Matrixport Investment Research: A brief analysis of the driving force behind BTC's short-term rapid rebound

Matrixport Research Institute’s latest research shows that BTC’s short-term rapid rebound may be affected by the following factors:

• German BTC “emergency sale” ends, BTC selling pressure eases

• BlackRock CEO changes Normalcy, support BTC as a legal financial instrument

• "Support BTC" has become Trump's key focus in this campaign, and the benefits of the election are still to be realized

Germany "emergency sale of BTC" "End, BTC selling pressure eased

On July 17, Decrypt released a report disclosing that the German law enforcement agency's BTC "emergency sale" ended, with sales revenue reaching $2.88 billion (2.639 billion euros). It is reported that The German state of Saxony sold an average of US$130 million worth of BTC every day within 25 days. The massive sell-off put downward pressure on the currency’s price, causing BTC’s value to drop nearly 20% from high to low during this period.

BlackRock CEO changes his usual stance and supports BTC as a legal financial instrument

In the latest interview, BlackRock CEO Larry Fink changed his previous position and said that BTC is a legal financial instrument. It has huge potential to revolutionize the entire financial industry. Previously, Larry Fink was skeptical of BTC, but after in-depth research, he changed his view and believed that BTC has the potential to bring revolutionary changes to the financial market. He believes that crypto assets are "digital gold" and are legitimate financial instruments that can play an important role in wealth protection and financial markets.

"Support BTC" has become Trump's key focus in this campaign, and the benefits of the election are still to be realized

Trump will hold the 2024 BTC Conference in Nashville, Tennessee on July 27, 2024 delivered a keynote speech. In his speech, he will emphasize the potential of BTC to change the financial industry landscape and support economic growth, and reiterate his belief that the United States should lead the global crypto asset market and use BTC to enhance the country's economic competitiveness.

ETH ETF is expected to be issued on July 23, 2024

The ETH ETF issuance date has been postponed several times, and the SEC requires issuers to submit final documents before the end of this week. If all goes well, the ETH ETF is expected to be launched on July 23, 2024. Well-known asset management companies such as BlackRock, VanEck, and Franklin Templeton are expected to be successfully approved.

The resistance to the collection of South Korea’s crypto asset tax is too great, and the latest proposal is to postpone it to 2028

The ruling People’s Power Party of South Korea proposed to postpone the implementation of South Korea’s crypto asset tax to 2028. South Korea’s crypto asset tax was originally scheduled to be levied on January 1, 2022, but has been postponed several times due to strong opposition from investors and industry experts. The new proposal would postpone the start date to January 1, 2028.

The outlook for BTC’s development in August is unclear. Judging from historical data, BTC's performance in August has been weaker than July, but stronger than September. The average BTC return in August was around -2%. The end of summer vacation may affect market conditions in August, with trading volumes declining as investors prepare for market movements in the coming months.

Some of the above opinions come from Matrix on Target, Contact usto get the full report of Matrix on Target.

Disclaimer: The market is risky, so investment needs to be cautious. This article does not constitute investment advice. Digital asset trading can be extremely risky and unstable. Investment decisions should be made after careful consideration of individual circumstances and consultation with a financial professional. Matrixport is not responsible for any investment decisions based on the information provided in this content.

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