The crypto market rebounded today, with Bitcoin rebounding from $55,600 to $58,000 and Ethereum returning to $2,450.
Altcoin as a whole are also rebounding along with the broader market, with 1INCH performing the strongest, rising by more than 25%.
This may be related to the 1INCH team's increase in holdings.
According to the data, from July 5th to now, they have purchased a total of 22.45 million 1INCH tokens, with a total value of approximately US$5.5 million, and the average purchase price of each token is US$0.245.
This shows that even if the overall market performance is not good, the 1INCH team is still optimistic about their project and they are supporting their project.
This large-scale buying behavior will have a certain supporting effect on the price of the token.
The news worth noting is:
1. Data shows that the illiquid supply of Bitcoin has reached 74% of the total supply, setting a record high
According to Glassnode’s tracking data, there are currently 14.61 million bitcoins held by illiquid entities, which is equivalent to 74% of the total circulating supply of Bitcoin (19.75 million).
This data shows that the illiquid supply of Bitcoin has reached an all-time high, which means that the supply shock caused by the Bitcoin halving is intensifying.
This could provide Bitcoin with greater upward momentum in the coming months.
Bitcoin Magazine also stated on the X platform that the amount of Bitcoin held by companies has increased by 587% over the past four years.
In addition, institutions such as River Financial are also actively buying Bitcoin, which shows that more and more companies are accumulating Bitcoin.
At the same time, according to Lookonchain monitoring, after the price of Bitcoin fell, a certain whale once again increased its holdings by 545 Bitcoins.
This whale bought 862 bitcoins from the market bottom at an average price of $56,993 per coin in the past three days, with a total value of approximately $49 million.
More and more data are telling us that long-term holders are increasing and short-term holders are decreasing. More and more investors are choosing to hold for the long term rather than trade frequently.
When more and more Bitcoins are held by long-term holders, the number of Bitcoins available for trading in the market decreases, which may lead to changes in supply and demand, thereby driving up Bitcoin prices.
2. The Federal Reserve released the latest report on the state of the U.S. economy, commonly known as the Beige Book
Simply put, there wasn't much bad news in this report.
The only downside is that economic growth has slowed in some parts of the United States, but it has not yet reached recession levels.
This is mainly because the previous high interest rate policy has begun to take effect. The effects of interest rate increases usually have some delay, and now these effects are beginning to show.
The Fed believes that inflation has been largely brought under control and the labor market is gradually cooling down.
This slowdown could put future economic growth on a more solid footing while also reducing the need for further interest rate hikes.
The Federal Reserve may gradually cut interest rates next to respond to the economic slowdown.
At present, the interest rate cut in September is basically a done deal.
3. Coinbase Chief Legal Officer said: Has been in contact with Trump and Harris' campaign teams
Coinbase’s chief legal officer Paul Grewal said Coinbase has been in contact with the Trump and Harris campaigns as they develop crypto policy.
While the Trump campaign has been very clear in its support for cryptocurrency policies, Harris’ team also seems to be open to digital assets, as well as hinting at it.
He believes that no matter what the final election results are, we will see a Congress that supports cryptocurrency. Currently, bipartisan support for cryptocurrency-friendly legislation is increasing in Congress.
4. Polygon now supports converting MATIC tokens into new POL tokens
For some users who hold MATIC, they need to manually convert MATIC into POL through a specific migration contract.
If you hold MATIC tokens on the Polygon PoS chain, you do not need to do anything, the system will automatically upgrade your MATIC to POL.
However, if you hold MATIC tokens on Ethereum, Polygon zkEVM, or a decentralized exchange, you will need to manually convert MATIC to POL via the migration contract.
To put it simply, if you hold MATIC tokens on a centralized exchange, such as Binance or OKX, you do not need to convert manually, the exchange will automatically help you complete the conversion from MATIC to POL.
But if you hold MATIC on the Ethereum or Polygon zkEVM networks, or if your tokens are locked in a smart contract, you will need to convert them manually.
In general, the short-term crypto market is still dominated by shock and fluctuations.
Judging from the latest Beige Book released by the Federal Reserve, although economic growth in some parts of the United States has slowed down, it has not yet reached the level of a recession.
The Fed may gradually cut interest rates in response to the slowing economy, so a rate cut in September is basically a done deal.
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