Bitcoin has stabilized above $29,200 after a volatile day, while major altcoins such as BCH and UNI saw losses of over 5% and 6% respectively. The largest cryptocurrency by market capitalization traded at $29,207, remaining within a narrow $500 range it has occupied since mid-July. The crypto market's fluctuations are being influenced by multiple factors, including corporate investments, regulatory advancements, macroeconomic shifts, and the potential for increased accessibility through financial products like ETFs. The Deribit Volatility Index for BTC and ETH is currently trading at "unprecedentedly low levels," but the market anticipates a considerable upswing in volatility due to upcoming events such as the Blackrock spot ETF ruling and the approaching Bitcoin Halvening.

After Litecoin's halving event, its price dropped, as the halving event caused the miners' rewards to be halved. However, this doesn't necessarily mean that Bitcoin will have a similar outcome in its halving event next year. Historically, Litecoin's price has fallen after halving, while Bitcoin has often experienced rebounds before and after these events. Additionally, Bitcoin has received a boost due to BlackRock's application for a Bitcoin exchange-traded fund.

After the media released news of the federal prosecutor's fraud allegations against Binance, Bitcoin briefly dropped below $29,000.

According to MicroStrategy co-founder, there is a growing consensus among politicians, investors, and regulators that Bitcoin is a unique and valuable international asset. Blackrock CEO Larry Fink expressed confidence in Bitcoin as an asset, which has caused a change in sentiment. MicroStrategy announced profits in Q2 and continued its Bitcoin accumulation, but may face challenges defending its position as the largest institutional holder of BTC. Despite regulatory uncertainty in the US, Bitcoin trading is not contested by regulators and is seen as a "most certain thing" in an uncertain economy, according to Michael Saylor.

Bitcoin miners earned $844.56 million in block rewards and fees in July, with fees accounting for $18.81 million of the total. This represents a significant increase of $60.8 million from the previous month. Foundry USA led the way in mining activity, discovering 1,266 blocks and capturing 29% of the worldwide hashrate, while Antpool and F2pool followed closely behind. The current difficulty level has been reduced to 52.33 trillion and is predicted to remain steady until or around August 9, 2023.

According to a report by digital asset manager Grayscale, macro factors pose the biggest risk to crypto valuations and the future of the market depends on the US economy achieving a "soft landing" to avoid a recession. Grayscale's research director, Zach Pandl, warned that if the economy falters or the Federal Reserve raises rates further, the crypto recovery may pause in the near-term. However, if economic data continues to support the soft landing thesis, major token valuations could catch up with the rally in other risky assets. Bitcoin may appreciate if the Fed decides to tolerate a long period of above-target inflation, given its role as an alternative non-sovereign money system and inflation hedge.

According to the co-founder of Glassnode, the current macro environment is ideal for riskier assets like Bitcoin to flourish. The analyst notes that the weakening of the US Dollar Index and the Nasdaq 100 nearing its all-time high are positive indicators for Bitcoin. Historical data suggests that when the Nasdaq reaches significant levels, Bitcoin usually catches up within approximately 80 days. The analyst believes that multiple factors are supporting Bitcoin's upward movement, making a crash back to $23,000 or below less likely. However, traders should look out for Bitcoin to hold above $29,300 and challenge the $29,700 level to confirm its local bottom.

Fitch's recent downgrade of the US credit rating from AAA to AA+ on August 1 caused Bitcoin to reach a peak of $30,000. In 2011, a similar downgrade caused market turbulence, but this time the wider market has remained stable with US stock futures only down by approximately 1%. Despite Treasury Secretary Janet Yellen's dismissal of the downgrade, the event has demonstrated the crypto market's sensitivity to global financial developments.

New Bitcoin City, a platform built on the Bitcoin blockchain, has launched games that offer payouts on wins and NFT auctions. The developers aim to expand the usage of Bitcoin beyond trading and investments and make it more generalized. The platform also includes a marketplace and uses a layer 2 network called NOS to combat Bitcoin's slow transactional speeds. The introduction of BRC-20 standards has allowed developers to issue tokens and build DeFi applications on Bitcoin, leading to the development of digital artwork and meme coins. The developers believe that combining the best of both worlds, Ethereum and Bitcoin, is the way forward.

According to a popular crypto analyst, Dogecoin (DOGE) may experience a significant downward movement after its strong performance last month. The analyst, known as Rekt Capital, believes that DOGE appears bearish after failing to break through the resistance of a falling wedge pattern. In the worst-case scenario, DOGE could drop to the diagonal support of the pattern at around $0.055. Rekt Capital also shares insights on Bitcoin, Ethereum, and TomoChain, stating that BTC is still bullish, ETH needs to stay above $1,863 to rally above $2,000, and TOMO may be poised for a correction after closing below its high timeframe resistance at $1.60.