Trump, Musk, and Bitcoin's Recent Rebound

Bitcoin regains momentum after a 4-month low this month, backed by support from Donald Trump and his VP pick, JD Vance, Elon Musk tweets about the dollar's debasement, and more in this week's Bitcoin Insights.

Trump, Musk, and Bitcoin's Recent Rebound

I was traveling for the past two weeks, so BTC Insights is back after a brief pause.

🌑️ Bitcoin Temperature

Bitcoin hit a 4-month low of $54k in July and has since recovered sharply to $66k.

The Bitcoin temperature dropped to the Fear zone and reached a 5-month low, but it re-entered the Neutral zone.


πŸ“ˆ Market Signals

Bitcoin ETF flows increased healthily in July to touch a new all-time high of 296k Bitcoin and have been on an upward trend since May 2024.

Inflation rates have been falling regularly since March and touched 3% in June. The market expects interest rate cuts, so U.S. stock prices are high, and Bitcoin's bullishness is renewed.


πŸ—žοΈ Bitcoin Bytes

  • Standard Chartered forecasts Bitcoin could reach a new all-time high in August and potentially hit $100,000 by the U.S. presidential election in November.
  • Bitcoin's price surged amid rumors of a potential U.S. Bitcoin Strategic Reserve creation by Donald Trump. Read more on Forbes.
  • Donald Trump's pick for vice president is JD Vance, who is pro-Bitcoin and holds around $200k worth of Bitcoin at Coinbase. Read more on Business Insider.
  • Billionaires are selling Nvidia and turning to Bitcoin funds for investment. Read more on The Motley Fool.
  • Ethereum ETFs surpassed $1 billion in trading volumes on their first day. Read more on TheStreet.
    • My take: The Ethereum price in Bitcoin is still only 0.05, far lower than historical highs.

πŸƒBit Laughs

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Summary

The good news about Bitcoin and the bad news around the U.S. Dollar continues to gain momentum.


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

Sandeep Goenka