-29, 2025, following years of success in Nashville, Miami, and San Francisco. This move underscores the organizers' efforts to celebrate Bitcoin in a forward-thinking and Bitcoin-friendly city, offering attendees a range of panels, sessions, networking events, and technology showcases.
3. Bitcoin Research Institute Launches: The Bitcoin Research Institute aims to advance the understanding and development of Bitcoin through research and collaboration, which could lead to significant improvements in the cryptocurrency's technology and adoption. This initiative is expected to positively impact Bitcoin's growth and value, aligning with long-term predictions of the coin reaching monumental price points such as $100,000 to $150,000 and eventually exceeding $16 million by 2031.

📅 Bitcoin Events Coming Up

Asia Blockchain Summit 2024

🗓️ When: August 6-8, 2024
📍 Where: Taipei City, Taiwan
This summit is a significant event in the blockchain and cryptocurrency space, bringing together industry leaders, innovators, and enthusiasts to discuss the latest trends and developments in the field. The event will feature keynote speakers, panel discussions, and networking opportunities, making it an ideal platform for learning, collaboration, and business growth.

Blockchain Futurist Conference

🗓️ When: August 13-14, 2024
📍 Where: Toronto, Canada
This conference focuses on the future of blockchain technology, featuring expert speakers and panel discussions on topics such as decentralized finance, non-fungible tokens, and cybersecurity. It is an excellent opportunity for professionals and enthusiasts to stay updated on the latest advancements and network with like-minded individuals.

Istanbul Blockchain Week 2024

🗓️ When: August 13-14, 2024
📍 Where: Istanbul, Turkey
Istanbul Blockchain Week is a comprehensive event that covers various aspects of blockchain technology, including its applications, innovations, and regulatory frameworks. The event will feature keynote speakers, workshops, and networking opportunities, making it a valuable experience for attendees.

Money Expo India

🗓️ When: August 17-18, 2024
📍 Where: Mumbai, India
Money Expo India is a significant event in the financial and blockchain sectors, focusing on the latest trends, innovations, and opportunities in the Indian market. The event will feature expert speakers, panel discussions, and exhibitions, providing a platform for learning, networking, and business growth.

Web3 Summit

🗓️ When: August 19-21, 2024
📍 Where: Berlin, Germany
The Web3 Summit is a leading event in the blockchain and Web3 space, featuring expert speakers, panel discussions, and networking opportunities. The event will cover topics such as decentralized finance, non-fungible tokens, and the future of the internet, making it an ideal platform for professionals and enthusiasts to stay updated on the latest advancements.

Coinfest Asia

🗓️ When: August 22-23, 2024
📍 Where: Bali, Indonesia
Coinfest Asia is a prominent event in the blockchain and cryptocurrency space, featuring expert speakers, panel discussions, and networking opportunities. The event will cover topics such as decentralized finance, non-fungible tokens, and the future of blockchain technology, making it an ideal platform for professionals and enthusiasts to stay updated on the latest advancements.

Baltic HoneyBadger

🗓️ When: August 24-25, 2024
📍 Where: Riga, Latvia
The Baltic HoneyBadger is a significant event in the blockchain and cryptocurrency space, focusing on the latest trends, innovations, and opportunities in the region. The event will feature expert speakers, panel discussions, and networking opportunities, making it a valuable experience for attendees.

WebX2024

🗓️ When: August 28-29, 2024
📍 Where: Tokyo, Japan
WebX2024 is a leading event in the blockchain and Web3 space, featuring expert speakers, panel discussions, and networking opportunities. The event will cover topics such as decentralized finance, non-fungible tokens, and the future of the internet, making it an ideal platform for professionals and enthusiasts to stay updated on the latest advancements.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!