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–Virginia Satir
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Welcome to Thursday Folks! Bitcoin is trading at $63,816 which is down from $66,419 yesterday and up from $61,712 a week ago. Remain patient right now and keep some dry powder ready folks because there could be more downside possibly in the high $50Ks.
JUST IN: The State of Ohio has officially introduced a bill to protect 'fundamental #Bitcoin rights'.
CURRENT NEWS
Top trending news of the morning is the iconic 'Buy Bitcoin' sign that was held up behind Janet Yellen was sold at an auction for 16 BTC; proceeds from the auction will go to fund a Bitcoin layer-2 startup called Tirrel Corp.(5)
In the short term Bitcoin short liquidation risk surges as BTC price dips under $64K(2) and downside pressure continues to build in the charts for Bitcoin; the TD Sequential and the death cross signal more downside. But, in the long term, Standard Chartered Bank analyst and head of digital assets research, Geoff Kendrick, believes bitcoin (BTC) will likely trend higher following the halving due to lower leveraged positions in the market.(2) Analyst and founder of the Capriole Investments fund Charles Edwards said multiple on-chain metrics suggest that Bitcoin and other cryptocurrencies have “a lot further to run” in this bull market.
Bitcoin wallets holding at least $1K are growing in 'positive trend' according to Fidelity.
Morgan Stanley has allowed ETF buying since the start, but only if the customer approaches them directly. Now, they could become the first among its peers to allow bitcoin ETF solicitation; the move could push substantial inflow into the ETFs. Meanwhile, inflows to IBIT, BlackRock's Bitcoin ETF, have stopped for the first time in 71 days.(3) At the same time, Hong Kong is set to launch new spot Bitcoin ETFs offering new features and analysts observe how this global dynamic may influence $BTC trajectory. In other news, US SEC expected to deny spot Ether ETFs next month as Eric Balchunas is pessimistic.(4)
Runes make up 68% of all Bitcoin transactions since launch but Bitcoin miners' daily revenue drops 40% as the hype cools down.(3) Points farming comes for Bitcoin as Merlin becomes 9th-largest chain.
Major cryptocurrency investors, colloquially known as “whales,” have been accumulating the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), adding nearly $500 million worth of it to their stashes over the last few weeks.(2) BNB Chain will enable native liquid staking on BSC.
MID-DAY
JUST IN: According to Bloomberg, Pantera Capital aims to raise $1 billion for the new cryptocurrency fund it will create.(3)
New crypto whales are buying up Bitcoin (BTC) at a faster rate than longer-term holders, according to the chief executive of the blockchain analytics platform CryptoQuant. Square merchants can now convert up to 10% of sales to Bitcoin via CashApp.
Glassnode co-founders Jan Happel and Yann Allemann say an indicator that predicted Bitcoin’s massive rally to kick off the year may now be signaling another big move to the upside is imminent. ‘Persistent inflation’ will be key in Bitcoin’s run to $200K — Zach Pandl who is Grayscale's research director. Stripe brings back Crypto payments via USDC Stablecoin.(2) Ohio mulls law to protect Bitcoin rights, scrap capital gains taxes as the bill would also require state pension funds to consider investing in Bitcoin spot ETFs.(2) SEC seeks to regulate ETH as a security, Consensys alleges in lawsuit.(6) The Securities and Exchange Commission is evaluating whether exchanges’ current surveillance and enforcement mechanisms can handle Bitcoin exchange-traded products (ETPs).
WATCH
LISTEN
Podcasts of the Day: Chat_098 - Replacing Gold with Tuur Demeester | Bitcoin Audible
TIME MACHINE
A month ago, KuCoin got charged for "multibillion-dollar criminal conspiracy"(8) and 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.(6)
A few weeks ago, Bitcoin dropped to $64.5K and data reveals strong confidence and potential buying opportunities amid Bitcoin dip as the 2024 halving could usher in a new era for Bitcoin and Ripple is going to launch a Stablecoin on Ethereum.(7)
A couple weeks ago, The CEO of investment management firm VanEck says spot Bitcoin ETFs have mainly attracted capital inflows from retail investors in the four months since their launch. Grayscale GBTC records lowest daily net outflow as BTC price rises.(4)
Last week, Goldman Sachs cautions it's clients against extrapolating previous Bitcoin halving cycles for price predictions.(2)
Yesterday, SEC delays Franklin Ethereum ETF application; shocker! Not.(4) Hong Kong is set to make history as the first spot Bitcoin ETFs are slated to begin trading next week.(3) US demands 3 years in jail for Binance founder CZ.(3)
