BIT Daily Market Briefing 08/05 - Bitcoin is facing pressure from a wave of risk aversion in the global market
The stock market crash provides investors with a profitable opportunity to buy assets at lower prices. Consider this economic recession as an opportunity to build wealth; gold, silver, and Bitcoin are expected to rise significantly in the future.Daily Market Briefing 2024/08/05 12:00 UTC+8
Analyst Insights
"We have predicted a range of $60,000 to $70,000 in advance. According to stock-to-flow analysis, returns will diminish over time, with a cycle peak at $62,000." - 10x Research
"I remain bullish (on the crypto industry) just as I was six weeks ago. Focus on technology, industry, and adoption. Don't pay attention to the prices of digital commodities in the face of global macro fluctuations unless you're just here to trade." - Jeremy Allaire, CEO @Circle
"The U.S. stock market crash has arrived, with 'heavy losses.' The stock market crash provides investors with a profitable opportunity to buy assets at lower prices. View this economic recession as an opportunity to build wealth; gold, silver, and Bitcoin will rise significantly in the future." - Robert Kiyosaki, author of Rich Dad Poor Dad
Market Highlights
The U.S. Bitcoin spot ETF has seen a cumulative net inflow of $17.508 billion since its launch.
Bitcoin is facing pressure from a wave of risk aversion in the global market, marking the largest weekly decline since the FTX collapse.
The largest BTC block options today involved a user purchasing 250 BTC of put options at $61,000 for August 9 (this Friday), paying a premium of $916,000.
The implied volatility of ETH ATM at the end of August has risen to 83%.
The OTC price of USDT has risen to 7.46 yuan, with a premium rate of 4.04%.
Investment and Financing Information
The decentralized lending protocol Morpho has announced the completion of a $50 million strategic financing.
Arthur Hayes invests in the Bitcoin ecosystem wallet Oyl and launches the Airheads Ordinals series.
Regulatory Dynamics
Australian prosecutors are seeking to imprison a Crypto.com user who accidentally received nearly $7 million in erroneous refunds and spent most of it before being discovered.
The U.S. Bitcoin Strategic Reserve Act has now been officially submitted to Congress and is under review by the Senate Banking Committee.
