Bittime - This week has seen some pretty big events, including the release of US CPI data and the German government's sale of bitcoin. This article will highlight many of the key events that have occurred over the past week.

US CPI Hits %3, Below Expectations of 3.1%

Data released by the US Department of Labor showed that the US Consumer Price Index (CPI) in June was 3%, lower than the expected value of 3.1% and the previous value of 3.3%. 

The 3% growth rate was down 0.1% from the previous month, marking the first negative growth since May 2020, showing signs that inflation is continuing to slow.

CPI Data Inflation Continues to Decline, Interest Rates to Fall?

Increasing investor confidence in speculation that the Federal Reserve will cut interest rates later this year. "CME Fed Watch" shows that a September rate cut is almost a "certainty." 

The data shows that the probability of the Fed cutting rates by 25 basis points in September is 84.6%, and the cumulative probability of a 50 basis point rate cut is 8.1%.

Bitcoin and Ethereum prices continued to rise ahead of the CPI data release, 

With Bitcoin hitting a high near $59,540 before experiencing a larger sell-off and falling to a low of $57,200 in the afternoon.

US stocks also fell after the CPI data was released.

Why is CPI data improving, Powell continues to be dovish, but risk markets, especially crypto markets, continue to decline?

With the confirmation of gradual interest rate cuts and the gradual implementation of good news, the risk market is always speculating on expectations, and the good news is both negative and negative.

German government continues to sell BTC

German government's BTC sell-off ends

In the last 24 days, the German government address has sold all 50,179 BTC ($3.3 billion). The address has transferred 9,594 BTC ($553.7 million) and received 500 BTC ($28.6 million) in the last 24 hours. The current BTC balance at the address is just $1.86

Some Interesting Things About BTC and Crypto Price Movements

This government-led public sale has caused a sharp retracement in the BTC price (at least one of the reasons). is expected to open up new opportunities.

Other interesting places:

 1. Data: Grayscale Ethereum Trust (ETHE) negative premium rate is temporarily reported at 0.52%

 2. Nigerian crypto mogul suggests regulating Bitcoin and Ethereum as commodities

 3. A total of 521 crypto projects successfully raised funds in the second quarter of 2024, with a total amount exceeding US$3.5 billion.

 4. Data: Hong Kong Bitcoin ETF currently holds 4941 BTC

 5. Source: US SEC to hold closed-door meeting next Thursday to resolve Ripple lawsuit and potential settlement plans

 6. Opinion: The US SEC has completed several reviews and the German government has made its position clear, and the crypto market may be set to rise.

 7. DOGS: All Telegram Stars earned from sales value will be donated

 8. A whale withdrew 9.436 million OM from OKEx, which is around US$9.69 million. Previously, a whale withdrew millions of US dollars in OM from Binance.

 9. Nigeria's tax avoidance trial against Binance postponed until October 11

 10. SEC's secret meeting may mark the end of litigation with Ripple

 11. Story Protocol announces first wave of ecological projects on public testnet

 12. UN report: Bitcoin mining has increased global energy consumption 34-fold in 8 years

 13. The TON network currently has over 655 million TON pledged.

 14. FTX has reached a settlement with the CFTC, putting $4 billion in claims behind creditors and interest

 15. Data: USDC circulation increased by about 1 billion in the last 7 days

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 16. Police in Changzhi, Shanxi Province uncovered a money laundering gang using virtual currency, involving more than 2 million yuan.

 17. Paraguay passes new bill, crypto miners who steal electricity will be punished with up to 10 years in prison

 18. ETH open contract positions across the network rose to US$12.939 billion

 19. FATF says three-quarters of jurisdictions have partial or non-compliance with VASP industry recommendations

 20. Pudgy Penguins will release the “Pudgy Wizard” NFT series on July 16.

 21. Major Chainlink stakeholders increase their holdings by 9.2 million LINK

 22. Arena: Airdrop points have been issued, and content creator points will be issued before the launch of ARENA.

 23. Bitcoin spot ETFs saw net inflows for six straight days, totaling $310 million

 24. The total pledged amount of the Ethereum beacon chain exceeded 33.4 million ETH, and the pledge rate reached 27.85%

 25. The final Epoch of Grass closed beta will start tomorrow.

 26. Judge postpones trial against Tornado Cash developer Roman Storm until December

 27. Lava Network relaunches Vesuvius airdrop application qualification check page

 28. Issuers like BlackRock BUIDL and Ondo are interested in participating in MakerDAO's $1 billion Treasury bond tokenization plan

 29. Data: ARK Invest reduced its Coinbase stake by about $446,000 yesterday

 30. QCP Capital: The market has stabilized this week, and the big hedge funds have been actively increasing their BTC bullish exposure.

Check Crypto Prices Today:

 31. CryptoQuant: Whales only use large amounts of leverage at the bottom of the cycle, and the current market is not over-leveraged.

 32. Meta will unblock Trump's Facebook and Instagram accounts

 33. The world's 39 Bitcoin ETFs hold a total of over 1.05 million BTC, a record high

 34. Abra acquires multiple cryptocurrency trusts from Valkyrie Investments

 35. Jupiter: Over 166,000 wallets have applied for active staking rewards

 36. Tether CEO: USDT should be considered a digital dollar due to its wide acceptance group and subject.

 37. ETF Shop President: Still confident that the US SEC will approve the S-1 application for an Ethereum spot ETF next week

 38. ICYMI: Former President Donald Trump's Republican Party officially endorses pro-crypto platform

 39. Musk donated to political action committees seeking to elect Trump as president of the United States.

 40. German government wallet addresses sold over 50,000 BTC in the last 24 days, around US$3.3 billion.

 41. The US PPI monthly rate in June was 0.2%, expected to be 0.10%, and the previous value was -0.20%

 42. US SEC drops its investigation into Bitcoin L2 developer Hiro

 43. ETC Grants DAO: Discussing the possibility of launching an ETC ETF/ETN with VanEck

 44. Source: Biden campaign faces declining donations and the situation is very dangerous

 45. Compound CEO, CTO, and three other senior executives resign to create new DeFi protocol Legend

 46. ​​Venture capital firm Morgan Creek plans to raise $500 million for new Web3 fund

 47. Etherscan launches Beta version of multi-chain browser Blockscan

 48. Galxe: Jambo Snapshot is complete, the first 2000 eligible users can get a JamboPhone for free

 49. Aevo: MOCA has been converted from a Pre-Launch contract to a perpetual futures contract, with a 24-hour increase of 31.24%

 50. 137th Ethereum ACDC Conference: Consensus and Execution Layer Clients Ready for Pectra Devnet 1 Release

Conclusion

Above are various things that have happened over the past week around the world of cryptocurrency and the economy that is still related to cryptocurrency in general.

At Bittime, you can also check the price of the coin you are targeting. That way, you will continue to get updates about the crypto ecosystem.

How to Buy Crypto with Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application. 

Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.