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Bitcoin Ordinals, a method of generating non-fungible tokens (NFTs) through a process called inscribing, debuted in January, bringing the NFT and smart contract narrative to the Bitcoin blockchain.
The CPI sank to 4% in May and has been trending downward, although the Federal Reserve seems likely to follow through on an intended rate hike later this month.
The head of research for digital asset manager 3iQ wrote that the largest cryptocurrency by market capitalization is still riding tailwinds from multiple spot bitcoin ETF filings and other June events.
Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.
- 16:01Spot Gold Breaks Above $3,320 per Ounce, Continuing to Set a New Record HighJinse reported that spot gold broke above $3,320 per ounce, continuing to set a new record high with a 2.9% increase during the day.
- 15:12U.S. Stock Indices Open Significantly LowerAccording to Jinse, the U.S. stock market opened with the Dow Jones dropping 0.47%, the S&P 500 falling 1.17%, and the Nasdaq declining 1.89%.
- 15:08Analyst: Bitcoin's Current "Capitulation Zone" is $65,000Analyst James Check stated that $65,000 is the cost basis for regular investors and the true capitulation zone for Bitcoin at this stage. He noted that a $1 trillion market cap for Bitcoin (approximately $50,000 in price) should be a strong support area.James Check mentioned that the "volatile consolidation" period in 2024 lasted for several months, with Bitcoin trading between $50,000 and $70,000. It is expected that Bitcoin will sharply drop from the $65,000 region, while the $49,000 to $50,000 range will see strong support. These prices represent the launch of ETFs in 2024 and a $1 trillion market cap for Bitcoin. He stated that unless there is a global economic recession, it is unlikely that Bitcoin will fall to the low of $40,000. (CoinDesk)