VanEck’s Matthew Sigel says Bitcoin may reach $1 million in five years, comparing adoption trends to the video game industry’s shift to mainstream use.
Bitcoin (BTC) surged past $66,000, reaching a one-month high, driven by strong trader enthusiasm and short liquidations. Analysts predict further gains towards $70,000, while derivatives markets show a slow return of crypto risk confidence ahead of the Fed's July meeting.
Michael Saylor has joined the debate over Bitcoin's BIP-110 proposal, a temporary soft fork to restrict certain data uses, arguing it poses a greater risk than the problem it addresses. His intervention comes as signaling for BIP-110 remains low, making the current lock-in threshold mathematically unreachable and raising concerns about a potential chain split.
Deribit's July 31 options board shows over 20,000 Bitcoin call contracts open at $70,000 and $72,000 strikes, representing significant bullish positioning. This concentration, expiring two days after the Federal Reserve's policy decision, sets a tactical test for Bitcoin's price.
Bitcoin displayed relative strength, decoupling from traditional markets as AI stocks declined and Treasury yields rose. Despite caution from derivatives traders, BTC broke above $65,000, showing resilience amid tech sector profit-taking and US-Iran geopolitical tensions.
Bitcoin maintains key support levels, with some traders predicting short-term gains up to $67,000, despite retreating spot demand. Geopolitical tensions, particularly escalating US-Iran rhetoric, are driving oil prices higher, while major corporate earnings reports from Tesla, Alphabet, and Intel are set to influence risk assets.
Cardano has successfully implemented the Van Rossem hard fork, transitioning to protocol version 11 through its first upgrade ratified entirely by on-chain governance without Input Output's direct intervention. The update aims to lower Plutus execution costs and improve scalability, though ADA's price remains flat despite the news.
