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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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JUST IN: 🇺🇸 US Senator Cynthia Lummis says high ranking government officials feel threatened by 💰 Bitcoin because they can’t control it
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💰 BlackRock IBIT ETF nears $15 billion net milestone amid $308 million inflow
Farside data revealed a $203.0 million net inflow on Apr. 5, marking the Bitcoin ETFs’ fourth consecutive net inflow day. This trend suggests a growing interest and confidence in the digital asset space among investors. Notable among the ETF providers is BlackRock’s IBIT, which saw a substantial net inflow of $308.8 million, bringing its cumulative total net inflow to $14,769.1 billion. This represents the biggest net inflow day for IBIT since March 27, underscoring the fund’s growing prominence in the market.
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💰 Skybridge Founder: Bitcoin Halving Not Priced in — BTC Has 'a Lot More' Upside
Skybridge Capital founder Anthony Scaramucci discussed his bitcoin outlook in an interview with CNBC Friday. He explained that the demand for spot bitcoin exchange-traded funds (ETFs) “was a big reason” for the recent rebound in bitcoin’s price. “The regulatory hurdle where the United States government is now allowing a CUSIP to be attached to bitcoin is a big reason and … when Wall Street gets a product like this, it’s like a selling machine and it’s generating lots of demand for the product,” he detailed.
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💰 Bitcoin as 'digital gold' could enable continued demand as ETFs mitigate volatility: Coinbase
Hawkish views on the potential for U.S. Federal Reserve interest rate cuts have bolstered gold among traditional investors — a fact that may lead to more demand for bitcoin, in Coinbase's opinion. "In our view, bitcoin's increased acceptance as a form of "digital gold" could enable demand from a new subset of investors in this market regime," David Han, an institutional research analyst at the crypto exchange, wrote in a report published yesterday.
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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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💰 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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🇺🇸 US Treasury official targets 🪙 Tether USDT stablecoin in Russian sanction evasion
US Treasury Deputy Secretary Adewale Adeyemo said Russia was increasingly using alternative payment mechanisms like Tether’s USDT stablecoin to bypass economic sanctions, according to his written testimony on April 9 to the Senate Banking, Housing, and Urban Affairs Committee. This remark follows increasing reports that malicious actors used Tether’s stablecoin for their illicit activities. Notably, the US and UK governments launched a joint investigation into crypto transactions worth over $20 billion that may have violated Russian sanctions involving the stablecoin.
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🇨🇳 Top Chinese mutual funds exploring 💰 Bitcoin ETFs via Hong Kong units
Leading Chinese mutual funds are actively exploring Bitcoin exchange-traded funds (ETFs) through their subsidiaries in Hong Kong, with adoption set to kick off within the second quarter once regulatory approval is secured, local media reported on April 8. Jiashi Fund has applied to launch a Bitcoin spot ETF, while Huaxia Fund’s subsidiary recently partnered with Bitcoin ETF custodian HashKey. Both firms are awaiting regulatory approval to proceed further.
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📊 Pantera Capital posts 66% gain for crypto fund last quarter, despite selling Bitcoin: Bloomberg
Pantera Capital, the $5.2 billion asset manager which was the first to focus exclusively on blockchain technology and digital assets, has posted a 66% gain for its Liquid Token Fund over the first quarter of 2024. The gains were led by Solana and smaller-cap tokens such as Ribbon Finance , Aevo, and Stacks , according to a Bloomberg report, while the fund sold large parts of its position in Bitcoin and Ethereum -based tokens.
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💰 Bitcoin Miners Compete for Profitability Ahead of Halving: CryptoQuant
Bitcoin mining companies have increased their selling activity but are still facing challenges like lower transaction fees and increasing mining competition. Although some Bitcoin mining companies have increased their selling activity, they still face challenges like lower transaction fees, increasing mining competition, and the need for higher computing power to produce the same amount of BTC. Their revenues will be slashed by 50%, and they will need higher BTC prices to sustain their profitability.
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