Macro Pulse Update 21.07.2024

We’re reclaiming healthy levels now 66k and 3.5k

Recorded the highest net info while dipped to $54,000

German government is done selling

Here are 3 indicators that points towards a bullish market ahead👇🧵

Macro Pulse Update 21.07.2024, covering the following topics:

1️⃣ Macro events for the week
2️⃣ Bitcoin Buzz Indicator
3️⃣ Market overview
4️⃣ Key Economic Metrics
5️⃣ China Spotlight

1️⃣ Macro events for the week

Last Week

Next Week

2️⃣ Bitcoin Buzz Indicator

Market Movements and Trend

• Trump's Survival Spurs Crypto Market Surge

• Ethereum ETF Race Intensifies with Competitive Fees

• Grayscale Launches Decentralized AI Fund for Investors

• Polygon Migrates MATIC to POL, Enhances Network

Security Breaches and Hacks

• WazirX Hack Results in $234.9 Million Loss

• Li.Fi Faces $12 Million Hack Due to Vulnerability

• Rho Markets Exploited for $7.6 Million Due to Oracle Vulnerability

Platform and Protocol Updates

• Tornado Cash Sees $1.8 Billion Deposits Despite Sanctions

• Pixelverse's PIXFI Token Launch Surges 50%

• Worldcoin Faces Manipulation Allegations Amid Token Delay

NFT and Gaming Developments

• Trump Plans Fourth NFT Collection Despite Initial Skepticism

• OpenSea Challenges Blur's Dominance in NFT Market

• Gods Unchained Sees Surge in NFT Sales and Token Activity

• Reddit Ends Animated Collectible Expressions for Polygon NFTs

Altcoin

• A scammer returned $9.3M DAI to a victim after 10 months of phishing.

• Meme Coin MOG hit a new all-time high.

• Dogwifhat was the best-performing coin in H1 2024 with a 1306% price increase.

• BlackRock surpassed $10.6T in AUM, boosted by ETF inflows.

• Hong Kong cracked down on seven unlicensed crypto exchanges.

• Spain National Fan Token slid after UEFA Euro 2024 win.

• South Korea’s ruling party proposed delaying crypto taxes by three years.

• Celsius agreed to liquidate tokens and rare NFTs in a settlement with KeyFi founder.

• DePin Helium Mobile released its first post-roadmap progress update.

• Uniswap Labs launched a Uniswap Extension with sidebar, supporting 11 blockchains.

• Solana reclaimed a $70B market cap and a $160 price; Raydium dominated DEX volume and market share grew from 36% to 66%.

• Mocaverse revealed a Mario Kart-like game called ‘Cosmic Royale’ after the MOCA token drop.

• ApeCoin announced the ApeChain Testnet launch on July 16, raising its price above $0.80.

• Pendle launched new pools on the Arbitrum Network.

• Tokenized US Treasurys could reach $3B by the end of the year.

• Aethir’s GPU-as-a-service hit $36M in revenue with 10% monthly growth.

• A Degen Chain user lost 90% of their funds.

• Polyhedra Network launched Staking Program V2 with rewards starting July 18, featuring a 2,000,000 ZK prize pool.

• OM surged to a new all-time high amid MANTRA’s 50 million token giveaway plans.

• The Zcash community approved decentralized grant allocations with 20% block reward.

• 150 countries can now easily buy crypto using Stripe and Coinbase.

• Nansen’s new dashboard revealed Aptos’s rise in transactions and developer activity.

• Arca tapped Securitize to list a tokenized U.S. Treasury fund.

• OKX ceased operations in Nigeria.

• XBTO established a tokenization team to focus on real-world assets.

• Gnosis Pay and other crypto projects were impacted by a Fractal ID data breach.

• State Street looked to create its own stablecoin.

• OKX Wallet added support for the TON blockchain, marking its 100th mainnet integration.

• ZetaChain launched Gateway, targeting developers and users.

• The CEO of BtcTurk, one of Turkey’s biggest crypto exchanges, stepped down.

• Miggles Meme Coin surged to a $22M market cap amid promotion by Coinbase and Base.

• DYM surged after the debut of Dymension Name Service.

• A Joe Biden-themed meme coin plummeted as the US president got Covid.

• Upbit issued its first public disclosure under the new User Protection Act.

• Standard Chartered, Animoca, and others joined HKMA’s stablecoin sandbox.

• The Greek government planned to impose crypto taxes starting in 2025.

• OKX selected Malta as its MiCA hub for EU compliance.

• BlockFi planned to begin repayments to 100,000 creditors this month.

• BitGo launched support for Bitcoin L2 Stacks and sBTC.

• XRP price dipped as the SEC canceled a crucial meeting with Ripple.

• A judge ordered Robinhood to pay a $9M settlement over its referral program.

• Lumia announced the sale of HyperNodes to launch its L2 liquidity layer.

• Chainbase planned to build the largest on-chain Web3 data infrastructure, completing a $15M Series A.

• Kraken Custody expanded to the UK and Australian markets.

• Chainlink debuted a digital assets sandbox to revolutionize capital markets.

• Outlier Ventures and Morgan Creek Digital launched a Web3 Latam accelerator program.

• 21Shares launched an Injective ETP with staking on Euronext.

• Lens targeted Q4 for mainnet on ZKsync, aiming for AI monetization.

• Mantle Network’s MNT token saw a surge amid whale buying.

• Lido DAO price rally held as staking TVL rose to $34B.

• Binance forgave Bloomberg after receiving an apology for defamatory coverage.

• Cash App shut down its operations in the UK to focus on the US market.

• Ether.Fi released Season 2 of its ETHFI token airdrop.

• Bitrue Ventures launched a $40M Web3-focused investment fund.

• Hamster Kombat users were targeted by phishing attacks and fake airdrops.

• Wintermute was in talks for a $100M funding round to expand operations.

• Galaxy’s staked Ether assets topped $3.3B after the CryptoManufaktur acquisition.

• Manta Foundation announced a strategic investment in dappOS via a $50M EcoFund.

• Messari co-founder Ryan Selkis stepped down as CEO after aggressive political tweets.

• Terraform Labs reopened Shuttle Bridge and destroyed LUNA tokens.

• Coinbase planned to list Ancient8 (A8).

• Coinbase planned to launch perpetual futures for Toncoin, Bittensor, and Tellor.

• Binance planned to airdrop and list Telegram Trading Bot Token Banana Gun (BANANA).

3️⃣ Market overview

Crypto Highlights

• Bitcoin surged roughly 7% following an attempted assassination on Donald Trump. Prediction markets indicate this event has boosted his election prospects. Trump is seen as the pro-crypto candidate compared to President Joe Biden.

• Mt. Gox transferred more than 140,000 BTC worth nearly $9 billion to various wallets in three hours. The transfers caused a notable drop in bitcoin prices. Market sentiment predicts repayments may be complete before August.

• Ahead of the US launch of Spot ETH ETFs, investors are using the options market to hedge against price swings. Increased volatility in short-term contracts indicates heightened demand for safe options. This reflects growing apprehension about near-term price stability.

• Coinbase narrowed its subpoena request to only SEC Chair Gary Gensler’s communications during his tenure. This follows Judge Failla’s concerns about the burden of accessing earlier statements. The focused approach aims to streamline the legal process.

• Hong Kong’s financial authorities will soon publish the results of a stablecoin consultation. The proposal includes licensing requirements and regulatory rules for stablecoin issuers. This aims to enhance stablecoin stability and market security.

4️⃣ Key Economic Metrics

🟢 US market

• US inflation slowed significantly in June, with CPI up 3% year-over-year, the smallest increase in 12 months. This has increased the likelihood of a Federal Reserve rate cut in September, as the Fed signals a shift towards easing monetary policy.

• Durable goods prices fell sharply in June, with significant declines in furniture, appliances, and vehicles. In contrast, service prices continued to rise, driven by increases in shelter and healthcare costs, though labor market pressures on inflation are easing.

• Bond yields declined and the dollar weakened amid expectations of rate cuts. However, rising risk spreads on junk bonds indicate growing concerns about corporate bankruptcies, highlighting the complex interplay between inflation, interest rates, and economic stability.

🔴 European Central Bank (ECB)

• Interest Rate: Maintained at 3.75%.

• Inflation: Slowed to 2.5% in June from a peak of 10.6% in 2022, but services inflation remains a concern.

• Strategy: ECB aims to keep rates high to achieve a 2% inflation target by the end of next year amid slower economic growth and wage pressures in the Eurozone.

5️⃣ China Spotlight🔴

China’s consumer prices increased by only 0.2% in June, indicating persistent deflation risks. This is driven by weak domestic demand, falling food prices, and excess production capacity.

• Weak domestic demand stems from a crisis in the property market, high household savings, and stagnant private sector investment.

• The government’s reliance on exports, particularly in tech and clean energy, faces growing international trade restrictions.

• Despite easing monetary policy, China’s bank lending growth hit a record low in June, indicating potential liquidity trap conditions.

• Further fiscal stimulus may be required to boost domestic demand and sustain economic growth.

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