The cryptocurrency market experienced a green wave on Monday, with Bitcoin soaring back above $63,000, fueled by a risk-on sentiment. **Ethereum Name Service (ENS)**,  **LayerZero**, **Mog Coin**, and **Bonk** were among the top performers.  **LayerZero's** airdrop spurred a 40% surge, while **Mog Coin** reached an all-time high, and **Bonk** also saw significant gains. This rally coincided with a 45% jump in daily trading volume, reaching its highest point since June 28th. However, despite the positive market movement, there's a **strong possibility of a dead cat bounce**, where prices briefly rebound before continuing their downward trend. Bitcoin's recent price patterns, including a double-top formation at $72,000 and failure to surpass that level since March 27th, indicate a bearish market. Additionally, Bitcoin's position below the 50-day and 100-day EMA suggests **bearish dominance**. The formation of a bearish pennant chart pattern further reinforces this outlook. If Bitcoin drops below $60,000, altcoins like **Mog Coin**, **Bonk**, and **LayerZero** are likely to follow suit and resume their downtrend.

It was a sea of green on Monday as Bitcoin bounced back above $63,000 as investors embraced a risk-on sentiment.&#160; Ethereum Name Service (ENS) was one of the best-performing altcoins on Monday as focus shifted to the upcoming ENSv2 upgrade.&#8230;

 By Crispus Nyaga July 1, 2024 at 1:44 pm Edited by Jayson Derrick Markets Collect the article Share Link copied It was a sea of green on Monday as Bitcoin bounced back above $63,000 as investors embraced a risk-on sentiment. Ethereum Name Service (ENS) was one of the best-performing altcoins on Monday as focus shifted to the upcoming ENSv2 upgrade. LayerZero, which recently launched its airdrop, rose to $3.6, 40% above its lowest level last week.Mog Coin, one of the best-performing meme coins this year, rose to an all-time high of $0.0000021, up more than 200% above its lowest level in June. Bonk has also risen by over 32% from its last month’s lowest point, which made it our chart of the week. Some of the other top-performers were altcoins like Dogwifhat (WIF), Immutable X (IMX), Fantom (FTM), and Bittensor (TAO). MOG vs ZRO vs Bonk prices chartBitcoin and altcoins’ recovery happened in a high-volume environment. Data by CoinMarketCap shows that the daily volume jumped by over 45% to $53 billion, its highest point since June 28th.There was no major catalyst to justify the rally. Therefore, the likely reason why these coins gained is that investors have embraced a risk-on sentiment after the French election held on Sunday. While Marine Le Pen’s party won the election, the victory was lower than what polls were expecting. In the aftermath, the US dollar index (DXY) dropped by 15 basis points while global stocks jumped. The French CAC 40 index rose by over 2% while the German DAX index rose by 0.70%. In the US, futures tied to the Dow Jones and Nasdaq 100 index were also in the green.Dead cat bounce? Bitcoin price chartStill, there is a risk that the LayerZero, Mog Coin, and Bonk price rally is a dead cat bounce, a scenario where an asset in a freefall stages a brief comeback only to resume a downtrend. This risk is magnified by the fact that Bitcoin has formed several risky patterns in the past few months. It formed a double-top pattern at $72,000 last month. It has also failed to move above that level since March 27th. Bitcoin has also remained below the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bears are still in control. Most recently, it has formed a bearish pennant chart pattern.Therefore, there is a risk that Bitcoin will drop and move below $60,000 this week. If this happens, altcoins like MOG, BONK, and ZRO will resume their bearish trend since in most cases, these tokens follow Bitcoin’s price action. Read more about Altcoin Crypto and Elections Meme Coin Top Stories Bahamas regulator to require local banks to provide access to CBDC 23 mins ago Top Stories SEC sues Consensys, MiCA goes live, VanEck files first-ever Solana ETF | Weekly Recap 22 hours ago Top Stories ‘Roaring Kitty’ faces class-action lawsuit over alleged GameStop stock manipulation 1 hour ago Top Stories Russia’s sanctioned business union mulls establishing national Bitcoin fund 1 hour ago Top Stories French elections: what Marine Le Pen’s victory could mean for crypto 3 hours ago

Bitcoin Rebounds, But Risk-on Sentiment May Be a Trap: LayerZero, Mog Coin, and Bonk Prices Surge

## Metaplanet's Bitcoin Surge

Metaplanet’s total Bitcoin holdings have now **surpassed 1,000** following its latest acquisition on Sunday, marking a significant milestone in its October spending spree in the world’s largest cryptocurrency.

The **Tokyo-based firm** has acquired just over **156 BTC for approximately $10 million**, bringing its total holdings to **1,108 BTC**, valued at **$69 million**.

Dubbed **"Asia's answer to MicroStrategy,"** Metaplanet is positioning itself as the **pioneer in the adoption of digital assets in Japan**. The company began holding Bitcoin on its balance sheet in April, and its recent announcement has fueled an **8% rally** in its stock during early Asian trading hours, with its share price trading at **1,139 JPY ($7.41)**, according to Google Finance.

## Bitcoin Market Reaction

In conjunction with Metaplanet's announcement, Bitcoin experienced a slight **0.8% uptick**, trading at **$67,645**, as per CoinGecko data.

This milestone follows several purchases made this month, totaling more than **600 BTC**. The buying spree began on **October 1**, when Metaplanet added **107 BTC** for **1 billion yen ($6.6 million)** at an average price of **$61,932 per Bitcoin**. Subsequent purchases included **108 BTC for $6.7 million on October 7** and another **108 BTC for $6.5 million on October 11**.

## Following in the Footsteps of Giants

Last week, Metaplanet adopted a metric known as **“BTC Yield,”** modeled after Michael Saylor’s MicroStrategy, the world's largest corporate holder of Bitcoin. This metric aims to provide a more transparent way of assessing whether Bitcoin purchases enhance shareholder value, with October proving particularly bullish for the company.

While Metaplanet’s **1,018 BTC holdings** still trail MicroStrategy’s **252,000 BTC**, the Tokyo-listed company is steadily rising as a **top contender globally in corporate Bitcoin adoption**.

The announcement, made during Asia's early trading hours, has fueled an 8% rally in Metaplanet's stock as its Bitcoin holdings top 1,000.

Metaplanet's Bitcoin Holdings Surge to $69 Million, Stocks Soar 8%!

## Bitcoin's Technical Breakthrough

A significant **technical event** has recently occurred for **Bitcoin (BTC)**: a **crossover** between the **50-day** and **100-day Exponential Moving Averages (EMAs)**. While this isn't the much-hyped **golden cross** (the 50-day crossing the 200-day EMA), it is nonetheless a crucial indicator.

When the **50-EMA** crosses above the **100-EMA**, it often signals a positive market direction and an improvement in the asset's short-term outlook compared to its medium-term trend. This hidden cross could instigate **bullish sentiment** in the market.

## Market Dynamics

Currently, Bitcoin is holding levels above the upper limit of its previous descending price channel, which has now turned into support, consolidating above a critical resistance level near **$65,000**. If Bitcoin can maintain its position above this range, it may initiate a gradual move towards higher targets. The demand for Bitcoin **ETFs** is also increasing globally, contributing to a growing market interest in digital assets. 

Traders are paying close attention to these developments, as the recent **50-100 EMA crossover** indicates an increase in bullish momentum, suggesting a potential rally towards the next resistance level at **$70,000** if Bitcoin continues its upward trajectory with rising trading volume.

## Shiba Inu's Volatility Potential

In the meantime, **Shiba Inu (SHIB)** is showing signs of a potential volatility explosion. The convergence of critical moving averages indicates a tightening of price action, which typically precedes a breakout or breakdown. Currently, SHIB is negotiating an area where the **50, 100**, and **200-day EMAs** are converging. This situation may signal a significant retracement or another rally depending on market dynamics.

With immediate fallback points at **$0.000017** and **$0.0000163**, SHIB may retrace towards lower support levels. However, if it can sustain its current momentum and overcome resistance, it may aim for previous highs.

## Solana's Push Towards $200

**Solana (SOL)** is also making strides, steadily approaching the crucial **$200** mark. After breaking through the **$160 resistance**, SOL is eager to reach **$200**, a significant psychological and technical level. The recent upward momentum is bolstered by the breakthrough of important resistance levels at **$150** and **$160**. 

However, reaching **$200** will not be without challenges. The **$185** level poses a significant barrier, and bulls need to maintain volume and buying interest to overcome it. The convergence of moving averages below the current price level provides a base that could facilitate SOL's potential breakthrough of overhead obstacles.

Bitcoin (BTC) Just Delivered Hidden Cross, Shiba Inu (SHIB) Volatility Explosion Might Be Next, Solana (SOL) Is Tired Being Below $200

Bitcoin's Hidden Cross Sparks Bullish Momentum: Is Shiba Inu Next for Volatility?

## The Pound in Your Pocket: A Historical Context

A British journalistic trope involves the phrase **“The pound in your pocket”**, a derisory reference to the 1960s Prime Minister **Harold Wilson**’s efforts to reassure the public against the impacts of proposed currency devaluation. Fast forward nearly **six decades**, and while fewer Brits carry **physical pounds**, the currency remains a staple in financial discussions.

## The Shift to Digital Currency

The **Governor of the Bank of England** has recently had to reassure everyone that the **pound won’t be replaced** by a proposed **“Britcoin” cryptocurrency**, should it be introduced. This raises important questions about the future of currency and its implications for privacy.

## The Privacy Angle

Although monetary policy typically falls outside Hackaday’s focus, the emergence of tightly regulated cryptocurrencies linked to existing currencies worldwide presents a significant **privacy concern**. Reviewing the justification for the new **digital pound** from the Bank of England reveals a lack of benefits that existing cashless payment systems don't already provide. Moreover, it presents a **blank regulatory slate** for governments to impose new rules that could negatively impact **digital privacy**. 

## A Concern for the Public

The notion that we’ll still be able to see a picture of the **King** (or a dead President) on our currency feels increasingly irrelevant, especially as fewer people handle cash. This shift may lead to cash transactions becoming more of a **protest act** against the increasing digitization of money. Just when we thought we had persuaded our **hackerspaces** to go cashless, the conversation around physical currency takes a new turn.

![Duct Tape Wallet](https://upload.wikimedia.org/wikipedia/commons/thumb/8/8e/Ducttapewallet.JPG/800px-Ducttapewallet.JPG)

A British journalistic trope involves the phrase “The pound in your pocket”, a derisory reference to the 1960s Prime Minister Harold Wilson’s use of it to try to persuade the publ…

Is Your Currency Safe? Exploring the Future of Digital Pounds and Privacy

### Elon Musk's Bold Claim at Trump Rally

At a recent campaign rally for **Donald Trump** in New York, **Elon Musk** made headlines by asserting that he could save the United States **$2 trillion** through the establishment of a **Department of Government Efficiency**. This statement came during a discussion led by **Howard Lutnick**, the CEO of Cantor Fitzgerald, who prompted Musk about cutting waste from the current **$6.5 trillion budget** proposed by the Harris-Biden administration.

Musk responded confidently, stating, "I think we can do at least $2 trillion." He emphasized that government spending equates to taxation, leading to inflation or direct taxation, thus indicating that **your money is being wasted**. He believes the proposed department would alleviate this burden by improving efficiency in government operations.

### Trump's Support for Musk
Musk has been a vocal supporter of Trump's campaign and has discussed potential roles within a second Trump administration. Trump has previously suggested Musk could lead the **Department of Government Efficiency**, humorously referred to as **DOGE** after the popular cryptocurrency.

### Unclear Details on Policy Changes
Despite Musk's ambitious claims, he did not provide any specifics regarding the **policy changes** or **spending cuts** he would implement should he take on a governmental role. Notably, the federal government's spending for the **2024 fiscal year** is projected at **$6.75 trillion**, meaning Musk’s proposed cuts would account for nearly a third of that total.

### Economic Implications
The debate around fiscal policy is ongoing, with both Trump and Vice President **Kamala Harris** proposing various tax reforms. However, experts from the **Committee for a Responsible Federal Budget** have raised concerns that neither candidate has a comprehensive plan to address the long-term viability of **Social Security**.

### Musk's Political Engagement
As the election approaches, Musk's financial influence is apparent, having contributed nearly **$119 million** to his pro-Trump political action committee, **America PAC**. He has also been actively campaigning in swing states and promoting initiatives like a **$1 million daily giveaway** to incentivize voter support.

Recent polls indicate a tight race between Trump and Harris, with both candidates capturing approximately **48%** of the popular vote. With the election only days away, Musk's involvement could significantly impact the outcome.

Musk did not elaborate on policy changes or spending cuts he would implement if he were to join a hypothetical second Trump administration.

Elon Musk Claims He Could Cut $2 Trillion from US Government Spending at Trump Rally

## The Crypto Industry's Massive Election Spending

The **crypto industry** has poured **tens of millions** into supporting **pro-crypto candidates** this election cycle, aiming to influence future regulations. With the **US presidential election** just around the corner, the industry is keen to see **how its spending will pay off**.

## Spending Trends

Crypto executives and super PACs have outspent traditional political players, including the **Koch family**, investing nearly **$120 million** in federal races by August. The leading pro-crypto super PAC, **Fairshake**, raised over **$204 million** for the upcoming elections, with notable expenditures against Democratic candidates.

## Key Races

In **Ohio**, the race between Democratic Sen. **Sherrod Brown** and Republican **Bernie Moreno**, a blockchain entrepreneur, has attracted significant crypto funding, showcasing the industry's targeted efforts.

## Political Influence

Former President **Donald Trump** and Vice President **Kamala Harris** have made appeals to the **crypto community** during their campaigns. Industry leaders are hopeful that a crypto-friendly government can push for clearer regulations from the **Securities and Exchange Commission (SEC)**.

**JP Richardson**, the CEO of **Exodus Crypto Wallet**, notably donated **$844,000** to Trump's campaign, reflecting the industry's support for candidates who advocate for crypto.

## The Stakes for Crypto

Trump's shifting stance on crypto, from calling it a **scam** to arguing that his presidency would be beneficial for crypto entrepreneurs, has generated optimism in the market. His campaign has reportedly raised **$7.5 million** in crypto donations, coinciding with a rise in **bitcoin's value**.

## Regulatory Hopes

Industry insiders believe that Trump's potential victory could lead to favorable regulations for crypto, making it a mainstream financial product. **Richardson** emphasized the importance of electing pro-crypto candidates, stating that efforts are bipartisan and aimed at educating voters about candidates who support the industry.

## Conclusion

The increasing involvement of the crypto industry in politics raises questions about the future of digital currency regulation and the influence of political donations on shaping the landscape of cryptocurrency.

The crypto industry has spent tens of millions on pro-crypto candidates this election cycle. Will it change anything?

How the Crypto Industry is Betting Big on the 2024 Elections: A Game Changer for Regulation?

## **Historic Low Volatility Indicates a Major Move for Bitcoin**  
Bitcoin is currently **poised for a significant price movement** as its **Bollinger Bands** are exhibiting one of the tightest formations in history. This phenomenon, known as a “**Bollinger Squeeze**,” reflects a period of low volatility that often precedes a **powerful price breakout**.

> **“A huge move is coming,”** stated technical analyst **Tony Severino**. He emphasized that Bitcoin's Bollinger Bands are among the three tightest instances ever observed on a **2-week timeframe**.

![Bitcoin Indicator](https://static.cryptobriefing.com/wp-content/uploads/2024/10/26133440/Bitcoin-Indicator.jpg)  
*Author: Tony Severino*  
Historically, such contractions in Bollinger Bands have led to substantial price changes for Bitcoin. For instance, in **April 2016**, a similar pattern preceded a dramatic rise in Bitcoin prices, marking the onset of a bullish trend. Another notable instance was in **July 2023**, when the bands tightened significantly, once again leading to a major price surge.

While tightening bands suggest a potential for a big move, they do not indicate the direction of that move. For example, a similar tightening pattern in **2018** resulted in a sharp decline in Bitcoin’s price. However, historical data shows that Bitcoin has rallied upward after tight band conditions **seven out of nine times**.

## **Bitcoin Whales Accumulate Coins at an Unprecedented Rate**  
Recent reports indicate that **Bitcoin whales** have amassed **670,000 BTC**, marking the highest whale holdings ever recorded. Historically, such significant accumulation has been followed by major price rallies. However, the current sideways trend implies that a major price move may not be imminent. If Bitcoin fails to achieve new highs by **late November**, it could signal challenges ahead for the ongoing bull cycle.

Recently, Bitcoin dipped below **$65,500** amid reports of a criminal investigation into **Tether**, the world’s largest stablecoin. According to the **Wall Street Journal**, federal prosecutors are investigating Tether’s potential involvement in facilitating **drug trafficking**, **terrorism financing**, and **hacking activities**. Tether's CEO, **Paolo Ardoino**, has firmly denied these allegations, labeling them as “**unequivocally false**.”

Additionally, geopolitical tensions, particularly between **Israel and Iran**, have contributed to market volatility. On **October 26**, Israel announced direct strikes against Iran in response to missile attacks. Bitcoin’s price remains sensitive to geopolitical turmoil, often experiencing swift declines followed by recovery phases. As of now, Bitcoin is trading around **$66,800**, reflecting a **1.3%** drop over the last 24 hours according to **CoinGecko**.

Bitcoin's Bollinger Bands on the 2-week chart indicate a potential major price movement, historically leading to significant market shifts.

Bitcoin Rebounds, But Risk-on Sentiment May Be a Trap: LayerZero, Mog Coin, and Bonk Prices Surge

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