Crypto Weekly Roundup: Major Moves and Market Insights
Welcome to this week’s Crypto Weekly Roundup, where we bring you the most exciting and impactful stories from the world of cryptocurrency. This edition covers Notcoin’s transition to a story-driven game, Donald Trump’s exclusive Bitcoin footwear launch, Senator Cynthia Lummis’s proposal for a Strategic Bitcoin Reserve, and Bitcoin’s potential price surge.
Notcoin to Launch New Story-Driven Game Phase
Notcoin, the Web3 game known for onboarding over 30 million users with its viral clicker game on Telegram, is making a major transition. In collaboration with the NFT collection Lost Dogs and The Open Network (TON)-based NFT marketplace Getgems, Notcoin is shifting to a story-driven format. This change aims to engage users on a “deeper, more meaningful” level, evolving the platform into a community movement beyond crypto.
The new game will allow players to use Lost Dogs NFTs as characters that evolve through various tasks and choices. This move marks the end of Notcoin’s tap-to-earn model, which, although popular, proved unsustainable for long-term growth. Mad Tail, Chief Barking Officer (CBO) of Lost Dogs, emphasized the importance of narrative in gaming: “Life itself is a narrative concept. Therefore, we aimed to establish this synchronicity in our game — as above, so below.” Players will still be able to earn Notcoin (NOT) tokens and a new in-game token, maintaining the platform’s appeal while enhancing user engagement.
Donald Trump Unveils Exclusive Bitcoin Footwear
Former US President Donald Trump has launched an exclusive line of Bitcoin-themed sneakers following his successful speech at the Bitcoin conference in Tennessee. These limited-edition high-top and low-top sneakers are available for purchase with Bitcoin or other cryptocurrencies and are individually numbered, with select pairs autographed by Trump himself.
Trump’s announcement on Truth Social highlighted the exclusivity of the product: “Get your Bitcoin Sneakers now. These are Limited Edition, they are each numbered, and you can now pay with Bitcoin or your favorite Crypto. Have fun — Go to gettrumpsneakers.com before they are gone!” Only 1,000 pairs of high-tops, priced at $499, and 1,000 pairs of low-tops, priced at $299, will be produced. This venture follows Trump’s successful fundraising of $25 million post-conference, signaling his ongoing influence and innovative approaches within the crypto space.
Senator Lummis Introduces Strategic Bitcoin Reserve Bill
In a groundbreaking move, Republican Senator Cynthia Lummis has introduced the “Strategic Bitcoin Reserve” bill. This proposal suggests that the U.S. government acquire 1 million BTC over five years, representing approximately 5% of Bitcoin’s total supply. The goal is to diversify the U.S. economy and combat inflation by leveraging Bitcoin as a strategic asset.
The bill, introduced on July 31, outlines plans to purchase at least 200,000 BTC annually, with the assets stored securely by the U.S. Treasury in collaboration with the Department of Defense and Homeland Security. The BTC reserve would be held for at least 20 years, with a provision that no more than 10% of the reserve can be sold during any two-year period post-holding period. Senator Lummis emphasized the economic benefits: “Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs. Now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”
Bitcoin Price Movements and Market Insights
Bitcoin Traders Risk-Off as BTC Price Falls to $62K — Is a Generational Bottom Approaching?
Bitcoin’s price experienced a sharp drop this week, reaching $62,368 on Coinbase after a $2,300 fall in just one hour following the Wall Street opening on August 2. Currently, Bitcoin is trading at $61,248, reflecting a bearish trend that has seen it lose key support levels, including the 50-day and 100-day exponential moving averages (EMA).
Analysts like AlphaBTC and Crypto Rover have expressed concerns over Bitcoin’s ability to hold the $63,000 support level. A failure to maintain this level could see the price drop further to $61,000 or even lower. AlphaBTC highlighted the critical nature of this range, stating that holding above $63,300 is essential for a potential retest of $67,000.
Other analysts, including Emperor Keo Xplus and Crypto Patel, foresee deeper corrections with targets between $58,000 and $55,000 if the current support fails. The 200-day EMA, at $59,558, is seen as the last line of defense for Bitcoin, with analysts like Caleb Frazen indicating its significance for a potential rebound.
Data from IntoTheBlock reinforces the importance of the $60,755–$62,640 price range, where approximately 499,470 BTC were previously bought by about 1.54 million addresses. This suggests high demand-side liquidity that could support a price recovery if Bitcoin manages to stay above this critical level.
Can Bitcoin’s Price Surpass $120k?
Bitcoin’s price could be on track for the next leg up in the bull cycle, potentially reaching the $120,000 mark, according to technical analysis by crypto trader Mikybull. The popular trader wrote in a July 31 X post to his 71,000 followers: “Bitcoin is getting ready for the next wave of rally which will bring it to $120k+ level. Buckle up your seatbelt.”
However, more conservative estimates place the potential macro top below $100,000. Crypto analyst Mags expects Bitcoin’s next major milestone to be above $95,000, based on technical chart patterns. Mags wrote in a July 31 X post: “BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line, a breakout could lead to a massive upside rally. The technical target for this pattern is $95,700.”
Contributing to the bullish sentiment, new Bitcoin investors increased by 3% from the $57,000 level. Crypto researcher and verified CryptoQuant author Axel Adler noted that new investors could increase by 50% as Bitcoin reaches the peak of its cycle.
Other Noteworthy Updates
- Bitcoin Miner Riot Platforms revealed net losses for Q2 2024.
- Bollinger Bands reached their tightest point in 12 months, suggesting potential volatility for Bitcoin.
- Grayscale Bitcoin Mini Trust launched on NYSE Arca.
- Trump’s Crypto Plans: Trump vows to fire Gary Gensler and make the U.S. “the Crypto Capital of the Planet.”
This week’s developments underscore the dynamic and ever-evolving nature of the crypto landscape. Stay informed with our Markets Outlook newsletter for critical insights, investment opportunities, and refined trading strategies. Subscribe now and never miss an update.
Disclaimer: The information provided in this post is for educational and informational purposes only and does not constitute financial advice. Trading and investments carry risks, and readers should conduct their own research and consult professionals before making any investment decisions. Remember, staying informed is key to navigating the complexities of the trading market.
