Market update

Cointree Crypto Market Update - July 31st 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$101,098, moving +1.30% at the time of writing. Meanwhile, Ethereum ends at AU$5,006 moving -4.86% week-on-week. On the Altcoin side, Solana +3.90%, Cardano -0.91%, and Pepe -9.40%.

🗞 What’s happening in the news?

Women Outearning Men in Crypto

A survey by Pantera Capital has revealed a surprising trend: women in the crypto industry are earning 15% more than their male counterparts. The median salary for women in crypto is a whopping $172,000, compared to $150,000 for men. This is a stark contrast to non-crypto industries, where women typically earn only $0.84 for every dollar men make.

According to Pantera researchers, this reversed gender wage gap can be attributed to the higher representation of women in mid-level and senior positions, and their greater experience in the field. Women have an average of 5.3 years of experience in crypto, compared to 4.5 years for men.

However, it's important to note that despite these higher salaries, women still face significant challenges in the industry. Only three of the top 50 crypto CEOs in 2023 were women. Nonetheless, both men and women in crypto are enjoying higher salaries than most other professions.

Bitcoin’s Post-Halving Surge: 100 Days Since

July 29 marks 100 days since Bitcoin's latest halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC. Historically, this milestone has been a precursor to significant price rallies. Research by the ETC Group indicates that the bullish effects of the halving typically begin to materialise around this time.

Past-halvings have shown a pattern: the mean excess performance – the difference in Bitcoin's performance before and after the halving – becomes statistically significant after 100 days. Andre Dragosch from ETC Group highlighted that this trend tends to intensify, with gains potentially reaching triple digits in the months following the halving.

"Today marks exactly 100 days after the Bitcoin Halving event on April 20. The market tends to have a short memory, but the halving-induced supply deficit should just start taking effect from now on"

As Bitcoin's supply becomes scarcer, thanks to these halving events, we could be on the brink of another major price surge. Only time will tell if history will repeat itself, but the data certainly looks promising.

The U.S. Strategic Bitcoin Reserve Proposal

In a bold move, U.S. Senator Cynthia Lummis has proposed the establishment of a Strategic Bitcoin Reserve, funded partly by revaluing the Federal Reserve's gold. The draft legislation outlines a plan to purchase up to 200,000 BTC annually over five years, with the goal of creating a 1 million BTC reserve.

This initiative, announced at the Bitcoin Nashville conference, aims to use the U.S. government's existing Bitcoin holdings as the foundation for the reserve. The plan also includes setting up secure Bitcoin storage facilities across the country and prioritising geographic diversity and security.

Funding for the purchases would come from several sources, including reallocating $6 billion from Federal Reserve net earnings and revaluing the Fed's gold certificates to their fair market value.

Dunkin’ Donuts and Bitcoin: A Sweet Deal in South Korea

To end this week’s market update on a sweet-note, Dunkin’ Donuts is offering Bitcoin redemption vouchers to customers as a ew marketing strategy. Running from July 26 to August 8, customers purchasing specific donut packs or spending over a certain amount can receive Bitcoin coupons worth up to 15,000 won ($10).

This promotion is part of Dunkin’s broader strategy to integrate cryptocurrency into their marketing efforts. While it’s unclear how many locations are participating, the campaign highlights the increasing mainstream acceptance of Bitcoin and other cryptocurrencies.

📖 What we’ve been reading

How Kamala Harris Could Usher in a Clean Slate for Crypto Regulation

"She may not be appearing at Bitcoin Nashville this year alongside Donald Trump. But, if elected president, Kamala Harris could reshape the U.S.'s policy on digital assets. Penn State Dickinson Law professor Tonya Evans sketches out what could (and should) be her agenda."