Trump Speaks at Bitcoin 2024 Conference
Former President Donald Trump said at the Bitcoin 2024 Conference over the weekend that if he is elected to a second term, he wants the United States to become a “Bitcoin superpower” under his leadership. Additionally, Trump promised to create a Bitcoin strategic reserve with government-owned resources. Finally, if elected, Trump promised to dismiss SEC Chairman Gary Gensler and establish a crypto advisory council.
Bitcoin Research Institute Move from the University of Wyoming
The University of Wyoming announced that it is preparing to open the UW Bitcoin Research Institute in August, aiming to provide high-quality studies on Bitcoin. Bradley Rettler, a Bitcoin activist and Associate Professor at the University of Wyoming, announced the new institute with a post on the X platform on July 28. He will serve as director of the institute. Bitcoin Research Institute will officially open in August, when the 2024 – 2025 Fall semester will begin.
Bill for 1 Million Bitcoins from US Senator
Senator Cynthia Lummis has introduced a new bill that aims to create a Bitcoin strategic reserve of at least 1 million BTC for the United States, which is 5% of the total supply. Lummis announced the new bill after former President Donald Trump spoke at the Bitcoin 2024 Conference on July 27. In his speech, Lummis detailed his plan to create a network of secure storage vaults and a purchasing program aimed at transparent management of the federal government’s Bitcoin assets.
Hong Kong Considering Adding Bitcoin to Financial Reserves
Hong Kong legislator Johnny Ng has announced that he is considering adding Bitcoin to the city’s financial reserves, highlighting the importance of regulatory compliance and Bitcoin’s potential as digital gold. Ng’s interest follows Donald Trump’s statement at the Bitcoin 2024 Conference regarding the establishment of a strategic Bitcoin reserve in the United States. Inspired by Trump, Ng is exploring Bitcoin’s inclusion in national reserves due to its growing global adoption.
1 Billion XRP Will Be Unlocked in August
Ripple, as the largest owner of XRP, will remove another 1 billion XRP from its accounts on August 1, and this may create selling pressure on the price of XRP. This monthly unlocking process has been going on since 2017 and approximately 44.02 billion XRP is still sitting in Ripple’s accounts. Ripple sold 1.826 billion XRP from its treasury this year, and these sales had various effects on the price of the token.
Riot Platforms Expands Hash Rate and Market Reach
Riot Platforms acquired Kentucky-based Block Mining for $92.5 million and expanded into new energy markets outside of ERCOT, immediately increasing the hash rate by 1 EH/s. The acquisition consists of $18.5 million in cash and $74 million in Riot common stock from Riot’s reserves, with the potential for an additional $32.5 million based on performance through 2025. Block Mining operates two Kentucky facilities with a total capacity of 60 MW, and Riot plans to increase this capacity to 110 MW by the end of 2024. The Block Mining team will continue to manage operations and oversee expansion efforts. This deal follows Riot’s attempt to acquire Bitfarms, which, although opposed, recently managed to overcome a significant legal hurdle.
Ava Labs Head of Engineering Patrick O’Grady Leaves the Team to Start His Own Company
Patrick O’Grady, Ava Labs’ VP of Engineering, announced that he will be leaving the company to start his own venture and will remain at Ava Labs as a Technical Consultant. O’Grady played a key role in the development of the Vryx scaling solution, which aims to enable the Avalanche blockchain to process 100,000 transactions per second. His new initiative will focus on providing open and high-performance frameworks that will improve onchain experiences for application developers by providing innovations in areas such as networking, storage and consensus. O’Grady expressed his belief in the future of onchain applications and that he will continue to contribute to a reliable internet.
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BITCOIN (BTC)
BTC is priced at $69,620 with a 2.0% gain in value as of the morning hours. With the upward break of the horizontal band, the middle band level of $ 65,000 was also broken upward again. In the continuation of the upward movement, $ 72,000 appears as the first resistance. When this level breaks up, a new ATH level can be seen. Now, in withdrawals, the first support level can be followed by the $68,300 level, followed by the $65,300 level.
ETHEREUM (ETH)
ETH is priced at $3356 with a 2.62% gain in value as of the morning hours. We see a horizontal movement between the $2860 and $4030 levels. These two levels can be followed as main support and resistance zones. The intermediate resistance zone is the $3700 level. If the resistance zones are crossed in upward movements, the $ 4000 level can be followed. $3100 serves as an important support. Below $3100, the $2860 level may be retested. If $3400 breaks upwards, a move towards $4000 is likely to start.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.6078 with a 1.08% gain in value. When we examined the daily chart, we saw that XRP faced a strong downward selling pressure from the $ 0.64 level, which we followed as a resistance zone after the strong movement in the past few days. With this move, XRP broke the $0.56 level, which we followed as the support zone, and gained this zone again. In upward movements, the $0.60 – $0.65 region appears as an important resistance zone.
AVALANCHE (AVAX)
AVAX is priced at $28.45 with a 3.76% gain in value as of the morning hours. When we examine the four-hour chart, the middle region of the horizontal band acts as support. As long as this price structure is maintained, prices above $30 may be seen. If there is a breakout of $30, $34 appears as the first resistance. In case of pullbacks, $27 appears as a strong support zone.
SOLANA (SOL)
SOL is priced at $193.17 with a 4.48% gain in value as of the morning hours. When we examine the daily chart, we see that the $187 level, which we follow as the resistance zone, and also the falling trend line have been broken upwards. If this movement continues, a price movement towards the $200 region may be possible. In case of withdrawals, the $190 and $185 levels can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $13.71 with a 3.08% gain in value. When we examine the four-hour chart, we see that the price movement over the weekend maintained its permanence above the $13 level. If the upward movement continues, the $14 level appears as an important resistance zone. If the resistance zone is crossed, the $15 level can be tested. In case of withdrawals, the $ 13.20 region can be followed as support.
MKR
As of the morning hours, MKR is priced at 2763 dollars with a 4.74% gain in value. When we examine the four-hour chart, we see that it looks like a descending wedge formation and that this movement has broken upwards. If the upward movement continues, the $2800 region first appears as a short-term resistance area. If this region is passed, the 2900 dollar region can be targeted. In case of withdrawals, $ 2700 can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2392.84 dollars with a 0.24% gain in value. The rise continues after receiving a reaction from $2353. The $2417 area is a critical area. In case of an upward break, increases up to $2500 may be seen. In case of pullbacks, the $2450 region is a region that is likely to act as support.
OUNCE OF SILVER
As of the morning hours, silver is priced at $28.06 with a 0.48% gain in value. When we examine the hourly chart, we see that there is some horizontal movement after the downward movement last week and an image similar to the ascending triangle formation. If this movement breaks upwards and persists above the $28 level, the $28.60 region can be targeted.
