Daily News | SOL/ETH Hits Historic High, Overall Market in Rebound Trend

2024-08-07, 04:33

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##Crypto Daily Digest: BTC mining costs $43,000, market rebounds but future uncertain
###The average mining cost of Bitcoin for American mining companies is about $43,000

CryptoQuant founder and CEO Ki Young Ju stated in a post that the average mining cost for <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> by US mining companies is currently around $43,000.

Marathon Digital's Q2 2024 report shows that the company's average mining cost per Bitcoin is $42,969. This can be calculated using their running hash rate, the cost per gigabit hash per day, and the average amount of Bitcoin mined per day.

###Arthur Hayes: Regardless of who serves as the President of the United States, the government will print money to benefit cryptocurrency

Arthur Hayes, a well-known KOL in the crypto community, stated in a media interview that whether Trump or Harris wins the next presidential election in the United States, it is not important for the crypto industry.

Although the crypto industry has donated a lot of funds to Trump, it is not enough to surpass JPMorgan Chase, Morgan Stanley, Citibank, and Goldman Sachs, and the staff of these institutions are all from these banks. Therefore, although Trump's election and doing these things would be great, he may encounter the same problems as during his first term.

Regarding Bitcoin and monetary policy, Hayes stated that both the Trump and Harris administrations will print money; They just have different ways. But money will definitely be printed, so cryptocurrency will rise and the road may be very bumpy, but ultimately we know where it will go.

###The trading volume of DEX exceeded $20.2 billion yesterday, setting a record for the third highest in history

According to DUNE data, the total trading volume of the decentralized trading platform (DEX) exceeded $20.2 billion yesterday, setting a record for the third highest in history. The first two records were the 2023 Silicon Valley bank run ($23.1 billion) and the Luna crash in May 2021 ($22.8 billion).

##Market Trends

Bitcoin: Currently, Bitcoin remains above $56,000 and is in a consolidation phase after an oversold rebound. BTC spot ETFs continue to experience significant net outflows, and the market still needs more time to recover. In the short term, the price fluctuations of Bitcoin may continue to be influenced by market sentiment and external macroeconomic environment.

<a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>: Ethereum's performance is relatively weak, and the overall trading volume of spot ETFs is lower than expected. However, the net outflow of ETHE from grayscale has gradually decreased, which may bring some positive signals to the market. The future trend of Ethereum requires close attention to the development of its ecosystem and the inflow of ETF funds.

Altcoins: Altcoins are generally in the adjustment stage, but the SOL/ETH exchange rate has hit a new high, indicating the strong performance of some high-quality Altcoins. Overall, over 70% of the tokens in the market are in an upward trend, indicating a rebound in market sentiment.

###Data Indicator Analysis
AHR999 Index: Today's AHR999 Index is 0.61, getting closer and closer to a bottom fishing index. This means that the market may be approaching a relatively low point, and investors can start considering building positions in batches.

Fear & Greed Index: The current Fear & Greed Index is 29, indicating a slight improvement in market sentiment from extreme fear, but still in a low state. It is expected that this sluggish sentiment will continue to persist for some time, and investors should remain cautious.

###Market Hotspots
**<a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Ecosystem**
Solana (SOL) has performed strongly, with a price close to $150 and a rebound of nearly 40% from its low point, making it the currency with the best rebound among the top ten tokens in terms of market value. The SOL/ETH exchange rate has broken historical highs, demonstrating strong demand for Solana in the market. The performance of tokens such as WEN, JUP, and WIF in the Solana ecosystem is also quite outstanding. Especially JUP, which passed a proposal last weekend to reduce token supply by 30%, may provide further support for its price.

**Game Public-chain Ron**
Unlike other tokens, RON continued to decline in the rebound market due to the theft of $12 million from the project. Ron has been stolen multiple times before, and the team's financial security issues have not been resolved, which has dealt a serious blow to investor confidence.

**Meme Sector**
Cat-themed Meme coins performed well, with MEW and POPCAT rebounding by over 50% from their low points. However, the market heat of political concept tokens has significantly cooled down, with tokens such as FIGHT and FEARNOT dropping 90% from their historical highs. Investors should remain vigilant when paying attention to Meme coins and avoid chasing high prices.

##Macroeconomics: The three major US stock indices collectively closed higher, with a probability of over 70% for the Federal Reserve to cut interest rates by 50 basis points in September

The three major US stock indices collectively closed higher, with the S&P 500 index rising 1.04% to 5,240.03 points; The Dow Jones Industrial Average rose 0.76% to 38,997.66 points; The Nasdaq index rose 1.03% to 16,366.85 points.

Analysts say that the US dollar is currently rising against the Japanese yen as the market believes that the Bank of Japan may adopt a wait-and-see attitude towards interest rates. This shifts the focus to the Federal Reserve. For now, it is almost certain that the Federal Reserve will cut interest rates next month to avoid the first cut being too close to the timing of the US election. According to CME's "Federal Reserve Watch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 28.5%, and the probability of cutting interest rates by 50 basis points is 71.5%.

During the Wednesday session, speeches by officials from the Bank of Japan supported the market rebound. The Nikkei 225 index rose 3% within the day, while the CSI index rose over 3%. The intraday increase of the US dollar against the Japanese yuan widened to 1.8%, reaching 146.55. The KOSPI index in South Korea has increased by 2%. The three major A-share stock indexes collectively turned red. The Hang Seng Technology Index has expanded its gains to 1%, and the Hang Seng Index is now up 0.95%. The Taiwan Weighted Index has expanded its increase to 3%.

“For Japanese and global stock markets, the key factor is the strength of the yen, which in itself is an expression of the outlook for the US economy, "said senior market analyst Kyle Roda. At present, the US dollar is hovering around 145 against the Japanese yen. If it remains relatively stable or even rises, it will support the recovery and normalization of the Nikkei index.”

Former European Central Bank President Trichet said on Tuesday that the rapid rebound and rise of the yen exchange rate in recent times can be seen as a "late but arrived" healthy correction, and there is currently no need to worry about this situation triggering broader market turbulence. He believes that there are three major factors that have triggered the strengthening of the yen: the Bank of Japan's policy shift, geopolitical tensions in the Middle East, and disappointing US employment data. He therefore stated that it is well known that the yen exchange rate was in an unreasonably undervalued range, and it is reasonable for investors to buy yen for arbitrage trading.

###Conclusion
Overall, the <a href="/id/price" target="_blank" class="blog_inner_link">crypto market</a> is currently in a stage of adjustment and consolidation. The trends of Bitcoin and Ethereum are relatively stable, but they still need time to recover. Solana has performed strongly and has become one of the highlights of the market. For long-term investors, it is advisable to gradually build positions during periods of low market sentiment. For short-term traders, they should closely monitor market hotspots, especially the Solana ecosystem and Meme coin sector. Continue to pay attention to macroeconomic environment and policy changes, which will have a significant impact on market trends.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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