Bitcoin Soars: Major Catalysts Drive Rapid Rebound | Matrixport Research

The latest research from Matrixport Research shows that the BTC soar in the short term may be affected by the following factors:

• The “emergency sale” of BTC in Germany has ended, and the selling pressure of BTC has eased
• BlackRock CEO has changed his usual behavior and strongly supports BTC as a legitimate financial instrument
• “Supporting BTC” has become a key grip for Trump’s campaign this time, and the benefits of the election are still to be realized

The “emergency sale” of BTC in Germany has ended, and the selling pressure of BTC has eased

The German State of Saxony sold approximately $3 billion worth of Bitcoins, equating to around $130 million worth sold daily over the 25 days. Such a large volume of Bitcoins sold created downward pressure on the price, contributing to a nearly 20% peak-to-trough decline in Bitcoin’s value during this period.

BlackRock CEO has changed his usual behavior and strongly supports BTC as a legitimate financial instrument

In his latest interview, Larry Fink, CEO of BlackRock, has significantly changed his stance on Bitcoin, now endorsing it as a legitimate financial instrument with the potential to revolutionize finance. Fink, who was previously skeptical of Bitcoin, acknowledged that after studying the cryptocurrency, he sees it as a form of “digital gold” and a legitimate financial instrument that can play a crucial role in wealth protection and financial markets.

“Supporting BTC” has become a key grip for Trump’s campaign this time, and the benefits of the election are still to be realized

Trump is expected to deliver a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, 2024. In his speech, Trump is expected to emphasize Bitcoin’s potential to transform the financial landscape and support economic growth. He is expected to reiterate his belief that the U.S. should lead the global crypto market and leverage Bitcoin’s capabilities to enhance economic competitiveness.

Ethereum ETFs Should Start Trading on July 23

The Ethereum ETFs are anticipated to launch on July 23, 2024, provided there are no last-minute issues. This date comes after several delays, with the SEC recently asking issuers to submit final documents by the end of this week. Prominent asset managers like BlackRock, VanEck, and Franklin Templeton are expected to receive approval.

South Korea faces too much resistance to crypto tax, new proposal postponed to 2028

South Korea’s ruling party, the People Power Party, proposed delaying the implementation of the country’s cryptocurrency tax to 2028. Initially, the tax was set to take effect on January 1, 2022, but faced multiple delays due to significant backlash from investors and industry experts. The new proposal could extend the postponement to January 1, 2028.

August presents a mixed picture of Bitcoin. Historically, it has not been as strong as July but still tends to perform better than September. The average return for Bitcoin in August is slightly negative, around -2%. Market conditions in August can be influenced by the end of the summer holiday period, where trading volumes may be lower, and investors are gearing up for potential market movements in the following months.

Disclaimer: The above content is for informational purposes and reference only. The content does not constitute investment advice. Digital asset transactions can be precarious and volatile. Investment decisions should be made after carefully considering individual circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.

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