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Bitcoin’s Back to $40K and Millions of Shorts are Liquidated: The Weekly Cryptorecap

After weeks of long consolidation and sideways action in a narrow and squeezed range, Bitcoin finally broke free. It was a good thing.

Over the past week, BTC is up by a considerable 20%. At the time of this writing, it’s trading at around $39K, having pulled back slightly from the psychological and technical resistance at the coveted $40K level. Notable is also the fact that there was an increase in trading volume during the week. Although it is not as high as April and May’s levels, it is still an improvement.

The week began with a promising climb. BTC had gained $2.5K by Sunday. But the real advance came on Monday. The price skyrocketed from about $35,000 to $40,000, leaving millions worth of short positions liquidated. It was a constant battle with the desired line and BTC eventually lost. Today, we saw its price sliding down to $39K.

The majority of cryptocurrency markets followed their lead, with many altcoins also seeing impressive gains. Ethereum is up by 15.5%, BNB is up by 6%, ADA – by 7%, XRP – by 21%, and so forth. It became clear that Bitcoin’s rise is more than the rest of market, as the BTC dominance indicator jumped by 2% in the past week.

This was possible due to some significant developments in the field. The world’s governments continue to push for stricter crypto-related regulations in various areas, including taxation. After slashing its leverage down to 20x (from a max of 125x), Binance, for example, also revealed that it would be halting derivatives products in certain countries in Europe.

On a more positive note, a recent survey revealed that the number of cryptocurrency users more than doubled in the first half of the year. This is a remarkable achievement in terms of overall mass adoption. America’s second oldest bank – State Street – doubled down on its involvement and said that it would be offering crypto services to its private fund customers.

Overall, the market performance this week was refreshing after months of choppy activity. We don’t know if the positive momentum will continue.

Market Information

Market Cap: $1540B | 24H Vol: 78B | BTC Dominance: 47.6%

BTC: $39,057 (+20.7%) | ETH: $2,347 (+15.5%) | XRP: $0. 72 (+21%)

This Week’s Crypto Headlines You Must See

Binance Halts Derivatives Products for Users in Italy, Germany, and the Netherlands. The world’s leading cryptocurrency exchange, Binance, announced that it would halt its derivatives products for users from Italy, Germany, and the Netherlands. This announcement comes amid a wider regulatory clampdown on all aspects of the industry.

Number of Crypto Users Doubled in Just 6 Months: Survey. Following the parabolic advance of the entire cryptocurrency market, the industry saw an influx of new users. As a matter of fact, a recent survey revealed that their number doubled in just six months.

For The First Time Since May 12th: Bitcoin Fear and Greed Index is Neutral. The Bitcoin Fear and Greed index became neutral for the first time since May 12th. The market was in extreme fear before this. This is a sign that confidence has returned over the last few days.

Goldman Sachs Files for “DeFi” ETF to Track Tech Giants. The giant Wall Street investment bank Goldman Sachs has applied for an exchange-traded fund (ETF) for what it says is the decentralized finance (DeFi) space. But things may not be as they appear.

Not yet: Amazon denies rumors about plans to accept Bitcoin. The world’s largest online retailer, Amazon, has officially denied all rumors related to it accepting Bitcoin as a means of payment this year. The company’s spokesperson stated clearly that they have no plans to do so.

America’s Second Oldest Bank State Street to Provide Cryptocurrency Services to Private-Fund Customers. The second oldest bank in the United States, State Street, said it would offer cryptocurrency services to its private-fund clients. The institution partnered up with Lukka Inc , a crypto-focused technology company.


This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Solana – click here for the full price analysis.


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Disclaimer: Information found on CryptoPotato is those of writers quoted. This information does not reflect the views of CryptoPotato about whether to invest in, sell or hold investments. Before making any investment decision, you are strongly advised to do your own research. You are responsible for any use of the information. For more information, please refer to Disclaimer.

Cryptocurrency charts by TradingView.

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Spot Bitcoin ETFs Secured Inflows on Friday While GBTC Struggles to Hold 300,000 BTC

Following a sequence of five days of net outflows, U.S. spot bitcoin exchange-traded funds (ETFs) experienced modest inflows on Friday, capturing nearly 900 bitcoins from the market, totaling $59.7 million. Concurrently, Grayscale’s Bitcoin Trust (GBTC) teeters on the brink of falling below the 300,000 mark, as it recorded a holding of 304,970.43 bitcoins as of [……
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Bitwise: Bitcoin Will Have ‘a Great Next 12 Months’

Bitwise Asset Management expects bitcoin to have a great next 12 months. A Bitwise researcher has explained that the cryptocurrency will likely continue to test its “higher highs” this year and next. He considers regulatory risk to be the primary concern for bitcoin. ‘I Think We’re Just Getting Started’ Bitwise Asset Management has reaffirmed its [……
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Bitbot’s presale frenzy grows as $1.1M is raised: Can $BITBOT claim a 100x gain?

Bitbot has generated FOMO due to its self-custodial features. The project runs a $100,000 airdrop with $1,000 rewards. $BITBOT carries a 100x potential amid presale frenzy and unique strengths. Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented…

bitbot crypto trading bot website homepage
  • Bitbot has generated FOMO due to its self-custodial features.
  • The project runs a $100,000 airdrop with $1,000 rewards.
  • $BITBOT carries a 100x potential amid presale frenzy and unique strengths.

Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented gains, cementing the status of Telegram bots as an unstoppable crypto phenomenon. Bitbot launches when this frenzy is still alive while guaranteeing added security advantages. This has created a frenzy for the token, with the presale raising more than $1.16 million through stage 6. Consequently, Bitbot has been labelled a 100x token amid its self-custodial features. Let’s investigate more about this token.

Bitbot generates FOMO: What is its unique value proposition?

The key to Bitbot’s popularity is intense speculation. This is the first Telegram trading bot project offering self-custodial features. But what does this mean?

Trading on Telegram trading bots has been beset with controversy. The exploits of leading projects such as Unibot and Banana Gun showed how less protected investors are. This has been caused by the fact that these projects are custodial. They hold users’ private keys and assets, exposing them to potential losses if their accounts are compromised.

With self-custodial features, Bitbot allows users complete control over their assets. Users control their private keys, meaning no one can steal their assets if the platforms are exploited. This is an advantage to users seeking greater control and peace of mind when trading on Telegram trading bots. 

Owing to the self-custodial features, Bitbot has generated a frenzy that the token could explode when listed. Similar price trends have been recorded in other Telegram trading bots launched earlier. As such, Bitbot’s superior strengths could fuel higher price movements and return more to investors.

In addition to being self-custodial, the project is attractive with its enhanced security mechanisms. The wallet is secured by KnightSafe security protocols for institutional-grade reinforcement. There are other safety enhancements, such as anti-rug features. 

The all-around protections have created an expectation that $BITBOT is a huge potential token. The frenzy is underlined by the rapid presale and token predictions, which are as high as 100x. 

Bitbot: Profitable token with up to $100K airdrops and 50% revenue shares

The number of followers on Bitbot’s socials has grown rapidly, thanks to profitable offers. An example is Twitter, which has over 114,000 followers. The attraction has been due to the profitable opportunities posted on the platforms. The notable one is the $100,000 airdrop that has attracted fans. 

The competition is open to all fans globally. Winners stand a chance to walk away with $1,000 worth of Bitbot tokens from a $100,000 prize pool.

The prelaunch offer is ongoing, with users needing to act on Bitbot to win odds. One just needs to participate in Bitbot, share about the project, subscribe to its mailing list, and more. Winners will be rewarded right before the project kicks off. 

Bitbot is also a source of long-term passive income generation. Token holders get a share of 50% of transaction fee revenue generated from the platform. Aside from enjoying seamless trading through an app, one grows their investment over time. The unique advantage over rivals makes Bitbot a very attractive trading platform. This generates value for the token, unlocking its future potential.

Can $BITBOT rise by 100x?

Telegram trading bots represent the future of trading, and statistics back this up. The sector has witnessed over $13.6 million in cumulative trading volumes. This is an advantage to the Bitbot token, debuting when a market frenzy unfolds. As such, the debut could be met with wild price movements.

Whether $BITBOT can rise 100x is speculative. However, rival tokens, which carry lesser superior features, have risen by approximately similar margins. As such, $BITBOT carries the potential to claim a 100x gain. A robust presale and speculation cement the token’s status as a potential big gainer.

To purchase $BITBOT while on presale, investors can visit the project’s website page.

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