Featured Bitcoin Halving Postponed to May 29th: Industry Reacts to Delay in Highly Anticipated Event
In a surprising turn of events, the highly anticipated Bitcoin Halving has been postponed until May 29th, sending shockwaves through the cryptocurrency community and sparking discussions about its potential implications on the market. The decision to delay the halving, originally scheduled for a date in mid-May, has prompted speculation and scrutiny from investors, analysts, and industry stakeholders alike.
Bitcoin Halving: A Crucial Event in Crypto History
The Bitcoin Halving, a programmed event that occurs approximately every four years, is a key milestone in the cryptocurrency’s protocol. During the halving, the reward for mining new blocks on the Bitcoin network is cut in half, reducing the rate at which new Bitcoins are created and effectively decreasing the supply of the digital asset.
Historically, Bitcoin Halvings have been associated with significant price movements and market volatility, with many investors eagerly anticipating the event as a potential catalyst for bullish momentum and increased demand.
Unexpected Delay Raises Questions
The decision to postpone the Bitcoin Halving has caught many in the cryptocurrency community off guard, prompting questions about the reasons behind the delay and its potential impact on market dynamics. While official statements from Bitcoin developers and network stakeholders are yet to be released, speculation abounds regarding the factors contributing to the postponement.
Some analysts suggest technical challenges or adjustments to the Bitcoin protocol may be responsible for the delay, while others speculate that external factors such as regulatory concerns or market conditions could be influencing the decision.
Industry Reacts to the News
The news of the Bitcoin Halving postponement has elicited mixed reactions from industry participants, with some expressing disappointment at the delay while others see it as an opportunity for further preparation and analysis. Traders and investors are reassessing their strategies in light of the new timeline, with some opting to adjust their positions in anticipation of potential market fluctuations.
Market analysts are closely monitoring the situation, analyzing historical data and market trends to gauge the potential impact of the delayed halving on Bitcoin’s price trajectory. While uncertainty looms over the immediate implications of the postponement, many remain optimistic about the long-term prospects of Bitcoin and its underlying technology.
Looking Ahead: Preparing for the Halving
As the cryptocurrency community grapples with the news of the postponed Bitcoin Halving, industry stakeholders are emphasizing the importance of preparation and vigilance in the lead-up to the rescheduled event. Traders, investors, and enthusiasts are urged to stay informed and exercise caution in their decision-making, particularly in light of potential market volatility.
While the delay may introduce uncertainty into the market in the short term, many remain confident in Bitcoin’s fundamentals and its ability to weather challenges and emerge stronger in the long run. As May 29th approaches, all eyes will be on the cryptocurrency markets as they await the eagerly anticipated Bitcoin Halving and its potential impact on the future of digital currency.
Featured Hong Kong is reportedly on the verge of approving its first spot Bitcoin exchange-traded funds (ETFs) in April, according to sources.
By Summer Zhen and Jason Xue
HONG KONG (Reuters) – Spot Bitcoin exchange-traded funds (ETFs) are poised for launch in Hong Kong this month, with the first approvals expected to be announced next week, according to two individuals familiar with the matter.
This timeline would position Hong Kong as Asia’s pioneer in offering these popular ETFs, significantly quicker than the industry’s anticipation of launches sometime this year.
One of the sources indicated that regulators have expedited the approval process.
Amid a loss of its luster as a global financial hub due to pandemic-related restrictions, China’s economic challenges, and Sino-U.S. tensions, Hong Kong authorities have been eager to enhance the city’s appeal for financial trading.
“The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as pushing crypto adoption to a new height,” said Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto wealth manager.
In January, the U.S. introduced the first U.S.-listed exchange-traded funds (ETFs) to track spot Bitcoin, attracting approximately $12 billion in net inflows, according to data from BitMEX Research.
Bitcoin has surged by more than 60% this year, reaching an all-time high of $73,803 in March. On Wednesday, it was trading around $69,000.
At least four mainland Chinese and Hong Kong asset managers have submitted applications to launch these ETFs, as per the two sources.
China Asset Management, Harvest Fund Management, and Bosera Asset Management, through their Hong Kong units, are among the applicants, the two individuals and a third source mentioned.
The sources, not authorized to speak to the media, declined to be identified.
Hong Kong’s Securities and Futures Commission (SFC) and the three Chinese companies mentioned declined to provide comments.
This month, China Asset Management and Harvest Fund Management’s Hong Kong units received approval to manage portfolios investing more than 10% in virtual assets, according to the SFC’s website.
Their parent companies are prominent mutual fund firms in China, each managing over 1 trillion yuan ($138 billion) in assets.
Despite cryptocurrency trading being prohibited in mainland China, offshore Chinese financial institutions have displayed interest in engaging with crypto asset development in Hong Kong.
Hong Kong endorsed its initial ETFs for cryptocurrency futures in late 2022. The largest among these, the CSOP Bitcoin Futures ETF, has witnessed its assets under management expand sevenfold since September to approximately $120 million.
Value Partners, based in Hong Kong, has also mentioned exploring the launch of a spot Bitcoin ETF. However, it has not disclosed if it has submitted an application.
($1 = 7.2305 yuan)
Featured Bankman-Fried Receives 25-Year Sentence for FTX Fraud Involving Billions of Dollars
Sam Bankman-Fried, the former billionaire wunderkind and founder of the bankrupt FTX cryptocurrency exchange, received a 25-year prison sentence from a judge on Thursday for embezzling $8 billion from FTX customers. U.S. District Judge Lewis Kaplan delivered the verdict at a Manhattan court hearing, dismissing Bankman-Fried’s assertion that FTX customers did not suffer losses and finding him guilty of seven counts of fraud and conspiracy related to FTX’s collapse in 2022, a case labeled by prosecutors as one of the largest financial frauds in U.S. history.
Judge Kaplan remarked that Bankman-Fried displayed no remorse, stating, “He knew it was wrong… He knew it was criminal.” Bankman-Fried, 32, clad in a beige short-sleeve jail T-shirt, addressed the court for about 20 minutes, expressing regret for the suffering of FTX customers and extending an apology to his former colleagues at FTX, though he did not admit to criminal wrongdoing. He declared plans to appeal his conviction and sentencing.
This verdict marks the climax of Bankman-Fried’s downfall from an immensely wealthy entrepreneur and significant political donor to a prominent target in the U.S. crackdown on misconduct in cryptocurrency markets. U.S. Attorney General Merrick Garland emphasized the seriousness of defrauding customers and investors, cautioning against the belief that financial crimes can be shielded by wealth and influence.
Judge Kaplan’s ruling found that FTX customers lost $8 billion, with equity investors of FTX losing $1.7 billion, and lenders to Bankman-Fried’s Alameda Research hedge fund losing $1.3 billion. He issued an $11 billion forfeiture order and authorized the government to reimburse victims using seized assets.
Federal prosecutors had initially sought a 40 to 50-year sentence, while Bankman-Fried’s defense, led by Marc Mukasey, argued for less than 5-1/4 years.
In his address to the court, Bankman-Fried expressed remorse, stating, “Customers have been suffering… I didn’t intend to downplay that.” He also acknowledged the loss experienced by his FTX colleagues, recognizing the impact of his actions on their efforts. Three former associates, testifying as prosecution witnesses, revealed Bankman-Fried’s direction to utilize FTX customer funds to cover losses at Alameda Research, all of whom have pleaded guilty to fraud.
Judge Kaplan pointed out Bankman-Fried’s falsehoods during his trial testimony regarding his knowledge of Alameda Research’s use of customer deposits from FTX.
Mukasey sought to differentiate Bankman-Fried from infamous fraudsters such as Bernie Madoff, describing him as an “awkward math nerd” rather than a “ruthless financial serial killer.” Mukasey emphasized Bankman-Fried’s intent to return customers’ money following FTX’s collapse.
Bankman-Fried, visibly emotional, listened to Mukasey’s statements with reddened eyes, appearing to hold back tears. Following the proceedings, he was escorted out of the courtroom by U.S. Marshals after a brief discussion with his defense team.
The sentencing also highlighted Bankman-Fried’s rise from a Massachusetts Institute of Technology graduate to a Forbes-listed billionaire by age 30, known for his dedication to effective altruism and substantial contributions to political causes. Judge Kaplan underscored evidence of Bankman-Fried’s donations to both Democratic and Republican candidates, noting his attempt to conceal contributions through “straw” donors.
In a concluding statement, the judge characterized Bankman-Fried’s portrayal of himself as a “good guy” as a facade, citing “power and influence” as his underlying motives.
Bankman-Fried has been held at the Metropolitan Detention Center in Brooklyn since August 2023, following the revocation of his bail by Judge Kaplan due to suspected witness tampering on two occasions. Kaplan indicated that he would recommend Bankman-Fried serve his sentence at a prison facility near San Francisco.
Featured JPMorgan Report Indicates Increased Profitability Predicted for Bitcoin Mining Prior to Halving
In March 2024, the Bitcoin mining sector experienced significant growth, driven by the surge in cryptocurrency prices to all-time highs, leading to an increase in mining profitability, as outlined in a JPMorgan report.
The analysis comes at a critical juncture as the industry prepares for the upcoming Bitcoin halving event scheduled for April 16, 2024, which is anticipated to impact miners’ rewards and overall profitability.
Bitcoin’s price surged to an average of nearly $67,600 in March, reaching its highest historical level, and closed the month with a seven-day rolling average price of around $69,900. This rise in price represents a 25% increase from the previous month, with the annualized volatility rising to 65% in March from 42% in February.
During March, the network’s average daily hashrate, which measures the computational power utilized for mining and processing transactions, hit a new milestone of 600 EH/s (exahash per second). This figure indicates a 4% rise from February and an impressive 80% year-over-year growth. The uptick in hashrate signifies not only heightened competition among miners but also reflects the industry’s resilience and positive outlook, as highlighted in the report.
Despite these encouraging trends, the impending Bitcoin halving event, where the block reward will reduce from 6.25 to 3.125 bitcoins, introduces uncertainty regarding future mining profitability. The JPMorgan report suggests that the halving could potentially lead to a decline in profitability in April unless offset by a substantial rally in Bitcoin’s price or a significant decrease in the network’s hashrate.
In March, the estimated average daily block reward revenue per exahash for miners reached $100,400, marking the highest level since August 2022 and representing a 33% sequential increase. This surge in profitability was attributed to the appreciation in Bitcoin’s price outpacing the growth rate of the network’s hashrate.
The report also delved into the performance of U.S.-listed Bitcoin mining firms, noting that the aggregate market capitalization of the 14 tracked miners rose by 3% month-over-month to $20 billion. According to JPMorgan’s calculations, this figure represents 42% of the four-year revenue opportunity.
Among the listed companies, Cipher Mining Inc (NASDAQ:CIFR) emerged as the top performer with a 74% increase, while Bitfarms Ltd (NASDAQ:BITF) experienced a decline of 22%, making it the least favorable stock of the month.
Featured Analysts ‘not surprised’ to see a Bitcoin price correction ahead of halving
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Pension Fund Entices Investors with Remarkable 10-15% Monthly Returns in Crypto Investments
In an unprecedented move, a pension fund has captivated the attention of investors by offering seemingly irresistible returns of 10-15% per month through investments in cryptocurrencies. This bold promise, devoid of any mention of risk, has sparked curiosity and enthusiasm among retirees seeking to maximize their retirement savings.
Pension Fund Revolutionizes Retirement Investing
The pension fund’s groundbreaking initiative aims to revolutionize retirement investing by harnessing the potential of cryptocurrencies to deliver unparalleled returns without exposing investors to risk. With the allure of double-digit monthly returns, retirees are drawn to the prospect of accelerating their wealth accumulation and securing a more comfortable retirement.
Crypto Investments: A Path to Financial Freedom
Cryptocurrencies have long been hailed as a gateway to financial freedom, offering investors the opportunity to capitalize on the explosive growth of digital assets. With the pension fund’s innovative approach to crypto investing, retirees can now access the lucrative potential of digital currencies without the complexities and uncertainties typically associated with the market.
Unprecedented Returns, Unrivaled Opportunity
The promise of 10-15% monthly returns represents an unprecedented opportunity for retirees to significantly boost their retirement savings and achieve their financial goals with ease. By harnessing the power of cryptocurrencies, the pension fund aims to empower investors with a pathway to wealth accumulation that was once thought to be out of reach.
Changing the Retirement Landscape
The pension fund’s bold venture into crypto investments marks a paradigm shift in the retirement landscape, challenging traditional notions of investment risk and return. With a focus on delivering consistent and substantial returns, the fund is poised to redefine retirement investing for a new generation of investors seeking financial security and prosperity.
Empowering Investors for the Future
As retirees flock to take advantage of the pension fund’s revolutionary offering, they are embarking on a journey towards financial empowerment and independence. With the potential for exponential growth through crypto investments, investors can take control of their financial future and unlock new possibilities for wealth creation.
A New Era of Retirement Investing
The emergence of the pension fund’s crypto investment strategy heralds a new era of retirement investing, one characterized by unprecedented returns and unparalleled opportunity. As retirees embrace the potential of cryptocurrencies to transform their financial outlook, they are paving the way for a brighter and more prosperous future.
Looking Ahead: A Future of Financial Abundance
As the pension fund’s crypto investment initiative gains traction, retirees are poised to reap the rewards of their bold investment decisions. With the potential for 10-15% monthly returns, investors can look forward to a future of financial abundance and security, free from the constraints of traditional investment models.
Embracing the Crypto Revolution
With the pension fund leading the charge, retirees are embracing the crypto revolution with open arms, eager to seize the extraordinary opportunities presented by digital assets. As the world of cryptocurrencies continues to evolve, investors can rest assured that their retirement savings are in capable hands, poised for exponential growth and prosperity.
Banks Caught in Cryptocurrency Conundrum: Opposing Yet Investing in Digital Assets
In a perplexing turn of events, traditional banks find themselves at odds with the rise of cryptocurrencies, decrying the digital assets while quietly investing in them behind closed doors. This apparent contradiction highlights the complex relationship between traditional financial institutions and the burgeoning crypto market, raising questions about their motives and strategies in navigating the evolving landscape of digital finance.
Banks’ Opposition to Crypto: A Battle for Control
For years, traditional banks have viewed cryptocurrencies with skepticism, citing concerns over volatility, regulatory uncertainty, and the potential for illicit activities. Many financial institutions have been vocal in their opposition to digital assets, warning customers against investing in what they perceive as speculative and risky ventures.
Behind this outward resistance, however, lies a deeper struggle for control and relevance in the rapidly changing financial landscape. Cryptocurrencies represent a paradigm shift away from traditional banking models, offering decentralized, borderless, and permissionless financial services that challenge the status quo of the banking industry.
A Closer Look at Banks’ Investments in Crypto
Despite their public skepticism, banks have been quietly dipping their toes into the crypto waters, investing in digital assets and blockchain technology through various channels. Some banks have established dedicated cryptocurrency trading desks, offering services to institutional clients interested in exposure to digital assets.
Additionally, several banks have invested in cryptocurrency-related companies and startups, recognizing the potential for innovation and disruption within the blockchain ecosystem. These investments, while often kept under wraps, underscore banks’ recognition of the value and transformative potential of cryptocurrencies and blockchain technology.
Navigating Regulatory Uncertainty
One of the primary reasons behind banks’ outward opposition to cryptocurrencies is the regulatory uncertainty surrounding the digital asset space. Concerns over compliance, money laundering, and consumer protection have led many banks to adopt a cautious approach to engaging with cryptocurrencies.
However, as regulatory frameworks evolve and mature, banks are increasingly exploring ways to integrate cryptocurrencies into their existing operations. Some banks have begun offering custody services for digital assets, while others are exploring the possibility of launching their own digital currencies or blockchain-based payment systems.
Striking a Balance: Embracing Innovation While Mitigating Risks
The dual stance of banks regarding cryptocurrencies reflects a delicate balancing act between embracing innovation and mitigating risks. While banks recognize the potential for disruption posed by cryptocurrencies, they also face pressure to protect their existing business models and comply with regulatory requirements.
As the crypto market continues to evolve and mature, banks are likely to reassess their strategies and approaches to digital assets. While some may continue to resist the rise of cryptocurrencies, others are expected to embrace the opportunities presented by blockchain technology and digital finance.
The Future of Banking in the Crypto Era
The contradictory stance of banks regarding cryptocurrencies underscores the seismic shift underway in the financial industry. As digital assets gain mainstream acceptance and adoption, traditional banks are being forced to adapt to a new reality where decentralized finance and blockchain technology play a central role.
The future of banking in the crypto era is likely to be shaped by innovation, collaboration, and competition. Banks that embrace the opportunities presented by cryptocurrencies and blockchain technology stand to thrive in the digital age, while those that cling to outdated models risk being left behind in the evolving financial landscape.
Elon Musk’s Tweet Sparks Frenzy: New ICO “Estechain” Poised to Break Records
In a tweet that sent shockwaves through the cryptocurrency community, tech visionary Elon Musk has set the stage for a potential revolution in the world of Initial Coin Offerings (ICOs) with his endorsement of Estechain, a promising new blockchain project. Musk’s tweet, which lauded Estechain’s potential to “hit all the records,” has ignited a wave of excitement and anticipation among investors, industry insiders, and enthusiasts alike.
Elon Musk’s Endorsement: A Game-Changer for Estechain
Elon Musk, known for his forward-thinking approach to technology and innovation, took to Twitter to express his enthusiasm for Estechain, a new ICO that aims to disrupt traditional paradigms with its cutting-edge blockchain solutions. Musk’s endorsement of Estechain as a potential record-breaker has lent credibility and visibility to the project, propelling it into the spotlight of the cryptocurrency world.
Estechain: Redefining Blockchain Technology
At the heart of the excitement surrounding Estechain lies its ambitious vision to redefine blockchain technology and its applications across various industries. With a focus on scalability, interoperability, and sustainability, Estechain aims to overcome the limitations of existing blockchain platforms and unlock new possibilities for decentralized innovation.
The project’s innovative approach to consensus mechanisms, smart contract functionality, and cross-chain interoperability has garnered attention from industry experts and investors alike, positioning Estechain as a frontrunner in the rapidly evolving landscape of blockchain technology.
Anticipation Builds as ICO Launch Nears
As Elon Musk’s tweet generates buzz and excitement around Estechain, anticipation is reaching fever pitch ahead of the project’s ICO launch. Investors are eagerly awaiting the opportunity to participate in what promises to be a groundbreaking event in the world of cryptocurrency fundraising.
With Musk’s endorsement adding to the momentum behind Estechain, analysts predict unprecedented demand for tokens during the ICO, potentially leading to record-breaking fundraising figures. The project’s innovative approach, coupled with Musk’s seal of approval, has created a perfect storm of excitement and anticipation within the crypto community.
The Future of Estechain: Pioneering Innovation
As Estechain prepares to embark on its ICO journey, the project stands at the forefront of innovation in the blockchain space. With a clear vision, a talented team, and the backing of industry luminaries like Elon Musk, Estechain is poised to make waves in the world of decentralized technology and reshape the future of blockchain applications.
Investors, developers, and enthusiasts alike are urged to stay tuned for further updates and announcements from Estechain as the project prepares to launch its ICO and usher in a new era of decentralized innovation. With Musk’s endorsement igniting excitement and anticipation, the stage is set for Estechain to hit all the records and redefine the possibilities of blockchain technology.
PropyKeys Onboards 150k Addresses Onchain
Miami, FL, April 26th, 2024, Chainwire
PropyKeys sees 150k addresses minted onchain just weeks after the platforms launch marking rapid growth and adoption
PropyKeys, a pioneering ecosystem project within the Propy ecosystem, has facilitated the minting of over 150,000 real estate addresses or landmarks as Non-Fungible Tokens (NFTs) onchain. PropyKeys has created an onchain database with the ambition to onboard one million home addresses worldwide. The project is estimated to bring real estate assets worth $10 billion onchain.
PropyKeys has rapidly gained momentum and successfully scaled to meet demand, with over 150,000 minted addresses achieved since the launch on March 13th. This remarkable growth underscores the enthusiasm and interest within the real estate and web3 communities for innovative solutions to secure their property rights onchain.
The recent high-profile launch event, which featured prominent guest speakers such as Cathie Wood, Tim Draper, and Anthony Pompliano, was an exciting showcase of the significance that PropyKeys represents at the intersection of real estate and blockchain technology, receiving significant endorsement from key industry leaders.
“PropyKeys represents a monumental step towards democratizing access to real estate ownership through blockchain technology.” Andrew Zapo, COO of PropyKeys. “Our platform not only provides an innovative solution that stands to drastically improve security, efficiency, and access all while empowering individuals worldwide to participate in the digital real estate revolution.”
PropyKeys Leads with Crypto-Native Real Estate Solutions
Incorporating engaging gamification elements, PropyKeys has attracted thousands of participants to daily challenges, fostering a vibrant and interactive ecosystem. The project has also curated a global landmark AI NFT collection, leveraging the transition of real estate onto the blockchain. The recent sale of collection artifacts, conducted in partnership with Rarible, includes iconic landmarks like Central Park, Westminster Abbey, and the Verona Arena.
In the run up to 150k, Propy also integrated Chainlink Automation, a decentralized service designed to manage tasks for smart contracts to ensure reliable and economically incentivized automation, onto the platform to distribute staking rewards. Notable features include highly reliable and performant automation, cost-saving infrastructure, scalability, and the unlocking of new use cases to ensure the best and most secure possible user experience.
Tokenized Real Estate for a New Generation of Owners
PropyKeys is built on Base Network and accepts $PRO, Propy’s native token, providing users with flexibility in minting on Ethereum mainnet or Base. Additionally, the platform offers US users the ability to mint their deeds onchain, addressing concerns about deed fraud and ensuring ownership security. With its rapid growth, strategic partnerships, and commitment to innovation, PropyKeys is poised to revolutionize the way buyers, sellers, owners, and agents operate in the real estate market, opening it up to new participants while making it more secure than ever before.
About PropyKeys:
PropyKeys, a gamified platform within the Propy ecosystem, aims to redefine real estate ownership through blockchain technology. Launched in March 2024 on Base, PropyKeys allows users to mint digital addresses and deeds for real-world properties. With features like AI-generated landmark NFT minting and a novel staking mechanism, PropyKeys is setting new standards for property ownership in the digital age.
Contact: patrick@serotonin.co
ContactCOOAndrew ZapoPropyKeysandrew@propykeys.com
MeWe has initiated a Community Invest Round through WeFunder.
MeWe, a decentralized social network operating on the Polkadot blockchain, has launched a Regulation CF (Reg-CF) community investment round on Wefunder, allowing its 20 million users to own a financial stake in the company. Through Wefunder, individual investors can directly invest in startup companies, with MeWe users able to participate in the company’s success for as little as $100.
With a user base spanning over 20 million across 200 countries and territories, and more than 740,000 already active on the blockchain, MeWe aims to lead the transition from Web2 to Web3 on a large scale. By leveraging the vast market potential of social networks and the substantial volume of Web3 transactions, estimated at $1 trillion, MeWe seeks to revolutionize the digital landscape.
By the fourth quarter of 2024, MeWe anticipates surpassing 1.5 million users on-chain. The migration to blockchain technology is designed to provide users with unparalleled privacy, control, and ownership of their digital identities and social interactions.
MeWe’s Chairman and CEO, Jeffrey Edell, expressed the company’s vision for user ownership and decentralized social media. He stated, “Years ago, we envisioned a powerful alternative to Big Tech social media, without the influence of corporations or data brokers, where individuals could own and control their own digital identities and social experiences. As we enter this next chapter, we’re offering our users an opportunity to own a personal stake in the future of MeWe and decentralized social media.”
MeWe’s team is led by accomplished executives from renowned companies such as Disney, Apple, Yahoo!, 21st Century Fox, Myspace, Warner Bros, and Samsung. In February 2022, the company closed a $24 million Series A round led by McCourt Global.
Investment in MeWe is open to everyone, starting from $100 and going up to $500,000 or more through their WeFunder page.
MeWe is a social network prioritizing privacy and empowering users to control their data and social media experience. The company introduced a “Privacy Bill of Rights,” ensuring users have control over their data and news feeds. MeWe offers features like joining groups, engaging with friends, and complete user control without ads or algorithms. With over 20 million users globally and unique features such as the MeWe 2-way camera and voice & video messaging, the platform hosts over 700,000 user-driven interest groups.
MeWe has received recognition, being a Finalist in the 2024 SXSW Innovation Awards, named a 2020 Most Innovative Social Media Company by Fast Company, and recognized as a 2019 Best Entrepreneurial Company in America by Entrepreneur Magazine. In 2016, MeWe was honored as a Start-Up of the Year Finalist for “Innovative World Technology” at SXSW.
For further inquiries, you can contact MeWe’s SVP of Marketing, Michael Huntsman, at michael@mewe.com or 415-696-0098.
Bitcoin price today: pinned at $64k, rate jitters grow before PCE data
On Friday, Bitcoin’s price remained relatively unchanged as sentiment in the crypto markets was dampened by increasing expectations of sustained higher U.S. interest rates. Investors were closely monitoring upcoming U.S. inflation data, which influenced market sentiment.
Bitcoin experienced a modest 0.2% increase over the past 24 hours, reaching $64,339.7 by 01:38 ET (05:38 GMT). Despite this slight uptick, the world’s largest cryptocurrency was poised for a subdued weekly performance, as it remained within a trading range of $60,000 to $70,000 established over the past six weeks.
Concerns about continued regulatory scrutiny on crypto were highlighted this week following reports that U.S. prosecutors were seeking a three-year prison sentence for Binance founder Changpeng Zhao, who pleaded guilty to violating anti-money laundering laws.
The outlook for Bitcoin dimmed as expectations for interest rate cuts by the Federal Reserve diminished. The market largely ignored a decline in the dollar overnight, driven by weaker-than-expected U.S. gross domestic product data. However, a stronger GDP price index reading led traders to scale back expectations for rate cuts by the Fed. According to the CME Fedwatch tool, traders were only pricing in rate cuts by September or the fourth quarter of 2024.
The prospect of higher U.S. interest rates made traders cautious about Bitcoin and other cryptocurrencies, as it reduces the appeal of volatile and speculative assets. Bitcoin typically performs well in low-rate, high-liquidity environments.
Despite positive earnings from tech giants Microsoft Corporation and Alphabet Inc, Bitcoin did not benefit from the strength in U.S. technology stocks. Its correlation with U.S. tech stocks, which had been observed in recent weeks, remained largely negative.
In the broader crypto market, Ethereum experienced a 0.3% decline, while XRP and Solana traded within a narrow range. Investors were closely watching for key U.S. inflation data, particularly the PCE price index for March, which is expected to influence the Federal Reserve’s outlook on interest rates.
A prediction suggests that the Bitcoin bull market could make a comeback following a $1.4 trillion liquidity injection in the US.
Arthur Hayes suggests that the Federal Reserve dropping interest rates to attract more liquidity into the economy is increasingly unlikely. Instead, he believes that Treasury Secretary Janet Yellen is the key figure to watch. On April 29, the U.S. Treasury will release the quarterly refunding documentation, outlining how the government will manage liquidity. Two significant liquidity sources to monitor are the Treasury General Account (TGA) and Reverse Purchase Agreements (RRPs). According to Hayes, tax receipts have added approximately $200 billion to the TGA, indicating potential liquidity implications.
Hayes suggests that draining either the Treasury General Account (TGA) or funds from Reverse Purchase Agreements (RRPs) can stimulate the economy, which is crucial for the performance of risk assets, including cryptocurrencies. He argues that the focus should be on Janet Yellen, as part of a theory suggesting that the printing of U.S. dollars will accelerate leading up to and after the upcoming Presidential Election.
Hayes outlines potential scenarios, such as a $1 trillion drain from the TGA, $400 billion in RRPs, or a combination of both, resulting in a possible $1.4 trillion liquidity injection into the economy. In summary, Hayes emphasizes that while the Federal Reserve may be considered irrelevant in this context, Janet Yellen’s influence is significant, and she should be respected for her role in shaping economic policy.
Bitcoin ETFs see “overdue” slowdown
Some observers believe that Bitcoin’s increasing adoption among mainstream investors will have a positive impact on its price, creating a feedback loop. However, Arthur Hayes predicts that the Bitcoin halving event will trigger a significant sell-off of various crypto assets.
Despite the historic success of the debut of U.S. spot Bitcoin exchange-traded funds (ETFs), they have yet to reach their full potential audience. Eric Balchunas, an ETF analyst at Bloomberg, commented on BlackRock’s iShares Bitcoin Trust (IBIT), the largest product by assets under management excluding the Grayscale Bitcoin Trust (GBTC). He downplayed concerns about a recent decrease in inflows, noting that while IBIT’s streak of daily inflows ended after 71 days, it continues to set records. Balchunas shared Bloomberg data comparing ETF assets after the first 72 days on the market, highlighting IBIT’s continued success.
He added that “out of all the 10,698 registered funds in the U.S. (incl ETFs, mutual funds, CEFs) $IBIT currently ranks 2nd in YTD flows.”
While overall allocations remain small thus far, Cathie Wood, CEO of one spot Bitcoin ETF provider, ARK Invest, sees the trend gathering speed.
