S&P 500, Nasdaq Hit Record Highs as AI Stocks Rally and Strong Jobs Data Boost Confidence 
Asian Stocks Slide as Iran Tensions Escalate Despite Strong Weekly Gains 
Dollar Slips as Strong U.S. Jobs Data Reduces Fed Rate Cut Expectations 
Philips Reaffirms 2026 Outlook After Strong Q1 Sales and Margin Beat 
Strategy Hints at Bitcoin Sales to Cover Dividends After Massive Q1 Loss 
Orsted Q1 EBITDA Beats Expectations Despite U.S. Impairments 
Hua Hong Semiconductor Stock Surges to Multi-Year High Amid AI Boom 
FxWirePro- Major Crypto levels and bias summary 
Continental AG Shares Jump After Q1 Profit Beats Expectations 
European Stocks Fall as US-Iran Conflict Rekindles Energy Supply Fears 
Novo Nordisk Raises 2026 Outlook on Strong Wegovy Demand 
Hantavirus Cruise Ship Outbreak Triggers Global Health Alert 
Wall Street Futures Edge Higher as Iran Tensions and AI Optimism Shape Markets 
Following a 10.7% weekly drop, Bitcoin nudges up 0.3%, steadying over $26,000. The wane in Bitcoin ETF anticipation and global economic factors contribute to price stability. Meanwhile, Ether's ETF prospects gain momentum.
The retreat in Bitcoin's value could be attributed to a cooling off of the hype surrounding Bitcoin exchange-traded funds (ETFs) in the US.
James Butterfill, the Head of Research at CoinShares, an alternative asset management firm in Europe, believes that the surge in prices during June, prompted by BlackRock's application for SEC approval of a Bitcoin ETF, caused a noticeable spike. However, Butterfill notes that the market now realizes that an immediate SEC approval for a Bitcoin ETF is unlikely.
As a result, Bitcoin's current prices have stabilized, reaching levels observed before the ETF application announcement.
The recent sharp decline in Bitcoin's value is said to be influenced by several factors. The CoinShares report shows that low trading volume, volatility in Bitcoin, concerns over China's ailing economy, and a rise in US treasury yields have contributed to the decline.
Butterfill suggests that the forthcoming months will present a blend of opportunities and challenges for the market. The expectation is that the US Federal Reserve will avoid further rate hikes in September, potentially providing a boost to Bitcoin's prospects. However, investors eagerly await the SEC's decision on the Grayscale ETF and BlackRock applications in September, with potential postponements leading to possible investor disappointment.
In addition to Bitcoin, Ether, the second-largest cryptocurrency, has experienced a modest increase of 0.8% to reach a value of US$1,683. Nonetheless, Ether remains 8.5% lower over the past week. Bloomberg reports that the US SEC could approve several ETFs based on Ethereum futures by October 2023, citing unnamed sources. Investment firms such as Volatility Shares, Bitwise, Roundhill, and ProShares have all applied for Ethereum ETF licenses.
Among the top 10 cryptocurrencies (excluding stablecoins), prices have been mixed over the past 24 hours, but all have recorded weekly losses. In the last 24 hours alone, the cryptocurrency market has seen a total liquidation of US$24.91 million, representing a significant decrease compared to the daily losses observed during the previous week's market downturn.
Photo: Kanchanara/Unsplash
