Data Expected This Week:
| Date | Time | Currency | Event | Expectation | Previous Month’s Data |
|---|---|---|---|---|---|
| August 5, Monday | BTC | Meeting between U.S. presidential candidate Kamala Harris’ team and representatives of the crypto community | |||
| August 5, Monday | 10:00 | TRY | Consumer Price Index (CPI) (Annual) (Jul) | 71.60% | |
| August 8, Thursday | BNB | BNBChain, Greenfield hard fork | |||
| August 9, Friday | 09:00 | EUR | Germany Consumer Price Index (CPI) (Annual) (Jul) | 2.2% |
After the FED:
Federal Reserve Chairman Jerome Powell maintained the Fed’s policy interest rate at the expected range of 5.25-5.50%, the highest level in 23 years. In his subsequent press conference, he stated that the labor market has become more balanced and the unemployment rate remains low, while inflation has decreased significantly. Powell emphasized that the Fed will continue its tight monetary policy stance to align demand with supply and reduce inflationary pressures. He noted that the bank is attentive to risks on both sides of its two main objectives, and while inflation has slowed significantly over the past two years, it still remains slightly above the long-term target of 2%. Powell mentioned, “We do not believe it would be appropriate to lower the interest rate until we gain more confidence that inflation is sustainably moving toward the 2% target. The inflation data from the second quarter increased our confidence, and better data will further reinforce this confidence. We will evaluate our decisions separately at each meeting.”
David Plouffe, Binance Global Advisory Board Member, Joins Kamala Harris’ Team
According to reports published by Politico and Reuters on Friday, David Plouffe, who was part of former President Barack Obama’s team, will become a senior advisor to Harris. Plouffe has held various crypto-related roles, including being a member of the Binance Global Advisory Board and a global strategic advisor for Alchemy Pay, which integrates crypto and fiat currencies.
Markets Plunge
According to the U.S. Department of Labor’s July non-farm payroll report, non-farm employment in the country increased by 114,000, falling short of expectations and causing the unemployment rate to rise from 4.1% to 4.3%. Economists had expected an increase of between 175,000 and 185,000. The July non-farm payroll data marked the lowest level in three months. During this period, employment increased in the healthcare, construction, transportation, and warehousing sectors, while it decreased in the information sector. Recent employment reports indicate that the U.S. economy is growing slower than expected and the labor market is weakening. This situation is leading the FED to consider rate cuts to stimulate economic growth. Economic uncertainties and weak employment data are necessitating a more flexible monetary policy stance from the Fed. These uncertainties are causing concern among investors and leading to market fluctuations. Meanwhile, Japan’s Nikkei index experienced its worst loss since 1987, dropping 12.4%, and the search for price stability in Bitcoin amid global risks led to a red start in global markets. Additionally, Israel’s aggressive stance in the Middle East and the increasing Trump-Harris uncertainty in the U.S. presidential race were other factors driving investors to sell. The wave of selling that started in Asia created a domino effect globally, causing panic selling worldwide.
Largest Outflows in U.S. Spot Bitcoin ETFs in the Last 3 Months
Since May 1st, the 12 spot ETFs in the U.S. experienced a total outflow of $237.45 million in a single day. This significant outflow occurred despite Grayscale’s Bitcoin Mini Trust and BlackRock’s IBIT fund receiving inflows of $9.88 million and approximately $43 million, respectively. Major outflows from funds like Fidelity’s FBTC and Ark Invest and 21Shares’ ARKB contributed to this net outflow. On the same day, nine spot Ethereum ETFs also saw an outflow of $54 million. This was recorded as the smallest single-day outflow for the funds, with total net assets dropping to their lowest level of $8.33 billion.
Argentina Registers First Company with Crypto Capital
For the first time in its history, the Argentine Ministry of Justice officially registered a company holding cryptocurrencies. According to the company’s registration documents, it held 0.00457621 BTC worth $302 and USD Coin (USDC) worth $195. Although the total value of the company’s crypto assets was only $500, this move was seen as a step towards registering larger amounts in the future. In a statement on social media, the Ministry of Justice described this development as a historic milestone. By approving the first company with integrated crypto capital, they contributed to the modernization process and became the first country in Latin America to reach this point. Argentina, which faced a severe economic crisis and high inflation, underwent a presidential change last year. The country’s new president, Javier Milei, has been noted for his positive approach to cryptocurrencies.
A New Era in the Russian Economy: Cryptocurrencies are Coming
In response to sanctions imposed after Russia’s invasion of Ukraine, the country plans to use cryptocurrencies as a payment method. A new law set to take effect in September will allow Russian businesses to use cryptocurrencies in international trade. This radical step aims to overcome delays in payment systems and initiate a new era in global trade. The new regulation specifically targets resolving payment issues with key trading partners such as China, India, and the UAE.
BTC:
Bitcoin dropped from $58,200 to $49,000 within the last 24 hours, leading to the liquidation of futures positions worth $1 billion. Let’s evaluate Bitcoin using the ITB analyses available on the EgeMoney website:
- Investments currently in profit: 75%, those at a loss: 18%.
- Composition of holdings based on holding time:
- 71% ➡️ 1+ Year
- 24% ➡️ 1-12 Months
- 5% ➡️ <1 Month
- 71% of investors have been holding for over a year, 24% for 1-12 months, and 5% for less than a month.
- Transaction demographics:
- 46% ➡️ Western trading hours (This time zone refers to the active trading period for investors in the Western Hemisphere, e.g., America and Europe.)
- 54% ➡️ Eastern trading hours (This time zone refers to the active trading period for investors in the Eastern Hemisphere, e.g., Asia and Australia.)
Additionally, ITB analyses indicate 2 “bear” signals, 3 “neutral” signals, and 0 “bull” signals based on the current outlook.
Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.
