"Wise men speak because they have something to say; Fools because they have to say something."
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Happy Monday Folks! Bitcoin is trading down at $69,468 from $70,160 yesterday and up from $66,944 a week ago.
CURRENT NEWS
Today, US-based crypto exchange Coinbase says Q2 of 2024 will likely be a bullish period for Bitcoin (BTC) and the broader digital asset market as Bitcoin Sharks and Whales spend over $18 Billion to buy BTC.
“The crypto market has witnessed the most significant capital influx ever, boasting an all-time high of $110 billion in fresh capital!” says Ali Martinez. "‘Long-term, we believe Bitcoin is in a raging bull market’, and cohort of investors holding $100 trillion in wealth is in the early stages of getting Bitcoin (BTC) and crypto exposure." says Bitwise Asset Management CIO Matt Hougan. Economist Alex Krüger Says "Bitcoin all-time highs coming soon."
The manager of Bitwise, one of the Ethereum Spot ETF applicant companies, called on the SEC not to approve these products for now. Matt Hougan believes a delay could benefit the market by giving TradFi time to adapt.
According to Arkham Intelligence data, Tether recently purchased another 8,889 BTC; they now holde $5B in $BTC.(3) The stablecoin market has witnessed a substantial surge, with its supply increasing by almost $20 billion since January and this growth, driven by stalwarts like Tether's USDT and newcomers like FDUSD and USDe, reflects heightened optimism. The surge in stablecoin supply and trading volume reflects growing confidence within the industry and different sectors.
Prisma Finance says $540K still at risk, hacker demands team reveal themselves. The decentralized borrowing protocol said there were still 14 accounts that have yet to revoke the affected smart contract that caused $11.6 million to be exploited last week.
MID-DAY
BTC price slips 4% to weekly low as Bitcoin bids line up toward $62K. However, in a recent interview with Cointelegraph, James Check, the lead on-chain analyst at Glassnode, suggested that we’re on the cusp of entering the second, more explosive phase of the current bull cycle, referred to as “the euphoric bull.”
WATCH
LISTEN
Podcasts of the Day: Episode 91: Splicing | Bitcoin Explained
TIME MACHINE
A month ago, a lot of voices continues to be wildly bullish on Bitcoin's forecast and most believed its headed toward all-time high before the halving. We have a powerful week of economic reports this week which should bring crazy volatility to the market.
A few weeks ago, Bitcoin flips silver(2) as it breaks above $71K on the verge of pushing toward $100K by halving day (April 15th) as $100B is added.(10) However, Coinbase believes the market could face some short-term headwinds. UK's FCA opens the door for institutional investors to build Crypto-backed ETN market and London stock exchange to accept Bitcoin/Ethereum ETNs;(4) Mudrex offer U.S. Bitcoin ETFs to Indian investors. Bill Ackman was pondering if he should buy Bitcoin since it appears to be going on forever; he's probably buying right now.(4)
A couple weeks ago, Analyst were concerned about the recent pullback and indicating where the bottom support would be and we had less than 5000 blocks left before the Bitcoin mining reward gets reduced by 50%; or cut in half aka "the halving." Historically, every Bitcoin halving — a disinflationary mechanism inscribed in the currency’s code by Satoshi Nakamoto — has come a year or two before a new all-time high; this time is different.
Last week, "Mr. 100" has been doxxed and now we know it's an Upbit wallet and Bitcoin demand in Argentina reaches peak in nearly two years and Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again.(5)
Over the Weekend, UK has frozen $7.6M worth of Craig Wright's (Faketoshi) assets.(5)
