The latest research from Matrixport Institute indicates that the overall trend in the cryptocurrency market is positive. The main factors are as follows:
The daily issuance of stablecoins is increasing, and the BTC mining hash rate is rising, indicating a potential price increase for BTC.
There is speculation that Trump may announce the inclusion of BTC in the US strategic reserve assets, and the expectation of a continued rise in BTC due to the election.
The approval of an ETH ETF, with the first day's trading volume being 20-25% of the BTC ETF trading volume.
BTC has maintained an upward trend in the past week, driven by factors such as an increase in stablecoin issuance, a rise in BTC mining hash rate, speculation about Trump potentially including BTC in strategic reserve assets if re-elected, and the successful issuance of an ETH ETF.
The daily issuance of stablecoins is increasing, and the BTC mining hash rate is rising, indicating a potential price increase for BTC
Recent data shows an increase in the daily issuance of stablecoins, with fiat-to-crypto asset inflows increasing. Based on past experience, this indicates a flow of funds from traditional financial markets to the cryptocurrency sector, signaling a positive trend in the cryptocurrency market.
The BTC mining hash rate, a key indicator of the upward trend in Bitcoin, has shown an increase. Although some mining machines have been forced to shut down due to lack of profitability, the BTC inventory has not decreased but has instead increased, indicating a potential future price increase. The recovery of the hash rate has alleviated pressure on miners.
Trump may announce the inclusion of BTC in the US strategic reserve assets
As of 2024, nearly 35-38% of global BTC mining activity occurs in the United States. By hash rate calculation, the US is the largest BTC mining country. Former US President Trump stated that he hopes the remaining BTC will be mined in the US and that including BTC is a strategic move to consolidate US energy dominance and counter the influence of countries such as China and Russia. Trump also emphasized the potential benefits of US-based BTC mining for energy grid stability and national economic interests.
It is reported that Trump is expected to deliver a keynote speech at the 2024 BTC conference to be held in Nashville on July 27 at 2 pm, where he is likely to announce the inclusion of BTC in the US strategic reserve assets. BTC miners will be the primary beneficiaries. However, this news has not been officially confirmed, but cryptocurrency investors have high expectations for it.
Approval of ETH ETF, with the first day's trading volume being 20-25% of the BTC ETF trading volume
Preliminary data shows that the trading volume of the ETH ETF has reached 20-25% of the BTC ETF trading volume, indicating an expected capital inflow of 32-35 billion US dollars in the next six months. Due to a lack of marketing and large-scale promotional activities, the initial capital inflow may be relatively small.
The above views are from Matrix on Target, Contact us_ to obtain the complete Matrix on Target report._
Disclaimer: The market carries risks, and investment should be cautious. This article does not constitute investment advice. Digital asset trading may involve significant risks and volatility. Investment decisions should be made after careful consideration of individual circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
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