Bitcoin Faces Speculation, Ethereum-ETF Anticipation, and Hamster Kombat Pre-Market
“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s main industry events and the hottest tokens.
Topics include: slowing inflation in the US, the psychological impact of Mt. Gox, German “bears,” ETF inflows, and the potential drop of Bitcoin to $44,000.
Participants: ForkLog authors Alex K. and Vasily Smirnov, ChatDPT project hosts Peter Bell and Denis Smirnov.
US Inflation Slows, But Bitcoin Remains Unaffected
In June, annual inflation in the US slowed from 3.3% to 3%, falling below the consensus forecast of 3.1%.
Favorable macroeconomic data briefly boosted Bitcoin’s price above $59,000. However, it failed to hold above the psychological level of $60,000, with the 200-day moving average providing additional resistance.
Citi analysts predicted the start of a cycle of Fed rate cuts, noting that the regulator would change its policy due to the US economy’s “sharp downturn.”
Aiming for $100,000 Despite Challenges
German authorities continue to move large sums of Bitcoin, and Bitstamp has promised to promptly distribute Mt. Gox payouts. However, Bitwise’s Chief Investment Officer Matt Hougan believes these and other bearish factors will not hinder Bitcoin’s path to $100,000 by year-end.
The expert highlighted five “tailwinds”:
- inflows into spot Bitcoin ETFs;
- halving of the first cryptocurrency;
- the anticipated launch of spot Ethereum ETFs;
- changes in the US political landscape;
- the prospect of Fed rate cuts.
He also emphasized the “tectonic shifts” in politicians’ attitudes towards cryptocurrencies, thanks to Republicans who have included digital assets in their agenda for the year.
A Bitter Pill
Renowned technical analyst and Factor LLC head Peter Brandt identified a bearish “double top” pattern on Bitcoin’s chart, which could lead to a price drop to $44,000.
The expert noted that the current decline is 10%, while the model suggests a 20% drop, indicating a potential continuation of the correction.
However, Bitfinex analysts observed signs of a downturn’s end. They believe that factors such as overselling, negative funding rates, and the recovery of the SOPR indicator may signal a local bottom.
What’s the Price of Hamster Kombat Token?
Cryptocurrency exchange Bybit has launched the pre-market for the Hamster Kombat (HMSTR) token.
Users can buy or sell coins through the order system, where the highest price reaches $1000, and the lowest is $0.001.
Bybit clarified that the project’s total supply will be 10 billion HMSTR, but trading is conducted not with tokens but with “Points,” which can later be converted into coins at the official exchange rate.
The exact date for the full listing of HMSTR remains unknown. According to the Hamster Kombat roadmap, the token launch is planned for the end of July.
Meanwhile, the clicker developers have already announced a second airdrop.
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