I hope everyone had a good weekend and is ready to conquer another week!

It’s MONDAY, and just as certain as death and taxes, Cipher is back with another Digest.

In Todays Digest:

• Last Week In Crypto / Web3 🚨

• Get Ready for the BTC ETF Adventure! 🇺🇸

• Crypto Market Analysis 📈

• TradFi Market Outlook 🧐

• What to Watch This Weekend 👀👀

Last Week In Crypto 🚨

• BlackRock CEO states Bitcoin is an “international asset,” and discusses ETF filings.

• Multichain compromised in a major exploit exceeding $126 Million

• Kraken co-founder Jesse Powell is under FBI investigation

• Binance Australia offices searched by the regulator as part of derivatives probe

• Coinbase CEO and executives sell $6.9 Million in shares

• Gemini co-founder announces lawsuit against Digital Currency Group

• Crypto Twitter has a persistent “fake followers problem,” with Shiba Inu (SHIB) leading the rank of top project accounts with the most fake followers.

• Crypto ATM operator Bitcoin Depot debuts on Nasdaq

• FOMC: Federal Reserve sees more rate hikes ahead but at a slower pace.

What to Watch This Week! 🎯

• BoE’s Governor Bailey speaks at London’s Financial and Professional Services dinner, on Monday.

• US CPI, BoC’s Monetary Policy and Rate Statement reports, BoE’s Governor Bailey speaks at Financial Stability report conference, on Wednesday.

• UK’s GDP and US’ PPI, on Thursday.

• Financial giants such as BlackRock, JPMorgan Chase, Wells Fargo, and Citi will disclose their earnings on Friday.

Crypto Market Analysis 📊

Reaching New Heights with Renewable Energy

The BTC network's computational capacity, measured by its hash rate, is soaring to unprecedented levels. Although there has been a slight slowdown in its growth recently, it's mainly due to power supply challenges caused by scorching temperatures in Texas.

(There are that much BTC miners in Texas that this makes a difference)

However, renewable energy sources like solar and wind power have emerged as key players in ensuring a stable power grid.

The Power of Hash Rate:

Think of the hash rate as the brainpower of the BTC network. It determines how fast and efficiently the network can process transactions and mine new Bitcoins.

Recently, the hash rate has been on a remarkable ascent, almost touching its all-time high. Currently, it stands at a whopping 379 terahashes per second (th/s), just a smidge away from its historical peak of 382 th/s.

This astonishing growth showcases the network's enduring strength and expansion.

Renewable Energy Shines Bright:

Even in the face of power supply challenges, BTC’s hash rate remains resilient thanks to renewable energy sources. Solar and wind power have stepped up to the plate, playing a crucial role in keeping the power grid stable. Despite the extreme heat conditions in Texas affecting power supplies, these sustainable energy sources have contributed significantly to sustaining the network's computational strength.

The Greener Side of Bitcoin:

Bitcoin's reliance on renewable energy sources not only ensures a stable network but also contributes to a greener future. By leveraging solar and wind power, Bitcoin mining reduces its carbon footprint, decreasing dependence on fossil fuels.

This environmentally friendly approach aligns with the global shift towards sustainable practices and positions Bitcoin as a responsible player in the world of cryptocurrencies.

Major Institutions Predict BTC 👀

BTC Price Analysis 📈

BTC hasn’t recovered from the symmetrical triangle breakdown that took place last Thursday.

As long as prices remain under 30,500, it would be wise to expect further downside.

If prices manage to break above 30,500 then we would more likely retest the 31,300 level.

If prices continue lower and break below 29,530, we can expect further pressure towards 28,500.

TradFi Update 💸

A Paradigm Shift: Yellen's Visit and Market Trends

The recent visit of U.S. Treasury Secretary Yellen to China marks a significant shift in the U.S.-China relationship. Just days before her arrival, China's Commerce Ministry announced upcoming export regulations on two metals crucial for semiconductor production.

However, through enhanced dialogue, there is an opportunity to establish clear boundaries for governmental activities. Let's explore the latest market developments and their potential impact.

Market Outlook and Inflation Data:

On Monday morning, U.S. stock futures remained steady as investors awaited crucial inflation data and the start of the second quarter's earnings season.

The consumer price index report is scheduled for Wednesday, followed by the producer price index (an indicator of wholesale price pressures) on Thursday. While June's nonfarm payroll growth fell short of expectations, wages exceeded predictions, raising concerns about potential additional rate hikes by the Federal Reserve.

This week, financial giants such as BlackRock, JPMorgan Chase, Wells Fargo, and Citi will disclose their earnings on Friday.

S&P500 Analysis:

Examining the S&P500, we observe that prices have recently broken below a rising trend line formed at the end of May. This break could serve as a warning sign of a possible trend reversal.

However, if prices manage to surpass 4472, the previous trend line breakdown would be invalidated, indicating a continuation of the upward trend.

On the other hand, if prices drop below 4370, it would confirm a double top breakdown, potentially pushing prices lower towards the gap near 4340 and 4300.

Tweet of the Day 🐦

Useful Links 💫