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The head of research for digital asset manager 3iQ wrote that the largest cryptocurrency by market capitalization is still riding tailwinds from multiple spot bitcoin ETF filings and other June events.
Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.
Such ETFs have existed for some time in Canada and Europe, but have failed to attract large investor interest, the report said.
PLUS: Bitcoin tumbled below $30,000 for the first time in almost two weeks after a disappointing ADP private sector jobs report and ISM services index, but regained some ground later on Thursday.
- 03:44The S&P 500 index has experienced a "death cross," the first occurrence since March 2022Golden Finance reports that although the S&P 500 index rose on Monday, it showed a "death cross" signal, with the 50-day moving average crossing below the 200-day moving average for the first time since March 2022. Technical analysts typically view a death cross as a signal that downward momentum will intensify. While this index has usually experienced further declines after previous death crosses, such pain is often short-lived. Data shows that the overall average of the S&P 500 index tends to rise three months, six months, and twelve months later by 2.5%, 4.2%, and 5.8% respectively. Paul Ciana, Chief Technical Strategist at Bank of America Securities, stated that there is no definitive conclusion regarding the impact of the S&P 500's death cross on future market performance. A key factor is whether the closing value of the 200-day moving average has declined over the past five trading days. If so, it may indicate greater downside potential for stocks in the near future. According to Ciana, this could be a clear sign that the index might retest last week's low point of 2025.
- 03:40The number of active addresses on the network has increased by over 130% in the past week, and the number of transactions has grown by 42%According to a report by Golden Finance, data from DappRadar shows that in the past 7 days, the number of independent active wallets (UAW) on the Abstract network, supported by Pudgy Penguins' parent company Igloo, increased by 130%, reaching 110,000. Meanwhile, the network's transaction volume grew by 42% to 1.38 million transactions, and Dapp transaction value rose by 94% to $3.83 million.
- 03:17Analysis: The market is focused on Powell's speech this week, with interest rate cut expectations and global economic recession risks remaining the focal pointsOdaily Planet Daily reported that Carlos Guzman, a research analyst at cryptocurrency market maker GSR, stated that market participants will closely watch Federal Reserve Chairman Jerome Powell's speech this week. They are eager to understand the Fed's stance on potential recession issues. He noted, "When the tariff policy was put on hold, people's main concern was that it could lead to a massive economic contraction. At that time, the market expected interest rate cuts four times this year." After Trump announced last week a 90-day suspension of most tariffs, expectations for a recession have decreased and so have expectations for interest rate cuts. However, Guzman mentioned that the market still anticipates more rate cuts than before Trump's announcement of the tariff pause. He said: "If the global economic situation looks bad, the Fed may implement more stimulus policies. This could be positive for cryptocurrencies in the medium term, although in the short term due to recent volatility, the impact may be smaller."