Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Short-Term Direction Depends on Tonight's CPI Data Release

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Bitget Research2024/07/11 07:42

By:Jarseed & Aaron

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

The cryptocurrency market continues to fluctuate in a narrow range, with major assets gradually recovering after hitting their phase lows while waiting for further market direction indicators. The U.S. CPI data will be released tonight at 8:30 PM (UTC+8), which will determine the short-term market trend.

Sectors with strong wealth creation effect: SATS.
Top searched tokens and topics: DOGS, Bittensor, and OpSec.
Potential airdrop opportunities: Term Finance and Fuel Network.

Data collection time: July 11, 2024, 4:00 AM (UTC)

1. Market Environment

After a period of reaching lows and subsequently rebounding, mainstream crypto assets continue to fluctuate in a narrow range. Bitcoin's price remains around $58,000, and Ethereum's price holds between $2900 and $3100. Several significant market-impacting data releases are scheduled for this month, with the U.S. CPI data being the first tonight. The market will decide its direction after the CPI data is released.

Regarding ETFs, Bitcoin ETFs have seen consecutive net inflows for four days this week, yet they have not been able to quell the market's panic over institutional and governmental sell-offs; progress on Ethereum ETFs continues, and Ethereum's price has also formed a noticeable support level. Globally, the U.S. Nasdaq index has repeatedly hit new highs, diverging from Bitcoin prices. This suggests that the Nasdaq is drawing investment away from the crypto market, potentially leading to liquidity issues.

2. Wealth Creation Sectors

2.1 Sector Movements – SATS

Primary reason: UniSat released an update to its UniSat Swap product, which will feature a swap module on the Bitcoin mainnet and Fractal Bitcoin. The Fractal Swap is scheduled for release in September. In subsequent iterations, BTC and other mainnet assets can also exist as BRC-20 wrapped assets on Fractal Bitcoin, providing greater flexibility. From a user perspective, key differences include faster confirmations and lower overall fees on Fractal, while both are based on the BRC-20 protocol and use BRC-20 SATS for gas fees. Fractal Swap will implement a competitive rollup mechanism, which allows users to package their rollup results to the sequencer, earning the transaction fees (BRC-20 SATS) generated by all transactions within the rollup.

Gainers: SATS is up 8.22% in the last 24 hours.

Factors affecting future market conditions: The future increase in SATS primarily depends on the performance of the UniSat Swap product, Fractal Swap, and whether BRC-20 assets can significantly create wealth effects. If the Fractal Swap product offers an excellent user experience, it could bring a fresh experience to the BRC-20 DeFi ecosystem, potentially revitalizing active trading of BRC-20 assets.

3. Top Searches

3.1 Popular DApps

DOGS

The project will airdrop tokens based on factors such as the user's Telegram account creation time, activity level, and whether they are Telegram Premium subscribers. A large number of users meet these conditions, making for a massive, universally inclusive airdrop where all Telegram users are eligible. The project's community foundation is strong, with the Telegram group (https://t.me/dogs_community) currently boasting 1,094,378 subscribers and continuing to grow. The posts by their X account typically receive between 700,000 and 1 million views, highlighting the high level of community engagement.

3.2 X (former Twitter)

Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Short-Term Direction Depends on Tonight's CPI Data Release image 0

Bittensor

Masa has officially announced the launch of an AI data subnet based on LLM on Bittensor, becoming the first tokenized data subnet in the Bittensor ecosystem. Furthermore, MASA has become the only investable "new token" within the broader Bittensor ecosystem following TAO. It will leverage Bittensor’s peer-to-peer machine intelligence network to accelerate the aggregation, transformation, and acquisition of AI data, enabling AI developers to build any AI application using any data, anywhere in the world. Despite a lackluster performance post-launch, Masa's product delivery capabilities are promising, suggesting potential future growth for the token.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Short-Term Direction Depends on Tonight's CPI Data Release image 1

Global focus:

OpSec (DApp):

OpSec is an artificial intelligence and decentralized cloud computing platform equipped with decentralized servers, dedicated networks, RDP, GPUs, one-click node setup, and DePIN hardware for cloud security. The project operates in the same sector as IO.net and Aethir, a sector forecasted for promising future valuations. With a stable operational model and growing interest in the AI sector, OpSec is likely to experience significant business growth and merits continuous monitoring.

Regional focus:

(1) Google Trends in Asian countries do not reveal any clear trends; BTC has emerged as a market focal point. Additionally, the Ton ecosystem game, Hamster Kombat, has garnered attention for potential airdrop opportunities.

(2) Hot searches in Europe and the Americas also lack distinct features. Assets like Grass, Polygon, SHIB, and PENDLE have made the list, though there is no consensus on the sectors and projects of interest. Bitget has caught the attention of users in the UK as a CEX.

4. Potential Airdrop Opportunities

Term Finance

Term Finance is a decentralized lending protocol that utilizes a unique auction model to support scalable interest rate/fixed lending—a first in the DeFi sector. It brings borrowers and lenders together in a fair and transparent auction process to determine a single market-clearing interest rate for all participants, regardless of size.

Recently, Term Finance completed seed and strategic funding rounds with investments from notable institutions like Electric Capital and Coinbase Ventures, raising $8 million. On July 9, the project announced on X the start of Term points.

How to participate: 1. Register using a referral code; 2. Connect X and Discord for easy log-in; 3. Check reward eligibility; 4. Participate by engaging in the fixed auctions for lending; 5. Learn how to maximize points through Term's tracking dashboard.

Fuel

Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.

In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.

How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.

Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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