Sirwin
Sirwin

17 Apr: HemHaw'ing About Halving


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Guess what day it is Folks? HUMPDAY! Bitcoin is trading flat at $62,973 from $62,800 yesterday and down from $68,912 last week. From the sentiment I am reading and listening too, it appears more downside before upside.

CURRENT NEWS

Today, Crypto traders are pointing to Bitcoin's Bollinger band being "released slowly" as an indicator that its price could see some downward movement in the short-term. ‘Don’t squander this chance. Especially if we’re lucky for it to retrace deeper than -20%.’ Bitcoin bids stack above $60K as hopes of a BTC price rebound build. Bitcoin’s outperformance means some of expected post-halving rally may have come early according to JPMorgan. A breach of $61K support level for Bitcoin may lead to a decline towards $56,200 or even $51,600.

Bitcoin's upcoming halving event, scheduled every four years, reduces mining rewards and is expected to intensify market competition and involvement from institutional investors and countries like El Salvador indicates a growing acceptance of Bitcoin as a mainstream asset; the halving could prompt regulatory and technological advancements, strengthening Bitcoin's position as a unique asset class. As halving slows supply by reducing the rate of BTC production (becoming twice as rare as Gold), a supply squeeze post-halving may be inevitable. However, Goldman Sachs cautions it's clients against extrapolating previous Bitcoin halving cycles for price predictions.(2) Crypto market ‘underestimates the long-term impact’ of Bitcoin halving says Bitwise.

Hong Kong's Bitcoin and Ethereum ETFs could fetch $25 Billion—if China plays nice says a veteran crypto analyst Markus Thielen who expects Hong Kong's Bitcoin and Ethereum ETFs to begin trading this month—and they could have a sizable impact.

‘Bitcoin will reach $1M, no doubt’ — Animoca founder Yat Siu at WebSummit Rio. Bitcoin miners prepare for halving, cutting rewards by half; leading companies remain optimistic and despite stock struggles, strategies include financial fortification and new revenue streams; industry consolidation expected; CleanSpark, Riot expand capacity to stay competitive. Bitcoin Runes arrive at the halving—and Internet Computer will support them and  Internet Computer's upcoming Threshold-Schnorr integration will enable enhanced Bitcoin compatibility, including with Runes tokens. BTCFi is an ‘enormous opportunity’ to make Bitcoin a productive asset.

'Real opportunity' for Bitcoin Runes will come after first wave of investor hype. Due to their initial lack of utility, Runes will trade akin to volatile memecoins at the beginning, according to pseudonymous DeFi researcher Ignas.  Bitcoin staking is now possible with the core chain so you don’t need to wrap your Bitcoin anymore to stake it. Core Chain now offers non-custodial BTC staking.

WATCH

LISTEN

Podcasts of the Day: The 2024 Bitcoin Halving | Chris Kuiper | OTM

TIME MACHINE

A month 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) 

A few weeks ago, the ETFs broke a five-day trend with Fidelity accelerating acquisitions(2) and KuCoin got charged for "multibillion-dollar criminal conspiracy."(7)

A couple weeks ago, 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)

Last week, Arthur Hayes believed that it could be negative before and after the halving but he's perennially long as F*ck;(10)

Yesterday, Markus Thielen, the founder of 10x Research, has now adopted a bearish stance on risk assets, including technology stocks and cryptocurrencies.(2) and 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)

 

 

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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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