πŸ“ƒ Jul 31, 2024 – EUROPE Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Up

The cryptocurrency market has been exhibiting a neutral trend in the past 24 hours, with a slight upward movement in some cryptocurrencies. Bitcoin, the leading cryptocurrency, has experienced a slight decrease in price but shows signs of stability. Ethereum, on the other hand, has shown a small decrease in price but remains resilient.

Evidence suggests that market sentiment is influenced by various factors. The positive news of Russia legalizing Bitcoin and crypto for international trade to bypass sanctions has bolstered optimism in the market. Additionally, the appointment of Prof. Youssef Khaoulaj as Chief Security Officer of BlockDAG and the successful $628M presale of the project instill confidence in the long-term prospects of cryptocurrency.

However, there are negative developments impacting market sentiment. The charges of securities fraud against the BitClout founder, Diamondhands, and the ongoing scrutiny from regulatory authorities, such as the SEC, create uncertainty.

Based on the current analysis, there is a moderate level of confidence in the neutral/trending up trend over the next 8 hours, considering the resilience of major cryptocurrencies and positive news in the market.

What is important

In the current state of the cryptocurrency market, several key points deserve attention. Firstly, the legalization of Bitcoin and cryptocurrency for international trade by Russia highlights the growing acceptance and adoption of digital assets on a global scale. This move has the potential to open up new opportunities and increase the credibility of cryptocurrencies.

Secondly, the charges of securities fraud against the BitClout founder underscore the importance of regulatory compliance and investor protection. Regulatory scrutiny continues to shape the cryptocurrency landscape, and market participants should stay informed about developments to navigate potential risks.

Lastly, the successful $628M presale of BlockDAG demonstrates investor confidence and interest in innovative projects. Such fundraising activities contribute to the expansion and development of the cryptocurrency ecosystem.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Ethereum price will lag for Β΄monthsΒ΄ as Bitcoin surges: X Hall of Flame, Roman– This article discusses the Bitcoin price prediction and the views of crypto trader Roman Hall of Flame. It provides insights into the price movements of Bitcoin, Ethereum, and other altcoins.
  2. Russia Legalizes Bitcoin And Crypto for International Trade To Bypass Sanctions– Russia has legalized bitcoin and crypto for international trade to bypass sanctions.
  3. BitClout founder Β΄DiamondhandsΒ΄ charged with securities fraud– The founder of BitClout, Diamondhands, has been charged with securities fraud.
  4. BlockDAG Team Reveal – Prof. Youssef Khaoulaj is Chief Security Officer, $62.8M Presale Beats MATIC and BTC Outlook– BlockDAG team appoints Prof. Youssef Khaoulaj as Chief Security Officer and achieves a $628M presale, outperforming Matic and BTC.
  5. Entrepreneur who sought to merge celebrities, social media and crypto faces fraud charges– Nader Al-Naji, the founder of BitClout, is facing cryptocurrency fraud charges.

Factors DrivingΒ the Growth – Market Sentiment

The most mentioned positive sentiment keywords in the news include bitcoin, ethereum, cryptocurrency, Russia, Solana, and a $62.8M presale by BlockDAG. These keywords reflect the positive developments surrounding the market, including regulatory advancements and successful projects.

The most mentioned negative sentiment keywords include BitClout, SEC, fraud charges, and a drop in Bitcoin price. These keywords highlight the concerns related to fraudulent activities, regulatory challenges, and price fluctuations.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
30bitcoin
12ethereum
11cryptocurrency
11cryptocurrency market
9russia
6solana
6xrp
5crypto
5mpeppe mpepe
5price

Negative Terms – Sentiment Analysis

OccurrencesKeyword
17bitcoin
10sec
9bitclout
5us government
4ripple
3ethereum
3founder
3fraud
3kamala harris
3price

Crypto Investor Fear & Greed Index

The Fear and Greed Indicators table confirms a mixed sentiment in the market. The Fear and Greed Index values are within the fear and greed ranges, indicating market participants’ cautiousness due to ongoing developments. It is crucial to monitor market sentiment and investor behavior to assess potential shifts in market dynamics.

DateValueVariationSource
2024-07-31 00:00:0061pt-6ptAlternative.me
2024-07-30 00:00:0067pt-7ptAlternative.me
2024-07-29 00:00:0071pt0ptAlternative.me
2024-07-29 00:00:0074pt3ptAlternative.me
2024-07-31 00:00:0061pt-13ptBinance.com
2024-07-31 00:00:0067pt6ptBinance.com
2024-07-30 00:00:0067pt-7ptBinance.com
2024-07-30 00:00:0074pt7ptBinance.com
2024-07-29 00:00:0071pt0ptBinance.com
2024-07-29 00:00:0074pt3ptBinance.com
2024-07-31 00:00:0061pt-6ptBitDegree.org
2024-07-30 00:00:0067pt-4ptBitDegree.org
2024-07-29 00:00:0071pt0ptBitDegree.org
2024-07-31 00:00:0055pt2ptBtcTools.io
2024-07-30 16:00:0053pt-1ptBtcTools.io
2024-07-30 08:00:0054pt-3ptBtcTools.io
2024-07-30 00:00:0057pt5ptBtcTools.io
2024-07-29 16:00:0052pt-11ptBtcTools.io
2024-07-29 08:00:0063pt3ptBtcTools.io
2024-07-29 00:00:0060pt0ptBtcTools.io
2024-07-28 16:00:0060pt-1ptBtcTools.io
2024-07-28 08:00:0061pt0ptBtcTools.io
2024-07-31 00:00:0061pt-6ptCoinstats.app
2024-07-30 00:00:0067pt-7ptCoinstats.app
2024-07-29 00:00:0074pt0ptCoinstats.app

Bitcoin: Active Addresses

The Bitcoin Address Indicators table provides insights into the number of active addresses in the Bitcoin network, indicating user engagement. The quantity of wallet addresses based on balance values reflects the distribution of wealth among users. Further analysis is required to identify trends and patterns in address activity and wallet balances.

DateAddressesVariationIndicatorSource
2024-07-29 16:00:001,310,419,1190.00%Total Addressesbitaps.com
2024-07-29 16:00:00716,1473.56%Bitcoin Active Addressesbtc.com
2024-07-29 16:00:00540,5530.00%Addresses with over 0bitaps.com
2024-07-29 16:00:00219,3810.00%Addresses with over 0.0000001bitaps.com
2024-07-29 16:00:003,607,2310.03%Addresses with over 0.000001bitaps.com
2024-07-29 16:00:0010,496,6320.00%Addresses with over 0.00001bitaps.com
2024-07-29 16:00:0013,196,0350.01%Addresses with over 0.0001bitaps.com
2024-07-29 16:00:0011,625,476-0.04%Addresses with over 0.001bitaps.com
2024-07-29 16:00:008,017,328-0.01%Addresses with over 0.01bitaps.com
2024-07-29 16:00:003,562,1180.00%Addresses with over 0.1bitaps.com
2024-07-29 16:00:00858,7740.00%Addresses with over 1bitaps.com
2024-07-29 16:00:00136,9640.01%Addresses with over 10bitaps.com
2024-07-29 16:00:0013,8120.00%Addresses with over 100bitaps.com
2024-07-29 16:00:001,9680.00%Addresses with over 1,000bitaps.com
2024-07-29 16:00:00980.00%Addresses with over 10,000bitaps.com
2024-07-29 16:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The Economic Events table highlights various economic indicators impacting the cryptocurrency market. Notable events include the EIA Natural Gas Report, ISM Manufacturing Index, and the Jobless Claims data. These events can influence market sentiment, trader decisions, and the overall economic landscape. It is important for market participants to stay informed about these events and their potential impact on the cryptocurrency market.

DateImpactEvent
2024-08-01 14:30:00ModerateEIA Natural Gas Report Week over Week
2024-08-01 14:00:00HighISM Manufacturing Index Index
2024-08-01 14:00:00ModerateConstruction Spending Month over Month
2024-08-01 14:00:00ModerateConstruction Spending Year over Year
2024-08-01 12:30:00HighJobless Claims Initial Claims – Change
2024-08-01 12:30:00ModerateProductivity and Costs Nonfarm Productivity – Annual Rate
2024-08-01 12:30:00HighJobless Claims 4-Week Moving Average
2024-08-01 12:30:00ModerateProductivity and Costs Unit Labor Costs – Annual Rate
2024-08-01 12:30:00HighJobless Claims Initial Claims – Level
2024-07-31 21:00:00ModerateBRL – Interest Rate Decision
2024-07-31 18:30:00HighUSD – FOMC Press Conference
2024-07-31 18:00:00HighUSD – Fed Interest Rate Decision
2024-07-31 18:00:00HighUSD – FOMC Statement
2024-07-31 16:00:00ModerateRUB – Unemployment Rate (Jun)
2024-07-31 16:00:00ModerateRUB – Retail Sales (YoY) (Jun)
2024-07-31 16:00:00ModerateRUB – GDP Monthly (YoY) (Jun)
2024-07-31 14:30:00ModerateUSD – Cushing Crude Oil Inventories
2024-07-31 14:30:00HighUSD – Crude Oil Inventories
2024-07-31 14:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2024-07-31 14:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2024-07-31 14:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W
2024-07-31 14:00:00ModerateUSD – Pending Home Sales (MoM) (Jun)
2024-07-31 14:00:00ModeratePending Home Sales Index Index
2024-07-31 14:00:00ModeratePending Home Sales Index Month over Month
2024-07-31 13:45:00HighUSD – Chicago PMI (Jul)
2024-07-31 13:45:00ModerateChicago PMI Index
2024-07-31 12:35:00ModerateCAD – GDP (MoM) (Jun)
2024-07-31 12:35:00ModerateCAD – GDP (MoM)
2024-07-31 12:30:00ModerateCAD – GDP (MoM) (May)
2024-07-31 12:30:00ModerateUSD – Employment Cost Index (QoQ) (Q2)
2024-07-31 12:30:00ModerateEmployment Cost Index Quarter over Quarter
2024-07-31 12:30:00ModerateEmployment Cost Index Year over Year
2024-07-31 12:15:00HighUSD – ADP Nonfarm Employment Change (Jul)
2024-07-31 12:15:00ModerateADP Employment Report Private Payrolls – M/M
2024-07-31 12:00:00ModerateBRL – Unemployment Rate (Jun)
2024-07-31 09:00:00HighEUR – CPI (YoY) (Jul)
2024-07-31 09:00:00ModerateEUR – CPI (MoM) (Jul)
2024-07-31 09:00:00ModerateEUR – Core CPI (YoY) (Jul)
2024-07-31 07:55:00ModerateEUR – German Unemployment Rate (Jul)
2024-07-31 07:55:00ModerateEUR – German Unemployment Change (Jul)
2024-07-31 06:45:00ModerateEUR – French HICP (MoM) (Jul)
2024-07-31 06:45:00ModerateEUR – French CPI (MoM) (Jul)
2024-07-31 06:30:00ModerateJPY – BoJ Press Conference
2024-07-31 04:00:00HighJPY – BoJ Interest Rate Decision
2024-07-31 04:00:00ModerateJPY – BoJ Outlook Report (YoY)
2024-07-31 03:00:00HighJPY – BoJ Interest Rate Decision
2024-07-31 02:30:00ModerateJPY – BoJ Monetary Policy Statement
2024-07-31 01:30:00ModerateCNY – Non-Manufacturing PMI (Jul)
2024-07-31 01:30:00HighCNY – Manufacturing PMI (Jul)
2024-07-31 01:30:00ModerateCNY – Chinese Composite PMI (Jul)
2024-07-31 01:30:00ModerateAUD – Trimmed Mean CPI (QoQ) (Q2)
2024-07-31 01:30:00ModerateAUD – Retail Sales (MoM) (Jun)
2024-07-31 01:30:00ModerateAUD – CPI (YoY) (Q2)
2024-07-31 01:30:00ModerateAUD – CPI (QoQ) (Q2)
2024-07-30 23:50:00ModerateJPY – Industrial Production (MoM) (Jun)
2024-07-30 20:30:00ModerateUSD – API Weekly Crude Oil Stock
2024-07-30 14:00:00HighUSD – JOLTs Job Openings (Jun)
2024-07-30 14:00:00HighUSD – CB Consumer Confidence (Jul)
2024-07-30 14:00:00ModerateJOLTS Job Openings
2024-07-30 14:00:00HighConsumer Confidence Index
2024-07-30 13:00:00ModerateUSD – S&P/CS HPI Composite – 20 n.s.a. (YoY) (May)
2024-07-30 13:00:00ModerateUSD – S&P/CS HPI Composite – 20 n.s.a. (MoM) (May)
2024-07-30 13:00:00ModerateCase-Shiller Home Price Index 20-City Unadjusted – M/M
2024-07-30 13:00:00ModerateCase-Shiller Home Price Index 20-City Adjusted – M/M
2024-07-30 13:00:00ModerateCase-Shiller Home Price Index 20-City Unadjusted – Y/Y
2024-07-30 12:00:00HighEUR – German CPI (MoM) (Jul)
2024-07-30 12:00:00ModerateEUR – German CPI (YoY) (Jul)
2024-07-30 09:00:00ModerateEUR – GDP (QoQ) (Q2)
2024-07-30 09:00:00ModerateEUR – GDP (YoY) (Q2)
2024-07-30 08:00:00ModerateEUR – German GDP (YoY) (Q2)
2024-07-30 08:00:00HighEUR – German GDP (QoQ) (Q2)

Crypto Assets Prices

The Prices table provides an overview of the price variation and volatility of major cryptocurrencies. Bitcoin and Ethereum experienced slight price decreases, while Binance Coin showed a more significant decrease. Attention should be given to the 24-hour variations and price volatility to gauge the market’s responsiveness to market events and factors affecting price movements.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-07-31 07:51:00Bitcoin66,369.99-0.90%-0.872.82%2.60-3.81%
2024-07-30 07:51:00Bitcoin66,964.01-3.81%-3.69-6.58%6.402.44%
2024-07-29 07:51:00Bitcoin69,515.982.93%2.893.72%3.97-0.16%
2024-07-30 07:51:00Ethereum3,343.20-0.72%-0.70-5.03%4.26-1.12%
2024-07-29 07:51:00Ethereum3,367.204.24%4.325.79%5.381.10%
2024-07-30 07:51:00Binance Coin574.80-3.22%-3.18-5.69%4.981.39%
2024-07-29 07:51:00Binance Coin593.302.56%2.514.05%3.590.06%

CryptocurrencyΒ Capitalization and Volume

The Market Capitalizations and Volumes table presents the total market capitalization and volume of major cryptocurrencies. Bitcoin, Ethereum, and Tether maintain their positions at the top, while Binance Coin demonstrated a notable variation in capitalization and volume. These metrics reflect the liquidity and overall size of the respective markets.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-07-31 00:00:00Binance Coin85,470,855,2201.94%811,283,571-13.38%
2024-07-30 00:00:00Binance Coin83,844,693,286-6.75%936,556,154103.60%
2024-07-29 00:00:00Binance Coin89,916,838,8600.50%460,002,623-45.19%
2024-07-31 00:00:00Bitcoin1,306,758,338,818-0.82%31,124,249,167-26.51%
2024-07-30 00:00:00Bitcoin1,317,581,413,497-2.15%42,349,276,497149.09%
2024-07-29 00:00:00Bitcoin1,346,593,444,7130.57%17,001,739,774-53.70%
2024-07-31 00:00:00Ethereum393,942,961,781-1.33%13,797,921,737-25.22%
2024-07-30 00:00:00Ethereum399,239,444,6481.45%18,452,148,651136.37%
2024-07-29 00:00:00Ethereum393,548,430,2730.68%7,806,353,591-47.73%
2024-07-31 00:00:00Tether114,429,758,4030.01%42,421,089,342-26.62%
2024-07-30 00:00:00Tether114,423,843,424-0.01%57,812,247,156115.38%
2024-07-29 00:00:00Tether114,436,762,8540.09%26,841,500,105-30.59%

Cryptocurrency Exchanges Volume and Variation

The Exchanges table provides insights into trading volumes across major cryptocurrency exchanges. Binance, Binance US, and Bitfinex have notable trading volumes, while other exchanges also contribute to the overall market liquidity. Exchange volumes can reflect market sentiment and interest in specific cryptocurrencies.

DateExchangeVolumeVariation
2024-07-31 00:00:00Binance168,866-22.34%
2024-07-30 00:00:00Binance217,449127.98%
2024-07-29 00:00:00Binance95,382-45.69%
2024-07-31 00:00:00Binance US120-46.19%
2024-07-30 00:00:00Binance US223171.95%
2024-07-29 00:00:00Binance US82-59.80%
2024-07-31 00:00:00Bitfinex1,470-40.89%
2024-07-30 00:00:00Bitfinex2,487344.11%
2024-07-29 00:00:00Bitfinex560-67.63%
2024-07-31 00:00:00Bybit59,625-16.37%
2024-07-30 00:00:00Bybit71,30078.28%
2024-07-29 00:00:00Bybit39,993-38.91%
2024-07-31 00:00:00Coinbase27,691-30.14%
2024-07-30 00:00:00Coinbase39,636186.64%
2024-07-29 00:00:00Coinbase13,828-46.40%
2024-07-31 00:00:00Crypto.com41,043-8.28%
2024-07-30 00:00:00Crypto.com44,75092.62%
2024-07-29 00:00:00Crypto.com23,232-32.20%
2024-07-31 00:00:00Gate.io14,844-23.38%
2024-07-30 00:00:00Gate.io19,37340.69%
2024-07-29 00:00:00Gate.io13,770-56.28%
2024-07-31 00:00:00Kraken9,045-29.97%
2024-07-30 00:00:00Kraken12,916264.55%
2024-07-29 00:00:00Kraken3,543-55.52%
2024-07-31 00:00:00KuCoin10,410-9.86%
2024-07-30 00:00:00KuCoin11,549103.26%
2024-07-29 00:00:00KuCoin5,682-48.20%
2024-07-31 00:00:00OKX24,910-36.85%
2024-07-30 00:00:00OKX39,448159.13%
2024-07-29 00:00:00OKX15,223-49.15%

Mining – Blockchain Technology

The Mining table illustrates important mining metrics such as mining difficulty, mined blocks, block rewards, and hash rate. Mining difficulty indicates the computational effort required to mine new blocks, while block rewards and hash rate reflect the mining incentives and overall network security. These factors showcase the mining dynamics and the underlying strength of the cryptocurrency networks.

Item2024-07-312024-07-302024-07-292024-07-282024-07-272024-07-262024-07-25
Difficulty82.05T82.05T82.05T82.05T82.05T82.05T82.05T
Difficulty Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Blocks854.73K854.58K854.40K854.26K854.10K853.94K853.78K
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 GB608.62B726.58B600.33B628.15B640.71B664.89B579.59B
Hash Rate GB Variation-16.23%21.03%-4.43%-1.96%-3.64%14.72%-14.47%

Conclusion

In conclusion, the cryptocurrency market is exhibiting a neutral/trending up trend in the past 24 hours. Positive developments, such as the legalization of cryptocurrencies by Russia and successful project presales, contribute to market optimism. However, regulatory challenges and negative news related to fraud charges create uncertainties. Market sentiment should be carefully monitored as it plays a significant role in shaping cryptocurrency prices.

So What

Considering the current state of the cryptocurrency market, it is crucial for investors and traders to stay informed about regulatory developments and market sentiments. Following the news surrounding key projects, legal advancements, and market indicators can help assess potential opportunities and risks.

What next?

Looking ahead, market participants should pay attention to regulatory updates, investor sentiment, and technological advancements. Developments related to regulatory frameworks, institutional adoption, and innovations within the cryptocurrency space may heavily influence market dynamics. Regular market analysis and an informed approach are advisable for individuals seeking to navigate the cryptocurrency market effectively.

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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