Bitcoin2Go|03. Aug.
Bitcoin in Danger? - Wallet Hacks, Goldman Sachs Warning & Japan Crisis!
📉 Bitcoin Market: Weakness and Downtrend
- Bitcoin is trading just above $62,000 with a clear downtrend since July 21. The market is in a bear market with sideways movement and high sensitivity to news.
- The critical support level is around $58,000; below that, charts become more bearish.
- A firmware bug in the Cold Card wallet caused non-random seed generation, allowing attackers to steal $38 million in crypto. One user lost $1.6 million.
- Key takeaway: Diversify your storage – use multiple wallets (Ledger, Trezor, Bitbox) and consider EU-regulated exchanges with insurance.
- Goldman Sachs warns of selling pressure on the S&P 500: $7.5 billion in the coming weeks, potentially rising to $185 billion if the index falls further.
- Japan intervenes in the forex market to support the Yen, with the US joining for the first time. This could lead to US Treasury sell-offs and rising yields.
- The Fed is likely to raise rates again (65% probability), as inflation remains high due to energy prices.
- Despite threats of a major attack, the situation remains tense. The Strait of Hormuz is partially blocked, driving up energy prices.
- Talks between the US and Iran are denied, keeping markets on edge.
- The Clarity Act in the US Senate must be filed this week before the summer break, or it could be delayed until after the midterms.
- Germany’s crypto tax reforms (effective 2027) are also facing summer break delays.
- Retail investors are aggressively selling AI stocks. The Korean KOSPI is extremely volatile (–63% YTD).
- The hedge fund of Leopold Aschenbrenner (4x leveraged on AI) was forced to liquidate; Citadel bought the portfolio. This highlights the risks of leveraged positions.
- Bitcoin dominance is 59%, altcoins show no sustainable trend. The Altcoin Season Index is low.
- Long-term, Bitcoin is expected to reach above $100,000, but the bottom may come in 100–120 days with possible further declines.
- Recommendation: Dollar-cost average into Bitcoin and diversify into stocks (e.g., all-world ETF).
Stay tuned for more updates – this week features important US jobs data and earnings from AMD, SanDisk, and SpaceX.
