Sirwin
Sirwin

16 Apr: Bears are Back


"Never retreat. Never explain. Get it done and let them howl."
 –Benjamin Jowett

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Happy Tuesday Folks! Bitcoin is trading down at $62,800 and down from$66,604 yesterday and down from $70,380 last Tuesday. $BTC trend indicator has turned neutral and it's times like this that I wonder how many people are getting scared. We will look back and many will say I should have bought. Don't let this be you - have a $BTC strategy; it's the best savings technology in the world. 

CURRENT NEWS

Bitcoin ETFs are driving a spot multiplier effect, according to Canaccord as many investors find the underlying cryptocurrency more attractive than ETFs given the ability to hedge and to generate yield on HODLs. Crypto.com CEO Kris Marszalek believes as we approach Bitcoin Halving 2024, we could see some ‘sell-the-news’ sales. Markus Thielen, the founder of 10x Research, has now adopted a bearish stance on risk assets, including technology stocks and cryptocurrencies.(2) Meanwhile, Willy Woo believes $59K $BTC might be the bottom and it will flush out the leveraged bears as it resumes it's ascent.

Bitcoin miner CEOs are upbeat ahead of the halving, expect M&A according to Bernstein. Bitcoin halving will lead to more sustainable BTC mining and the block reward halving’s impact on mining profitability could prompt Bitcoin miners to look for more sustainable energy sources, turning the grid more sustainable.

Hong Kong’s Ether, Bitcoin ETFs will be "lucky to get $500m" according to Bloomberg ETF analyst Eric Balchunas who says crypto investors should reign in their expectations over a spate of recently approved spot Bitcoin and Ether ETFs in Hong Kong.(2)

WATCH

LISTEN

Podcasts of the Day: The Bitcoiner’s Financial Planning Crash Course: Risk, Taxes and Retirement | Bitcoin Magazine

TIME MACHINE

A month 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) 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)

A few weeks ago, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again.(4) 

A couple weeks ago, according to Arkham Intelligence data, Tether recently purchased another 8,889 BTC; they now holds $5B in $BTC(3) and Major altcoins like ETH and SOL also face losses, mirroring BTC's downturn.(5)

Last week, Bitcoin price broke out of the triangle pattern during the intra-day trading hours today, expecting a 21% rally ($80K price target) and on the long-term outlook, BTC follows the Wyckoff pattern, which suggests that price upside is highly likely; long-term holders, however, are realizing profits, and historically, this has proven to be a drawing-inducing event.

Yesterday, Germany's largest federal bank, Landesbank Baden-Württemberg (LBBW), plans to start offering cryptocurrency custody services in partnership with the Bitpanda exchange.(4)

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

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