• Donald Trump to Speak at Bitcoin 2024

• Bitcoin Price to Reach New All Time High by this Date

• Germany’s Bitcoin Sell Off Continues

• And more…

Market Data Prices as of 5:50am ET

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DONALD TRUMP TO SPEAK AT
BITCOIN 2024🏦

BREAKING: Presidential Candidate Donald Trump to Speak at Bitcoin Conference on July 27

Donald Trump, the presidential candidate, has been announced as a speaker at Bitcoin 2024 in Nashville, running from July 25 to 27.

Joining him will be Robert F. Kennedy Jr., making this a potentially crucial event for U.S. crypto regulation.

Bitcoin Magazine has revealed that the Republican National Committee has introduced a draft policy platform supporting cryptocurrencies and Bitcoin mining.

The platform declares, “Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency.”

Additionally, it defends the right to mine Bitcoin and self-custody digital assets without government control.

The mention of crypto in an official party platform is a significant development for this election. With Republicans targeting the crypto vote, the focus now turns to the Democrats for their move.

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FORGET THE DIP! NEW BITCOIN ALL TIME HIGHS BY THIS DATE…

Rational Root, a prominent Bitcoin on-chain analyst and commentator, recently shared a highly optimistic outlook on Bitcoin in an interview on the What Bitcoin Did Podcast.

His predictions are supported by historical market performance charts, and an understanding of Trading Psychology.

The HODL'ers Cheat Sheet outlines the psychological aspects of the Bitcoin market cycle.

It reveals the thoughts and feelings of market participants at various stages, assisting you in managing your emotions throughout these phases.

He explained that Bitcoin operates in a four-year cycle and suggested that the market could continue its current sideways trend for up to six more months without major changes.

Moreover, Rational Root expects Bitcoin to hit a new all-time high shortly after the summer, bringing a wave of renewed optimism to the market.

Another valuable indicator that Rational Root uses is his Bitcoin Spot ETF Tracker.

In this chart Rational Root has built in:

• The latest official numbers: Accessed directly from the ETF issuers.

• Real insights: To Help understand that the change in BTC holdings impacts Bitcoin, unlike dollar flows (traded volume) on ETFs.

• Total # of Holdings: ETF issuers are ranked by the size of their holdings

Despite significant recent outflows from Spot ETFs, predominantly driven by retail investors rather than institutions, Rational Root maintains in a positive stance.

His confidence stems from the rapid growth in the number of Bitcoin spot ETFs.

In his opinion, these ETFs are a real positive driver of the bull market, and in the chart below we see an average inflow of 2.1K BTC per day

Notably, substantial inflows still outpace the supply issuance of Bitcoin, further bolstering his optimistic view.

GERMANY’S BITCOIN SELL OFF CONTINUES

Another day, another sell-off by Germany…

Germany, as of today, has just 9k Bitcoin left in the German Government Portfolio, according to Arkham Intelligence.

The latest sell off was substantial.

The German government’s wallet transferred Bitcoin to exchanges/market makers in two distinct batches.

First batch:

• 1,127 Bitcoin to Flow Traders

• 500 Bitcoin to Coinbase

• 750 Bitcoin to Kraken

• 536 Bitcoin to Cumberland DRW

• 2,250 Bitcoin to B2C2 Group

• 690 Bitcoin to an unlabelled address

Second batch:

• 3,000 Bitcoin to Flow Traders

• 1,000 Bitcoin to B2C2 Group

• 375 Bitcoin to Kraken

• 375 Bitcoin to Coinbase

• 250 Bitcoin to an unlabelled address (same unlabelled address as first batch)

In total, they moved 10,853 Bitcoin worth $637.7 million at today's prices.

Arkham With this recent sell-off, they’re no longer a “Bitcoin billionaire”.

Currently, the German government still holds 13,360 Bitcoin, which is only 26.8% of its initial holdings (worth ~$772.7 million).

This implies the selling may soon be over.

And similar to yesterday’s sell-off, the market seemed unfazed…

Bitcoin is currently up 0.10% in the last 24 hours at the time of writing.

The crucial point to note is that this is merely a short-term selling event.

Once Germany exhausts its Bitcoin holdings, that’s it. They’re done.

We can resume normal operations. 😎

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OTHER NEWS:

• US Senate Committee on Armed Services mandates the Department of Defense to explore Bitcoin's potential in national security and defense.

• Bitcoin network sees surge in new addresses despite price drop period, reflecting a broader participation in the network.

• Zero Hash integrates the Lightning Network with Lightspark, enabling instant, low-cost bitcoin transfers for businesses through its API and SDK infrastructure.

• Arkham Intelligence reveals governments hold $17.8 billion in bitcoin, with the US possessing $12B from seizures and El Salvador's treasury containing $314M.

• CryptoQuant analysts report bitcoin long-term holders are accumulating at the fastest monthly rate since April 2023, supporting prices despite increased market supply.

• Republican National Committee draft platform strongly endorses Bitcoin, promising to defend mining rights and oppose CBDCs.

• MicroStrategy announces 10-for-1 stock split, aiming to increase accessibility for investors and strengthen its position as a Bitcoin development company.