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Bitcoin Drops Recent Gains, Experts Warn $60K is 'Lucky'

Bitcoin's price has retraced recent gains, trading at $61,000 on July 3 following a worsened U.S. inflation outlook. The market remains tense as the Federal Reserve indicates caution on rate cuts.

• Main Points:

  • Price Retracement: Bitcoin falls to $60,800, erasing weekend gains.

  • Fed's Stance on Rate Cuts: Powell's cautious approach impacts market sentiment.

  • Market Sentiment: BTC/USD revisits familiar lows amid miner capitulation concerns.

  • Liquidity Moves: Exchange order spoofing creates overhead resistance.

  • Potential Corrections: The analyst warns of either consolidation or a significant price correction.

• Detailed Insights:

  • Price Retracement: Bitcoin's price dropped to $60,800 on July 3 after hitting local lows of $60,561. This decline erased the gains made over the weekend, as indicated by data from Cointelegraph Markets Pro and TradingView.

  • Fed's Stance on Rate Cuts: Jerome Powell, chair of the U.S. Federal Reserve, suggested that more evidence is needed to justify lowering interest rates. This cautious stance dampened market optimism, with the likelihood of a September rate cut dropping to around 65%, according to CME Group’s FedWatch Tool.

  • Market Sentiment: The BTC/USD pair revisited familiar lows, frustrating market participants. Analysts and traders noted a pattern of manipulatory liquidity moves on exchanges, adding and removing resistance through order "spoofing."

  • Liquidity Moves: Popular trader Skew observed significant spot demand on Binance around the $60,000 level. Bitcoin also filled the latest "gap" in CME futures, a typical occurrence following weekend trading.

  • Potential Corrections: Charles Edwards, founder of Capriole Investments, expressed concern over the market's failure to account for ongoing miner capitulation. He suggested that Bitcoin might either consolidate between $60,000 and $70,000 for up to two months or undergo a significant correction to address on-chain market imbalances.

Related: Bitcoin Price to Double This Year

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Sony Group Ventures into Crypto Trading with S.BLOX's Whalefin

Sony Group is venturing into the cryptocurrency trading market by revamping its S.BLOX subsidiary, formerly known as Amber Group. The renewed Whalefin exchange will feature a new app, improved functions, and support for more cryptocurrency assets.

• Main Points:

  • Revamp of Whalefin: Sony’s S.BLOX subsidiary, formerly Amber Group, will relaunch its Whalefin cryptocurrency exchange with new features.

  • New App and UI: The revamp includes a redesigned user interface and a new app to enhance user experience.

  • Expanded Crypto Support: Whalefin will support a broader range of cryptocurrencies and offer improved functionalities.

  • Strategic Partnerships: Sony’s collaboration with Startale Labs and Astar Network aims to strengthen its Web3 strategy and blockchain initiatives.uding the CME futures gap closure.

• Detailed Insights:

  • Revamp of Whalefin: Sony Group, through its subsidiary S.BLOX (formerly Amber Group), is entering the cryptocurrency trading business. S.BLOX, acquired by Quetta Web, a Sony Group subsidiary, will relaunch the Whalefin exchange. This move marks Sony's significant step into the crypto market, following its acquisition in August 2023.

  • New App and UI: The revamped Whalefin exchange will feature a redesigned user interface (UI) and a new app, aiming to provide an easier and more user-friendly service. These changes are part of Sony's efforts to enhance the trading experience for its customers.

  • Expanded Crypto Support: After the revamp, Whalefin plans to support a wider array of cryptocurrencies and improve its overall functionality. This expansion is expected to attract more users and provide a comprehensive trading platform.

  • Strategic Partnerships: Sota Watanabe, CEO of Startale Labs, revealed that an external director from Startale would lead the exchange at Sony. In September, Sony Network Communications announced a joint initiative with Startale Labs to create a blockchain for Sony’s Web3 strategy. This partnership aims to offer services across various Sony Group sectors, including gaming, music, entertainment, and financial services.

Related: Elon Musk: Crypto Can Empower People

Earlier, in February 2023, Sony Network Communications partnered with Astar Network to launch an incubation program for projects leveraging non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). This initiative aimed to fund 10 to 15 selected projects, highlighting Sony's commitment to advancing blockchain technology.

Trump's 2024 Odds Soar to 66% on Polymarket; GOP Favored to Win Congress

Donald Trump's chances of winning the 2024 presidential election have surged to 66% on the prediction market Polymarket. The GOP is also expected to control both the Senate and the House of Representatives.

• Main Points:

  • Trump's Leading Odds: Trump's odds of winning the 2024 election have risen to 66%.

  • Biden's Chances: Incumbent President Joe Biden has an 18% chance, with Kamala Harris at 9%.

  • Swing State Lead: Trump is leading in key swing states.

  • GOP Congressional Control: Republicans are predicted to control the Senate and the House.

  • Prediction Market Trends: Reflects a challenging path for the incumbent.

• Detailed Insights:

  • Trump's Leading Odds: As of July 2, 2024, Polymarket data shows Trump with a 66% probability of winning the presidential election. This prediction is based on significant betting activity, with a wager of $294 million supporting these odds.

  • Biden's Chances: President Joe Biden's chances stand at 18%, while Vice President Kamala Harris holds a 9% probability. Another wager indicates that Biden has a 66% chance of being the Democratic nominee, with Harris at 21%.

  • Swing State Lead: Trump leads in crucial swing states, including Georgia, Arizona, Nevada, Pennsylvania, Michigan, and Wisconsin, according to Polymarket data.

  • GOP Congressional Control: The prediction market suggests a shift in power, with Republicans expected to control both the Senate and the House of Representatives.

  • Prediction Market Trends: Polymarket shows a 48% likelihood of Biden dropping out of the race. In comparison, predictit.org gives Trump a 59% probability of winning the presidency, with Biden at 27%. These markets reflect collective expectations, indicating a challenging path for the incumbent.

Related: Trump vs. Biden: Riot's Morgenstern Highlights Stark Contrast in Crypto Policies

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results