Welcome, Crypto enthusiasts!

Banks bought 100K Bitcoin as inflation rises slightly 👀 

In Today’s Blockstreet Journal:

• Institutions Add 100k Bitcoin

• US Inflation Remains Sticky

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
🏦 Institutions Add 100k Bitcoin 

Word On The Street: Institutional investors are "buying the dip" as Bitcoin prices hover near multimonth lows, according to recent analysis.

The details:

• CryptoQuant disclosed that institutional investors purchased 100,000 Bitcoin (BTC), equivalent to $5.7 billion, in just one week.

• Institutional investors are buying Bitcoin with greater conviction now than when BTC/USD was near its all-time highs.

• Since the beginning of June, these entities have significantly increased their Bitcoin exposure, even as BTC/USD dropped by up to 23%.

Why it matters: The aggregate cost basis for short-term holders (defined as those holding BTC for up to 155 days) remains above $64,000

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MARKET NEWS
🇺🇸 US Inflation Remains Sticky

Word On The Street: Bitcoin reached $58,000 on July 12 as markets responded to persistent U.S. inflation data.

The details:

• The year-on-year PPI increased by 2.6% compared to the forecasted 2.3%, marking a 0.1% rise from the previous month.

• Despite contrasting with the July 11 Consumer Price Index (CPI) data, BTC/USD avoided a downturn on the PPI release.

• The DXY fell 0.35% on July 12, approaching its lowest levels in over a month.

Why it matters: Bitcoin needs to Daily Close above $58,350 to break the Lower High and position itself for a rally.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.15T, a 0.77% increase over the last day.

The total crypto market volume over the last 24 hours is $60.24B, which makes a 8.15% decrease. The total volume in DeFi is currently $3.86B, 6.40% of the total crypto market 24-hour volume. The volume of all stable coins is now $56.2B, which is 93.30% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.49%, an increase of 0.17% over the day.

Global Market Metrics

As of today, the current state of the cryptocurrency market is as follows:

- Total Market Capitalization: $2.15T

- 24-hour Trading Volume: $60.24B

- Total Active Cryptocurrencies: 10,015

- Bitcoin Dominance: 53.49%

- Ethereum Dominance: 17.55%

- DeFi Market Capitalization: $67.79B

- DeFi 24-hour Trading Volume: $3.86B

- Stablecoin Market Capitalization: $155.76B

- Stablecoin 24-hour Trading Volume: $56.2B

- Derivatives 24-hour Trading Volume: $530.63B

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Gate.io Airdrop

Gate.io is soon launching WCTC S6 for early bird registration. The team is running a team competition where users can compete for a prize pool of up to $3.5 million.

Existing users who registered before June 25 with $100 worth of USDT and new users who have made a deposit of $100 USDT are eligible to participate.

Step-by-Step Guide:

1. Create an account at Gate.io.

2. Complete your KYC2 verification.

3. If you are an existing user, ensure to have $100 USDT in your account.

4. If you are a new user, make sure to deposit $100 USDT to participate in the competition.

5. A total of $3,5000,000 is allocated for the team competition reward.

6. Visit the Gate.io team competition page and register by joining our team.

7. Teams participating in the competition will compete in two time periods.

8. There will be a first half and a second half, with each half lasting two weeks.

9. The first half of the competition runs from July 19, 2024, to August 1, 2024. The second half runs from August 2, 2024 to August 15, 2024.

10. Rankings will be based on team return and team trading volume.

11. The rankings and data for the teams will be reset at the end of each half.

12. The top teams with the highest rank will be rewarded.

13. Every participant will receive a $50 futures voucher and a chance to win free gifts.

Other News

Crypto holders predicted to triple by 2026, says Lunu CEO. The current 560 million crypto holders could triple in number during the next two years, but user experience remains the biggest challenge.

XRP Is the Sole Crypto Major in Green as Bitcoin Bulls Remain Sidelined. Some traders consider the current price lull to be stemming from market participants remaining “on the sidelines” amid sales pressure from defunct exchange Mt. Gox and the German state of Saxony.

Bitcoin bottom signal? German gov’t runs out of BTC to sell. Bitcoin’s price could be on track to begin the reaccumulation phase as the German government is down to its last few thousand BTC.

SEC Drops Investigation of Bitcoin L2 Stacks and Builder Hiro, Filing Says. The conclusion of the probe into Hiro, formerly known as Blockstack, which raised $70 million via token sales from 2017 to 2019, is another win for the crypto industry in its years-long struggle with the regulator.

🫡 Thanks For Reading

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