Sirwin
Sirwin

24 Apr: $ETH ETF Delayed; Again


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 –James Thurber

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Guess what day it is Folks? HUMPDAY! Bitcoin is trading flat at $66,419 from $$66,172 yesterday and up from $62,973 last week. Last week we were hem-hawing about the halving and now it's like meh.

CURRENT NEWS

The average Bitcoin (BTC) dormancy has surged to a 13-year high, according to recent data shared by Ki Young Ju, the CEO of CryptoQuant. This uptick in dormancy suggests a significant transfer of older Bitcoins to new holders, potentially reshaping the cryptocurrency's ownership landscape.

Mt. Gox's looming $9B payout could weigh on Bitcoin prices warns K33 Research.(2) The defunct crypto exchange will distribute 142,000 $BTC and 143,000 $BCH to creditors later this year, 10 years after its implosion due to a hack. Joe Burnett of Unchained Capital recently published research findings revealing that Bitcoin is the best savings tool that can “stop the free market from inevitably melting your wealth.” Tesla keeps holding $184 million worth of Bitcoin on its balance sheet, according to its Q1 earnings results.

Bitcoin’s new BIP editors will streamline development as they help speed up the process of approving and merging Bitcoin Improvement Proposals. Block, the digital payments company co-founded by Jack Dorsey, has completed the development of its advanced three-nanometer (3nm) Bitcoin mining chip; they will now build mining rigs.

Bitcoin proposal to restore Satoshi Code gets a '420' update as OP_CAT, which could enable advanced functionality on Bitcoin, was introduced as BIP-420 by Taproot Wizards co-founder Udi Wertheimer. Australia joins 1,000+ Bitcoin ATM club alongside US, Canada as the United States hosted its first 1,000 crypto ATMs in November 2017, while Canada achieved the same in January 2021.

Hong Kong is set to make history as the first spot Bitcoin ETFs are slated to begin trading next week.(3)

SEC delays Franklin Ethereum ETF application; shocker! Not.(4) The SEC is seeking public comments on BlackRock's spot Ethereum ETF and the new proposal shifts from an ether-based to a cash redemption model; skepticism persists about the approval chances for cryptocurrency ETFs.

IRS set to kill pseudonymity in Crypto? Tax form proposal raises alarms as a draft of an IRS form appears to indicate that the agency will require self-custodial wallet addresses from DeFi users filing taxes.

US demands 3 years in jail for Binance founder CZ.(3)

MID-DAY

Dormant wallets now hold $121 billion worth of Bitcoin and the power law model predicts that Bitcoin will reach $218,875 at its cycle peak in November 2025, before descending to $96,677 at its bottom in December 2026. Bitcoin ETF hype cooling, but $BTC will still hit $150,000 according to Standard Chartered. AI tool takes Bitcoin payments to access ChatGPT-4 and Claude Opus. The chief executive of investment firm Morgan Creek Capital says that the digital asset industry is set to be inundated by $300B coming from the baby boomer generation.(2) Pent-up Bitcoin demand could come from Morgan Stanley and other institutions says Investor Brian Kelly.

Samourai Wallet founders (Keonne Rodriguez and William Lonergan Hill) arrested on money laundering charges and US officials alleged the service facilitated billions in illegal transactions; this case sparks debate among experts over crypto users' privacy.(6)

WATCH

LISTEN

Podcasts of the Day: Bitcoin and Investing with Preston Pysh SLP567 | SLP

TIME MACHINE

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

A few 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)

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

Last week, 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)

Yesterday, “Bitcoin is no longer ‘cheap’ and is considered to be trading at ‘fair’ value” according to Fidelity Digital Assets report.(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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