Market Update
Crypto Comeback: Market Soars as Buyers Scoop Up Discounted BTC
18 Jul 20242min
Crypto Market Overview
Like the sun rising in the East, the crypto market has rebounded after a 20+% drawdown in recent weeks. Germany was largely responsible by unloading ~US$3bn of seized Bitcoin. Ultimately, the market proved that there are many buyers looking to scoop up Bitcoin at a discount as the opportunity arises.
Bitcoin is back up over US$65,000 as of writing pulling the rest of the market with it, notable gains in the meme space too with market leaders PEPE, WIF and MOG up 40+% over 7 days.
There are some fascinating narratives to keep an eye on:
- Trump is due to talk at a major Bitcoin conference, his running mate (JD Vance) is vocal in his support of crypto.
- Ethereum ETF rumours point to it going live early next week (Tuesday) 🚀
- Mt. Gox distributions - the ones we spoke about last week - are due to begin any day now.
While global unrest typically forces selloffs of onrisk assets like crypto, there is a growing sentiment that borderless stores of value carry value during these periods also. Gold is a great example of this, recently Larry Fink (leader of the largest asset manager on Earth) named Bitcoin “Digital Gold” which may signal a shift in the way institutions consider digital assets.
DISCLAIMER: The information on this blog post is for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal or financial product. Block Earner does not recommend or endorse any particular token.
