The price of **Bitcoin (BTC)** experienced significant volatility, characterized by sharp selloffs and growth,  driven by the release of the **ISM Manufacturing PMI** data in the United States.  The **PMI** reading came in at 48.5, indicating a possible strain on the economy, potentially leading to increased inflation. This data caused a knee-jerk reaction among investors, resulting in a flash crash. However, Bitcoin has since stabilized, and its recovery path looks upward in the coming weeks. A major factor driving Bitcoin's growth this year is the **spot ETF** product, which still has the backing of prominent Wall Street firms. Furthermore, the **halving** event has reduced Bitcoin's supply, creating potential for price rebound. Overall, the market remains optimistic about Bitcoin's future prospects.

The price of Bitcoin (BTC) is seeing shocking volatility at the moment characterizing sharp selloffs and growth. At the time of writing, the coin&#8217;s price comes in at $62,743.35, up by 2.04% in 24 hours. Prior to this resurgence, Bitcoin traded as low as 3%, however, this bearish set-up was not sustained. The Bitcoin and <a class="mh-excerpt-more" href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/" title="Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data"></a>
The post <a href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/">Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

<img fetchpriority="high" decoding="async" width="1200" height="675" src="https://coingape.com/wp-content/uploads/2024/06/42301-1-1.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/06/42301-1-1.jpg 1200w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-150x84.jpg 150w" sizes="(max-width: 1200px) 100vw, 1200px" />The price of Bitcoin (BTC) is seeing shocking volatility at the moment characterizing sharp selloffs and growth. At the time of writing, the coin&#8217;s price comes in at $62,743.35, up by 2.04% in 24 hours. Prior to this resurgence, Bitcoin traded as low as 3%, however, this bearish set-up was not sustained.
<h2>The Bitcoin and ISM Manufacturing PMI Impact</h2>
One crucial update that appears to upset Bitcoin investors comes from the released ISM Manufacturing PMI in the United States. Per the data published, the ISM Mfg comes in at 48.5 as against the expected reading of 49.1. The record as of May comes in at 48.7.
<blockquote class="twitter-tweet">
ISM Mfg 48.5. Exp. 49.1, Last 48.7
ISM New Orders 49.3, Exp. 49.0 
ISM Prices 52.1, Exp. 55.8 
ISM Employment 49.3, Exp. 50.0
— zerohedge (@zerohedge) <a rel='nofollow' href="https://twitter.com/zerohedge/status/1807776386922266801?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This data is crucial in measuring the direction of inflation in the country. The ISM Manufacturing PMI (Purchasing Managers Index) is an economic indicator that measures the performance of the manufacturing sector. The data basically measures the level of demand for products by looking at the ordering activity.
A PMI data above 50 denotes an expanding economy while the opposite holds true when the price is lower. The 48.5 points recorded is evident of hanging strain that might translate into inflationary boost for the economy. The outcome of these economic indices plays a crucial role on how the Federal Reserve will adjust its interest rates.
For now, the Feds have chosen to keep the <a href="https://coingape.com/fed-governor-says-rate-cuts-unlikely-this-year-crypto-crash-to-worsen/" target="_blank" rel="noopener">interest rate</a> intact. However, signs points to no more than one cut before the end of this year. With the released data, Bitcoin investors showcased a knee-jerk reaction to the data, triggering the flash crash.
With the market now stabilizing, the question remains, how will BTC capitalize on this newly found catalyst?
<h2>BTC Steady Reboot</h2>
Bitcoin is currently at a vantage point when it comes to its recovery push. After the intense selloff recorded in June, the coin&#8217;s natural growth path is upward in the coming weeks.
The biggest driver of Bitcoin&#8217;s growth this year remains the <a href="https://coingape.com/bitcoin-etf-records-4-day-streak-blackrock-boosts-82m-influx/" target="_blank" rel="noopener">spot ETF</a> product. Despite the dwindling metrics, the product still has the backing of some of Wall Streets&#8217; biggest firms. This means the demand might not fade out anytime soon, a major win for the coin.
BTC is also benefitting from the impact of the <a href="https://coingape.com/bitcoin-halving-4-0-is-a-success-what-happens-to-btc-price-next/" target="_blank" rel="noopener">halving</a> that has generally reduced its supply. Should the macro-economic trends continue to favor Bitcoin, a price rebound is imminent moving forward.
Read More: <a href="https://coingape.com/shiba-inu-team-hints-major-development-boost-shib-burn/" target="_blank" rel="noopener">Shiba Inu Team Hints At Major Development To Boost SHIB Burn</a>
The post <a href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/">Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Volatility Fueled by US PMI Data

# Ripple's $10M Cryptocurrency Donation Empowers Veterans

Hire Heroes USA, a nonprofit based in Alpharetta, has received a **$10 million donation in cryptocurrency** from Ripple, a leading financial technology firm. This generous contribution is part of Ripple's larger $25 million commitment to support veterans and small businesses.

![Hire Heroes USA provides career coaching to veterans](https://www.ajc.com/resizer/v2/XGM2LR7EYNCUDKH76RKIOOUE6Q.jpeg?auth=08f3c12e99687e8e33bac6ef97bf43dabe5df270d38c1a8064fa7a41adb188e3&width=3840&height=2160&smart=true)
*Hire Heroes USA offers free one-on-one career coaching to veterans and military service members. (Courtesy of Hire Heroes USA)*

The funds, denominated in **Ripple USD (a stablecoin backed by the U.S. dollar)**, will be used to assist approximately 14,000 veterans and military spouses. This includes providing personalized career coaching and establishing a new **fintech career pathway** to help clients transition into high-demand industries.

Ross Dickman, CEO of Hire Heroes USA, expressed immense gratitude, stating that this donation will have a "real impact" on their ability to scale services. The organization, which has helped over 110,000 individuals since its inception, plans to launch this new initiative in the coming months, leveraging the growing interest in fintech and cryptocurrency sectors.

![Ross Dickman, CEO of Hire Heroes USA](https://www.ajc.com/resizer/v2/6TEMMTZBGNEFLKSQHS3E7W6QJU.jpg?auth=9b8481ba0d6c56df64b0e4b23ebab96634b9fa6140c1aa47a45abafca1b786f8&width=3840&height=2559&smart=true)
*Ross Dickman emphasizes the transformative potential of this crypto donation for veteran support. (Courtesy of Hire Heroes USA)*

This move highlights the increasing role of **cryptocurrency in philanthropy** and its potential to drive social good. Ripple's commitment underscores their focus on supporting underserved communities and fostering innovation in the financial technology space.

Hire Heroes USA will use the funding to help about 14,000 veterans and military spouses with one-on-one career coaching and to establish a new fintech pathway for its clients.

Massive $10M Crypto Donation Transforms Veteran Career Support: Ripple's Generous Gift to Hire Heroes USA

## Invesco's Strategic Fee Cut on Bitcoin ETP

Invesco has announced a **temporary fee reduction** on its physical bitcoin exchange-traded product (ETP), positioning it as the **lowest fee provider** in this competitive market. The Invesco Physical Bitcoin ETP (BTIC), which holds approximately $410 million in assets, will now offer a total expense ratio (TER) of just **0.10%** until December 31, 2026. After this period, the fee will revert to the standard 0.25%.

This move comes amid an **intense fee war** among providers of physical bitcoin ETPs over the past year, as companies engage in aggressive price competition to attract investor assets. Previously, the market had stabilized around a 0.25% fee, mirroring the rates of US-listed bitcoin ETFs. However, the landscape shifted in March when BlackRock entered the European market with its bitcoin ETP, initially offering a TER of 0.15% that is set to increase to 0.25% by the end of 2025.

WisdomTree quickly followed suit, implementing a similar fee waiver to reduce its costs to 0.15% for the remainder of 2025. Invesco's latest action undercuts these competitors, setting a new benchmark with its 0.10% fee. This could make Invesco's product particularly appealing in 2026, once the waivers from BlackRock and WisdomTree expire.

It remains to be seen whether other providers will respond to Invesco's aggressive pricing strategy, potentially igniting further competition in the bitcoin ETP space.

The product class has seen intense price competition 

Invesco Slashes Bitcoin ETP Fees to Record Low: A Game-Changer in the Crypto Investment Space?

## Bitcoin Whale Resumes Selling Spree

A long-term Bitcoin holder, who previously sold $4 billion worth of Bitcoin for Ether last month, has started selling again as Bitcoin crossed $116,000 for the first time in three weeks. This activity is raising eyebrows in the crypto community.

### Details of the Latest Dump

Two Bitcoin wallets linked to an address that held onto the cryptocurrency for over eight years deposited **1,176 BTC** (worth over $136 million) into the trading platform Hyperliquid on Sunday and began dumping, according to on-chain analytics firm Lookonchain on X. This follows a two-week break after the whale exchanged nearly **36,000 BTC** for Ether in late August, a move valued at over $4 billion at the time.

![Whale Movement Chart](https://s3.tradingview.com/news/image/cointelegraph:81b24a796094b-87024fdeae2cb16577fd5177f40150df-resized.jpeg)

### Implications of Whale Movements

Whale activities often signal where **smart money** is flowing. Sudden moves after years of inactivity can have a negative impact, as large sell-offs on the open market can push prices down. In this case, the whale's shift to Ether suggests a potential loss if reversed; currently, swapping back to Bitcoin would result in a loss of nearly **460 BTC** (about $53 million) due to the ETH/BTC ratio dynamics.

### Bitcoin Price Struggles at Key Level

Bitcoin has been facing resistance at **$116,000**, a price it reached on Friday for the first time since August 23. Over the past 24 hours, it has traded flat around $115,500, with highs of $116,182 and lows under $115,000, struggling to break above this level. This represents a **7% decline** from its peak of over $124,000 on August 14.

### Broader Whale Activity

This isn't an isolated incident. Other high-value wallets have been active recently:
- A wallet with nearly **445 Bitcoin**, inactive for almost 13 years, transferred funds to Kraken on Thursday.
- Another wallet with **480 Bitcoin** moved funds for the first time since 2012, possibly just reorganizing holdings.

These movements highlight increased activity among long-term holders, which could indicate shifting market sentiments or profit-taking behaviors.

A long-term Bitcoin holder who sold $4 billion of his holdings for Ether last month has started selling again as Bitcoin crossed $116,000 for the first time in three weeks.Two Bitcoin (BTC) wallets tied to an address that had held onto the cryptocurrency for over eight years deposited 1,176 BTC wor…

Bitcoin Whale Dumps Billions Again: Is a Major Price Drop Imminent?

## Arthur Hayes on Bitcoin's Long-Term Outlook

**Arthur Hayes**, co-founder of BitMEX and CIO of Maelstrom, believes the current crypto bull market has significant room to grow, driven by ongoing global monetary trends. In a recent [interview](https://www.youtube.com/watch?v=7GpQPiF-RBg) with Kyle Chassé, Hayes argued that governments worldwide are far from done with aggressive monetary expansion.

He specifically pointed to U.S. politics under President Donald Trump's second term, suggesting that spending programs expected from mid-2026 could unleash massive liquidity. Hayes noted that if money printing becomes extreme, he might consider taking partial profits, but for now, investors are underestimating the potential influx into equities and crypto.

Hayes tied his outlook to broader geopolitical shifts, including the erosion of a unipolar world order. He believes such instability often leads policymakers to use fiscal stimulus and central bank easing to calm markets and citizens. He also raised concerns about potential strains in Europe, such as a French default destabilizing the euro, which could accelerate global money printing.

Addressing concerns about Bitcoin's performance after it hit a record $124,000 in mid-August, Hayes emphasized that Bitcoin vastly outperforms other assets like stocks, real estate, and gold when adjusted for currency debasement. He argued that traditional benchmarks appear weak compared to Bitcoin, and its dominance is clearer through the lens of long-term value preservation.

Hayes urged patience from investors, stating that Bitcoin's real edge comes from years of compounding outperformance rather than short-term gains. He concluded that with inevitable money creation through the rest of the decade, the crypto cycle could extend well into 2026.

![Bitcoin](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F47b7f712ab1de4180258cf8cac4023a4dae4cb87-1920x1080.png&w=3840&q=75)

Arthur Hayes said relentless global money printing could extend crypto’s bull run into 2026, while urging patience from bitcoin investors.

Arthur Hayes Predicts Bitcoin Bull Run to Extend into 2026 Due to Global Money Printing

# Bitcoin Climbs Amid Economic Uncertainty

Bitcoin (BTC) is up about 4% over the past week, trading around $115,400, as mixed economic signals create a complex backdrop. While this is positive for the digital asset, it highlights growing concerns in the broader economy.

## Key Economic Drivers

Recent data has fueled expectations that the Federal Reserve might cut interest rates, making riskier assets like Bitcoin more attractive. Here's a breakdown:

- **CPI Data**: The headline Consumer Price Index rose 0.4% month-over-month in August, exceeding the expected 0.3%. This suggests inflation may be stickier than anticipated.
- **Labor Market Stress**: Jobless claims surged to 263,000, the highest since October 2021, and the U.S. added only 22,000 jobs in August, with unemployment climbing to 4.3%. Additionally, a massive downward revision of nearly 1 million jobs for the year ended March marks the largest in history.

![US Initial Jobless Claims](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F423d776dec1dfe03c44ba0a9ce730e08f2013d7b-1760x1008.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingEconomics*

The combination of higher inflation and weaker job growth has led some to mention "stagflation" in economic discussions, raising alarms about the health of the U.S. economy.

## Bitcoin's Price Action and Technicals

Despite economic headwinds, Bitcoin has shown resilience, approaching $116,000 and nearly closing the CME futures gap at $117,300 from August. The price action is constructive, with higher lows forming from a September bottom of $107,500.

Key technical indicators:
- The **200-day moving average** has risen to $102,083.
- The **Short-Term Holder Realized Price**, a crucial support level in bull markets, hit a record high of $109,668.

![Short Term Realized Price](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F510c8a976d214d9d5e13ba5bec455f8f33274495-3200x1800.png%3Fauto%3Dformat&w=3840&q=75)
*Source: Glassnode*

Traders are also bullish on equities, with the S&P 500 hitting record highs, driven by hopes of rate cuts.

## Bitcoin-Linked Stocks: A Mixed Performance

While Bitcoin gained, related stocks showed varied results:
- **MicroStrategy (MSTR)**: Flat for the week, underperforming Bitcoin year-to-date and testing key support levels. Its mNAV premium has compressed below 1.5x.
- **Marathon Digital (MARA)**: Up 7%.
- **CleanSpark (CEP)**: Up 4%.

Preferred stock issuance remains low, with only $17 million tapped this week, indicating most activity is through common shares.

![MSTR Chart](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Ffda304b5a7582612611c0ecb323c05517354296d-2650x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

## Bullish Catalysts and Market Sentiment

The CME FedWatch Tool indicates traders expect a 25 basis-point rate cut in September and three cuts by year-end. This has improved risk sentiment, with the 10-year U.S. Treasury yield briefly falling below 4%.

However, the dollar index (DXY) is holding multiyear support, which could be a key inflection point to monitor.

![US 10-year Yield](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fbbf694ec283499c03b259c5c974198c3899a5660-2650x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

![DXY Index](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F8ef9d12986ebbd681224ba8e2bfac474356fa93a-2651x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

CPI surprises to the upside while cracks widen in U.S. labor market; bitcoin climbs as the dollar weakens and bond yields fall.

Is Bitcoin the Ultimate Hedge as Economic Cracks Widen? CPI Surge and Job Woes Fuel BTC Rally

# Gemini's Nasdaq Debut: A Strong Start

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, made a splash on its first day of trading on the Nasdaq. The stock opened at **$37.01**, significantly above its IPO price of **$28**, and closed **14% higher** at $32. This successful debut came after the company raised **$425 million** in its initial public offering, valuing Gemini at approximately **$3.3 billion** before trading began.

## Key Details of the IPO

The IPO was priced above the revised range of $24 to $26 per share, which itself was an increase from the initial $17 to $19 range. A total of **15.2 million shares** were offered. During intraday trading, shares climbed as high as **$45.89**, showcasing strong investor interest.

## About Gemini and Its Services

Headquartered in New York, Gemini offers a comprehensive suite of crypto services, including a **spot exchange**, **custody solutions for institutions**, a **U.S. dollar-backed stablecoin**, a **crypto rewards credit card**, and **staking products**. As of the end of July, the platform held over **$21 billion in assets**. However, financial filings reveal that Gemini reported losses of **$159 million in 2024** and **$283 million in the first half of 2025**.

## Winklevoss Brothers' Bullish Bitcoin Outlook

On the morning of the IPO, the Winklevoss twins appeared on CNBC's "Squawk Box" to discuss their vision. Tyler Winklevoss described **bitcoin as 'gold 2.0'** and emphasized that adoption is still in its early stages, likening it to the "first inning" of a game. Both brothers projected that **bitcoin could reach $1 million within the next decade**, reinforcing their long-standing bullish stance on the cryptocurrency.

## Context and Comparisons

Gemini's listing follows other major crypto exchanges going public, such as **Coinbase (COIN)** in April 2021 and **Bullish (BLSH)**, which owns CoinDesk, last month. This trend highlights the growing mainstream acceptance and institutional interest in cryptocurrency platforms.

![The Nasdaq Marketsite in New York City](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F7345e4ed74aded72f0dd37207a788eb92dc3adb7-1920x1080.png&w=3840&q=75)

Gemini gained 14% on its Nasdaq debut after raising $425M in an IPO. The Winklevoss twins forecast bitcoin reaching $1M in the next decade.

Bitcoin (BTC) Price Volatility Fueled by US PMI Data

Summary:

Bitcoin (BTC) experienced significant volatility, driven by the ISM Manufacturing PMI data in the US.

The PMI reading of 48.5 suggests potential strain on the economy and possible inflation.

This data sparked a flash crash, but Bitcoin has since stabilized.

The spot ETF product, with backing from major Wall Street firms, continues to drive Bitcoin's growth.

The halving event has reduced Bitcoin's supply, contributing to potential price rebound.

Overall, the market remains optimistic about Bitcoin's future.

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