The Bitcoin Halving is set to take place this week. Miners’ rewards will be cut in half from 6.25 BTC to 3.125. This event is expected to have far-reaching effects on the miners themselves, as they are bound to lose a significant amount of revenue once the halving occurs. Bitcoin Miners Could Lose Up To $10 Billion In Revenue According to a Bloomberg report, Bitcoin miners could lose up to $10 billion annually following the Bitcoin Halving. This is because these miners, who currently earn 900 BTC daily from validating transactions, would see their income drop to 450 BTC once the halving happens. However, it is worth noting that this projected revenue loss is based on Bitcoin’s current price. Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking Therefore, this revenue loss can be cushioned if Bitcoin’s price experiences a significant surge after the halving. These miners will, however, have in mind that reliance on Bitcoin’s price rise isn’t sustainable, considering that they will also encounter subsequent bear markets, which would lead to a price decline for the flagship crypto. That is why miners like Marathon Digital and CleanSpark are reported to have invested in new equipment and have sought to weed out the competition by buying out their smaller rivals. Buying out the competition can reduce the number of miners competing for block rewards and cushion the drop in their daily revenue. Bitcoinist also previously reported that Bitcoin miners were looking to diversify their operations in a bid to boost their revenue streams and earn additional income that could cushion the effects of the halving. The artificial intelligence (AI) sector is one of those areas in which these miners are actively seeking opportunities, considering that Bitcoin mining’s infrastructure is well suited for certain AI operations. BTC Miners Facing Competition From Tech Giants Bloomberg also reported that US Bitcoin miners are facing competition from the largest tech companies in the world for electricity to power their operations. These tech giants, who also happen to be high-energy consumers, are looking for as much energy as Bitcoin miners to power their data centers. Related Reading: Market Expert Reveals Why Solana Price Is Poised To Go Higher The report further noted that electricity constraints in the US, alongside the high demand for electricity among miners and tech giants, have led to a surge in electricity rates. This development is also making it harder for Bitcoin miners to run their operations smoothly in the country. Tech companies are said to have an edge over them when acquiring power from utility companies due to their consistent revenue streams, unlike Bitcoin miners, whose success largely depends on Bitcon’s volatile price. BTC bulls reclaim control | Source: BTCUSD on Tradingview.com Featured image from Atlantic Council, chart from Tradingview.com
The bullish momentum of the Bitcoin price has dwindled over the past few weeks, putting the progression of the crypto bull cycle into question. On Friday, April 12, the crypto market witnessed a flash crash, causing the premier cryptocurrency’s value to drop from $70,000 to below $67,000. This latest downturn underscores the struggle of the Bitcoin price to return to its recent all-time high of $73,737, which was forged in mid-March. On-chain analytics platform Santiment has identified a particular Bitcoin metric that may signal the resumption of the bull run. Bitcoin Bull Run May Resume If This Metric Falls In a recent post on X, blockchain intelligence firm Santiment provided an exciting insight into the current cycle and the price performance of Bitcoin. The firm pinpointed the Mean Dollar Invested Age metric as one of the indicators to watch as the market leader moves sideways. Related Reading: Cardano (ADA) Prints ‘Undeniable Bull Run’ Signal: Crypto Analyst According to Santiment, the Mean Dollar Invested Age metric tracks the average age of investment in an asset that has sat in the same wallet. When this indicator is rising, it means that investments are getting more stagnant and old coins are being held in the same wallets. Conversely, a decreasing Mean Dollar Invested Age metric implies that investments are flowing back into regular circulation. This “falling line” also suggests an increase in network activity. A chart showing Bitcoin's Mean Dollar Invested Age | Source: Santiment/X From a historical perspective, Bitcoin exhibited a falling Mean Dollar Invested Age line during the previous bull cycles. According to Santiment, this has been the case for the premier cryptocurrency in the current bull run, which kicked off in late October 2023. The on-chain analytics platform, however, noted that Bitcoin’s Mean Dollar Invested Age line has been moving sideways over the past couple of weeks. This phenomenon is even more shocking, considering that the highly-anticipated halving event is about a week away. The Bitcoin halving will see the miners’ reward slashed in half (from 6.25 BTC to 3.125 BTC). It is a bullish event that has contributed to the optimistic outlook – borne by most investors – for the premier cryptocurrency in 2024. From Santiment’s latest report, investors might want to keep their eyes peeled for the Bitcoin Mean Dollar Invested Age metric. And the bull run is likely to continue if the BTC’s Mean Dollar Invested Age line resumes its fall, which would imply that major stakeholders (like whales) are back to moving coins into regular circulation. BTC Price At A Glance As of this writing, Bitcoin is trading around $66,548, reflecting a notable 6% price decline in the past 24 hours. Related Reading: Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”? Bitcoin price falls below $67,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView
Bitcoin fails to follow gold to new all-time highs into the end of the week with BTC price momentum instead heading toward $69,000.
Bitcoin, the world’s largest cryptocurrency, has caught the attention of the ultra-wealthy elite, as individuals with assets worth millions and billions of dollars are setting their sights on entering the digital asset market, eager to become part of Bitcoin’s innovative and revolutionary ecosystem. Wealth Titans Are Shifting Focus To Bitcoin Investments In a recent interview with CNBC Last Call, Barbara Goldstein, the Managing Partner at R360, an invite-only networking and investment club for the uber-rich, discussed a new shift among wealth titans towards Bitcoin investments. Related Reading: The Era Of Flippenings: Can Dogecoin Take XRP’s Spot? Shedding light on the growing appeal for digital currencies among the elite echelons of the R360 club, Goldstein disclosed that the members of the club had engaged in thorough discussions about Bitcoin, expressing optimism regarding its potential to be a lucrative investment bracket for the wealthy. She revealed that a prominent member of the R360 club members, a leading hedge fund manager, had championed the pioneer cryptocurrency, continuously encouraging other members to invest in it. Additionally, Goldstein detailed several bullish factors she believes served as a primary catalyst for driving Bitcoin’s value, citing the upcoming Bitcoin halving event this April and the growing Spot Bitcoin Exchange Traded Funds (ETFs) market. When questioned about whether the members of the R360 club were treating Bitcoin as a casual investment or delving deeply into investing in the tokens, Goldstein responded by affirming that Bitcoin was among the investment vehicles favored by the members of the R360 club. This notable shift in Bitcoin’s appeal among wealthy individuals reflects the growing acknowledgement of the cryptocurrency’s potential to serve as a valuable hedge against inflation. Additionally, it underscores the cryptocurrency’s evolution as the preferred asset for diversification amongst investors globally. BTC Emerges As New Gold Standard During the interview, Goldstein declared that “Bitcoin was a corollary almost to Gold,” suggesting its potential to become a digital store of value. Related Reading: Crypto Analyst Predicts Shiba Inu Price Will Reach $0.0001 If This Happens The R360 managing partner has not been alone in drawing parallels between this digital asset and gold. Leading figures in the crypto industry, like Co-founder and CEO of MicroStrategy, Michael Saylor and ArkInvest CEO and Founder Cathie Wood, have also likened the pioneer cryptocurrency to the precious metal. Commending Bitcoin further, Goldstein extolled its remarkable growth and evolution, asserting Bitcoin’s position as the number one asset class in the digital asset industry. She disclosed that Bitcoin was a vital investment asset that everyone should possess, affirming its role as a hedge against inflation and praising its track record of impressive performance over the past 14 years. Additionally, Goldstein concluded by acknowledging the numerous positives related to Bitcoin, while cautioning that it remains a volatile asset class. BTC price remains above $70,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes, chart from Tradingview.com
Bitcoin bulls escape a fresh inlation-induced burn as U.S. PPI figures drop faster than expected and BTC price action challenges $71,000.
In a recent analysis, Stanislas Bernard, the founder of Sinz 21st.Capital, delved into the complexities surrounding Hong Kong’s consideration to approve spot Bitcoin ETFs against the backdrop of China’s escalating economic crisis. With the nation grappling with a record debt-to-GDP ratio of 288% in 2023, and witnessing one of the most severe housing market collapses in three decades, the financial instability has triggered an unprecedented capital flight towards overseas markets. The Perfect Timing For A Spot Bitcoin ETF? Amidst these turbulent economic times, Hong Kong’s potential approval of spot Bitcoin ETFs stands out as a pivotal development that could not only be a safe haven for Chinese investors but also significantly influence Bitcoin’s valuation, potentially catapulting it to the elusive $100,000 mark. China’s economic woes have been intensifying, marked by a towering debt ratio and a plummeting housing sector that has investors scrambling for alternatives. “China currently faces a significant economic downturn, exacerbated by soaring debt and malinvestments in real estate. The crisis, becoming well-known in 2021 with the default of Evergrande Group, has now spread, causing a ripple effect that will likely slow down the Chinese economy for years to come,” Bernard pointed out. Related Reading: Bitcoin Stays Sub $70,000 As Hong Kong Readies April-End ETF Launch This backdrop of economic instability has incited a significant shift in investor behavior, notably among Chinese investors who, faced with stringent capital controls, have sought refuge in ETFs that offer exposure to foreign markets. Yet, this avenue has been fraught with its own challenges. “Investors are paying premiums as high as 43% on certain US-focused ETFs due to quota limitations, which speaks volumes about the desperation to find safer investment harbors,” Bernard notes. Such premiums underscore the pervasive fear and uncertainty that have gripped the Chinese market, driving investors towards seemingly any available exit from the volatility of the domestic market. The Role Of Hong Kong Bernard believes that not only Hong Kongers but also Chinese mainlanders will flock to Bitcoin ETFs. “They are pretty integrated. Mainland is HK’s largest trading partner. Would not be possible to approve a spot ETF and then close it to mainland. They will enforce transaction limits instead,” the expert said. In the midst of these developments, Hong Kong’ Securities and Futures Commission (SFC) is reportedly considering the approval of spot Bitcoin ETFs already by the end of April, as reported yesterday. This move is viewed as a strategic effort to capture a portion of the capital flowing into Bitcoin, especially in the wake of the SEC’s approval of similar ETFs in the US, which saw a meteoric rise with $12 billion of net flow. Related Reading: Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One? “Hong Kong is scrambling for a change. The approval of spot Bitcoin ETFs could unlock a vast reservoir of stranded Chinese capital into Bitcoin, providing a much-needed life raft for investors,” Bernard explained. The anticipated approval of spot Bitcoin ETFs by Hong Kong authorities has been met with significant enthusiasm within the crypto community. Influential figures such as Bitcoin Munger and Stack Hodler have been vocal about the potential impact of this development on Bitcoin’s price. “Hong Kong ETFs approval have accelerated to next week. Most accounts on CT weren’t making a big deal about them, but they are a big deal. They are going to take us to $100k+ in due time. Tick tock!” stated popular Bitcoin analyst Bitcoin Munger (@bitcoinmunger). He refers to the regional yearly year-over-year supply change from West to East. Stack Hodler (@stackhodler) further emphasized the urgency among Chinese investors to find secure investment avenues outside the traditional system, “Chinese investors were panic-buying a Gold fund at a 30% premium this month as they attempt to get their wealth into something outside the Chinese system. The approval of Hong Kong spot ETFs could be the turning point, offering a sanctioned avenue for wealth preservation amidst the crumbling real estate market.” Overall, the potential approval of spot Bitcoin ETFs in Hong Kong is poised to be a landmark development, not just for the region but for the global market. By offering a secure and regulated channel for investment, it could serve as a catalyst for significant capital inflow into Bitcoin, reinforcing its status as a viable store of value. “As we stand at the cusp of this historic development, the implications for Bitcoin and the broader cryptocurrency market could be profound. The approval of spot Bitcoin ETFs in Hong Kong could indeed be the harbinger of a new era, potentially driving Bitcoin’s value to new heights,” concluded Bernard. At press time, BTC traded at $70,945. Featured image created with DALL·E, chart from TradingView.com
The value days destroyed multiple is hinting at an incoming BTC price macro top, but all might not be as it seems.
The Bitcoin price has seen a notable fluctuation, briefly surpassing $72,500 on Monday before dipping below the $70,000 threshold on Tuesday. This movement can be attributed to a risk-off sentiment among investors, largely in anticipation of the latest US Consumer Price Index (CPI) figures today. Following a low of $68,200 on Tuesday, Bitcoin managed a slight recovery, stabilizing above $69,400 at the time of reporting. Concurrently, the Hong Kong Securities and Futures Commission (SFC) has updated its registry of virtual asset management funds early on April 10. Notably, the SFC is poised to announce the inaugural list of four Bitcoin spot Exchange Traded Funds (ETFs) on April 15, as reported by Tencent News. This announcement marks a significant milestone, setting the stage for the ETFs’ launch on the Hong Kong Stock Exchange by the end of April. Despite the magnitude of this news, the immediate market reaction has been muted. Hong Kong To Launch Spot Bitcoin ETFs By End Of April According to a Tencent News report, Harvest International Asset Management and Huaxia Funds (Hong Kong) Limited have been officially approved to manage virtual assets, signaling their entry into the cryptocurrency sector in Hong Kong. This development is significant as it introduces mainland China’s leading public fund companies into Hong Kong’s virtual assets industry. Currently, there are 18 funds in Hong Kong authorized to manage cryptocurrency assets, with Harvest International and Huaxia Fund being among the first public funds to venture into this space. Related Reading: Bitcoin Nears Two Important On-Chain Levels: What Happened Last Time Harvest International emerged as the pioneer in submitting a proposal for a spot Bitcoin ETF in Hong Kong as of January 26. Following this initial submission, both companies have now secured the necessary qualifications to issue cryptocurrency-related fund products, including Bitcoin spot ETFs. This move enables retail investors to access these products through the Hong Kong Stock Exchange. The urgency to update the virtual asset management funds list stems from the SFC’s plan to unveil the first batch of Bitcoin spot ETFs by April 15. The initial batch was anticipated to include Huaxia Fund, Bosera Fund, and Value Partners Financial, alongside Harvest International. However, Bosera and Value Partners were notably absent from the updated list due to their lack of an independent responsible officer (RO) qualified in cryptocurrency asset management. These funds are reportedly collaborating with Hashkey Capital and VSFG, both qualified crypto asset management organizations. Related Reading: Ethena’s (ENA) Crucial Role In Bitcoin Bull Market: Expert Identifies Critical Factors For Sustainable Growth In preparation for the ETF launch, some applicants, including Huaxia Fund, have been rapidly assembling dedicated teams and submitting their applications by early March. Huaxia’s swift approval by the SFC, achieved in just two weeks, underscores the rapid pace of development in this area. The application process for a Bitcoin spot ETF in Hong Kong involves extensive collaboration with over 20 institutions, including custodian banks and market makers. Following the SFC’s approval, the Hong Kong Stock Exchange is expected to spend approximately two weeks preparing for the ETF launch. Notably, this move opens up the crypto sector to Chinese retail investors, coming three months after the US SEC’s approval of the first batch of Bitcoin spot ETFs on January 11. At press time, BTC traded at $69,484. Featured image created with DALL·E, chart from TradingView.com
With Bitcoin ripping higher and closing in on breaking all-time highs, one analyst on X thinks $150,000 post-halving is “programmed.” The analyst remains upbeat in a post, highlighting several fundamental developments that could drive the world’s most valuable coin to new valuation and more than 2X from spot rates. Currently, the path of least resistance remains northward. Buyers have shaken off the bears of the past trading month, finding anchor from the March 20 bull bar. On April 8, the coin soared above the key liquidation level at around $71,800. Bitcoin has since cooled off, but the leg up remains, and it may form the basis of another breakout above $74,000. For bulls to be firmly in control and align with the analyst’s outlook, there should be a follow-through of the April 8 surge, ideally with rising trading volumes. This could catalyze demand, even placing Bitcoin above $74,000 and fresh 2024 highs before the highly anticipated Halving event. Eyes On Bitcoin Halving: A Supply Squeeze In The Making? As the analyst explains, the “Halving” event is a crucial catalyst for this potential surge. Less than ten days away, this event is a protocol-driven occurrence that will see the network reduce block rewards to 3.125 BTC, down from the current 6.25 BTC. Related Reading: Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge This reduction, combined with sustained demand, will likely create a scarcity of Bitcoin, potentially driving up its price. Ahead of Bitcoin’s Halving, the analyst said the amount of BTC held by exchanges is dwindling. To illustrate, Coinbase’s holdings stand at a six-year low. However, this is not an isolated event; data shows that major exchanges like Binance are seeing decreasing supply. At the same time, over-the-counter (OTC) desks, which handle large, private cryptocurrency transactions, are reportedly running low on Bitcoin, indicating strong institutional demand. This suggests a potential supply squeeze set to only worsen in the coming months. Impact Of Spot BTC ETFs: London, Hong Kong In The Picture Already, spot Bitcoin exchange-traded funds (ETF) issuers, the analyst added, are on a buying spree, gobbling up over $300 million of BTC every day. Since these issuers are acting on behalf of investors, both retail and institutions, they are actively infusing capital into the market, a huge boost for prices. It should be noted that the surge from Q4 2023 to early January was primarily because of the anticipated spot Bitcoin ETFs. The spillover effect and the billions flowing into the asset make BTC more liquid and resilient against aggressive sellers. Additionally, the London Stock Exchange plans to list exchange-traded notes (ETNs) backed by Bitcoin in Q2 2024. Like the spot ETFs in the United States, this product will inject liquidity into the market and legitimize the coin as a worthy asset class, similar to gold. Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line In Asia, the Securities and Futures Commission (SFC) of Hong Kong will likely approve multiple spot Bitcoin ETFs. Some of the noteworthy applicants include leading Chinese asset managers. Feature image from DALLE, chart from TradingView
Bitcoin faces some familiar whale games into the U.S. economic reports as BTC price fails to find support above $70,000.
Bitcoin is changing hands at around a three-week high when writing following refreshing gains on April 8. With the coin trading higher and above previous resistances, now support, analysts on X are upbeat. In a post, one analyst said the recent dip before the upcoming Halving could be the final fire sale of 2024 before ordinary […]
Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, BitMEX has released another blog post, predicting a major fire sale and a potential price decline for Bitcoin, the world’s largest cryptocurrency. Bitcoin Fire Sale Imminent In his blog post, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely affect the price of the cryptocurrency. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When The Bitcoin halving is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency’s value. While most analysts in the crypto market anticipate a bullish rally for Bitcoin and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected. Hayes has acknowledged that the price of Bitcoin and other cryptocurrencies are likely to pump during the halving period, at least in the medium term. However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could potentially turn negative. He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the United States Dollar (USD), it could potentially ignite a “raging fire sale for crypto assets.” The crypto founder also foresees the price of Bitcoin and other cryptocurrencies plummeting around this time. As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction. Despite his captivating predictions, Hayes conceded that the crypto market could defy his bearish forecasts, essentially recognizing the speculative nature of his prediction. Hayes Says April Is The Best Time To Short Sell In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe. Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for short selling. He predicts that after May 1, the market will revert to its “regular programming.” BTC price above $70,000 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com
Bitcoin has already refreshed its record highs in some countries while eyeing the same against the U.S. dollar and the euro.
BTC price action takes an uncertain turn as weak Bitcoin ETF inflows spark nervousness.
Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. How High Will Bitcoin, Dogecoin, And XRP Rise? Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving. Related Reading: Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024 Source: X Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.” Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible. Undervalued Altcoins Make The List Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. DOGE price rises above $0.2 resistance | Source: DOGEUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com
In the early US hours of Monday, Bitcoin witnessed a significant surge, with its price climbing above the $72,000 mark. The ascent, marked by a more than 4.5% increase within a mere five-hour window from below $69,500 to an intra-day high of $72,579, can be attributed to a confluence of factors that have stirred the crypto market. #1 Strong Bitcoin Spot Demand The rally appears to be fueled by robust demand in the Bitcoin spot market, hinting at the potential sustainability of the move. Crypto analyst Daan Crypto Trades (@DaanCrypto) noted the healthy market dynamics, stating on X, “Funding rates still looking solid. Healthy reset, price slowly grinding up. That’s what we want and how we want to keep it. If longs start aping again while spot bid stops, then that will end up in another flush at some point. For now, all good.” Related Reading: 12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away In tandem with the rising spot prices, data from Coinglass reveals that $40.7 million in BTC shorts were liquidated today, further propelling the price upwards. #2 BTC Halving The imminence of the next Bitcoin halving, slated to occur roughly 12 days from now on April 20, has also probably played a pivotal role. Historically, Bitcoin has experienced a pre-halving price retraction followed by a significant rally leading into the event. The halving will reduce the Bitcoin reward from approximately 900 coins per day to 450 coins. Skybridge Capital’s Anthony Scaramucci shared his insights with CNBC recently, highlighting the unpriced nature of the upcoming halving and its potential to further drive Bitcoin’s price. “They’re now saying that the halving is priced in. I don’t believe that. I think Bitcoin has a lot more to go here,” he stated. At current prices, roughly $65 million in Bitcoin ETF inflows per day are needed to buy up the daily mined supply. In 2.5 weeks, that’s only $32.5 million. #3 BTC Follows Gold The correlation between Bitcoin and gold, both considered safe-haven assets, is another factor contributing to Bitcoin’s price movement. Gold’s strong opening this week, reaching a new all-time high of $2.253, has been mirrored by Bitcoin’s price trajectory. Gold enthusiast Peter Schiff and crypto analyst Michaël van de Poppe have both remarked on the positive correlation between the two assets, suggesting a shared momentum amid economic uncertainties. Gold bug Peter Schiff commented via X: “It’s been a volatile Sunday night for gold. After an early $27 sell off, it rallied over $45, hitting a new record high above $2,348. This is an early stage of a major repricing of gold to reflect much higher future inflation. It’s a warning that monetary policy is too loose.” Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? Crypto analyst Michaël van de Poppe remarked: “There we go. Gold opening up with a big new upwards candle and Bitcoin is back to $71,000. Given the strength on commodities and the current price action of Bitcoin, I suspect we’ll see a test of the all-time high coming up.” #4 Strong Weekly Close The significance of Bitcoin’s weekly candle close was highlighted by CRG, a renowned analyst, who pointed to it as a contributor to the rally. The ability of Bitcoin’s price to close sustainably above its 2021 high for the second consecutive week signals a strong bullish sentiment in the market. Great weekly close Fresh all time highs this week Source: my plums pic.twitter.com/wyxwomdDjZ — CRG (@MacroCRG) April 8, 2024 #5 Hong Kong Readies For Spot ETF Launch Finally, the anticipation of the launch of spot Bitcoin ETFs in Hong Kong may have injected optimism into the market. Reports indicate that major Chinese asset managers, such as Harvest Fund and Southern Fund, managing assets worth over $230 billion and $280 billion, respectively, are positioning themselves through Hong Kong subsidiaries to enter the Bitcoin ETF market, awaiting regulatory approval. #6 Extra: The “Ethena-Effect” Ethena Labs has started purchasing BTC as part of a cash-and-carry trade in order to create a “safer” USDe synthetic dollar product for users. The move is being critically observed by the crypto community. Ethena now holds more than half a billion in BTC hedged across Binance, OKX and Deribit Ready for the halvening ₿ pic.twitter.com/auquK59DfY — Seraphim (@MacroMate8) April 8, 2024 At press time, BTC traded at $72,103. Featured image created with DALL·E, chart from TradingView.com
Bitcoin (BTC) is back below $70,000 after momentarily rising above this psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug of war continues, here are some key events to watch out for. Is The Pre-Halving Retrace […]
BTC price gains mushroom before the Wall Street open as CPI week appears to set the tone for the incoming Bitcoin halving.
The Bitcoin price has somewhat slowed down since reaching the unprecedented high of $73,000, moving mostly sideways since mid-March. However, with the halving event less than a fortnight away, all eyes will be on the premier cryptocurrency and all that pertains to it over the next couple of weeks. According to a recent on-chain observation, the BTC supply on exchanges has been on a steady decline over the past few months. This trend has sparked discussions on what this could mean for the Bitcoin price, both in the short and long term. $7.55 Billion Transferred Out Of Exchange Wallets In The Past Month Prominent crypto pundit Ali Martinez took to the X platform to share that a significant amount of Bitcoin has been moved out of crypto exchanges over the past month. The relevant metric here is Glassnode’s Balance on Exchanges, which tracks the total amount of a cryptocurrency (Bitcoin, in this case) held across all exchange addresses. Related Reading: Bitcoin Short-Term Holders Go On 1.2 Million BTC Buying Spree, Is Retail Finally Here? A decrease in the value of this indicator implies that investors are making more withdrawals than deposits of Bitcoin into centralized exchanges. The metric’s increase, on the other hand, indicates that more BTC is flowing into these exchanges than leaving. Chart showing Bitcoin balance on all exchanges | Source: Ali_charts/X According to Martinez, about 111,000 BTC (worth approximately $7.55 billion) have been transferred out of known crypto exchange wallets in the past month. Typically, an exodus of funds (of this magnitude) suggests a significant shift in the sentiment of Bitcoin investors. While the exact rationale behind such a massive movement of Bitcoin remains unclear, the flow of funds from trading platforms suggests a growth in investor confidence. This implies that BTC owners are more interested in holding their assets in the long term rather than selling for short-term gains. Furthermore, this continuous downward trend in BTC’s balance on exchanges could set the stage for a bullish rally for the Bitcoin price. A sustained drop in the BTC’s supply on centralized exchanges could result in a supply crunch – a scenario where the supply of a particular asset is lower than its demand, leading to a surge in its value. Another potential bullish catalyst for the Bitcoin price is the upcoming halving event, which is expected to occur on April 18, 2024. With the miners’ rewards slashed in half and the production of Bitcoin slowed, this event is expected to impact the value of BTC positively. Bitcoin Price At A Glance As of this writing, the Bitcoin price stands at around $69,537, reflecting a 2.7% increase in the last 24 hours. Related Reading: Breakout Of The Year? Crypto Analyst Predicts Where NEAR Is Headed Next Bitcoin price on the verge of $70,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView
In recent times, the increasing appeal of Bitcoin (BTC) among asset managers and traditional finance (TradFi) institutions has gained significant attention, particularly with the notable success of Bitcoin ETF products offered by industry leaders like BlackRock, Grayscale, and Fidelity. This success has prompted more Wall Street banking institutions to eagerly enter the newly approved ETF […]
Bitcoin sets up another run at the key $69,000 zone as U.S. banks including Goldman Sachs are revealed as BlackRock ETF “Authorized Participants.”
Bitcoin has continued to trade sideways since hitting a new all-time high (ATH) of $73,750. That has raised concerns that BTC’s bullish momentum in this bull run may be shortlived. However, crypto analyst Lark Davis has outlined reasons why BTC’s price will keep soaring till the remainder of the year. Why 2024 Is A Bullish […]
Bitcoin bulls follow through with earlier upside to see $69,000 briefly return to the BTC price chart.
On Wednesday, the Kansas City Cattle Company, known for its premium Wagyu beef products, announced on X (formerly Twitter) its strategic decision to adopt Bitcoin as its primary reserve treasury asset. This decision by the veteran-owned and operated enterprise, celebrated for its world-renowned gourmet uncured all-Wagyu beef hot dog, marks a significant pivot towards financial […]
Despite a recent price dip in crypto, including Bitcoin, Raoul Pal, the founder of Real Vision, remains bullish, citing accelerating adoption and strong underlying fundamentals. In a recent post on X, Pal said though prices are dropping after strong gains, cryptocurrencies and its underlying technology are being adopted twice as fast as the internet. At this pace, […]
The Bitcoin price took a sharp downturn recently, dipping below $67,000 and raising concerns among investors. However, a crypto analyst has encouraged the crypto community to buy more Bitcoin at this time, suggesting that the decline presents an opportunity to acquire BTC at a lower price. Bitcoin Decline Signals Prime Buying Opportunity Michael van de Poppe, a popular crypto analyst and enthusiast, has remained optimistic about Bitcoin’s future outlook, urging the broader crypto community to view the cryptocurrency’s recent dip as a buying opportunity. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree In a recent X (formerly Twitter) post, the analyst shared insights on the crypto market, noting the regular occurrence of both bullish and bearish activities, which contribute to the market’s balance and stability. He also revealed that price corrections were normal in the crypto market, independent of market performance or conditions. Poppe has encouraged investors and crypto enthusiasts to buy more Bitcoin now that the price is currently trading at $66,528, according to CoinMarketCap. Over the past week, the cryptocurrency has witnessed significant price declines, plummeting by 4.64%. This unexpected price decline has been attributed to the crackdown on Silk Road Bitcoin, an online black market that allows users to purchase illegal and unethical commodities anonymously using Bitcoin. According to ZachXBT, a crypto community member, the United States government transferred 30,175 BTC worth $2.1 billion of Silk Road hack funds to Coinbase. This massive Bitcoin transaction has possibly led to the cryptocurrency’s present decline, fueled by bearish news and market volatility. “At peak bullish momentum, you’ll see a huge impact of every bearish narrative. This time, it’s the Silk Road Bitcoin being transferred. Anyway, buy the dip,” Poppe stated. BTC’s Peak Anticipated Before Halving Event In another X post, Poppe revealed disheartening news, noting that a critical price zone had been lost for Bitcoin. The crypto analyst asserted that the cryptocurrency would not witness a surge to new all-time highs during this pre-halving phase unless it breaks through resistance levels at $69,000. Related Reading: Solana Whales Are Making Moves – Here’s The Direction They’re Headed In The analyst foresees a period of consolidation for BTC, highlighting that during this time altcoins are expected to gain traction while Bitcoin undergoes a correction phase. He further disclosed that a price correction for Bitcoin indicates a healthy and organic market cycle. Poppe has stated that Bitcoin’s area of interest lies between the range of $56,000 to $60,000. Concluding his post, the analyst further encouraged investors to acquire Bitcoin, emphasizing that “dips are for buying in these markets.” BTC price recovers from dip | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com
Bitcoin ETF outflows are on the rise once again after a change in the tide last week. These outflows, given the ETFs’ correlation with the Bitcoin price, have a substantial impact on how well the cryptocurrency performs over time. So, as outflows are ramping up, will it trigger a crash in the BTC price? ARK Invest And Grayscale Lead Outflows While Grayscale’s Spot Bitcoin ETF has been the natural culprit for ETF outflows due to its high fees, another fund has joined the trend in a surprising turn of events. Cathie Wood’s ARK Invest saw a substantial outflow from its ETF, leading to a new record for the investment firm. Related Reading: Solana Whales Are Making Moves – Here’s The Direction They’re Headed In The Ark 21Shares Fund (ARKB) saw a record $87.5 million leave its fund on Tuesday, April 2. Interestingly, the fund’s outflows were even higher than that of Grayscale, which saw around $81.9 million in outflows in the same day. For both these funds, it marked the second consecutive day of outflows, although it was more concerning on the part of the Ark 21Shares Fund. This is because Grayscale saw a decline in outflows between Monday and Tuesday, going from $302.6 million to $81.9 million. Whereas the ARK Invest fund saw outflows go from $0.3 million on Monday to $87.5 million on Tuesday, resulting in a 29,000% increase in outflows in a single day. Only these two funds have experienced outflows this week though, as the other ETFs continue to see upside. While Monday’s net flows ended up being negative to the tune of $85.7 million, Tuesday’s numbers looked better with positive net flows of $40.3 million. How Will This Affect Bitcoin Price? Since the Spot Bitcoin ETFs were approved in January, their effect on the Bitcoin price has been positive overall. However, there have been points where outflows from the funds have affected the BTC price, causing it to crash. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree A few instances of this is back in January, a week after the ETFs were first approved. Outflows had plagued the funds and the Bitcoin price had declined as a result. Then again, in March, when outflows turned negative between March 18 and March 22 and the Bitcoin price crashed from $73,000 to $61,000. Given BTC’s performance during periods where outflows prevail in Spot ETFs, this current trend does not bode well for the price. There has been a recovery in the BTC price after inflows turned positive on Tuesday. But unless they stay positive through the end of the week, the BTC price could see further crashes toward the $60,000 level. BTC price recovers above $66,000 | Source: BTCUSD on Tradingview.com Featured image from Business News This Week, chart from Tradingview.com
Recent Bitcoin price volatility in Asia has been closely linked to automated trading algorithms that monitor flows in US exchange-traded funds (ETFs). According to Bloomberg, this algorithmic trading response to daily US ETF flow data is causing pronounced swings in Bitcoin prices during Asian trading hours. Trading Algos Spoil The Bitcoin Price The trigger for Bitcoin’s steep decline, marking its worst drop in a month, was observed on Tuesday morning in Asia. This downturn coincided with the release of US ETF flows data, which indicated a net withdrawal of investments. Shiliang Tang, president of Arbelos Markets, highlighted the impact of algorithmic trading on these market movements. “From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this,” Tang explained. “It seems that’s basically what is happening.” Related Reading: Bitcoin Supply In Loss Hits 10% After Crash: What Happened Last Time The introduction of several Bitcoin ETFs in the United States on January 11 has since attracted a net $12 billion in investments. These ETFs experienced a surge in inflows, especially in the first half of March, propelling Bitcoin to a record high of $73,798. However, the premier cryptocurrency has seen a decline of up to 17.6% from this peak, amidst fluctuating inflows and outflows within the sector. This pattern of flows has notably impacted the Asian market’s returns, with February and early March witnessing particularly strong performance, which diminished later in the month. The influence of algorithmic protocols on Bitcoin’s price not only affects the spot market but extends to derivatives as well, with Coinglass reporting about $357 million in bullish crypto bets being liquidated on Tuesday alone. Related Reading: Bitcoin Price Tumbles Below $66,000: 4 Major Reasons Charlie Morris, Chief Investment Officer at ByteTree Asset Management, pointed out the significance of ETF flows for Bitcoin compared to gold, noting that 5.5% of Bitcoin is held in ETFs, against 1% for gold. This makes ETF flows a more critical factor for Bitcoin’s market movements. Market participants like Jakob Kronbichler, co-founder of Clearpool Finance, emphasize the market’s responsiveness to ETF flow data and suggest the recent correction as a natural pause for the market to “take a bit of a breather” amidst widespread excitement. Spot ETFs Rake In $40 Million Yesterday, all spot Bitcoin ETFs experienced an inflow totaling $40.3 million, primarily due to Blackrock’s significant contribution of $150.5 million, which played a crucial role in boosting the market. On the contrary, ARK faced a challenging day with $87.9 million in outflows, despite having $200 million inflows the previous week. Grayscale’s GBTC saw rather low outflows, amounting to $81.9 million. Renowned analyst WhalePanda commented: “Maybe profit taking after Q1? Speculation though. […] Mondays always seem to have the most outflows and wondering if end of Q1 had something to do with it as I suspect. Price crashed further on US government moving/selling some of the BTC from Silk Road. Better to sell here than at $100k or $200k. 17 days until halving.” At press time, BTC traded at $66,398. Featured image created with DALL·E, chart from TradingView.com
On-chain data shows that the world’s largest stablecoin issuer, Tether, recently added more Bitcoin to its holdings. The magnitude of the purchase has caused the crypto community to speculate on why Bitcoin’s price has dipped instead when such a development is usually bullish for the crypto token. Tether Acquires 8,888 BTC Data from the blockchain analysis platform Arkham Intelligence shows that Tether acquired 8,888 Bitcoin on March 31, and the stablecoin issuer now holds almost 75,400 BTC. With its BTC holding, Tether now ranks as one of the largest Bitcoin holders, even having more BTC than some of the most prominent crypto exchanges and Spot Bitcoin ETF issuers. Last year, the stablecoin issuer announced its plan to regularly purchase Bitcoin for its stablecoin reserves using part of the profits realized from its operations. Therefore, it is no surprise that the company has been able to acquire this amount of BTC since then, especially with the success they have attained recently. However, what is surprising is that Bitcoin has since dropped below $70,000 following this development. Usually, a Bitcoin purchase of such size should positively impact Bitcoin’s price and not cause a price dip like the one currently experienced. However, there is reason to believe other factors have overshadowed Tether’s purchase and caused Bitcoin to see such a sharp correction. Why The Bitcoin Price Is Down Crypto trading firm QCP Capital recently provided insights into why Bitcoin’s price broke below $70,000 and dropped to as low as $66,000. The firm claimed that the sharp move to the downside was due to the “large liquidations on retail-heavy exchanges like Binance, which saw perp funding rates go from as high as 77% to flat.” Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? The Spot Bitcoin ETFs, specifically Grayscale’s GBTC, also look to have contributed to Bitcoin’s decline as Grayscale continues to experience significant outflows from its fund. On April 1, GBTC saw an outflow of $302.6 million, mainly contributing to the combined net outflows of $85.7 million recorded by these Bitcoin ETFs.This has brought about more selling pressure on Bitcoin, which is currently overwhelming the buying pressure in the ecosystem. Activity in the derivatives market has also played a part in the bearish market sentiment, with the bears looking firmly in control. Data from Coinglass shows that $409 million has been liquidated from the market in the last 24 hours, with $328 million in long positions being wiped out during this period. At the time of writing, Bitcoin is trading at around $66,500, down over 4% in the last 24 hours, according to data from CoinMarketCap. BTC price falls to $65,000 | Source: BTCUSD on Tradingview.com Featured image from CFA Institute Blog, chart from Tradingview.com
BTC price action may be upsetting for leveraged longs, but Bitcoin market observers are finding reasons for optimism.