Cryptocurrency markets are down Grayscale is introducing a new Bitcoin ETF.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $65,954 | -2.1% |
| Ethereum (CRYPTO: ETH) | $3,273.5 | -1.1% |
| Solana (CRYPTO: SOL) | $177.6 | -4.9% |
| Dogecoin (CRYPTO: DOGE) | $0.1257 | -3.3% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001618 | -3.3% |
Notable Statistics:
- IntoTheBlock data shows a 144.9% spike in large transaction volumes. Daily active addresses increased by 33.9%. Transactions greater than $100,000 surged from 5,369 to 9,609. Exchanges netflows widened significantly by 903.7%.
- Coinglass data points to Bitcoin open interest increasing to $37.5 billion, the highest since June 7. In the past 24 hours, 44,891 traders were liquidated for $123.81 million.
- Crypto chart analyst Ali Martinez noted that Bitcoin holders are rapidly buying, with more than 110,000 BTC in their portfolios.
Notable Developments:
- Russia Greenlights Crypto For Cross-Border Payments, Tightens Mining Rules
- SEC Aims To Amend Binance Complaint, Focusing On Third Party Crypto Asset Securities
- New US Bitcoin Mining Hardware Creates $20B Opportunity, Could Disrupt China's Mining Dominance: Bernstein
- Bitcoin As Store Of Value? Goldman Sachs CEO David Solomon Sees Such A Case
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Popcat (CRYPTO: POPCAT) | $0.6994 | -11.2% |
| Jupiter (CRYPTO: JUP) | $1.04 | -9% |
| Starknet (CRYPTO: STRK) | $0.4858 | -7.7% |
Trader Notes: Crypto chart analyst Ali Martinez highlighted Bitcoin's hourly chart signaling a correction before the BTC dropped to $65,500. He added that the chart is now flashing a buy signa, suggesting a potential rebound if BTC can sustain an hourly close above $66,300.
Trader Rekt Capital foresees Bitcoin on track for a September breakout.
#BTC
— Rekt Capital (@rektcapital) July 30, 2024
Bitcoin is still on track for a September breakout
History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely$BTC #Crypto #Bitcoin pic.twitter.com/Ll9BB3Dxxk
Crypto Patel stresses that Bitcoin breaking the $66,000 support level could mean a drop to $63,000. Mister Crypto shows a rare Bitcoin signal which is indicating a "new move...about to be initiated."
Altcoin Sherpa suggests a buying opportunity at this level.
$BTC: Cluster of 1d EMAs around 63.8k-65k. Lots of support coming up here with the EQ of the range + EMAs. You should be buying soon IMO. pic.twitter.com/CJKRR2MDxx
— Altcoin Sherpa (@AltcoinSherpa) July 30, 2024
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next:
- 'Trump Trade' Is 'Long Bitcoin, Long Small Caps,' Says Trader...But What Is The 'Kamala Trade'?
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