Morning Bulletin - 10.07.2024

On yesterday's trading day, Bitcoin spot ETFs recorded an increase of $216 million. BlackRock raised $121 million, Fidelity raised $90 million and ARK Invest raised $43 million. On the other hand, Grayscale realized net sales of $37 million.

Matthew Sigel, VanEck's head of cryptocurrency research, commented on the possible impact of the US elections on Bitcoin and the cryptocurrency market. Sigel said that the re-election of Donald Trump as president could push Bitcoin and other cryptocurrencies to new highs. Sigel also stated that the recent declines were caused by Mt.Gox and German sales pressures, but that this pressure may end soon. Reminding that Bitcoin has not historically stayed below the 200-week moving average for a long time, Sigel predicted that the market could recover in a few weeks and that the US elections could have a positive impact on cryptocurrencies.

At the time of writing, Bitcoin (BTC) is trading at $58,877 and Ethereum (ETH) is trading at $3,106.

The fear and greed index is at a fear level of "40".

Important developments for the day:

Injective (INJ): "Injective Builder House" event will take place.

General Market Event: FED Chair Powell will deliver a speech.