Good morning Here’s what happens:
Prices: Bitcoin continues to stagnate at $29,000 and rally to $30,000. What does it take to break the $30,000 mark?
Insights: Crypto has new radicals and DeFi is not dead.
“Another week of relative stability for BTC and ETH bodes well for bulls,” BitBull Capital CEO Joe DiPasquale said in a note. There have been a few developments in this space ranging from the Curve hack to more altcoin mania on base. However, the market didn’t react too harshly and ETH managed to defend the $1800 level.”
Aside from the shenanigans in decentralized finance (DeFi), which always delivers its results, the broader crypto markets are expected to be slow until a spot bitcoin exchange-traded fund (ETF) is approved.
The supply of liquid and highly liquid bitcoin is at its lowest since 2018, while the supply of illiquid bitcoin is at an all-time high and long-term holders are hoarding coins, Blockware Intelligence wrote in a recent newsletter. Meanwhile, there is clearly positive momentum in the creation of new addresses, suggesting an overall uptick in on-chain demand, similar to the trends seen during the 2019 bear market exit.
In a recent note, K33 Research’s Vetle Lunde described July’s trading volume as “anaemic” but wrote that the market was on the precipice of change.
The crypto market experienced an atypical drought, with remarkably low trading volumes and BTC volatility near five-year lows, but the low activity could lead to a sudden burst of volatility, he writes, with potential catalysts such as ETF filings, ongoing legal matters and structural pressures , leading to strategies such as passive long volume exposure and gradual BTC accumulation.
“A deep crypto sleep is usually followed by a violent awakening. “Market volatility pressures are nearing their peak and a breakout is imminent,” he said in the statement.
The only question is: who?
Crypto and the True Meaning of “Radicalism”: Political thinking within crypto has expanded significantly over the past four to five years, with Ethereum smart contracts attracting industrial engineers interested in balanced societal structures and theories such as “radicals Markets” and “Radical Markets” have emerged. regenerative economics” and the rise of “The Blockchain Socialist” as a platform to discuss American economic imperialism and the left-wing perspective on privacy that challenges crypto’s largely libertarian mainstream, argues a new book by Joshua Dávila – also known as The Blockchain socialist.
DeFi is definitely not dead: The summer of 2020’s DeFi era, marked by excesses like yield farming, has evolved, with decentralized platforms emerging as leaders and adopting professional expansion strategies, but the sector still struggles with concentrated power and the challenges of programmers acting as financiers, reflecting an ongoing experimental phase with potential for error.
9:30 am HKT/SGT Aug 9 (01:30 Aug 9 UTC): China’s inflation rate year-on-year
20:30 HKT/SGT Aug 10 (12:30 Aug 9 UTC): US core inflation year-on-year
Coinbase beat analyst estimates for the second quarter, reporting $708 million in revenue and $0.42 in adjusted profit.
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