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In July 2024, Bitcoin's price demonstrated volatility but showed resilience, starting the month at $63,600 and peaking at $69,000 towards the end. The Crypto Fear and Greed Index shifted from 'Neutral' to 'Greed', indicating increased investor confidence as the month progressed. Significant political events and a surge in investments in Bitcoin ETFs positively influenced the market.
Pantheon Mining successfully deployed new technological enhancements, reaffirming our commitment to innovation and efficiency to ensure the best experience for our investors.
“As Michael Saylor welcomed everyone to Bitcoin 2024, confirming that the world is full of 20th-century ideas and technology, Pantheon continues to trailblaze to support our future clients, whether they be HNW, UHNW or potential presidents.“
- Simon Penwright Pantheon Mining CTO
This month, we successfully deployed a new investment workflow to production. It features an updated, darker design that enhances user interface aesthetics and functionality.
Additionally, we have completed the design and development of the investment calculator. This tool is set for deployment following successful acceptance testing and will provide essential decision support, enhance user engagement, and offer transparent financial modelling capabilities.
These advancements highlight our ongoing commitment to technological innovation and operational excellence to ensure the best experience for investors.
From the chart for July 2024, Bitcoin started the month at $63,600. Despite an early sharp decline to $53,000 by the 5th, a significant downturn, the overall trend was upward. It continued its trajectory, peaking at $64,900 by the 16th. Even a slight drop to $63,300 on the 19th didn't deter its surge, reaching $67,600 the same day.
Towards the end of the month, there was another decrease, with the price falling to $63,000 by the 25th. The price recovered, reaching $69,000 by the 29th, but it experienced a slight pullback to close at $66,242 on July 31st.
This price movement through July highlights the volatile nature of the Bitcoin market, which experienced several fluctuations. Despite these swings, the month closed relatively close to its mid-month highs, indicating a stabilisation as the month concluded.
In July 2024, political events and significant investor activity influenced Bitcoin's price movements. The assassination attempt on a former U.S. president increased the likelihood of a crypto-friendly candidate winning the upcoming presidential election. This political move stirred positive sentiments within the crypto community, as investors anticipated beneficial policies to enhance Bitcoin's standing as a global digital currency.
Simultaneously, Bitcoin ETFs saw considerable inflows, demonstrating strong investor confidence. Notably, from July 5, there was a marked increase in investments into spot Bitcoin ETFs, with a peak of $310 million entering on July 12 alone. BlackRock's IBIT and Fidelity's FBTC led, attracting substantial sums indicative of growing institutional interest in Bitcoin.
Additionally, fears surrounding the Mt. Gox creditor repayments led to a significant price dip early in the month, dropping to $53,600. Investors were concerned about an oversupply of around $8 billion worth of Bitcoin expected to hit the market.
Towards the end of the month, the price of Bitcoin rose sharply after the former president expressed strong support for the U.S. to become the global crypto capital at a conference. This endorsement further boosted investor optimism.
The July 2024 Crypto Fear and Greed Index indicates a shift from "Neutral" last month to "Greed," with a score of 61 reflecting growing investor optimism. Over the past month, the sentiment slightly fluctuated, peaking at 69 last week, indicating a strong bullish sentiment. It was higher yesterday at 67, showing sustained enthusiasm in the market compared to a more balanced sentiment the previous month.
In July 2024, the Bitcoin hashrate started at 503 EH/s, indicating a quieter phase for mining operations. The hashrate dropped to its lowest point on July 6th, reaching 469.72 EH/s. It then peaked at 749.90 EH/s on July 15th, reflecting increased mining activity. The highest hashrate recorded was 879.51 EH/s on July 23rd. By July 30th, the hashrate was at 742.77 EH/s, and on July 31st, it further decreased to 612.36 EH/s.
The updated Bitcoin mining revenue chart for July 2024 reflects variations in daily earnings. Starting at approximately $28 million on June 29, revenue dipped to $25.3 million by July 5. It then rose steadily, reaching $28.2 million by July 13 and peaked at just over $32 million by July 29. The data highlights that after an initial decline, mining profitability rebounded and continued to increase, leading to a stable and growing revenue stream by the end of the month.
In July, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $1,500.0
Bitmain Antminer S19 XP Hyd (255TH/s)= $5,560.00
MicroBT Whatsminer M50S (126Th/s) = $2,046.00
At Pantheon, we are proud that due to our scale and trusted partnerships, we can offer miners such as the Bitmain Antminer S21 Hydro (335T - 5360W) for $11,864 * including capex, + 1st and last two months electricity, in our fully managed data centres. This capex contribution enables us to offer electricity at a competitive rate of 4¢.
*Minimum order quantities apply.
The contents of this analysis are for informational purposes only and do not constitute investment advice. The analysis is based on the author's opinions and assumptions and may not reflect the actual state of the market or the future outcomes of any investment. The author is not a financial advisor and does not assume any responsibility for the accuracy, completeness, or suitability of the information provided.
Bitcoin investments are subject to high risks and volatility. The prices can fluctuate significantly due to various factors, such as supply and demand, regulatory actions, technological innovations, security breaches, hacking attacks, market sentiment, and global events.
Investors should be aware of these risks and conduct their diligence before making any investment decisions.
