Trump Dodges Bullets, Bitcoin Dodges Bears – What a Week!

Hey there!

Donald Trump survived a shooting, and the crypto market shot up. Oh, and if that wasn’t enough, Joe Biden has decided not to run for re-election and is now endorsing Kamala Harris!

What a wild week. 

Let’s check out the market sentiment with the Fear and Greed Index.

We are in the green folks!

Tl;Dr

• Bitcoin and Ethereum surge amidst institutional buying, with BTC nearing $70,000 and ETH at $3,500.

• Vitalik Buterin warns against politicizing crypto endorsements, urging focus on broader technological freedoms.

• Binance US to invest customer assets in U.S. Treasury bills as part of SEC compliance measures.

Anyway, let’s look at the markets.

Market Movements

• Bitcoin

• Ethereum

• Pepe

Bitcoin (BTC)

Since July 8, Bitcoin's been on a tear! BTC jumped from $55,600 to $67,000, flipping the 20-day, 50-day, and 200-day SMAs from resistance to support along the way. The Elliott Wave Oscillator has transitioned from red to green, showing that the buyers are currently in full control.

According to IntoTheBlock, we have a strong resistance wall at $68,500. Nearly 740k addresses bought over 450k BTC here. If the buyers break through this barrier, BTC should be back in the $70,000 range.

Here is another interesting chart.

Since the beginning of 2024, the number of addresses holding their coins for over a year has steadily increased. Speaking of which, BTC has seen truly historical volumes.

Bitcoin has seen historical volumes, with about $46.4 billion in daily on-chain volume and filtered economic transfers of around $6.5 billion per day, comparable to traditional payment processors like Visa and Mastercard.

Ethereum (ETH)

Since July 8, Ethereum's price has surged from $2,900 to $3,500, breaking through the $3,000 and $3,500 psychological levels, as well as the 20-day, 50-day, and 200-day SMAs. The 50-day SMA was particularly tough for ETH to conquer. The Parabolic SAR has flipped from bearish to bullish.

Immediate resistance is at $3,600. Previously, 3M addresses had purchased 1.36M ETH at this level.

Overall, things are looking pretty bullish. According to CryptoQuant, if the Taker Buy/Sell Ratio continues its upward trend, Ethereum may see a mid-term bullish trend, with prices likely to rally.

Pepe (PEPE)

PEPE has been on a tear, surging 47.5% over the last seven days. During this run, PEPE managed to flip the 20-day and 50-day SMAs from resistance to support. The MACD shows that market momentum has turned from red to green. If the buyers keep this momentum, PEPE should take down resistance at $0.0000165.

Vitalik Buterin Warns Against Politicizing Crypto Endorsements

Vitalik Buterin, co-founder of Ethereum, expressed concerns about endorsing political candidates solely based on their pro-crypto stance, cautioning that this could undermine the core principles of cryptocurrency. Highlighting regulatory efforts like the FIT21 Act in the US and the MiCA regulation in the EU, Buterin argued these could conflict with crypto's foundational values. 

Buterin also criticized initiatives like StandWithCrypto for their narrow focus on cryptocurrency issues. He urges the community to support candidates with a comprehensive understanding of technological freedoms to stay true to crypto’s foundational principles.

His blog post has sparked intense reactions within the crypto community. Figures like Messari CEO Ryan Selkis criticized Buterin's political naivety, while others acknowledged the importance of his concerns.

Binance US to Invest Customer Assets in US Treasury Bills

Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia has ordered Binance US to invest certain customer assets in U.S. Treasury bills, citing their security as they are backed by the U.S. Treasury Department. Additionally, Binance US must transfer crypto assets to a third-party custodian not affiliated with the exchange.

Binance US must work with third-party investment advisers to manage BAM Trading Services Inc. and BAM Management US Holdings Inc. BAM can invest customer fiat funds at BitGo in Treasury bills maturing on a four-week rolling basis, ensuring no Binance entities are involved and sufficient funds for withdrawals. This ruling is part of the SEC's case against Binance for allegedly misleading customers and operating as an unregistered exchange.

What do you think about this move? Will this encourage more crypto companies to invest customer assets in traditionally “stable” government-backed assets?

Think about it and let us know.

We’ll be back this Friday.

Cya!