News report:
Headline
BTC Falls Below $56,000
Market data shows that BTC has fallen below $56,000, currently trading at $55,927.61, with a daily drop of 3.9%. The market is experiencing significant fluctuations, so please be prepared for risk control.
Financial Times: Former President Trump May Return to the White House, Triggering a Significant Surge in Bitcoin Value
According to the British Financial Times, citing multiple analysts, former President Donald Trump may return to the White House, leading to a significant surge in Bitcoin value. Due to the former president’s “perceived support for cryptocurrency positions and policies,” the concept of “Trump trades” is becoming increasingly popular among cryptocurrency traders.
Recently, the performance of this flagship cryptocurrency has been affected by miners selling off and regulatory actions by authorities in the US and Germany. Anticipation of the Mt. Gox bankruptcy repayment has also intensified market volatility, resulting in Bitcoin falling below $54,000 for the first time in months.
However, analysts remain optimistic that Trump’s victory could lead to a significant increase in Bitcoin and potentially reach another all-time high in August, reaching $100,000 on election day.
Market
As of the time of writing, according to Coingecko data:
BTC recent trading price is $55,854.15, with a daily change of -4.2%;
ETH recent trading price is $2,926.56, with a daily change of -4.5%;
BNB recent trading price is $489.68, with a daily change of -7.1%;
SOL recent trading price is $131.80, with a daily change of -8.0%;
DOGE recent trading price is $0.1041, with a daily change of -8.3%;
XPR recent trading price is $0.4192, with a daily change of -6.6%.
Policy
North Carolina Governor Vetoes CBDC Ban Bill, Calling It “Premature”
North Carolina Governor Roy Cooper has vetoed a bill that would have prohibited the state from accepting payments in central bank digital currencies (CBDC) issued by the Federal Reserve. House Bill 690 would also have restricted the state from participating in any CBDC testing by the Federal Reserve.
In a statement, Cooper pointed out that the federal government is working to ensure that any CBDC has appropriate standards and consumer protections. He added that vetoing the bill would open the door for those who may want to use CBDC for transactions.
Cooper stated that North Carolina should “wait and see” how CBDCs operate before making a final decision. He said the bill itself was not suitable for passage into law, adding that it was premature, vague, and reactionary, providing final results for important monetary decisions that have not yet been made.
Court Rejects Programmer’s DMCA Claims Against Microsoft, OpenAI, and GitHub
A judge overseeing a multi-billion-dollar class-action lawsuit against GitHub, OpenAI, and Microsoft partially dismissed the charges against the defendants for allegedly using intellectual property (IP) without authorization to train the “GitHub Copilot” artificial intelligence (AI) coding software.
This marks a victory for major tech companies and the AI generation industry, which is facing multiple related lawsuits. The plaintiffs in the lawsuit accused OpenAI of “plagiarizing” GitHub and using artificially written code snippets to train GitHub Copilot without permission, payment, or attribution. According to the lawsuit, Copilot copied the artificially written code line by line, leading the plaintiffs to seek $1 billion in compensation.
There are five anonymous complainants in this case, ostensibly representing the class action. In court documents released to the public so far, each individual is marked as “John.”
Blockchain Applications
Input Output Global (IOG): Latest Developments in Cardano
Input Output Global (IOG) releases weekly updates on Cardano on X. According to its latest report, Cardano has seen significant growth in total transactions, native tokens, and token policies. The total number of transactions on Cardano is currently 93.3 million, up by 0.43% from last week’s 92.9 million. Additionally, the number of native tokens in the Cardano ecosystem has increased by 40,000 in the past week, reaching 10.17 million. Furthermore, Cardano’s token policies increased from 136,594 to 141,712 in a week, with a 7-day growth rate of 3.74%.
In addition, this week, the Cardano network added 2,970 Plutus scripts. The total number of updates has increased to 64,248.
Tether Developing Decentralized Artificial Intelligence Models
Tether CEO Paolo Ardoino revealed methods to prevent OpenAI hacking attacks, and Tether, the issuer of the USDT stablecoin, is developing decentralized artificial intelligence (AI) models as part of its foray into the field.
Cryptocurrency
Deribit APAC Business Director: If there is another rally next week, this bottoming out trend might end
Deribit APAC Business Director Lin Chen wrote that this week’s BTC spot ETF had net outflows on Tuesday and Wednesday, but saw net inflows on other days, totaling a net inflow of $237.8 million for the week. Market sentiment remains low this week, but BTC rebounded from $54,000 to $57,000. Keep an eye on the US stock market opening on Monday. If there is another rally, this bottoming out trend might end.
dYdX Founder: Exponential Growth in the Number of Cryptocurrency Assets
dYdX Founder Antonio Juliano wrote that the number of cryptocurrency assets is experiencing exponential growth, similar to what has happened with information on the internet. With this evolution, we are seeing this progression: listing -> searching -> socializing.
Analysis: Bitcoin Faces Technical Resistance at the 200-Day Moving Average
Material Indicators LLC, a financial technology startup providing algorithmic trading indicators and tools, stated that Bitcoin faces strong technical resistance at the 200-day moving average. If the bulls can break through this resistance by Sunday’s close, it should drive some short-term momentum. If Bitcoin fails to do so, be prepared for the market to test support levels between $50,000 and $53,000.
Michael Saylor Reiterates Bitcoin’s Advantages over Traditional Investments During Market Downturn
MicroStrategy founder and chairman Michael Saylor reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the design of this cryptocurrency aims to surpass traditional investment tools. This statement comes amidst a significant drop in Bitcoin prices, leading to a widespread reshuffle in the entire crypto market.
Bitcoin News: Bitcoin Continues to Flow out of German Government Wallets
Bitcoin News reports that Bitcoin continues to flow out of German government wallets, even on weekends. They did not repurchase Bitcoin yesterday; instead, their sell orders were not fully executed, leading to the unsold Bitcoin being returned to their accounts.
The Wall Street Journal: Millennials Own Over 50% of Bitcoin Holdings Despite Having 9.2% of the National Wealth
The Wall Street Journal reports that the net assets of the Baby Boomer generation in the US amount to $7.8 million, representing 51% of the national wealth. However, their Bitcoin holdings make up less than 10%. Millennials own 9.2% of the national wealth but hold over 50% of Bitcoin holdings. Bitcoin is seen as an asymmetric opportunity for this generation.
Dogecoin Founder Opposes Psychological “Diagnosis” of Cryptocurrency Holders
Dogecoin founder Billy Markus posted on X platform, strongly opposing a recent psychological study that discriminates against cryptocurrency investors. The study claims that those investing in cryptocurrency assets tend to have “dark personality traits,” especially the “dark tetrad.”
An article in The Independent reported on a study conducted on 2,001 US adults who were asked if they owned any cryptocurrency. Around 30% of these adults admitted to owning cryptocurrency. In addition to questions about cryptocurrency ownership, researchers collected some other information about their psychological, political, and other personality traits. Based on this data, researchers attempted to identify the most predictive characteristics of someone buying cryptocurrency assets.
The study indicated that cryptocurrency owners among these respondents relied on “fringe social media sources,” “belief in conspiracy theories,” and “feelings of victimization.”
Considering that X is also a platform very popular in the crypto community, the article and the study it is based on appear to be attempting to discriminate against both X and cryptocurrency in the eyes of the American public.
Bitcoin ETF Investors Buy the Dip on Friday, Net Inflows Exceed $140 Million
Since falling below $54,000 earlier on Friday, the price of the world’s largest cryptocurrency has seen a moderate rebound, currently trading at $58,283. According to data compiled by Farside Investors, the US Bitcoin spot ETF saw net inflows of $143.1 million on Friday, the highest level in at least two weeks. The fund with the most inflows was the Wise Origin Bitcoin Fund (FBTC) under Fidelity, which saw a net inflow of $117.4 million. Other funds with net inflows included Bitwise Bitcoin ETF (BITB), ARK/21 Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL).
Important Economic Dynamics
CITIC Construction: US Expected to Lower Interest Rates Twice This Year, Beneficial for Boosting Precious Metal Prices
CITIC Construction analysis on July 8th stated that although the June non-farm payroll numbers in the US were slightly better than expected, the combined revision of 111,000 for April and May non-farm payrolls, along with an unemployment rate of 4.1%, higher than the previous and expected values, continued to cool the performance of the US labor market, boosting investors’ expectations of a rate cut in September. Interest rate observation tools show that the probability of a rate cut in September exceeds 80%, and the number of expected rate cuts this year has been revised to two times, with the revised expectations leading to a decline in US bond yields, which is beneficial for boosting precious metal prices. Considering the high nominal and real interest rates, a rate cut could provide strong impetus for precious metal prices. (Jinshi data APP)
Encyclopedia
What Is Market Depth in Cryptocurrency Trading?
In cryptocurrency trading, market depth describes the market’s ability to withstand a large number of orders without significantly impacting prices. It is a liquidity indicator that shows the quantity of buy and sell orders at various price points for a given cryptocurrency. So how is market depth displayed? Depth charts are commonly used to illustrate this data. They plot buy orders (bids) on one side and sell orders (asks) on the other to reflect price levels.
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