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DAILY MARKET OVERVIEW
BlockFi Payouts & Bitcoin ETF Streak

Hey Crypto Enthusiasts! Prepare for today’s big news. We’ve got everything from long-awaited repayments to surging ETFs and even some political intrigue. Let’s dive in!

BlockFi Creditors, Your Wait Is Almost Over!

Remember BlockFi? The crypto lender that got caught in the FTX hurricane? Well, there’s finally some good news for its 100,000+ creditors.

BlockFi announced they’re kicking off crypto distributions this month through Coinbase. If you’re owed money, keep an eye on that inbox – you should get a notification soon.

Quick recap: BlockFi filed for bankruptcy in November 2022 after the FTX implosion left them high and dry with $1.2 billion in exposure. It’s been a long road, but the company got court approval for its restructuring plan last year. Now, the payouts are finally happening!

U.S. Bitcoin ETFs on Fire

Looks like the Bitcoin ETF hype train isn’t slowing down anytime soon. These spot ETFs just wrapped up a 9-day winning streak, raking in a cool $1.97 billion in net inflows between July 5th and 17th. That’s some serious FOMO!

What’s driving this surge? Analysts point to a few key factors:

• Post-halving supply squeeze

• Upcoming Ethereum spot ETFs (next week!)

• Potential Fed rate cuts

• And yes, even U.S. politics (more on that in a sec)

Bitcoin’s price has been on a rollercoaster lately, but it’s clawing its way back up. Some experts are even eyeing that magical $100k mark by year-end. Bullish much?

The Trump Effect on Crypto?

Here’s where things get spicy. Silicon Valley bigwigs are throwing their weight behind Trump’s 2024 campaign, and crypto OG Mark Cuban has a theory of why: “It’s a Bitcoin play.”

Cuban argues that a Trump presidency could make it easier to run crypto businesses by shaking up the SEC. He even tweeted: “You can’t align the stars any better for a BTC price acceleration.”

With inflation concerns and geopolitical uncertainty, Cuban sees the potential for Bitcoin to shoot “way higher than you think.” Global demand, limited supply – you know the drill.

Meanwhile, major VC firms and crypto-friendly PACs are getting involved in the political game. It’s clear that the 2024 election could have huge implications for the crypto world.

WazirX Hack Sends Shockwaves

On a more sobering note, Indian exchange WazirX just got hit with a massive hack. The attacker made off with $230 million in customer funds, including $100 million in SHIB. Ouch.

The fallout? WazirX’s native token WRX tanked 15%, while SHIB is down 6%. Most coins on the platform are trading at steep discounts as users rush for the exits. Stay safe out there, folks!

That’s your crypto market roundup! Wild times as always in the blockchain world.

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TWITTER SENTIMENT
Prediction Market Trends Gets Hot

Prediction markets are heating up on Twitter, with Polymarket leading the pack. While they don’t have a token yet, estimates suggest they are valued at around $1 billion.

Investors are quickly jumping on this trend, and smart money is flowing into AZURO Protocol (AZUR).

We highlighted AZUR in a previous newsletter when it launched. While the hype potential is still uncertain, AZUR has been one of the top-performing coins in the market over the past few weeks.

Even Ethereum founder Vitalik Buterin is bullish on decentralized prediction markets. Let’s see where this trend takes us.

NEWS OVERVIEW
The Latest Crypto Headlines

Polygon to Migrate MATIC to POL in September Upgrade
Polygon’s network upgrade will replace the MATIC token with the new POL token.

BlockFi to Begin Repayments to Creditors This Month
Bankrupt crypto lender BlockFi will start distributing funds to its 100,000 creditors.

WazirX Suffers $235M Security Breach, Withdrawals Paused
Indian crypto exchange WazirX experiences a major security breach, leading to significant fund losses.

US Bitcoin ETFs Extend Winning Streak Amid Surging Demand
Spot Bitcoin ETFs in the US continue to see strong inflows, with over $300 million added.

YOUTUBE INFLUENCER SUMMARY

Ivan on Tech – ALTCOINS ARE POPPING FAST!!!!! (18.07.2024 Summary)

Ivan discusses the current cryptocurrency market situation, highlighting that many altcoins are experiencing significant price increases.

Specifically, he mentions Gods Unchained a 40% daily pump and 150% weekly gain, GigaChad with a 39% daily increase, Ultima showing a 38% daily and 147% weekly surge, and Alice with a 25% daily pump.

• Ivan expresses excitement about the growing interest in fundamental coins, observing that more whales are buying into these projects even before major price movements occur. He believes this trend indicates a promising future for the altcoin market.

• A key point Ivan emphasizes is the upcoming Ethereum ETF, which he sees as a major catalyst for the next leg up in the cryptocurrency market. Ivan predicts that the Ethereum ETF will drive significant capital into the ecosystem, benefiting both Ethereum and altcoins.

• Regarding Bitcoin, Ivan notes that influential figures like Jamie Dimon and Mark Cuban have changed their stance on cryptocurrency. He quotes Mark Cuban saying, “Bitcoin could be what countries and all of us look to buy as a means to protect our savings.” This shift in perspective from prominent business leaders, according to Ivan, signals growing mainstream acceptance of Bitcoin as a potential global reserve currency.

• Ivan also highlights the growing popularity of TON (Telegram Open Network) games, particularly mentioning “Catizen” which has reached 1.5 million daily active users.

Overall, Ivan’s tone is highly optimistic about the future of both Bitcoin and altcoins. He believes the market is poised for significant growth, driven by institutional adoption, changing perceptions, and the introduction of new financial products like the Ethereum ETF.

Josh Olszewicz – Alt Coins: A Ranging We Will Go (18.07.2024 Summary)

Josh discusses the current state of altcoins and what investors can expect in the near future. He notes that despite some recent gains, most altcoins are still in a ranging pattern.

• Josh emphasizes that the overall altcoin market is still below key technical indicators, suggesting that it’s not yet time for a broad altcoin rally. He predicts that a significant move in altcoins may not happen until Q4 2024 or even Q2 2025, based on historical patterns following Bitcoin halvings.

• Josh points out that liquidity is a crucial factor for altcoin performance. He notes that while global liquidity and stablecoin liquidity are at all-time highs, US liquidity is still ranging. Josh suggests that changes in monetary policy, such as interest rate cuts, could impact liquidity and potentially drive altcoin prices higher.

• Despite some individual altcoins showing promising setups, Josh advises caution. He argues that there aren’t many high-confidence trade setups across the board. For most altcoins, he sees a pattern of recovery from recent lows but not yet clear bullish continuation signals.

In conclusion, Josh’s overall stance is cautious. He suggests that while it’s not necessarily a bad time to accumulate favorite coins through dollar-cost averaging, investors shouldn’t expect immediate significant gains. He emphasizes patience, stating, “I just think it’s going to take time, it’s going to take a lot of time.”

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