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Bitcoin Falls to $62K as Bulls Bet on M2 Money Supply

Bitcoin saw a modest comeback after dropping to multi-week lows of $60,435. Despite market turbulence, Bitcoin bulls remain hopeful, betting on global liquidity to support BTC prices.

• Main Points:

  • Price rebound: Bitcoin attempts to reclaim $62,000 after hitting lows.

  • Market turmoil: Stocks worldwide faced significant sell-offs.

  • Liquidations: $230 million in crypto longs wiped out.

  • Rate cuts: Fed likely to cut interest rates in September.

  • Bullish outlook: Rising global M2 money supply supports BTC.

• Detailed Insights:

  • Price rebound: Bitcoin’s price fell nearly $5,000, reaching $60,435 before bouncing back to attempt to reclaim $62,000 on August 3. This 3% rebound followed a fresh liquidation cascade and a challenging day for global stocks.

  • Market turmoil: The Nikkei’s 6% drop set the tone for Wall Street’s losses. U.S. employment data, which missed expectations, added to market panic. Bitcoin lost several key support lines, including the short-term holder cost basis.

  • Liquidations: The sell-off led to significant liquidations, with CoinGlass reporting $230 million in crypto longs wiped out over August 1 and 2.

  • Rate cuts: Michaël van de Poppe, CEO of MNTrading, highlighted the market’s response to poor U.S. job reports, suggesting a substantial recession is priced in. He believes the Federal Reserve will likely cut interest rates in September, a bullish sign for crypto and risk assets.

  • Bullish outlook: Despite recent volatility, Jeff Ross, founder and managing director of Vailshire Partners, remains optimistic. He noted the rising global M2 money supply as a positive indicator for Bitcoin. Ross highlighted a potential reverse head-and-shoulders pattern on the weekly BTC chart, suggesting a bullish outlook from both technical analysis and liquidity perspectives.

Related: Bitcoin Drops to $60K: What's Causing the Sell-Off?

Bitcoin’s recent price movements reflect the broader market turbulence, but rising global liquidity and potential Fed rate cuts offer a hopeful outlook for BTC in the coming months.

Kiyosaki Warns: Market Crash Is Here, 'Losses Are Substantial'

Robert Kiyosaki, author of Rich Dad Poor Dad, announces that the stock market crash has arrived, describing it as a lucrative opportunity for investors to buy assets at lower prices and get richer.

• Main Points:

  • Market crash: Significant losses in the stock market.

  • Investment opportunity: Buy assets at lower prices.

  • Future gains: Predictions for gold, silver, and bitcoin.

  • Financial advice: Turn downturns into wealth-building chances.

• Detailed Insights:

  • Market crash: Robert Kiyosaki, renowned for his financial insights, declared on social media platform X that the stock market crash has arrived, with substantial losses being recorded. This announcement comes as many financial experts have been predicting a downturn.

  • Investment opportunity: Kiyosaki emphasized the wisdom imparted by his “Rich Dad” mentor, highlighting that market crashes are prime times for the wealthy to purchase assets at significantly reduced prices. He urged investors to see this crash as a chance to accumulate wealth.

  • Future gains: Kiyosaki has long advocated for investments in gold, silver, and bitcoin. He recently forecasted a significant economic downturn followed by a major bull market, predicting bitcoin could reach $10 million per coin, gold $15,000 an ounce, and silver $110 an ounce. These predictions are based on declining trust in fiat currencies and historical market trends.

  • Financial advice: In his message, Kiyosaki encouraged investors to act during the market crash, describing the downturn as an “asset market sale.” He stressed that this is the time for investors to buy and set the stage for substantial future wealth.

Related: Bitcoin Whale Activity Hits 9-Year High, Analysts Predict Bottom

Kiyosaki’s call to action underlines the potential for savvy investors to capitalize on market downturns, turning them into opportunities for significant financial gain.

MicroStrategy Plans $2B Share Sale to Buy More Bitcoin

MicroStrategy, the largest public holder of Bitcoin, plans to sell up to $2 billion in class A shares, intending to use a portion of the funds to buy more Bitcoin.

• Main Points:

  • Share sale: MicroStrategy plans to raise $2 billion by selling class A shares.

  • Bitcoin purchase: Part of the funds will be used to buy more Bitcoin.

  • Financial performance: Reports a net loss in the second quarter.

  • Strategic focus: Committed to growing the Bitcoin network.

• Detailed Insights:

  • Share sale: MicroStrategy has announced plans to sell up to $2 billion worth of class A shares, as disclosed in a regulatory filing with the US Securities and Exchange Commission (SEC). The company did not specify a timeline for the sales or the exact amount of proceeds to be allocated for purchasing Bitcoin.

  • Bitcoin purchase: The Virginia-based firm, led by co-founder Michael Saylor, intends to use part of the funds raised from the share sale to buy more Bitcoin. This move underscores MicroStrategy's commitment to increasing its Bitcoin holdings.

  • Financial performance: MicroStrategy reported a net loss of $102.6 million for the second quarter, translating to $5.74 per share. This marks the company's second consecutive quarterly loss, primarily from its software business. Analysts are closely monitoring its cash flow situation.

  • Strategic focus: With 226,500 Bitcoin currently valued at over $14 billion, MicroStrategy positions itself as the world's first Bitcoin development company. It remains dedicated to the growth of the Bitcoin network through financial market activities, advocacy, and technology innovation.

Related: El Salvador's Chivo Wallet Lacks Financial Transparency

MicroStrategy's continued investment in Bitcoin reflects its strategic belief in the cryptocurrency's long-term value, despite recent financial setbacks.

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