19 Apr: Is the Halving Priced In?

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It's Frriiddaayyy Folks! Bitcoin is trading at $65,015 up from yesterday at $61,712 and down from $70,835 a week ago. So is the halving priced in? If Bitcoin can get back above $67K - it's blue skies to ATH once again. Remember, wealth moves from the impatient to the patient. Be Smart. Be Safe. Stack Sats. HODL!  


Today, $BTC price hits $65K as rumor Middle East tensions over boosts Bitcoin; 100 blocks remain until Bitcoin halving and Bitcoin fees top Ethereum for 3 days in a row.(2) However, JP Morgan said, "the price of $BTC won't rise after Bitcoin halving."(2) Bitcoin halving is not a bullish event, says Markus Thielen, co-founder of 10x Research, previous post-halving bull run cycles weren’t a result of the halving, but of the macro environment.  ‘I think this (Bitcoin Halving 2024) is a buy-the-news event if you pan out long term’, according to Bitwise CIO Matt Hougan.

Bitcoin's decentralized ethos is threatened by increasing centralization in mining operations and major financial institutions are involved in BTC mining, further centralizing decision-making; this shift from Bitcoin’s decentralization may align it more with traditional financial systems.

Crypto markets will be driven by macro factors following the halving, according to Coinbase. These influences include rising geopolitical tensions, higher interest rates for longer, reflation and ballooning national debts.

The U.S. spot ETFs lost $4.3 million in outflows on Thursday, taking the five-day tally to over $319 million. GBTC again led the outflows, while inflows into BlackRock's IBIT continued to slow. The IMF said, ‘Price of Bitcoin and the number of active users has increased markedly over the past decade.’

Runes protocol allows altcoin creation on Bitcoin, previously unique to Ethereum, Solana and Bitcoin transaction fees surged due to anticipation of new Runes protocol's launch; concerns arise over Runes' long-term impact on Bitcoin network and altcoin value.The Runes protocol will ignite a new season for Bitcoin after the halving. Franklin Templeton emphasizes the importance of “Runes,” a new fungible token standard, for Bitcoin’s future and fungible tokens are crucial for trade, security, and decentralization of digital currencies like Bitcoin; Runes aim to improve Bitcoin’s ecosystem with a more efficient UTXO-based design, unlike the previous BRC-20s.



Podcast of the Day: A Paradigm Shift in Money with American HODL, Preston Pysh, Harry Sudock & Jeff Booth | WBD


A month ago, Brian Armstrong was getting a lot of press for defending the $ETH ETF so let's see where this goes(4) and based on on-chain data, a Bitcoin whale that has been accumulating on Bitcoin's dip has made a significant purchase, acquiring 673 $BTC.

A few weeks ago, the overwhelming demand for Bitcoin spot ETFs over the past two months is likely to continue for many years, predicts Bitwise CIO Matt Hougan; Inflows could eclipse $1T(5) and they entered the race for Ethereum Spot ETF.(2) 

A couple weeks ago, Ethereum could still avoid being labeled a security; bullish on the ETF approval, says JP Morgan(4) and USDe is already backed by Ether, Ether-based liquid staking tokens and Tether, but Ethena says Bitcoin will provide more “safe” and “robust” product for USDe token holders.(4)

Last week, Grayscale GBTC records lowest daily net outflow as BTC price rises.(4)

Yesterday, New release of Bitcoin Core, software client for BTC node, includes number of performance, networking and P2P changes.


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The Crypto Curator
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