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Guess what day it is Folks? HUMPDAY! Bitcoin is trading down at $66,480 from $66,576 yesterday and down from $70,070 last week.
CURRENT NEWS
Today, Bitcoin dropped to $64.5K and data reveals strong confidence and potential buying opportunities amid Bitcoin dip as the 2024 halving could usher in a new era for Bitcoin. Bitfarms has invested $240 million into upgrading its Bitcoin mining operations and with its latest expansion, Bitfarms targets a hashrate of 21 EH/s by the end of 2024; other Bitcoin miners are also expanding to prepare for the halving's impact. The U.S. government holds 179,196 BTC, according to SpotOnChain data on April 3, worth nearly $11.90 billion.
Bitcoin ETFs lose ground again as over $302 Million leaves Grayscale Trust and Ark Invest's 21Shares ARKB fund recorded its highest outflow to date on Tuesday, with a significant total net outflow of $87.5 million.
Last week ETFs had $862M inflows and this week $1B outflows. However, Bitcoin ETF trading volumes tripled in March as the largest Cryptocurrency hit record highs. Anthony Pompliano believes that IF, according to Bank of America, the US gov't doesn't cut rates, it will pay $1.6T annual interest payments by Dec; if they cut it could drive Bitcoin's price higher. In addition, he believes a supply shock is coming for Bitcoin after $BTC hit some ‘really important milestone,’ like the highest weekly and monthly closes; each time it's appreciated 300%. Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood.
Ethereum price is currently losing the support of $3,336 after noting a 5.5% decline in the last 24 hours and with over 96% of the supply in profit, ETH is facing market-top conditions that suggest correction is imminent; as is the ongoing selling has resulted in over 2.31 million ETH entering exchanges in the last month.
Stablecoin expansion continues as Bitcoin rally appears to stall.
While the first quarter of 2024 seems “relatively typical” when it comes to hacks and exploits, Ronghui Gu, the co-founder of blockchain security firm CertiK, said the complexity of private key compromises and phishing attacks raises concerns.
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Podcasts of the Day: BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider | Bitcoin Fundamentals
TIME MACHINE
A month ago, Bitcoin whales "increasingly cashed 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)
A few weeks ago, Bitcoin nails new all-time high at $73.6K(2) as ETFs continue to eat away at supply; retail HODLers sees massive increase with 277K new accounts. Bitcoin ETFs break another record with $1B inflows in a single day.(2) Tim Draper predicts that El Salvador will become rich and innovative thanks to Bitcoin. Jamie Dimon says he will never buy Bitcoin. Coinbase is raising $1B with convertible notes to pay off other convertible notes.(5) Drake is all about the Bitcoin like MicroStrategy.
A couple of weeks ago, 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) and the news continues to be as scarce as Bitcoins. Bitcoin on exchanges hits a 4-year low and the demand for Bitcoin continues to increase; will there be a supercycle? At the same time, record outflows from Grayscale's GBTC appears to be keeping downward pressure on the price for now. Bitcoin miners' reserves drop to April lows - just like the price of Bitcoin due to profit taking; the halving is now scheduled to take place on the 15 of April.
Last Week, the ETFs broke a five-day trend with Fidelity accelerating acquisitions(2) and KuCoin got charged for "multibillion-dollar criminal conspiracy."(7)
Yesterday, 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)