Weekly Recap: Bitcoin Dips Below $54,000 and Conditions for SOL-ETF Approval

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 the $61,000 mark. The following day, Bitcoin fell below $57,000.

On Friday, July 5, Bitcoin breached the $54,000 level. However, the next day, the asset recovered above $56,000.

At the time of writing, Bitcoin is trading at $56,800.

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.

The total cryptocurrency market capitalization is $2.19 trillion. Bitcoin’s dominance index is 55%.

Bitcoin Mining Difficulty Drops by 5%

Following the latest recalculation, the mining difficulty of the leading cryptocurrency decreased by 5% to 79.5 T.

The average hash rate since the previous adjustment was 568.75 EH/s, with the interval between blocks increasing to 10.5 minutes.

The smoothed 7-day moving average of the network’s computational power fell to 580 EH/s, a decline of 11.5% from the peak of 656 EH/s reached in May.

Standard Chartered Predicts New Bitcoin ATH in August

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.

The scenario’s realization depends on Joe Biden’s prospects in the presidential race. His continued participation would support the chances of a more crypto-friendly Donald Trump, experts noted.

“With a Republican candidate, both regulation and mining will be viewed more positively. […] Bitcoin will offer a fantastic buying opportunity,” the report states.

In the “least likely” event of Biden’s withdrawal at the end of July, the digital gold’s price could fall to $50,000-55,000, specialists noted.

They believe replacing the current president with a “reliable” successor like Michelle Obama would keep the first cryptocurrency’s prices “soft.”

Standard Chartered reminded that the key date is August 4 — the deadline for candidate registration in Ohio. If no changes occur by then, they are unlikely to happen before November, analysts explained.

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Peter Schiff Predicts Ethereum at $1500

Euro Pacific Capital President Peter Schiff forecasted a significant drop in Ethereum’s (ETH) price to $1500.

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.

“I think it will drop to $1500. It seems those who bought on ETH-ETF rumors couldn’t wait for the actual [start] of trading,” Schiff stated.

VanEck: Solana-ETF Launch Depends on US Election Outcome

VanEck’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 SEC.

VanEck filed for a fund based on the fifth-largest cryptocurrency by market cap last week. Shortly after, Swiss company 21Shares took similar actions.

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 “crypto president.”

“There is a good chance that crypto voters will play a decisive role in these elections,” Sigel stated.

He also pointed to the changing situation in Washington, adding:

“We are already seeing changes in the regulatory environment at the level of elected officials. Many Democrats are voting for crypto-supportive legislation.”

Sigel noted that if the US regulator gives the “green light” to Ethereum-ETF trading, it will confirm Ethereum’s status as a traded commodity. Applications for such products have already been approved. Trading will commence once the SEC signs the registration statements on Form S-1.

“The same will be true for Solana,” the top manager drew a parallel.

However, progress on this issue may be hindered by the absence of regulated futures for the popular altcoin.

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• A Hollywood actress’s account on X was hacked to promote a meme coin.
• “Sleeping” for over 12 years, 119 BTC were set in motion.

Pavel Durov Announces Hamster Kombat Token on TON

Telegram founder Pavel Durov endorsed the clicker game Hamster Kombat and announced the upcoming release of the project’s token on the TON blockchain.

“Hamster 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,” he wrote.

According to Durov, 4-5 million new users join the project daily, making it “the fastest-growing digital service in the world.”

“As 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’s viral potential as a mini-app platform,” the entrepreneur added.

Durov did not specify the exact date for the Hamster Kombat token release on TON or its ticker.

What Else to Read?

This week, ForkLog explained what NFT tickets are and what business opportunities this technology opens up.

The most important news from the crypto industry participants was published in a separate digest.