Surprisingly, the crypto market rebounded earlier this week and moved into the green zone. This comes after a period of intense downward pressure. The catalyst for this rise in BTC prices, and the broader crypto market, appears to be the shooting of Donald Trump during the US presidential election campaign.
The incident is believed to have increased Trump’s electability to win the presidential election. Trump has recently shown his support for the crypto industry. Inevitably, with the increasing likelihood of his election as president, the price of BTC has also risen.
After trading below the 200-day EMA or $58,000 for eight days, BTC has surpassed the 0.50 Fibonacci level ($62,762) and is currently at $62,955.
Overcoming the 0.50 Fibonacci retracement level is a positive signal because it suggests BTC could experience a trend reversal. However, there’s a chance this rally could turn into a bull trap. Therefore, further confirmation is needed for BTC to convert this major resistance level into support for a more substantial rally.
The Pintu Academy team has compiled valuable insights from several crypto projects. We analyze that information to determine its potential impact on various asset prices. Will these be bullish or bearish catalysts? Find out in the following article.
It should be noted that all information in this Market Signal is intended for educational purposes, not as financial advice. Do your own research before making any financial decisions!
Ethereum (ETH) ➡️ Bullish 🚀
Positive news emerged for Ethereum spot ETFs this week. The Securities and Exchange Commission (SEC) reportedly granted “preliminary approval” for Ethereum spot ETFs to at least three investment managers. This information fuels speculation that Ethereum spot ETFs could begin trading next Tuesday.
Investment managers are required to submit final documents to the SEC before the end of this week to obtain official approval. The three managers that have received SEC “preliminary approval” are Blackrock, Franklin Templeton, and VanEck.
While only three investment managers have received preliminary approval, five others are believed to be receiving approval soon. All eight Ethereum Spot ETF products are expected to be launched simultaneously.
Meanwhile, Bloomberg ETF analyst Eric Balchunas reports that the SEC has instructed investment managers to return their final S-1s by July 16. He noted all applicants must state the fee attached to their spot Ether ETFs.
After the trading day closes, the SEC will grant their approval on Monday (22/7). Therefore, ETH spot ETFs could start trading on Tuesday (23/7)!
Clarity regarding ETH spot ETFs could be a positive catalyst that lifts ETH prices due to the inflow of funds. However, it is necessary to be aware of the possibility of a “sell the news” event that could put downward pressure on ETH.
Trader Joe (JOE) ➡️ Bullish 🚀
Trader Joe, a DEX protocol on the Avalanche network, is reportedly set to launch Trader Joe V3. In its latest version, Joe Trader is rumored to introduce significant updates to its DEX to improve its services.
The news is exciting to watch as Trader Joe’s is one of the largest DEX protocols on Avalanche. So far, Trader Joe has focused on “Boost Pools”, an incentive for liquidity providers to earn AVAX in return.
Major network upgrades have historically been a short-term positive catalyst for token prices. Therefore, JOE is one of the tokens with the potential to be in a bullish trend this week.
In the last seven days, JOE has gained more than 10%. It is currently trading in the area of IDR 5,389
Arbitrum (ARB) ➡️ Uncertain⚖️
ARB faces potential downward pressure this week due to a scheduled token unlock. This layer-2 protocol with the largest TVL will unlock 92.65 million ARB tokens, or 2.87% of its total supply, for the team, investors, and ecosystem.
At the current ARB price of $0.77, this token unlock is equivalent to $85.41 million. With this amount, the increase in the supply of ARB in the market could be a negative catalyst for ARB prices. Especially if investors and the team decide to sell their holdings and there is no demand to absorb this new supply.
Currently, ARB is at Rp 12,254, up 3.08% in the last 24 hours. In the previous seven days, it reached a high of Rp 12,589 and a low of Rp 11,837.
Sanctum (CLOUD) ➡️ Uncertain⚖️
The Solana ecosystem will welcome a new token this week through the CLOUD Token Generation Event (TGE) on July 18, 2024. It is the native token of Sanctum, a Liquid Staking Derivative platform on the Solana network.
If you participated in the Sanctum campaign, you may be eligible for a CLOUD token airdrop. A new website will be opened on July 18, 2024, to check your eligibility. Meanwhile, those who want to try their luck can directly buy and sell CLOUD tokens on the same day.
Crypto Performance Over the Past Week
Here are the best and worst performing cryptos on Pintu:
Cryptocurrencies With the Best Performance
- MDEX (MDX): 🔼160,05% (Rp 993)
- Heroes of Mavia (MAVIA): 🔼78,54% (Rp 41.144)
- Popcat (POPCAT): 🔼67,60% (Rp 13.371)
Cryptocurrencies With the Worst Performance
- Zeta (ZEX): 🔽19,06% (Rp 960)
- Entangle (NGL): 🔽16,87% (Rp 3.089)
- Drift Protocol (DRIFT): 🔽10,39% (Rp 7.242)
References
- Braden Lindrea, **SEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: Report, Coin Telegraph, diakses pada 16 Juli 2024.**