Bitcoin’s price is showing signs of forming a bullish wedge pattern, remaining close to its 2021 all-time highs. Traders are eyeing a potential price target of $85,000.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” noted pseudonymous crypto trader Jelle in a July 26 post on X.
This pattern, characterized by a series of lower highs and lower lows that broaden over time, typically signals a potential upward trend reversal.
“Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000,” Jelle added.
This target is approximately 15% above Bitcoin’s current all-time high of $73,679, achieved in March.
As of now, Bitcoin is trading at $67,908, reflecting a 2.61% increase since July 26, according to data from CoinMarketCap.
A move to $85,000 would represent a roughly 25% increase, reminiscent of the price spike on July 21 when Bitcoin rebounded from $55,854 to $68,181.
READ MORE: BlackRock’s Bitcoin ETF Sees Continued Inflows Despite Decline in Positive Market Sentiment
The next critical milestone for Bitcoin is $69,000, its all-time high from November 2021. Reaching this level would liquidate approximately $929.65 million in short positions, as per CoinGlass data.
“We are still in a larger range, and it is best to assume we can find resistance the closer we get to the $72,000 level,” stated pseudonymous crypto trader Emperor.
The recent market speculation follows reports that Bitcoin has recovered most of its losses since July 25, with traders closely monitoring former U.S. President Donald Trump’s anticipated appearance at the Bitcoin 2024 conference in Nashville, Tennessee.
“Nobody wants to short Bitcoin into the weekend,” wrote Markus Thielen, CEO of 10x Research, in a July 25 analyst note.
Thielen highlighted that there is speculation Trump might announce plans for a strategic Bitcoin reserve at the conference if elected president in November.
“Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen explained, indicating why many traders are hesitant to take short positions.
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The United States Securities and Exchange Commission (SEC) has approved Grayscale’s latest spot Bitcoin exchange-traded fund (ETF), named the Grayscale Bitcoin Mini Trust (BTC), for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.
This development was confirmed in a filing dated July 26.
This approval represents a significant achievement for Grayscale, which recently announced plans to partially spin off its primary Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
A Grayscale spokesperson expressed excitement over the SEC’s approval, stating, “Grayscale is excited to share that the [SEC] has approved NYES Arca’s Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC).”
The company awaits the registration statement’s effectiveness, which will enable the Mini Trust to operate as a U.S. spot Bitcoin ETP, alongside GBTC and other funds.
The Mini Trust offers a notably lower management fee of 0.15%, significantly less than the 1.5% annual fee charged by the GBTC fund.
On July 31, Grayscale will allocate 10% of the spot Bitcoin held by GTBC to the Mini Trust.
Current GBTC shareholders will receive shares in the Mini Trust proportional to their existing GBTC shares.
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This transition ensures that GBTC holders will maintain the same amount of spot BTC, but distributed across two separate funds.
Earlier this month, on July 8, Grayscale announced a similar initiative with its Grayscale Ethereum Trust (ETHE), where existing shareholders were granted shares in the newly established Grayscale Ethereum Mini Trust (ETH).
Both GBTC and ETHE funds are among the oldest spot Bitcoin and Ethereum funds in the U.S., having launched in 2013 and 2017, respectively.
The GBTC fund alone manages over $17 billion in assets.
An insider mentioned that this distribution method provides existing shareholders with a tax-advantaged way of transitioning from the legacy fund to the new ETF, potentially offering more flexibility and benefits.
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Samson Mow, CEO of JAN3 and a prominent Bitcoin advocate, has proposed six transformative ideas for former President Donald Trump to consider before his upcoming speech at the Nashville Bitcoin Conference on January 27.
Mow’s proposals, shared on the social platform X, aim to integrate Bitcoin (BTC) into the US economy, positioning it as a key component of the nation’s financial strategy.
Mow’s first proposal suggests converting US debt to satoshis, the smallest unit of Bitcoin.
By pegging $1 to 1 satoshi, Mow believes this innovative approach could leverage Bitcoin’s decentralized nature and scarcity to stabilize and potentially reduce the national debt.
His second idea involves establishing a Lunar Bitcoin mining facility, tapping into the moon’s natural resources and low gravity to reduce costs and increase mining efficiency.
This project could place the US at the forefront of space-based cryptocurrency mining, encouraging international competition and innovation in the space industry.
In line with the libertarian ethos often associated with Bitcoin, Mow’s third proposal calls for the abolition of the Federal Reserve.
This radical move would shift the US toward a more decentralized financial system, potentially positioning Bitcoin as a central pillar.
Mow’s fourth proposal involves inflation reparations using Bitcoin.
He suggests compensating citizens for the loss of purchasing power due to inflation with Bitcoin, a currency often seen as a hedge against inflation because of its limited supply.
This approach could provide a more stable and reliable form of compensation.
Additionally, Mow proposes making Bitcoin transactions and holdings untaxable to encourage widespread adoption and integration into the mainstream economy.
This could significantly boost Bitcoin’s role in daily transactions and long-term investments.
Finally, Mow suggests creating a strategic Bitcoin reserve, akin to a proposal by Independent presidential candidate Robert F. Kennedy Jr., to transfer the US government’s 204,000 Bitcoin holdings to the Federal Reserve as a “strategic asset.”
Trump’s upcoming speech at the Nashville Bitcoin Conference is highly anticipated in the cryptocurrency community, as these proposals highlight potential avenues for integrating Bitcoin into the US economy.
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A Bitcoin analyst suggests that the introduction of spot Ethereum exchange-traded funds (ETFs) may have been premature and could negatively impact Bitcoin’s price if no new capital enters the market.
Charles Edwards, founder of Capriole Investments, told Cointelegraph, “It would have been better to only have the BTC ETF in 2024.”
He believes the launch of Ether ETFs might divert investor attention from Bitcoin.
Edwards points out that institutional investors holding Bitcoin ETFs may feel compelled to diversify by purchasing Ether ETFs.
“Current BTC ETF holders at the institutional level likely think they should diversify a little and buy the ETH ETF. Without new flows into the whole market, this creates sell pressure on Bitcoin,” he explained.
Since the debut of spot Bitcoin ETFs on January 11, approximately $17.53 billion has flowed into 11 different products, according to Farside Investors.
Meanwhile, Bitcoin’s market dominance has stayed relatively steady, increasing by 0.07% over the past 24 hours, based on TradingView data.
The launch of Ether ETFs on July 23 coincided with a net outflow of $78 million from spot Bitcoin ETFs, though the subsequent two days saw inflows of $44.5 million and $31.1 million.
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Edwards remains cautious, stating that the Ether ETF launch in a “somewhat weak market” has led to uncertainty regarding capital allocation.
He foresees “no strong catalysts in the near term for large price appreciation.”
As of the publication, Ether’s price has dropped 9.2% since the launch, trading at $3,178, while its value against Bitcoin has declined by 10.4%.
Futures traders are not expecting a quick recovery, with $1.32 billion in short positions at risk if Ether’s price rises to $3,500, according to CoinGlass.
Some analysts, however, believe this situation could change soon.
Julio Moreno from CryptoQuant commented that the start of trading for spot ETH ETFs appears to have been a “sell-the-news event,” and similar market reactions were observed with Bitcoin.
Michael van de Pope from MN Trading and crypto commentator Croissant also noted that Ethereum’s trajectory mirrors Bitcoin’s post-ETF approval, suggesting a potential market reversal once outflows stabilize.
Crypto trader Kaleo mentioned the possibility of one final dip before a significant price increase.
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Gemini co-founder Tyler Winklevoss has urged the U.S. government to clarify the leadership of the securities watchdog before the upcoming election.
In a post on X (formerly Twitter) on July 26, Winklevoss expressed that voters should know who the next chair of the Securities and Exchange Commission (SEC) will be.
He revealed that he and his brother Cameron Winklevoss, also a co-founder of Gemini, were recently disinvited from a White House event after endorsing Donald Trump.
Winklevoss criticized the Biden administration’s approach to the cryptocurrency sector, claiming it missed an opportunity to rebuild the relationship with the industry.
He emphasized the need for clarity and predictability in the regulatory environment, stating, “No more guessing.
“No more hoping. No more surprises. Our industry should not tolerate any possibility of a repeat of the last 4 years.”
He argued that demanding action from the administration before November is a non-partisan stance that the entire crypto industry should support.
Gary Gensler, the current SEC chair since February 2021, has been a contentious figure in the crypto world due to his perceived anti-crypto positions.
His term is set to end in June 2026.
In addition, Winklevoss expressed his wish that politicians would refrain from attending Bitcoin and crypto conferences.
He argued that the mainstream adoption of crypto should reach a point where its legality or acceptance is no longer debated, likening it to discussions about the legality of email or the Internet.
This statement was made during the Bitcoin 2024 conference in Nashville, Tennessee, which saw political figures like independent presidential candidate Robert F. Kennedy Jr., and Senators Cynthia Lummis and Tim Scott, in attendance.
Kennedy spoke about Bitcoin’s potential to enhance the U.S. economy and pledged to issue executive orders to support cryptocurrency on his first day in office.
Former President Donald Trump was scheduled to headline the event on July 27.
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The Federal Reserve Board announced on July 26 that it had lifted all enforcement actions against Silvergate Bank and its parent company, Silvergate Capital Corporation.
The decision followed the bank’s successful winding down of operations, which included reimbursing customers and ceasing its activities as a financial institution.
While the Federal Reserve Board responded to Cointelegraph’s request for additional information, it declined to comment specifically on the matter.
Silvergate Bank’s collapse in March 2023 marked a significant event in the financial sector.
A month prior, the bank’s stock had become the second-most shorted on Wall Street, with 72% of shares borrowed for short selling.
This intense market scrutiny was compounded by Silvergate’s delay in filing its 10-K form in early March, an annual financial report required by U.S. law.
The delayed filing led to a 31% drop in Silvergate’s stock value.
On March 8, 2023, Silvergate officially collapsed, citing financial shortfalls due to the fallout from FTX’s collapse and the subsequent withdrawal of funds by major clients.
In response, the Federal Reserve Board oversaw the bank’s self-liquidation plan to ensure that customer reimbursements were maximized.
READ MORE: BlackRock’s Bitcoin ETF Sees Continued Inflows Despite Decline in Positive Market Sentiment
Despite this oversight, not all affected parties were satisfied, leading to lawsuits against the defunct bank.
Amid the liquidation process and mounting legal challenges, CEO Alan Lane and other top executives left the company in August 2023.
Despite the end of the Federal Reserve’s enforcement actions, Silvergate’s legal challenges persist.
In March 2024, a federal court judge allowed a class-action lawsuit to proceed, alleging that Silvergate facilitated the FTX fraud.
Additionally, in July 2024, the Securities and Exchange Commission filed a lawsuit against Silvergate Capital Corporation, accusing it of complicity in the same fraud.
These ongoing legal issues suggest that Silvergate has not yet fully emerged from its difficulties.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Outflows from the Grayscale Ethereum Trust ETF (ETHE) have surpassed $1.5 billion, with a notable single-day net outflow of $356 million on July 26.
This day marked significant volatility for spot Ether exchange-traded funds (ETFs), which experienced total net outflows of $163 million, according to SoSo Value.
Since the launch of spot Ether ETFs in the United States on July 23, Grayscale’s Ethereum Trust ETF has seen substantial investor withdrawals totaling over $1.5 billion.
In contrast, Grayscale’s Ethereum Mini Trust ETF (ETH) has experienced a different trend. On July 26, it recorded a net inflow of $44.9 million, bringing its total net inflows to $164 million since its inception.
BlackRock’s iShares Ethereum Trust ETF (ETHA) has garnered the most investor interest among these ETFs. On July 26, ETHA reported a net inflow of $87.2 million, boosting its total net inflows to $442 million.
READ MORE: 3AM JAPAN and INTMAX Announce New Partnership to Deliver Web3 Loyalty Programs
Currently, the total net asset value of spot Ether ETFs stands at $9.2 billion.
The ETF net asset ratio, which indicates the market value of ETFs relative to Ethereum’s total market value, is at 2.36%.
Despite these figures, the historical cumulative net outflow for spot Ether ETFs has reached $341 million.
The introduction of these Ethereum ETFs follows the U.S. Securities and Exchange Commission’s approval in May, with eight investment firms launching nine new funds that track the cryptocurrency’s spot price on July 23.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has continued to attract millions from investors since last Monday, despite a notable decrease in positive Bitcoin commentary.
The iShares Bitcoin Trust (IBIT), issued by BlackRock, recorded an additional $107 million in inflows on July 18, marking the ninth consecutive day of inflows, according to Thomas Fahrer, co-founder of crypto data platform Apollo.
Seven of those nine days saw inflows exceeding $100 million, an achievement rarely seen in the ETF industry.
However, crypto traders are displaying less optimism.
Positive Bitcoin commentary on social media has declined compared to four months ago, and traders are increasingly taking short positions on the asset, as reported by blockchain market intelligence firm Santiment.
“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week.
READ MORE: Worldcoin Faces Allegations of Price Manipulation Amid Token Unlock Delay
“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again.”
Santiment’s chart indicates that positive Bitcoin comments on social media are about a third of what they were four months ago.
Santiment typically measures social sentiment from platforms such as Reddit, X, 4chan, and BitcoinTalk.
Interestingly, Santiment noted a surge in “buy the dip” mentions for Bitcoin on these platforms at the start of the month when Bitcoin began approaching its near-five-month low of $53,600 on July 5.
Despite the decline in positive Bitcoin mentions, the Crypto Fear & Greed Index currently estimates market sentiment to be in the “Greed” zone, with a score of 60 out of 100.
This score represents a strong recovery from the “Extreme Fear” zone, which was reached on July 12 with a score of 25 out of 100, the lowest since January 2023.
Bitcoin is currently priced at $63,540, down 1.5% over the last 24 hours but up 11.5% over the past two weeks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
INTMAX and 3AM JAPAN have entered into a strategic partnership to develop sustainable Web3 loyalty programs. This collaboration combines INTMAX’s advanced blockchain technology with 3AM JAPAN’s extensive expertise in creating and managing loyalty programs.
Despite the growing interest in Web3 loyalty programs, many face significant challenges, particularly regarding data storage and privacy.
Yohei Nishikubo, CEO of 3AM JAPAN, highlighted these issues, stating, “We have been working closely with Japan’s largest loyalty program providers and have identified data storage and privacy as two critical challenges.”
Existing blockchain solutions often require large amounts of disk space and are limited in transaction processing capacity. For example, popular Layer 2 blockchains can need around 1.8 terabytes of extra storage per month for each full node, with a maximum processing speed of 50 transactions per second (TPS). This setup can become unmanageable, especially when scaling to accommodate millions of users.
INTMAX offers a solution with its stateless zkRollup blockchain technology. Unlike traditional blockchains, INTMAX does not store individual transaction details or account states on the blockchain, significantly reducing data storage requirements. Instead, transaction details are kept as proof sets on the devices of senders and recipients. “INTMAX fundamentally eliminates storage and privacy concerns,” said Leona Hioki, CEO of the INTMAX Project.
The issue of privacy is also crucial in the Web3 era. Storing sensitive data on a public blockchain can pose significant risks, especially for businesses operating under strict regulatory conditions. INTMAX’s approach mitigates these risks by not recording personal data on the blockchain, thus ensuring compliance with data management regulations.
3AM JAPAN plans to integrate INTMAX’s technology with its own systems, including a patent-pending user wallet that supports both custodial and non-custodial operations and addresses potential threats from quantum computing. “Our partnership with INTMAX reflects our commitment to delivering sustainable and secure Web3 solutions,” added Nishikubo.
The emergence of crypto and blockchain technology to its present degree of worldwide acceptability and attention is mainly due to the work of crypto PR and marketing agencies. In 2024, these agencies have exhibited their ability to elevate projects from invisibility to popularity, implementing a wide range of tailored techniques.
Notably, Crypto PR and marketing agencies stand out for their thorough knowledge of the crypto ecosystem and their ability to create multifaceted campaigns that appeal to both the general public and industry insiders.
In general, they ensure proper company promotion using influencer marketing and community development, arranging targeted sponsored publications, and obtaining organic media coverage in top-tier media outlets. Hence, their knowledge goes beyond simple visibility; they are adept at creating a sense of credibility and stimulating significant interaction in the crypto niche.
This article will consider the top crypto PR and marketing agencies in 2024 and how they help projects gain proper paid and organic visibility.
News Coverage Agency
News Coverage Agency understands the dynamic nature of the digital landscape, especially within rapidly evolving sectors like Crypto, Blockchain, AI, Gaming, and NFTs. The team, made of seasoned professionals, ensures their clients’ brand messages reach the right audience through precise Press Release distribution, strategic Guest posting, impactful Organic news coverage, well-placed Sponsored content, or compelling interview publications.
Their expertise in search engine optimization (SEO) and data analytics enables them to track performance meticulously, refine strategies in real-time, and deliver measurable results. Moreover, the company’s commitment to transparency and client collaboration ensures that each campaign is aligned with its client’s business goals and brand vision.
LKI Consulting
LKI Consulting is an award-winning Web3 Marketing & Design Agency. In crypto since 2016, LKI worked with 252+ projects, including Binance, Waves, MELD, io.net, Raiser, and Playbux. They manage aggressive campaigns to help crypto projects grow the community before TGE and acquire users after the launch.
LKI Consulting’s expertise is in marketing strategy, product advisory, Twitter (X) growth, community management, growth hacking, KOLs management, crypto ads management, and design. In particular, they specialize in Web3 marketing for infrastructure, DeFi, and gaming projects. LKI Consulting presents itself as a data-driven Agency focused on hitting ambitious KPIs such as TVL growth, number of FTDs, downloads, unique users, and community members.
The Opinion
The Opinion is a UK-based strategic PR & marketing agency specialising in Web 3.0 and emerging tech. The company was founded by Dana Kachan, a blockchain marketing leader with an outstanding track record and author of viral business articles in big media such as Entrepreneur, Yahoo Finance, and The Economist.
The Opinion has established a reputation as a reliable marketing partner thanks to unparalleled results delivered for their clients, such as a $5.5M NFT sale, growth hacking campaigns with 3,566% returns on investment (ROI), successful token launches for projects, and many others. What sets Opinion PR apart from competitors is its unique marketing strategies, which have proved to be highly efficient for dozens of blockchain and gaming projects to date.
ICL Comms
ICL agency stands at the forefront of tech communications, offering innovative strategies for companies at every growth stage. The agency’s approach is characterized by creativity, high cost/value efficiency, flexibility and commitment to results, making it a preferred partner for Web3, AI and Music Tech projects. ICL offers a comprehensive suite of services, including Media and Kol Relations, Press Release Distribution, Crisis Communications and Personal Brand, Display Advertising and Community Growth.
Since its inception in 2018, ICL has produced thousands of articles featuring stories for industry leaders like Animoca Brands, Polygon, Gavin Wood, Blockchain.com, Wirex, Gate.io and early-stage startups. Free PR consultation is available for tech founders on the website.
CTRL-PR
CTRL-PR is a full-service success-based PR firm based in Berlin, offering effective and affordable media and public relations services tailored to your needs. They prioritize the success of every campaign first over financial commitment. Their expertise spans tech PR, crypto PR, and success-based PR, making them a trusted Crypto PR agency for your specialized requirements.
CTRL-PR doesn’t just promise outcomes; it delivers them. Their narrative-shaping prowess and seamless communication distinguish them from others. With rapid turnarounds, cost-effectiveness, and unmatched flexibility, they are established as the go-to Tech PR agency and Web3 (blockchain and cryptocurrencies). Everyone would experience a paradigm shift with CTRL-PR, where success-based campaigns aren’t just strived for but secured.
KAP Digital
KAP Digital, a Crypto marketing agency or, as its tagline, Not Just ANOTHER Crypto Marketing Agency, has a seasoned bunch of degen natives that powerhouse public launches and make them listings hyped to the moon.
No website, no active brand position, actions speaking more than words, with a team of over 1000+ individuals spread across the globe. Providing social media, graphics, KOL support, PR assistance and, best of all, the right hype picking on catchy narratives. The only way to reach them is through TG. A team full of Degens, positivity and always aiming for the moon! Chat with KAP now and dive into deep crypto.
PolyGrowth
Specializing in communications and PR, PolyGrowth is a success-based agency that is known for managing campaigns of big ticket clients such as Gate.io, Dusk Network, and Verasity. Founded in 2018, PolyGrowth has a solid track record and an outstanding network of journalists, podcasts, and KOLs.
You can request case studies and custom proposal by reaching out to PolyGrowth here.
In Summary
The top 2024 crypto PR and marketing agencies have established themselves as essential collaborators for projects aiming to create a long-lasting influence in the blockchain space. Their ability to customize campaigns to fit different budgets and their track record of getting publicity in prominent media channels make them the preferred option for both new and established firms in the cryptocurrency field.
As the sector evolves, these firms remain at the forefront, continually modifying their methods to guarantee that their clients keep up with the quick developments and stay ahead of the curve, cementing their reputations as genuine pioneers in the crypto PR and marketing space.