BIT Daily Market Briefing 08/07 - Bitcoin Still Has Potential to Rebound

Daily Market Briefing 2024/08/07 12:00 UTC+8

Analyst Insights

"From a technical perspective, the $56,000/$57,000 area is expected to be a significant resistance for Bitcoin. A move above this level would be a positive signal. However, due to the general downside risk indicated by incomplete technical indicators, it is crucial to set a firm stop-loss for long positions at $54,000." - 10x Research

"The unwinding of yen carry trades will lead to a global coordinated sell-off of all financial assets, as yen-denominated debt must be repaid, and this debt is becoming increasingly expensive. Crypto investors should be cautious with leverage and continuously monitor their positions." - Arthur Hayes, Co-founder @BitMEX

"As long as Bitcoin can stay above $45,000, it may break its all-time high again within a year. Although some indicators currently show bearish signals, a rebound is still possible, so it is essential to observe whether it can maintain this level for a week or two. If the duration is prolonged, the risk of a bear market will increase, and if it lasts more than a month, recovery may become difficult." - Ki Young Ju, CEO @CryptoQuant

Market Highlights

• Yesterday, there was a net outflow of $149 million from U.S. Bitcoin spot ETFs.
• Yesterday, there was a net inflow of $99.8 million into U.S. Ethereum spot ETFs.
• Approximately $1.534 billion in nominal value of BTC options and $464 million in ETH options contracts will expire on Friday (August 9); the maximum pain price for BTC is $60,000, and for ETH, it is $3,000.
• BlackRock and Nasdaq submitted applications for a spot Ethereum ETF to the SEC.
• Concept coin KAMA briefly dropped over 5% after Harris announced her campaign partner.

Investment and Financing Information

• Web3 game studio Curio completed a $5.7 million seed round financing, led by Bain Capital Crypto and SevenX Ventures.
• Intent-driven solver platform Khalani completed a $2.5 million seed round financing, led by Ethereal Ventures.
• The Arbitrum Foundation and Sequence are collaborating with Ubisoft to develop a Web3 game.
• Web3 game studio Curio completed a $5.7 million seed round financing, led by Bain Capital Crypto and SevenX Ventures, with participation from OKX Ventures.

Regulatory Dynamics

• U.S. Vice President Harris's campaign partner Tim Walz closely aligns with the views of U.S. Democratic Senator Warren regarding cryptocurrency, advocating for stricter regulation of cryptocurrencies.
• Hong Kong Monetary Authority: The current number of virtual bank licenses is appropriate, and there is no need to introduce more new virtual bank participants in the market at this stage.