Crypto Market Pulse - July 9, 2024

LAST WEEK RECAP:

• MT.GOX Exchange begins repayments in Bitcoin and Bitcoin Cash.
• U.S. non-farm payrolls increased 206K in June v.s. 190K expected. The unemployment rate rose to 4.1% v.s. 4% expected.
• Circle becomes the first global stablecoin issuer to comply with the EU’s MiCA regulation.
• 索尼 expands into crypto with the acquisition of Amber Japan.
• Coinbase will custody digital assets for the US Marshals Service.

LEGACY MARKETS – DXY

DXY is still showing strength, mainly due to the weakness of other currencies. For crypto to recover, a pullback to the lower range of 100-106 will be needed.

LEGACY MARKETS – VIX

VIX is still stabilizing on the lows. With equities trading at new all-time highs.

BTC WEEKLY VIEW

BTC lost support last week due to the combination of MT.gox distribution and the German government selling. For now, the German government seems the most acute seller, having sold over 50% of its holdings.

ETH WEEKLY VIEW

Yesterday, multiple S-1 filings started rolling in, seemingly signaling the launch of the Ethereum is imminent.

ETH/BTC

ETH/BTC has technically broken out of the downtrend. With BTC still under pressure from the German government and MT. Gox selling uncertainty, it makes sense for ETH/BTC to keep trending.

TOTAL3 USD MARKET STRENGTH

Alts have started finding some support, with BTC bouncing on range lows. If the bull cycle continues as usual, this is probably one of the best entry points of the year.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC finally started pushing upwards again. With the range here becoming more compressed, a big move on ALT/BTC is poised to happen sooner rather than later.

SUMMARY

• BTC is under pressure, given the selling by miners and the German government, as well as Mt.Gox, which started in July. With the German government already having sold over 50% of its holdings, it does seem likely that the 52-54k area is the low for BTC.
• Multiple S-1 filings came in yesterday (09/07), seemingly making the launch of the ETH ETF imminent.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets?or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove

Edited by: Marianne Dasal