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What is happening to Bitcoin?
Bitcoin's $70K Tease Followed by $100B Market Drop - what you need to know
Rich Webb
July 30, 2024 • Read Time: 7 minutes
As Bitcoin danced tantalizingly close to $70,000, the cryptocurrency world held its breath—only to be jolted back to harsh reality as BTC plummeted by $4,000, triggering a ripple effect that saw the entire crypto market cap shrink by $100 billion.
With increasing political interest in crypto and macro-economic news hitting the headlines, uncertainty is high!
Let's dive in!
Bitcoin hits $70K but drops by $4K, leading to a $100B loss in the crypto market cap. — Read More
US national debt surpasses $35 trillion, intensifying debt crisis concerns. — Read More
BlackRock's Cohen affirms only Bitcoin and Ethereum ETFs will be offered in the near future. — Read More
Sen. Gary Peters' possible VP candidacy for Kamala Harris sparks curiosity around his anti-crypto views. — Read More
Democratic donors urge Kamala Harris to speak at Blockworks' Permissionless III conference this fall. — Read More
Since January 2020 the debt has ballooned by 50% from $23 trillion to $35 trillion.
Interest on the debt is also skyrocketed with higher rates, averaging around 5% lately.
Interest on the debt is on pace for $1.5 trillion next year, about 30% of all govt revenue collected.
— Wall Street Silver (@WallStreetSilv)
5:39 PM • Jul 29, 2024
Today, the national debt has passed a staggering $35 trillion.
A strategic Bitcoin reserve could stop this runaway train and help pay down the national debt for our future generations.— Senator Cynthia Lummis (@SenLummis)
1:11 AM • Jul 30, 2024
Musk Comments on Bitcoin Following Trump's Bold Speech
Elon Musk weighs in on Bitcoin on a Tesla podcast, following Trump’s Bitcoin 2024 conference speech.
Expert Debunks Senator Lummis’ Bitcoin Reserve Plan
Cato Institute expert George Selgin criticizes Senator Lummis’ Bitcoin reserve proposal, deeming it unrealistic.
Bitcoin Reaches $70,000 Amid Nashville Conference
Bitcoin hits $70,000 as the Nashville conference spurs positive market sentiment, defying fear of Mt. Gox selling pressure.
Cantor Fitzgerald Launches $2B Bitcoin Financing Venture
Cantor Fitzgerald announces $2 billion Bitcoin financing business, with plans to provide leverage to Bitcoin investors.
Coinbase Partners with DigitalX for Australian Bitcoin ETF Custody
DigitalX selects Coinbase for custody of its new spot Bitcoin ETF BTXX, highlighting the growing role of Coinbase in Bitcoin ETFs.
We're yet to enter the 'up only' phase of this crypto cycle
The next 12-18 months will be incredible. Buckle up 🚀
— Milk Road (@MilkRoadDaily)
2:42 PM • Jul 11, 2024
Ethereum Set for Massive Rally, Predicts CoinSignals
CoinSignals forecasts Ethereum's price to surge to $12,000-$15,000 soon, citing fundamentals and lower sell-pressure.
Ethereum Maintains Strength Above $3,280
Ethereum fails to breach $3,400 resistance but holds strong near $3,280, hinting at potential for another rally.
Wall Street Digs Ethereum ETFs but Still Learning How to Sell
Wall Street loves Ethereum ETFs, but remains uncertain about marketing them.
Ethereum Spot ETFs See $98M in Outflows
Ethereum spot ETFs experienced $98 million in outflows on July 29, marking four consecutive days of withdrawals.
Optimism Faces Bearish Trend Despite On-Chain Growth
Optimism token drops 12% in a week despite increased on-chain activity and community support.
Solana Faces Resistance at $185
Solana extended gains above $180 but is struggling to reach $200, with downside risks appearing.
Solana Daily Trading Volume Surpasses $2B Thanks to Neiro Memecoin Mania
Solana's DEX trading volume surpasses $2 billion due to the hype around Neiro memecoin variants, sparking authenticity debates.
AVAX Faces Potential Bearish Close for July
AVAX teeters on crucial support, risks ending July on a bearish note.
BNB Chain Updates Governance for Enhanced Transparency
BNB Chain announces governance upgrades to boost efficiency, transparency, and community engagement following BC Fusion.
ARK Bitcoin ETF Teams Up with Chainlink for Enhanced Security and Transparency
ARK Bitcoin ETF integrates Chainlink’s Proof of Reserve to boost transparency and security, eliminating manual verification needs.
21Shares integrates Chainlink to ensure proof of reserve for its Ethereum ETF, enhancing investor confidence.
AIOZ Network Halts Rally as Crypto Market Dips
AIOZ Network's rally stalls as Bitcoin's drop impacts the broader crypto market.
Top Gaming Companies Leading the Industry in 2024
Gaming giants like Tencent, Sony, Microsoft, and Nintendo drive the industry with innovation and legendary franchises, setting new standards in entertainment.
Russian Parliament to Review Crypto and Mining Legislation
Russian lawmakers move to regulate cryptocurrencies and mining amid US sanctions.
SEC Amends Binance Complaint, Tokens Like SOL and MATIC Affected
SEC updates Binance complaint, potentially changing status of tokens like SOL and MATIC.
FTX Exec Requests Prison Delay After Dog Attack
Ryan Salame, former FTX executive, seeks prison delay due to injury from dog attack.
🚨JUST IN: The SEC has withdrawn its request that the court label tokens such as $SOL and $ADA as securities in its case against Binance.
— SolanaFloor (@SolanaFloor)
10:21 AM • Jul 30, 2024