GM friends.
Bitcoin 2024 starts today, and there’s rumors circulating that Elon Musk will make a surprise appearance. Let’s discuss.
So pour a coffee and take a chair, because here comes your mid-week crypto update. ☕️📰
Here’s what’s in today’s issue:
- David shares his thoughts on Elon Musk possibly attending Bitcoin 2024, ETH ETFs launching, Ferrari accepting crypto payments in Europe, Bitcoin miner updates & Democrat meme coins seeing volatility.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has an article on Trump’s Bitcoin plans.
- In case you missed it by Rebecca.
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Elon Musk to Attend Bitcoin 2024?
The Bitcoin 2024 conference kicks off today, and by the looks of it, this year’s conference will be the most successful in the event’s history.
Hosted annually by Bitcoin Magazine, the Bitcoin Conference is an all things bitcoin meet and greet that features prominent speakers within the space. This year’s conference is being held in Nashville, Tennessee, and it runs from today through Saturday.
We reported last week about the awesome list of headline speakers scheduled, including former President Donald Trump, Robert F. Kennedy Jr., Edward Snowden, Michael Saylor, and Russell Brand.
And as if those speakers weren’t enough, there’s now speculation that Elon Musk might make an appearance. The best evidence indicating this is the fact that Musk’s plane landed in Nashville this past Sunday, and he changed his X profile picture to “laser eyes” on Monday.
Musk appearing at Bitcoin 2024 would be fitting, given:
- His new pledge to donate $45M per month to Trump’s presidential campaign
- His recent warnings on X about a U.S. Dollar collapse, and
- Tesla’s continued HODLING of 11.5K bitcoin.
There was talk that Kamala Harris might attend the event. David Bailey, CEO of Bitcoin Magazine’s parent company, stated earlier this week that his staff were in “talks with [Harris’] campaign for her to speak at the conference.”
However, Bailey confirmed on Wednesday that Harris ended up declining the offer. No surprise there. It would have been a hostile crowd.
But keep your eyes on Bitcoin 2024 over the next few days. It will be bullish if Musk indeed shows up, given all the other heavy hitters that are scheduled to speak.
U.S. ETH ETFs Successfully Launch
As predicted last week, nine ETH ETFs officially launched for trading this past Tuesday on the U.S.’ NYSE and Nasdaq exchanges.
And the opening day was a success. According to data from the U.K.’s Farside Investors, the ETFs’ combined net inflows were $106M, with the bulk attributable to Blackrock and Bitwise.
Now, the inflows would have been much larger if it wasn’t for Grayscale’s ETHE ETF, which had $484M in outflows. Grayscale’s ETHE ETF is the same story as the company’s bitcoin ETF. They flipped their pre-existing ETH private trust into an ETF, so expect some outflows for a while as the market rebalances.
Back to the bigger picture, total volume on day one hit $1.01B, and Bloomberg analysts Eric Balchunas and James Seyffart called the first trading day’s numbers “huge” and “very solid.”
Several institutional analysts believe that billions will flow into these ETH ETFs over the next twelve months, with ETH price predictions between $5K to $6.5K.
Ferrari Accepts Crypto as Payment in Europe
Yesterday, Italian sports car maker Ferrari announced that the company will soon begin accepting Bitcoin, Ethereum, and USDC as a means of payment across Europe. The company says that this will take effect at the end of the month.
Ferrari first started accepting crypto as payment this past October in the United States. But in an official statement from the company on Wednesday, Ferrari is expanding this payment option to the European market in order to “support dealers in better addressing the evolving needs of its clients.”
The company further stated that they plan to extend the crypto as payment option to other markets by the end of the year.
Ferrari is a publicly traded company under the ticker “RACE”. To date, the company does not hold any bitcoin on its balance sheet, but one can’t help to wonder if that might soon change.
Publicly-Traded Bitcoin Miner Updates
We’ve got two updates for you with concerns to publicly-traded bitcoin mining companies.
First, Riot Platforms (RIOT) announced yesterday that they acquired Block Mining for $92.5M. Block Mining is a Kentucky-based mining firm.
According to Riot, the acquisition gives the company an additional 1 EH/s in immediate mining power, “with a potential” for an additional 16 EH/s by the end of 2025. Riot currently has 23 EH/s deployed, with an indefinite goal to hit 100 EH/s. The price of RIOT dipped slightly on the news of the acquisition.
And second, financial firm Canaccord has raised their target price of Iren Energy (IREN) from $12 to $15 per share. Iren Energy is a Sydney-based bitcoin miner that has active operations in British Columbia and Texas.
Canaccord analysts justify IREN’s increased price target due to the company tapping into abundant energy resources, as well as its operational diversification across bitcoin mining, cloud, AI, and high performance computing services. Analysts further state that Iren could become one of the world’s largest public miners.
Volatility in “Democrat” Meme Coins after Harris Announcement
It’s been a volatile past few days for the political meme coins on the left side of the aisle.
On July 22nd, when President Biden released a letter on X stating that he was officially dropping out of the 2024 race, meme coin Jeo Boden (BODEN) tanked 68% within the day.
While at the same time, Biden’s endorsement of his VP Kamala Harris sent meme coin Kamala Horris (KAMA) upwards. KAMA was trading at $0.01 before the endorsement, and currently is changing hands at $0.03.
The meme coin space is a fascinating one, in part because it’s evolving so quickly. With regards to political meme coins, they appear to be functioning similar to prediction markets like Polymarket. However, these meme coins are more dynamic for the holders, given holders’ funds are not locked away until the outcome of a particular event.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Optimism (OP)
- Ondo (ONDO)
- Vanar Chain (VANRY)
- TrueFi (TRU)
- Bonk (BONK)
Optimism — OP/USDT
In recent weeks, we spoke about OP’s downside deviation below the Macro Higher Low (purple):
Then, last week, we touched upon how OP needed to position itself above the black $1.91 level to reclaim said level as new support to enable trend continuation to the upside:
And here’s today’s update:
OP has successfully retested the Macro Higher Low (purple) as support and the monthly candle has even flipped green for the first time this July.
OP is on the cusp of potentially positioning itself above the black level for a reclaim via the green path.
On the Monthly timeframe, this positioning isn’t very visible but on the Weekly it is clear that OP is trying to already reclaim said level:
OP Weekly Closed above the black level, breaking that level as resistance and now price is pulling back to retest it as new support.
The retest is in progress and a successful retest would enable upside via the green path.
In fact, a previous retest attempt at similar price levels occurred in early 2023 (green circle).
Back then, a Weekly Close above the black level followed by a downside wicking retest attempt enabled upside to as high as the orange area of resistance in the $3 region.
Could history repeat with a similar move upon successful retest here?
Ondo — ONDO/USDT
Last week, we spoke about an expectation for ONDO to dip as part of established a new range at highs:
Since then, ONDO has indeed began its pullback via the green path:
ONDO rejected from the black resistance which is a confluent rejection point with the red multi month downtrend.
It’s possible ONDO will continue its dip into the light blue level for a key retest attempt.
Successful retest there and ONDO would reverse to the upside to revisit the black highs from which it rejected from earlier this week via the green path.
CLICK HERE to go Premium and read the rest of this week’s Market Analysis – Premium subs can read Rekt capital’s full report.
Trump’s Bitcoin Plans to be Announced
Donald Trump will speak at the Bitcoin Conference in Nashville on July 27th. There are rumors that he will announce his plan to make Bitcoin a strategic reserve.
While this remains to be seen, it is clear that Bitcoin and crypto are firmly on the election agenda.
Trump has moved from anti-crypto to pro-crypto in less than 5 years. And while there is no doubt pragmatism involved, there are reasons why crypto values align with the values of the Republican Party.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Trump’s Bitcoin Plans to be Announced”
Crypto Market News
- Spot Ethereum ETFs have started trading in the US and Day 1 has seen inflows equal to 23% of Bitcoin ETFs. Source
- Spot Ethereum ETF trading volumes hit $1 billion on the first day with almost half of the volume coming from Grayscale’s Ethereum Trust. Source
- BlackRock’s Bitcoin ETF has seen its biggest inflow day since March of over $523 million on July 22. Source
- BlackRock’s Bitcoin ETF has surpassed Invesco’s QQQ Nasdaq fund in 2024 inflows. Source
- Donald Trump has confirmed that JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink are not part of his plans for Treasury Secretary. Source
- Kamala Harris is in talks to speak at the Bitcoin Conference in Nashville this weekend according to Bitcoin Magazine CEO David Bailey. Source
- The US Government has moved $4 million BTC to Coinbase according to Arkham data. Source
- Bitcoin miner Cipher has received a takeover offer and is considering a sale. Source
- Bitcoin miner Core Scientific has been upgraded to buy from neutral by B Riley due to its HPC expansion. Source
- Bitcoin miner Marathon Digital has been fined $138 million for breaching a non-disclosure, non-circumvention agreement. Source
- Bitcoin miner HIVE Digital is going to build a 100 MW mining facility in Paraguay. Source
- Bitcoin miner Iris Energy will launch a GPU pilot at its site in Texas. Source
- Coinbase’s stock has been upgraded by Citi from neutral to buy due to improved regulatory risk. Source
- Swan Bitcoin has announced its shutting down its mining unit, reducing its headcount and canceling its plan to IPO. Source
- Grayscale has launched a new decentralized AI fund for accredited investors featuring Bittensor, Filecoin, Livepeer, Near and Render. Source
- Over 36% of Mt. Gox Bitcoin has already been distributed to creditors. Source
- Bitwise says Ethereum ETF inflows will push the ETH price up to beyond $5K. Source
- BlackRock has set its spot Ethereum fee at 0.25% whilst five of the issuers will waive fees at launch. Source
- Mark Cuban says Silicon Valley’s embrace of Trump is a “Bitcoin play.” Source
- Bankrupt crypto lender BlockFi will begin its first interim crypto distribution through Coinbase before the end of the month. Source
- Latin American crypto exchange Bitso has partnered with Lightspark to bring Lightning payments to its 8 million users. Source
- DeFi Technologies has doubled its Bitcoin treasury after adding another 94.4 BTC as well as adding SOL and CORE tokens. Source
- Real Bedford FC has increased its Bitcoin holdings after buying 66.9 BTC to bring its total to 82.7 BTC. Source
- Metaplanet has bought $1.2 million in Bitcoin to reach its goal of 1 billion yen. Source
Coins and Projects
- Bitcoin ETFs have 4-8x more impact on the price of BTC than the miners do according to Glassnode. Source
- Bitcoin Layer-2 Bitlayer has raised $11 million in a funding round led by ETF issuer Franklin Templeton. Source
- Arthur Hayes’ crypto investment fund has announced a new grant program to support Bitcoin developers. Source
- StarkWare has verified its first zk-proof on Bitcoin using its new STARK verifier. Source
- TON is launching a Bitcoin bridge to boost Bitcoin’s use cases. Source
- Ethereum co-founder Vitalik Buterin has introduced Circle STARKs, a new cryptographic protocol for better security and efficiency. Source
- Ethereum had its highest inflationary period in Q2 this year according to Fidelity. Source
- Bitwise will donate 10% of its spot Ethereum ETF profits to Ethereum developers. Source
- Chainlink’s tokenization sandbox will reduce the trial time for institutions from months to days. Source
- Polygon has confirmed the migration of its MATIC token to POL will happen on September 4. Source
- Polygon’s data availability project Avail has finally launched its mainnet. Source
- Ondo’s USDY has launched natively on Cosmos through Noble. Source
- SingularityNET will invest $53 million in AI infrastructure. Source
Macro News
- President Biden has dropped out of the Presidential race and will not seek re-election. Source
- Greece is looking to introduce a tax framework for cryptocurrencies from January 2025. Source
- State Street is looking to get involved with blockchain payments by creating a stablecoin. Source
- The European Central Bank has left interest rates unchanged at 3.75%. Source
- Cyber company CrowdStrike caused the largest IT outage in history with its latest Microsoft software update. Source
- Microsoft has blamed CrowdStrike’s rogue software update on the 2009 European Union deal. Source
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
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See you next time!
Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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