BIT Daily Market Briefing 07/29 - The Federal Reserve's interest rate decision on August 1 and the CPI report on the 14th will be crucial
Bitcoin is expected to eventually reach a new high, but it may require support at the "macro" level. The Federal Reserve's interest rate decision on August 1 and the CPI report on August 14 will be crucial.Daily Market Briefing 2024/07/29 12:00 UTC+8
Analyst Insights
"Bitcoin is expected to eventually reach new highs, but may require 'macro' support, such as anticipated interest rate cuts from the Federal Reserve or another round of lower inflation. Traders must remain vigilant as Bitcoin approaches the upper range. The Federal Reserve's interest rate decision on August 1 and the CPI report on August 14 will be crucial." - 10x Research
"It is expected that by 2050, BTC will solidify its position as a major international medium of exchange and ultimately become one of the world's reserve currencies. At that time, the potential price of each BTC could be $2.9 million, with a total market cap of $61 trillion; the total value of Bitcoin L2 could be $7.6 trillion, accounting for about 12% of BTC's total value." - VanEck
"Although it is unlikely that Federal Reserve officials will cut rates next week, developments in inflation and the labor market should prompt officials to signal a rate cut at the September meeting." - Nick Timiraos
Market Highlights
Last week, Bitcoin spot ETFs saw a net inflow of $535 million.
Over three trading days last week, nine Ethereum spot ETFs experienced a total outflow of $179 million.
A user purchased $74,000 BTC call options expiring on August 9 (next Friday), totaling 300 BTC, paying a premium of $318,200.
According to the 7-day simple moving average (SMA), Bitcoin's total hash rate reached a new high of 677 EH/s.
The weighted sentiment index for Bitcoin has risen to its highest level since March 2023.
