Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, July 29th, 2024, at 9:00:05 AM EST (3:00:20 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, August 2nd, 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $69,799.06 | -11.28% | $61,924.21 |
| ETH | $3,379.34 | -11.21% | $3,000.68 |
| BNB | $592.46 | -7.26% | $549.42 |
| SOL | $192.37 | -19.67% | $154.54 |
| XRP | $0.6104 | -7.45% | $0.5649 |
| TON | $6.7591 | -4.22% | $6.24 |
| DOGE | $0.1339 | -16.43% | $0.1119 |
| ADA | $0.4186 | -12.59% | 0.3659 |
| AVAX | $28.65 | -17.24% | $ 23.71 |
Morgan Stanley Embraces Bitcoin ETFs: A Game-Changer for Crypto
Morgan Stanley, the largest wealth manager in the U.S. with $3.75 trillion under management, is set to allow its 15,000 financial advisors to recommend Bitcoin ETFs to clients starting August 7th. Advisors can now suggest investments in BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC), marking a significant milestone for crypto adoption. This move by a leading wirehouse signals a potential surge in institutional investments into Bitcoin, as crypto ETFs gain traction beyond their traditional base of retail investors and hedge funds. The endorsement by Morgan Stanley could drive a new wave of interest and inflows into Bitcoin ETFs, solidifying their status in mainstream finance
Can Trump Deliver on His Promises to Bitcoiners?
At the Bitcoin 2024 conference, Donald Trump pledged major changes if reelected, including firing SEC Chair Gary Gensler, ramping up U.S. Bitcoin mining, and commuting Ross Ulbricht’s sentence. Trump’s ambitious plans, like producing enough electricity to dominate global Bitcoin mining and making all Bitcoin mined in the U.S., face skepticism about their feasibility. While he promises a crypto-friendly administration, Trump’s history and the political landscape raise questions about his ability to fulfill these promises. As the election approaches, the crypto community is left wondering if Trump can truly deliver
Powering Up: Why the U.S. Should Boost Bitcoin Mining
Donald Trump’s call for the U.S. to lead in Bitcoin mining isn’t just bold—it’s practical. Despite concerns about crypto’s energy demands, Bitcoin mining currently consumes only a small fraction of the U.S. power grid. Moreover, miners can adjust their activity based on electricity prices, reducing strain during peak hours. This flexibility, coupled with the potential to drive down energy costs and support renewable energy projects, positions Bitcoin mining as a valuable ally, not a threat, to America’s energy future. Embracing crypto mining could fuel economic growth and strengthen U.S. financial dominance for years to come.
Bitcoin Holds Steady at $62K Despite Price Dip and Market Fears
Bitcoin’s price recently fell to $62,000, driven by concerns over U.S. interest rates and a massive Bitcoin transfer from the defunct Mt. Gox exchange. Despite a 5.5% drop, derivatives markets suggest that traders remain cautiously optimistic. Bitcoin futures showed a slight decline in premium but stayed within neutral territory, indicating no major shift in sentiment. Additionally, Bitcoin options reflect balanced market demand, with no significant stress signals. While fears of a potential sell-off persist, the overall market sentiment suggests stability, with professional traders not expecting further price declines in the near term.
Bitcoin Stagnates Despite Fed Rate Cut Speculation
Bitcoin’s price dipped to a two-week low of $63,400, despite widespread market expectations of a Federal Reserve rate cut in September. After the Fed’s dovish tone, which hinted at potential rate cuts, BTC showed little momentum, remaining sluggish while U.S. equities responded positively. Traders are divided, with some predicting further declines to $59,000, while others see a possible short squeeze ahead. As crypto markets remain on edge, upcoming events like the launch of Ether ETFs and U.S. political developments could be the catalysts for the next significant move.
Sources
https://cointelegraph.com/news/morgan-stanley-wealth-managers-blackrock-fidelity-bitcoin-etfs-report
https://cointelegraph.com/news/donald-trump-promises-crypto-bitcoin-election
https://cointelegraph.com/news/usa-can-should-put-more-energy-bitcoin-mining
https://cointelegraph.com/news/bitcoin-ignores-100-fed-rate-cut-odds-btc-price-2-week-lows
