Market Summary

Market Summary 30 July 2024

Bitcoin Price: US$ 66,810.13 (-2.12%) 
Ethereum Price: US$ 3,317.66 (+1.45%) 

The US government moved $2 billion worth of Bitcoin from its Silk Road seizure wallet just two days after former President Donald Trump promised to maintain the US Bitcoin stockpile and implement crypto-friendly policies, sparking criticism from Galaxy Digital CEO Mike Novogratz. This move coincides with Trump and Senator Cynthia Lummis’s proposals to make Bitcoin a strategic reserve asset, though BlockTower Capital’s Ari Paul doubts this will happen in the near future. Meanwhile, Kamala Harris is considering Michigan Senator Gary Peters as her running mate for 2024, a choice pushed by labor unions to strengthen her ticket in the battleground state. Peters is known for his strong stance against crypto, having co-sponsored the Digital Asset Money Laundering Act in 2023, while Harris has yet to clearly state her position on digital assets. Bitcoin layer-2 protocols are rapidly emerging, bringing decentralised finance (DeFi) solutions to the Bitcoin blockchain, although security and user experience challenges remain. Investment manager Franklin Templeton is backing Bitcoin-based layer-2 protocols like Bitlayer to unlock yield for clients, while developers continue to innovate to make the Bitcoin ecosystem more useful and secure. 

WisdomTree CEO Jonathan Steinberg believes crypto will go mainstream due to regulatory clarity, publicly-traded crypto funds, and real-world asset (RWA) tokenisation, as highlighted in a July 29 CNBC interview, emphasising that Donald Trump’s recent pro-crypto promises and regulatory clarity could positively impact blockchain-enabled finance, expanding beyond core assets like Bitcoin and Ethereum. The US government currently holds over $12 billion in Bitcoin, making it the largest geopolitical owner, and recent legislation introduced by Senator Cynthia Lummis aims to make Bitcoin a strategic reserve asset; however, scepticism remains, with BlockTower Capital’s Ari Paul estimating a 10:1 chance of Bitcoin achieving this status by 2028. Solana surpassed Ethereum in weekly total fees for the first time, generating $25 million compared to Ethereum’s $21 million, driven by a surge in celebrity coin trading on Solana-based platforms, but despite Solana’s recent fee revenue and staking rewards success, Ethereum remains the leader in total value locked (TVL) and the number of protocols hosted. 

Coinbase is supporting global spot Bitcoin ETFs by becoming the custody partner for DigitalX’s new Australian Bitcoin ETF (BTXX), launched on July 12, aiming to mirror Bitcoin’s performance. Meanwhile, 21Shares integrated Chainlink’s proof-of-reserve system for its Ether ETF, enhancing transparency and trust, which could facilitate greater digital asset adoption and bridge traditional finance with decentralised finance (DeFi). Bitcoin and gold are poised for significant price breakouts, with Raoul Pal predicting Bitcoin’s rise to a new all-time high, contingent on a close above $70,000, driven by macroeconomic improvements, the upcoming US elections, and a potential weakening US dollar. 

The gaming-dedicated blockchain Ronin has made significant strides, recording two million daily active users and surpassing other active blockchains like Tron and Solana. This growth has been driven by a surge in volume for its non-fungible token (NFT) marketplace and the listing of the Ronin (RON) token on Binance. To accommodate future transactions, the network introduced Ronin zkEVM, a zero-knowledge (ZK) Ethereum Virtual Machine (EVM) layer-2 chain. Meanwhile, the launch of spot Ether exchange-traded funds (ETFs) in the United States has marked a significant milestone, with newly issued spot Ether ETFs attracting a substantial $2.2 billion in inflows. This coincides with Bitcoin attracting $3.6 billion in inflows over the past month, contributing to a year-to-date (YTD) total of $19 billion, a surge driven by speculation surrounding the upcoming US elections and the potential for BTC to become a strategic reserve asset. However, the Grayscale Ethereum Trust ETF experienced outflows exceeding $1.5 billion, with net outflows topping $356 million in a single day. Despite this, Bitcoin has been performing well, closing in on the $70,000 mark on July 29, posting a seven-week high and falling short of its all-time high by around 6%. 

Source: https://cointelegraph.com 

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