Crypto Insider

💸 Bitcoin Could Drop Further to As Low As $50K, Standard Chartered Says 📉 Standard Chartered believes Bitcoin could drop to the $50,000–$52,000 range. The bank cites Bitcoin trading below the $58,000 average purchase price of spot ETFs, risking potential liquidations. As we noticed in previous posts, Lacklustre Hong Kong spot ETF debut volumes of $11 million also impacted sentiment negatively. 📊 However, Standard Chartered recommends buying if Bitcoin hits that $50,000–$52,000 level or if the upcoming May 15 U.S. CPI inflation data delivers a “friendly” reading. The bank warns risk assets like crypto face headwinds from deteriorating liquidity conditions. Upcoming economic data will likely guide Bitcoin’s direction. 💬 Source 📌Powered by V3V Ventures

👮‍♀️💸 Bitcoin Developer’s Testnet Attack Sparks Controversy ⚠️ Bitcoin developer Jameson Lopp generated over 165,000 blocks on Bitcoin’s testnet in a week, simulating three years of activity. Lopp claims this low-cost “attack” revealed a weakness, which was fixed, improving security. However, the move sparked controversy within the Bitcoin community. ©️ While Lopp argues it was an effective test, developer Francis Pouliot criticized it as disruptive “vandalism.” Some suggested banning actions that compromise Bitcoin’s test environments.

The incident highlighted differing perspectives on security testing processes versus coordinated developer efforts.

🛡 As the dust settles, discussions continue on finding the right balance between robust checks and collaborative cyber security practices. 💬 Source 📌Powered by V3V Ventures

⚡️ Liquid Restaking Protocol Renzo Airdrops REZ Token, Debuts at $289M Market Cap 🌐 Renzo entered the market with the successful launch of its REZ token, which achieved an initial market capitalization of $289 million. 🛍 The distribution strategy for the 1.15 billion tokens in circulation involves various stakeholders, including the community, investors, and the Renzo team, with safety measures like lock-up periods implemented to prevent quick sell-offs. 🖥 Despite Renzo’s official announcements on Twitter denying the token’s availability on DEXs, transactions totaling around $75 million were reported on Uniswap shortly after its release. 💬 Source 📌Powered by V3V Ventures

💸💸 Bitcoin Slips Under $62K As Hong Kong ETFs Disappoint 🕯 The highly anticipated launch of Asia’s first spot BTC and ETH ETFs in Hong Kong turned out to be quite discouraging for investors. The six new crypto ETFs managed to rake in a disappointing $11 million in trading volume on their debut day. 💬 Reacting to the demand, Bitcoin slid nearly 2% to under $61,000, while Ether dropped 2.8% to $3,066. In contrast, spot Bitcoin ETFs in the U.S. had attracted a massive $655 million worth of trading on their opening day earlier this year.

The lackluster Hong Kong debut has dampened investors’ enthusiasm for now, but the crypto markets remain optimistic about wider adoption of digital assets globally.

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ℹ️ XRP Price Opinion: Can This $40M Signal Kickstart a $0.60 Rebound? 💬Despite XRP’s 12.5% price dip over the past week to $0.51, a rare $40-million signal in derivatives markets offers hope for a bullish rebound. Open interest in XRP futures contracts declined at a slower 7% pace than prices, suggesting traders are holding positions in anticipation of an upswing. 🕯 This positive divergence between open interest and price could indicate sellers are exhausted and a recovery toward $0.60 is imminent. However, the $0.53 resistance level poses an initial hurdle. ⌛️ A clearance above $0.53 could catalyze a parabolic move to $0.60, while a failure to do so opens up downside risks toward $0.45 in the near-term. This could be a crucial signal for investors, since XRP attracted much attention in the Q1.

This content should not be considered as financial advice.

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💸💸 Bitcoin, Ether Nurse Losses as U.S. Stagflation Fears Grip Market 📊 Bitcoin and Ether traded lower on Monday, down around 2.5% and 3%, respectively, as renewed fears of U.S. stagflation—high inflation combined with low economic growth—gripped crypto markets.

⚠️ The threat comes from last week’s data showing sluggish 1.6% Q1 GDP growth but persistent 3.4% inflation. This reduces odds of Fed rate cuts that could boost risk assets.

📈 However, potential liquidity injections from the Treasury General Account balance and the launch of Bitcoin ETFs in Hong Kong could provide bullish catalysts. 🔴 Overall, mixed economic signals have crypto markets weighing bearish stagflation risks against prospective tailwinds, contributing to choppy price action. 💬 Source 📌Powered by V3V Ventures

💬 Opinion: Bitcoin ETF Performance Tracks Underlying Asset 📊 Last week, U.S. spot Bitcoin ETFs saw net outflows of $83.6 million, mirroring Bitcoin’s muted price action amid inflation concerns. Geraci expects Bitcoin ETF trading volumes and flows to decouple as adoption grows.

According to Nate Geraci, Bitcoin ETF performance currently tracks the underlying Bitcoin asset closely due to their early adoption stage.

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💸 Peter Brandt Signals Potential End of Bull Run 🔵 Veteran trader Peter Brandt has issued a sobering analysis indicating Bitcoin’s bull run may have reached its peak around $72,723 in March. Examining diminishing exponential growth across previous cycles, Brandt argues the current run exhibits “exponential decay”—with each cycle seeing around 80% less momentum than the last. 💡 This data implies Bitcoin could retrace significantly, potentially revisiting the $30,000 range, before setting up for future long-term gains akin to historical patterns in gold markets after major corrections. 💡 While optimistic overall, Brandt cautions there is a 25% chance the current cycle has topped out, urging investors to consider the data objectively. 💬 Source 📌Powered by V3V Ventures

💸🕯 DTCC Cuts Bitcoin ETF Collateral by 100% ℹ️ The Depository Trust & Clearing Corporation (DTCC) has announced it will provide zero collateral for Bitcoin and cryptocurrency ETFs from April 30, 2024, cutting their collateral valuation by 100%. 📊 While not impacting lending by individual brokers, the move signals caution from the DTCC toward extending credit against crypto-backed products. The news modestly impacted crypto markets, with Bitcoin briefly dipping amid some negative sentiment, though analysts urged ignoring “baseless panic” over the DTCC’s internal decision. 💬 Source 📌Powered by V3V Ventures

💸 ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares 🔵 ARK Invest has fully exited its position in the ProShares Bitcoin Strategy ETF. The investment firm sold its remaining 237,983 BITO shares worth $6.7 million from its ARKW fund on Thursday. 💻 ARK had originally purchased over 4 million BITO shares late last year as a short-term play, anticipating the approval of a spot Bitcoin ETF that it could swap into. 💡 After steadily trimming its BITO holdings in January, ARK sold its final shares this week. The firm’s own Ark 21Shares Bitcoin ETF (ARKB) is now ARKW’s largest holding at 10.4% of the fund’s value.

The sale comes as ARK continues positioning its funds while awaiting the elusive approval of a spot Bitcoin ETF product in the United States market.

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