Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
Bitcoin’s bullish trend at $64,000 is expected to continue. Market volatility is expected due to upcoming economic events and crypto developments. Altcoins will adjust post-surge.
Last week’s highlights big news (August 19 – August 26)
French authorities allegedly detained Telegram CEO Pavel Durov at a Paris airport due to Telegram-related concerns.
Source: Reuters
Senior policy advisor Brian Nelson states Vice President Kamala Harris‘s campaign is considering measures to support cryptocurrency development.
El Salvador initiates a Bitcoin education program for 80,000 government employees to improve Bitcoin-related skills and policy understanding.
Arkham Intelligence reports Mt. Gox transferred 12,000 Bitcoin (approximately $709 million) to a new address and 1,265 BTC (about $75 million) to its cold storage.
Italy’s second-oldest bank introduces Bitcoin trading services to over 1.2 million customers through its mobile application, Hype.
Tether adds USDT support to the Aptos blockchain to provide users with more cost-effective trading options.
Grayscale introduces a new investment product, the Avalanche Trust (AVAX).
Justin Sun’s USDD stablecoin is no longer Bitcoin-backed. Following Tron DAO Reserve’s withdrawal of approximately $750 million in Bitcoin, Sun states that USDD is now primarily backed by TRX tokens.
Source: The Block
Macroeconomics(August 19 – August 26)
Fed Chairman Jerome Powell signals upcoming interest rate cuts, emphasizing “It’s time for policy adjustment.”
Powell highlights progress in controlling inflation and shifts focus to maintaining near-full employment.
This Week’s Economic Events
MONDAY, August 26
San Francisco Fed President Daly interview on TV
TUESDAY, August 27
S&P Case-Shiller Home Price Index (20 cities)
Consumer Confidence Index
WEDNESDAY, August 28
Speech by Atlanta Fed President Raphael Bostic
THURSDAY, August 29
Initial Jobless Claims
GDP (2nd revision for Q2) expected to remain unchanged at 2.8%
Bitcoin (BTC) concluded the weekly trading period at $64,000, displaying a strong bullish trend.
The cryptocurrency market experienced a minor downturn after BTC encountered resistance between $64,000 and $65,000. Analysts anticipate potential support levels around $61,000 to $62,000.
Following the recent price surge, many altcoins are undergoing modest price adjustments.
Cryptocurrency exchanges reported a net inflow of approximately $107 million in stablecoins over the past 24 hours.
The DeFi group was mentioned the most. Some highlighted projects:
Berachain: L1 built on Cosmos SDK. Raised $142M.
Hyperliquid: L1 with high-performance spot & futures platform.
Babylon: Largest restaking segment on the Bitcoin network.
Morpho Labs : New lending product (details unclear).
Karak: Restaking network similar to EigenLayer. Raised over $50M. Farmable through Pendle.
SynFutures Protocol: DEX Perp exchange.
Symbiotic: Restaking protocol with TVL growing faster than EigenLayer.
Citrea: ZK Rollup in Bitcoin ecosystem.
Solayer: Solana-based restaking with Binance Labs investment.
Scroll: L2 zkEVM. Raised $80M.
Linea: L2 built by the Consensys team.
Farcaster: SocialFi network. Highly discussed by Vitalik. Token launch anticipated.
Lens: SocialFi project. Limited recent development, not highly rated.
fantasy.top: SocialFi on Blast network.
pump.fun: Solana-based meme token launch platform. Highly popular, with daily fees sometimes exceeding Ethereum.
Polymarket: A prediction platform.
gensyn: Deep learning AI protocol for decentralized AGI computing. Backed by a16z, raised $50M.
Ambient Network: dePIN network for global environmental data collection. Limited attention, raised $2M. Solana-based.
Market Outlook for The Second Half of 2024
Web3 gaming reaches a new all-time high in player numbers, with hyper-casual games attracting significant interest.
Potential increase in institutional crypto adoption following Bitcoin Spot ETF introduction.
Traditional institutions may explore various crypto sectors, including DeFi and NFTs.
November presidential election could potentially impact market stability.
Fed expected to cut interest rates in September, potentially benefiting the market.
Ongoing advancements are expected in Bitcoin and DeFi ecosystems.
DePIN and DeSoc sectors are projected for further growth.
Increased investor attention on RWA applications in treasury bonds.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Thana
I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
