Daily Market Brief 2024/08/07 12:00 UTC+8
Analyst Views
“From a technical perspective, the $56,000/57,000 area is expected to act as significant resistance for Bitcoin , with a move above this level being a positive sign. However, due to the prevailing downside risk as indicated by incomplete technical indicators, it is crucial to place a firm stop loss on long positions at $54,000.” - 10x Research
“The unwinding of the yen carry trade will lead to a coordinated global sell-off of all financial assets as yen debt must be repaid, and yen debt is becoming increasingly expensive. Crypto investors should be careful with leverage and constantly monitor their positions.” - Arthur Hayes, Co-founder @BitMEX
“As long as Bitcoin can stay above $45,000, it could break its all-time high again within a year. Although some indicators are showing bearish signals now. But there is still a possibility of a rebound , so we need to see if it will stay at this level for a week or two. If it lasts longer, the bear market risk will increase, and if it lasts more than a month, recovery may be difficult.” - Ki Young Ju, CEO @CryptoQuant
Market Hotspots
- Yesterday, the U.S. Bitcoin spot ETF saw a net outflow of $149 million .
- Yesterday, the US Ethereum spot ETF had a net inflow of US$99.8 million .
- BTC options with a notional value of approximately $1.534 billion and ETH options contracts with a notional value of approximately $464 million will expire and be delivered on Friday (August 9); the maximum pain point price of BTC is $60,000, and the maximum pain point price of ETH is $3,000.
- BlackRock and Nasdaq submit spot Ethereum ETF options application to the SEC .
- After Harris announced her running mate, the concept coin KAMA fell briefly, with a 1H drop of more than 5%.
Investment and Financing Information
- Web3 game studio Curio has completed a $5.7 million seed round of financing, led by Bain Capital Crypto and SevenX Ventures.
- Intent-driven solver platform Khalani completed a $2.5 million seed round of financing, led by Ethereal Ventures.
- The Arbitrum Foundation and Sequence are working with Ubisoft to develop Web3 games.
- Web3 game studio Curio has completed a $5.7 million seed round of financing, led by Bain Capital Crypto and SevenX Ventures, with participation from OKX Ventures.
Regulatory developments
- Tim Walz, the running mate of U.S. Vice President Harris, has a stance on cryptocurrencies that is closely aligned with that of U.S. Democratic Senator Warren, who advocates stricter regulation of cryptocurrencies.
- Hong Kong Monetary Authority: The current number of virtual bank licenses is appropriate, and there is no need to introduce more new virtual bank participants into the market at this stage.
