The price of bitcoin fell below $54,000, the complexity of mining the asset fell by 5%, Peter Schiff predicted Ethereum at $1,500, and VanEck linked the chances of launching Solana-ETF with the outcome of the US elections.
The price of bitcoin dropped below $54,000
The first cryptocurrency started the week at a level below $62,000. On Wednesday, July 3, digital gold broke the $61,000 mark. The next day, bitcoin fell below $57,000.
On Friday, July 5, the first cryptocurrency failed the $54,000 level. However, the asset recovered above $56,000 the next day.
At the time of writing, bitcoin is trading at $56,800.
The BTC/USDT hourly chart of the Binance exchange. Data: TradingView.All digital assets from the top 10 by capitalization ended the week in the "red zone". BNB (-13.4%), Ethereum (-12%) and Dogecoin (-12%) lost the most.
Data: CoinGecko.The total capitalization of the cryptocurrency market is $2.19 trillion. The Bitcoin dominance index is 55%.
Bitcoin Mining Difficulty Dropped by 5%
As a result of another recalculation, the complexity of mining the first cryptocurrency decreased immediately by 5% to 79.5 T.
The average hashrate for the period since the previous change was 568.75 EH/s, the interval between blocks increased to 10.5 minutes.
The smoothed 7-day moving average of the computing power of the network decreased to 580 EH/s. The value fell by 11.5% from the peak reached in May at 656 EH/s.
Standard Chartered predicted a new Bitcoin ATH in August
Bitcoin is capable of reaching a new historical high in August, and then rising to $100,000 by the US presidential election in November. This forecast was presented in Standard Chartered.
The implementation of the scenario depends on Joe Biden's prospects in the presidential race. His continued participation will support the preferred chances of Donald Trump, who is more supportive of digital gold, winning, experts said.
"Under the Republican candidate, both regulation and mining will be viewed more positively. [...] Bitcoin will provide a fantastic buying opportunity," the report says.In the case of Biden's "least likely" retirement at the end of July, the digital gold rate may face a drop to $50,000-55,000, experts noted.
In their opinion, replacing the current president with a "reliable" replacement like Michelle Obama will lead to the "preservation of soft" quotes of the first cryptocurrency.
Standard Chartered recalled that the key date is August 4, the deadline for registration of candidates in Ohio. If there are no changes by this point, they will not happen until November, the analysts explained.
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Peter Schiff, President of Euro Pacific Capital, predicted a significant drop in the price of Ethereum (ETH) to the $1,500 mark.
Against the background of the falling market, the entrepreneur noted that the second largest cryptocurrency by capitalization collapsed below $2,900, trading 30% below the March maximum and breaking through key support levels.
"I think there will be a drop to $1,500. It seems that those who bought on rumors about ETH-ETFs could not wait for the fact of [the start of] trading," Schiff said.VanEck: the launch of Solana-ETF depends on the outcome of the US elections
Matthew Siegel, head of Digital asset research at VanEck, expressed the opinion that the chances of launching a Solana-based spot ETF largely depend on the outcome of the upcoming US presidential election and whether Gary Gensler remains at the head of the SEC.
VanEck applied to launch an exchange-traded fund based on the fifth largest cryptocurrency by capitalization last week. Soon, the Swiss company 21Shares took similar actions.
After these applications, the narrative became popular in the community that the chances of Solana-ETF approval depend on whether Donald Trump wins the upcoming US elections in November. The latter announced his intention to become a "cryptopresident".
"There is a good chance that crypto voters will play a decisive role in this election," Siegel said.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. A lot of Democrats are voting for legislation supporting cryptocurrencies."Siegel noted that if the American regulator gives the "green light" to Ethereum-ETF trading, it will confirm the status of Ethereum as an exchange-traded commodity. Applications for the relevant products have already been approved. The auction will be launched after 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 hampered by the lack of regulated futures for the popular altcoin.
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"Hamster Kombat has become the latest Internet phenomenon that everyone is talking about. 239 million people have signed up for 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 every day, making it "the fastest growing digital service in the world."
"As I said a few months ago, a new wave of Telegram-based mini-apps is coming, and Hamster Kombat is now leading it. Its amazing growth demonstrates Telegram's viral potential as a mini-application platform," the entrepreneur added.Durov did not name the exact date of the release of the Hamster Kombat token on TON and did not specify its ticker.
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