Weekly Market Update: Global Tensions Shake Up Crypto & Traditional Markets 🚨
Weekly Market Roundup: A Tumultuous Week in Crypto and Global Markets 🌍📉
Hello Readers,
Welcome to this week’s newsletter! As we dive into the latest market trends, here’s what’s been making headlines and shaking up the global financial landscape:
🚀 Bitcoin Breaks Records
Bitcoin's open interest has surged to a historic $39.4 billion, setting a new all-time high. Despite this record, the crypto market is feeling the strain as risk assets face a steep decline.
📉 SEC Drops Securities Requests
In a significant regulatory development, the SEC has withdrawn its proposals to label Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities. This decision could offer a much-needed reprieve for these blockchain projects amid the ongoing market turbulence.
🔝 TRON Tops Ethereum in Revenue
TRON (TRX) has unexpectedly surpassed Ethereum in 7-day revenue, highlighting the ever-shifting dynamics of the cryptocurrency market.
💵 Trump Suggests Bitcoin for Debt Relief
Former President Trump has proposed that accumulating Bitcoin could be a strategy to address the US's staggering $35 trillion debt. This bold suggestion could ignite further interest in Bitcoin as a hedge.
🏙️ Hong Kong Broker Expands Crypto Access
Hong Kong’s largest broker is now facilitating Bitcoin and Ethereum trading for 22 million users. This expansion marks a significant step toward broader adoption of cryptocurrencies.
🤝 Trust Wallet Partners with The Open Network
Trust Wallet is collaborating with The Open Network (TON) to drive blockchain adoption through Telegram. This partnership could enhance the accessibility and functionality of blockchain technology.
🏦 Central Bank Updates
The Bank of England has implemented its first interest rate cut in four years. Meanwhile, the Federal Open Market Committee (FOMC) has opted to keep rates steady, with Fed Chair Powell hinting at a potential rate cut in September.
📉 Job Market Concerns
The latest Jolts report indicates a decline in available US jobs, with jobless claims climbing to one-year highs. This data suggests growing concerns about the health of the US job market.
💹 Bank of Japan’s Rate Hike
The Bank of Japan has raised interest rates to 0.25%, a move that could impact global carry trades. Japanese investors, who have relied on low rates for financing higher-yielding investments, may face new challenges.
🩸 Market Unwinds and Crypto Impact
Last week’s aspirations for new crypto highs have faded as global markets experience a significant unwind. The sell-off, which began with equities on Friday, has extended to the crypto sector. With USDJPY carry trades exceeding $20 trillion, we’re witnessing the early stages of this unwinding process.
📊 What to Watch This Week
US ISM Services PMI: Set to be released on Monday.
Australian Rate Reports and Monetary Policy Statement: Scheduled for Tuesday.
US Unemployment Claims: Coming up on Thursday.
Despite the current volatility, opportunities for strategic buying may arise, especially below the $50K level in Bitcoin (BTCUSD). Additionally, potential political shifts, such as Trump’s influence, could spur renewed interest and possible rallies in Bitcoin and gold.
Pro Tip: Exercise caution with leverage during these volatile times, as liquidity challenges can magnify market swings.
Stay tuned for more updates and navigate these turbulent waters with informed strategies!
Best regards,
Thanks for tuning in! Don’t forget to subscribe for more updates and stay ahead in the crypto game. 🌐📈
Best, Solidity Academy, Web3 Tech - The Crypto & Global News Team