🎢 One Turbulent Week

Together With:

Sponsor Our Newsletter | Trade Crypto

Good Morning!

It’s been a turbulent few days. On July 4th, as Americans celebrated, Bitcoin experienced a significant drop. This was followed by dip buying, another crash, and then, this morning, a jump back above $57k.

Where to next? Let’s jump in. 👇️ 

Markets

A turbulent few days…
After the July 4 break, U.S. traders faced a massive 10% drop in bitcoin (BTC). But guess what? They didn’t panic; instead, they jumped in and started buying. Farside Investors reported a whopping $143.1 million in net inflows into U.S. spot bitcoin ETFs on Friday—the highest in at least two weeks! Bitcoin saw a slight bounce back, moving from under $54,000 on Friday to around $56,800.

However, the weekend didn’t bring much relief. The CoinDesk 20 index, tracking the largest digital assets, started the week down 7%, with bitcoin dropping 5% amid rising expectations for a Fed rate cut in September.

Hours later, Bitcoin shot up over 3% in a single candle.. The question remains, is the bottom in yet?

German government transfers another 1,000 bitcoins in ongoing selling spree (2 minute read)
The German government has continued moving its bitcoins to centralized exchanges, likely to sell them off. Arkham analytics reveals 250 bitcoins each went to Bitstamp and Coinbase—about $28 million altogether. Another 500 bitcoins were transferred to an unlabelled address, possibly a centralized exchange or OTC service.

Currently, Germany holds 38,826 bitcoins, worth around $2.17 billion, and has been selling them slowly over the past few weeks. This selling spree isn't sitting well with everyone. Bundestag member Joana Cotar slammed the government's "hasty" sales, calling for a solid bitcoin strategy instead.

Japan's Metaplanet Scoops More Bitcoin (2 minute read)
Metaplanet Inc., a publicly traded firm from Tokyo, just snapped up 42 more Bitcoins worth 400 million yen ($2.4 million). This bold move goes against the current crypto market trends, especially with major players offloading their assets.

Their latest buy boosts Metaplanet's total Bitcoin stash to 203 BTC, as revealed in a Sunday disclosure. Just last month, Metaplanet launched Metaplanet Capital Limited to ramp up Bitcoin holdings and seize global growth opportunities.

According to their manifesto, the company plans to use excess cash flow and implement savvy financial strategies like debt and equity financing to grow their Bitcoin reserves. This acquisition comes as Japan faces ongoing economic struggles. The yen's exchange rate has plummeted to 160.96 against the dollar and 173.81 against the euro, marking historic lows.

Best of Crypto Twitter

Misc

Taiwan builds CBDC prototype platform (2 minute read)
Taiwan is stepping up its digital currency game. They've built a prototype platform for a potential central bank digital currency (CBDC) and plan to host multiple hearings and forums next year to delve deeper into its development.

Central Bank Governor Chin-Long Yang emphasized that creating a digital currency isn't a race and there's no fixed timeline for issuing a CBDC.

The prototype features a two-tier issuance structure, offering non-interest-bearing CBDCs with both anonymous and registered wallet options. Impressively, it can handle 20,000 transactions per second. The central bank also aims to use the CBDC as a wholesale clearing asset for asset tokenization.

Our Recommendations:

💻️ MEXC - Where we find and trade new coins with low fees
📈 TradingView - Software we use to chart Crypto.
🔐 Trezor - Our favorite hardware wallet to keep our Crypto secure.
🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.