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.
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.
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%
- 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.
Noteworthy Points from Recent Binance’s Report
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. |
