First Mover Americas: Bitcoin Takes Bull Breather

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Bitcoin's rally has been tempered slightly, having moved above $66,000 for the first time in three weeks on Monday. BTC largely traded between $65,200 and $65,800 throughout the Asian and European mornings, around 0.9% higher in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, has risen 1.5%. Attention had turned to Vice President Kamala Harris' campaign on Monday for further details of what a crypto regulatory framework would look like under her presidency. However, she did not mention cryptocurrency, digital assets or blockchain in her latest campaign speech.

Bitcoin ETFs registered $556 million in inflows on Monday, their highest in over four months. Fidelity's FBTC led the way with gains of $239 million, while Bitwise's BITB was a distant second with $100 million. The inflows marked a multi-month high for bitcoin ETFs, as the last time they registered higher gains was on June 4, when they hit $886.75 million. This also preceded the last time bitcoin eclipsed the $70,000 mark on June 6, suggesting BTC is primed for further gains. Traders on Polymarket are offering a 64% possibility of bitcoin reaching another all-time high in 2024, which is nine percentage points higher than a week ago.

SingularityDAO plans to merge with Cogito Finance and SelfKey to form a combined project focused on tokenizing the AI economy. The new entity, Singularity Finance, will provide a layer-2 network for tokenizing assets like GPUs and offer AI-powered financial tools, according to an announcement shared with CoinDesk on Tuesday. The planned consolidation will see SelfKey's existing token, KEY, become Singularity Finance's new token SFI. SingularityDAO's SDAO and Cogito's CGV will merge into SFI at ratios of 1:80.353 and 1:10.89, respectively. This process will be subject to change based on stakeholder discussions.

Chart of the Day

• Value for Google Search trends data for the term "Bitcoin" over the past five years has declined to a yearly low of less than 20.
• "The last time the search interest for Bitcoin dropped to an index of around 20 was in late January to early February 2024. At that time, the BTC price skyrocketed from $41,000 to nearly $71,500, reaching a historic high within the following month and a half," Ryan Lee, Chief Analyst at Bitget Research, said in an email.
• Source: Google Trends

- Omkar Godbole

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