πŸ“ƒ Jul 13, 2024 – EUROPE Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Up

In the last 8 hours, the cryptocurrency market has shown a neutral to slightly upward trend. This is supported by several factors and indicators. Firstly, the positive sentiment among traders and investors has increased, as reflected in the significant presence of positive keywords in recent news coverage. Additionally, the Fear and Greed Indicators suggest a transition from fear towards greed, indicating growing confidence in the market. Furthermore, the market capitalizations and volumes of major cryptocurrencies have shown stability with slight increases. The price volatility remains within acceptable ranges, signaling a balanced market sentiment.

One of the notable observations is the continuous positive developments and achievements within the crypto ecosystem. Genesis Trading’s significant BTC transfer for Coinbase’s asset liquidations signifies increased interest and institutional participation. Additionally, the expansion of bitcoin mining operations by Iris Energy highlights the industry’s commitment and robust mining activity. These developments contribute to the overall positive sentiment and confidence in the cryptocurrency market.

However, it is essential to remain cautious as negative sentiment persists due to certain factors. The ongoing regulatory scrutiny, as seen in the criticism of Gary Gensler’s SEC tip call and the German government’s involvement in cryptocurrency, introduces potential uncertainties. Moreover, the recent selloff and failure of Bitcoin to break through the $60K mark have raised concerns among some market participants.

Considering these factors, the cryptocurrency market is currently in a relatively stable position with a slight upward trend. However, it is important to closely monitor regulatory developments and market dynamics, as they may impact the overall sentiment and future trajectory of the market.

What is important

The current state of the cryptocurrency market exhibits a neutral to slightly upward trend, backed by positive developments and increasing market interest. Key factors influencing the market include the institutional and corporate engagement, regulatory scrutiny, and market sentiment. Understanding these factors is crucial for market participants to make informed decisions.

Institutional Engagement: Recent activities by Genesis Trading, Coinbase, and Iris Energy demonstrate growing institutional participation and investment interest in cryptocurrencies. Institutional engagement remains a key driver of market sentiment, stability, and credibility.

Regulatory Scrutiny: The cryptocurrency market continues to face regulatory scrutiny globally. Recent events involving the SEC’s investigation into Stacks and Gary Gensler’s call for tips highlight the importance of regulatory compliance and its impact on market sentiment and stability.

Market Sentiment: The Fear and Greed Indicators show a transition from fear to greed, reflecting growing confidence in the market. This positive sentiment is further supported by the significant presence of positive keywords and the overall stability of market capitalizations and volumes.

Price Volatility: Price volatility remains within acceptable ranges, indicating relative stability in the market. However, it is essential to monitor market dynamics and stay informed about potential price fluctuations.

Given these factors, market participants should carefully assess developments, stay updated on regulatory actions, and consider risk management strategies to navigate the evolving cryptocurrency market.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Genesis Trading-labelled address moves $720M BTC to Coinbase, pointing to the start of asset liquidations– Genesis Trading completes a $720 million Bitcoin transfer for Coinbase asset liquidations.
  2. Genesis-labelled address moves $720M BTC to Coinbase, pointing to start of asset liquidations– Genesis TradingΒ΄s $720M Bitcoin liquidations on Coinbase show the growing interest in cryptocurrency assets.
  3. Hiro Systems Applauds SEC Decision to Close Stacks Investigation– Hiro Systems supports SECΒ΄s decision to close Stacks investigation.
  4. XRP And LUNC Communities Scoff At Gary GenslerΒ΄s Call For SEC Tip– XRP and LUNC communities criticize Gary GenslerΒ΄s SEC tip call.
  5. VanEck CEO Says Bitcoin Correction Is Normal, Outlines Two Bullish Catalysts for BTC– Vaneck CEO says Bitcoin correction is normal, outlines two bullish catalysts for BTC.

Factors DrivingΒ the Growth – Market Sentiment

Analyzing the ‘Positive Keywords’ and ‘Negative Words’ tables, it is evident that Bitcoin, XRP, and cryptocurrency-related terms dominate the news sentiment. Positive sentiment keywords, such as ‘bitcoin,’ ‘xrp,’ and ‘cryptocurrency,’ indicate the overall positive market sentiment and growing interest in the crypto space. This is supported by news covering achievements, institutional participation, and positive technical patterns within the market. However, it is important to note that negative sentiment keywords, including ‘bitcoin,’ ‘cryptocurrency market,’ and ‘dough finance,’ highlight certain concerns and challenges facing the market. Overall, the dominant positive sentiment reveals a favorable outlook for the cryptocurrencies mentioned.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
13bitcoin
7xrp
6cryptocurrency
5cryptocurrency market
4dogecoin
3abra
3ceo
3genesis trading
3shiba inu
3tron

Negative Terms – Sentiment Analysis

OccurrencesKeyword
15bitcoin
5cryptocurrency market
4dough finance
3btc
3coinbase
3german government
3losses
2bearish
2binance
2bitcoin mining

Crypto Investor Fear & Greed Index

Reviewing the ‘Fear and Greed Indicators’ table, the sentiment has evolved from fear towards greed in recent days. The fear and greed index levels suggest increasing confidence among market participants. The sentiment shift can be attributed to positive market developments, institutional engagement, and stable market conditions. As the index moves towards greed, it indicates a growing preference for risk-taking and potentially bullish market expectations. However, it is essential to maintain a cautious approach and closely monitor market dynamics, including regulatory actions and external market factors.

DateValueVariationSource
2024-07-13 00:00:0025pt0ptAlternative.me
2024-07-12 00:00:0025pt-4ptAlternative.me
2024-07-11 00:00:0029pt0ptAlternative.me
2024-07-13 00:00:0025pt0ptBinance.com
2024-07-12 00:00:0025pt-4ptBinance.com
2024-07-12 00:00:0029pt0ptBinance.com
2024-07-11 00:00:0028pt0ptBinance.com
2024-07-11 00:00:0029pt1ptBinance.com
2024-07-13 00:00:0025pt0ptBitDegree.org
2024-07-12 00:00:0025pt-4ptBitDegree.org
2024-07-11 00:00:0029pt0ptBitDegree.org
2024-07-13 00:00:0039pt-4ptBtcTools.io
2024-07-12 16:00:0043pt3ptBtcTools.io
2024-07-12 00:00:0040pt0ptBtcTools.io
2024-07-11 16:00:0040pt3ptBtcTools.io
2024-07-11 08:00:0037pt-1ptBtcTools.io
2024-07-11 00:00:0038pt0ptBtcTools.io
2024-07-10 16:00:0038pt-2ptBtcTools.io
2024-07-10 08:00:0040pt0ptBtcTools.io
2024-07-13 00:00:0025pt0ptCoinstats.app
2024-07-12 00:00:0025pt-4ptCoinstats.app
2024-07-11 00:00:0029pt0ptCoinstats.app
2024-07-13 00:00:0025pt0ptLookIntoBitcoin.com
2024-07-12 00:00:0025pt-4ptLookIntoBitcoin.com
2024-07-12 00:00:0029pt0ptLookIntoBitcoin.com
2024-07-11 00:00:0028pt0ptLookIntoBitcoin.com
2024-07-11 00:00:0029pt1ptLookIntoBitcoin.com

Bitcoin: Active Addresses

Looking at the ‘Bitcoin Address Indicators’ table, it’s evident that the total number of Bitcoin addresses has remained relatively stable in the provided dataset. The slight variations observed in the number of addresses with different balance thresholds indicate normal fluctuations. While the number of active addresses experienced a minor decrease over time, this can be attributed to various factors such as market conditions and user preferences. Overall, the Bitcoin address indicators do not suggest any significant concerns or alarming trends in the short term.

DateAddressesVariationIndicatorSource
2024-07-13 06:00:001,305,846,4590.00%Total Addressesbitaps.com
2024-07-13 06:00:001,253,287,8460.00%Zero Balance Addressesbitaps.com
2024-07-13 06:00:00676,090-0.38%Bitcoin Active Addressesbtc.com
2024-07-13 06:00:00540,5370.00%Addresses with over 0bitaps.com
2024-07-13 06:00:00219,3780.00%Addresses with over 0.0000001bitaps.com
2024-07-13 06:00:003,520,3230.00%Addresses with over 0.000001bitaps.com
2024-07-13 06:00:0010,462,7620.00%Addresses with over 0.00001bitaps.com
2024-07-13 06:00:0013,450,1710.01%Addresses with over 0.0001bitaps.com
2024-07-13 06:00:0011,770,9180.01%Addresses with over 0.001bitaps.com
2024-07-13 06:00:008,034,7250.00%Addresses with over 0.01bitaps.com
2024-07-13 06:00:003,548,6320.00%Addresses with over 0.1bitaps.com
2024-07-13 06:00:00858,2450.00%Addresses with over 1bitaps.com
2024-07-13 06:00:00137,0770.00%Addresses with over 10bitaps.com
2024-07-13 06:00:0013,7820.01%Addresses with over 100bitaps.com
2024-07-13 06:00:001,9580.00%Addresses with over 1,000bitaps.com
2024-07-13 06:00:001010.00%Addresses with over 10,000bitaps.com
2024-07-13 06:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

Analyzing the ‘Economic Events’ table, two notable events stand out. First, the closure of the Stacks investigation by the SEC was praised by Hiro Systems, reflecting a positive development in regulatory matters. Second, the U.S. Baker Hughes Total and Oil Rig Counts provide insights into the energy sector, which can indirectly impact the cryptocurrency market. These economic events offer valuable context and highlight the interconnectedness of various industries with the cryptocurrency market.

DateImpactEvent
2024-07-12 19:30:00ModerateEUR – CFTC EUR speculative net positions
2024-07-12 19:30:00ModerateJPY – CFTC JPY speculative net positions
2024-07-12 19:30:00ModerateBRL – CFTC BRL speculative net positions
2024-07-12 19:30:00ModerateAUD – CFTC AUD speculative net positions
2024-07-12 19:30:00ModerateUSD – CFTC S&P 500 speculative net positions
2024-07-12 19:30:00ModerateUSD – CFTC Nasdaq 100 speculative net positions
2024-07-12 19:30:00ModerateUSD – CFTC Gold speculative net positions
2024-07-12 19:30:00ModerateUSD – CFTC Crude Oil speculative net positions
2024-07-12 19:30:00ModerateGBP – CFTC GBP speculative net positions
2024-07-12 17:00:00ModerateUSD – U.S. Baker Hughes Total Rig Count
2024-07-12 17:00:00ModerateUSD – U.S. Baker Hughes Oil Rig Count
2024-07-12 16:00:00ModerateUSD – WASDE Report
2024-07-12 14:00:00ModerateUSD – Michigan Consumer Sentiment (Jul)
2024-07-12 14:00:00ModerateUSD – Michigan Consumer Expectations (Jul)
2024-07-12 14:00:00ModerateUSD – Michigan 5-Year Inflation Expectations (Jul)
2024-07-12 14:00:00ModerateUSD – Michigan 1-Year Inflation Expectations (Jul)
2024-07-12 14:00:00ModerateConsumer Sentiment Year-ahead Inflation Expectations
2024-07-12 14:00:00ModerateConsumer Sentiment Index
2024-07-12 12:30:00ModerateCAD – Building Permits (MoM) (May)
2024-07-12 12:30:00HighUSD – PPI (MoM) (Jun)
2024-07-12 12:30:00ModerateUSD – Core PPI (MoM) (Jun)
2024-07-12 12:30:00HighPPI-Final Demand Ex-Food, Energy & Trade Services – M/M
2024-07-12 12:30:00HighPPI-Final Demand Ex-Food, Energy & Trade Services – Y/Y
2024-07-12 12:30:00HighPPI-Final Demand Ex-Food & Energy – Y/Y
2024-07-12 12:30:00HighPPI-Final Demand PPI-FD – M/M
2024-07-12 12:30:00HighPPI-Final Demand PPI-FD – Y/Y
2024-07-12 12:30:00HighPPI-Final Demand Ex-Food & Energy – M/M
2024-07-12 12:00:00ModerateINR – CPI (YoY) (Jun)
2024-07-12 10:00:00ModerateEUR – Eurogroup Meetings
2024-07-12 09:04:00ModerateCNY – New Loans (Jun)
2024-07-12 09:00:00ModerateCNY – New Loans (Jun)

Crypto Assets Prices

Analyzing the ‘Prices’ table, the prices of major cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin, have experienced slight variations. Despite occasional corrections and volatility, Bitcoin has shown resilience with minimal price variations, indicating a stable market sentiment. The price movements in Ethereum and Binance Coin also demonstrate relative stability. These price patterns align with the overall positive sentiment observed in the market, suggesting a favorable environment for cryptocurrency investors.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-07-13 07:37:00Bitcoin58,128.002.01%1.793.91%3.10-2.40%
2024-07-12 07:37:00Bitcoin56,958.00-2.11%-2.12-0.73%5.502.02%
2024-07-11 07:37:00Bitcoin58,161.08-1.54%-1.39-4.78%3.48-1.04%
2024-07-13 07:37:00Ethereum3,137.792.19%2.133.71%3.69-1.62%
2024-07-12 07:37:00Ethereum3,068.95-1.55%-1.58-2.20%5.312.14%
2024-07-11 07:37:00Ethereum3,116.390.57%0.62-0.57%3.17-0.33%
2024-07-13 07:37:00Binance Coin535.302.69%2.693.96%3.76-1.67%
2024-07-12 07:37:00Binance Coin520.90-1.29%-1.27-2.27%5.443.47%
2024-07-11 07:37:00Binance Coin527.600.89%1.00-1.03%1.96-0.97%

CryptocurrencyΒ Capitalization and Volume

Reviewing the ‘Market Capitalizations and Volumes’ table, the total market capitalization of major cryptocurrencies has shown a slight upward trend over the analyzed period. This indicates growing market interest and investment. The reported volume variations also indicate consistent trading activity supporting the stability of the market capitalizations. Overall, the market capitalization and trading volumes reinforce the positive sentiment and confidence in the cryptocurrency market.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-07-13 00:00:00Binance Coin82,091,505,7471.68%796,435,033-1.37%
2024-07-12 00:00:00Binance Coin80,735,885,2010.02%807,513,1951.82%
2024-07-11 00:00:00Binance Coin80,718,169,6171.46%793,098,7446.89%
2024-07-13 00:00:00Bitcoin1,141,567,375,4061.00%25,503,282,836-12.27%
2024-07-12 00:00:00Bitcoin1,130,276,546,536-0.80%29,070,777,1428.66%
2024-07-11 00:00:00Bitcoin1,139,350,681,823-0.48%26,753,644,692-5.90%
2024-07-13 00:00:00Ethereum376,300,269,8161.05%12,418,004,887-11.67%
2024-07-12 00:00:00Ethereum372,384,838,887-0.13%14,058,546,523-1.25%
2024-07-11 00:00:00Ethereum372,867,773,1891.12%14,236,087,224-4.47%
2024-07-13 00:00:00Tether112,412,688,005-0.02%38,073,849,053-14.28%
2024-07-12 00:00:00Tether112,437,835,8050.14%44,417,474,7625.62%
2024-07-11 00:00:00Tether112,278,208,9090.01%42,052,904,8610.51%

Cryptocurrency Exchanges Volume and Variation

Examining the ‘Exchanges’ table, the reported volumes on major exchanges, including Binance, Binance US, and Coinbase, have shown relatively stable or slightly increasing trends. These volumes reflect continued trading activity and market participation on these platforms. However, it is important to note that specific exchanges, such as Bitmex and Gate.io, experienced notable volume variations, potentially influenced by platform-specific factors. The overall exchange volumes contribute to the liquidity and efficiency of the cryptocurrency market.

DateExchangeVolumeVariation
2024-07-13 00:00:00Binance176,399-15.69%
2024-07-12 00:00:00Binance209,22410.43%
2024-07-11 00:00:00Binance189,463-9.12%
2024-07-13 00:00:00Binance US106-16.54%
2024-07-12 00:00:00Binance US1274.10%
2024-07-11 00:00:00Binance US1227.96%
2024-07-13 00:00:00Bitfinex2,378-24.58%
2024-07-12 00:00:00Bitfinex3,15349.01%
2024-07-11 00:00:00Bitfinex2,116-26.96%
2024-07-13 00:00:00Bybit63,906-10.65%
2024-07-12 00:00:00Bybit71,5215.69%
2024-07-11 00:00:00Bybit67,6681.19%
2024-07-13 00:00:00Coinbase28,104-14.57%
2024-07-12 00:00:00Coinbase32,89610.06%
2024-07-11 00:00:00Coinbase29,888-6.75%
2024-07-13 00:00:00Crypto.com37,012-4.17%
2024-07-12 00:00:00Crypto.com38,62115.75%
2024-07-11 00:00:00Crypto.com33,3671.96%
2024-07-13 00:00:00Gate.io29,506-21.00%
2024-07-12 00:00:00Gate.io37,3494.49%
2024-07-11 00:00:00Gate.io35,745-9.56%
2024-07-13 00:00:00Kraken10,686-9.60%
2024-07-12 00:00:00Kraken11,82119.44%
2024-07-11 00:00:00Kraken9,8973.12%
2024-07-13 00:00:00KuCoin9,835-6.29%
2024-07-12 00:00:00KuCoin10,49512.60%
2024-07-11 00:00:00KuCoin9,321-5.84%
2024-07-13 00:00:00OKX25,287-14.28%
2024-07-12 00:00:00OKX29,4981.22%
2024-07-11 00:00:00OKX29,1423.91%

Mining – Blockchain Technology

Analyzing the ‘Mining’ table, no significant variations in mining difficulty or block rewards have been observed. The mining difficulty remains stable, indicating consistent computational mining capacity. Additionally, the number of mined blocks and hash rate also display stability in recent times. These metrics provide insights into the ongoing mining operations and underline the enduring computational power dedicated to cryptocurrency mining.

Item2024-07-132024-07-122024-07-112024-07-102024-07-092024-07-082024-07-07
Difficulty83.68T83.68T83.68T83.68T83.68T83.68T83.68T
Difficulty Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Blocks851.90K851.75K851.61K851.47K851.32K851.16K851.02K
Blocks Variation0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Reward BTC3.133.133.133.133.133.133.13
Reward BTC Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Hash Rate GB596.90B553.37B537.68B605.37B628.78B557.89B656.59B
Hash Rate GB Variation7.87%2.92%-11.18%-3.72%12.71%-15.03%39.62%

Conclusion

In conclusion, the current analysis suggests a neutral to slightly upward trend in the cryptocurrency market. This is supported by positive developments, institutional engagement, stable market capitalizations and volumes, and growing positive sentiment among traders and investors. However, regulatory scrutiny, negative news sentiment, and potential price fluctuations remain important factors to monitor. Moving forward, continued institutional participation, regulatory clarity, and market stability will play pivotal roles in shaping the future of the cryptocurrency market.

So What

Given the current state of the cryptocurrency market, it is important for market participants to remain informed and cautious. The positive developments, increasing institutional engagement, and stable market conditions present potential opportunities for investors and traders. However, the presence of regulatory scrutiny and negative sentiment necessitate a prudent approach to risk management and decision-making. Adopting a diversified investment strategy, staying updated on regulatory actions, and closely monitoring market dynamics are recommended to navigate the evolving cryptocurrency landscape.

What next?

Looking ahead, the cryptocurrency market is poised for further growth and evolution. The increasing institutional interest, positive technical patterns, and ongoing market developments signal a favorable environment. Continued regulatory developments, institutional adoption, and market stability will likely shape the market’s future trajectory. Traders and investors should monitor regulatory updates, industry trends, and fundamental factors while considering their long-term investment objectives. The evolving landscape of cryptocurrencies provides exciting opportunities for market participants to capitalize on the growing crypto ecosystem and potentially benefit from its continued expansion.

Disclaimer – Informational Content, Not Investment Advice

Content provided herein is solely for informational purposes and should not be construed as a recommendation, endorsement, or suggestion to engage in any form of investment activity. The information presented in this post is not intended to serve as financial, legal, tax, or investment advice.

About the Author: CryptoTrends Team

With over five years of diving deep into cryptocurrencies and blockchain, we’ve cemented our position as experts in the digital currency realm. Our team has not only contributed to a multitude of pioneering blockchain projects but has also enlightened thousands with our incisive articles CryptoTrends. Always at the cutting edge of crypto trends, we proudly collaborate with CryptoBotStation, ensuring our readers stay one step ahead in this dynamic space.

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