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Happy Saturday Folks! As I type Bitcoin is trading at $70,160 up since last week when it was at $64,572; up about $5.5K. Last weeks ago the Fear and Greed Index was at 73 and today it's 75; that is good.
MY HOT TAKE
Last week I asked if Bitcoin could close above $70K and so far it appears it just might do that this week. I continue to believe $100K by halving day is going to be a wild stretch and in fact it would need to go up by $10K each week until the having which is about 3 weeks away; not saying it's impossible just improbable. Current day shown by Nice Hash is April 18, 2024, Bitbo shows April 19, 2024 and Dune shows April 19, 2024. Larry Fink has come out as a big supporter of Bitcoin now that he's got his hands in the cookie jar.
The ETFs started off the week with outflows but ended the week with record inflows. Goldman Sachs' said their clients were showing more interest in the Cryptocurrency markets again(5) and the UK is getting tougher on Crypto in a lot of aspects. It appears they are cracking down on influencers, meme coins, and anonymous wallets. Meanwhile they also are tokenizing assets on the Blockchain.
The ridiculous news came out earlier this week about Nilam Resources but it appears it was too good to be true that they were going to buy 24,800 $BTC and in fact their CEO resign because it appears it was nothing more than an attempt to pump and dump.
Accumulation and adoption was the name of the game by midweek as reports continue to come in indicating that a lot of $BTC is being bought up to the tune of 213,000 each week; remember there are only 21M and 4M are lost or will probably never move. Hong Kong's in-kind ETF creation could be a significant market opportunity as Asset Manager VSFG and Value Partners apply for spot Bitcoin ETF. Hashdex’s new spot Bitcoin ETF to begin US trading today. Speaking of ETFs, BitWise has thrown their hat in the ring to launch an $ETH ETF; many do not believe it will actually happen.
CFTC says Ethereum and Litecoin are commodities besides Bitcoin as KuCoin gets charged for "multibillion-dollar criminal conspiracy." SEC and Ripple might be getting closer to an agreement to end the forever lawsuit and legal battle they've had for years; ending with Ripple paying about $2B in fine but they said they were well positioned to do so.
According to the incident announced by cryptocurrency detective ZachXBT and confirmed by the platform, Munchables, a crypto platform on Blast, suffered a hacking attack. But there was a plot twist since the Munchables hacker returned $62.5 Million in stolen funds. SBF will be in prison for about two decades to pay for the damage he's done to those who trust him and FTX. Prisma Finance was hacked, resulting in a $11 million crypto loss and the theft involved 1,965.39 wstETH, which was swapped for ETH and Prisma Finance paused its operations to investigate the breach.
I'll be adding news as it flows in over the weekend below, but that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
WEEKEND NEWS
UK has frozen $7.6M worth of Craig Wright's (Faketoshi) assets.(5)
