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Happy Tuesday Folks! Bitcoin is trading down at $66,576 from $69,468 yesterday and down from $70,682 last Tuesday. Bitcoin did not get back to $73K as many were wondering and suggesting.
CURRENT NEWS
Today, Bitcoin flash crash of 5%, briefly dipping below the $67,000 mark and over $500 million in trader liquidations occur as a result of the price decline. Major altcoins like ETH and SOL also face losses, mirroring BTC's downturn.(5) The second quarter of 2024 is looking bright with the bitcoin halving, expected in mid-April, is the standout supply-side event and Wirehouses may be close to approving spot bitcoin ETFs, the report said; Institutional interest in the crypto space remains elevated, according to Coinbase.
Coinbase CFO, Alesia Haas, tells Fortune that "Ethereum is not a security." Stablecoin issuer Tether has announced the successful completion of the System Organization Control (SOC) 2 Type 1 audit.
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Podcasts of the Day: Get Ready For The Massive Bitcoin Rally | Global Easing Cycle | Macro Monday | TWOAS
TIME MACHINE
A month ago, Bitcoin ETF inflows reached $562M as Bitcoin was eyeing all-time highs but within inches it pulls back to $66K ($500M in long liquidations (2)) and is once again trying to rally back up; traders dismiss a triple top. BOOM! ATH reached .... and it's gone. lol (5) 100% of Bitcoin wallets are now in profit. 45% of all Bitcoin hasn't moved in more than 3 years. Bitcoin has flipped Silver.
A few weeks ago, MicroStrategy announced that it has completed its previously announced offering of 0.625% convertible senior notes due 2030 on March 8, 2024 and bought another 12,000 $BTC after raising over $800M from those convertible notes.(6)
A couple weeks ago, Bitcoin whales were "increasingly cashing out," but the number of new “millionaire” wallets for Bitcoin (BTC) has risen to about 1,500 daily after the cryptocurrency’s price surged to $72,000 recently. However, this increase is modest compared to the daily creation of new millionaires during the previous bull market.(2) Biden proposes 30% tax on crypto mining electricity to address environmental concerns and the tax to be introduced over three years, aiming to reduce mining's environmental impact; critics argue the move could stifle US crypto industry growth, citing alternative motives.(2) and actual news continue to be sparse. 90% of the news published is focused solely on the price of Bitcoin or other altcoins and 90% of those are from the so called ANALyst and Crypto Twitter (CT) personalities. As Bitcoin reached a feverish $73K the up only narrative and $100K by halving day ruled the airwaves and now the pull back; retracement. Meanwhile, Japan's state pension fund, GPIF, is seeking information about Bitcoin as part of a broader strategy initiated in response to significant economic and societal changes and technological advancements.(2)
Last week, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again and(4) the SEC sought $2B fine from Ripple and they will probably get it; it's pay to play.(3)
Yesterday, according to Arkham Intelligence data, Tether recently purchased another 8,889 BTC; they now holds $5B in $BTC.(3)
