Sirwin
Sirwin

23 Apr: Demand > Supply


"Either I will find a way, or I will make one."
 –Philip Sidney

Powered by Wubits - don't pay to "Xweet," get paid to engage. 

READ

Happy Tuesday Folks! Bitcoin is trading up at $66,172 from yesterday at $65,904 and up from $62,800 last Tuesday. IMHO, $BTC will need to get solidly above $67K before I think it will crush ATH again. If it doesn't do that this week, it might have more downside; what do I know I am just some random Joe. ;) 

CURRENT NEWS

Bitcoin Bollinger Bands hit level that saw BTC price squeeze past $50K. The Bitcoin volatility indicator suggests that BTC price action is due for a breakout as it returns to levels last seen in mid-February. However, Bitcoin sees 69% Q1 rise, sparked by new ETFs and halving anticipation and warning signs as euphoria peaks; history suggests market pullbacks; LTHs' MVRV ratio signals nearing peak; profit-taking likely soon. Bitcoin outperforms Tesla stock for the first time since 2019.

“Bitcoin is no longer ‘cheap’ and is considered to be trading at ‘fair’ value” according to Fidelity Digital Assets report.(4) Bitcoin's post-halving demand to be 5x greater than supply, according to Bitfinex and the new BTC supply added to the market could drop to $30 million per day.(2) Ki Young Ju, founder and CEO of CryptoQuant, has noted the holdings of new whales far outweigh the holdings of old whales. Idaho-based financial advisor discloses 6% of its portfolio in Bitcoin ETF.

Monday saw several crypto mining stocks performing exceptionally well, with many achieving double-digit price gains throughout the day. Meanwhile, Bitcoin enthusiasts in Finland have integrated two Bitcoin mines with district heating facilities enabling heating homes while mining BTC. The second edition of Bitcoin FilmFest in Warsaw, Poland, screened over a dozen movies and documentaries and coincided with the Bitcoin halving.

Scammers eye Toncoin as Telegram-TON partnership grabs headlines. Telegram’s integration of the TON blockchain and its native Toncoin token has become a honeypot for scammers promoting a referral pyramid scheme. Hackers leak code of El Salvador's Bitcoin state wallet and after leaking the entire database of Chivo users in early April, the hacker group CiberInteligenciaSV started releasing the wallet’s code.

Father-son team says they’ve recovered $6M in lost crypto.

WATCH

LISTEN

Podcasts of the Day: Alexei Zamyatin (BOB) on the Bitcoin Renaissance | On The Brink

TIME MACHINE

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

A few 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)

A couple weeks ago, 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.

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

Yesterday, total miner revenue is currently about triple the pre-halving level ($107M in earnings due to Runes), the report noted and the spike in network fees indicates the level of developer interest in Bitcoin, and the fee revenue potential for miners, Bernstein said; the broker expects 15% of miner revenues to be network transaction fees on a sustainable basis.(3)

How do you rate this article?

47


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!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.