🔥 The EU's first crypto derivatives exchange, bitcoin purchases to Jersey Pension Fund and other crypto industry events

We tell you what happened in the cryptocurrency market over the past week:

🇪🇺 One Trading launched the EU's first crypto derivatives exchange

One Trading has received an Organized Trading Facility (OTF) license and has become the first platform in the EU to hold such a status after a three-year hiatus. Its services will comply with the requirements of the Markets in Financial Instruments Directive (MiFID II).

👉 New Jersey will allocate a portion of the city's pension fund portfolio to BTC-ETF purchases

Jersey City Mayor Steven Fulop announced plans to allocate part of the city's pension fund to crypto-ETFs. The official noted that the municipality's authorities are updating documents with the SEC to reflect investments in digital assets.

Separately, the purchase of 66.9 BTC by English soccer club Real Bedford was reported.

⚡️Why is all falling? Consider a few reasons

Recession: Poor unemployment data in the U.S. and noted that the country has entered a Sahm rule. This rule states that if the three-month moving average of the unemployment rate increases by 0.5% or more, the economy has entered a recession. Economists, analysts and asset managers are using this rule, resulting in a rising risk premium

- The situation in the Middle East: the media is actively discussing a possible war between Iran, Israel and Lebanon. This also increases demand for risk-free assets.

- Signal from big players: Warren Buffett's Berkshire Hathaway sold almost half of its position in Apple in the second quarter. The company's cachet reached a record $276.9 billion. Buffett is a benchmark for many, and when such a big player goes into the cachet, markets get nervous.

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📊 Bitcoin is the second highest (behind Nvidia) risk-adjusted return in July.

Bitcoin also ended the year as one of the best-performing assets, posting a 160% gain and outperforming most traditional assets, second only to Nvidia stock. This success was due in part to the hype surrounding bitcoin-ETF applications, as Kaiko Research notes.

In terms of risk-adjusted returns (Sharpe ratio), bitcoin ranked second behind Nvidia.

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➡️ Every family can profit from Bitcoin!

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🔥 Projects are delighting us with great news! $CLORE has been listed on the HTX exchange, and the start of trading took place next week

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🇺🇸 BTC will overcome the $100,000 level if Trump wins the election. This opinion was expressed by Michael Turpin, founder of Transform Ventures.

In his opinion, when the Bank of Japan indicated that it does not plan to raise interest rates, and Jump Trading will run out of coins for sale, there is no more reason for the price to fall below $50,000.

If Trump wins, a rush of new buyers could push the price of BTC above $100,000. And October and November are historically strong months for BTC, especially in the halving year and the one following it.

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🥅 Donald Trump has expressed his intention to create a "mining superpower" and labeled cryptocurrency as "very modern," comparing it to artificial intelligence.

He stated:

"It's like AI. If we don't do it, China or other countries will. We can't fall behind, and cryptocurrency is exactly in that area."

Earlier, Trump suggested that the first cryptocurrency could be a solution to the US national debt, which exceeds $35 trillion.

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👀 Bitcoin has fallen below $60,000, the slowdown in inflation in the US has continued, Bitcoin mining difficulty has decreased by 4.19%, journalists have learned about the problems of Hamster Kombat and other events of the past week.

🇺🇸 Inflation in the US continues to slow

According to the results of July, annual inflation in the US amounted to 2.9% against 3% a month ago. The indicator turned out to be better than market expectations, which assumed the same growth rates would be maintained.

Also important for monetary authorities, the rent indicator increased by 0.36% against 0.27% at the end of June - below the average for the last two years.

➡️ Bitcoin Mining Difficulty Drops 4.19%

As a result of the latest recalculation, the mining difficulty of the first cryptocurrency decreased by 4.19% to 86.87 T.

The average hashrate for the period since the previous change in the value was 740.3 EH/s, the interval between blocks was eight minutes and 24 seconds.

According to Glassnode, the computing power indicator smoothed by a 7-day moving average reached 622.4 EH/s.

📈 Robert Kiyosaki criticizes the Fed and calls for buying Bitcoin

He has slammed the Federal Reserve and reiterated his call to buy gold, silver, and the first cryptocurrency.

“Why do people turn to the Fed for help? The Fed is the problem. […] The Fed is made up of PhDs like my poor dad. Highly educated poor people,” he wrote.

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📆 Bitcoin stops being volatile!

The cryptocurrency's volatility has reached new historic lows on a yearly scale. Bitcoin has been less volatile than Netflix over the past two years.

👀 Bitcoin is now less volatile than 33 companies in the S&P 500. Volatility is expected to continue to decline as bitcoin matures.

There were only 25 days in 2024 with high price momentum.

This compares to 56, 140, and 64 such days in previous cycles, respectively.

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💵 Experts from crypto exchange Bitfinex said that bitcoin is an effective safe haven asset, especially valuable in an economic recession.

Reminiscent of the 2009 crisis, which saw a slew of central bank rate cuts. Investors' shift to safer assets and declining government bond yields are seen as classic indicators of an impending recession, reflecting a lack of confidence in economic growth.

According to analysts, the probability of a recession in the U.S. economy is currently around 40%.

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❗️ Analysts report that Bitcoin miner inventories have reached a 12-year low!

Exchanges are experiencing a shortage in the amount of Bitcoin supply, which may affect the price of the main cryptocurrency.

In addition, it is also profitable to mine Bitcoin right now for several key reasons:

✔️ Portfolio diversification: mining Bitcoin is a way to diversify your investment portfolio and increase your exposure to the asset, which can help spread risk.

✔️ Increased Adoption: with the increased acceptance and use of cryptocurrencies in various sectors of the economy, demand for Bitcoin may increase, which will contribute to its price in the future.

✔️ Expected price increase: given the long-term upward trend of Bitcoin's price and the current market situation, many analysts suggest that Bitcoin's price may increase in the near future

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📈 Dynamics of returns on various assets since the beginning of 2023!

The undisputed leader in terms of yield is bitcoin, its growth amounted to an impressive 59.75%.

👉The closest competitor in terms of yield is silver, which brought investors +24.8%.

The Nasdaq Technology Index posted a gain of 14.16%, gold gave a return of 12.87%, and the S&P 500 Industrial Average gained 11.57%.

👀 Bitcoin is significantly outperforming traditional financial assets and commodities in the first months of 2024.

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👀 Results of the week: Durov's detention and a new lawsuit against Binance.

Bitcoin price has exceeded $64,000

The first cryptocurrency started the week at the level of $60,000, but already on Monday, August 19, fell below $58,000. In the following days, digital gold traded in the range of $59,000-61,000.

On the night of Saturday, August 24, quotes of the asset overcame the level of $64,000. The first cryptocurrency approached $65,000, but did not break through the psychological mark.

At the time of writing, bitcoin is trading at $64,200.

🇫🇷 Media: Pavel Durov has been detained in France

According to French media, Telegram founder Pavel Durov has been detained at Paris' Le Bourget airport. He may face numerous charges related to terrorism, drug trafficking, fraud and money laundering, among others.

The billionaire's detention was criticized by Tesla and SpaceX founder Ilon Musk, Ethereum co-founder Vitalik Buterin, journalist Tucker Carlson and others. TON and Telegram Wallet promised to continue working.

🪙 A new class action lawsuit has been filed against Binance and Changpeng Zhao

A lawsuit has been filed in federal court in Seattle against Binance and its founder Changpeng Zhao. According to the filing, the three crypto investors failed to recover stolen assets because the exchange failed to prevent money laundering.

The document states that the attackers stole cryptocurrencies from the plaintiffs and subsequently used the platform to withdraw funds. The prosecution claims that Binance knew and to some extent encouraged these actions as its lucrative business model.

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