State of the Market

Crypto Market Soars Amid IT Outage and Biden Dropout 📈💥

Friday's crypto rally broke away from the usual correlation with U.S. equities, which continued their downward spiral. Bitcoin led the charge, smashing through the $67K barrier as cryptocurrencies surged following a global IT outage. On Sunday,  Bitcoin and other top cryptocurrencies briefly plunged following Biden's dropout announcement, leading to a spike in liquidations. However, Bitcoin has since rebounded, reaching its highest price in over a month. Bitcoin closed its weekly candle above $68,000 and enabled a bullish setup to approach the All-Time-High zone. Seat your belts, crypto degens!  🚀

BlackRock's iShares Bitcoin Trust Dominates Inflows. The iShares Bitcoin Trust (IBIT), managed by BlackRock, attracted a hefty $212 million inflows, even as Grayscale faced losses over the last two days. This strong performance from BlackRock's ETF is bolstering positive flows in the Bitcoin market, counterbalancing the negative impact of Grayscale's outflows. 💪📊

Bitcoin's Momentum Faces Potential Sell-Off Pressure. Despite Bitcoin's recent surge above the Weekly 20 SMA at $65,500, Coinbase analysts warn that sellers might capitalize on the digital asset's price appreciation. Increased sell orders on exchanges like Coinbase could limit further gains as traders and investors take advantage of the high prices to liquidate their holdings. 🏦🔻

Option Traders Eyeing Bitcoin Amid U.S. Elections. QCP Capital analysts note that option traders are gearing up for potential Bitcoin price hikes amid the upcoming U.S. elections. Bitcoin options open interest shows a concentration of calls with strike prices of $67,000 expiring at the end of July and $100,000 expiring at the end of December 2024. 📆💡

Chart of the day

Will the UK government sell their BTC stack like Germany?

With the Labour Party now steering the ship in the UK, there's a buzz about what Chancellor Rachel Reeves might do with the country’s hefty Bitcoin stash of 61,245 BTC. Considering Germany's recent Bitcoin sale, this speculation isn't out of the blue. 💷🏠

Reeves has the power to direct these funds and could use them to back Labour's big plans like affordable housing and better rail systems. The timing of any decision on this front will likely hinge on global crypto market trends and the broader economic landscape. 🚆

Most important news of the day 

Ethereum ETF Launch

Mark your calendars for July 23, as five spot Ethereum ETFs from heavyweights like Fidelity and VanEck are set to launch, according to Cboe. This move is anticipated to bring Ethereum into more traditional investment portfolios, potentially boosting its market exposure and attracting a wider investor base. 🗓️💹

Global IT Outages and Cryptocurrency Resilience 

A major IT outage triggered by a CrowdStrike update wreaked havoc across multiple global industries, sparing Bitcoin's operations. This disruption highlights the robustness of decentralized networks, which kept ticking even as centralized systems, including banks and emergency services, faltered. It's a testament to the resilience of blockchain technology during IT crises. 🏦💥

Regulatory and Legal Developments 

Binance has received judicial approval to invest customer assets in U.S. Treasury Bills, presenting a safer asset management approach amid increasing regulatory scrutiny. 🏛️💵

South Korea has rolled out its first crypto regulatory framework, emphasizing investor protection. Local exchanges must now keep at least 80% of user deposits in cold storage. ❄️🔐

WazirX fell victim to a massive theft, with attackers converting $235 million worth of stolen funds into Ethereum. 🏴‍☠️🔗

The fallout from the WazirX exploit has sparked a blame game between the exchange and Liminal Custody over the management and security of multisig wallets. 🔄🔒

Political Figures and Cryptocurrency

In a dramatic shift, Donald Trump has gone from crypto skeptic to advocate, now urging the U.S. to lead in crypto innovation and even considering Bitcoin as a strategic reserve asset. 🏛️🪙