BIT Daily Market Briefing 08/08 - If top tech stocks lose another $500 billion, Bitcoin may drop below $50K
The further decline of leading tech stocks may lead to a drop in Bitcoin prices, and there is evidence of a correlation between stock market performance and cryptocurrency value; as major tech stocks decline, investor sentiment typically shifts towards alternative assets, including Bitcoin.Daily Market Briefing 2024/08/08 12:05 UTC+8
Analyst Opinions
"Multiple investors selling Bitcoin in the range of $64,000 to $68,000 are now waiting for favorable re-entry levels. Bitcoin prices are expected to break through the $60,000 to $70,000 range, but a potentially lower new range has yet to be established. Even if the market shakes off the hype surrounding Japanese arbitrage trading news, the downside risk in Nasdaq remains, and Bitcoin may decline further." - 10x Research
"Right now, this is a sentiment-driven market, and Ethereum's performance since the launch of the U.S. spot ETF has been a disaster. Given these trends, a cautious stance on the Nasdaq index and broader risk trades is warranted." - Adam Button, Analyst @Forexlive
"A renewed decline in major tech stocks could lead to a drop in Bitcoin prices; there is documented correlation between stock market performance and cryptocurrency values; as major tech stocks decline, investor sentiment typically shifts towards alternative assets, including Bitcoin." - Cointelegraph
Market Highlights
Yesterday, the U.S. Bitcoin spot ETF saw a net inflow of $45.6 million.
Yesterday, the U.S. Ethereum spot ETF experienced a net outflow of $23.7 million.
SOL's market capitalization has once again surpassed BNB, rising to fourth place, behind BTC, ETH, and USDT.
Grayscale launched two new crypto trusts for SUI and TAO.
JPMorgan now estimates a 35% chance of the U.S. economy entering a recession by the end of this year, up from 25% at the beginning of last month.
Investment and Financing Information
The Solana ecosystem DePIN project Andrena completed $18 million in funding, led by Dragonfly.
Binance Labs announced an investment in the Solana ecosystem re-staking protocol Solayer.
On-chain AI aggregator Aidatify completed a $17.5 million Series A funding round at a valuation of $150 million, led by SM Capital.
Web3 AI network DeAgentAI completed a $6 million seed funding round, led by Vertex Capital and others.
Regulatory Dynamics
A judge ruled that Ripple's sale of XRP to retail investors did not violate federal securities laws, imposing a fine of approximately $125 million.
Japanese financial regulators: Will not completely rule out the possibility of approving cryptocurrency ETFs.
