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π¦ Coinbase leases larger New York office, abandons Hudson Yards workspace
Coinbase is relocating to a new office in New York, abandoning its Hudson Yards workspace in the process, a source familiar with the matter told The Block. According to the real estate trade publication, the exchange this month signed an eleven-year lease for a 67,208-square-foot space at One Madison in Manhattan's Flatiron District. A source informed The Block that Coinbase will not retain its office at 55 Hudson Yards, which has been leased since 2021.
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π° Bitcoin Miners Remain Optimistic About Future Despite Anticipated Revenue Loss
The CEOs of bitcoin mining firms reportedly remain bullish despite the anticipated drop in block rewards, which is set to follow the top cryptocurrency assetβs halving on or around April 20. Many of the CEOs believe a combination of low-cost operations and more efficient equipment will enable miners to offset the revenue loss related to the halving. According to a report, Bitcoinβs fourth halving since its launch will result in miners losing as much as $10 billion in revenues.
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π₯ Bitcoin barely holds on to $60k as bears retest March lows
Bitcoin (BTC) took a downturn below $60,000 on April 17 as US markets began trading, marking a return to prices last seen in early March before the digital currency rallied to new heights. The flagship crypto touched a low of $59,658 before modestly recovering to around $60,800 as of press time, based on CryptoSlate data. Bitcoin was clinging to the $60,500 support level after a slowdown in sell pressure, with bulls attempting a potential recovery above $61,000.
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π£ Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions
Bitcoin's fourth mining-reward halving is just two days away. The quadrennial event will reduce BTC's per block emission to 3.125 BTC from 6.25 BTC, halving the pace of new supply. Previous halvings preceded massive multimonth rallies in BTC, and the crypto community is confident that history will repeat itself. Investment banking giant Goldman Sachs, however, cautioned its clients from reading too much into the past halving cycles.
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π° Despite weekend dip, bitcoin's market dominance hits highest level since April 2021
While the stock market was closed this weekend and unable to react to the news of Israel being the target of an Iranian drone attack, the crypto market was ready to respond. Assets across the board took a dip as traders recalibrated their portfolios and scaled back risky bets. Bitcoin itself fell from over $70,000 on Friday, April 12, to just over $63,000 at the end of April 13, dropping roughly 11.6% from its high on Friday to its low on Saturday.
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π° Bitcoinβs weekend dip shakes out short-term holders
Bitcoin market experienced a tumultuous dip, with prices plunging from $70,090 to $64,400 before settling around $66,000. Market watchers are keenly observing the behaviors of short-term and long-term Bitcoin holdersβtheir reactions often providing clues about future trends. Short-term holders appear rattled, hastily selling off their Bitcoin at a loss as indicated by a sharp drop in their SOPR metric. On the flip side, long-term holders continued to display resilience amid downturns.
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π° Bitcoin Miners Battle the AI Boom Ahead of Halving: Bernstein
Bitcoin miners are increasingly facing off against a new foe to contend with ahead of this weekβs halving: the AI boom. Bitcoin miners are largely centralized operations that mint new digital coins. To do so, a Monday report explains, they need to use a lot of computers and therefore energy. Meanwhile, the booming AI industry is also power-hungry. Both industries look to places like Texas, which has cheap energy and lots of land to build data centers.
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ππ° Hong Kong approves first batch of spot bitcoin, ether ETFs in drive to become crypto hub
Hong Kong approved the applications of several spot bitcoin and ether exchange-traded funds on Monday, as the region continues its drive to become a regional crypto hub. China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval in principle from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs.
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πBitgetβs Futures Trading Hits $1.4 Trillion in Q1 2024: Report
Februaryβs strong market recovery, particularly with Bitcoin reaching an all-time high aided Bitgetβs exchange volume in Q1. Bitget experienced significant growth across its trading volumes and user base in the first quarter of 2024, riding the wave of widespread market resurgence. The Seychelles-headquartered exchange revealed that its futures trading volume soared to around $1.4 trillion, marking a 146% increase, while spot trading volume surged by 113% to exceed $160 billion.
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π US, UK, Germany Among Countries With Largest Government Crypto Holdings, Arkham's Data Shows
The United States, United Kingdom, and Germany rank among the top countries holding cryptocurrencies at the government level, according to data from Arkham Intelligence. The crypto analytic firmβs onchain analysis shows that the U.S. government holds 212,847 bitcoins while El Salvador has been purchasing one bitcoin daily as announced by its president.
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