The crypto market has weathered significant fears, particularly related to the MtGox returns, which have been a long-standing concern. Positive developments are driving optimism and market recovery.
Points
- Completion of MtGox returns alleviates market concerns.
- ETH approaches $3,400, driven by positive macroeconomic indicators.
- Republican proposals support BTC accumulation.
- Analysts predict continued crypto market growth.
June was a challenging month for the crypto market, with July starting on a similar note. However, the market is now showing signs of recovery, overcoming major fears, particularly those related to the MtGox returns. The completion of these returns through Kraken and Bitstamp channels has brought relief to investors, helping stabilize the market.
Why Did Altcoins Rise?
On July 29, Ethereum （ETH） saw a nearly 4% increase, approaching the $3,400 mark. This rise is attributed to several factors, including a proposed bill by Republican Senator Cynthia Lummis, which aims to accumulate 1 million BTC within five years. This move is part of a broader strategy to prevent China and European countries from dominating crypto innovation.
The optimism on the macroeconomic front also supports cryptocurrencies. Interest rate cut forecasts have increased, with US bond yields falling, indicating a favorable environment for crypto investments. As a result, the funding rate for ETH in futures has reached 0.26% weekly, and open interest has stabilized, suggesting that the market sentiment is becoming more bullish.
Crypto Predictions
A significant recovery in ETH prices is expected to support the rise of altcoins. Analysts predict that a breakout at $3,460 could trigger a new test at $3,600, targeting $4,094. This optimistic outlook is bolstered by improved liquidity and positive macroeconomic indicators.
解説
- MtGox Returns: The process of returning Bitcoin to investors affected by the MtGox exchange hack in 2014.
- Interest Rate Cut Forecast: Predictions about future reductions in interest rates by central banks, which can influence investment decisions.
- Open Interest: The total number of outstanding derivative contracts, such as futures or options, that have not been settled.
- Bullish Sentiment: An optimistic market outlook where investors expect asset prices to rise.