American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market. 

JP Morgan Predicts Bitcoin Market Rebound In August

In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets.

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For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market. 

JP Morgan’s skepticism also stems from Bitcoin’s high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the bank’s reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges. 

The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August.

Following the bank’s predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoin’s price is the continuation of a strong bull market. 

A crypto analyst identified as ‘CryptoYoddha’ on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish. 

About The Ongoing BTC Liquidations

Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchange’s decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs.

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With creditors steadily receiving part of Mt Gox’s 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Gox’s substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals. 

These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as ‘Rekt Capital’ has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%. 

Featured image created with Dall.E, chart from Tradingview.com

With the price of Bitcoin adding over 12.73% to its portfolio this week, the crypto market has started stabilizing, indicating increased price action within the crypto space. Moreover, top BTC-influenced altcoins have displayed a similar trend and experienced a massive price surge within a short period.

With the increasingly bullish sentiment in the cryptocurrency market, are you planning on investing in Bitcoin-based altcoins but are confused about their future price prospects?

Scroll down as, in this article, we have covered the top 3 altcoins that are highly influenced by the price of Bitcoin and are poised to record a massive uptrend in their respective valuations during the upcoming bull market rally.

Ordi (ORDI):

The Ordi price has displayed a strong bullish recovery by recording a jump of 3.46% within the past 24 hours. Moreover, with a positive trading week, the ORDI crypto has surged approximately 22%, resulting in it successfully retesting its crucial support trendline.

The technical indicator, MACD, has displayed a rising green histogram with its averages recording a bullish convergence. This indicates an increase in the bullish action for the Ordi coin price in the cryptocurrency market.

If the market continues to gain momentum, the ORDI price will prepare to retest its $50 mark this month. Conversely, a bearish action could result in this BRC-20 token retesting its crucial support level.

Bitcoin Cash (BCH):

Amid increased price volatility in the crypto market, the BCH price has jumped over 2% within the past day with a trading volume of $272.396 Million. Furthermore, the altcoin has surged 23.82% over the past week and has rewarded its long-term investors with a YTD of +50.01%.

The technical indicators, RSI and MACD have both displayed a significant bullish rise in their respective charts and are headed toward their upper range. This highlights a constant rise in the bullish sentiment for the BCH price in the crypto market.

If the market continues to trade under a bullish sentiment, the Bitcoin Cash price will head toward its upper resistance of $525.5 this month. However, a bearish reversal could pull the BCH coin price toward its low of $300.

SATS (1000SATS):

With the rising bullish sentiment in the crypto space, the SATS price has jumped approximately 5% over the past day and has skyrocketed 31.59% this week. This highlights a strong bullish reversal for the altcoin in the crypto space.

Moreover, with a circulating supply of 2.1 Trillion SATS tokens, and a market cap of $435.22 Million, this crypto is currently listed at the 138th spot in the global crypto list.

The Relative Strength Index (RSI) has recorded a sharp bearish curve above the neutral point. Whereas, the SMA indicator continues recording a bullish action. This highlights a mixed-price sentiment for the SATS crypto in the coming time.

If the bulls surpass their important resistance level of $0.0000002535, the STAS price will prepare to test its upper resistance level of $0.0000003845. Negatively, if the bears regain momentum, this altcoin will plunge toward its crucial support of $0.0000001225.

Binance, the world’s largest crypto exchange by 24-hour trading volume, shares a cryptic message that got members of the Shiba Inu community anticipating Shibarium support.

The image, captioned “pawsitively prepped for the next chapter!” featured a dog staring at two oranges placed on a traveling luggage. The Binance tweet triggered speculations among Shiba Inu community members, who attempted to decode its meaning.

Possible Shibarium Support

According to some SHIB enthusiasts, the cryptic message suggests that Binance could be planning to support Shiba Inu’s Layer-2 scaling solution, Shibarium. Binance potentially supports Shibarium and would enable users to deposit and withdraw assets via the L2 blockchain. 

Notably, popular community member ‘Sand’ was among those making this speculation. The X user also hinted at the possibility of Binance offering incentives relating to Shiba Inu ecosystem tokens, BONE, and LEASH.

Oh dear @binance, you teaser
Is that support for #Shibarium? Or maybe you will gift the $shib some delicious $bone and a $leash?#ShibArmy awaits! https://t.co/bCoif35uq8

— 𝑺𝒂𝒏𝒅 | Shibarium (@Sand_ShibArmy) July 15, 2024

Also, Japanese-based Shiba Inu community figure Kuro suggested that they understand the message conveyed by Binance. In an X post today, Kuro redesigned the image accompanying the Binance tweet to include Shibarium, BONE, and LEASH logos.

I see what you mean, @binance.#TreatYourSelf #Shibarium https://t.co/Z5vRwfUEWb pic.twitter.com/BZlfAiMOgp

— KUROSHIBARMY JPN (@kuro_9696_9696) July 15, 2024

Besides Shiba Inu, fans of other dog-themed tokens claimed that the exchange could be planning to support their favorite tokens, including Pawswap (PAW).

Is Binance Planning to Support SHIB Burn?

The development comes as Shiba Inu enthusiasts continue to urge Binance to support SHIB burns. It is no longer news that the community has hinted at plans to burn SHIB from leading crypto exchanges, including Binance and Coinbase.

On July 9, popular community figure Lola specifically asked Binance CEO Richard Teng to extend the exchange’s ongoing LUNC burn support to SHIB. Lola suggested that the exchange should burn SHIB using a portion of the token’s spot and margin trading fees.

The exchange has not responded to this request. Moreover, it is unclear whether the recent cryptic message relates to its plans to burn SHIB using a fraction of its trading fees.

However, Binance’s support for the SHIB burn could bolster the number of tokens permanently removed from circulation.

Data from Shibburn shows that 410,727,570,872,968 (410.72 trillion) SHIB have been destroyed via burns, leaving Shiba Inu with a total supply of 589.27 trillion tokens. The burn rate is up 30.4% over the past 24 hours to 844,269 SHIB.

Have you heard of cloud mining platforms? In this age of AI and digital currency, cloud mining has become a popular way for people to mine cryptocurrencies without needing expensive hardware or advanced technical skills.

There are many free cloud mining platforms available, making it easier for anyone to get started.

In this article, we’ll explore the 7 best free cloud mining platforms in 2024. We’ll break down what each one offers, why they’re great, and how you can start mining without spending a dime. Whether you’re new to crypto or a seasoned pro looking for new options, these platforms are a great place to start.

1. GDMining

GDMining is the top choice for the best free cloud mining platform in 2024. It’s known for being super easy to use, running smoothly, and having really strong security. Whether you’re new to mining or you’ve been doing it for a while, GDMining offers a great mining experience. They’ve got a solid setup that makes sure everyone can make good money from mining.

GDMining is famous for giving users a top-notch mining experience. They keep everything transparent and don’t have any hidden fees so you know you’re getting the most out of your mining. Plus, their customer service is excellent and they’ll deal with any issues super quickly.

Key Features

● Free Mining Contract: Sign up now and get a $50 welcome bonus for free cloud mining to start making money.

● Daily Payouts: Get your earnings sent straight to your wallet every day.

● Solid Security: They’ve got really good security to keep your info and money safe.

● Easy to Use: The whole thing is easy to navigate, even if you’re new to mining.

● Referral Program: Get bonuses for bringing in friends and family.

2. Binance

Binance is another big cloud mining platform in the crypto world. It’s got the biggest exchange for trading crypto every day. Loads of people, like around 90 million, use Binance because it’s super easy and you can mine crypto straight from your phone or computer. You can join up real quick and get more mining power through their loyalty program. Plus, you might get paid out every eight hours from your mining sessions.

Key Features

● Mine using your mobile phone, computer, or tablet for convenience and flexibility.

● Enjoy the benefit of receiving potential earnings every eight hours.

● Easily trade between a variety of cryptocurrencies.

3. BeMine

BeMine is another cool platform for mining Bitcoin in the cloud. They really care about making things easy and safe for users. You can get your hands on some top-notch mining gear to make the most profit. Signing up is easy, and when you buy your first contract, they hook you up with five days of free mining gear. You can also team up with mining hotels to earn even more without dealing with gear yourself.

Key Features

● Partner with mining hotels to increase your mining profits.

● Comprehensive handling of equipment sales and upkeep.

● Engage in trading across various cryptocurrencies.

● Access expert advice on cryptocurrency investments.

4. StormGain

StormGain is also a big website in the crypto mining sector, serving over five million peeps in more than 230 countries. They’ve got everything you need for mining crypto, whether you’re just starting out or you’re a seasoned pro. It’s a smooth experience with all the tools and perks you need to get serious about mining.

Key Features

● Start mining without the need for physical mining hardware.

● Efficient mining that doesn’t drain your device’s resources.

● Quick, hassle-free mining operations with minimal risk.

● Integrated exchange for trading various cryptocurrencies.

5. KuCoin

KuCoin Pool is another leading cloud mining platform, focusing on making Bitcoin and Litecoin chains super secure. They offer all kinds of services with top-notch tech and can help you make big bucks from mining.

Key Features

● Ensures steady mining earnings by leveraging combined mining operations.

● Provides precise data on mining power to optimize performance.

● Implements strong security measures to protect user assets and privacy.

6. DeMi

DeMi is a Tokenized Mining Platform where you can earn Bitcoin rewards using DEMI tokens. It’s all about making mining easy—just buy some DEMI tokens, stake them, and you’ll get daily BTC rewards. They’ve got over 300 ASICs and a mining pool through ViaBTC with a total hash rate of over 36,000 Th/s. Plus, they make the most profit by using cheap electricity that costs $0.05 per KW.

Key Features

● Keep track of mining activities and rewards in real time.

● Utilize low-cost electricity to enhance mining profitability.

● Earn BTC rewards daily based on your stake in the mining pool.

● Designed to be accessible and intuitive, making it ideal for beginners.

7. BitDeer

BitDeer is a cloud service and mining platform based in Singapore. They’re all about making crypto mining safe and easy for everyone, whether you’re a newbie or an expert. With BitDeer, you can focus on growing your crypto stash while they handle all the tough bits for you.

Key Features

● Easily start mining with just one click.

● Stay informed with up-to-date mining performance analytics.

● User-friendly interface for intuitive navigation.

● Choose from a variety of service plans to suit your needs.

● Access reliable support whenever you need assistance.

What is Cloud Mining?

Cloud mining is a service where individuals rent mining capacity from companies that own and manage crypto-mining equipment remotely. Instead of owning the equipment, users pay a fee to use it. They earn rewards if the rented equipment successfully mines cryptocurrency blocks.

How Does Cloud Mining Actually Work?

In cloud mining, companies operate and maintain mining equipment on behalf of users. When a mining rig owned by the company successfully validates transactions on a blockchain (like Bitcoin), both the company and the user share in the block rewards, proportionate to their investment.

Final Thoughts

That’s a wrap on the top free cloud mining platforms for 2024! It’s a great opportunity to dip your toes into cryptocurrency without investing in expensive equipment. While it might not be a full-time gig just yet, it’s an excellent way to explore the world of crypto mining. Keep in mind that free cloud mining might mean lower earnings.

Make sure to research platforms, start small to get the hang of it, be on the lookout for hidden fees, and take a long-term approach. With these tips and by choosing a trusted platform, free cloud mining can be a fun and educational gateway into the world of cryptocurrency.

(Bloomberg) — Bitcoin jumped the most in three weeks after Donald Trump’s defiant response to an assassination attempt spurred speculation that the pro-crypto former president’s chances of winning reelection have improved.

Most Read from Bloomberg

The largest digital asset rose as much as 4.9% on Monday to top $63,000. Trump said he was shot in the right ear after gunfire erupted at a rally in Pennsylvania on Saturday, an episode that sparked global condemnation of political violence and shook the US presidential campaign.

Betting markets responded by immediately boosting the odds of a victory by Trump, who has cast himself as crypto-friendly in a bid to court undecided voters. Bitcoin’s advance right after the shooting mirrored its brief rally in the aftermath of President Joe Biden’s disastrous debate performance against Trump in late June.

“The Republican party has been pro-crypto and the increased probability of a Trump presidency is a positive which is boosting crypto markets,” said Benjamin Celermajer, chief investment officer at Magnet Capital.

One key question in global markets now is whether the “Trump trade” will gain momentum, based on the argument that his return to the White House would usher in tax cuts, higher tariffs and looser regulations. The organizers of a Bitcoin conference due to be held in Nashville, Tennessee on July 27 said he’s still scheduled to address the event.

Bitcoin “gained momentum” after the attempted assassination bolstered Trump’s chances of reelection, Tony Sycamore, market analyst at IG Australia Pty, wrote in note. The token traded at $62,953 as of 8:20 a.m. in London.

Advocates of the original cryptocurrency argue it acts as a store of value and hedge against political upheaval, a contentious claim given its inherent volatility.

Meeting Miners

Trump in June met with Bitcoin miners and in a subsequent post on his Truth Social account said Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”

The crypto sector is trying to bolster candidates seen as favorable to digital assets, including through big donations to the Fairshake political action committee. The industry has emerged as an influential player in the 2024 election in part to push back against a regulatory clampdown spearheaded by the Securities and Exchange Commission.

Story continues

Trump’s campaign accepts donations in digital assets and a person familiar with the matter earlier said Trump discussed crypto policy with billionaire Elon Musk.

Bitcoin hit a record high of almost $74,000 in March, fueled by demand for dedicated US exchange-traded funds. The token then slipped back amid moderating inflows, apparent sales of seized tokens and fears of disposals by creditors of the failed Mt. Gox exchange.

–With assistance from Ishika Mookerjee.

(Updates with Bitcoin’s price move in first two paragraphs)

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

• Bitcoin price breaks above the descending trendline on Sunday, signaling a potential bullish momentum in the near future.
• Ethereum’s price surges above the $3,240 level, marking a shift in market structure from bearish to bullish.
• Ripple’s price breaches the daily resistance level at 0.499 on Saturday, signaling a potential bullish trend on the horizon.

 

Bitcoin (BTC) surged past its descending trendline on Sunday, suggesting bullish momentum ahead. At the same time, Ethereum (ETH) and Ripple (XRP) swiftly followed suit, breaking through their respective major resistance levels and paving the way for a bullish trajectory.

 

Bitcoin price sets for a rally following trendline breakout

Bitcoin price broke above the descending trendline on Sunday, trading 1% up at $61,365 on Monday. The trendline is formed by connecting multiple swing high levels from early June to mid-July.

If the trendline holds as pullback support around the $58,357 level, which coincides with the weekly support level, BTC could rally 9% from that level, targeting its daily resistance level of $63,956.

The Relative Strength Index (RSI) on the daily chart is trading above the neutral level of 50, and the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.

BTC/USDT daily chart

Conversely, if BTC closes below $56,405 and forms a lower low in the daily timeframe, it may signal persistent bearish sentiment. This scenario could trigger a 7.5% decline in Bitcoin’s price, targeting a revisit of its daily support at $52,266.

 

Ethereum price shows potential for further upside

Ethereum price broke above the $3,240 level on Sunday and, at the time of writing trades 0.87% up at $3,275 on Monday.

If the $3,240 level holds as support, ETH could increase 8.8%, targeting a retest of its daily high from July 1 at $3,524.

The Relative Strength Index (RSI) on the daily chart is trading above the neutral level of 50, and the Awesome Oscillator (AO)  is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.

If the bulls are aggressive and the overall crypto market outlook is positive, and ETH closes above $3,524, it could extend an additional rise of 5.5% to retest its daily high of $3,717 from June 9.

ETH/USDT daily chart

On the other hand, if Ethereum’s daily candlestick closes below $2,817, forming a lower low in the daily timeframe, it may signal persistent bearish sentiment. This scenario could trigger a 7% decline in Ethereum’s price, targeting a revisit of its daily support at $2,621.

 

Ripple price looks promising for the bulls

Ripple price broke above the daily resistance level of $0.499 on Saturday. Currently, it faces resistance around the $0.532 daily high level from June 5. At the time of writing, it trades 1.7% up at the $0.528 level.

If XRP closes above $0.532, it could rally 7.76% to retest its daily resistance level of $0.574.

On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are currently positioned above their critical thresholds of 50 and zero, respectively. These momentum indicators strongly indicate bullish dominance.

Furthermore, surpassing the $0.574 level could pave the way for an additional 12% rally to retest the next daily high, recorded on April 9, at $0.643.

XRP/USDT daily chart

However, if Ripple daily candlestick closes below $0.413, it indicates sustained bearish sentiment, forming a lower low in the daily timeframe. Such a scenario could lead to a 16% decline in Ripple’s price, targeting a revisit of its low from March 12 at $0.347.

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The overall altcoin market capitalization (all cryptocurrencies excluding Bitcoin) has been volatile for the better part of the past few weeks. The secondary crypto market, often criticized for its volatility, lived up to its reputation by posting a 20% decline within the first five days of this month before recovering strongly in the last 72 hours. However, it successfully defended the $850 billion valuation before recovering above $950 billion yesterday.

This roller coaster ride in the secondary market has been a key factor in the crypto market’s recent descent into Fear, Uncertainty, and Doubt (FUD). The bullish enthusiasm generated by spot Bitcoin Exchange Traded Funds (ETFs) approval in January has largely dissipated. Bitcoin, the largest cryptocurrency by market capitalization, was expected to hold above $60,000 for the foreseeable future before an eventual recovery in the third and fourth quarters of this year. As the altcoin market typically follows the gains of the leading digital currency, it was also expected to remain sluggish.

Altcoins Respond to Selling Pressure

However, the German government’s surprise sale of BTC and the Mt. Gox compensation payout upended the market at the end of the second quarter. Entering July cautiously, the digital currency space witnessed a dramatic sell-off, with BTC plummeting below $54,000 within a week. The secondary market fared even worse, dragged down by the slide in Bitcoin. Fortunately, both markets managed to stabilize and partially recover by the end of the second week.

Here is a graph of the altcoin market since the start of the month:

However, if we zoom out to understand the situation better, here is its graph since mid-2021:

According to popular crypto analyst Michael Van de Poppe, the altcoin market has set a long-term bottom at around $500 billion and is unlikely to test this level soon. However, the local bottom is at around $850 billion, and the bulls will likely mount their defense soon if ensuing bearish predictions are to be believed.

Further Price Corrections

At its current price of $59,900, a further drop for Bitcoin to $50,000 would also likely trigger significant losses in altcoins. In this scenario, the secondary market is expected to hold a $700 billion valuation, which could translate to up to 30% of altcoin losses. However, if the market can withstand major selling pressure, it might stabilize above $850 billion. The next resistance level sits at $1.23 trillion, reached in early April. A surge beyond this point could usher in a new altcoin season and potentially new all-time highs.

A closely followed on-chain analyst says billions of dollars worth of Bitcoin (BTC) were sent to digital asset exchanges in the last 30 days.

Analyst Ali Martinez tells his 67,000 followers on the social media platform X that Bitcoin holders moved tens of thousands of BTC to crypto exchanges last month where they could potentially be sold on the open market.

“Over the past month, 58,956 BTC, valued at approximately $3.54 billion, were transferred to crypto exchanges!”

The trader’s chart appears to suggest that traders began sending their Bitcoin to exchanges during the second week of June, when BTC was trading at around $66,000.

At time of writing, BTC is worth $60,143.

Martinez is also keeping a close watch on Bitcoin’s accumulation trend score, which tracks whether large entities are snapping up or unloading BTC. According to Glassnode, a positive Bitcoin accumulation trend score indicates that deep-pocketed investors are accumulating the crypto king.

The analyst says the metric shows that the winds are shifting in favor of BTC bulls.

“The Bitcoin accumulation trend score indicates a change in investor sentiment, with many now choosing to accumulate BTC following an extended distribution phase since April.” 

Based on the trader’s chart, it appears that Bitcoin’s accumulation trend score is hovering at 0.449.

In terms of investor attitude, Martinez notes that Bitcoin’s weighted sentiment fell to its lowest level in over four years.

“On July 5th, as Bitcoin fell to $53,300, the weighted sentiment plummeted to -2, the lowest level since the Covid-19 crash in March 2020!” 

In March 2020, Bitcoin fell below $4,000 before igniting a parabolic surge that saw BTC print a cycle high of $69,000.

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