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Bitcoin is down to one-month lows, and BTC price predictions are tending to assume worse is to come — how much lower can bears manage?
PLUS: BTC's positive vibes may be waning as outflows from BTC investment products rose for the first time in weeks. But mining is in a better state than it was a year ago.
The U.S. central bank has been telegraphing its intent to renew rate hikes for weeks. ThePersonal Consumption Expenditures report arrives Friday, but cryptos and other risk-on assets have been largely immune to macro events.
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
Digital asset investment products recorded outflows last week for the first time since mid-June, CoinShares reported.
Regulatory uncertainty surrounding Binance, the largest crypto exchange, tends to weigh on crypto prices.
Worldcoin price soared to $3.58 shortly after launching but traders and crypto advocates have many concerns.
MKR looks primed to continue the rally given its recent buyback mechanism and two other key metrics that impact Maker’s price.
Bitcoin price is down today as investors expect the Federal Reserve to raise rates and crypto whales send record amounts of BTC to exchanges.
The latest price moves in crypto markets in context for July 24, 2023.
- 23:38New York State Proposes Crypto Transaction Tax, Projected to Generate $158 Million AnnuallyAccording to a report by Jinse Finance citing Decrypt, New York State legislator Phil Steck has introduced a bill proposing a 0.2% consumption tax on cryptocurrency transactions statewide. The tax is expected to generate an additional $15.8 million annually, with the funds earmarked for anti-drug and intervention programs in upstate New York schools. The tax would apply to digital assets such as NFTs, mining and staking income, and stablecoins. Currently, eight states—including New York and California—already treat cryptocurrencies as cash equivalents for tax purposes and impose capital gains, gift, and estate taxes on digital assets.
- 23:31Overview of Key Overnight Developments on August 1621:00 (UTC+8) - 7:00 (UTC+8) Keywords: US Treasuries, Trump, Federal Reserve 1. The yield on the US 10-year Treasury rose by more than 4 basis points this week; 2. Several airlines in the UAE now support cryptocurrency payments for ticket purchases; 3. The Trump administration is considering using CHIPS Act funds to take a stake in Intel; 4. Federal Reserve Chair candidate Summers: Supports a 50 basis point rate cut by the Fed next month; 5. Bank of America: The Fed's portfolio adjustments could bring $2 trillion to the Treasury; 6. The Fed will cancel plans for dedicated oversight of banks' cryptocurrency and fintech activities; 7. The Ethereum PoS network exit queue has risen to about 818,000 ETH, and the entry queue has increased to about 362,000 ETH.
- 23:01Fortune: Bo Hines Has Received Over 50 Job Offers Since Resigning, Currently Considering Five in the Crypto SectorForesight News reports, according to Fortune magazine, that Bo Hines announced last week he will resign from his position as Executive Director of the White House Crypto Committee after nearly seven months in office. Bo Hines stated that he has received over 50 job offers and is seriously considering five of them, all from the cryptocurrency sector, with no current plans to return to politics. During his time at the White House, Bo Hines contributed to a series of achievements, including the signing of a stablecoin bill and several blockchain-related executive orders. He acknowledged that the work is not yet complete. Congress is still debating a comprehensive piece of legislation that would establish further regulatory guidelines for the operation of the cryptocurrency market. (He declined to comment on the likelihood of the bill passing, stating only that he believes “they will get it done.” Patrick Witt, who served as Bo Hines’s deputy at the White House, is now taking over his position.