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Bitcoin Falls 9% Below Peak Price
Despite an extremely volatile journey, in the past five years, Bitcoin's (BTC -2.69%) price has skyrocketed 1,190%. It has benefited greatly from more bullish sentiment in the past year and a half.
But after hitting a fresh all-time high of almost $74,000 in March, the world's most valuable cryptocurrency has taken a breather. As of April 24, it sits 9% below that peak price. That dip tracks the broader cryptocurrency market.
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The Three Companies That Benefited The Most From The Bitcoin Halving
After four years of waiting, the long-anticipated Bitcoin (CRYPTO: BTC) halving finally took place on April 19. It promises to be yet another watershed moment in the history of Bitcoin. That's because every new halving cycle typically brings another bull market rally for Bitcoin, as well as another all-time high.
But it's not just Bitcoin that could be a big winner of the Bitcoin halving. Three other big winners include Coinbase Global (NASDAQ: COIN), MicroStrategy (NASDAQ: MSTR), and BlackRock (NYSE: BLK). Let's take a closer look.
https://finance.yahoo.com/news/3-winners-bitcoin-halving-102000839.html
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Bitcoin May Have Already Reached Its Peak In The Current Cycle
There’s a very slight chance that Bitcoin has already reached its peak this cycle at the $70,000 mark, according to the “exponential decay” pattern floated by veteran trader Peter Brandt.
Of course, many other price models and predictors suggest Bitcoin is still far from its cycle peak and could instead top out at the $210,000 mark before the end of the bull run.
On April 27, veteran trader and analyst Peter Brandt posted a theory suggesting that Bitcoin’s bull market cycles have exhibited an “exponential decay” pattern.
https://cointelegraph.com/news/bitcoin-top-analysts-clash-over-btc-cycle-peak
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Bitcoin May Be Entering An Attractive Buy Zone
Bitcoin could be entering into an attractive buy zone according to two popular metrics used by cryptocurrency analysts to track on-chain trading activity.
The market value to realized value (MVRV) and open interest (OI) weighted funding rate metrics could suggest Bitcoin is at an attractive entry point for traders.
“This is the best moment to buy Bitcoin,” pseudonymous trader Mister Crypto told his 94,100 X followers in an April 23 post on X.
https://cointelegraph.com/news/2-on-chain-metrics-suggest-bitcoin-best-moment-to-buy-say-traders
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Bitcoin Rises Slightly After Halving
Bitcoin rose slightly to start the week after the network on Friday completed its fourth halving, which reduces the incentives paid to bitcoin miners.
The price of the cryptocurrency was last higher by 2.86% at $66,560.39, according to Coin Metrics. Ether rose 1.24% to $3,187.67 .
https://www.cnbc.com/amp/2024/04/22/crypto-prices-gain-to-start-the-week-following-first-bitcoin-halving-since-2020.html
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Buy Bitcoin Sign Sells For 16 BTC
The iconic 'Buy Bitcoin' sign that was held up behind Janet Yellen was sold at an auction for 16 BTC.
Proceeds from the auction will go to fund a Bitcoin layer-2 startup called Tirrel Corp.
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Generative AI May Play A Role In Bitcoin Mining
Some are saying that generative artificial intelligence may soon play a role. Adam Sullivan, CEO of Core Scientific, a Bitcoin mining firm, believes that the infrastructure of Bitcoin mining needs to be improved, and AI could be very helpful in generating Bitcoin, per a CNBC report. Several mining companies already operate or are planning to operate AI, including BitDigital, Hive, Hut 8, Terawfulf, and Core Scientific, per CNBC.
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Investing In A Bitcoin ETF
However, just keep in mind that you are not actually "buying Bitcoin" when you buy a Bitcoin ETF. Instead, you are buying exposure to the price of Bitcoin. In much the same way, when you buy an ETF tracking the S&P 500, you are not actually buying shares of every company in the S&P 500. You are buying exposure to the price of the S&P 500 via a benchmark asset that holds shares of those companies.
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Biden Seeks To Eliminate The Bitcoin Mining Industry
The fact that the United States has taken an aggressive approach to cryptocurrency regulations — despite giving the green light for Bitcoin ETFs — is basically undeniable. This is particularly true of the Bitcoin mining complex, which has a long history dating back to the earliest days of Bitcoin.
Nevertheless, the feds seem hellbent on destroying the industry, even though it operates on a cleaner energy grid than you will find in most countries
Rather than a business friendly approach or at the very least acknowledging the value brought by a domestic Bitcoin mining industry, the Biden administration in March reintroduced a controversial proposal to impose a 30% excise tax on the cost of electricity used for Bitcoin mining. The draconian proposal is called the Digital Asset Mining Energy tax (DAME), and it could lead American Bitcoin miners — from RIOT Platforms to Marathon Digital Holdings — to flee American soil.
https://cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry
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A Referendum To Add Bitcoin To Swedish National Reserves
Bitcoin advocates in Switzerland have initiated a campaign to trigger a National Referendum urging the Swiss National Bank (SNB) to include the flagship digital asset in its asset reserves.
The campaign is spearheaded by Yves Bennaïm, the founder and chairman of 2B4CH, a nonprofit think tank, and enjoys support from Luzius Meisser, the chairman of asset manager Bitcoin Suisse.
Bennaïm said:
“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process.”
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Post Bitcoin Halving Chaos
The bitcoin price has so far defied warnings that the bitcoin halving could trigger a "raging fire sale," bouncing back from under $60,000 per bitcoin this week to around $65,000.
Now, bitcoin miners and traders are grappling with halving "chaos" which has pushed up bitcoin transaction fees to "unprecedented" levels.
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Bitcoin Prices Fall Post Halving
Bitcoin (BTC) started the week stable, changing hands above $65,800, as transaction fees have significantly lowered following the halving.
On-chain data from Mempool.space shows that medium-priority transactions are now costing $8.48 while high-priority transactions cost $9.32.
https://www.coindesk.com/markets/2024/04/22/bitcoin-transaction-fees-come-crashing-down-post-halving/amp/
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Investors Fleeing Grayscales Bitcoin Investment Trust
For years, the Grayscale Bitcoin Trust GBTC -2.81%decrease; red down pointing triangle was one of the few ways to bet on bitcoin without buying the cryptocurrency itself. Now, with the sector awash in lower-cost competing funds, investors are fleeing the exchange-traded fund.
https://www.wsj.com/finance/currencies/grayscales-once-mighty-fund-is-bleeding-bitcoin-394dcfde
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Regulators Could Take Action Based On Impact Of Bitcoin Halving
The additional scrutiny around the Bitcoin halving event could have an indirect effect on its future regulation.
This is according to Natalia Latka, policy director and regulatory affairs at blockchain analysis firm Merkle Science.
“While there is no direct impact on regulations or regulators’ approach, the economic and market dynamics influenced by halving events could indirectly affect regulatory considerations, especially in areas related to market stability and investor protection,” Latka told Cointelegraph.
The halving and the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in January are helping to fuel a Bitcoin bull run, making crypto hard to ignore.
Should Bitcoin also become more volatile during this period of increased interest and mainstream media coverage — a not altogether unlikely scenario — regulators could feel inspired to consider action.
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Increasing Bitcoin Dominance
Bitcoin (BTC) has become more dominant in the crypto market thanks to impending halving and broader market risk aversion, despite the price correction
The largest cryptocurrency by market value was trading below $61,400 during Asian trading hours on Thursday, according to CoinDesk Indices data, as the sell-off in risk assets, fueled by difficult macroeconomic conditions, rages.
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New Blockchain Platform Offers Bitcoin Staking
Bitcoin-powered layer-one blockchain Core Chain is now letting investors stake their BTC—something that, historically, BTC holders haven’t been able to do.
Staking tokens reward users with a percentage yield—often in the single digits—over a period of time. This has notoriously been exclusive to proof-of-stake blockchains. Traders on Bitcoin, which uses proof-of-work, haven’t been able to stake their tokens.
But Core Chain now allows BTC holders to earn yield by participating in Core Chain’s consensus mechanism, called Satoshi Plus, which combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS). Enabling users to stake BTC is the next step in strengthening the Ethereum Virtual Machine-compatible blockchain, according to Core Chain.
https://decrypt.co/226776/bitcoin-staking-on-core-chain?amp=1
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Goldman Sachs Issues Bitcoin Warning
Historically, the previous three halvings have been accompanied by bitcoin price appreciation after the halving, although the time it took to reach the all-time highs differs significantly," Goldman analysts wrote in a note seen by Coindesk.
"Caution should be taken against extrapolating the past cycles and the impact of halving, given the respective prevailing macro conditions."
Previous bitcoin halvings have come at a time of loose Federal Reserve monetary policy while this time around the Fed is battling stickier than expected inflation. Fed chair Jerome Powell has stressed the Fed won't cut interest rates until he has "greater confidence" that inflation is moving towards the Fed's 2% target, meaning higher-for-longer rates.
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