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$654.565

3.07%

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Market

Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August

August 26, 2024 - Around 4 mins mins to read
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.
Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August

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.

Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
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.

Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
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.
Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August

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%
  • Speech by Atlanta Fed President Raphael Bostic

FRIDAY, August 30

  • PCE inflation data: Expected 2.5% | Previous month 2.5%
  • Core PCE inflation data: Expected 2.7% | Previous month 2.6%
  • Consumer Sentiment Index

Market Overview

  • 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.

Read more: Market Overview (August 12 – August 18): Altcoin Season Delayed As Market Sentiment Worsens

Noteworthy Points from Recent Binance’s Report

The DeFi group was mentioned the most. Some highlighted projects:

  1. Berachain: L1 built on Cosmos SDK. Raised $142M.
  2. Hyperliquid: L1 with high-performance spot & futures platform.
  3. Babylon: Largest restaking segment on the Bitcoin network.
  4. Morpho Labs : New lending product (details unclear).
  5. Karak: Restaking network similar to EigenLayer. Raised over $50M. Farmable through Pendle.
  6. SynFutures Protocol: DEX Perp exchange.
  7. Symbiotic: Restaking protocol with TVL growing faster than EigenLayer.
  8. Citrea: ZK Rollup in Bitcoin ecosystem.
  9. Solayer: Solana-based restaking with Binance Labs investment.
  10. Scroll: L2 zkEVM. Raised $80M.
  11. Linea: L2 built by the Consensys team.
  12. Farcaster: SocialFi network. Highly discussed by Vitalik. Token launch anticipated.
  13. Lens: SocialFi project. Limited recent development, not highly rated.
  14. fantasy.top: SocialFi on Blast network.
  15. pump.fun: Solana-based meme token launch platform. Highly popular, with daily fees sometimes exceeding Ethereum.
  16. Polymarket: A prediction platform.
  17. gensyn: Deep learning AI protocol for decentralized AGI computing. Backed by a16z, raised $50M.
  18. 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.

# Bitcoin

# Bitcoin analysis

Bitcoin Overview

bitcoin price prediction

NFT

Telegram CEO Pavel Durov

Web3 Game

Avatar of Thana

Author

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.
Market

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.
Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August

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.

Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
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.

Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August
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.
Market Overview (August 19 – August 26): Bitcoin Holds Strong at $64K as Bullish Momentum Builds in August

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%
  • Speech by Atlanta Fed President Raphael Bostic

FRIDAY, August 30

  • PCE inflation data: Expected 2.5% | Previous month 2.5%
  • Core PCE inflation data: Expected 2.7% | Previous month 2.6%
  • Consumer Sentiment Index

Market Overview

  • 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.

Read more: Market Overview (August 12 – August 18): Altcoin Season Delayed As Market Sentiment Worsens

Noteworthy Points from Recent Binance’s Report

The DeFi group was mentioned the most. Some highlighted projects:

  1. Berachain: L1 built on Cosmos SDK. Raised $142M.
  2. Hyperliquid: L1 with high-performance spot & futures platform.
  3. Babylon: Largest restaking segment on the Bitcoin network.
  4. Morpho Labs : New lending product (details unclear).
  5. Karak: Restaking network similar to EigenLayer. Raised over $50M. Farmable through Pendle.
  6. SynFutures Protocol: DEX Perp exchange.
  7. Symbiotic: Restaking protocol with TVL growing faster than EigenLayer.
  8. Citrea: ZK Rollup in Bitcoin ecosystem.
  9. Solayer: Solana-based restaking with Binance Labs investment.
  10. Scroll: L2 zkEVM. Raised $80M.
  11. Linea: L2 built by the Consensys team.
  12. Farcaster: SocialFi network. Highly discussed by Vitalik. Token launch anticipated.
  13. Lens: SocialFi project. Limited recent development, not highly rated.
  14. fantasy.top: SocialFi on Blast network.
  15. pump.fun: Solana-based meme token launch platform. Highly popular, with daily fees sometimes exceeding Ethereum.
  16. Polymarket: A prediction platform.
  17. gensyn: Deep learning AI protocol for decentralized AGI computing. Backed by a16z, raised $50M.
  18. 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.