Bitcoin Magazine

💰 URPD metric indicates a lack of liquidity for Bitcoin below $60,000 Bitcoin experienced a 4% rally on April 18, bouncing back from just below $60,000 on April 17. CryptoSlate has identified $58.8k as a major support level — which is the short-term holder realized price (STH RP) that has previously acted as support during bull runs. If Bitcoin drops below the support level, it could signal a bearish trend, similar to the breach of STH RP in May 2021 that kicked off the bear market. Source https://t.me/Bitcoin_Magazine

💰 Bitcoin's Bullish Trajectory Should Resume After the Halving, Analysts Say Global asset management firm Alliance Bernstein’s analysts Gautam Chhugani and Mahika Sapra shared their perspectives on the Bitcoin halving in a note to clients on Wednesday. Bernstein predicted in November last year that the price of bitcoin could reach $150,000 by 2025. Chhugani stated at the time that this prediction is driven by optimism of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs). Source https://t.me/Bitcoin_Magazine

💰 Runes hype pushes transaction fees on Bitcoin higher The bitcoin halving is almost upon us. While this is mostly exciting since it slows bitcoin's issuance, cutting the block reward down to 3.125 BTC, some people are excited about it because of Runes. Runes is a new protocol from Casey Rodarmor, the Bitcoin developer behind Ordinals. While the primary ideas behind Ordinals focused on bringing non-fungibility to Bitcoin, by differentiating specific satoshis by the order in which they were minted, the BRC-20 token standard also emerged, helping to bring new issuance of fungible tokens to the network. Source https://t.me/Bitcoin_Magazine

💰 Funding rate turns negative as Bitcoin drops below $64k In the volatile world of cryptocurrency, perpetual futures are a go-to for many traders. These contracts don't expire, relying instead on a mechanism called the funding rate to balance market forces. Recently, Bitcoin's perpetual futures saw a dramatic shift. Typically steadied by consistent positive funding rates, a sudden plunge into negative territory coincided with geopolitical turmoil and a significant drop in Bitcoin's price. Source https://t.me/Bitcoin_Magazine

💰 Exchanges expected to run out of Bitcoin 9 months after halving – Bybit report A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC per day. The shortage forecast is closely tied to the anticipated halving event in 2024, which will cut the Bitcoin production on each block by half. Source https://t.me/Bitcoin_Magazine

💰 Bitcoin ETFs Are Driving a Spot Multiplier Effect, Canaccord Says While there has been a lot of noise about how much assets under management (AUM) bitcoin (BTC) exchange-traded funds (ETFs) are attracting, it is now becoming obvious that these ETFs are driving additional demand for the underlying cryptocurrency itself, broker Canaccord Genuity said in a research report on Monday. The broker held its 2024 Digital Assets Symposium last Thursday and hosted leaders from 29 crypto-related companies. Source https://t.me/Bitcoin_Magazine

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💰 Bitcoin sees record fees in 2024 as halving approaches As the Bitcoin halving draws near, Bitcoin activity is witnessing a significant uptick in fees and hash rate. On April 12, Bitcoin recorded its highest one-day fees in 2024, reaching an impressive $11 million. CryptoSlate reported on April 10 that this fee surge had gradually increased since early April. Interestingly, Bitcoin and Ethereum fees are starting to converge, with a difference of just $190k on April 14. Ethereum fees on April 14 hit $5 million, the lowest amount since Feb. 5. Source https://t.me/Bitcoin_Magazine

💰 Bitcoin back above $66k after weekend of panic selling The digital asset ecosystem experienced a shaky weekend, with Bitcoin plummeting to around $65,000 from its $70,000 trading price on Friday, April 12. The downward trend continued into the weekend, with Bitcoin further declining to $60,800 amidst geopolitical tensions in the Middle East on Saturday evening. However, following a reduction in tension and the approval of Hong Kong ETFs Bitcoin has recovered back above $66,000. Source https://t.me/Bitcoin_Magazine

🇺🇸 The strong demand 💰 Bitcoin is seeing is due to US-listed ETFs and accredited custody options, the upcoming halving and Bitcoin's performance as a hedge against inflation, says Anthony Scaramucci https://t.me/Bitcoin_Magazine