Welcome, Crypto enthusiasts!

Bitcoin’s recovery after the MT GOX Sell off is showing the confidence traders have in the long term bullish outlook.

In Today’s Blockstreet Journal:

• Bitcoin Shows New Strength

• Bitcoin Miner Profits Dry Up

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
✊ Bitcoin Shows New Strength 

Word On The Street: BTC’s recovery suggests traders are starting to overcome the bearish impacts of Mt. Gox's $8 billion BTC reimbursement.

The details:

• Leading crypto analysts and influencers have been working to reassure panic sellers about Bitcoin's long-term bullish outlook.

• Bitcoin's sharp recovery aligns with the U.S. stock market's rally to a record high.

• Bitcoin's price recovery is also reflected in the futures market with a significant jump in funding rates, even though open interest (OI) has declined.

Why it matters: This suggests that traders are confident in the upward price movement and are willing to pay higher rates to maintain their long positions.

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BITCOIN
⛏️ Bitcoin Miner Profits Dry Up 

Word On The Street: Bitcoin miner capitulation metrics are nearing the same levels observed during the market bottom following the FTX crash.

The details:

• CryptoQuant analysts have identified several signs of capitulation over the past month, during which Bitcoin’s price dropped 13% from $68,791 to $59,603.

• The hashrate has fallen by 7.7% to a four-month low of 576 EH/s after hitting a record high on April 27.

• Miners have seen a 63% decline in daily revenues since the halving when Bitcoin’s base block rewards and transaction fee revenue were higher.

Why it matters: This sell-off by miners, along with sales from Bitcoin whales and national governments, has contributed to Bitcoin’s recent price pullback, which saw BTC fall to a four-month low of $53,499 on July 5.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.09T, a 1.71% increase over the last day.

The total crypto market volume over the last 24 hours is $64.04B, which makes a 50.14% decrease. The total volume in DeFi is currently $4.75B, 7.42% of the total crypto market 24-hour volume. The volume of all stable coins is now $59.8B, which is 93.39% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.70%, a decrease of 0.17% over the day.

Global Market Metrics

- Total Market Cap: $2.09T

- 24-Hour Trading Volume: $64.04B

- Active Cryptocurrencies: 10,039

- Active Market Pairs: 83,468

- Active Exchanges: 790

Dominance

- Bitcoin Dominance: 53.70%

- Ethereum Dominance: 17.28%

DeFi Market

- DeFi Market Cap: $65.54B

- 24-Hour DeFi Volume: $4.75B

Stablecoins

- Stablecoin Market Cap: $155.26B

- 24-Hour Stablecoin Volume: $59.8B

- 24-Hour Derivatives Volume: $537.85B

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Hybrid AI Token Airdrop

Hybrid is running a quest campaign for its users. Their HYB token is confirmed, and users can earn free points by completing various social tasks through their Quests campaign. The team has confirmed that the points earned can be later converted to HYB after TGE.

Step-by-Step Guide:

1. Visit the Hybrid quest page.

2. Connect your wallet.

3. Click on Check Eligibility.

4. Complete all Social tasks.

5. Complete all Testnet tasks (Mandatory).

6. Click Claim  – Congratulations! – you have earned your first Hybrid Points!

7. To earn even more Hybrid Points (XP), Complete other quests on the platform or refer friends to join the quest!

8. Join their Testnet and earn even more rewards!

Other News

Nigerian central bank alleges unauthorized transactions by Binance. Binance’s alleged illegal operations were highlighted in court on July 5, with a central bank official testifying on the lack of necessary licenses and regulatory approval.

Crypto Crash Pushes Fear & Greed Index to Lowest Since Bitcoin Traded at $17K in Early 2023. The widely-followed sentiment metric hit extreme greed levels earlier in March near the local top of the crypto market, but now is pushing its limits in the opposite direction.

Bitfinex to refund investors of its failed El Salvador Hilton hotel project. Bitfinex intends to refund all investors but is firstly awaiting a potential new offer from the debt issuer to keep the project alive.

Bitcoin ETF Investors Bought the Dip on Friday, With Inflows Topping $140M. The price of the world's largest crypto has seen a very modest bounce since tumbling below $54,000 early Friday.

🫡 Thanks For Reading

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