The U.S. Commodity Futures Trading Commission (CFTC) filed a case against Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC for civil violations of the Commodity Exchange Act (CEA), specifically involving cryptocurrency investments. The court granted the CFTC’s motion for summary judgment on Monday, finding that the defendants misrepresented the performance of their crypto funds, operated a […]
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Market Analysts Eye July for Potential Big Wins in Bitcoin and Ethereum — Here’s Why
In the financial market, historical trends often offer a glimpse into potential future outcomes and so far, July has historically been a strong month for both Bitcoin and Ethereum, and analysts are eyeing this pattern to predict another fruitful period.
A Profitable July For Bitcoin And Ethereum
According to seasoned market analysts from QCP Capital, Bitcoin has displayed a median return of 9.6% in July over the years, with a pattern of bouncing back significanly following lackluster performances in June. This year, Bitcoin’s decline of nearly 10% in June sets the stage for a possible uplift in July based on these historical insights.
3/ Looking at seasonality, BTC has a median return of 9.6% in July and tends to bounce back strongly especially after a negative June (-9.85%).
— QCP (@QCPgroup) July 1, 2024
Adding to the optimistic outlook, Coinbase analysts David Duong and David Han have corroborated the trend, noting that improved liquidity conditions expected in July could further “bolster” the market.
The aftermath of June’s sell-offs has cleansed the market of excess positions, potentially paving the way for more stable and positive price movements.
Moreover, the trading volumes for Bitcoin and Ethereum, encompassing both spot and futures across global exchanges, have witnessed a dip from billion in May to billion in June. This consolidation in trade volumes is seen as setting a healthier stage for the next wave of market activity, according to the analysts..
The positive July seasonality is not just a pattern observed in the top cryptocurrencies but is also underpinned by broader market dynamics.
Analysts like Ali have pointed out that the recovery patterns post-June slumps particularly indicate “strong bounce back” in July performances historically.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
This has been particularly true for Bitcoin, which has shown an average return of nearly 8% during this month.
BTC Current Market Performance
It is worth noting that the setup for a bullish July is further supported by the technical analysis of Bitcoin’s recent price movements.
In the past 24 hours alone, Bitcoin has surged by 2.7% currently trading at ,104, marking a promising start to the month. This recent uptick has pushed its weekly gains to a similar 2.7%, reflecting growing investor confidence.
Despite these historical and current positive indicators, the predictions aren’t without their challenges. Market conditions, including macroeconomic factors and regulatory developments could still influence crypto prices in a way not expected.
Additionally, while analysts provide a hopeful outlook based on statistical and historical data, the volatile nature of cryptocurrency markets means that significant divergences from past trends can still occur.
Featured image created with DALL-E, Chart from TradingView
Tron Founder Justin Sun Wins Landmark Defamation Case Against Chinese Media Group
A court in China has ruled in favor of Justin Sun in his defamation lawsuit against the Chongqing Business Media Group. In its verdict, the court stated that claims of Sun’s involvement in insider trading, fraud, and money laundering were “entirely unsubstantiated.” The Chongqing Business Media Group subsequently removed all of its false content and […]
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SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins
Anthony Scaramucci, the founder of SkyBridge Capital, has predicted that Bitcoin could reach new all-time highs (ATH) when his preferred presidential candidate wins. He also claimed that crypto “has already won” following recent developments in the industry.
Bitcoin Could Rise To As High As 0,000 When Joe Biden Wins
Scaramucci mentioned during an interview on Unchained that he believes that the market will witness a new ATH for Bitcoin during a second Biden administration if the incumbent US President wins his reelection bid. As to how high Bitcoin can rise, Scaramucci predicts that the flagship crypto will rise to between 0,000 and 0,000.
The SkyBridge Founder also revealed that he would be voting for Joe Biden and claimed that the good news for those who support Biden and crypto is that the “needle” has moved in a positive direction. Scaramucci tried to banish the belief that this current government is anti-crypto, noting that the Spot Ethereum ETFs have been approved, and there could be more layer-1 ETFs.
Scaramucci further stated that although Biden vetoed the SAB 121 bill, he believes there will be a crypto bill in the ensuing congressional term that Biden will be willing to sign. Scaramucci is also bullish on Biden’s second term in relation to crypto because he believes that the “anti-crypto nonsense,” which he says is sponsored by Senator Elizabeth Warren and Gary Gensler, will be in the past by then.
Interestingly, Scaramucci served as the White House Director of Communications under former US President Donald Trump, making his support for Biden surprising. Trump had also recently affirmed his support for cryptocurrencies, suggesting he was more open to Bitcoin and other crypto assets than Biden.
However, despite all these, Scaramucci explained he isn’t supporting Trump because the former US President is “very transactional.” He noted how Trump had an anti-crypto stance while he was still President and has now made a complete turnaround, suggesting that Trump might just be supporting crypto because he wants to get votes from the crypto community.
Why Crypto Has “Already Won”
Scaramucci stated that the crypto industry has already won because it beat Warren and Gensler, who he claims are very Trump-like and “authoritarian and autocratic.” He also noted how the crypto industry has defeated the Securities and Exchange Commission (SEC) in court on several occasions, with some of these cases causing the Commission to pay fines and be rebuked by Judges.
Scaramucci also claimed that the SEC has been pressured by Biden’s administration and his campaign team, who have realized that being anti-crypto is bad for Biden’s campaign. Based on those points he outlined, Scaramuci again reaffirmed that the crypto industry has won against those who are anti-crypto.
Ripple Wins Partial Summary Judgment in Securities Lawsuit
The U.S. District Court for the Northern District of California has issued an order granting in part and denying in part the motion for summary judgment in a lawsuit concerning allegations of securities law violations against Ripple Labs, XRP II, and Ripple CEO Brad Garlinghouse. Court Ruling on Ripple’s Securities Lawsuit The U.S. District Court […]
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Standard Chartered Predicts Bitcoin to Hit $100K Pre-Election, $150K if Trump Wins
Standard Chartered expects bitcoin to climb to 0,000 as the U.S. presidential election approaches and potentially reach 0,000 if former U.S. President Donald Trump wins. The bank’s head of digital asset research cites Trump’s perceived crypto-friendly stance as key for this bullish outlook for bitcoin. Trump’s administration is seen as fostering a supportive regulatory environment, […]
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Week of Wins in Crypto: PEPE Skyrockets 78%, Ethereum Up 27%
The crypto economy has had a decent week filled with gains as bitcoin rose 2.8% and ethereum jumped by 27% this past week. The week’s biggest leader, however, was pepe (PEPE) which rose 78.5% over the seven-day run. Broad Crypto Market Gains Nearly two dozen crypto assets witnessed double-digit gains this past week with PEPE […]
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Crypto Trader Predicts Next 100x Opportunity After 170x And 520x Wins
One of the crypto community’s most notable traders at the moment, Ansem (@blknoiz06), has recently ignited interest with his latest prediction, claiming another potential 100x opportunity. This time, his focus is on a new development on the Bitcoin network, which he believes is currently undervalued by the market.
Ansem stated via X:
Next 100x opp is runes on Bitcoin, 95% of CT is not paying attention to this at all compare volumes on Solana memecoins to current unisat volume & consider the wealth effect if Bitcoiners have their own native altcoins to buy provenance will b v imp here also imo.
An In-depth Analysis Of Ansem’s Successes
Lookonchain, a reputable on-chain analysis firm, provided an exhaustive look at Ansem’s latest trading history and strategy. Their analysis reveals a pattern of early investments in nascent cryptocurrencies that later became highly lucrative.
Ansem(@blknoiz06) – the best crypto trader who:
170x on $SOL 520x on $WIF 80x on $BONK
Yesterday, he tweeted that the next 100x opp is runes on Bitcoin.
1/
Let’s dig into his trading strategy. pic.twitter.com/vN2N2Aekbz
— Lookonchain (@lookonchain) April 17, 2024
On January 1, 2021, Ansem invested in Solana when it was priced at just .5. By November of the same year, the value of Solana had skyrocketed to 0, a return that significantly outpaced market expectations, netting a gain of over 170x.
Ansem’s acute sense of market potential was again on display with his investments in WIF and BONK. His tweet on December 12, 2023, suggesting that WIF had potential similar to SHIB (Shiba Inu), preceded a massive surge in WIF’s value from .09 to .85.
Similarly, his endorsement of BONK led to an impressive 80x increase in its price. “On October 30, 2023, Ansem tweeted ‘bonk great coin’, and then BONK skyrocketed! 4 months later, BONK exceeded .000047,” the firm stated.
Lookonchain further highlighted, “Ansem combines a strategic allocation of 70% in long-term holdings with 30% dedicated to short-term, speculative trades. This balanced approach helps mitigate risk while capitalizing on high-return opportunities. His success is a testament to his deep market insights, disciplined investment strategy, and timely execution.”
How To Follow The Crypto Traders’ Prediction
In response, prominent crypto analyst Cyclop (@nobrainflip), who boasts 346,000 followers, analyzed Ansem’s current prediction. He explained that the hype revolves around a newly developed protocol named Runes, created by the inventor of Ordinals, Rodarmor. Runes allows for the issuance of fungible tokens directly on the Bitcoin network, operating as a more integrated alternative to the BRC-20 protocol.
Unlike BRC-20, which follows an account model akin to Ethereum’s, Runes utilizes Bitcoin’s UTXO (Unspent Transaction Output) model, potentially offering a more seamless integration with Bitcoin’s existing infrastructure.
Notably, Runes are not just an alternative; they aim to replace the BRC-20 entirely. The protocol charges fees in BTC for creating tokens and is set to launch on Bitcoin’s halving day, April 19. The development of the Runes ecosystem is gaining traction, with various projects, tools, and platforms beginning to emerge.
With the anticipated launch of Runes scheduled for Bitcoin’s next halving day on April 19, the ecosystem around this new protocol is quickly developing. A variety of projects are already preparing to utilize Runes, with tools, launchpads, and other resources being actively developed.
The most notable, according to cyclop, are:
- Runecoin (RSIC): This project allows users to mine tokens in anticipation of the Runes launch. It has already distributed a 21,000 RSIC miner airdrop to over 9,000 wallets that hold Ordinal collections.
- Runes Terminal (RUNI): Aimed at developers, this platform is creating a test environment for Bitcoin applications that will utilize the Runes Protocol, facilitating innovation and simplification in the transition to new applications on the Bitcoin network.
- Pups Token (PUPS): With a pre-mint supply of 10 million tokens, this project plans an airdrop for holders of Rune Pup ordinals, who can also participate in token-burning events to reduce supply and potentially increase value.
The crypto analyst also advised that the hype around Runes is just starting. The “Ordinals community has spurred numerous projects to offer Runes airdrops. Thanks to Magic Eden, a new tab now conveniently lists all collections confirmed to distribute Runes to holders in one place.”
At press time, PUPS traded at .96, down 68% from its all-time high.
Latam Insights: Brazil to Offer Bitcoin Futures, Paraguay Battles Mining, Worldcoin Wins in Chile
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Brazilian stock exchange will offer bitcoin futures contracts, Paraguay advances measures to curb illegal bitcoin mining operations, and Worldcoin gets a legal victory in Chile. Brazilian Stock Exchange B3 to List Bitcoin […]
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Latam Insights: Bukele Wins Presidential Ballot by Landslide, Brazil Strengthens Crypto Tax Oversight
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements, and Argentine President Javier Milei warns there will be no dollarization this […]
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