The crypto market continued its positive trend at the start of this week. BTC and the majority of altcoins are back in the green zone. Market optimism that Donald Trump will be elected as the next US president is growing. If there was a Trump shooting incident last week, this week, Joe Biden announced his resignation as a presidential candidate.

The news received a positive response, which was reflected in the price of BTC, which had risen to the $68,000 area. BTC’s positive performance ultimately helped lift the prices of the majority of altcoins. Memecoin recorded a sharper rise. However, when this article was written, BTC’s price retraced to the US$67,300 area.

A series of positive catalysts brought the crypto market capitalization to US$2.442 trillion, the highest in the past month. This week, several sentiments may be positive catalysts for BTC and altcoins. We analyze that information to determine its potential impact on various asset prices. Will these be bullish or bearish catalysts? Find out in the following article.

It should be noted that all information in this Market Signal is intended for educational purposes, not as financial advice. Do your own research before making any financial decisions!

Bitcoin (BTC) ➡️ Bullish 🚀

BTC may remain in a positive trend this week. The main catalyst is Donald Trump’s participation at the Bitcoin Conference on July 27. As we know, Trump is a pro-crypto US Presidential candidate. If he mentions Bitcoin in his speech, then there is a high probability that BTC will rise.

Current speculation is that Trump will announce his plan to make BTC the US strategic reserve. The CEO of 10x Research wrote in an email to clients that this is possible.

“The US government could make BTC their strategic reserves. This way, they diversify their portfolio while reducing reliance on traditional assets like gold and currencies,” he explained.

Currently, the US government has 212,000 BTC or the equivalent of $15 billion. This amount is relatively small compared to gold holdings for strategic reserves, which reach $600 billion.

Amberdata Director of Derivatives Greg Maldini also expressed the same thing. He said Trump’s speech at the Bitcoin Conference could catalyse ‘something will happen’ to BTC this week.

“The derivatives market seems to believe it will happen. Right now, we see the price movements supporting the ‘something will happen’ narrative in Trump’s speech,” Greg explained.

Iluvium (ILV) ➡️ Bullish 🚀

Illuvium is finally going to launch their game on July 25, 2024. The game has been highly anticipated as it has been developed since 2021. Illuvium is also one of the first-generation GameFi developers.

Illuvium has developed a gaming universe called Interoperable Blockchain Game (IBG). It contains three types of games: Overworld (open-world exploration game), Zero (builder city game), and Arena (auto battler game). Below is a preview of the games that Illuvium will launch:

In anticipation of the launch, the ILV price is expected to be in a bullish trend. However, it is possible that once the main net has been launched, it will be followed by sell-the-news, which puts the ILV price under pressure.

ILV prices have been on an upward trend in the past week. They are at 1,152,673 and have gained 6.65% in the last seven days.

Ethereum (ETH) ➡️ Uncertain⚖️

Finally, the spot ETH ETF will officially launch on July 23rd, US time. However, this has made the ETH price volatile this week. There are two possibilities for the ETH price after the opening of ETH ETF trading.

The first possibility is to sell the news. For some investors, this moment is used to take profits. With increased selling pressure, ETH could face a correction.

The second possibility is an increased demand. If the market responds positively and there is a large inflow of funds into spot ETH ETFs, then a surge in demand could push up the price of ETH.

If we look at the case of the spot Bitcoin ETF, after its launch, the price of BTC experienced a correction due to the news. However, once the selling pressure subsided, the price of BTC skyrocketed and recorded a new ATH level of $73,835. In fact, before the launch of the spot Bitcoin ETF, the price of BTC was still in the $42,000-$43,000 area.

Data from Farside shows that the flow of funds into the spot Bitcoin ETF reached $1.13 billion in the first five days after its launch.

In the past week, ETH moved in a limited range, with only a 0.93% gain. ETH’s highest level was IDR 57,446,481, and its lowest level was IDR 54,388,670.

AltLayer (ALT) ➡️ Bearish 📉

ALT is a potential token for encountering a bearish trend this week. The sentiment that might suppress its price is the token unlock that AltLayer will do. The restaking rollups protocol will unlock 684.2 million ALT tokens, or 42.08% of its total supply, for the team, investors, and ecosystem.

With ALT’s current price at $0.148, the unlocked tokens are equivalent to $109.18 million. Given the large number of unlock tokens, a sudden surge in ALT supply could put pressure on its price, especially if investors and teams decide to sell their holdings.

However, it’s important to note that some developers have been pushing back their unlock schedule lately. Quite often, this can trigger an increase in the token price.

Currently, ALT is at Rp 2,378, down 6.64 in the last 24 hours. During the week, it had a high of Rp 2,751 and a low of Rp 2,221.

Crypto Performance Over the Past Week

Here are the best and worst performing cryptos on Pintu:

Cryptocurrencies With the Best Performance

• Cat in a Dogs World (MEW): 🔼129,19% (Rp 131)
• NEON (NEON): 🔼73,85% (Rp 11.707)
• ORCA (ORCA): 🔼63,26% (Rp 40.148)

Cryptocurrencies With the Worst Performance

• Zeta (ZEX): 🔽25,24% (Rp 733)
• ZeroLend (ZERO): 🔽17,79% (Rp 5,20)
• Wemix (WEMIX): 🔽13,86% (Rp 18.599)