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DAILY MARKET OVERVIEW
Biden’s Exit, China’s Surprise, and ETF Excitement

Hey Crypto Enthusiasts! We hope you’ve had a great weekend and are ready because we’ve got a wild ride to catch you up on.

Biden Bows Out, Bitcoin Bounces Back

In a shocking Sunday announcement, U.S. President Joe Biden dropped out of the 2024 presidential race, endorsing VP Kamala Harris as the Democratic nominee. The crypto market, always on its toes, reacted instantly.

Bitcoin took a quick dive to $66,000 but bounced back like a champ, now sitting pretty above $66,500.

This rollercoaster ride wasn’t without casualties, though. Leverage lovers felt the heat with $175 million in liquidations over 24 hours, and prediction market players got burned, with one trader, “AnonBidenBull,” losing a cool $2 million betting on Biden.

The meme coin market went into a frenzy, with Joe Biden meme coins declining fast while Trump-related meme coins skyrocketed.

While some short-term volatility is expected the crypto market is bullish as Trump is now almost certain to become president again, with many expecting this to positively impact the crypto industry.

China Cuts Rates, Bitcoin Cuts Loose

Just when we thought things couldn’t get crazier, China’s central bank unexpectedly slashed interest rates.

This move from the world’s second-largest economy gave Bitcoin another boost, briefly touching $68,480 before settling around $67,300. The king of crypto is up 7% from last week, with $30.2 billion in 24-hour volume.

ETF Excitement and Fed Watch

The crypto community is hyped with anticipation as U.S. Bitcoin ETFs are on a hot streak, with 11 straight days of positive flows.

BlackRock’s IBIT alone has raked in nearly $19 billion since its launch. Adding to the excitement, spot Ethereum ETFs are set to debut tomorrow potentially adding more fuel to the fire.

Meanwhile, all eyes are on the Federal Reserve. While most investors expect rates to hold steady at the July 31 meeting, there’s a growing consensus for a rate cut in September, which could be bullish for Bitcoin.

What’s Next?

As we barrel towards the $70,000 mark, the crypto market remains as unpredictable as ever. The Ethereum ETF launch on July 23rd could shake things up, and upcoming U.S. economic indicators (GDP and PCE) will likely influence market sentiment. Adding to the mix, potential market volatility from Mt. Gox repayments looms on the horizon in early August.

Remember, crypto never sleeps, and neither do we! Stay tuned for more updates as this wild market keeps us on our toes.

Happy trading, hodlers!

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TWITTER SENTIMENT
Gary Gensler Resigning?

Some exciting news from Twitter today: SEC Chairman Gary Gensler is expected to resign by February 2025.

Although not 100% confirmed, this news is already creating a bullish sentiment across social media.

For those unfamiliar, Gary Gensler and the SEC have maintained a very aggressive and negative stance toward crypto over the past few years.

They have targeted projects like Ethereum, Uniswap, Metamask, and several others, causing significant fear and uncertainty in the markets, leading many investors to panic sell and resulting in a bearish sentiment overall.

However, if Gensler’s resignation becomes a reality, his replacement has the potential to be more crypto-friendly, potentially leading to better regulations and increased clarity in the industry which is very bullish!

NEWS OVERVIEW
The Latest Crypto Headlines

Solana Soars 4% as Meme Coins and Alts See an Uptick
Solana’s price rises by 4% as meme coins and altcoins experience a surge in market activity.

Bitcoin Hits $68,000 After China Unexpectedly Cuts Interest Rates
Bitcoin’s price jumps to $68,000 following an unexpected interest rate cut by the People’s Bank of China.

Trump Meme Coins Rise as Biden Bows Out of 2024 US Presidential Race
Meme coins inspired by Donald Trump gain traction as President Biden announces he will not seek reelection.

Bitcoin Rebounds Above $68,000
Bitcoin rebounds above $68,000, bolstered by strong performance from US spot Bitcoin ETFs.

YOUTUBE INFLUENCER SUMMARY

Data Dash – Is Bitcoin Heading To $100,000 By 2024? (22.07.2024 Summary)

Nicholas Merton from DataDash discusses the potential for Bitcoin to reach $100,000 by 2024. He notes that July 2024 has shown significant strength in the crypto market, with Bitcoin bouncing back from lows around $53,000.

• The recovery has put Bitcoin in a position where, if certain conditions are met in the next few weeks, it couldpotentially reach new all-time highs by the end of the year.

• Merton emphasizes the importance of Bitcoin breaking through and holding above key moving averages, particularly the 100-day and 200-day moving averages.

• He suggests that for a sustained bullish trend, Bitcoin needs to not only clear these levels but also use them as support on subsequent pullbacks. Specifically, he mentions the $63,000 range as a critical area to watch for support.

• While Merton is optimistic about Bitcoin’s potential, he also warns of some concerning signs in the broader financial markets. He points out that the stock market, especially tech stocks and semiconductor companies, has shown signs of weakness. This could potentially impact the crypto market, as there’s often a correlation between traditional finance and cryptocurrency performance.

Merton doesn’t explicitly state that Bitcoin will reach $100,000 by 2024, but he suggests that if the right conditions are met, Bitcoin could be set up for significant growth. He advises viewers to watch for key technical indicators and market trends to gauge the likelihood of such a move.

Ivan On Tech – BITCOIN: THE LAST 24H CHANGED EVERYTHING! (22.07.2024 Summary)

Ivan On Tech discusses recent exciting developments in the Bitcoin and cryptocurrency world. He highlights that Bitcoin’s price has been strong, ending the previous week around $68,000 and currently sitting at $67,000.

• Ivan emphasizes two major events from the last 24 hours. First, Elon Musk has returned to using the “laser eyes” profile picture on social media, which is associated with Bitcoin support.

• Second, Mark Andreessen, an early internet pioneer and founder of a16z (a major venture capital firm), has also adopted the laser eyes. Ivan sees this as a sign that the entrepreneurial landscape is shifting towards Bitcoin.

• He speculates on potential announcements at the upcoming Bitcoin conference in Nashville. Ivan mentions rumors that Donald Trump may announce Bitcoin as a strategic reserve currency. He also notes that Elon Musk’s private jet was tracked landing in Tennessee, leading to speculation about a surprise appearance at the conference.

• Ivan discusses the possibility of Larry Fink becoming the Treasury Secretary if Trump wins the next election, which he believes would be very positive for Bitcoin and crypto regulation. He expresses excitement about the potential for a “golden age of crypto” if these developments come to fruition.

Throughout the discussion, Ivan maintains a bullish outlook on Bitcoin and the broader cryptocurrency market. He encourages viewers to prepare for what he believes will be a significant upward movement in prices, potentially reaching $100,000 per Bitcoin. Ivan concludes by stating that the upcoming election period is typically positive for crypto prices, based on historical patterns.

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