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It’s only recently that Donald Trump has paid any attention to crypto. But now he wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue. Asked on July 16 why he’s suddenly embracing the crypto community, he told Bloomberg: “If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China.” In the interview, Trump explained how the recent experience with his “Mugshot” NFT Collection “opened my eyes” to cryptocurrencies, saying, “80% of the money [from the NFT sale] was paid in crypto. It was incredible.” “So we have a good foundation [i.e., crypto]. It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere,” he added.
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Among a few important discussions, one matter that people across the crypto market are discussing is ‘the next crypto market bull run.’ Although no one is certain for when the event could occur, it is anticipated that this time it is going to be massive. Other than being the biggest, this bull run is different from the previous ones in terms of the sectors that will lead the rally. The bullish and bearish phases are common phenomena due to the crypto market’s cyclical nature while moving forward. Historically Bitcoin (BTC) price movements have ignited and sustained the bull runs but gradually the dependency shifted to other altcoins, sectors and narratives. A glance in the past cycles shows BTC price first saw a massive jump in 2011 when it rose from $0.8 to $36 due to new traders entering the market and pouring money. Later in 2013, Bitcoin sustained $50 price levels and later hit the $1,000 mark for the first time.
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The launch of spot Ether exchange-traded funds (ETFs) could see the cryptocurrency outperform Bitcoin in the weeks after they go live in the United States, say K33 Research analysts. is set to face sell pressure as $8.5 billion worth is returned to creditors of collapsed exchange Mt. Gox starting this week, K33 analysts Vetle Lunde and David Zimmerman said in a July 2 report. Ether has underperformed relative to Bitcoin for over a year, with BTC posting market-leading gains bolstered by over $14 billion in flows to its spot ETFs in 2024. Lunde and Zimmerman said it’s reasonable to expect the price of ETH to “stumble immediately following the launch of the ETFs” but noted that — much like what later happened with Bitcoin — inflows to the spot funds would likely bolster ETH’s price. “ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader,” Lunde wrote.
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While market participants will be largely focused on the possible debut of Ethereum spot ETFs in July, other assets could also surprise investors. The editors of BeInCrypto tried to look into the near future and give forecasts for the crypto market for the coming month. Bitcoin could fall to $51,000 At the moment, Bitcoin is trying to rise above the $60,000 threshold. However, the weekly chart hints that a deep correction may be ahead for the main cryptocurrency. As shown in the chart below, the price of the asset formed a double top. This pattern is considered a macro-bearish signal and usually indicates the beginning of a decline. If the hypothesis is correct, BTC will first try to find support at $58,874. However, losing it will lead to a fall to $50,982, which would be a four-month low.
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While market participants will be largely focused on the possible debut of Ethereum spot ETFs in July, other assets could also surprise investors. The editors of BeInCrypto tried to look into the near future and give forecasts for the crypto market for the coming month. Bitcoin could fall to $51,000 At the moment, Bitcoin is trying to rise above the $60,000 threshold. However, the weekly chart hints that a deep correction may be ahead for the main cryptocurrency. As shown in the chart below, the price of the asset formed a double top. This pattern is considered a macro-bearish signal and usually indicates the beginning of a decline. If the hypothesis is correct, BTC will first try to find support at $58,874. However, losing it will lead to a fall to $50,982, which would be a four-month low.
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Bitcoin's price broke below the descending wedge on Monday, declining approximately 7.5% to retest its crucial weekly support near $58,375 and rebounded by 5.8% on Tuesday. Since Tuesday, BTC has faced resistance at the lower boundary of the broken descending wedge. At the time of writing, it trades around $61,704 on Friday. If the lower boundary of the descending wedge around $62,000 holds as resistance, BTC could decline roughly 5% to reach its weekly support near $58,375. On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are below their respective neutral levels of 50 and zero. This indicates that, according to these momentum indicators, the bearish sentiment prevails, suggesting the potential for further decline in BTC’s price.
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FET disclosed in an X post on Wednesday that its Artificial Super Intelligence (ASI) alliance with Ocean Protocol and SingularityNET is slated for July 1 and will comprise two phases. Phase 1 will involve merging SingularityNET's AGIX and Ocean protocol's OCEAN tokens into Fetch.ai's FET token. This merge will precede the transition to ASI across crypto exchanges like Binance and crypto data aggregators such as CoinMarketCap and CoinGecko. The process will involve delisting AGIX and OCEAN tokens from exchanges, followed by a rebrand of their symbols and names. All deposits in both tokens will also cease, with only FET deposits remaining unaffected. This process will mainly see the onboarding of exchanges and data aggregators during the rebranding process.
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Bitcoin briefly touched $59K in the early hours of the Asian+ trading day.
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Experts at brokerage Bernstein said that Ethereum-ETFs may have less demand compared to similar Bitcoin-based products. This was reported by CoinDesk with reference to the company’s report. Analysts believe that due to the lack of staking functionality in Ethereum ETFs, fewer “spot conversions” will occur. “Basic trading, which involves simultaneously buying an ETF and selling a futures contract, will likely find its takers over time. This should contribute to healthy liquidity in the ETF market,” Bernstein said in the report. Experts also added that Ethereum and other digital assets need a more advanced regulatory regime. They expect the situation to improve after the US elections at the end of 2024, "as the chances of a Republican victory grow." In addition, Bernstein noted that despite the recent decline in the crypto market, institutional adoption of cryptocurrencies continues to grow.
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I would like to express my deep gratitude to Vitaly for his project. all if it weren’t for him, then our life would be much more boring and worse
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