💸 Ether Spot ETFs Still Have No More Than 50% Chance of Approval in May: JPMorgan

🔵 JPMorgan analysts predict that approval for spot Ether ETFs in May is unlikely despite the green light given for spot Bitcoin ETFs. The SEC’s scrutiny of entities linked to the Ethereum Foundation has contributed to this outlook. If spot Ether ETFs won’t be approved by the May 23 deadline, JPMorgan foresees action against the SEC. However, they believe that any legal challenges will likely end in favor of ETF approval, drawing parallels to cases involving Grayscale and Ripple.

📌The decreasing focus on staking activities on Ethereum may also contribute to arguments against classifying Ether as a security, potentially enhancing the chances of ETF approval in the future.

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📈 Wall Street Is Buying US Spot Bitcoin ETFs: 13F SEC Fillings

🌐 Major financial firms on Wall Street, such as Park Avenue Securities and Inscription Capital, have reportedly entered the realm of spot Bitcoin ETFs, according to recent SEC 13F filings. These quarterly reports indicate a growing interest from investors in Bitcoin, with investment amounts varying from modest to large.

💬While the initial investments are relatively small, they suggest a strengthening belief in the investment potential of Bitcoin and its ability to meet standards. With more prominent players embracing BTC, upcoming filings will shed light on how sentiment toward the cryptocurrency is evolving among institutions.

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💸 Hong Kong Spot Bitcoin ETFs Could Unlock $25B From Mainland Chinese Investors

🙂 Hong Kong’s potential approval of spot Bitcoin ETFs could attract up to $25 billion from mainland Chinese investors through the Southbound Stock Connect program, according to Matrixport. The program allows qualified mainland investors to access eligible Hong Kong-listed shares, with an annual quota of 540 billion Hong Kong dollars. Mainland China’s interest in diversifying into alternative assets, evident from the recent surge in Shanghai gold prices, suggests a demand for diversification as the Chinese renminbi continues to decline.

✔️ Mainland-based funds have applied to issue spot Bitcoin ETFs through their Hong Kong affiliates, potentially increasing access to Bitcoin for qualified mainland investors.

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❓💸 Bitcoin Cash’s Post-Halving Slide Raises Concerns for Bitcoin Traders

🔵 The recent 15% decline in Bitcoin Cash (BCH) prices following its halving event on April 4 has raised concerns among Bitcoin (BTC) traders about the potential impact of the upcoming Bitcoin halving on April 20. BCH, which has been seen as a proxy for BTC’s impending halving, has experienced a significant reduction in open interest and negative perpetual funding rates, indicating a shift in market sentiment.

🔵 Analysts have warned that Bitcoin may have already priced in the slowdown in supply expansion and could face selling pressure after the halving. JPMorgan even expects a potential sell-off to $42,000 once the halving hype subsides. Furthermore, 10x Research suggests that post-halving miner sales could make it more difficult for bulls to push prices higher in the upcoming months, with miners potentially liquidating $5 billion worth of BTC.

🎥 While Bitcoin traders eagerly await the fourth halving of mining rewards, Bitcoin Cash’s recent results serve as a cautionary tale and make us reconsider expectations of an immediate post-halving price rise.

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📉 Bitcoin Plunges to $66K, Altcoins Tumble 10%–15% on Ugly Day for Risk Assets

🌐 The cryptocurrency market experienced a sharp downturn on Friday, with Bitcoin plunging below $66,000 and altcoins tumbling 10%–15%. The sell-off was triggered by risk-off sentiment in traditional markets, as rising fears of a broader conflict in the Middle East spooked investors. The sudden decline liquidated $850 million in leveraged derivatives trading positions, with $770 million of those being longs.

💬 Ryze Labs, a digital asset investment firm, expects short-term market softness due to the upcoming tax season but maintains a constructive long-term outlook, anticipating relief for the asset class as policymakers adjust monetary policy to facilitate U.S. government debt rollovers.

⬇️ Here are some extra facts about the past 24 hours:

⏺$611,950,000 worth of long positions liquidated (in just 4 hours).
⏺The total net outflow of spot BTC ETFs amounted to -$55.1 million.
⏺According to some experts, a total of 89% of long positions were liquidated.

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💸🕯 Why Bitcoin Halving Calculators Are out of Sync

🙂 The highly anticipated Bitcoin halving, expected to occur on April 19, has sparked a flurry of countdown timers across the web. However, these timers often display slightly different estimates, leaving traders and enthusiasts wondering why there’s a discrepancy.

💡 The halving, which occurs every 210,000 blocks (roughly every four years), is a pre-planned event that reduces the block reward for miners by half. While the target block number is constant, the accuracy of countdown timers depends on the current block height and the average block time.

🎥 Variations in these dynamic factors lead to different predictions. Some calculators assume a constant 10-minute block time, while others use rolling averages over various time periods. As the halving approaches, the accuracy of these predictions becomes increasingly important for those looking to trade or plan around the event.

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👮‍♀️ What Is a Rug Pull Scam?

❗️ A rug pull scam is when a development team suddenly abandons a project and removes all its liquidity, leaving investors holding worthless tokens.

These scams are most common in decentralized finance (DeFi) projects, where tokens are listed on decentralized exchanges (DEXs) with little to no KYC or AML checks.

🔵 To execute a rug pull, the team will create hype around the project, driving up the token’s price. They then sell their tokens at a high price or use smart contract backdoors to steal investors’ funds, removing liquidity and making it difficult for others to sell.

💻 To protect yourself from rug pulls, do thorough research on the project, including:

⏺The state of the product
⏺Tokenomics and token distribution method
⏺Liquidity and whether the team can remove funds quickly
⏺The team’s transparency and verifiability

🌐 Be cautious of projects with rapid price increases and excessive social media hype. By doing your due diligence, you can minimize the risk of falling victim to a rug pull scam.

#ScamDecoded

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💸🕯 Bitcoin Drops 30% Against Gold, Schiff Highlights Bearish Trend

📉 Bitcoin recently experienced a flash crash, dropping to just above $61,000, which equates to approximately 26 ounces of gold. Bitcoin critic Peter Schiff pointed out that at its peak two and a half years ago, 1 BTC was worth 37 ounces of gold, indicating a 30% decrease. Schiff sees this as a sign of Bitcoin entering a bear market when measured against gold.

🔗 However, the comparison between Bitcoin and gold is complex, as they serve different functions and react differently to market conditions. While gold is a traditional safe-haven asset, Bitcoin offers more risk exposure and acts as a digital store of value.

💸 The price of Bitcoin currently hovers above the crucial 200-day moving average support level near $49,800, and a sustained push above the $67,300 resistance could signal a potential bullish reversal.

What do you think will happen with BTC in the next two weeks?

👍 — BTC hits the new ATH

👀 — BTC might reach a level close to
$60K

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💸 Bitcoin From Rare ‘Satoshi Era’ Moves After 14 Years of Dormancy

An early crypto miner moved 50 BTC, worth over $3 million, after leaving the holdings untouched for 14 years. The transaction, which took place during Asian morning hours, saw the funds transferred to two wallets, with a portion eventually ending up on crypto exchange Coinbase.

The miner originally received the 50 BTC as a reward in April 2010, during the “Satoshi era,” when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was still active on online forums. This transfer joins a handful of similar instances in 2023, where long-dormant Bitcoin wallets from the early days of the network have suddenly become active, moving significant amounts of the digital asset.

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💸💸 Hong Kong Bitcoin ETF Approval Rumors Boost BTC and ETH Prices

Rumors of Hong Kong’s Securities and Futures Commission (SFC) approving spot BTC and ETH ETFs have led to a surge in the prices of both cryptocurrencies. According to CoinDesk Indices data, BTC has risen 2.8% over 24 hours, trading above $66,500, while ETH has advanced to $3,240. Several ETF applicants, including China Asset Management and Bosera Capital, posted on WeChat about receiving approval, but the SFC has not made an official announcement.

If confirmed, these ETFs could unlock institutional demand during Asia trading hours, providing a new avenue for exposure to the crypto market. However, macro events remain the more significant drivers of the market in the long run.

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⚠️ Trust Wallet Warns Apple Users of Potential iMessage Zero-Day Exploit

👮‍♀️ Trust Wallet, a crypto wallet provider, has advised Apple users to disable iMessage due to concerns about a zero-day exploit allegedly available on the dark web for $2 million. The exploit could potentially allow hackers to control users’ iPhones without any interaction. However, the warning has been met with skepticism from some in the industry, questioning the credibility of the intelligence based on a screenshot shared by Trust Wallet’s CEO, Eowyn Chen.

❗️Despite the controversy, Trust Wallet stands by its warning, citing information from its security team and partners. The alert comes amidst broader concerns about cybersecurity in the blockchain industry and recent emergency security updates from Apple for similar vulnerabilities.

Have you ever been a victim of a cryptocurrency wallet hacking scam?

👀 — Yeah, I’ve been there...

👍 — Never happened

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💸🕯 Bitcoin Rally Advocate Turns Bearish Amid Rising Bond Yields

🎥 Markus Thielen, the analyst who predicted Bitcoin’s bottom in November 2022 and its recent pre-halving surge, has turned bearish on risk assets, including cryptocurrencies and technology stocks. Thielen cites persistent inflation and rising bond yields as the primary triggers for his change in stance, with the 10-year Treasury yield surpassing 4.50%.

➡️ Traders have scaled back their expectations for Fed rate cuts this year, leading to a hawkish repricing that has dented the appeal of high-risk/high-return assets. Thielen notes that the Bitcoin rally was primarily driven by expectations of interest rate cuts, a narrative now being challenged.

🙂 Moreover, inflows into U.S.-listed spot Bitcoin ETFs, which fueled the cryptocurrency’s rise earlier this year, have dried up. Thielen suggests that investors might stay on the sidelines unless prices continue to increase. Some observers expect the correction to accelerate once the hype surrounding the upcoming Bitcoin halving subsides.

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❗️ Buy Bitcoin Miners Ahead of the Halving, Bernstein Says

🙂 Bernstein, a prominent broker, recommends investing in BTC miners Riot Platforms (RIOT) and CleanSpark (CLSK) ahead of the upcoming halving event. The firm expects BTC’s bullish trajectory to resume post-halving once mining hash rates adjust to lower rewards and ETF inflows persist.

🔵 Historically, BTC price surges have followed halving events, occasionally with a slight delay. Bernstein maintains its forecast of a $150,000 cycle high by 2025, supported by structural demand from spot Bitcoin ETFs. The broker’s insights highlight potential opportunities in the mining sector.

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💸❓ What Is ERC-1155, and How Does It Work?

In this edition of #Basics, we will look at the popular token standard ERC-1155, which is widely used by many projects focused on NFTs, GameFi, etc.

🌐 ERC-1155 is a token standard on Ethereum that optimizes the creation and management of crypto assets. It allows the combination of fungible, non-fungible, and semi-fungible tokens within a single smart contract, streamlining transactions and reducing costs.

💎 Imagine a blockchain game with various items like swords, shields, and coins. Before ERC-1155, each item required its own smart contract. ERC-1155 simplifies this by enabling diverse items to coexist in a single contract.

✔️ Key advantages of ERC-1155 include enhanced efficiency, versatility beyond gaming, reduction in redundancy, and a secure transfer mechanism that allows token reclamation if sent to the wrong address.

➡️ Projects such as Enjin, OpenSea, and OpenZeppelin are leveraging ERC-1155 to power their ecosystems, highlighting its significance in the blockchain world.

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❗️ 3 Big Indicators Point to Massive XRP Run

📎 Crypto analyst Mickle highlights three key indicators suggesting a potential XRP price surge as the Ripple vs. SEC case nears its end:

➡️ XRP is in a consolidation pattern, historically followed by significant price increases.

➡️ Bollinger Bands show a squeeze, indicating potential for substantial price movements.

➡️ XRP is entering a zone historically followed by exponential runs against Bitcoin.

Mickle also noted that a favorable outcome for Ripple, coupled with an expected reduction in interest rates by the Fed, could create the perfect conditions for a major XRP rally.

What do you think about the future of XRP?

👍 — Looks like something big is coming

👀 — No big deal

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💸 BlackRock Extends BTC ETF Inflows Lead as Category Demand Slows

💻 BlackRock’s iShares Bitcoin Trust (IBIT) continues to attract assets, outperforming its competitors in the U.S. spot BTC ETF market.

With over $15.3 billion in net inflows since its launch on Jan. 11, IBIT is well-positioned to surpass Grayscale’s Bitcoin Trust ETF (GBTC) in assets under management.

💡 Experts attribute IBIT’s success to BlackRock’s strong brand, competitive fees, and extensive distribution network, appealing to institutional investors. As the cryptocurrency space gains more institutional interest, IBIT is expected to maintain its leadership position in the digital asset management space.

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💸💸 Tether Expands Stablecoin Offerings to TON Network

💡 Tether, the issuer of the world’s largest stablecoin, USDT, has announced the expansion of its USDT and XAUT tokens to The Open Network (TON). This integration aims to facilitate seamless peer-to-peer payments and enhance financial experiences for Telegram’s substantial user base.

👕 By bringing its stablecoins to the TON ecosystem, Tether seeks to increase liquidity and activity within the network. Users will now have the opportunity to utilize USDT and XAUT in various decentralized finance (DeFi) applications on TON.

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💸 JPMorgan Predicts Bitcoin Price Drop Post-Halving

💻 JPMorgan, in a recent research report, has forecasted a weakening in BTC’s price following the upcoming block subsidy halving event, expected to occur around April 19–20.

The bank’s analysis of open interest in Bitcoin futures suggests that the cryptocurrency remains overbought.

🔵 According to JPMorgan, the current Bitcoin price of approximately $61,200 is still above its volatility-adjusted comparison with gold ($45,000) and its projected post-halving production cost of $42,000. The report also highlights subdued venture capital funding in the crypto market despite the recent resurgence.

👕 Mining companies are expected to be the most affected by the halving, with the bank anticipating a significant drop in the hash rate and consolidation among Bitcoin miners. Some mining firms may also seek to diversify into low energy cost regions to deploy their inefficient mining rigs and salvage value.

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🕯 Bitcoin Transaction Fees Skyrocket Above $100, Sparking Sell-Off Concerns

📈 Following the recent Bitcoin halving event, average transaction fees on the network have surged past $100 for the first time, reaching $105.69 in the last 24 hours. While miners benefit from higher fees, users and investors face negative consequences, such as holding unspendable dust balances and facing difficulties withdrawing from exchanges.

💬 The increased costs could also diminish profits in Bitcoin’s DeFi ecosystem and incentivize a sell-off for fiat or other cryptocurrencies. As the market awaits a potential drop in demand for block space, users must currently pay four times the world’s average daily income per BTC transaction.

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💸 Bitcoin Halving Arrives, Sparking Surge in Transaction Fees

🔵 The much-anticipated Bitcoin halving, occurring once every four years, took place on Saturday, April 22, at 00:09 UTC. As the 840,000th block was added to the Bitcoin blockchain, the event cut the rewards miners receive for creating new Bitcoin in half.

💻 While Bitcoin’s price remained relatively stable above $63,000, transaction fees on the network skyrocketed due to the launch of a new protocol called Runes. Developed by Casey Rodarmor, the creator of the Ordinals platform, Runes enables the minting of digital tokens atop the Bitcoin blockchain. Speculators rushed to etch these tokens, leading to a flurry of transactions and record-high fees.

👕 The halving block itself saw a staggering 37.6-BTC fee (worth over $2.4 million), with fees remaining significantly higher than normal in the following hour. The intense competition among miners and users to be part of this historic event has put unprecedented stress on the Bitcoin network, showcasing its potential for new use cases and revenue streams in the post-halving era.

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