good morning. Here’s what’s happening:
price: Regulatory clarity is needed for Bitcoin to break through $30,000.
insight: Where can I find Web3 Utilities?
Bitcoin (BTC) opened the Asian trading day at $29,786, up 2% from the day, while Ether (ETH) was up 1.3% at $1,855.
Bitcoin volatility remains at record lows, Vivian Huang, head of trading products at Bybit, said in a note to Coindesk, suggesting an eventual rally.
“Our focus is on year-end catalysts that may relate to ETF narratives and industry-changing events,” she said. “The combination of speculative strategies and alignment with this kind of pivotal event could prove to be a huge tailwind for the cryptocurrency market.”
Fang explained that the 30k mark is a significant threshold, with 40k as the next significant level as a consensus. However, a spike in volatility is still likely due to a macro-related downside event that could have an unexpected impact on the market.
Bitcoin still outperforms cryptocurrency hedge funds despite low volatility, according to a report by 21e6 Capital.
“It is clear that a simple buy-and-hold investment in Bitcoin has outperformed all these fund baskets. Due Diligence Manager Jan Speller and Head of Sales and Marketing Maximilian Bruckner said in the report. “Cryptocurrency hedge funds have often outperformed Bitcoin benchmarks significantly in previous bull markets.”
data from CryptoRank.io A historical correlation has been shown between the price of Bitcoin and the amount invested in cryptocurrency startups, the firm’s team of analysts wrote in a note to CoinDesk.
By 2022, both will be on the decline. However, despite Bitcoin’s significant growth in 2023, monthly funding is lower compared to 2021-2022.
The question remains: What will cause the next breakout? And what if it wasn’t the much-anticipated Bitcoin ETF?
Aug 10 8:30pm HKT/SGT (Aug 9 12:30 UTC): U.S. Core Inflation y/y
Global payments giant PayPal launches PayPal USD, a US dollar stablecoin fully backed by US dollar deposits, short-term Treasuries, and similar cash equivalents.