Good morning, Coin Discoverers!

CRYPTO

• BTC: $66,061.40(-0.84%)YTD (+49.55%)

• ETH: $3,299.48(-0.54%)YTD (+40.25%)

• BNB: $568.17 (-1.18%)YTD (+81.00%)

*Crypto numbers as of 5:00 am EST on July 30th

Crypto needs bigger boost than Trump's speech

Analysts suggest that the cryptocurrency market requires a more significant catalyst than Donald Trump’s 2024 speech on Bitcoin to experience a major breakout.

Analysts noted that Bitcoin is likely to remain trading within a narrow range unless a significant catalyst emerges.

Analysts at Bitfinex highlighted a recent decrease in options implied volatility and an increase in leveraged positions in the Bitcoin market, suggesting that the digital asset is likely to remain range-bound in the short term.

Elon Musk acknowledges Bitcoin's value after Trump's speech

Donald Trump delivered the keynote address at the Bitcoin 2024 conference on Saturday in Nashville, Tennessee. On Sunday, Elon Musk commented, "I'm not going to be promoting crypto—if you see me doing so, it's just in jest. If it looks like I'm hyping crypto, it's not actually me."

Musk, one of the world's wealthiest individuals, played a significant role in Dogecoin reaching all-time highs in the summer of 2021 through his frequent tweets and endorsements of the memecoin. However, in December 2023, Musk stated that he spends "hardly" any time thinking about cryptocurrency.

US Government Transfers $2 Billion in Silk Road Bitcoin

According to on-chain data from Arkham Intelligence, the US government transferred over $2 billion in seized Bitcoin linked to the Silk Road dark web marketplace to a new, currently unidentified wallet.

This move follows former U.S. President Donald Trump's statement at the Bitcoin 2024 conference in Nashville just two days earlier. Trump, the Republican candidate in this year's presidential election, pledged to establish a national "strategic Bitcoin stockpile" if elected, and indicated that the government would cease selling any seized Bitcoin.

Bitcoin fees approach a yearly low as BTC price nears $70,000

The cost of sending Bitcoin has dropped to its lowest point in nearly a year, coinciding with the cryptocurrency's price approaching its all-time high.

According to data from Bitinfocharts, the average transaction cost on the Bitcoin blockchain is currently $0.73. This is the lowest fee recorded since August 2023, when it briefly fell to 64 cents.

The decrease in transaction fees coincides with Bitcoin's price currently at $68,000 per coin, after briefly reaching $70,000 earlier on Monday on Coinbase, America's largest digital asset exchange.

STOCKS

• DOW: 40,539.93(-0.12%)

• S&P: 5,463.54(+0.081%)

• NASDAQ: 17,370.20 (+0.071%) 

*Stock numbers as of market close on July 29th

Hewlett Packard is poised to receive an unconditional approval

Hewlett Packard Enterprise (HPE) is expected to obtain unconditional EU antitrust approval for its $14 billion acquisition of networking equipment maker Juniper Networks, according to sources familiar with the matter.

HPE unveiled the deal in January, highlighting the urgency for companies to enhance and innovate their products in response to the rapid growth of artificial intelligence-driven services. The European Commission, which is set to make a decision by August 1, declined to comment.

Hedge funds enhance their takeover offer for energy firm Martin Midstream

Hedge funds Nut Tree Capital Management and Caspian Capital have submitted an improved bid to acquire fuel storage and transportation company Martin Midstream Partners (MMLP.O), as reported in a letter.

The revised offer would provide Martin Midstream unitholders with $4.50 per unit in cash, valuing the company at nearly $176 million, an increase from the $4 per unit bid made by the hedge funds on July 11. This offer is the hedge funds' latest effort to counter a competing takeover bid from Martin Midstream's largest shareholder.

REAL ESTATE

• 15-year: 6.33%

• 30-year: 6.90%

*Mortage rates via Mortgage News Daily

Stronger Start: Treasury Supply Preview Scheduled for This Afternoon

Bonds experienced moderate gains overnight, with initial improvements occurring at the start of the session and further gains following the commencement of European trading. While there were no prominent fundamental drivers, it is possible that the positive impact of Friday's inflation data is contributing to the current momentum.

Today’s calendar is relatively light compared to what will be an active and significant week for economic data and events. The main focus is the 3pm ET Treasury refunding estimate, which is one component of the announcement and has historically influenced the bond market.

TECH

New Legislation Brings Flying Cars Closer to Reality

Science fiction has long envisioned a future filled with flying cars, and now that vision is coming closer to reality. A set of bills known as 'The Jetsons Law,' named after the classic animated series, will go into effect in Minnesota on Thursday. Signed into law in May, these bills pertain to 'roadable aircraft.

Minnesota's new law is modeled after New Hampshire's House Bill 1182, passed in 2020, which granted private citizens the right to own flying cars. While the Minnesota law permits ownership of these vehicles, it explicitly prohibits taking off and landing on public roads.

QUICK RECAP

#1. Vital Energy (VTLE) and Northern Oil and Gas (NOG) will acquire U.S. shale assets for $1.1 billion, with Vital buying 80% and Northern 20%.

#2. Investment firm Sixth Street will buy Enstar (ESGR.O) for $5.1 billion, offering $338 per share, a 3% discount.

#3. Occidental Petroleum (OXY.N) will sell Delaware Basin assets for $818 million and divest $152 million more, totaling $970 million.

#4. Egypt's Ministry of Petroleum signed two agreements totaling $340 million with Shell and Petronas to enhance oil and gas production.

#5. WesBanco (WSBC.O) will acquire Premier Financial (PFC.O) in a $959 million all-stock deal, signaling further U.S. regional banking consolidation.