If Bitcoin drops below $106,000, the mainstream CEX long liquidation pressure will reach $1.07 billion

On July 1st, as per Globenewswire, the publicly traded company NIP Group in the US (NASDAQ: NIPG) declared its entry into the Bitcoin mining domain. NIP Group has signed a definitive asset purchase agreement to obtain cryptocurrency mining machines for Bitcoin mining from Fortune Peak Limited and Apex Cyber Capital Limited. A dedicated digital computing division has been established by NIP Group to handle the operation of the acquired products.

On July 1st, as reported by TheBlock, the investment bank TD Cowen pointed out that the equity-Bitcoin feedback loop of Strategy provides a reasonable basis for its net asset value premium. Despite the risks, it maintains a buy rating. Strategy purchased 69,140 bitcoins in the second quarter and currently holds 597,325 bitcoins, exceeding TD Cowen's forecast. As a result, its stock is trading at a premium of about 63% to net asset value. TD Cowen maintains a target price of $590 per share and views Strategy as the highest-quality publicly traded Bitcoin spot investment trust. It expects Strategy's holdings to reach 850,000 bitcoins by 2027, accounting for 4.1% of the total supply.

On July 1st, US Treasury Secretary Yellen stated: At present, we are proceeding with the vote on the tax bill (the "Beautiful Act"). This is an agreement that is conducive to the working class. We anticipate expanding healthcare subsidies in order to benefit mothers, children, and those in need. We aim to restore healthcare subsidies to the pre-pandemic level. We disagree with Musk's claim regarding the bill increasing the deficit. If the tax bill is passed, we may witness a surplus. (FXStreet)

On July 1st, Kaito Al declared that the top cryptocurrency-related stocks will soon be incorporated into the MindShare heatmap on Kaito Pro.

On July 1st, U.S. Treasury Secretary Yellen stated: The Fed may potentially wait for too long before raising rates. Regarding the Fed, I will fulfill my responsibilities wherever they are required. However, at the Treasury, we have a substantial amount of work that needs to be carried out.

On July 1st, according to CoinDesk, analyst James Van Straten presented a market analysis. The 200-week simple moving average (200WMA) of Bitcoin rose to $49,223 and was on the verge of breaking through the $50,000 psychological barrier. The 200-day moving average (200DMA), which represents the bull-bear divide, is currently at $96,246 and successfully held this support during a recent approach to $98,000 in pullback. The analyst stated that the continuous rise of the 200WMA reflects the growth of the market's fundamental value. The current level is almost double compared to the bear market period from 2022 to 2023 (with an average of $25,000). "When the 200-week moving average maintains a 45-degree upward trajectory, it often indicates that the crypto winter has completely ended. The hitting of new highs by the Nasdaq 100 and the S&P 500 indices has created a favorable environment for Bitcoin to break through its previous high."