Here’s the latest update on the cryptocurrency market, including Bitcoin, blockchain technology, DeFi, NFTs, Web3, and crypto regulations:
MicroStrategy Poised to Benefit from Bitcoin Halving Rally According to analysts at Berenberg Capital, the upcoming Bitcoin halving event could have a positive impact on Bitcoin-related stocks like MicroStrategy, a software analytics firm led by Michael Saylor. The analysts believe that as MicroStrategy holds a substantial amount of Bitcoin (152,333 BTC), a rally following the halving could significantly increase the company’s stock value. The Bitcoin halving is scheduled for April 26, 2024.
Bitcoin Reclaims $31,000 Amid Bullish Standard Chartered Prediction On July 10, the price of Bitcoin briefly surpassed $31,000, raising hopes that the previous resistance level could turn into support. This coincided with Standard Chartered’s optimistic forecast of Bitcoin reaching $50,000 this year and hitting a new all-time high of $120,000 by 2024. Technical analysis suggests that Bitcoin’s trading range around $30,800 is forming a cup and handle pattern, which is considered bullish. Flipping the $32,000 level to support could confirm this pattern and potentially lead to a price target between $48,000 and $58,000.
Bitcoin Miners Continuously Send Rewards to Exchanges Bitcoin miners have been consistently sending their mining rewards to exchanges, continuing a trend observed since last week. Despite this activity, it seems to have minimal impact on Bitcoin’s price. On-chain data indicates that both smaller and larger Bitcoin holders are accumulating more coins during price dips.
Coinbase Shares Surge 50% Despite SEC Lawsuit Despite facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC), Coinbase’s stock has experienced significant growth. Since the SEC filed the lawsuit alleging unregistered security offerings, Coinbase shares have risen by over 50%. The stock’s value increased from approximately $52 on June 6 to $78.7 on July 7, marking a 133% growth over the past six months and around 50% growth year-to-year. Notably, some major Coinbase shareholders, including CEO Brian Armstrong, have sold a portion of their shares amid this growth. On July 6, they collectively sold 88,058 shares worth approximately $6.9 million.
