TON offers 10-year UAE golden visa for $100K in staked Toncoin

Strategy co-founder and executive chairman Michael Saylor has ignited attention in the crypto community with a bold warning for those still undecided about Bitcoin. In a striking tweet, Saylor wrote: "Own Bitcoin or serve the Silicon Overlord."

Without Bitcoin, Saylor contends, individuals may become subjects in a digital system from which they cannot escape or influence. This viewpoint is consistent with Saylor's Bitcoin outlook, referring to the cryptocurrency as "money" and "freedom."

Over the last five years, Saylor has become a Wall Street and crypto industry phenomenon, transforming his business intelligence software company into the world's first and most leveraged Bitcoin proxy.

As of June 29, Strategy held 597,325 BTC, acquired for around $42.40 billion at nearly $70,982 per Bitcoin, following a purchase of 4,980 BTC, or $531.9 million, announced at the end of June.

According to a recent Bloomberg report, Strategy recorded an unrealized gain of over $14 billion in the second quarter, putting the once-struggling business software developer turned leveraged Bitcoin proxy among the elite ranks of corporate heavyweights such as Amazon and JPMorgan Chase.

Bitcoin and Strategy shares up

Strategy's stock has risen by more than 3,300% since Saylor began purchasing Bitcoin in mid-2020 as an inflation hedge. Bitcoin has climbed by around 1,000% during the same period, whereas the S&P 500 has increased by approximately 115%.

Bitcoin was trading at $108,025 at the time of writing, down 0.07% in the prior 24 hours after recovering to $110,000 in the previous week. The largest crypto traded at its strongest price since June 9, reaching a high of $110,590 on July 3.

July is shaping up to be a potentially volatile month for Bitcoin, with key events to look out for. July 22 marks the final deadline for action on the long-awaited crypto executive order, as well as prospective updates on the U.S. Strategic Bitcoin Reserve.

More than $8 billion worth of Bitcoin mined during the cryptocurrency's earliest days, known as the "Satoshi era," was transferred on Friday in the largest such transfer ever recorded.

Eight wallets that had been dormant since 2011 moved 10,000 BTC to new SegWit addresses on Friday, more than 14 years after receiving the BTC. The identity of the wallets is unknown, including their ownership.

The incident has caused speculation and curiosity in the crypto community. Coinbase director Conor Grogan, who goes by "Connor" on X, has recently reacted to a rumor surrounding one of the mysterious addresses that had shifted 10,000 Bitcoin.

An X user claimed that one of the wallets that moved 10,000 BTC (worth over $1 billion) was mentioned on a forum in 2013. The user even posted a screenshot of the old forum post, alleging that someone had once sent 1.5 BTC to a friend using the same wallet address.

Grogan, however, was quick to respond, calling the claim fake. "Guy made it up," Grogan posted on X. "There was never a 1.5 BTC transaction to or from the address."

The Coinbase director shared a screenshot of blockchain data that supports this assertion, indicating that no such transaction ever occurred with the address.

New update emerges

On Friday, eight Bitcoin wallets shifted 10,000 BTC each, for a total of 80,000 BTC, or $8.6 billion, drawing attention from the crypto community. The moved coins belong to the rarest class of BTC: mined or transacted during the "Satoshi era," which lasted from the launch of Bitcoin in 2009 to 2011, when its pseudonymous founder was still active online.

On-chain intelligence platform, Arkham, speculated that all the wallets appear to be owned by the same entity. However, no individual or company has publicly claimed possession of the wallets.

Arkham recently tweeted an update on the situation, putting to rest speculation that a Bitcoin OG whale was selling; "$8 billion transfers were possibly related to address upgrades, moving from 1- addresses to bc1q-addresses. There are no indications that this whale is selling Bitcoin," Arkham stated.

Bitcoin (BTC) prices showed a sideways movement in the past day producing no significant changes. Following the recent rejection at the $110,000 price range, the maiden cryptocurrency failed to break out of a descending consolidatory channel; therefore, fears on the current status of the bull market remain intact.

Amidst the current mood of uncertainty, prominent market analyst Ali Martinez has identified two important support levels in the advent of a price downturn.

On-Chain Data Reveals Strong Bitcoin Support At $106,500 And $98,500

In an X post on July 5, Ali Martinez shares a potentially impactful on-chain insight on the Bitcoin market. Using data from the In/Out Money Around Price (IOMAP) Chart from Sentora, the analyst shares that major support zones have emerged that could play a crucial role in shaping the BTC’s short-term price direction.

The IOMAP chart analyzes Bitcoin wallet addresses and the average prices at which they acquired BTC, giving insights into potential zones of buying or selling pressure. Essentially, it shows where holders are currently in profit i.e. in the money” or at a loss i.e. out of the money.

From the chart, it is observed that 1.68 million addresses bought 1.28 million BTC between $104,982 and $108,190, with an average acquisition price of $106,738. Historically, such large concentrations of buying activity tend to form strong support zones, as holders may defend their positions from slipping into loss. Therefore, this development makes the $106,700 range a formidable near-term support level.

A second significant support level is identified in the $95,247 to $98,566 range, where 1.7 million addresses acquired 1.25 million BTC at an average price of $96,901. Should Bitcoin lose its footing above $106,000, this lower range would act as the next major cushion, potentially absorbing downward momentum. However, a decisive price close below $96,901 would confirm significant bearish intent by the Bitcoin market.

Bitcoin Market Overview

According to data from the IOMAP chart, around 89.36% of all BTC addresses are “in the money,” meaning their holdings were purchased at a lower price than the current market value. This is generally considered a bullish signal, suggesting the majority of market participants are in profit and thus less pressured to sell.

Meanwhile, only 10.36% of addresses are “out of the money,” highlighting the relatively low risk of widespread panic selling, unless Bitcoin were to break below these critical levels highlighted above. At press time, the premier cryptocurrency continues to trade at $108,154 reflecting a 0.24% gain in the past day. Meanwhile, it’s daily trading volume is down by 27.09% and valued at $31.04 billion.

Mike Novogratz has urged followers to buy Bitcoin amid increasing pressure that is being exerted on Jerome Powell.

Powell is facing hostile attacks due to his reluctance to cut interest rates, with some Republicans urging him to resign.

FHFA director Bill Pulte is now routinely targeting Powell in order to push for his termination. His most recent social media post is now accusing Powell of lying during his congressional testimony.

Novogratz believes that these are "Banana Republic moves," defending Powell.

Critics argue that cutting interest rates would help to boost the U.S. economy since Powell's current stance causes higher borrowing costs.

At the same time, Powell and the Fed are not willing to rush to cut interest rates since persistent inflation remains well above the central bank's long-touted 2% target. Premature rate cuts could potentially exacerbate the inflation problem.

Strong job numbers also give more credence to Powell's reluctance to reduce the benchmark interest rate.

Amid this growing pressure, there are some concerns that the independence of the Fed could end up being undermined, with markets previously rejecting the idea of firing Powell.

The central bank head has stressed that interest rate decisions have to be based on data instead of political biases.

Bitcoin proponents such as Novogratz believe that undermining the credibility of the most powerful central bank strengthens the case for the leading cryptocurrency.

Politicizing the Fed could lead to aggressive rate cuts, which will further weaken the dollar.

As reported by U.Today, Novogratz previously opined that the passage of the sweeping tax and spending bill was also bullish for Bitcoin, given that billions would be added to the U.S. deficit.