First line|BTC is expected to break $69000, market sentiment remains greedy; Biden withdraws from presidential race, related Tokens big dump; South Korea's strict laws on Cryptocurrency exchange take effect; global market in a state of depression.

Daily summary of the crypto world: BTC is expected to break through $69000, the market sentiment of encryption continues to lean towards greed; Biden withdraws from the presidential race, BODEN Tokenbig dump 44%; Rollup.Finance announced the cessation of operations; Strict laws on Cryptocurrencyexchange in South Korea take effect

First look at the trading activity of BTC ETF. According to Farside Investor data, on July 19th, Grayscale BTCSpot ETF (GBTC) saw a outflow of 20.3 million US dollars; at the same time, iShares Trust BTCSpot ETF (IBIT) saw an inflow of 116.2 million US dollars, Fidelity BTCSpot ETF (FBTC) saw an inflow of 141 million US dollars, VanEck BTCSpot ETF (HODL) saw an inflow of 41.8 million US dollars, and Bitwise BTCSpot ETF (BITB) saw an inflow of 44.6 million US dollars.

With the strong Rebound of mainstream Token prices, the fear and greed index of Cryptocurrency has reached the "longest greedy" in a month, which is in contrast to last week's "extreme fear" scenario, representing the market view of ordinary traders. Some traders believe that BTC is expected to break through the historical high of 69,000 US dollars.

Joe Biden drops out of the presidential race, BODEN Tokenbig dump 44%

US President Joe Biden announced that he will not seek re-election in the upcoming 2024 US presidential election. In the past few weeks, Biden has faced increasing pressure to step down, with many current senators calling for his withdrawal from the race, and there are even reports that former President Barack Obama has advised him to do so.

According to a statement issued by Biden on Sunday, he believes that resigning is in the interest of the party and the country. He stated that he will support Vice President Kamala Harris to be the Democratic candidate. With the release of this news, memecoin Jeo BodenTokenbig dumped 44%. Meanwhile, other potential competitors' Tokens significantly pumped. In particular, a memecoin named Kamala Horris pumped 52%, while memecoin Gabin Noo pumped 115%.

Relatively, the price of the Token named after the opponent of the Republican presidential candidate Donald Trump, who dropped out of the race, also pumped. Doland Tremp is the most affected memecoin, and has pumped 24% since the news came out.

Biden performed poorly in last month's debate, sparking discussions about the possibility of replacing him as a presidential candidate. Since then, he has faced increasing pressure. According to ABC, top Democratic officials, including Senate Majority Leader Chuck Schumer, have urged him to step down in the past week.

As the Democratic Party prepares to select a presidential candidate at the Democratic National Convention in Chicago next month, it is unclear whether the Democratic Party will follow Biden's lead and nominate Harris. According to a top contract from Polymarket, Vice President Harris has an 81% chance of becoming the candidate, while the chances for the generic 'other' candidates are 12%.

Rollup.Finance announced that it will cease operations

Decentralized derivatives trading platform Rollup.Finance announced that it will stop its operations. The project stated on X: 'During the 16 months of continuous operation, we have withstood the storm of the Bear Market, increased volume, retained traders, and brought innovation through partnerships. However, due to a lack of resources and product market fit with zkSync, we have reevaluated our position and decided to take this step.'

Rollup.Finance ensures the safety of users' assets. Users have one month to Close Position and withdraw funds. Orders that are not closed by expiration will be automatically liquidated, and affected users will have an additional month to withdraw funds. The platform will be fully closed on September 21, 2024, and related applications will no longer be available. After that, official email, Twitter accounts, and Discord chat support channels will be disabled.

Rollup.Finance expresses its deepest gratitude to early users and investors and indicates that some members of the team will continue to strive for the future of Decentralized Finance and Ethereum Decentralization.

Strict Korean Laws on Cryptocurrency Exchange Take Effect

On July 19th, the new regulations of the Korean financial security regulatory agency came into effect, aiming to protect users from purchasing and storing encryption assets through virtual asset service providers (VASPs).

According to the statement issued by the Financial Services Committee (FSC) of South Korea on July 17th, VASP must take long measures to ensure the security of users' cryptocurrency, including purchasing insurance for users' encryption assets to prevent hackers and malicious attacks, separating customers' encryption assets from those of the exchange, and securely storing customer deposits in banks.

VASPs must also conduct due diligence to prevent Money Laundering activities on their platforms and report any suspicious transactions to regulatory authorities.

The FSC document states, "VASPs should always maintain a system for monitoring suspicious transactions and immediately report suspicious transaction activities to the Financial Supervisory Service (FSS)."

South Korean Cryptocurrency exchanges have expressed concerns about these regulations, fearing that they may lead to a large number of Tokens being delisted. On July 3, Cointelegraph reported that as part of the new user protection encryption law, 20 South Korean Cryptocurrency exchanges will review a total of 1,333 Cryptocurrencies in the next six months. The digital asset exchange alliance (DAXA) stated that the possibility of a large-scale delisting at once is unlikely.

Meanwhile, the ruling party, the People Power Party of South Korea, has officially proposed to postpone the implementation of the country's policy to tax profits from Cryptocurrency trading, pointing out that it is not wise to swiftly tax virtual assets at the current deteriorating sentiment towards encryption assets.

Market Trends:

• BTC: This morning it once broke through $68,000, with Spot ETF inflows exceeding $2 billion in the past two weeks.
• ETH : Breaking through the $3,500 mark, ETH ETF will debut for trading on July 23rd. Some in the community believe that after the ETH ETF is approved, it may be Unfavourable Information in the short term.
• SOL: Back above $180, Meme Token remains the most eye-catching zone in AltCoin.

Data Indicators:

• Today's AHR999 index is 0.95, indicating that the market has passed the bottom area and is gradually rising.
• The Fear and Greed Index is 70, indicating extreme fear when the price of BTC was $53,500. Market sentiment has quickly entered a frenzy state.

Macroeconomics:

• US stocks: S&P 500 fell 1.97% last week, Nasdaq Composite fell 3.65%, Dow rose 0.72%. Tech giants such as Microsoft, Google, Apple, etc. all experienced a big dump.
• Political News : Biden announced his withdrawal from the race, and the black female vice president Harris will become the Democratic Party's presidential candidate. The probability of Trump winning on Polymarket has dropped to 63%.

Market Hotspots:

1. BTC: Strong pump broke through $68,000, only 8% away from the historical high, driving the overall market pump. This week's BTC Nashville Conference will be held on the 27th, and US presidential candidate Trump will attend the conference. In addition, the world's richest man Musk's private jet also landed in Nashville, and there are rumors that Musk may also attend the BTC conference. Musk's Xaccount avatar has also been changed to a laser eye avatar. The last time he changed his avatar to this avatar was in April 2019, after which BTC entered the Bull Market phase.
2. Solana Ecosystem: SOL returns above $180, driving the overall strong performance of the Solana ecosystem. Meme coins like WEN, POPCAT, and MEW have seen significant gains. POPCAT is about to become the first cat meme coin to break through a market cap of $1 billion, and MEW has also reached a new all-time high over the weekend. The current total market cap for cat meme coins is $2.6 billion, while dog meme coins have a total market cap of $39.2 billion.

Conclusion:

Overall, the market sentiment has shifted from fear to frenzy in a short period of time, mainly driven by the strong pump of mainstream coins such as BTC and ETH. In terms of macroeconomics, although tech stocks have performed poorly, the encryption market seems to have its own driving force, especially influenced by the upcoming BTC conference and the potential involvement of Musk. At the same time, Meme coins in the Solana ecosystem have also performed well, becoming one of the market hotspots.

Investors should follow significant events such as upcoming major meetings and ETF listings, which may have important impacts on market sentiment and price action. At the same time, be aware of the short-term pullback risks that may arise from a overheated market.

Macro: Global technical failure, Wall Street closes down; Asian stock markets under pressure after Biden's withdrawal

On July 19th, the US stock market continued to decline on Friday, as the ongoing chaos caused by global technical failures increased market uncertainty. Technical issues with network security company Crowdstrike caused disruptions in long industries, including aviation, banking, and healthcare operations, and Microsoft's Windows operating system crashed as a result. Although the vulnerability has been discovered and fixed, some services remain affected.

Specifically, the three major indexes: the Dow Jones Industrial Average fell 0.93%, the S&P 500 fell 0.71%, and the Nasdaq Composite fell 0.81%.

From a weekly perspective, both the Nasdaq Composite and the S&P 500 recorded their worst performance since April, while the Dow Jones Industrial Average, after hitting a new all-time high earlier this week, also succumbed to the downward trend.

On July 22, Asian stock markets opened lower on Monday. The Central Bank of China unexpectedly cut interest rates, but failed to boost market sentiment. Meanwhile, after US President Joe Biden announced his withdrawal from the election, Wall Street futures strengthened. The People's Bank of China lowered the short-term interest rate by 10 basis points to drop long-term borrowing costs and bond yields. Earlier, Beijing released a policy document outlining its economic plan.

MSCI Asia-Pacific stock index fell 1.0%, Japan's Nikkei index fell 1.1%, South Korea's Benchmark index fell 1.5%, and Taiwan's stock market fell 2.4%.

There will be long important economic data released this week, and the Federal Reserve will release the highly followed inflation index on Friday, bringing an end to this week's trading. It is expected that the core personal consumption expenditure index will pump 0.1% in June, with the annual rate slightly decreasing to 2.5%. The market is highly anticipating that this will lay the foundation for a rate cut in September, with futures prices indicating a 97% chance of a rate cut in September. In addition, the GDP growth rate for the second quarter is expected to rise from 1.4% in the first quarter to an annualized growth rate of 1.9%.

In terms of commodities, due to geopolitical influences, oil prices pump slightly. As the Israeli army engages in fierce battles with Palestinian militants in Rafah, the ceasefire protocol in Gaza has made no progress. Brent crude oil pumped 22 cents to $82.85 per barrel, while US crude oil pumped 36 cents to $80.49 per barrel.

Invesco's report states that geopolitical competition has become the biggest concern for investors, even surpassing inflation, which has sparked a preference for safe-haven assets such as gold. The price of gold remains at $2,407 per ounce, close to last week's record high of $2,483.60.

Author: Sherry S. & Icing.

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