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Happy Monday Folks! Bitcoin is trading up at $66,944 which is up from $64,572 yesterday but down from $68,221 a week ago. But no worries because it is attempting to push higher.
CURRENT NEWS
Today, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again.(5) Glassnode says that more volatility is headed toward Bitcoin once the halving gets here so buckle up. We heard that the UK was banning anonymous wallets but that's not the case; when it comes to the major exchanges yes they must KYC but that's all it's about.
Spot bitcoin ETFs recorded their first week of net outflows and outflows from the Grayscale Bitcoin Trust reached $1.83 billion over 4 days, Coinbase noted; Selling pressure may have come from the bankruptcy estate of Genesis Global, the report said. That said, the ETFs have muted the pull back from previous halvings; $1B have exited Crypto funds in the last week.
Ripple's AMM feature that launched on Friday had a major bug and David Schwartz said the RippleX dev team is addressing it.
The SECs case against Ripple is still in progress and might never end, but they did file under seal, its opening remedies-related brief and supporting documents. Russian Finance Minister says Crypto should not be prohibited.
MID-DAY
Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low. Alex Thorn, head of firmwide research at Galaxy Digital, told investors that such declines are “within the norm of historical bull market short-term corrections;" The exact reason for today's significant rise remains unclear.
TIME MACHINE
A month ago, we continued to hear a lot about the emails from Satoshi and getting a better sense of what he thought as he created Bitcoin. The news continued to be focused on the hack of MicroStrategy's X account which lead to $440K in Crypto being stolen.(6) Meanwhile they slam the buy button once again to the tune of $155M!(6)
A few weeks ago, a lot of voices continues to be wildly bullish on Bitcoin's forecast and most believed its headed toward all-time high before the halving. We have a powerful week of economic reports this week which should bring crazy volatility to the market.
A couple weeks ago, Bitcoin flips silver(2) as it breaks above $71K on the verge of pushing toward $100K by halving day (April 15th) as $100B is added.(10) However, Coinbase believes the market could face some short-term headwinds. UK's FCA opens the door for institutional investors to build Crypto-backed ETN market and London stock exchange to accept Bitcoin/Ethereum ETNs;(4) Mudrex offer U.S. Bitcoin ETFs to Indian investors. Bill Ackman was pondering if he should buy Bitcoin since it appears to be going on forever; he's probably buying right now.(4)
Last weekend, Analyst were concerned about the recent pullback and indicating where the bottom support would be and we had less than 5000 blocks left before the Bitcoin mining reward gets reduced by 50%; or cut in half aka "the halving." Historically, every Bitcoin halving — a disinflationary mechanism inscribed in the currency’s code by Satoshi Nakamoto — has come a year or two before a new all-time high; this time is different. Yesterday, "Mr. 100" has been doxxed and now we know it's an Upbit wallet and Bitcoin demand in Argentina reaches peak in nearly two years.