📊 Crypto Journal Monday, July 1, 2024
Key Developments This Week Bitcoin Price Pushes to $63K Bitcoin (BTC) has reached the crucial $63,000 mark, even flirting with $63,700, representing a 2.6% increase in the past 24 hours.
Analysts remain optimistic about BTC’s future, especially given historical performances in July after a negative June.
This coming week promises to be exciting with significant economic events in the US, such as the ISM Manufacturing PMI data, speeches from Fed Chair Powell, and the June jobs report, all of which could influence the crypto market.
Solana Leads Altcoin Recovery Solana (SOL) jumped nearly 5% to $150, marking significant growth in the altcoin market. Other major altcoins like LINK, AVAX, and NEAR also saw substantial gains. Interestingly, meme coins on Solana and Base are performing significantly better than average, with gains of up to 13%.
Focus on Central Banks Bloomberg analysts predict interest rate cuts in 2024 and 2025, depending on inflation trends. While the Federal Reserve remains cautious with rate changes, other central banks worldwide have already begun cuts. This policy could impact the crypto market, especially if global rates drop faster than expected.
Mt. Gox Distribution of $9 Billion in Bitcoin The infamous Mt. Gox exchange, which collapsed in 2014 after a hack that lost 850,000 BTC, announced it will start distributing $9 billion worth of recovered Bitcoin to affected customers starting next month. This move could cause significant selling pressure in the market.
New Regulations in the US The US Treasury Department has finalized new rules ensuring that crypto traders pay the correct taxes. Platforms like exchanges will have to report transactions to the IRS starting in 2026, increasing market transparency.
Sony Enters the Crypto Market Sony is set to launch its own crypto exchange by redesigning and renaming the Japanese platform WhaleFin to S.BLOX Co. This move fits within Sony’s broader strategy to expand its presence in the Web3 sector, including investments in blockchain initiatives and a new stablecoin project tied to the Japanese Yen.
Bitcoin ATMs on the Rise Globally, the number of Bitcoin ATMs is increasing again, with a 17.8% rise in the past twelve months. Particularly in Australia, the number of installations is growing rapidly, reflecting global demand for localized financial services.
Optimism About Web3 Gaming Sony is innovating in the gaming sector using blockchain technology and NFTs, offering new possibilities for players to own and trade their in-game assets outside the game.
Bitcoin Starts July Strong, but Caution is Advised Bitcoin started July strong, but analysts warn of potential obstacles such as the selling pressure from the Mt. Gox distribution and profit-taking by investors.
That’s it, till next time!
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