Market update

Cointree Crypto Market Update - July 17th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$97,322, moving +14.15% at the time of writing. Meanwhile, Ethereum ends at AU$5,150 moving +14.44% week-on-week. On the Altcoin side, Solana +15.70%, Cardano +18.51%, and Pepe +39.84%.

🗞 What’s happening in the news?

Meme Coins Surge Following Trump Assassination Attempt

Meme coins are experiencing a resurgence following the failed assassination attempt on Donald Trump. These high-risk cryptocurrencies, often driven by internet memes and jokes, saw significant gains shortly after the event.

Pepe (PEPE) and Dogwifhat (WIF) were among the biggest winners, rising 21% and 18%, respectively, in the past day. Additionally, Solana-based Popcat surged nearly 18%.

Dogecoin, the original meme coin, also saw a boost, climbing nearly 5%. This performance outpaced both Bitcoin and Ethereum in the same period.

Meme coins are notoriously volatile and often respond to real-world events. As Trump positions himself as a crypto-friendly presidential hopeful, the market has responded favourably.

PSEC Approves ETH ETFs for Trading, Next Tuesday

The US Securities and Exchange Commission (SEC) has given the green-light for spot ether (ETH) exchange-traded funds (ETFs) to start trading next Tuesday. Issuers have been asked to submit their final S-1 documents by Wednesday.

Bloomberg Intelligence predicts that once these ETFs go live, the market could see inflows of up to $5 billion in the first six months, with Steno Research forecasting up to $20 billion in the first year. This news has already had a positive impact on the price of ether, which rose 7.3% on Monday, outpacing Bitcoin's 6% gain.

This development marks a significant milestone for Ethereum and the broader cryptocurrency market, potentially attracting a new wave of institutional investment.

Craig Wright Admits He's Not Satoshi Nakamoto

Craig Wright has publicly admitted that he is not the pseudonymous creator of Bitcoin, Satoshi Nakamoto. This admission came in the form of a legal disclaimer on his website, following a ruling from the United Kingdom High Court of Justice.

Wright had been claiming to be Satoshi Nakamoto since 2016, but his assertions were recently dismantled by the Crypto Open Patent Alliance (COPA).

COPA presented over 50 pieces of evidence, including expert testimonies and forensic analysis, proving that Wright's claims were based on forgeries and tampered metadata.

Judge James Mellor of the UK High Court concluded that the creator of Bitcoin would not have made the errors found in Wright's documents. Consequently, Wright has been ordered to pay $2 million in legal fees to podcaster Peter McCormack, who he had previously sued for defamation.

Wright's legal troubles may not be over, as Judge Mellor has recommended that he be investigated for perjury by the Crown Prosecution Service.