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$GIGA rages forward
The Triple Scoop
July 09, 2024
SCOOP’S TL;DR
📈 MARKET SENTIMENT - Choppy Waters with a positive outlook & ETH ETF closing in!
🏋️ BARBELL’S WEEKLY PICK - $GIGA
🗞️ TOP STORIES
German Sell-Off Continues
Study Into Holders
Pink Drainers Karma
Scoop Premium
Crypto Total Market Cap $2.11T - 24/hour change 2.84%
Crypto Market Cap Total Volume $70.45B - 24/hour Change 23.96%
Majors - 24/Hour change
BTC - $57,441- 2.3%
📈 Market Sentiment
Choppy Waters with a positive outlook & ETH ETF closing in!
Market Sentiment: The sharp 26% correction has led many investors to believe that the bullish phase of $BTC is over and that the current cycle has ended.
Historical Patterns: Similar corrections were observed in 2019, suggesting that such price adjustments are a normal part of the market cycle and not necessarily indicative of an end to growth.
Expected Corrections: Historically, corrections in the market have been even larger, reinforcing the idea that the recent dip is within normal expectations.
Chart Analysis Skepticism
Differing Opinions: While historical chart patterns suggest that this cycle is following previous trends, some investors remain skeptical, believing that this time the market conditions are unique and will not follow past patterns.
Negative Factors
Market Sell-Offs: Instances such as Germany selling $BTC have contributed to the negative sentiment in the market, leading to concerns about further declines.
Positive Factors
$BTC on Exchanges
Record Lows: The amount of $BTC held in exchange wallets is at a historic low, similar to the period just before the bull run in 2020.
Investor Confidence: This low level of $BTC on exchanges indicates that investors prefer holding their $BTC, reducing the pressure to sell and potentially leading to price increases.
Market Impact: With less $BTC available on exchanges, the order book faces less downward pressure, increasing the likelihood of price growth.
Large Companies Investing in Crypto
Institutional Interest: Major companies such as BlackRock are actively investing in crypto, signaling strong institutional confidence in the future of the market.
Market Validation: The involvement of these large entities provides validation and credibility to the crypto market, suggesting that they foresee continued growth and stability.
Market Seasonality
Historical Trends: Historically, the summer months have been a period of market stagnation, characterized by boring, consolidation phases and corrections.
Buying Opportunity: This seasonal pattern repeats every year, suggesting that the current stagnation is a normal occurrence and a good opportunity to buy at lower prices.
Future Growth: Historically, significant market expansion tends to occur during the macro summer and fall, and we are currently entering the start of this period.
CZ's Return
Influential Figure: CZ, an iconic figure in the crypto world, has a significant influence on market sentiment.
Market Anticipation: Although no longer the CEO of Binance, his association with the company remains strong. His release from a 4-month arrest sentence in 2 months is anticipated to have a positive market impact.
$ETH ETF
Confirmation and Trading: The ETH ETF has been confirmed, but trading has not yet started. The approval of Form S-1, expected in July 2024, is necessary for trading to begin.
Market Reaction: The initial approval of the ETH ETF led to a 30% increase in $ETH's price. The commencement of trading is expected to drive further growth.
Asset Accumulation Phase
Comparative Analysis: Comparing the current market situation to 2020, we see similar consolidation phases.
Potential Breakout: After the consolidation phase in 2020, $BTC broke through the support level and soared. A similar pattern could emerge in 2024, leading to significant growth.
$SOL ETF
Approval Rumors: Rumors about a $SOL ETF have been confirmed, with involvement from companies like VanEck.
Catalyst for Growth: Even if trading does not start until the end of 2024, the approval itself is expected to be a strong catalyst for market growth.
US Presidential Elections
Political Impact: The US presidential elections have become more predictable, with Trump leading by a large margin.
Crypto Support: Trump actively supports crypto, and his potential victory is anticipated to have a positive impact on the market by fostering a more favorable regulatory environment.
Conclusions
Overcoming FUD: If you are overwhelmed by fear, uncertainty, and doubt (FUD) and have lost faith in crypto, it is crucial to take a step back and look at the bigger picture.
Balanced Analysis: While negative events are present, the number of positive catalysts far outweighs them, pointing to a strong potential for future growth.
Be the envy of friends…
🏋️ BARBELL’S WEEKLY PICK
You can Follow Jack Barbell on X - @thebarbell_
$GIGA - Mid Risk
Price - $0.01362
MCAP - $130M
We shared this token a week ago in our premium section of the newsletter it has since run a 2X.
GIGA is a solid token that we are taking note of. Giga based on the idea of being a ‘CHAD’ in crypto games has built a strong community, afterall who doesn’t want to be a Giga Chad?
Body Builder Mike O’hearn even tweeted about the project a few weeks signalling his support for the project. If you don’t know him, he went viral across social media for his masculine antics, chad-like looks and personality.
What got us interested in taking a further look at $GIGA was the show of support from Murad, a tech entrepreneur in the crypto fintech space. He was once a Bitcoin maxi and has now turned his research to Memes. He has listed $GIGA as one of his top meme picks for this cycle stating it can run 20-50X across the end of the cycle.
Revist of last pick - $ANDY - Mid risk
Price $0.00009176
Mcap - $91 Million
$ANDY remains a good-looking play. Unfortunately, the token pulled back in line with the market. Having dropped down just below the 0.78 fib retracement levels. This token now offers an even better R/R than before, with a whopping 247% for it to reach an all-time high.
Short Term - 2X
Long term - 5X
🔥 2 CULT COINS WITH MASSIVELY GROWING ATTENTION & COMMUNITIES THAT WE HAVE JUST ACCUMULATED FOR THIS BULL CYCLE
German Sell-Off Continues - Price Dips With It.
At a glance 🔎
The German Government has continued with its sell-off.
They have moved another $500m with the price of BTC falling to $55k during the process.
The total holdings now sit at 23.7k BTC worth roughly $1.3bn, a 50% reduction from the initial 50k BTC holdings.
🕵️ Scoops take:
The impact should hopefully diminish with time!
Are they maybe just being salty about being knocked out of the Euro tournament they are hosting so they are taking out their anger on the market?
Whatever the continued reason, this massive sell-off has done the wider market no favours.
The definition of HODL is now.
Study Into Holders - Clipboards At The Ready
At a glance 🔎
A new study has been conducted on those who own crypto.
The data shows that owning crypto can be associated with “dark traits”.
The traits of the association are, being men, relying on social media sources, believing in conspiracy theories and feeling victimised.
The researchers accepted that the sample size was fairly small but indeed accurate.
🕵️ Scoops take:
Each adjective used could be like a badge of honour.
Naturally discriminative, how wrong is it actually in describing the Degenz?
It missed out basement which we thought would be nailed on so we immediately had some concerns.
Increase the sample!
Pink Drainer Karma - A Dish Best Served Cold
At a glance 🔎
Pink Drainer has been hit with an address poisoning scam.
The Crypto-draining tool lost 10 ETH to a wallet attack.
Address poisoning is when an attacker sends small amounts of crypto to a similar-looking address hoping to trick a target into sending funds to the incorrect wallet.
Since July 2023, Pink Drainer has stolen over $85.3m
🕵️Scoop’s take:
Still, $75m or so before Karma is truly served however it is great to see them taste a piece of their own medicine.
Pink Drainer may have now paused operations, however, please be on the lookout as drainer toolkits are rife right now.
The way things are heading in the market, anything you can keep for the HODL is a necessity.
Feast your eyes on the delights, surprises & Alpha below.
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