Matrixport Research: An Analysis of the Driving Forces Behind BTC's Short-Term Rapid Rebound

Matrixport Research Institute's latest study indicates that the short-term rapid rebound of BTC may be influenced by the following factors:

• The end of Germany's BTC "emergency sale," easing selling pressure on BTC

• BlackRock's CEO has changed his stance, supporting BTC as a legitimate financial instrument

• "Support for BTC" has become a key focus of Trump's current campaign, with election benefits still to be realized

The end of Germany's "emergency sale of BTC" eases selling pressure on BTC

On July 17, Decrypt reported that Germany's law enforcement agencies have concluded their BTC "emergency sale," with sales revenue reaching $2.88 billion (€2.639 billion). It is reported that Saxony, Germany, sold an average of $130 million worth of BTC daily over a 25-day period. The large-scale selling exerted downward pressure on the price, causing BTC's value to drop nearly 20% from peak to trough during this period.

BlackRock's CEO changes stance, supports BTC as a legitimate financial instrument

In a recent interview, BlackRock CEO Larry Fink changed his previous position, stating that BTC is a legitimate financial instrument with the potential to fundamentally change the entire financial industry. Previously, Larry Fink had expressed skepticism towards BTC, but after in-depth research, he changed his view and believes that BTC could bring revolutionary changes to the financial market. He considers crypto assets as "digital gold," a legitimate financial tool that can play an important role in wealth protection and the financial market.

"Support for BTC" has become a key focus of Trump's current campaign, with election benefits still to be realized

Trump will deliver a keynote speech at the 2024 BTC conference in Nashville, Tennessee, on July 27, 2024. In his speech, he will emphasize BTC's potential to change the landscape of the financial industry and support economic growth, reiterating his belief that the U.S. should lead the global crypto asset market and leverage BTC to enhance national economic competitiveness.

ETH ETF expected to be issued on July 23, 2024

The issuance date of the ETH ETF has been postponed several times, with the SEC requiring issuers to submit final documents by the end of this weekend. If all goes well, the ETH ETF is expected to be issued on July 23, 2024. Well-known asset management companies such as BlackRock, VanEck, and Franklin Templeton are expected to receive approval successfully.

Resistance to crypto asset tax collection in South Korea leads to the latest proposal being postponed until 2028

The ruling People Power Party in South Korea has proposed to delay the implementation of the country's crypto asset tax until 2028. The crypto asset tax was originally scheduled to take effect on January 1, 2022, but faced several delays due to strong opposition from investors and industry experts. The new proposal will push the implementation date to January 1, 2028.

The development outlook for BTC in August is unclear. Historical data shows that BTC's performance in August has generally been weaker than in July but stronger than in September. The average return for BTC in August is around -2%. The end of summer vacation may affect the market in August, leading to a decrease in trading volume as investors prepare for market trends in the coming months.

The above opinions are partly sourced from Matrix on Target. Contact us for the complete report from Matrix on Target.

Disclaimer: The market carries risks, and investment should be approached with caution. This article does not constitute investment advice. Trading in digital assets may involve significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided herein.