Top 10 Crypto News from the First Week of July 2024: Key Highlights

Jul 9, 2024

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First Week of July Top 10 News: Crypto Highlights 2024

There was a lot going on in the world of cryptocurrencies in the first week of July 2024. There were big changes and reactions in the market. These events have changed the world for investors and crypto fans alike. 

They range from important political and economic reports to big moves in the crypto market. This article goes into detail about the ten most important crypto news stories from July 1st to July 7th, giving a full picture of the most important events that week in the cryptocurrency world.

Market Confidence Could Quickly Crumble, BIS Warns Indebted Nations

A widescreen image illustrating the headline 'Market Confidence Could Quickly Crumble, BIS Warns Indebted Nations.'

The Bank of International Settlements (BIS) warned countries with a lot of debt that market confidence could suddenly drop. The BIS warned against easing monetary policy too soon, pointing out that confidence could fall if the economy slows down and more money needs to be spent on government programs.

  • It is warned by BIS that countries with a lot of debt could suddenly lose market confidence.
  • Advanced economies warned against having budget deficits that were bigger than 1% of GDP.
  • By the end of 2023, the U.S. will have 123% of its GDP in debt.
  • Bitcoin and gold both went up 48% and 13% because people thought they would be safe in case of a fiscal crisis.
  • The BIS wants central banks to make it hard for policies to loosen up.
  • This idea says that we need to reduce the need for high interest rates by combining our budgets.

Biden’s Blunder Ignites Trading Frenzy on Polymarket

A widescreen image illustrating the headline 'Blunder Ignites Trading Frenzy on Polymarket

In June, Polymarket had over $100 million in trades. This was because President Biden did badly in the debate, which had a big effect on political betting. The market reacted strongly to rumors that Biden might drop out of the race and to what people thought were problems with his intelligence.

  • In June, $111 million was bet on Polymarket.
  • The way Biden did in the debate made his chances of winning go down to 18%.
  • After the debate, trading volumes went up, and the odds of Biden dropping out went through the roof.
  • The most experienced political bettors have strong opinions about both Biden and Trump.
  • Different people had different ideas about how much Bitcoin would cost in the future, and they had different ideas about how stable it would be in the short term and how valuable it could be in the long term.
  • A Polymarket contract made guesses about how astronauts might leave the ISS using Boeing’s Starliner.

These hot crypto tokens beat bitcoin gains in Q2: Here’s What Drove Prices and What’s Next

A widescreen image illustrating the headline 'These Hot Crypto Tokens Beat Bitcoin Gains in Q2

In Q2 2024, three tokens—BRETT, TON, and KAS—did better than Bitcoin for different reasons. Because of the Boys’ Club comic series, BRETT more than doubled to $0.15. TON’s growth was helped by Telegram’s addition, and KAS’s growth was helped by its new technology.

  • BRETT: It went up more than 100% because of meme coin mania.
  • TON: It went up 42% because Telegram was involved and added USDT.
  • KAS: It went up 35% thanks to Kaspa’s answer to the blockchain trilemma.
  • The value of all crypto fell 13.8% to $2.2 trillion.
  • Growth is expected in the BTC mining stocks, AI, gaming, and DeFi sectors in Q3.

Kamala Harris’ Odds of Winning Democratic Nomination Surge on Polymarket

A widescreen image illustrating a political surge on Polymarket

On Polymarket, Kamala Harris, the vice president, saw her chances of getting the Democratic nomination for president go up. After President Biden’s bad performance in the debate, the market’s trust in Harris grew a lot.

  • The odds of Harris being nominated went up on Polymarket from 7% to 31%.
  • There was a 23% chance that Harris’s “yes” shares would trade at 23 cents.
  • People want Biden to step down, and some of his supporters want Harris to take his place.
  • On PredictIt, too, things were going the same way. Harris’ shares doubled to 35 cents.
  • Polymarket’s fifth-biggest day of trading, with $5.7 million worth of goods bought and sold.
  • KAMA, a meme coin named after Harris, went up in value by more than two times to $0.007815.

Biden’s Odds of Dropping Out Jump to 55% on Polymarket as Obama Raises ‘Concerns’ About Presidential Campaign

Polymarket bettors now think there is a 55% chance that Vice President Joe Biden will drop out of the race for president. This is because former President Barack Obama is worried about Biden’s campaign performance. Obama’s private worries and support for Biden have had a big effect on what the market thinks will happen.

  • The odds that Biden will drop out reached 55% on Polymarket.
  • In private, Barack Obama worries about Biden’s chances of getting re-elected.
  • There is a 42% chance that Biden will drop out before the Democratic convention.
  • The Democratic Party is getting ready for Biden’s possible departure.
  • The chance that Kamala Harris will be the Democratic nominee went up to 31%.
  • Polymarket has bets worth $211 million on the general presidential election.

Pixelverse, a Web3 gaming ecosystem, will add the Solana-based meme coin character MEW to its list of real-time Telegram games. This change is meant to bring in new users to Telegram, and MEW will be the first Solana-based meme coin to be listed on TON.

  • Pixelverse’s Telegram mini-game will have MEW in it.
  • MEW is a meme coin character based on cats that is based on Solana.
  • MEW had a market value of almost $700 million at its peak.
  • Pixelverse wants to add a lot of different IPs to its ecosystem.
  • In Pixelverse games, players get little prizes.
  • About 35 million people are currently playing Pixelverse.

Mt. Gox Doomsday Scenario Involves Bitcoin Cash, Not Bitcoin: Analyst

Peter Chung, Head of Research at Presto Labs, says that the bankruptcy redemptions from Mt. Gox will hurt Bitcoin Cash (BCH) more than Bitcoin (BTC). The amount of BCH that Mt. Gox is going to return is $73 million, which is more than 20% of the daily trading volume for the token.

  • Customers who used to use Mt. Gox will get back $73 million in BCH.
  • Every day, $308.8 million worth of BCH is traded; redemption is worth 24%.
  • Market factors are expected to keep the selling pressure on BTC low.
  • BCH is given away for free and is likely to be sold right away.
  • Creditors of Bitcoin are expected to keep their money.
  • BCH is down 3.8% and is now trading at $360.

U.S. Nonfarm Payrolls Eyed as Bitcoin Heads for the Largest Weekly Loss Since FTX’s Collapse

Bitcoin is likely to have its worst weekly drop since FTX crashed in November 2022. It is expected to drop by over 13% because of worries about Mt. Gox. The market now hopes that Friday’s U.S. jobs report will help to calm things down.

  • It fell below $54,000, which is a drop of over 13% for the week.
  • It is said that Mt. Gox moved $2.6 billion worth of bitcoin to pay back debts.
  • The nonfarm payrolls report for the U.S. is likely to show that 190,000 jobs were added in June.
  • People may expect the Fed to cut rates more if job growth slows down.
  • If job growth is slow, investors may seek out other assets, which could drive up the price of Bitcoin.
  • How much BTC comes in will depend on how the market feels and how willing people are to take risks.

U.S. Added 206K Jobs in June, Topping Estimates for 190,000

The U.S. job market stayed strong in June, adding 206,000 jobs, which was a little more than the 190,000 jobs that economists thought would be added. It did, however, rise to 4.1%, which is the highest rate since November 2021.

  • June job gains: 206,000 (expected: 190,000).
  • May job changes: 218,000 (was 272,000 at first).
  • Rate of unemployment: 4.1% (it was 4.0%) in May.
  • The average hourly wage went up by 0.3%, which was what was expected.
  • 3.9% year-over-year growth in earnings (compared to 4.1% in May).
  • After the news came out, the price of bitcoin went down a little to $55,300.
  • Fed Chair Jerome Powell says that a weaker job market could lead to rate cuts.
  • The yield on a 10-year Treasury note went down to 4.31%, and stock index futures went up.

Biden’s Odds on Polymarket Little Changed After ABC TV Interview

Even though President Joe Biden gave a better performance in a recent interview on ABC, his reelection odds on Polymarket stayed mostly the same. Biden’s Polymarket shares fell to 11 cents, which means he has an 11% chance of becoming president.

  • After the interview, Biden’s chances of being re-elected dropped to 11%.
  • Biden’s odds were 36% a month ago, but they went down after he did badly in the debate.
  • There was a small rise to 42% in separate contracts for Democratic nominations.
  • The odds that Biden would drop out of the race went up to 65%.
  • The amount of money bet on politics on Polymarket went through the roof, reaching over $100 million in June.
  • Early on, Polymarket showed that they were worried about Biden’s mental health.

Final Thoughts

The first week of July 2024 showed how global events and the cryptocurrency market are linked. Political events, economic indicators, and big changes in the market all showed how volatile and promising the crypto sector is. 

As the industry changes, it’s important to know about these important moments so that you can make smart investment choices. These stories this week serve as a reminder of how quickly things can change in the crypto world and how important it is to stay ahead of the curve.