Potential Trump victory and rising global liquidy may benefit crypto, analyst says

July 18, 2024 Coin Telegraph

Macroeconomist Lyn Alden assesses the impact of the 2024 US presidential election outcome on Bitcoin and the broader crypto industry.

Macroeconomist Lyin Alden argues that a potential victory for Donald Trump in the upcoming US presidential elections could lead to the extension of corporate tax cuts, which in turn could favor the crypto markets.

These tax cuts, which were approved during Trump’s first presidential term, are due to expire soon but are likely to be prolonged if Trump is elected again.

“The market might be saying that a Trump victory increases the odds of those tax cuts remaining in effect or becoming permanent,” Alden pointed out in the latest interview with Cointelegraph.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits ,997,540,505,103

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Fee war breaks out among spot Ether ETF issuers ahead of listings

July 18, 2024 Coin Telegraph

Coin Telegraph

Franklin Ethereum ETF (EZET) has emerged as the fee race’s frontrunner.

Virtually all of the soon-to-be-listed Ether exchange-traded funds (ETFs) are temporarily waiving or discounting fees as rivalries among issuers heat up ahead of next week’s anticipated listings, according to documents filed with United States regulators.

The promotional discounts range from full waivers to roughly 50% fee reductions and vary in length from six months to a year. Some discounts also expire once ETFs pull a certain amount of assets under management (AUM).

In total, seven out of 10 proposed spot Ether (ETH) ETFs are touting fee cuts. Grayscale Ethereum Trust (ETHE) and Invesco Galaxy Ethereum ETF are opting out of the fee war. The other outlier — ProShares Ethereum ETF — has lagged behind peers in the registration process and is not expected to list next week.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Bitcoin analysts say 74K is the next stop for BTC price

July 18, 2024 Coin Telegraph

Bitcoin Analysis

Bitcoin could be gearing up for a rally to the $74,000 mark, but to confirm the move, it needs to reclaim the old all-time high of $69,000.

Bitcoin analysts are pointing to the $74,000 mark as the next significant price level in the current bull cycle. Here’s why Bitcoin’s price could be headed above the $74,000 mark.

Bitcoin’s (BTC) price could be heading toward the $74,000 mark, or the current all-time high, based on a popular technical chart formation, according to popular analyst Trader Tardigrade.

The trader wrote in a July 18 X post:

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Bitcoin hashrate drawdown hits bear market levels, but miners aren’t selling

July 18, 2024 Coin Telegraph

Bitcoin mining

Could miner capitulation signal that selling pressure is easing, or could it be the death spiral that takes Bitcoin out of its decade-long run?

At the beginning of July, the Bitcoin network’s hashrate drawdown, a metric of relative changes in the network’s overall computing power, sank to levels not seen since the December 2022 bear market. This suggests that some BTC miners are starting to capitulate.

Back in April, Bitcoin successfully underwent its fourth halving event at block height 840,000, cutting the reward miners receive per block found in half to 3.125 BTC, essentially halving their largest source of revenue. Miners receive rewards along with transaction fees when they find a new Bitcoin block, but data shows fees only account for less than 10% of revenues.

Adding to that, Bitcoin’s price recently dropped below the $60,000 mark as selling pressure from German authorities grew and the rehabilitation trustee for the defunct cryptocurrency exchange Mt. Gox started repaying creditors in both Bitcoin (BTC) and Bitcoin Cash (BCH). It has since recovered to around $65,000.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Bitcoin ETFs have 4-8X more BTC price influence than miners — Research

July 18, 2024 Coin Telegraph

Bitcoin

Bitcoin miners' "market influence" pales in comparison to the ETFs and exchanges when it comes to BTC price pressure, says Glassnode.

Bitcoin (BTC) miners have increasingly little impact on BTC price action during sell-offs, new research confirms.

In the latest edition of its weekly newsletter, “The Week Onchain,” analytics firm Glassnode dispelled myths over Bitcoin miners driving markets lower.

Bitcoin miners may have seen tough times since the latest block subsidy halving cut the block reward by 50%, but they should be the least of bulls’ concerns.

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Chainlink’s tokenization sandbox cuts trials to days instead of months

July 18, 2024 Coin Telegraph

blockchain innovation

The sandbox could lead to more financial institutions adopting asset tokenization solutions.

Chainlink is ushering in a new turnkey solution for institutions looking to conduct tokenization trials in the latest development for the tokenization industry.

Chainlink has introduced its new Digital Assets Sandbox (DAS) for financial institutions, which aims to accelerate digital asset innovation.

DAS will enable financial institutions to quickly experiment with new revenue-generating opportunities, like bond tokenization, with improved time-to-market and greater overall efficiency.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Trading on crypto exchanges fell for 3rd month straight in June: CCData

July 18, 2024 Coin Telegraph

centralized exchange trading volume

Combined spot and derivatives volumes on centralized crypto exchanges fell 21.8% in June as crypto exchanges continued to tussle for market share.

Trading volume on centralized crypto exchanges fell by 21.8% in June, marking the third consecutive month that combined spot and derivatives volumes have trended downward since March.

In a July 17 markets report CCData shared that the combined spot and derivatives volume across all centralized exchanges stood at $4.2 trillion in June, down 53% from the record $9 trillion in volume reached in late March.

Additionally, the report pointed to a substantial 9.7% decline in Open Interest across crypto derivatives exchanges, following a series of liquidations triggered by a sharp dip in the price of Bitcoin and other crypto assets in June.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

BlackRock sets spot Ether ETF fee at 0.25% amid rush of S-1 filings

July 18, 2024 Coin Telegraph

21shares

BlackRock’s iShares Ethereum Trust will start at a 0.12% fee until 12 months passes or after it amasses $2.5 billion in net assets, whichever comes first.

Asset management firm BlackRock has set the fee for its spot Ethereum exchange-traded fund at 0.25% ahead of a potential launch next week.

BlackRock’s S-1 registration statement, filed on July 17, explains its fee will be accrued daily at an annualized rate equal to 0.25% of the fund’s net asset value and is payable at least every three months in US dollars, in-kind or a combination of both.

It could “waive all or a portion” of the fee for certain periods, it said, adding that it plans to do this upon launch.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

Spot Bitcoin ETF inflows surge, but BTC struggles to rally above $65K

July 17, 2024 Coin Telegraph

Spot Bitcoin ETF inflows surge, but BTC struggles to rally above K

CME

Arbitrage trading of the spot BTC ETFs and a drop in demand for inflation hedges could be limiting Bitcoin’s price upside.

Since July 5, Bitcoin (BTC) has seen net inflows of $1.91 billion in its US spot exchange-traded funds (ETFs). Despite this, its price has struggled to stay above $65,000.

Meanwhile, the S&P 500 index reached an all-time high on July 16, and gold, considered the world's largest reserve asset, traded at a historical high on July 17. This indicates that the factors hindering Bitcoin's performance are not tied to the traditional finance markets. But what exactly is causing this underperformance?

To begin with, buyers of spot ETFs might have shifted away from spot positions, possibly for tax reasons or to use those shares as collateral for traditional finance trades. Additionally, major holders of these ETFs include hedge funds known for arbitrage trades, which aim to profit from market inefficiencies without betting on price movements. For example, the cash and carry trade involves selling Bitcoin futures while simultaneously buying the equivalent spot ETF position.

JPMorgan Chase Issues Warning To Investors As US National Debt Hits $34,997,540,505,103

OKX exchange exiting Nigeria due to regulatory concerns

July 17, 2024 Coin Telegraph

Binance

Though the announcement came as a surprise to many users, OKX has been winding down features in the Nigerian market for months.

OKX is exiting Nigeria and halting services for all Nigerian customers, the crypto exchange revealed in an email sent to Nigerian clients on July 17.

OKX cited "recent changes in local laws and regulations" as the primary reason for ceasing services in the country and an August 16, 2024, deadline for users to access the platform's features. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or close out positions.

OKX suspended Naira withdrawals in May 2024, citing regulatory concerns, after the Nigerian government accused Binance of manipulating the country's fiat currency, money laundering, and tax evasion schemes earlier that year.

Coin Telegraph

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