{"id":15007,"date":"2024-07-07T20:45:28","date_gmt":"2024-07-07T17:45:28","guid":{"rendered":"https:\/\/forklog.com\/en\/weekly-recap-bitcoin-dips-below-54000-and-conditions-for-sol-etf-approval\/"},"modified":"2024-07-07T20:45:28","modified_gmt":"2024-07-07T17:45:28","slug":"weekly-recap-bitcoin-dips-below-54000-and-conditions-for-sol-etf-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/weekly-recap-bitcoin-dips-below-54000-and-conditions-for-sol-etf-approval\/","title":{"rendered":"Weekly Recap: Bitcoin Dips Below $54,000 and Conditions for SOL-ETF Approval"},"content":{"rendered":"<p>The price of Bitcoin fell below $54,000, mining difficulty decreased by 5%, Peter Schiff predicted Ethereum at $1500, and VanEck linked the chances of launching a Solana-ETF to the outcome of the US elections.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Bitcoin Price Falls Below $54,000<\/strong><\/h2>\n<p>The leading cryptocurrency began the week below $62,000. On Wednesday, July 3, digital gold dropped past the $61,000 mark. The following day, Bitcoin fell below $57,000.<\/p>\n<p>On Friday, July 5, Bitcoin breached the $54,000 level. However, the next day, the asset recovered above $56,000.<\/p>\n<p>At the time of writing, Bitcoin is trading at $56,800.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-1024x640.png\" alt=\"Snimok-ekrana-2024-07-07-v-20.37.38\" class=\"wp-image-236436\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-1024x640.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-300x188.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-768x480.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-1536x960.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.37.38-2048x1280.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly BTC\/USDT chart from Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>All top-10 digital assets by market capitalization ended the week in the red. BNB (-13.4%), Ethereum (-12%), and Dogecoin (-12%) were the biggest losers.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"587\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-1024x587.png\" alt=\"Snimok-ekrana-2024-07-07-v-20.38.47\" class=\"wp-image-236437\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-1024x587.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-300x172.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-768x440.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-1536x880.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-07-07-v-20.38.47-2048x1174.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>The total cryptocurrency market capitalization is $2.19 trillion. Bitcoin&#8217;s dominance index is 55%.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Bitcoin Mining Difficulty Drops by 5%<\/strong><\/h2>\n<p>Following the latest recalculation, the mining difficulty of the leading cryptocurrency decreased by 5% to 79.5 T.<\/p>\n<p>The average hash rate since the previous adjustment was 568.75 EH\/s, with the interval between blocks increasing to 10.5 minutes.<\/p>\n<p>The smoothed 7-day moving average of the network&#8217;s computational power fell to 580 EH\/s, a decline of 11.5% from the peak of 656 EH\/s reached in May.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Standard Chartered Predicts New Bitcoin ATH in August<\/strong><\/h2>\n<p>Bitcoin could reach a new all-time high in August and then rise to $100,000 by the US presidential elections in November, according to Standard Chartered.<\/p>\n<p>The scenario&#8217;s realization depends on Joe Biden&#8217;s prospects in the presidential race. His continued participation would support the chances of a more crypto-friendly Donald Trump, experts noted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWith a Republican candidate, both regulation and mining will be viewed more positively. [\u2026] Bitcoin will offer a fantastic buying opportunity,\u201d the report states.<\/cite><\/p><\/blockquote>\n<p>In the \u201cleast likely\u201d event of Biden&#8217;s withdrawal at the end of July, the digital gold&#8217;s price could fall to $50,000-55,000, specialists noted.<\/p>\n<p>They believe replacing the current president with a \u201creliable\u201d successor like Michelle Obama would keep the first cryptocurrency&#8217;s prices \u201csoft.\u201d<\/p>\n<p>Standard Chartered reminded that the key date is August 4 \u2014 the deadline for candidate registration in Ohio. If no changes occur by then, they are unlikely to happen before November, analysts explained.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Topics to Discuss with Friends<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>A \u201csleeping\u201d address moved $57 million in Bitcoin after 10 years.<\/li>\n<li>Arkham assessed Vitalik Buterin&#8217;s wealth.<\/li>\n<li>The \u201cmeme-token factory\u201d Pump.fun surpassed Ethereum in daily revenue.<\/li>\n<li>Two Bitcoin whales transferred 9301 BTC to Binance.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>Peter Schiff Predicts Ethereum at $1500<\/strong><\/h2>\n<p>Euro Pacific Capital President Peter Schiff forecasted a significant drop in Ethereum&#8217;s (ETH) price to $1500.<\/p>\n<p>Amid the market downturn, the entrepreneur noted that the second-largest cryptocurrency by market cap fell below $2900, trading 30% below its March peak and breaking key support levels.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cI think it will drop to $1500. It seems those who bought on ETH-ETF rumors couldn&#8217;t wait for the actual [start] of trading,\u201d Schiff stated.<\/cite><\/p><\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>VanEck: Solana-ETF Launch Depends on US Election Outcome<\/strong><\/h2>\n<p>VanEck&#8217;s Head of Digital Asset Research Matthew Sigel expressed that the chances of launching a spot ETF based on Solana largely depend on the outcome of the upcoming US presidential elections and whether Gary Gensler remains at the helm of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>.<\/p>\n<p>VanEck filed for a fund based on the fifth-largest cryptocurrency by market cap last week. Shortly after, Swiss company 21Shares took similar actions.<\/p>\n<p>Following these filings, a narrative emerged in the community that the chances of Solana-ETF approval depend on whether Donald Trump wins the upcoming US elections in November. Trump has declared his intention to become the \u201ccrypto president.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThere is a good chance that crypto voters will play a decisive role in these elections,\u201d Sigel stated.<\/cite><\/p><\/blockquote>\n<p>He also pointed to the changing situation in Washington, adding:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWe are already seeing changes in the regulatory environment at the level of elected officials. Many Democrats are voting for crypto-supportive legislation.\u201d<\/cite><\/p><\/blockquote>\n<p>Sigel noted that if the US regulator gives the \u201cgreen light\u201d to Ethereum-ETF trading, it will confirm Ethereum&#8217;s status as a traded commodity. Applications for such products <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-spot-ethereum-etfs-key-developments\">have already been approved<\/a>. Trading will commence once the SEC signs the registration statements on Form S-1.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe same will be true for Solana,\u201d the top manager drew a parallel.<\/cite><\/p><\/blockquote>\n<p>However, progress on this issue may be hindered by the absence of regulated futures for the popular altcoin.<\/p>\n<p>Also on ForkLog:<\/p>\n<ul class=\"wp-block-list\">\n<li>An unknown entity moved 33.99 BTC from the Satoshi Nakamoto era.<\/li>\n<li>Arkham calculated Justin Sun&#8217;s wealth.<\/li>\n<li>A Hollywood actress&#8217;s account on X was hacked to promote a meme coin.<\/li>\n<li>\u201cSleeping\u201d for over 12 years, 119 BTC were set in motion.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>Pavel Durov Announces Hamster Kombat Token on TON<\/strong><\/h2>\n<p>Telegram founder Pavel Durov endorsed the clicker game Hamster Kombat and announced the upcoming release of the project&#8217;s token on the TON blockchain.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cHamster Kombat has become the latest internet phenomenon everyone is talking about. 239 million people registered in this Telegram mini-app in just three months. It took Hamster 73 days to reach 100 million monthly users,\u201d he wrote.<\/cite><\/p><\/blockquote>\n<p>According to Durov, 4-5 million new users join the project daily, making it \u201cthe fastest-growing digital service in the world.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cAs I said a few months ago, a new wave of mini-apps based on Telegram is coming, and Hamster Kombat is now leading it. Its amazing growth demonstrates Telegram&#8217;s viral potential as a mini-app platform,\u201d the entrepreneur added.<\/cite><\/p><\/blockquote>\n<p>Durov did not specify the exact date for the Hamster Kombat token release on TON or its ticker.<\/p>\n<h2 class=\"wp-block-heading\"><strong>What Else to Read?<\/strong><\/h2>\n<p>This week, ForkLog explained what NFT tickets are and what business opportunities this technology opens up.<\/p>\n<p>The most important news from the crypto industry participants was published in a separate digest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin fell below $54,000, mining difficulty decreased by 5%, Peter Schiff predicted Ethereum at $1500, and VanEck linked the chances of launching a Solana-ETF to the outcome of the US elections. Bitcoin Price Falls Below $54,000 The leading cryptocurrency began the week below $62,000. On Wednesday, July 3, digital gold dropped past [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1233,1244],"class_list":["post-15007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-industry-digests","tag-weekly-summary"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15007"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15006"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}