We Will Crypto July Bitcoin’s Price Predictions, SEC Deems ETF Filings Inadequate, Altcoin Surges, and NFT Sales on Solana- Exploring the Latest Crypto Market Narratives

July Bitcoin’s Price Predictions, SEC Deems ETF Filings Inadequate, Altcoin Surges, and NFT Sales on Solana- Exploring the Latest Crypto Market Narratives

July Bitcoin’s Price Predictions, SEC Deems ETF Filings Inadequate, Altcoin Surges, and NFT Sales on Solana- Exploring the Latest Crypto Market Narratives post thumbnail image
We Will Crypto
We Will Crypto
July Bitcoin's Price Predictions, SEC Deems ETF Filings Inadequate, Altcoin Surges, and NFT Sales on Solana- Exploring the Latest Crypto Market Narratives
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In this episode of “We Will Crypto,” join host Ananomyx as we delve into the dynamic world of cryptocurrencies. Discover the latest insights on July Bitcoin price predictions, explore the SEC’s evaluation of inadequate ETF filings, delve into the surging altcoin market, and uncover the exciting developments in NFT sales on the Solana network. Tune in for a comprehensive analysis of the current crypto landscape, insightful Bitcoin forecasts, and the trends shaping the future of digital assets. Stay informed and stay ahead in the world of crypto with this captivating episode.

 

Welcome back to another episode of “We Will Crypto”, where we dive deep into the latest developments in the world of cryptocurrencies. I’m your host, Ananomyx, and in today’s episode, we have an action-packed lineup of news and analysis for you. We’ll be covering a wide range of topics, starting with the latest updates on Bitcoin, including its price movements and market sentiment. We’ll continue discussions regarding recent developments surrounding ETF applications and the United States Securities and Exchange Commission (SEC), exploring the potential impact on the crypto market. Additionally, we’ll delve into the exciting world of non-fungible tokens (NFTs) and examine the significant milestone of Solana’s NFT sales surpassing Ethereum’s. And last but not least, we’ll take a closer look at the market performance of altcoins, such as TRON (TRX). So, make sure you have your cup of coffee ready because we have a thrilling episode ahead!

Let’s begin with Bitcoin, the king of cryptocurrencies. In June, Bitcoin experienced a remarkable 12% gain, but the question on everyone’s mind is whether this upward trend will continue into July. Some analysts express skepticism, noting that historically, Bitcoin has never lost more than 10% in July. One trader named CryptoBullet even believes that BTC will fall below key moving averages in the near term, despite a potential liquidity hunt pushing the price to $35,000. On the other hand, trading suite Decentrader suggests that a retest of levels below $30,000 could be a healthy technical move. Despite these differing opinions, the overall sentiment remains positive for Bitcoin’s long-term upside potential.

Institutional investors are also showing significant interest in Bitcoin. A group of whales has bought a whopping $1.83 billion worth of BTC since BlackRock filed for a Bitcoin ETF application on June 15. This influx of institutional capital is certainly a positive sign for Bitcoin’s future. However, the social sentiment surrounding BTC remains negative due to recent rejections of Bitcoin ETF applications by the SEC. If the SEC approves the applications it received in June, it could lead to increased demand from whales. It’s worth noting that the weighted sentiment for BTC is still negative, indicating a higher number of negative opinions compared to positive ones. This presents a potential buying opportunity for strategic investors. The price prediction for BTC focuses on the $35,000 milestone, but it needs to overcome resistance at $31,000. There is a risk of a drop below $28,000, but support from investors who bought BTC at an average price of $28,100 could prevent a significant decline. Overall, the bullish sentiment among whales and the current market sentiment indicate the potential for further gains in BTC.

Now let’s shift our attention to the US Securities and Exchange Commission, or SEC. The SEC has deemed recent filings for spot Bitcoin exchange-traded funds, or ETFs, from BlackRock, ARK Invest, Fidelity, and other asset managers as inadequate. The regulator believes that these filings lack clarity and comprehensiveness. Specifically, the filings should have included information about surveillance-sharing agreements with spot Bitcoin exchanges or provided more details about these arrangements. However, the asset managers have the option to resubmit their filings after addressing these concerns. It’s worth mentioning that BlackRock’s application, which included a surveillance-sharing agreement to prevent market manipulation, influenced other asset managers to amend their applications accordingly. While spot Bitcoin ETFs have been denied by the SEC since 2017, they are already available in Canada through funds like Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin.

The SEC’s actions have not gone unnoticed by US House Financial Services Committee Chairman Patrick McHenry. He has warned SEC Chair Gary Gensler, criticizing the SEC’s labeling of spot Bitcoin ETF filings by financial giants as “inadequate.” McHenry suggests that the rejection may be an attempt to stifle crypto innovation. However, it’s important to note that the SEC’s action only requires Nasdaq and CBOE to refile applications with respect to surveillance-sharing agreements and spot Bitcoin exchanges. Fidelity and other asset managers named Coinbase as their market for surveillance. The community
mocked the SEC for approving a leveraged Bitcoin ETF while denying a spot Bitcoin ETF. Despite these developments, analyst Michael van de Poppe predicts further upside for BTC, with a potential price range of $35,000 to $40,000.

Shifting gears, let’s discuss the renewed interest in spot Bitcoin exchange-traded funds (ETFs) by major investment firms. Fidelity, WisdomTree, VanEck, and Invesco/Galaxy have re-filed their applications for spot Bitcoin ETFs with the SEC. These firms have named Coinbase as their exchange partner. A spot Bitcoin ETF would allow investors to gain exposure to Bitcoin without actually holding the digital asset. While previous Bitcoin ETF proposals have been rejected, the renewed interest from established financial institutions may increase the chances of approval. The SEC has emphasized the need for robust structures that minimize fraud and manipulation risks and has called for additional information from the exchanges involved. Despite recent rejections, there is hope for approval if the concerns surrounding fraud and manipulation can be effectively addressed.

Now, let’s take a look at the market performance of altcoins, starting with TRON (TRX). TRON has been closely following Bitcoin’s movement, experiencing a positive trend with a 3.45% rise on weekly charts. Starting the week at $0.071, TRX is approaching $0.074 as of June 28. The weekly charts indicate a bullish outlook for TRX, supported by momentum. There is a new support zone at $0.072, which could drive TRX above $0.076 in July. However, it’s important to note that the decreasing 24-hour volume and market cap suggest waning interest in TRON, which may result in short-term bearish action and corrections. Nonetheless, holding TRON (TRX) for the long term is still considered favorable due to its promising future. The recent launch of TRON on the Ethereum Blockchain in June has generated significant public interest and increased user activity, positively impacting TRX’s price and helping it regain the critical support region of $0.071. Combined with Bitcoin’s bullish momentum and an increased RSI of 58, TRON (TRX) is poised for another potential bull run in the upcoming weeks.

Finally, let’s touch upon the broader market performance. The global market cap began the day with a slight increase of 0.22%, reaching $1.19 trillion. Bitcoin (BTC) saw a mild 1% decrease as bears attempted a comeback after a bullish week. Bitcoin’s trading volume rose by 37% in the last 24 hours, but its volatility levels are increasing, indicating greater market instability. Ripple (XRP) experienced a 1% drop, while Cardano (ADA) saw a 0.9% increase, and Tron (TRX) gained 1% during the same period. Unitrade (TRADE) dominated the session with a significant 46% gain, while Polygon (MATIC) and Litecoin (LTC) both recorded gains of 1% and 12% respectively. On the other hand, Solana (SOL) experienced a 1.8% decline, and eCash (XEC) made notable gains of 31% within 24 hours. Overall, the market exhibited mixed performance, with Litecoin (LTC) leading in terms of gains.

Now for NFT news, there’s one more interesting development in the world of NFTs that caught my attention. In the past 24 hours, the volume of NFT sales on the Solana network has surpassed that of Ethereum. Yes, you heard it right! Solana’s NFT sales generated around $24.2 million, while Ethereum’s sales totaled $21.2 million. This is quite a significant milestone for Solana, although it’s important to note that Ethereum’s NFT market remains more valuable overall. However, with major NFT marketplace OpenSea announcing support for Solana NFTs, we might start seeing more of these achievements in the future. Over the past seven days, Solana’s NFT trade volume has been around $41 million, compared to Ethereum’s volume of around $166 million. So, keep an eye on Solana as it continues to gain traction in the NFT space.

Lastly, let’s talk about the recent legal developments in the cryptocurrency industry. The United States District Court for the Northern District of California has ordered cryptocurrency exchange Kraken to disclose user data to the Internal Revenue Service (IRS) for tax compliance purposes. This court ruling requires Kraken to provide information about users who conducted transactions exceeding $20,000 within a calendar year. The requested information includes personal details such as names, birthdates, taxpayer identification numbers, addresses, phone numbers, and email addresses. Additionally, the court ruling mandates the release of blockchain addresses and transaction hashes. However, it’s worth noting that the judge dismissed the IRS’s requests for employment information and the source of wealth from Kraken. The order stems from the IRS’s claim that Kraken failed to comply with a summons issued in 2021 and aims to investigate the tax obligations of users who conducted crypto transactions between 2016 and 2020. This development adds to the growing regulatory scrutiny on cryptocurrencies, as we’ve seen with recent lawsuits filed by the SEC against Coinbase and Binance.US.

And that brings us to the end of today’s podcast episode. We discussed the latest updates on Bitcoin’s price, ETF applications, altcoin market performance, Solana’s NFT sales surpassing Ethereum, legal battle between Kraken and the IRS, and altcoin news. As always, make sure to stay informed, stay vigilant, and remember to do your own research before engaging in any cryptocurrency-related activities. Thanks for tuning in, and I’ll catch you in the next episode of the We Will Crypto podcast!

 

 

 

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