BTC Price & Temperature

Bitcoin dropped to a 2-month low of ~$60k.

The current drop feels painful, but Bitcoin is still up 100% in 1 year.

The Bitcoin temperature dropped to 2.9, the lowest level since May and, before that, January, before the ETFs were launched.

Bitcoin ETF Inflows Pause This Week

Bitcoin ETF inflows dropped again slightly this week.

Bad News

Mt Gox to return 140,000 Bitcoin

• Defunct Bitcoin exchange Mt. Gox will start distributing Bitcoin stolen from clients in a 2014 hack in July 2024.
• The repayments could be impacting the current Bitcoin price.

This is the only negative news that could explain the current price drop.

Good News

When Will The FED Cut Rates

The market expects two rate cuts this year: the first between September and November and the second in December.

US Interest Payments Cross Nation Defence Expenditure

The high interest rate on such a high debt is unsustainable for the US government.

The FED Is Playing With Fire

As per a report in CNBC, the FED is playing with fire by not cutting interest rates.

2.6 Billion People Experience High Currency Devaluation

Though grim, the above macro news is positive for Bitcoin. It will be a matter of time before the FED responds to the enormous pressure the current interest rate puts on the US government and the economy.

Bitcoin Is The Best Performing Asset Of 2024 And The Decade

Despite today's drop, Bitcoin is still up 56% this year and is the best-performing asset of 2024 and this decade.

Verified List Of Billionaires Who Own Bitcoin

Billionaires like Elon Musk, Mark Zuckerberg, Eric Schmidt, Ray Dalio, Peter Thiel, Paul Tudor Jones, and Jack Dorsey own Bitcoin.

BBVA Recomends Bitcoin

BBVA, one of the largest financial institutions in the world, suggests that exposure to Bitcoin (and Ether) will significantly boost the returns of traditional investment portfolios.

Number Of Whales Increase Last Month

After decreasing in April, the number of Bitcoin whales increased last month. Whales have started accumulating Bitcoin as the price moves sideways.

Standard Chartered Is Building A BTC Trading Desk

The announcement makes Standard Chartered one of the first global banks to enter the spot cryptocurrency trading space.

Michael Dell Hints At Bitcoin Investments

Michael Dell, the founder and CEO of Dell Technologies, who is worth $110 billion, tweeted yesterday: "Scarcity creates value" - hinting at Bitcoin. 

When Does Bitcoin Recover

Willy Woo, a Bitcoin price analyst, predicts that Bitcoin will recover when weak miners die and the hash rate recovers. Usually, it happens within a few weeks of Bitcoin halving, but this time, it's taking much longer.

Bitcoin 4-Year Cycle On Path

Though this fall seems significant, Bitcoin has been on this past in the previous cycles.

Bitcoin Touches On-Chain Cost Basis

The on-chain cost basis serves as a floor during bull markets. Short—term holders don't want to sell at a loss, so they staunchly defend this level by buying BTC when its market price starts approaching it. Sometimes, we get a clean bounce right off of it, and sometimes, we spend a little bit of time hanging out underneath it to gather momentum before escaping its orbit and breaking back above.

Since we did not have a clean bounce off of it, and the bull market is still intact, we may be spending plenty of time around here to gather momentum before moving higher. 

$10M per Bitcoin - Michael Saylor

Michael Saylor joins the rank of people who predict a multi-million dollar price per Bitcoin.

Summary

There seems to be no specific reason why Bitcoin prices are weak while surrounded by good news. I believe this is a consolidation in the middle of a bull run. In the long term, Bitcoin remains on its path to becoming the future of money.

Please give your comments and feedback on this report. See you in the next block.

Sandeep Goenka