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News & Insights/Market
Weekly Market Update - 08 July 2024

By Amber Group 07/07/2024, 3 min read time

Crypto Market





Weekly High

$ 63,777

$ 3,494

Weekly Low

$ 53,717 $ 2,826

BTC and ETH Market Insight


The cryptocurrency market experienced $665 million in daily liquidations as Bitcoin fell below the $55,000 mark, influenced by FUD related to Germany. At the same time, Mt. Gox transferred $2.7 billion in bitcoin ahead of its $9 billion payout, contributing to the market's volatility. This drop took Bitcoin below its 200-day moving average, drawing attention to the trendline of the bull market. Bitwise has filed an amended S-1 early, potentially paving the way for Ethereum ETFs to arrive as early as next week.

Options Market


BTC continued to be under selling pressure after starting the week with a positive note to as high as 63k. The failure to hold above 60k quickly turned into large and continuous liquidation which pushed the price to sub 54k briefly. Mass panic led BTC and ETH to tumble 7.5% and 10.1% respectively at most on Friday. Front-end IV jumped to echo rising volatility but quickly cooled down as the market found its footing around 56k. Near-term  put skew turned positive as the gamma covering and downward protection demand rose. ETH was seen weaker than BTC for the week — not a big surprise given how resilient it was over the past few weeks. The call skew still suggests bullish sentiment on ETH from one month and onward. Bullish risk reversals could be a good option to play long at this moment.

Altcoins and Blockchain News


  • Analyst:In the past 16 days, the German government, the US government and Mt.Gox  have sold a total of 890 million BTC.

  • Binance Research: The total market value of cryptocurrencies fell by 11.4% in June, and EigenLayer's market share fell to a low of 92.2%.

  • Data: Tokens worth more than $170 million will be unlocked next week, of which APT unlocks about $63 million.

  • Solana Ecosystem Re-staking Protocol Solayer TVL Exceeds $100 Million.

  • Foundation: Some users need to submit proof of non-sybil status if they want to claim all airdrop shares.

  • TON ecosystem game Hamster Kombat channel subscribers exceed 50 million.

  • Ethereum Layer2 network Zircuit mainnet takes first quarter points snapshot on July 7.

  • Layer3 announces tokenomics, initial airdrop increases to 7.5% of total supply.

  • Degen:Airdrop 2 season 6 will kick off on July 11th.



The major continued the rally for the week, with the S&P 500 reaching new record high territory: the DJIA added +0.7%, the S&P 500 added +2.0%, and the NASDAQ +3.5%. The cooling down of the inflation pressure and the expectation for the lower interest rate seemed to boost the market in the post-pandemic period.






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