- Benzinga Future Finance
- Posts
- đDown Again
đDown Again
Why BTC is down to $60K again. Plus, what is going on with Marathon Digital?
Sebastian Soran
July 03, 2024
You're receiving this email because you're subscribed to Future Finance from Benzinga. To manage your subscription, click the link at the bottom of this email.
Happy Wednesday, Zingernation! Something special is cooking for âDogecoin Killerâ Shiba Inu and it may be related to its surging burn rate.
Today, we cover why Bitcoin is down to $60,000 (again), why crypto matters for the election and more.
Plus, our partner helps you pamper your pet and save money.
MARKET SNAPSHOT
TOP STORY
Briefly: Bitcoin plunged (again) to below $60,000 in the morning hours on Wednesday and is barely clinging on to the key resistance.
So Basically: Tuesday was the first day of ETF outflows in five days and fears over the Mt. Gox distribution are fueling the downtrend.
So Then: Some analysts remain optimistic, but Bitcoin first needs to reclaim key resistances in the mid $60,000s to get back on better terms.
So What: The Ethereum ETF trading launch could help with that, as it is slated for the first half of July, according the ETF analysts.
TOGETHER WITH CHEWY
Spoil Your Pet And Save With Chewy.Com
Stock up on tasty treats, supplies and toys to keep your pal entertained, fed and healthy. Today's Deal: $20 off $49 or more plus free shipping with code WELCOME.
Why Chewy.com?
Wide Selection: Explore a vast inventory of high-quality pet supplies including food, toys, grooming products, and more for dogs, cats, birds, fish, and small pets.
Great Savings: Take advantage of the special deal to get $20 off on purchases over $49, making pet care more affordable.
Fast Shipping: Most orders arrive within 1-2 days, ensuring you get what you need quickly.
Exceptional Customer Service: Experience top-notch customer support thatâs ready to help with any questions or issues.
User-Friendly Shopping: Enjoy an easy-to-navigate website with detailed product descriptions and reviews from other pet owners.
FIVE ZINGERS
Something Special: âŚmay be cooking for Shiba Inu, according to the meme coinâs marketing lead. It may be related to the surging burn rateâŚ
No Matter: Who wins the 2024 election is irrelevant for crypto regulation because it will improve regardless, says Galaxy Digital CEO Mike Novogratz.
Good chance: there is a good chance crypto voters will decide the outcome of the election, says Matthew Sigel, Head of Digital Assets at VanEck.
Dead: BODEN, the Joe Biden-parodying meme coin is the first big meme coin dying, warned a popular trader. Itâs 95% from its ATH, soâŚ
Not Nice: The Mt. Gox overhang weighing so heavily on Bitcoinâs price is ânot niceâ but good to get out of the way, according to an influential trader.
TOGETHER WITH CHEWY
Spoil Your Pet And Save With Chewy.Com
Stock up on tasty treats, supplies and toys to keep your pal entertained, fed and healthy. Today's Deal: $20 off $49 or more plus free shipping with code WELCOME.
Why Chewy.com?
Wide Selection: Explore a vast inventory of high-quality pet supplies including food, toys, grooming products, and more for dogs, cats, birds, fish, and small pets.
Great Savings: Take advantage of the special deal to get $20 off on purchases over $49, making pet care more affordable.
Fast Shipping: Most orders arrive within 1-2 days, ensuring you get what you need quickly.
Exceptional Customer Service: Experience top-notch customer support thatâs ready to help with any questions or issues.
User-Friendly Shopping: Enjoy an easy-to-navigate website with detailed product descriptions and reviews from other pet owners.
FINTECH FOCUS
Briefly: MARA is trading lower on Wednesday, after the mining company released production and operation data.
What Happened: Marathon Digital said it produced 590 bitcoin last month, down from 979 bitcoin produced in the prior yearâs period.
What Else: The companyâs average operational hashrate grew 2% month-over-month to 26.3 EH/s.
Why It Matters: Marathon Digital shares also appear to be facing some selling pressure due to a sharp overnight decline in the price of bitcoin.
BEFORE YOU GO
Were you forwarded this email? Click here to subscribe.
And be sure to check out our other newsletters:
Ring The Bell: Created for market enthusiasts by market enthusiasts, this twice-daily newsletter delivers top stories, fast movers, and hot trade ideas straight to your inbox. Subscribe here.
Cannabis Daily: A must-read daily briefing for cannabis investors, operators, and enthusiasts. Join our list of industry veterans to jump start your morning. Subscribe here.
Real Estate Weekly: Where we highlight the movers and the losers, the upgrades and the downgrades, the top stories and opportunities in the trillion dollar REIT and real asset industry. Subscribe here.
Mining Weekly: Get an insider's edge with news, analysis, and commentary on whatâs shaping the mining and commodities industry that powers the global economy. Subscribe here.