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💰 “If you look historically at halving events, the price rally over the next year has been substantial after each of the past three,“ says Bitwise CIO Matt Hougan 📈
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Top 5 Daily Gainers & Losers
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BREAKING: 💰 Bitcoin halving officially complete.
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💰 Bitcoin to Hit $122,000 in 2024, Predicts Finder’s Latest Survey of Experts
Finder’s latest survey on bitcoin’s (BTC) price involved a unique panel of 31 crypto and fintech experts. The results suggest that BTC could reach a peak of $122,000 in 2024, and then settle at $109,000 by year’s end. Nick Ranga, the senior crypto and forex analyst at Forextraders, attributes the current uptick in BTC’s value to growing institutional engagement. Ranga is among those experts who foresee BTC reaching its zenith once more in 2024, ultimately closing the year around the $100,000 mark per unit.
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💰 Bernstein expects bitcoin’s bullish trajectory to resume post-halving, reiterates $150,000 target
Analysts at research and brokerage firm Bernstein expect bitcoin to resume its bullish trajectory post-halving, reiterating their target of $150,000 by the end of 2025. This view mirrors that of Bloomberg ETF analyst Eric Balchunas, who told The Block last month that making the spot bitcoin exchange-traded funds accessible on significant wirehouse platforms — which he identified as looking after between $7 trillion and $10 trillion in assets.
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🇭🇰 Hong Kong spot bitcoin ETFs could go live as soon as this month: OSL
Hong Kong asset managers, including units of China Asset Management (ChinaAMC) and Harvest Global, may soon launch their spot bitcoin exchange-traded funds as early as later this month, OSL confirmed with The Block today. “Reports suggest a spot ETF may start in late April, with a spot ETF following shortly after,” said Patrick Pan, chairman of the board and CEO of OSL. “All parties are working expeditiously to complete the process. However, exact dates remain unconfirmed at this time.”
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🇳🇴 Norway Wants to Restrict Crypto Mining by Regulating Data Centers, Lawmakers Say: Report
Norway's government is introducing a law for data centers partly in an effort to block energy-intensive crypto mining in the country, according to a report by local news outlet VG that cited two lawmakers. Digitalization Minister Karianne Tung and Minister for Energy Terje Aasland say the law will regulate the data-center industry for the first time, requiring operators of the centers to be registered with local regulators, the report said.
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🇺🇸 Congressman Patrick McHenry says the US needs to be a leader in 💰 Bitcoin
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🇺🇸 US Treasury: 🇷🇺 Russia Turns to 🪙 Tether (USDT) to Evade Sanctions
Adeyemo emphasized the necessity of enhancing secondary sanctions capabilities within the Treasury, directed towards digital asset providers. Wally Adeyemo, Undersecretary of the U.S. Treasury, released an official statement saying Russia is increasingly resorting to alternative payment methods, such as the stablecoin Tether (USDT), to evade sanctions and sustain its military operations. The hearing, titled “Countering Illicit Finance, Terrorism, and Sanctions Evasion,” marks the committee’s second discussion on the topic within the last six months.
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💰 BlackRock’s spot bitcoin ETF crosses $15 billion in total inflows
BlackRock’s IBIT spot bitcoin exchange-traded fund reached $15 billion in total inflows yesterday — exactly three months after it began trading on Jan. 11. “IBIT is up over 50% and has taken in $15 billion in new cash in three months; both of those numbers are double any other BlackRock ETF, and they have 421 of them,” Bloomberg ETF analyst Eric Balchunas said on Thursday. “That is about as hot as the iron gets.”
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🇹🇭 Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO
The owner of Thai crypto exchange Bitkub Online, which plans to sell shares to the public next year, could be valued as high as $3 billion, Bitkub Capital Group CEO Jirayut Srupsrisopa said. Bitkub Capital signaled its intention to sell shares to the public in a 2023 letter to shareholders that didn't give a timeframe. Jirayut told Bloomberg earlier this month that an IPO was planned for next year and the company was in the process of hiring financial advisers.
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🇪🇺 EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says
The European Union's crypto asset regulation, which became law in 2023 and starts to take effect at year-end, has yet to spur any increase in euro-denominated crypto transactions, the bloc's securities regulator said. The 27-nation trading bloc was one of the first regulatory regimes to introduce a comprehensive rulebook for crypto assets, the Markets in Crypto-Assets law. The rules cover crypto assets and stablecoins, with stablecoin provisions set to kick in six months after the others.
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📣 Indian Man Pleads Guilty to Creating Spoofed Coinbase Website, Stealing $9.5M in Crypto
An Indian citizen pleaded guilty this week to U.S. charges that he created a fake version of Coinbase's website, letting him steal login credentials on the real thing and plunder more than $9.5 million of cryptocurrency from hundreds of victims. Chirag Tomar, 30, was arrested at the Atlanta airport on Dec. 20, 2023, while visiting family on a travel visa. He was charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. Both carry a maximum sentence of 20 years in prison.
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🇺🇸 IRS draft tax form for crypto defines unhosted wallets as brokers
The IRS published a draft version of its 1099-DA reporting form and controversially included unhosted crypto wallets among its targets on April 19. Ji Kim, Chief Legal and Policy officer at the Crypto Council for Innovation, wrote that the IRS’ approach is “unfortunate” as it does not recognize that unhosted wallet providers lack knowledge about crypto transactions and the parties involved in each transaction.
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💰 Bitcoin halving interest higher than ever with under 12 hours left to go
With less than 12 hours remaining until the next Bitcoin halving, online interest in the event has hit its highest rate, according to detailed tracking information provided by blockchain analytics platform Santiment. Santiment is tracking social volume and dominance around the event, with volume spiking to its second-highest level ever and dominance reaching a new all-time high at 3.87% of crypto social activity.
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💰 BlackRock says rising inflation is driving Bitcoin adoption
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⚪️ Worldcoin to have its own Layer 2 blockchain called World Chain
Sam Altman's proof-of-humanity project Worldcoin , will soon begin utilizing its own Layer 2 blockchain meant to improve efficiencies as it onboards new users. The new Layer 2, called World Chain, will be secured by Ethereum, according to a statement. Additionally, users who have been verified as human will "enjoy priority blockspace over bots and some free gas," the statement also said.
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💰 Miners Race to Discover Block 840,000 as Bitcoin Halving Nears
Many enthusiasts in the Bitcoin community were anticipating the next halving to coincide with Saturday, April 20, 2024, but the latest data suggest it will likely occur a day earlier, on April 19. Despite a recent uptick in mining difficulty, miners have managed to maintain a high hashrate, resulting in block times dropping below the average ten-minute mark.
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🇭🇰 ETF Analyst Offers Sober Outlook on Newly Approved Hong Kong Bitcoin ETFs; Challenges $25B Inflow Estimate
Following Hong Kong’s authorization of the region’s first spot bitcoin and ethereum exchange-traded funds (ETFs), Bloomberg’s senior ETF analyst Eric Balchunas shared his insights on social media about the new additions. Although there were anticipations of notable capital inflows into the Hong Kong ETFs, Balchunas mentioned that while it’s a positive step forward, he emphasized that Hong Kong’s ETFs would be “lucky to get” around $500 million in total flows.
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Top 5 Daily Gainers & Losers
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💰 Bitfarms expands Bitcoin mining hashrate to 7 EH/s with Quebec upgrades
Bitfarms announced on April 12 that it completed upgrades to its Bitcoin mining facilities in two locations, bringing its total hash rate to 7 EH/s. Bitfarms installed 3,168 T21s devices at its Garlock, Québec facility, plus 1,710 T21s and 100 M53S+ hydro miners at its Farnham, Québec site. Geoff Morphy, President and CEO of Bitfarms, emphasized the benefit of efficiency, asserting the “transformative nature of [the] upgrade plan.” He noted that greater efficiency prepares the company for Bitcoin’s upcoming halving event.
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💰 Bitcoin Difficulty and Hashrate Reach Record Highs as Halving Draws Closer
As of April 10, the difficulty of mining a block has intensified by 3.92% following the most recent adjustment. Concurrently, Bitcoin’s network hashrate also attained its highest level ever, as indicated by the seven-day simple moving average (SMA) metrics, which shows a peak of 641 exahash per second (EH/s). This uptick was due to block intervals shortening to less than 9 minutes on April 9, quicker than the typical 10-minute average.
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💰 Institutions Are Levering Up On Bitcoin In This ETF
The 2X Bitcoin Strategy ETF has nearly $1.6 billion in assets, attracting institutional interest as a bull market leverage play. Though Bitcoin (BTC) spot ETFs launched by BlackRock and others have been all the rage in crypto, there’s a slightly older Bitcoin fund that’s also seen exponential gains in the past few months. The 2X Bitcoin Strategy ETF (BITX) has quadrupled its Bitcoin exposure since January, now reigning as one of the largest Bitcoin futures ETFs in the United States.
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