BTC falls below $56,000; Trump may return to the White House to boost the price

Headline

▌BTC falls below $56,000

The market shows that BTC fell below $56,000 and is now at $55,927.61, with a daily decline of 3.9%. The market fluctuates greatly, so please do a good job of risk control.

▌Financial Times: Former President Trump may return to the White House, which will trigger a sharp surge in the value of Bitcoin

According to the Financial Times, citing multiple analysts, former President Donald Trump may return to the White House, which will trigger a sharp surge in the value of Bitcoin. The concept of "Trump trading" has become increasingly popular among cryptocurrency traders due to the former president's "believed to be in favor of cryptocurrency positions and policies."

Recently, the performance of this flagship cryptocurrency has been hampered by miners' selling and regulatory actions by U.S. and German authorities. The expected repayment of the Mt.Gox bankruptcy case also exacerbated market volatility, causing Bitcoin to fall below $54,000 for the first time in months.  

However, analysts remain optimistic that a Trump victory could lead to a sharp rise in Bitcoin, with the potential to hit another all-time high in August and reach $100,000 on Election Day.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $55,854.15, with a daily increase or decrease of -4.2%;

ETH's latest transaction price is $2,926.56, with a daily increase or decrease of -4.5%;

BNB's latest transaction price is $489.68, with a daily increase or decrease of -7.1%；

SOL's latest transaction price is 131.80 US dollars, with a daily increase or decrease of -8.0%；

DOGE's latest transaction price is 0.1041 US dollars, with a daily increase or decrease of -8.3%；

XPR's latest transaction price is 0.4192 US dollars, with a daily increase or decrease of -6.6%。

Policy

▌North Carolina Governor Vetoes CBDC Ban Bill, Says It’s ‘Premature’

North Carolina Governor Roy Cooper has vetoed a bill that would have prohibited the state from accepting payments in a central bank digital currency (CBDC) issued by the Federal Reserve. House Bill 690 would also restrict the state from participating in any CBDC testing by the Federal Reserve.  

In a statement, Cooper noted that the federal government is working to ensure that any CBDC has appropriate standards and safeguards for consumers. He added that vetoing the bill would open the door to those who might want to use CBDC for transactions.  

Cooper said North Carolina should “wait and see” how a CBDC works before making a final decision. Cooper said the bill itself is unfit to be passed into law, adding: This legislation is premature, vague and reactionary, and imposes final consequences on important monetary decisions that have not yet been made.

▌Judge Dismisses Programmer's DMCA Claims Against Microsoft, OpenAI and GitHub

The judge overseeing the multi-billion dollar class action lawsuit against GitHub, OpenAI and Microsoft has partially dismissed the defendants for alleged unauthorized use of intellectual property (IP) to train the "GitHub Copilot" artificial intelligence (AI) coding software.  

This marks a win for big tech companies and the generative AI industry, which is currently facing multiple related lawsuits. The plaintiffs in the lawsuit allege that OpenAI "copied" GitHub and used human-written code snippets to train GitHub Copilot without permission, payment or attribution. According to the lawsuit, Copilot copied the human-written code line by line, and as a result, the plaintiffs are apparently seeking $1 billion in damages.  

There are five anonymous complainants in the case, ostensibly representing a class action, and each is labeled “John” in court documents released to the public so far.

Blockchain Applications

▌Input Output Global (IOG): Latest Cardano Development Progress

Input Output Global (IOG) publishes weekly Cardano development updates on X. According to its latest report, Cardano has achieved significant growth in different indicators such as total transaction volume, native tokens and token policy. Cardano currently has a total transaction volume of 93.3 million, an increase of 0.43% from 92.9 million last week. In addition, the number of native tokens in the Cardano ecosystem has increased by 40,000 in the past week to 10.17 million. In addition, Cardano’s token strategy has increased from 136,594 to 141,712 in a week, 7 The daily increase is 3.74%.  

In addition, 2,970 new Plutus scripts were added to the Cardano network this week. The total number has increased to 64,248 at the time of update.

▌Tether is developing a decentralized artificial intelligence model

Tether CEO Paolo Ardoino revealed a method to prevent OpenAI hacking attacks. USDT stablecoin issuer Tether is developing a decentralized artificial intelligence (AI) model as part of its entry into the field.

Cryptocurrency

▌Deribit Asia Pacific Business Director: If it rises again next week, this wave of bottoming out may be over

Deribit Asia Pacific Business Director LinChen wrote that this week, except for a small net outflow on Tuesday and Wednesday and a break on Thursday for Independence Day, the BTC spot ETF had net inflows on other days, with a total weekly net inflow of US$237.8 million. Market sentiment remained sluggish this week, but BTC rebounded from $54,000 to $57,000. Next Monday, pay attention to the opening of the U.S. stock market. If it rises again, this wave of bottoming out may be over.

▌dYdX Founder: The number of encrypted assets is growing exponentially

Antonio Juliano, founder of dYdX, wrote that the number of encrypted assets is growing exponentially, and the same thing is happening to information on the Internet. As this happens, we see this evolution: List -> Search -> Social.

▌Analysis: Bitcoin faces technical resistance at 200-day moving average

Material Indicators LLC, a fintech startup that provides algorithmic trading indicators and tools, says Bitcoin faces strong technical resistance at its 200-day moving average, and if bulls are able to break above that resistance by the close of Sunday, that should drive some short-term momentum. If Bitcoin fails to do so, be prepared for the market to test support in the $50,000 to $53,000 range.

▌Michael Saylor reiterates Bitcoin’s advantages over traditional investments amid market downturn

MicroStrategy founder and chairman Michael Saylor reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the cryptocurrency is designed to outperform traditional investment vehicles. The statement comes as Bitcoin prices have plummeted, causing a widespread shakeout across the crypto market.  

Seller’s post features a striking chart comparing 13 years of price performance across various asset classes, including Bitcoin, US Growth, Nasdaq 100, Gold, Emerging Markets (EM) Stocks, Commodities, EM Bonds, Convertible Bonds, the entire bond market, and Long-Term Treasuries.  

Of all the assets compared, the best performers were Bitcoin, US Growth, Nasdaq 100, and US Large Cap. While these assets have generally delivered positive returns almost every year since 2011, Bitcoin has delivered the most impressive ROI.

▌Bitcoin News: Bitcoin Continues to Flow Out of German Government Wallets

According to Bitcoin News, Bitcoin continues to flow out of German government wallets, even over the weekend. They did not buy back Bitcoin yesterday; instead, their sell orders were not fully executed, so the unsold Bitcoin was returned to their accounts.

▌Wall Street Journal: Millennials own 9.2% of the nation's wealth, but more than 50% of BTC

According to the Wall Street Journal, the net worth of American baby boomers is $7.8 million, accounting for 51% of the nation's wealth, but their Bitcoin ownership is less than 10%. Millennials own 9.2% of the nation's wealth, but more than 50% of BTC ownership. Bitcoin is an asymmetric opportunity for this generation.

▌Dogecoin founder opposes psychological "diagnosis" of cryptocurrency holders

Dogecoin founder Billy Markus posted on the X platform, strongly opposing a recent psychology study that he believes discriminates against cryptocurrency investors. The study claims that those who invest in cryptocurrency assets tend to have "dark personality traits," especially the "dark tetrad."  

The Independent article reports on the study, which was conducted on 2,001 adults living in the United States, who were asked if they owned any cryptocurrencies. About 30% of these adults admitted to owning cryptocurrencies. In addition to questions about owning cryptocurrencies, the researchers also collected some other information about them, including their psychological, political, and other personality traits. Based on this data, the researchers tried to determine the characteristics that best predicted whether someone purchased crypto assets.  

The study showed that cryptocurrency owners among these respondents relied on "fringe social media sources", "believed in conspiracy theories", and "felt victimized".  

Considering that X is also a very popular platform in the crypto community, the above article and the study it is based on looks like an attempt to discriminate both X and cryptocurrencies in the eyes of the American public.

▌Bitcoin ETF Investors Buy the Dip on Friday, Net Inflows Exceed $140 Million

The price of the world's largest cryptocurrency has staged a modest rebound since falling below $54,000 early Friday, and is currently trading back up to $58,283. According to data compiled by Farside Investors, U.S. spot Bitcoin ETFs saw net inflows of $143.1 million on Friday, the highest level in at least two weeks. The largest inflow was to Fidelity's WiseOrigin Bitcoin Fund (FBTC), which saw net inflows of $117.4 million. Other funds that saw net inflows included the Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL).

Important Economic Dynamics

▌CITIC Securities: The number of expected interest rate cuts in the United States this year has been revised to 2 times, which is conducive to pushing up the price of precious metals

Jinshi Data reported on July 8 that the research report pointed out that although the number of new non-farm employment in June announced by the United States on Friday was slightly better than expected, the total number of new non-farm employment in April and May was revised down by 111,000. At the same time, the unemployment rate was 4.1%, higher than the previous value and the expected value. The continued cooling of the US labor market performance pushed up investors' expectations for a rate cut in September. The interest rate observation tool shows that the probability of a rate cut in September exceeds 80%, and the number of expected rate cuts this year has been revised to 2 times. The expected revision has caused the US bond yield to fall, which is conducive to pushing up the price of precious metals. Judging from the high level of nominal interest rates and real interest rates, the rate cut has a strong driving force on the price of precious metals. (Jinshi Data APP)

Golden Encyclopedia

▌What is the market depth of cryptocurrency trading?

In cryptocurrency trading, market depth describes the ability of the market to withstand a large number of orders without a noticeable impact on the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.