Crypto Market Update July Week 3— Predictions, Bitcoin Will Hit $71,500
July Week 3 Market Updates
The cryptocurrency market last week was seen recovering from the slide to $58,000 the previous week following former United States president, Donald Trump’s assassination attempt. The failed attempt triggered the crypto market price with the major crypto like Bitcoin and Ethereum jumping by over ten percent.
Experts predict Bitcoin will hit $71,500 in the coming week.
Here is the market performance overview:
Bitcoin started the week at $60k, recovering from a recent drop to $58, 000 following former president Trump’s failed assassination attempt, and ended at $66k marking an 11.93% increase. Here are the factors behind Bitcoin’s increase in price:
The United State’s former president’s assassination attempt failed, and Donald Trump and President Joe Biden sought calm and unity.
- Ethereum saw a 9.83% rise moving from $3100 to $3500. Factors that triggered the Ethereum price increase include,
2. The failed assassination attempt of Donald Trump
- The Security and Exchange Commission, SEC, told Ethereum ETF issuers that funds can start trading by July 23.
Major News and Events
- SEC targets July 23 for ETH ETF approvals
SEC is finally ready to grant the heart desires of Ethereum ETFs, it asked asset managers to submit their completed final forms S-1s by July 16 with all the details about fees. Major players include Invesco, Galaxy, VanEck, Franklin Templeton, and Grayscale.
The crypto community wonders what is next after the big launch day, how will the Ethereum ETF launch help the crypto industry?
2. BlackRock’s Larry Fink now claims to believe in Bitcoin
The CEO of BlackRock seems to have found a new love for Bitcoin, in a recent interview with CNBC, Fink called himself a “major believer in Bitcoin”. He is no more skeptical about Bitclion or its investment, Fink now sees Bitcoin as a legitimate financial instrument and thinks it’s the perfect investment for everyone.
3. Crypto-related stocks improved as Trump’s election challenges improved:
What connection has Trump’s failed assassination attempt with crypto? The occurrence triggered a great improvement in crypto and other related stocks, Marathon Digital, Riot Platforms, and CleanSpark saw gains with Coinbase and MicroStrategy jumping respectively.
Trump picked Crypto Friendly JD Vance as his Vice President, Senator JD Vance is a major Bitcoin holder with up to $250,000 in Bitcoin.
Vance is not just a politician, he is the author of “Hillbilly Elegy and also a big player in crypto, he made sure the SEC doesn’t label Bitcoin a liability for banks. The US 2024 presidential election seems to add an upgrade to crypto.
4. Solana-based Memecoin experienced a significant price increase:
Solana showed a notable performance last week with a 21:66% gain in the past week but is far below its Memecoin high performance. In just 24 hours, Billy, the big dog on Pump. fun went up by 12%, and Michi increased by 36%. Popcat, Dogwifhat, and Bonk are making waves too.
What factor drives these crypto Memecoin price surges? Two things are responsible, politics and economics.
5. GrayScale Launches AI Funds:
The leading Digital Asset Manager announced the launch of its private placement investment product, the GrayScale Decentralized AI Fund. The new funds will only hold positions in projects like Bittensor, Filecoin, LiverPeer, Near Protocols, and Render for accredited investors.
7. Worldcoin extends the token unlock schedule: The team and investors’ token allocation was pushed back from 3 years to 5 years, causing WLD to gain 62%.
8. Polygon announces migration to POL token: MATIC token will be converted on Sept. 4. MATIC holders on Ethereum and Polygon zkEVM will need to migrate their tokens manually. Following the news, MATIC dropped 5%.
Market Insight and Analysis:
9. Politics and economics seem to be the major triggers in recent price actions of major digital assets like Bitcoin and Ethereum.
10. Crypto AI is also a major drive and has been a mainstay narrative in the crypto industry since 2023. Attention is shifting back to the crypto AI sector with the launch of products like GrayScale Decentralized AI Fund.
Market Predictions — Bitcoin Aims $71,500
Bitcoin will likely hit $71,500 soon as traders go along. A popular trader says $71,500 is the next big target for Bitcoin after breaking the $65,000 threshold.
Before I rap up, here are the major topics of discussion:
11. Bitcoin and Ethereum saw 11.93% and 9.83% gains respectively last week, the reasons for the price surge are attributed to politics and economics.
12. Altcoins like Solana also showed a notable performance with its Memecoin experiencing significant price increases.
13. SEC targets July 23 to approve Ethereum ETF
14. Market insight shows Politics, Economics, and AI as the mainstay of the recent crypto price surge.
15. According to predictions, Bitcoin will hit $71,500 in the coming weeks
I hope you found this information helpful and that it helps you make better crypto investment decisions. Feel free to comment or ask questions about crypto investment.
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