The second week of July could very well be Bitcoin’s lucky week. It was on this Monday that a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin. On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
In addition to the unwavering support from the U.S. Republican Party, there are other major upsides for Bitcoin on this day. In the early trading hours of the day, the German government returned 2,898 bitcoins it had sold to exchanges, which amounted to about $163 million, most likely because the price had bottomed out in the short term and didn’t reach the price the German government was hoping to sell for. It’s not just the German government’s attempted sale that has failed, but bitcoin miners’ selling activity is also waning, and selling pressure in the bitcoin market as a whole has now leveled off.
On the other hand, the Bitcoin Spot ETF saw a total net inflow of $295 million on Monday, the highest inflow in the last 21 days. The BlackRock ETF IBIT saw a one-day net inflow of $187 million.
These figures likely mean that Bitcoin has bottomed out, at least in the short term, and that the major financial institutions will be making moves in the coming hours.
In addition to the many positive factors, in fact, there is still a threat of shortcomings in the market, on the one hand, the German government up to 10,000 pieces of bitcoin is still continuing to sell, on the other hand, Mt. Gox promised to return the 140,000 pieces of bitcoin to creditors is also likely to be unfrozen in the near future and be sold by the creditors, the possibility of these large-scale sell-offs will inevitably make investors continue to wait and see, even though the price of bitcoin has reached a point where it is not very acceptable to miners.
However, BITMARS believes that overall, the coin price trend must be upward. As far as the crypto market’s judgment on the aftermath of the market is concerned, there is still a majority of bearish voices. The reason behind this is that the government, ETFs, miners selling, Mt. Gox payout and other negative factors have been released, and in the second half of the year there are a lot of expected benefits, such as the U.S. interest rate cuts, the U.S. election, FTX debt repayment, ethereum ETF through, etc., especially the crypto bull market cycle theory has made a lot of investors optimistic about the future market.
If you have the same faith in Bitcoin, don’t forget that mining is almost the only way to buy Bitcoin at a low price, feel free to ask us about the various models of BTC ASICs, ANTMINER S21 PRO and other S21 series, WHATSMINER M50, etc. are available for sale/pre-sale.
Finally, BITMARS would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
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