The List of Big Players Going Bullish on Bitcoin!

What Happened in the Crypto World Today: List of Major Players Who Expect a Bullish Rise in Bitcoin!

Remember when politicians barely knew what Bitcoin was? Now they’re letting people know they fully support the industry.

It’s crazy to see how quickly everything changes.

In 2020, crypto was barely on the political radar. Fast forward to 2024, and suddenly it’s a hot topic for candidates.

Are we witnessing the emergence of the “crypto voter”?

One thing is for sure: The crypto world is watching this election more closely than ever before. The stakes have never been higher.

So let’s take a look at the market overview first!

Where is the Cryptocurrency Market Headed?

Bitcoin is closing in on $70,000 and the crypto world is on high alert.

With just 6% left from the all-time high, we are all wondering: What is causing this increase and where are we headed?

Let’s take a look at what these factors could mean for the future of the market.

But first…

Why Is Bitcoin Rising?

The Bitcoin 2024 conference in Nashville just wrapped up, and it was magical. For the first time in crypto history, we saw major political figures from across the spectrum show overwhelming support for Bitcoin.

Former President Trump promised to create a “strategic Bitcoin reserve” if he is re-elected. That’s not just talk — it represents a potential shift in how governments view cryptocurrencies as strategic assets.

Senator Cynthia Lummis took this a step further by proposing a plan for the US Treasury Department to purchase 1 million Bitcoins.

Economic Factors

While political support is making headlines, economic factors are also fueling Bitcoin’s rise.

Inflation is showing signs of cooling, with the Personal Consumption Expenditures (PCE) index rising just 0.1% in June, leading investors to speculate about possible interest rate cuts from the Federal Reserve.

Historically, when the Fed has loosened monetary policy, we’ve seen interest in riskier assets like Bitcoin increase. The last time we saw a major bull run in 2020-2021 coincided with unprecedented monetary easing in response to the COVID-19 pandemic.

Where We Might GoHistorical Parallels: The Halving Cycle

To understand where we’re going, it’s helpful to look at where we’ve come from. Bitcoin operates on a four-year halving cycle, where the reward for mining new blocks is cut in half.

Looking back at the 2020 halving cycle, we saw Bitcoin reach a new all-time high approximately 18 months after the event.

We are now three months out from the 2024 halving, so if history repeats itself (as it often does in the crypto world), we could be in for an interesting few months.

The story continues

However, it is important to remember that past performance does not guarantee future results. Each cycle has its own unique characteristics that are influenced by broader economic conditions and market sentiment.

Is the market following historical patterns or is it different this time? What do trading indicators suggest? Read the full analysis!

With that in mind, let’s dive into today’s top crypto news. Here’s your TLDR:

Trump promises “strategic Bitcoin reserve” if elected. Any predictions on the price impact of Trump’s re-election on cryptocurrency? 🇺🇸

Saylor predicts that Bitcoin’s market value will reach $280 trillion by 2045. So how did he get to that figure? 🤔

US Senator suggests the government buy Bitcoin. Do any other senators share his enthusiasm? Are US politicians finally turning to Bitcoin? 💰

Altcoins are in a “reaccumulation phase.” Will Altcoins experience another drop? 📊

$56M Ethereum token raises red flags. People invested $56M in a scam? How did this happen? 🚩

And finally, an analysis of where the crypto market is headed! 🧐

Let’s start!

Trump’s Big Announcement

Donald Trump made a crazy announcement at the Bitcoin 2024 conference in Nashville.

The former president has promised to create a “strategic Bitcoin reserve” if elected.

Trump’s promise? To hold 100% of all Bitcoin held or acquired by the US government.

His vision? To turn the US into a “Bitcoin superpower.”

Do we have any predictions on the price impact of Trump’s re-election on cryptocurrencies? Read the full story!

Will Bitcoin Market Value Be $280 Trillion in 2045?

Michael Saylor made a prediction that got everyone talking at the Bitcoin 2024 conference in Nashville.

The MicroStrategy executive predicts that Bitcoin’s market value will reach $280 trillion by 2045. That’s a big jump from today’s valuation of $1 trillion.

Saylor also calls out its inefficiencies and presents Bitcoin as the ultimate store of value, calling it “the little orange asset that could have been.”

He paints a picture of physical assets collapsing under the weight of war, famine, and disasters. According to him, Bitcoin stands strong against these threats.

So how did he come up with this number? What’s his analysis? Read the full story!

And A US Senator Supports Bitcoin 😳

Senator Cynthia Lummis also gave a speech at the Bitcoin 2024 conference.

His proposal? The US government should buy 5% of the world’s Bitcoin supply and hold it for at least 20 years. That’s one million Bitcoins.

Lummis also shared his goal: “It can be used for one purpose: to reduce our debt.” At current prices, we’re looking at an investment of $73 billion.

The senator’s plan would build on the 210,000 Bitcoins Trump previously mentioned, spread over five years.

Do we have other senators who share his enthusiasm? Are US politicians finally turning to Bitcoin? Read the full story!

Why Are Altcoins Not Moving? We May Have the Answer 🙃

And Crypto Twitter is active again, talking about a “reaccumulation phase” in the altcoin world.

Translation? The market is probably taking a breather before the next big move.

Independent investor Mags shared some of his information on July 25.

Altcoins are up just 58% after breaking out of a 525-day accumulation phase. That may sound like a lot, but in crypto terms, it’s just warming up.

The TOTAL2 index, which tracks all cryptocurrencies except Bitcoin, has fallen 33 percent since March 11.

In fact, the Altcoin Season Index on the CMC Mobile app, an index that tracks the performance of the top 100 coins to determine the Bitcoin/Altcoin season, suggests that we are a little too far from the altcoin season. (You can access it by checking the Overview tab on the CMC Mobile app.)

Will Altcoins Experience Another Drop? What Do Analysts Think? Read the Full Story!

$56 Million Ethereum Trap?

Blockchain researcher Wazz has raised the alarm over a Neiro token on Ethereum.

The fully diluted valuation of $56 million may be nothing more than a honey trap.

People invested $56 million in a scam? How did this happen? Read the full story!

And now it is time to do a general crypto market analysis…

Where is the Cryptocurrency Market Headed?

Bitcoin is approaching $70,000, just 6% below its all-time high, a surge that has investors excited about what’s driving it and where we could be headed.

The recent Bitcoin 2024 conference caused quite a stir with unexpected political support, including surprising promises from former President Trump.

Meanwhile, easing inflation has sparked rumors about potential interest rate cuts, which often provides support to assets like Bitcoin.

We are also seeing more big players entering the game.

So is the market following historical patterns or is it different this time? How might global economic factors come into play? What do the indicators suggest?

You can read the full analysis here!

That’s it. See you tomorrow with more stories!