What You Need to Know
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Bitcoin (BTC) surged to new heights over $118,000, though it still has more ground to cover. To truly exemplify its leading status, it must regain its records against other major assets like gold and the British pound.
The bitcoin price has further to go to prove its strength. (Sergey Tinyakov/Shutterstock)
Since July 9, BTC has risen significantly from $108,000, with each rally seeing minimal resists, demonstrating the bull market’s resilience. It’s up 60% from its April lows when market fears were prevalent. For the first time since February, Bitcoin has outperformed gold in year-to-date figures, climbing 27% against gold’s 26%.
As Bitcoin approaches the $112,000 threshold, heavy liquidations have naturally ensued, adding further fuel to its upside. The Bitcoin network’s hash rate has rebounded over 915 exahashes per second, indicating robust participation in the network.
Looking to the future, the upcoming U.S. inflation data set for July 15 represents a key risk. Last month’s inflation figures stood at 2.4% for the headline rate and 2.8% for core inflation year-over-year. For hopes of any rate cuts to persist, these numbers need to trend down.
What to Watch
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Crypto
- July 14, 10 p.m.: Singapore High Court hearing on WazirX’s Scheme of Arrangement following a $234 million hack.
- July 15: Alchemist will launch a staking update, enabling token holders to stake for premium benefits.
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Macro
- July 11, 8:30 a.m.: Statistics Canada to release June unemployment data (est. 7.1%).
Bitcoin Stats
- BTC Dominance: 64.77%
- Hashrate: 916 EH/s
- Total Fees: 4.97 BTC / $558,499
Stay cautious and stay updated!
