🚀 GoMarket Weekly #19 🚀

We’re thrilled to present the latest edition of GoMarket Weekly, authored by our expert crypto market analyst, Mike Ermolaev! This week, we explore Bitcoin's local bottom, Ethereum's promising ETF launches, recent hacking incidents, and key legal, regulatory, and political developments in the crypto world.

🔍 Bitcoin Finds Local Bottom, Anticipates Upward Momentum

Bitcoin's trading range this week, between $56,930 and $65,866, reflects heightened volatility. On-chain indicators suggest Bitcoin may have found a local bottom, as large sellers have exhausted their selling power. Traders' unrealized margins have improved significantly, indicating potential upward momentum. The German government's Bitcoin liquidation raised €2.6 billion ($2.88 billion), which helped reduce selling pressure and may pave the way for price recovery.

🌐 Spot ETFs Spark Optimism for Ethereum

Ethereum (ETH) traded between $3,061 and $3,503, posting a 10% gain for the past week. The launch of spot ETFs is expected to change Ethereum's market dynamics significantly. Several Ethereum-ETFs have updated their filings with the SEC, with U.S. trading likely to begin on July 23, sparking optimism for substantial market inflows. Bitwise forecasts a potential price rise above $5,000 following these launches.

🛡️ Hacking Incidents Raise Security Concerns

Creditors of Mt. Gox have reported multiple attempted hacks on their accounts, raising security concerns. Additionally, Indian crypto exchange WazirX suffered a major hack, losing over $230 million, allegedly carried out by North Korean hackers.

📜 Major Political and Legal Shifts Impacting Crypto

Donald Trump has selected pro-crypto Ohio Senator JD Vance as his vice-presidential pick, potentially influencing future crypto-friendly policies. In a contrasting development, Senator Bob Menendez, known for his anti-Bitcoin stance, has been found guilty of bribery. Furthermore, FTX and the CFTC have agreed on a $12.7 billion settlement to compensate exchange clients, marking a significant resolution in the regulatory saga. Additionally, Craig Wright has published a legal notice on his website declaring he is not Satoshi Nakamoto, aiming to end the controversy and legal battles surrounding his identity.

For more details, check out the full analysis and stay tuned for more insights and updates in next week's GoMarket Weekly!

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Crypto World Highlights for July 19th

-Political Speculation and Market Dynamics

Bitcoin's price slumped towards $63K amid intensified speculation that President Joe Biden may not seek re-election, influencing market perceptions and the odds of a potential Trump presidency, which has shown to be more crypto-friendly.

Bitcoin balances on exchanges have risen by $4.1 billion in the last 30 days, suggesting a reversal in the previous trend of outflows, which could have implications for market liquidity and volatility.

Indicators suggest Bitcoin may have reached a local price bottom, with potential for upcoming positive momentum, according to analysis from CryptoQuant.

Rumors suggest Donald Trump might announce Bitcoin as a strategic reserve asset, a move that could have significant implications for Bitcoin's role and perception globally.

A potential Trump victory in the 2024 U.S. presidential election could benefit the crypto market, according to macroeconomist Lyn Alden, who highlights the broader implications of global liquidity trends on cryptocurrencies.

-Security Incidents and Distributions

Indian exchange WazirX was hacked for $230 million, reportedly by North Korean hackers, highlighting ongoing security challenges in the crypto space.

BlockFi is set to begin processing crypto distributions via Coinbase, although non-U.S. clients will currently be excluded from these distributions.

-Legal and Market Interventions

Ripple, Chainlink, and Circle were named the top workplaces for Millennials, indicating a strong organizational culture that could attract young talents to the crypto industry.

Experts debate the legal justifications of Germany's recent $2.8 billion Bitcoin sell-off, which some view as market intervention.

-Technical Analysis and Market Trends

Bitcoin's Relative Strength Index (RSI) suggests more upside potential, as the market battles for the $65K level amidst unfolding price action and market sentiment.

Many Mt. Gox creditors are opting to hold their Bitcoin payouts, rather than selling, as a significant portion of the Bitcoin owed remains undistributed.

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📜Crypto World Highlights for July 19th

-ETH ETF Launch Updates

ETH ETFs are officially set to launch, marking a significant milestone that could potentially increase Ethereum's visibility and accessibility to a broader range of investors.

-Market Trends and Investor Sentiment

Retail demand for Bitcoin has hit a three-year low, with Google search interest also significantly declining, suggesting that a major bull run might be out of reach in the immediate future.

Option traders are positioning for a potential Bitcoin price upswing, particularly around the U.S. elections, with significant activity around calls expecting Bitcoin to reach $67,000 by the end of July and $100,000 by the end of December 2024.

JPMorgan analysts have expressed skepticism regarding the sustainability of any upcoming crypto rebounds, though they anticipate that both Bitcoin and gold may benefit from a potential second Trump presidency.

XRP trading volumes have surged above those of Bitcoin on South Korean exchanges, driven by optimism about a potential Ripple settlement.

-Political Figures and Cryptocurrency

Donald Trump's evolving stance on Bitcoin highlights a shift from viewing it as "a scam" to potentially embracing cryptocurrency as a strategic asset in his potential re-election bid.

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📊Best analysis and insights (15-21 July)

Decentralized exchanges (DEXs) are gaining a significant market share, with their spot trade volume ratio to centralized exchanges (CEXs) reaching an all-time high of 13.76%. This reflects a growing preference for platforms that offer direct peer-to-peer trading without intermediary control.

J.D. Vance, a Bitcoin holder, potentially becoming the U.S. vice president, could herald significant policy shifts favoring cryptocurrency. His position could influence broader regulatory and development trajectories within the crypto industry.

Former President Donald Trump's potential announcement of Bitcoin as a U.S. strategic reserve asset could have profound implications for Bitcoin's role and value on a global scale.

Despite over 36% of Mt. Gox’s Bitcoin being distributed to creditors, Bitcoin whales continue to accumulate, indicating strong confidence in Bitcoin's long-term value amidst potential selling pressure from these distributions.

Bitcoin mining companies are diversifying their business models by leveraging their computational resources for AI applications, reflecting a strategic pivot to capitalize on the booming AI sector.

The UK's new Labour government could potentially liquidate its Bitcoin holdings, following Germany's recent example, which could influence Bitcoin's market dynamics depending on how these assets are managed or sold.

The stablecoin sector marks its tenth year, showing maturity with robust infrastructure and clearer regulatory frameworks, positioning it for broader adoption and resilience in financial markets.

Donald Trump has expressed a renewed and positive perspective on Bitcoin, describing his experience as "eye-opening" and emphasizing the need for the U.S. to lead in crypto innovation to stay ahead of global competitors like China.

The rise of "Big AI" is discussed as a pivotal socio-economic issue, with potential impacts on sovereignty, the social contract, and human agency, highlighting the need for careful management of emerging technologies.

#GoMining #MarketReview

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📈 GoMining Secondary Market Weekly Stats!

💸 Last week, we recorded a trading volume of 863,753 $GOMINING tokens.

🏆 Top Sales Performance:

💎 TRUST 0003: Sold for $634/1 TH
💎 GIFT 0313: Achieved $285 per/1 TH
💎 MINEBOX 75246: Closed at $260/1 TH

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HTX Live Recap: BTC Mining Revolutionized With GoMining!

In a recent AMA on HTX Live our CEO Mark Zalan joined Ruth from HTX Live to discuss the future of bitcoin mining and the transformative impact of GoMining on the industry. During the session, they covered various topics, including the latest advancements in mining technology, sustainability initiatives, and the overall direction of the cryptocurrency sector.

Mark and Ruth provided insightful answers to users' questions, shedding light on how GoMining aims to revolutionize the BTC mining landscape by making it more efficient and accessible. They emphasized the importance of innovation and sustainability in driving the industry forward.

👉 Read full article 👈

Thank you to everyone who participated and made the AMA a success! Stay tuned for more updates and join us in shaping the future of cryptocurrency mining with GoMining.

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🎥GoMining on YouTube: Ethereum Whale Activity Amid ETH Optimism

In our latest video, we dive into the recent surge in Ethereum whale activity and the optimistic trends surrounding ETH. Join us as we explore the implications of these movements on the market and what they could mean for Ethereum's future.

👉 Watch now on our YouTube channel 👀

Stay tuned for more updates!

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📜Crypto World Highlights for July 23rd

-Market Movements and ETFs.

Bitcoin's price surged briefly above $68K, buoyed by speculations of a potentially crypto-friendly U.S. government following Joe Biden's exit from the presidential race.

In response to China's first interest rate cut since August 2023, Bitcoin prices saw a temporary lift before experiencing a retracement, reflecting the global impact of macroeconomic policies on cryptocurrency valuations.

Bitcoin futures markets are indicating strong bullish sentiment, with targets set around $72K as the futures premium hits a five-week high.

The introduction of eight spot Ethereum ETFs is a significant development, though market reactions may vary with some analysts predicting underwhelming demand due to less conviction about their market impact.

Hong Kong is set to launch Asia's first inverse Bitcoin ETF, providing traders a novel tool to hedge against Bitcoin's volatility.

-Industry Challenges and Strategic Adjustments

Swan Bitcoin has announced significant operational changes, including the shutdown of its mining unit and a delay in its IPO plans, underlining the challenges within the sector.

HIVE Digital Technologies is expanding its operations in Paraguay, planning a new 100 MW crypto mining facility, reflecting ongoing growth and investment in infrastructure despite market volatility.

Bitdeer Technologies is highlighted as a potential takeover target within the industry, indicating ongoing consolidation and interest in strategic acquisitions.

-Market Analyses and Predictions

Despite political upheavals, the performance of Bitcoin is more closely tied to the U.S. dollar rather than political events, suggesting that economic factors may play a larger role in its valuation than electoral politics.

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🔄 Concluding the 48th Burn & Mint Cycle!

🔥 2,330,113 GOMINING tokens were burned;
🔨 1,933,994 GOMINING tokens have since been minted.

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The voting results for the 49th cycle are:

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📜Crypto World Highlights for July 24th

-Market Response to Ethereum ETF Launch

The market is reacting variably to the launch of Ethereum ETFs, with Bitcoin experiencing a slump, while Ethereum remains flat. However, Ethereum-correlated assets like ENS and ARB saw growth, indicating mixed investor sentiment.

BlackRock's Bitcoin ETF has outperformed major funds, including Invesco's QQQ Nasdaq fund in terms of 2024 inflows, highlighting strong investor interest in Bitcoin as a financial product.

Following strong inflows into BlackRock's Bitcoin ETF, expectations are rising that Bitcoin's price could surpass $88,000 by September.

On its first day, Ether ETFs saw volumes topping $1 billion, with a substantial portion potentially representing outflows from Grayscale's Ethereum Trust.

Discussions about the potential impact of Ethereum ETFs on market demand are ongoing, with varied opinions on whether these funds will drive new demand for ETH.

Ethereum experienced its highest inflationary period last quarter, according to Fidelity, alongside impressive Layer-2 adoption post the Dencun upgrade.

-Mt. Gox Payouts Begin

Mt. Gox creditors have started receiving Bitcoin and Bitcoin Cash distributions through Kraken, marking a significant milestone in the long-standing case of the defunct exchange.

-Cryptocurrency Mining Sector and Innovations in Bitcoin's Network

Bitcoin mining stocks have seen significant increases in their market caps, reflecting renewed investor confidence in the profitability of crypto mining.

The introduction of stablecoins to Bitcoin's Lightning Network could significantly expand Bitcoin's utility, transforming it into a multi-asset network.

-Political and Regulatory Climate

Senator Cynthia Lummis criticized Biden's mining tax proposal, highlighting the energy consumption of bitcoin mining compared to household appliances, suggesting a more nuanced approach is necessary.

-Ethereum's Historical Impact

Reflecting on Ethereum's influence, discussions focus on the transformative impact of Ethereum's ICO on the broader crypto landscape as it marks its 10th anniversary.

#GoMining #MarketNews

🌟 Contest Results: Support GOMINING on CoinMarketCap! 🌟

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📜Crypto World Highlights for July 25th

-Market Volatility and Economic Indicators and Mt. Gox Developments

Analysts are bracing for increased market volatility as the VIX rises, signaling potential turbulence ahead, especially given the upcoming U.S. presidential election.

Bitcoin remained steady despite a miss in U.S. wholesale inventory growth, which is seen as supportive evidence of easing inflationary pressures.

Ether experienced a significant pullback, dropping below $3,200 amid a broader market downturn that also saw Bitcoin and major stock indices fall sharply.

The distribution of funds to Mt. Gox creditors continues, with Kraken and soon Bitstamp, facilitating the payouts which could impact Bitcoin liquidity.

-Ethereum ETF Performance, Network Activity and Memecoins

Initial evaluations of the Ethereum ETF's performance are underway, analyzing whether the debut met market expectations.

The decline in copper prices relative to gold, known as "Doctor Copper," is viewed as an economic warning, which could indicate broader risk aversion that might affect Bitcoin.

Solana-based memecoins have seen a surge in value driven by heightened network activity, outperforming broader market trends.

Following the Ethereum ETF's success, Franklin Templeton is considering an ETF based on Solana, reflecting ongoing interest in expanding the range of crypto-based investment products.

-Regulatory Policies and Bitcoin Mining Sector Expansion

Venture firm Andreessen Horowitz openly criticized the Biden administration’s approach to crypto regulation, advocating for more favorable policies under potential future administrations.

Iris Energy is poised to become one of the leading publicly-listed Bitcoin miners, following optimistic market analyses and investment ratings.

-Crypto Adoption

Ferrari plans to accept Bitcoin and other cryptocurrencies at its European dealerships, extending the crypto payment options it introduced in the U.S. last year.

#GoMining #MarketNews

🌟 GoMining Mascot Creation Contest! 🌟

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📜Crypto World Highlights for July 26th

Bitcoin Price Dynamics and U.S. Economic Factors

Bitcoin's price sees minor gains, aligning closely with U.S. stock movements as the cryptocurrency bulls push towards $65,000. This comes amid a backdrop of automated selling pressures.

Despite a robust U.S. GDP growth rate of 2.8% beating expectations, Bitcoin experienced a dip below $64,000, underlining the complex interplay between economic optimism and crypto valuations.

Ethereum ETFs and Market Reactions

Ether's price dropped by over 7.5%, even as most Ether ETFs posted gains, affected by significant outflows from Grayscale's Ethereum Trust ETF.

The trading volumes of spot Ethereum ETFs have cooled after an initially strong launch, dipping under $900 million on the third day.

There is ongoing discussion about the potential integration of staking in Ether ETFs, suggesting future enhancements that could attract more investors to these financial products.

Corporate and Institutional Engagement

Direct client demand is notably driving the growth in BlackRock’s Bitcoin ETF, highlighting increasing mainstream financial interest in cryptocurrency investments.

Jersey City’s pension fund has updated its regulatory documents to include Bitcoin ETF exposure, following broader trends of pension funds integrating crypto into their asset management strategies.

Companies like Metaplanet and Semler Scientific have turned around financially by adopting Bitcoin investment strategies similar to MicroStrategy, demonstrating the transformative potential of strategic crypto holdings in corporate finance.

Regulatory and Industry Perspectives

A significant tax reform bill that could impact cryptocurrency taxation has been reintroduced in the U.S. Senate, marking ongoing legislative efforts to integrate crypto into formal regulatory frameworks.

BlackRock’s Head of Digital Assets suggested that the recent launch of Ethereum ETFs might not lead to a proliferation of ETFs for other crypto assets, citing unique challenges and characteristics of different cryptocurrencies.

#GoMining #MarketNews

📈 GoMining Secondary Market Weekly Stats!

💸 Last week, we recorded a trading volume of 973,903 $GOMINING tokens.

🏆 Top Sales Performance:

💎 TRUST 0003: Achieved $634 per/1 TH
💎 The Greedy Machines #0949: Sold for $593/1 TH
💎 GIFT 0313: Closed at $285/1 TH

🛒 Enhance Your Digital Miner Experience:
Trade with confidence on our official marketplace, where every transaction is secure. Once purchased, digital miners are immediately added to your GoMining account.

🔍 Discover our marketplace here 👉 https://app.gmt.io/nft

📘 Need assistance with buying and selling? Check out our FAQ for guidance on payment methods and wallet management 👉https://help.nft.gomining.com/faq/buying-and-selling

Join the market today and boost your crypto adventure! 🚀

#GoMining #DigitalMiners #WeeklyStats

🚀 GoMarket Weekly #20🚀

We’re back with the latest edition of GoMarket Weekly, brought to you by our expert Mike Ermolaev! This week, we'll examine the recent value jump in Bitcoin, discover the impact of Ethereum ETFs, as well as explosive opinions from prominent figures, and surprise findings on Bitcoin's ecological footprint.

📈 Bitcoin's Rally Offers Relief to Short-Term Holders
Over the past seven days, Bitcoin was trading within a range за $63,672-$68,175, with the rise above $68k providing significant relief for short-term holders. According to Glassnode, over 75% of their holdings are now in profit. Despite the positive momentum, the perpetual funding rate remains below the neutral level of 0.01% per 8 hours, indicating a cautious stance among market participants.

🌐 Increased Bitcoin Holding by Kraken Users
Meanwhile, CryptoQuant has observed a notable increase in Bitcoin withdrawals from the Kraken exchange following the crediting of balances from Mt. Gox. Lately, the assets people have accumulated are staying in their possession rather than being surrendered to the market. A byproduct of Kraken users' hodling attitude could be a stabilizing force in Bitcoin's market.

🗣 Influential Figures and Institutional Adoption Fuel Market Optimism for Bitcoin
The Bitcoin 2024 Conference in Nashville kicked off on the 25th of July, drawing attention from across the crypto world. Independent candidate for President of the United States, Robert Kennedy Jr., attending the conference, expressed strong support for cryptocurrency.

♻️ Environmental Benefits in Mining
Senator Cynthia Lummis has released a report reveals that a surprising percentage of Bitcoin mining operations – about 52.6% – actually produce zero emissions. As manufacturers innovate, their latest mining hardware models boast greatly improved processing powers while making do with smaller electricity bills.

For more details, check out the full analysis and stay tuned for more updates in next week's GoMarket Weekly!

#GoMining #MarketReview