According to an official announcement by Hong Kong Exchanges and Clearing Limited (HKEX), the Bitcoin and Ethereum ETFs were welcomed on Tuesday, April 30, marking the introduction of the first spot virtual asset (VA) ETFs in Asia.

Expanding Virtual Asset Investment Choices

The announcement stated that Investor interest in virtual asset ETFs has significantly increased since the launch of VA Futures ETFs in late 2022.

By the first quarter of 2024, the combined average daily turnover for the three VA Futures ETFs listed in Hong Kong surged to $51.3 million from $8.9 million the previous year. These ETFs also attracted $529 million in net inflows during the same period.

The range of exchange-traded products (ETPs) on the Hong Kong Stock Exchange continued to grow, with ETFs and Leveraged and Inverse Products (L&I Products) among the fastest-expanding segments.

“The introduction of Spot VA ETFs in Hong Kong is the latest exciting addition to HKEX’s diverse and vibrant ETP ecosystem, providing investors with access to a new asset class,” said HKEX Head of Equities Product Development Brian Roberts.

“Following the success of VA Futures ETFs, the listing of Asia’s first spot VA ETFs will further enhance the product diversity and liquidity of the Hong Kong ETP market,” said Roberts.

Bitcoin and Ethereum ETF Competition in Hong Kong

China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot Bitcoin and Ethereum ETFs. They could lead a new round of ETF competition according to a previous report.

In 2023 and the first quarter of 2024, HKEX introduced 16 new ETFs, increasing the total offerings to 179. HKEX planned to diversify its product offerings and enhancing its position in the global market.

“We look forward to continue working closely with our stakeholders with a view to launching more products to our international marketplace,” stated Roberts.

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In its first-quarter earnings report, the software firm reported operating expenses included impairment losses on the company’s digital assets, which stood at $191.6 million during the first quarter of 2024, compared to $18.9 million in the first quarter of 2023. Impairment is an expense that reflects the fact that the value of an asset has dropped below its cost basis.

MicroStrategy reported revenue of $115.2 million, down 5% year-over-year. The firm reported operating expenses for the first quarter of 2024 were $288.9 million, a 152.8% increase compared to the first quarter of 2023.

MicroStrategy Bitcoin Holdings in 2024

The vast majority of the company’s wealth is held in Bitcoin. MicroStrategy’s total Bitcoin holdings now stand at 214,400 at a total cost of $7.54 billion, or $35,180 per Bitcoin, as of April 26, 2024. The firm reported since the end of the fourth quarter 25,250 Bitcoins have been acquired for $1.65 billion, or $65,232 per Bitcoin.

In April, @MicroStrategy acquired an additional 122 BTC for $7.8 million and now holds 214,400 BTC. Please join us at 5pm ET as we discuss our Q1 2024 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/h40yyrgEb0

— Michael Saylor (@saylor) April 29, 2024

“In the first quarter, we raised over $1.5 billion by executing again on our capital markets strategy including two successful convertible debt offerings. We acquired 25,250 additional Bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more Bitcoin to our balance sheet,” said said Andrew Kang, Chief Financial Officer, MicroStrategy in a press release.

In its earnings report, MicroStrategy acknowledged that the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. played a significant part in the price of Bitcoin price appreciating and has increased institutional demand and resulted in further regulatory clarity.

In March, MicroStrategy executive chairman and co-founder Michael Saylor said he sees no reason to sell any of his Bitcoin anytime soon, adding that the approval of a spot Bitcoin ETFs is a rising tide that is going to lift all boats – this phrase is metaphorically associated with the idea that as the market improves this will benefit all participants.

The post MicroStrategy Reports Net Loss of $53.1M in Q1 of 2024 and Yearly Revenue Decline of 5% appeared first on Cryptonews.

In an announcement, Omnity said its interoperability protocol is built on the Internet Computer (ICP). This is integrated with Runes, an Unspent Transaction Output (UTXO) Bitcoin metaprotocol that allows for the trade of fungible tokens on Bitcoin.

Bitcoin Halving Brought an Unprecedented Spike in Fees

Since the Bitcoin halving it is estimated Runes have contributed to up to 68% of Bitcoin transactions, however, the fees earned by Bitcoin miners have started to dwindle.

Like BRC-20s, Runes is a protocol that uses the Bitcoin network. It pays fees in Bitcoin to generate new tokens.  Runes uses the UTXO model to “etch” new tokens on Bitcoin. This contrasts with Ordinals’ “inscription” account model, according to a protocol explainer from Rodarmor. 

Omnity Protocol said this integration aims to allow the trading of Rune tokens without gas or transaction fees. It allows for token swaps without having to rely on risky cross-chain bridges.  Omnity claims to be the first protocol to support Runes interoperability. The protocol integrates Runes and offloads the burden of native Bitcoin transactions onto ICP.

Since its launch on April 20th, Runes has processed more than 2.38 million transactions, according to a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo.

“As champions of blockchain’s mission to protect public goods, we’re proud to leverage the Internet Computer to alleviate congestion on the Bitcoin network,” said Louis Liu, founder of Omnity, in a press release.

“This enhances Runes transaction efficiency and also cuts costs, which supports the scalability and economic functions of Bitcoin,” said Liu.

Understanding Internet Computer (ICP)

ICP is the native cryptocurrency for Internet Computer. Omnity said its cross-chain integration uses ICP’s “Chain Fusion Technology” which allows the network to read and write to Bitcoin. 

“ICP’s on-chain Bitcoin integration is essential because it brings smart contract functionality to Bitcoin without having to trust wrapped BTC from centralized bridging services, opening up new possibilities for DeFi and Dapp development without congesting the Bitcoin network and driving up transaction fees,” said Omnity in a press release.

The post Omnity Protocol Launches New Integration for Low Fee Runes Trading appeared first on Cryptonews.

Amidst positive market expectations, Bitcoin (BTC) faces a downtrend, dropping to $62,247 with an intra-day low of $62,007. Global tensions and US Department of Justice actions against crypto founders fuel this decline.

Additionally, apprehensions regarding China’s economic stability add to investor concerns. The slump is exacerbated by slowed ETF inflows, as investors withdraw $218 million from Bitcoin ETFs amidst sluggish US economic growth.

Diminished prospects of a Federal Reserve interest rate cut contribute to negative sentiment, shaping Bitcoin’s current trajectory.

Australian Bitcoin ETF Impact: Potential Boost for BTC Price & Institutional Interest

The imminent introduction of spot Bitcoin ETFs in Australia, following the success of similar products in the United States, promises to reshape the landscape of cryptocurrency investment in the region.

As ASX Ltd, the Australian public company that operates Australia’s primary securities exchange, gears up to approve the country’s first spot Bitcoin ETFs by the end of 2024, market players like Van Eck Associates Corp. and BetaShares Holdings Pty are actively positioning themselves to seize this opportunity.

The potential impact of Australian spot Bitcoin ETFs on BTC price and market dynamics is significant, with implications for both institutional interest and the influx of investments from Australia’s substantial pension market.

Key Points:

• Van Eck Associates Corp. and BetaShares Holdings Pty are set to introduce spot Bitcoin ETFs in Australia.
• ASX Ltd. expected to approve the country’s first spot Bitcoin ETFs by 2024.
• US Bitcoin ETFs attracted $53 billion in investments this year, driving interest in Australia’s $2.3 trillion pension market.
• Introduction of Australian Bitcoin ETFs signals growing institutional interest and potential for increased investment in BTC.

Bitcoin ETF Outflows: Impact on BTC Price Amid Economic Growth Concerns

Recent data reveals a noteworthy decline in cash inflows into Bitcoin exchange-traded funds (ETFs), with investors withdrawing approximately $218 million from these investment vehicles.

This shift in investment patterns stems from a federal economic report highlighting slower-than-anticipated growth in the US economy, diminishing expectations of Federal Reserve interest rate cuts.

Consequently, higher interest rates dissuade investors from allocating funds to volatile assets like Bitcoin, favoring more stable alternatives.

Key Points:

• Investors withdrew nearly $218 million from Bitcoin ETFs due to concerns over sluggish US economic growth.
• Slower growth reduces prospects of Federal Reserve interest rate cuts, impacting investor sentiment.
• Approval of 11 Bitcoin ETFs in January initially drove significant investment inflows.

Bitcoin Price Prediction

Today, Bitcoin (BTC/USD) is priced at $62,247, with a chart timeframe indicating ongoing volatility. Key price levels suggest a pivot point at $62,899, signaling a crucial juncture for market direction. Immediate resistance stands at $64,884, followed by $67,084 and $68,734. Conversely, immediate support lies at $61,062, with subsequent levels at $59,660 and $58,175.

Technical indicators reveal mixed signals, with the Relative Strength Index (RSI) at 33, indicating a neutral stance. The 50-day Exponential Moving Average (EMA) stands at $63,655, providing additional insight into price trends.

Conclusion: Bitcoin remains bearish below the pivot point of $62,899. A breakout above this level could signal a shift towards a more bullish bias, while a failure to breach could reinforce bearish sentiments in the market.

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99Bitcoins Presale: Your Gateway to Early Benefits

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These tokens not only serve as a mechanism for rewards but also provide holders with access to exclusive content and additional community benefits.

Don’t Miss Your Chance

As it stands, a total of around $890K has been raised towards the target of $1,468,656.

Time is of the essence, as only a few days remain before the next price increase. This is a crucial moment to buy $99BTC and benefit from the advantages of staking your tokens immediately.

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The post Bitcoin Price Prediction as BTC Falls to $62,247 Despite Positive Market Expectations – Time to Buy? appeared first on Cryptonews.

Bitcoin’s recent 1.4% spike in value this weekend has stirred interest among investors, prompting discussions around Bitcoin price prediction for the coming week.

Currently trading at $63,559, Bitcoin demonstrates robust market activity with a trading volume of $17.73 billion and maintains its dominant position with a market cap of approximately $1.25 trillion.

Bitcoin Price Prediction

Today’s Bitcoin (BTC/USD) pivot point stands at $64,075, serving as a key level for traders to watch. Bitcoin faces immediate resistance at $65,092. Should the momentum continue upward, the next resistance levels to monitor are $66,745 and $67,887.

On the downside, Bitcoin finds immediate support at $62,754. Further declines could see it testing support levels at $61,782 and $60,780, respectively.

The Relative Strength Index (RSI) is currently at 43, indicating that Bitcoin is neither overbought nor oversold at this stage. This neutral position may suggest a lack of strong momentum in either direction for the market.

The 50-Day Exponential Moving Average (EMA) is currently positioned at $64,355. This metric is crucial as it hovers near the pivot point, indicating that the market could be at a critical juncture.

On a 4-hour chart timeframe, Bitcoin has recently broken below the descending triangle pattern, which had been providing support around $64,000.

This technical breach suggests potential for further declines. If downward momentum continues, Bitcoin could potentially fall towards the $61,750 level, and possibly extend losses to $60,750.

Conclusion

The technical outlook for Bitcoin is currently bearish below the $64,075 level. A decisive break below this pivot could pave the way for further declines towards the immediate support levels.

Conversely, a movement above this critical point could instill a more bullish sentiment in the market, potentially leading to a test of upper resistance levels.

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99Bitcoins Presale: Your Gateway to Early Benefits

The 99Bitcoins presale event offers an exceptional opportunity for early investors to acquire $99BTC tokens at a notably low price of $0.00102 each, with the potential for substantial returns as the ecosystem develops and expands.

These tokens not only serve as a mechanism for rewards but also provide holders with access to exclusive content and additional community benefits.

Don’t Miss Your Chance

As it stands, a total of $873,875.4 has been raised towards the target of $1,468,656.

Time is of the essence, as only a few days remain before the next price increase. This is a crucial moment to buy $99BTC and benefit from the advantages of staking your tokens immediately.

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The post Bitcoin Price Prediction as BTC Spikes Up 1.4% on the Weekend – Bullish Week Incoming? appeared first on Cryptonews.

Bitcoin (BTC) maintained its upward trend and experienced a strong upward rally, hitting the intra-day high of $65,100 before dropping near the $63,000 mark. Despite minor dips in other altcoins like Ethereum (ETH) and Dogecoin (DOGE), BTC held its ground.

Fidelity’s sizeable investment in a Bitcoin ETF, which reflects strong institutional confidence, was one of many factors that contributed to the recent bullish performance of Bitcoin.

Meanwhile, slower economic growth and high inflation in the US could weaken investor sentiment and put downward pressure on the US dollar, boosting the appeal of Bitcoin as a hedge.

Robert Kiyosaki Endorses Cathie Wood’s Bitcoin Prediction: A Potential Surge for $MEDA

Robert Kiyosaki, a noted financial expert, supports Ark Invest’s prediction that Bitcoin could soar to between $120,000 and $2.3 million due to potential institutional investments.

He emphasizes the value of taking risks and investing in Bitcoin, suggesting that such steps offer both financial growth and valuable lessons.

Kiyosaki’s backing might boost investor confidence, potentially increasing demand and driving up Bitcoin prices.

Key Takeaways:

• Kiyosaki endorses Ark Invest’s high Bitcoin price forecast.
• He encourages embracing risk for potential high returns and learning.
• His support could elevate Bitcoin’s market demand and price.

Mark Yusko Forecasts $300 Billion Boom from Baby Boomers into Crypto

Mark Yusko, CEO of Morgan Creek Capital, anticipates a significant $300 billion transfer from American baby boomers’ retirement accounts into cryptocurrency, particularly through Bitcoin ETFs.

Despite the current $53 billion value of Bitcoin ETFs, Yusko sees this as merely the beginning, suggesting that only 10% of the potential market impact has been realized. This influx could propel Bitcoin’s total market value close to $6 trillion, marking a substantial market upswing.

Key Takeaways:

• Yusko predicts a $300 billion investment shift from boomers to crypto.
• Significant potential growth for Bitcoin’s market value.
• Marks a pivotal shift in investment trends towards cryptocurrency.

U.S. Economic Slowdown and High Inflation Shape Investor Sentiment

In the first quarter of 2024, U.S. economic growth underperformed, expanding only by 1.6% compared to the expected 2.5%. Persistently high inflation is evident, with the Personal Consumption Expenditures Price Index rising at an annual rate of 3.4%, above the Federal Reserve’s target of 2%. Despite these conditions, the likelihood of a Federal Reserve rate cut in June remains low.

Investors, now bracing for another inflation report expected to show a 0.3% monthly increase, might experience shaken confidence, potentially weakening the U.S. dollar and boosting interest in cryptocurrencies like Bitcoin as inflation hedges.

Key Points:

• Slower U.S. economic growth and high inflation may reduce investor confidence.
• Potential weakening of the U.S. dollar.
• Rising interest in Bitcoin as an inflation hedge.

Bitcoin Price Prediction

Today’s Bitcoin (BTC/USD) analysis reveals a slight downturn in its price, now at $63,751.01, accompanied by a trading volume over the past 24 hours of approximately $26.74 billion. The cryptocurrency’s market capitalization stands at roughly $1.255 trillion, securing its top rank on CoinMarketCap.

Currently, Bitcoin hovers just above a pivotal level of $63,580. Failure to maintain this threshold, already breached, suggests potential further declines. Immediate supports are identified at $62,460, followed by $60,990 and $59,745.

On the resistance side, $65,092 marks the first barrier, with subsequent levels at $66,745 and $68,350.

The technical indicators underscore the bearish sentiment: the RSI at 44 indicates a lack of strong buying momentum, and the 50-day EMA sits slightly below the current price at $63,225, further supporting potential downward movement.

Conclusion: The outlook remains bearish as long as the price is below $63,580. A reversal above this level could alter the bias to bullish, suggesting an opportunity for a recovery toward higher resistance levels.

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99Bitcoins Presale: Your Gateway to Early Benefits

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These tokens not only act as a reward mechanism but also grant access to exclusive content and community benefits.

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The post Bitcoin Price Prediction as Bears Push BTC Below $63,000 Level – Where is the Next Support appeared first on Cryptonews.

A MoM inflation rate of 0.3% translates to an annualized inflation rate of around 3.6%. That’s well above the Fed’s 2% inflation target, pointing to still uncomfortably high inflation in the US.

Economists highlighted that stubbornly high housing and utility inflation could keep MoM price pressures elevated for some time.

Here is Powells favourite inflation gauge.

PCE Core Service Less Housing MoM up almost 0.6%

TOO much.. End of discussion pic.twitter.com/yEBlWeV1MA

— Andreas Steno Larsen (@AndreasSteno) February 24, 2023

That will likely encourage the Fed to keep interest rates higher for longer. Given the strong data reports in recent weeks (manufacturing PMI, jobs, etc.), it’s no surprise to see the DXY and US bond yields near multi-month highs.

The unfavorable macro backdrop, where markets are pricing stickier inflation and a Fed that is more reluctant to cut rates signals a near-term headwind for Bitcoin.

Bitcoin has historically performed better in an environment of falling US yields and a falling US dollar.

There is some evidence that the US economy is slowing, however. This week’s flash PMI report showed weakness in economic activity in April. And the latest GDP numbers for Q1 were a disappointment.

Until that weakness translates into lower inflation, the Fed will likely remain cautious about rate cuts, which will remain a headwind for BTC.

Bitcoin Price Analysis – Where Next for BTC?

The Bitcoin price is currently locked near the lower bounds of its multi-week $60,000 to $74,000 range.

BTC has held this range despite recent macro headwinds and slowing ETF flows which clocked in at $217 million on Thursday.

Rough day across the board for the Cointucky derby and the #Bitcoin ETFs yesterday. 5 ETFs saw outflows for a total of -$217 million. Franklin was only ETF with an inflow at $1.9 million. pic.twitter.com/9NF9iXi2GN

— James Seyffart (@JSeyff) April 26, 2024

Some have cited strength in stablecoin growth as indicative of still strong inflows into the crypto market.

As per DeFi Llama, the stablecoin market cap is at its highest since June 2022, at $158 billion.

That’s a $34 billion rise since the end of October, and continued growth could keep the Bitcoin price buoyed.

Any weakness in stablecoin growth could be a harbinger of a lower Bitcoin price to come.

Bitcoin is currently at risk of slipping below its range lows around $60,000, which would open the door to a drop towards support at $53,000.

Bitcoin’s Long-term Bull Thesis Remains

In the long term, however, most people are confident that Bitcoin will enter a bull market.

Last week saw Bitcoin’s fourth quadrennial halving take place. The cut in BTC issuance rate from prior halvings has, without fail, helped propel the price to new all-time highs within a few quarters.

#BTC

When you zoom out

You won't be in doubt$BTC #BitcoinHalving #Bitcoin pic.twitter.com/GzTPReAlCH

— Rekt Capital (@rektcapital) April 24, 2024

Breaking from its prior historical pattern, Bitcoin hit all-time highs ahead of the halving this time, thanks to ETF demand.

That arguably raises the risk of a post-halving correction. But it shouldn’t damage the long-term outlook.

The long-term trend stays towards increased TradFi adoption and investment into the asset, accelerated now by the availability of ETFs.

Macro, too, will be a major long-term tailwind. Unsustainable borrowing by major economies means global currency debasement is set to continue.

Amid the growing narrative that Bitcoin is “digital gold,” as promoted by Wall Street giants like BlackRock’s Larry Fink, Bitcoin will be a big winner, along with other hard assets.

Larry Fink is the CEO of BlackRock.

BlackRock is the largest money manager in the world with $9,000,000,000,000.

He says #bitcoin is “digital gold” pic.twitter.com/lz30q6x7r5

— Documenting ₿itcoin (@DocumentingBTC) September 29, 2023

All the while, Bitcoin will continue to benefit from its technological adoption.

Globally, more and more people understand the utility of decentralized, censorship-resistant, borderless, and permissionless payment technology.

Fiat brains: "But Bitcoin has no real utility."

Me: "#Bitcoin is decentralized, secure, neutral, permissionless, energy money."

Fiat brains: "Yeah, but what does it DO?"

Me: "lol"

— Dr. Jeff Ross (@VailshireCap) April 26, 2024

Crypto firms, meanwhile, continue to build out their centralized and decentralized platforms, enhancing Bitcoin’s utility and accessibility to the masses.

Bitcoin is likely to challenge $100,000 sometime in 2024 or 2025.

The post Bitcoin Price Chops Either Side of $64,000 Following Latest US Inflation Report – Here’s What You Need To Know appeared first on Cryptonews.

Bitcoin could see renewed momentum due to new United States economic shifts. Hayes believes that while the Federal Reserve’s decision to maintain interest rates may not directly impact Bitcoin and altcoins, Treasury Secretary Janet Yellen is now the key figure to watch.

Hayes Insights on “Ignoring the Fed” in Bitcoin Bull Run

On April 29, the United States Treasury plans to release quarterly refunding documentation, outlining strategies for managing liquidity. Hayes highlights the importance of two liquidity sources within this documentation: the Reverse Purchase Agreement (RRPS) and the Treasury General Account (TGA).

As expected tax receipts added roughly $200bn to TGA. Forget about the May Fed meeting the 2Q24 refunding annc comes out next week. What games will Yellen play, here are some options:

1. Stop issuing treasuries by running down the TGA to zero, that is a $1tn injection of… pic.twitter.com/F6AsShYhr4

— Arthur Hayes (@CryptoHayes) April 26, 2024

Hayes emphasized Yellen’s crucial position within his theory, which suggests an increase in US dollar printing leading up to and beyond the upcoming Presidential election. He highlighted a potential $1.4 trillion liquidity injection stemming from a $1 trillion TGA drain and $400 million RRPs.

“If any of these three options happen, expect a rally in stocks and, most importantly, a re-acceleration of the crypto bull market,” Hayes said. “The Fed is irrelevant, Yellen is a bad bitch, you best respect her.”

Bitcoin ETFs Face “Overdue” Slowdown

Bitcoin’s mainstream entry has sparked positive momentum for its price. Despite the most successful ETF debut in history, Bitcoin ETFs have further potential growth.

Bloomberg ETF analyst Eric Balchunas sees the recent slowdown of inflows of BlackRock’s iShares Bitcoin Trust (IBIT) as a natural progression.

IBIT is currently the second-largest Bitcoin product by assets under management, trailing only the Grayscale Bitcoin Trust (GBTC).

While $IBIT's daily inflow streak is over at 71 days, it is not done setting records. Here's a look at ETFs all time by assets after first 72 days on market. The league of own-ness of IBIT, FBTC et al shows how overheated it all was, a breather was overdue tbh @thetrinianalyst pic.twitter.com/CwarhzTOIC

— Eric Balchunas (@EricBalchunas) April 25, 2024

“Out of all the 10,698 registered funds in the USA (including ETFs, mutual funds, and CEFs), IBIT currently ranks 2nd in YTD flows,” Balchunas said.

ARK Invest CEO Cathie Wood also anticipates further gains in this new trend, predicting that Bitcoin can surpass the $1 million mark.

The post Crypto Billionaire Arthur Hayes Predicts Bitcoin Bull Run to Return After $1.4 Trillion US Liquidity Spike appeared first on Cryptonews.

In today’s financial landscape, Bitcoin price predictions have become increasingly relevant as the cryptocurrency navigates through volatile market conditions.

Currently priced at $64,226, Bitcoin shows a minor decrease of 0.75% within the last 24 hours, yet maintains its dominance with a robust market cap of approximately $1.25 trillion.

Bitcoin Price Prediction

Looking at the technical analysis, Bitcoin (BTC/USD‘s pivot point stands at $65,145. The immediate resistance levels are observed at $67,295, $69,235, and $71,065.

These levels are crucial for traders looking to gauge potential selling or buying momentum as Bitcoin interacts with these thresholds.

On the downside, Bitcoin has established support levels at $62,942, $61,387, and $59,746. These figures represent critical junctures where Bitcoin might stabilize or rebound in response to selling pressure.

#BitcoinPricePrediction: BTC struggles under a bearish cloud with pivotal resistance at $65,145. Key levels to watch: Resistance at $67,295, $69,235, $71,065 and support at $62,942, $61,387, $59,746. RSI at 41 suggests caution. Could current trends hint at further dips?#Crypto pic.twitter.com/gmTctI3EFF

— Arslan Ali (@forex_arslan) April 26, 2024

In terms of technical indicators, the Relative Strength Index (RSI) is currently at 41, indicating that Bitcoin is neither in the oversold nor overbought territory, but it leans towards a bearish sentiment.

The 50-Day Exponential Moving Average (EMA) stands at $64,895, which Bitcoin has recently been testing as resistance.

This EMA level is significant as it aligns with the current pivot point, suggesting a potential resistance zone that could influence Bitcoin’s short-term movement.

The analysis also highlights a bearish trendline that extends resistance near the $64,895 level. A bearish breakout below $62,950 could potentially open the door for further declines, targeting the next support at $61,385.

This scenario indicates a market sentiment that could favor sellers, pushing the price down as bearish conditions prevail. In conclusion, Bitcoin’s current market position is bearish below the pivot point of $65,143.

99Bitcoins Presale: Your Gateway to Early Benefits

This presale event represents a valuable opportunity for early investors to acquire $99BTC tokens at reduced prices, maximizing potential returns as the ecosystem expands and matures.

These tokens not only act as a reward mechanism but also grant access to exclusive content and community benefits.

Don’t Miss Your Chance

As of now, $834056 has been raised towards the goal of $1,468,656. Only 3 days remain until the next price increase. Seize this moment to secure your $99BTC at just $0.00102 each.

Invest today and enjoy the benefits of staking your newly purchased tokens immediately.

The post Bitcoin Price Prediction as BTC Climbs to $64,226 Amidst Positive Market Trends – Time to Buy appeared first on Cryptonews.

In his post, Dashjr highlighted the contrasting nature of Ordinal Inscriptions and the Runes protocol in their interactions with the network.

Ordinals exploits vulnerabilities.

Runes merely exploit design flaws.

— Luke Dashjr (@LukeDashjr) April 26, 2024

He explained that while Ordinals exploit vulnerabilities within Bitcoin Core, the Runes protocol operates within the existing framework of the network’s design flaws. 

Runes Draw Criticism After Causing Congestion

Ordinals allow for the inscription of data onto satoshis (the smallest units of Bitcoin), creating a concept similar to non-fungible tokens (NFTs).

Their introduction last year marked Bitcoin’s entry into the NFT space and attracted considerable interest within the crypto community.

On the other hand, Runes are fungible tokens introduced on the day Bitcoin completed its fourth halving. 

However, following their launch, these tokens caused major network congestion, leading to a surge in transaction fees. 

Dashjr has long criticized both asset types, arguing that they deviate from Bitcoin’s core principles and contribute to blockchain spam.

In fact, he previously referred to Ordinals as a bug and spearheaded initiatives to address them through bug fixes.

In response to his opposition to Runes, Dashjr suggested methods for filtering out transactions related to the protocol. 

He recommended adjusting the “datacarriersize” setting in the bitcoin.conf file to zero, which would effectively block Runes’ spam. However, early indications suggest that miners are not following this advice. 

Ocean Mining, a decentralized mining pool where Dashjr serves as the CTO, recently mined its first post-halving block, with over 75% of its transactions originating from the Runes protocol.

We don't dictate what blocks our miners mine.@OCEAN_mining's mission is in fact the exact opposite: to empower miners to be the ones making these decisions.
Toward that end, we do offer a data-free template for miners who wish to exclude Runes, and I personally encourage miners…

— Luke Dashjr (@LukeDashjr) April 26, 2024

“That being said, while it’s unfortunate that many scammy Runes got mined, they did meet the policies OCEAN has recommended from the start,” he wrote. “While Ordinals are a 9-vector attack that exploits vulnerabilities in Bitcoin Core, Runes are ‘only’ a 5-vector attack that actually technically follows the ‘rules.'”

Bitcoin Transaction Fees Plummet After Halving

Bitcoin transaction fees have experienced a substantial drop just one day after reaching an all-time high average of $128 on April 20, coinciding with the fourth Bitcoin halving. 

As of April 21, the average fees for medium-priority transactions on the Bitcoin network ranged from $8 to $10.

The preceding day had witnessed a surge in total fees, with Bitcoin recording $78.3 million in fees, surpassing Ethereum by over 24 times.

Notably, the Bitcoin halving block at block height 840,000 included a record-breaking 37.7 bitcoins (equivalent to $2.4 million) in transaction fees paid to Bitcoin miner ViaBTC. This block included 3,050 transactions, resulting in an average fee of nearly $800 per user.

The demand for block 840,000 was largely driven by enthusiasts of meme coins and NFTs competing to inscribe and etch rare satoshis using the Runes protocol.

The post Bitcoin Core Developer Claims Runes Protocol Exploits Bitcoin Blockchain’s Design Flaw appeared first on Cryptonews.

As Bitcoin climbs to $64,500 with a modest gain of 0.50% on Friday, the market remains keenly observant for shifts that might influence future Bitcoin price predictions. Recent interest spikes following the sale of a rare “epic sat” from the fourth Bitcoin halving for $2.1 million underscore Bitcoin’s collectible and historical value.

This event, alongside developing regulatory environments and increasing adoption by businesses, paints a complex picture of Bitcoin‘s role both as an investment and a cultural artifact.

Rare Bitcoin ‘Epic Sat’ Sells for $2.1M, Highlighting Demand for Collectible Cryptocurrency

An “epic sat,” mined from the fourth Bitcoin halving block, recently fetched $2.1 million at an auction on CoinEx Global. This rare satoshi, distinguished by its unique sequence number, sold for 33.3 BTC, highlighting its value to collectors.

Normally, each satoshi is worth about $0.00065, but those with rarity and historical significance command much higher prices.

CRYPTO BREAKING NEWS
'Epic sat' mined from fourth Bitcoin halving block sells for $2.1M. The first satoshi mined from the recent Bitcoin halving block, known as an “epic sat” has been sold for a staggering $2.1 million, or 33.3 Bitcoin. check us out @ https://t.co/8dh137aX4R pic.twitter.com/zkH8uWLFZC

— InnovatekMobile (@Neome_com) April 26, 2024

This sale underscores the growing interest in Bitcoin memorabilia, which could boost demand for these unique tokens. It also emphasizes the importance of Bitcoin’s scarcity and historical milestones, which enhance its cultural and economic significance beyond mere digital currency.

• Rare “epic sat” sold for $2.1 million or 33.3 BTC on CoinEx Global.
• Highlighted the collectible value of unique Bitcoin units.
• Demonstrated growing interest in Bitcoin’s historical and cultural significance.

UK Enhances Crypto Seizure Laws to Combat Crime, Sparking Privacy Debates

New UK regulations have streamlined the process for law enforcement to seize cryptocurrencies, enhancing their ability to combat crime without the need for immediate arrests. This legislative update allows police to confiscate digital assets more efficiently, even if the perpetrators use pseudonyms or operate internationally.

The Home Office has cited cases involving the seizure of cryptocurrencies worth hundreds of millions of dollars. Under the new rules, law enforcement can transfer seized cryptocurrencies to secure wallets and, if necessary, liquidate the assets.

#EarlyBirdChainNews UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect

New powers that will help law enforcement agencies seize crypto used for crime came into effect on Friday, the U.K Home Office said in a press rele… https://t.co/8TC8SiQ9c8

— Early Bird Chain News (@EBChainNews) April 25, 2024

This change primarily addresses concerns about the use of privacy coins for illegal activities and aims to cut off funding for terrorism.

• UK police can now seize cryptocurrencies more efficiently, even without making arrests.
• Confiscated cryptocurrencies can be transferred to secure wallets and liquidated if necessary.
• New legislation targets the use of cryptocurrencies in criminal and terrorist activities.

Block Enables Square Merchants to Convert Sales into Bitcoin, Expanding Crypto Use in Commerce

Block, the fintech conglomerate led by Jack Dorsey, now enables Square merchants to convert between 1% and 10% of their daily sales into Bitcoin using Cash App, for a nominal fee of 1%.

This initiative opens the door for small businesses to engage more actively in the global financial economy and aligns with Block’s ongoing focus on Bitcoin.

This includes ventures into Bitcoin mining and substantial Bitcoin-related revenues generated by Cash App in 2023. Dorsey’s vision of transforming Cash App into a comprehensive banking service provider further underscores this strategy.

Square merchants can now convert up to 10% of sales to Bitcoin via Cash App: Block gets 1% of every conversion. https://t.co/nEG2EDf3gS #CryptoNews #crypto #Bitcoin pic.twitter.com/WLlX2qav81

— @zimisss (@zimisss) April 25, 2024

This integration is likely to expand Bitcoin’s role in mainstream commerce, potentially boosting its demand and utility beyond mere investment.

• Square merchants can now convert up to 10% of sales to Bitcoin via Cash App.
• 1% conversion fee supports Block’s strategy to integrate Bitcoin into mainstream commerce.
• Dorsey’s vision for Cash App may increase Bitcoin’s utility and market demand.

Bitcoin Price Prediction

Bitcoin (BTC/USD) displays a precarious position at the pivotal $65,825 mark, with current trading patterns suggesting potential volatility. BTC faces immediate resistance at $67,687, with further hurdles at $69,232 and $71,068, which if surpassed, could signal a stronger bullish sentiment.

Conversely, support levels are firm at $63,654, with additional safety nets at $61,387 and $59,746 that might hold in case of a downturn.

99Bitcoins Presale: A Gateway to Early Benefits

This presale event is a prime opportunity for early investors to acquire $99BTC tokens at lower prices, maximizing potential future gains as the ecosystem grows and evolves.

Advance through the #99Bitcoins curriculum and engage with our community to earn tokens directly into your #Ethereum wallet.

Redeem $99BTC tokens for exclusive content, discounts on partner products, and access to special events.

Learn more! https://t.co/NXD7DAamqr pic.twitter.com/a8XRD5VIYu

— 99Bitcoins (@99BitcoinsHQ) April 23, 2024

The tokens not only serve as a reward mechanism but also provide access to additional content and exclusive community benefits.

Don’t Miss Your Chance

To date, $491,491.78 has been raised towards the $1,136,737 goal. Only 4 days, 6 hours, 42 minutes, and 1 second remain until the next price increase. Act now to secure your $99BTC at just $0.00101 each.

Invest today and take advantage of the opportunity to stake your newly purchased tokens immediately.

The post Bitcoin Price Prediction: Surges to $64,500, Rare ‘Epic Sat’ Sells for $2.1M appeared first on Cryptonews.

Langalis, also known as the “Bitcoin Sign Guy” auctioned off the Bitcoin sign sketched on a yellow legal pad between April 18-24, 7 pm ET. The final bid closed at 16 Bitcoin approximate value of $1,027,150.72, according to Scarce City, an online marketplace for Bitcoin goods and Bitcoin non-fungible tokens. The sign was sold to an unknown buyer. 

And that's a wrap on one of the most ICONIC pieces of Bitcoin history.

Made a little history of our own … meet the official new https://t.co/rNz9DWL5WE record. pic.twitter.com/3ixQmEHbd0

— Scarce.City (@scarcedotcity) April 24, 2024

The iconic drawing marked Bitcoin’s intrusion into the global monetary landscape. The sign has been described on the auction website as one of the few widely recognised physical Bitcoin artefacts, given Bitcoin’s virtual nature. Beloved by Bitcoin enthusiasts, the sign has spawned countless memes, derivative works, and imitation stunts. Yellen has maintained vocal criticism of Bitcoin.

Somebody just held up a "Buy Bitcoin" sign during Yellen's testimony to Congress… #Bitcoin #Yellen pic.twitter.com/bf3e0bRRvL

— Tanzeel Akhtar (@Tanzeel_Akhtar) July 12, 2017

Here’s an X post from 2017 showing Langalis cheekily peering over Yellen’s shoulder as she opposes audits of the Fed. Langalis looks at the camera and raises a yellow legal pad for a few seconds with the words “Buy Bitcoin” scrawled in black ink. Yellen continues her testimony unaware. 

After Langalis held up the sign a spokesperson for the House Financial Services committee said in a statement: “It is against the rules for people in the audience to display signs during a hearing, so they were told to leave the hearing and they did.” 

Commenting on the sign Langalis has said:

When Bitcoiners ask me about the sign, I tell them, “You’d have done the same in my seat.” Yes, only I attended the hearing, drew the sign, and flashed it for the camera. However, it was the network spirit which seized the image and fabricated the memes. The full poetry of the stunt was far beyond my devising, therefore, my attitude can only be one of post-authorship. Bitcoin was massively rupturing into the halls of institutional finance in 2017. Any Bitcoiner worth their sats would have told you so. It’s good to finally liberate this number from my sock drawer and offer it back to the Bitcoin public. The message was subversive then, but now merely obvious: Bitcoin is flowing. Control is dead.

The post ‘Buy Bitcoin’ Sign Held up During Yellen’s Testimony to Congress in 2017 Sells For $1M appeared first on Cryptonews.

As BlackRock’s 71-day ETF inflow streak comes to an end, the Bitcoin market faces new uncertainties. Despite a modest increase to $64,165, Bitcoin’s trading dynamics hint at potential volatility. This update provides a Bitcoin price prediction in light of recent financial shifts.

BlackRock’s IBIT ETF Sees First Investment Drop, as Bitcoin Fund Inflows Cool

BlackRock’s IBIT, a spot bitcoin ETF trading on Nasdaq, experienced a noticeable decline in popularity, according to preliminary data from Farside Investors.

For the first time since its launch on January 11, IBIT failed to attract any new investments, ending its 71-day streak of continuous inflows. This trend was echoed by seven out of ten similar funds.

Meanwhile, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw modest inflows of $5.6 million and $4.2 million, respectively.

In contrast, Grayscale’s GBTC faced significant withdrawals, with $130.4 million exiting the fund, culminating in a net outflow of $120.6 million—the largest since April 17.

• BlackRock’s IBIT has accumulated over $15 billion since its debut.
• Collectively, the 11 tracked funds have seen more than $12 billion in net inflows.

Despite a strong start with heavy initial investment, the overall enthusiasm for these bitcoin ETFs has cooled off this month, dampening the previous momentum in the bitcoin market.

Hong Kong Tests Crypto Ambitions with New ETF Launches Amid Regulatory Challenges

Hong Kong is gearing up to launch Bitcoin and Ether ETFs by the end of April, aiming to position itself as a major digital asset hub. This move is set to challenge the dominance of the United States, where similar funds have accumulated $56 billion.

However, Hong Kong faces challenges, including lower brand recognition compared to U.S. giants like BlackRock and Fidelity, and it must also navigate local demand and regulatory hurdles.

Hong Kong is set to follow in the footsteps of the US by listing a batch of cryptocurrency ETFs, providing a window on whether the city is making progress on fashioning a hub for digital assets https://t.co/5FngKs7daj

— Bloomberg (@business) April 23, 2024

Unlike U.S. ETFs that use cash redemptions, Hong Kong plans to utilize in-kind procedures to boost efficiency. Despite these efforts, the overarching cryptocurrency ban in China remains a significant obstacle.

• Hong Kong’s crypto ETF launches aim to bolster its status as a digital asset hub.
• Challenges include regulatory hurdles and competition with established U.S. financial giants.

Fidelity’s Bitcoin ETF Lands Record $40M Investment Amid Mixed Market Signals

Fidelity’s Bitcoin ETF recently secured a record $40 million investment from financial advisors at Legacy Wealth Management and United Capital Management of Kansas. This marks the largest single investment in a Bitcoin fund to date.

The investment represents 6% and 5% of their respective portfolios, signaling growing confidence among traditional investors.

#Fidelity’s Bitcoin #ETF draws $40M in largest single investment from advisers :
Financial advisers Legacy Wealth Management and United Capital Management of Kansas have each invested $20 million in shares of the Fidelity Wise Origin #Bitcoin Fund (#FBTC).

Fidelity’s Bitcoin… pic.twitter.com/TehT4KTYjl

— TOBTC (@_TOBTC) April 23, 2024

Despite this, there is concern over the low public participation in Bitcoin ETFs. Although Fidelity’s fund is the second largest, boasting assets over $10 billion, demand is waning, as evidenced by recent net outflows.

This scenario underscores the rising institutional interest in Bitcoin, while also highlighting the challenges that hinder broader ETF adoption.

• Fidelity’s Bitcoin ETF attracts a record single investment.
• Concerns over low public participation persist despite institutional interest.

Bitcoin Price Prediction

Today’s technical outlook for Bitcoin (BTC/USD)  indicates a slight increase in its price to $64,165, up by 0.10%. Bitcoin’s current pivot point is at $65,825, a critical juncture that suggests potential shifts in market dynamics.

The immediate resistance levels are at $67,687, $69,232, and $71,068. Should BTC surpass these thresholds, it could signal stronger bullish momentum. Conversely, support levels are identified at $63,654, $61,387, and $59,746.

A drop below these could intensify bearish trends. The Relative Strength Index (RSI) stands at 38, suggesting that Bitcoin is nearing oversold conditions, while the 50-day Exponential Moving Average (EMA) at $65,223 serves as near-term resistance.

Overall, Bitcoin’s market stance appears bearish below the pivot point of $65,825.

99Bitcoins Presale: A Gateway to Early Benefits

This presale event is a prime opportunity for early investors to acquire $99BTC tokens at lower prices, maximizing potential future gains as the ecosystem grows and evolves.

Advance through the #99Bitcoins curriculum and engage with our community to earn tokens directly into your #Ethereum wallet.

Redeem $99BTC tokens for exclusive content, discounts on partner products, and access to special events.

Learn more! https://t.co/NXD7DAamqr pic.twitter.com/a8XRD5VIYu

— 99Bitcoins (@99BitcoinsHQ) April 23, 2024

The tokens not only serve as a reward mechanism but also provide access to additional content and exclusive community benefits.

Don’t Miss Your Chance

To date, $491,491.78 has been raised towards the $1,136,737 goal. Only 4 days, 6 hours, 42 minutes, and 1 second remain until the next price increase. Act now to secure your $99BTC at just $0.00101 each.

Invest today and take advantage of the opportunity to stake your newly purchased tokens immediately.

The post Bitcoin Price Prediction as BlackRock’s 71-Day ETF Inflows Streak Ends – Is a Bear Market Starting? appeared first on Cryptonews.

Multiple exchanges are looking to trade options on the newly approved spot bitcoin ETFs, though they have been met with delays. 

SEC Initiates Review of Bitcoin Options Trading Impact, Seeks Public Feedback

As outlined in the filing, the SEC will investigate the potential impacts of introducing Bitcoin options trading on the broader market, particularly during periods of market turbulence. The review will scrutinize whether exchanges’ current surveillance and enforcement mechanisms are sufficient to manage the distinctive characteristics of Bitcoin options.

Various exchanges, including Cboe Exchange, Inc., BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE, LLC, and NYSE American LLC, have submitted requests to enable options trading on recently approved spot bitcoin ETFs, as disclosed in the SEC’s filing published on Thursday.

Nasdaq’s application would list and trade options tied to BlackRock’s iShares Bitcoin Trust, while Cboe intends to facilitate options trading across a spectrum of ETPs holding Bitcoin.

The SEC has extended the review period for allowing options trading on Grayscale and Bitwise Bitcoin ETFs, with a new decision date set for May 29.#SEC #BTCETFhttps://t.co/5HCxjgTaEh

— Cryptonews.com (@cryptonews) April 9, 2024

Interested parties are invited to submit their initial comments within 21 days following the official registration of the document, setting the final deadline for May 15. Additionally, rebuttal comments may be submitted until May 29.

The agency also questioned whether options trading on spot bitcoin ETFs should adhere to the same regulations as stocks.

“Whether options on the specified Bitcoin ETPs should be subject to the same position limits as options on stock, and whether the available supply in the markets for Bitcoin should be considered in establishing position limits for options on Bitcoin ETPs,” the filing read.

Bitcoin options are financial instruments that grant the purchaser the right, but not the obligation, to buy or sell Bitcoin at a predetermined price by a specified date. Typically utilized by traders well-versed in option pricing and market dynamics, options trading, similar to other investments, carries inherent risks that may not align with all investors’ risk tolerance levels.

SEC Delays Decision on Options Trading for Bitcoin ETPs

Public Input Sought by SEC on Bitwise, Grayscale Bitcoin ETF Options

Read more below

— Cryptonews.com (@cryptonews) February 25, 2024

The SEC previously solicited feedback on the proposed rule amendment and has incorporated the received commentary in its filing. Most of the comments highlighted the potential benefits of introducing options on Bitcoin ETPs, citing enhanced liquidity and bolstered market efficiency.

The feedback has highlighted potential benefits, with some suggesting that options trading on spot bitcoin ETFs could provide investors with hedging strategies and risk management tools.

SEC Delays Decision on Options Trading on Spot Bitcoin ETFs

The US SEC has delayed the decision to approve options trading on the spot Bitcoin ETFs.#CryptoNews #newshttps://t.co/GZ9NGTcocc

— Cryptonews.com (@cryptonews) March 8, 2024

The latest delay follows a previous postponement in the SEC’s decision-making process regarding options trading earlier this month.

Meanwhile, asset management firms such as Bitwise and Grayscale are actively pursuing regulatory clearance to list options on their Bitcoin ETFs through applications to the New York Stock Exchange.

In a February comment letter, Grayscale CEO Michael Sonnenshein emphasized the logical progression of approving options on these products.

“It stands to reason that, now that spot Bitcoin ETPs have been approved for trading on NYSE Arca pursuant to the Rule 19b-4 process, the natural next step is the approval of options on spot Bitcoin ETPs,” Sonnenshein said.

He drew parallels to the approval process for options on spot gold ETPs following their initial approval.

The post SEC Initiates Consultations on Rule Change for Bitcoin Trading Options appeared first on Cryptonews.

The popular economist and financial commentator tweeted that it’s “a long way down” if Bitcoin’s price drops below $60,000 again.

Can Bitcoin Hold Above $60k?

“It’s not looking good for HODLers,” wrote Schiff. “All the hard-core Bitcoiners are used to big drops. But the newbies who own the ETFs are in for a rude awakening.”

It's not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it's a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. pic.twitter.com/Dw6mJXXi3r

— Peter Schiff (@PeterSchiff) April 24, 2024

Excitement preceding the launch of Bitcoin spot ETFs in January, alongside their actual launch, has helped propel the price of Bitcoin by 128% over the past year. The ETFs themselves have seen $12.2 billion of net flows since launch.

However, ETF flows have stagnated over the past month, while Bitcoin has mostly traded sideways between $60,000 and $70,000. Volatility in the stock market spurred by geopolitical instability in the Middle East also affected the crypto market.

Similarly to Schiff, lead Glassnode analyst James Check said last week that the Bitcoin market could turn “top-heavy” if the price declines below $58,800. This level represents the “short-term holder cost basis” – the entry point of many recent Bitcoin buyers, and a point at which they’ll panic sell if that price is lost.

Regardless, Check expects that cost-basis to hold as a line of support.

“If we assume this is a resilient uptrend, we should expect the short-term holder cost basis to hold, somewhere in that $58,000 to $59,000 region,” he said at the time.

Peter Schiff: Bitcoin Hatred Continues

Schiff has rarely been positive about Bitcoin, prompting crypto bulls to mock the investor for years. He argues that Bitcoin cannot be used as money since it has no non-monetary use case, unlike gold, which can be used in jewelry and for industrial purposes.

Following last week’s Bitcoin “halving,” the digital asset’s inflation rate fell decisively under that of gold, arguably making it a better store of value for holders than the precious metal.

Schiff, as always, expressed skepticism.

“I think halving is an appropriate name for what’s happening as soon #Bitcoin HODLers will experience a halving of their net worths,” he said.

The post Peter Schiff Says It’s “Not Looking Good” For Bitcoin HODLers After Price Slump appeared first on Cryptonews.

Bitcoin miners, in particular, were pleasantly surprised, as the recent halving sent BTC transaction fees soaring to record levels. 

As a result, Bitcoin miners saw an impressive amount in total revenue. According to YCharts, miners took in a record $107.8 million on the day of the halving. 

This came as a shock, as the halving was supposed to create a steep cut in revenue for crypto miners since rewards for new data blocks dropped by 50% during the event. 

Runes Protocol Increases BTC Transaction Fees

Yet the launch of Casey Rodarmor’s new Runes protocol – which took place the same day as the Bitcoin halving – proved so popular that it created network congestion, along with unusually high transaction fees. 

To put this in perspective, Bitcoin transaction fees averaged a record $127.97 on April 20, 2024. 

While this might have been frustrating for users sending transactions across the Bitcoin network, miners reaped the benefits. 

Fun fact:

The first 77 blocks of epoch 5 have generated $75,000,000 in miner revenue

For reference, the final 77 blocks of epoch 4 generated just $35,000,000

The halving? More like the doubling.#Bitcoin miners are absolutely eating right now.

— Baylor Landry (@baylorlandry) April 20, 2024

Jamie McAvity, CEO of Texas-based Bitcoin mining company Cormint, told Cryptonews that the most important post-halving event has been that hashrate has not dropped at all. 

“This was due to high fees being paid by Runes transactions,” McAvity said. “It’s a great sign of bullish activity going forward for this Bitcoin-native asset issuance technology.”

Why Miners Are Bullish on Runes

McAvity elaborated that there was a race to get transactions included in the newly launched Rune protocol, which launched at the halving block.

“Bitcoin mining pool ViaBTC found halving block number 840,000,” he said. “Data shows that 37.7 BTC in fees were paid in that block due to Runes.”

McAvity further explained that transaction fees associated with Runes are much higher than typical BTC transaction fees.  

“Casey Rodarmor, the developer of Runes, set the minimum fee transaction for Runes protocol at 100 satoshi/Byte. This is an increase in what minimum BTC transactions typically are,” he said. 

McAvity pointed out that ViaBTC currently has a good portion of the mining hashrate (around 15%). Yet he noted that transaction fees have varied widely since the halving, from block to block and certain pools. 

82% of wallets that hold bitcoin cannot move right now due to high fees. https://t.co/wWo9FY2QPb pic.twitter.com/0vKgf9G7RG

— Hector Lopez (@hlopez_) April 20, 2024

For instance, ViaBTC has outperformed other pools in terms of fees earned, since the method of sharing transaction fees with miners varies between mining pools.

“Cormint’s revenue on the day following the halving was approximately 2 times what it was on the day prior,” McAvity remarked.

Rena Shah, VP of Products at Trust Machines – a team focused on growing the Bitcoin economy – told Cryptonews that since April 20 (the day of the halving) miners had generated over $100 million in rewards, with around $80 million just from transaction fees alone. 

“Runes, along with all the activity happening in the Bitcoin economy is creating new incentives for miners just as mining rewards have decreased again from the halving,” said Shah. 

This appears to be the case. Joe Downie, CMO at Bitcoin mining pool NiceHash, told Cryptonews that the Runes Protocol came as quite a surprise for many, but it certainly gave a boost to miners. 

“Runes increase the amount of transaction fees that miners get in addition to a block reward,” said Downie.

Are Runes Spam Transactions? 

While it’s notable that Runes have boosted the Bitcoin mining industry for the time being, ecosystem participants remain aware of challenges associated with the protocol.

Luke Dashjr, Co-founder of non-custodial Bitcoin mining pool OCEAN, told Cryptonews that while Runes are somewhat compatible with Bitcoin, there are a number of issues. 

“The biggest issue is a design flaw in the bidding mechanism,” said Dashjr. “For instance, failed bids still get mined and fees paid, spamming Bitcoin’s blockchain as a result.”

Dashjr further remarked that he believes use cases for non-currency fungible tokens, like Runes, will encourage scams to occur across the Bitcoin network.

Shedding light on this, Andy Fajar Handika, CEO and Co-founder of decentralized Bitcoin mining pool Loka Mining, told Cryptonews that Runes enable use cases such as memes since it’s a fungible token protocol on Bitcoin. 

“Bitcoin’s primary use case as a store of value i.e. investing – has been on the far left of the spectrum, and Runes brings users from the far right of the spectrum to Bitcoin,” said Handika. 

This is a typical Bitcoin block since the halving: Runes are orange, ordinary transfers are the rest

Bitcoin has completely ceased to be an "Electronic Cash System": it barely processes 0.5 monetary transactions per second, and people pay $100+ for that pic.twitter.com/vdjlOpgvom

— Nikita Zhavoronkov (@nikzh) April 24, 2024

McAvity pointed out that he is aware of the skepticism toward Runes. 

“Most miners are in favor of all this because we get paid the fees, but Runes is definitely a source of debate in the Bitcoin community,” he said. “Other Bitcoiners say this is not the intended use of Bitcoin, calling Runes ‘spam transactions.’”

While this may be the case, McAvity noted that with a halving event occurring every four years, there will always be a reduction in available BTC-denominated mining revenue from the block reward subsidy. He believes that for the mining industry to be maintained, the financial incentive to mine BTC must be strong through the growth of fee revenue. 

“This is why Runes and Ordinals are important protocols,” he said.

Are Runes’ High-Transaction Fees Sustainable? 

Although Bitcoin miners may view Runes in a favorable light, Dashjr thinks that the high fees associated with Runes will die down. 

“Due to the more apparent and costly nature of flaws associated with Runes, this will likely be short-lived – along with any profits it provides to miners,” he remarked.  

Echoing this, Downie said, “It remains to be seen if Runes will be around for the long term, as we saw NFTs and Ordinals surge to popularity and then fade away. I think it is likely the fees will not stay so high for long.”

Data further shows that Bitcoin transaction fees have decreased since the halving. 

Yet Handika noted that although fees are decreasing, Bitcoin mining rewards have now stabilized around 60% to 80%, compared to 10% prior to the halving. 

“Roughly, this translates to miners’ total revenue not being slashed in half by the halving event, but only decreasing about 20-25% at the time this article was written,” he said. 

The Bottom Line For Runes

While the future of Runes and its impact on the Bitcoin industry are yet to be determined, Shah believes that overall the model of high fees on the Bitcoin network is unsustainable. 

As a result, Shah mentioned that there will be an influx of Bitcoin layer 2 (L2) solutions to accommodate protocols like Runes.

“That is why we’re about to see a true L2 Summer,” she said. “Bitcoin L2s are the essential next step to scale Bitcoin decentralized finance (DeFi) while keeping the L1 at sustainable levels.”

Alexei Zamyatin, co-founder of Bitcoin L2 solution Build on Bitcoin, told Cryptonews that he is also aware of the urgent need for L2 solutions on Bitcoin.  

“Having native assets like Runes on Bitcoin will certainly increase fees – but ultimately trading and other DeFi related activity will have to move to Bitcoin L2s/sidechains if it is to compete with the user experience people are used to with Ethereum and Solana,” said Zamyatin. “Otherwise, the 10 minute block times and high fees will result in a decrease of activity very quickly, once first speculation is done.”

Zamyatin added that he believes high Bitcoin transaction fees are unrelated to Runes. 

“Bitcoin has entered the same hype cycle as Ethereum. After Runes, there will be something else that drives fees up and makes Bitcoin transactions expensive,” he remarked. 

While this will likely impact the usability of the Bitcoin network, miners like Cormint believe this is necessary. 

“This is really a catch-22 situation. Bitcoin may be too expensive to use, but transaction fees have to remain high in order for the incentive to mine to remain strong” he said. “Overall, this presents an opportunity for developers to think of ways to scale Bitcoin using L2s. Higher fees will bring reinvigorated demand from users to keep BTC payments cheap, so now that innovation is finally happening.”

The post Runes Protocol Helps Sustain Bitcoin Mining Industry, But There’s A Catch appeared first on Cryptonews.

23% consumers in Nigeria and 20% in the UAE use Bitcoin every day, the release shared with Cryptonews, read.

That said, 67% Nigerians would have more trust in Bitcoin to project their life savings than traditional payment methods like banks or even cash.

In addition to Nigeria, respondents from other jurisdictions also showed significant trust in the world’s largest crypto by market value.

35% of consumers from Brazil and 32% of UAE respondents have more confidence in Bitcoin-based services to protect life savings. These numbers are proportionately higher compared to markets such as the UK with 20% and Germany with 22%.

The report dubbed ‘BIT Index’ indicates the role the ‘global south’ plays in Bitcoin adoption, Jonathan Hargreaves, Elasto’s global head of business development, described.

“The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing.”

Furthermore, the data revealed that 66% Nigerians and 35% from Brazil have more confidence in Bitcoin-based systems than traditional alternatives.

48% of responders from Nigeria were interested in using Bitcoin for sending and receiving money from abroad. However, only 18% and 20% were interested in cross-border Bitcoin transactions in Germany and the UK respectively.

Recent Crypto Adoption Rise in Nigeria

This comes at a time when many Nigerians are turning to cryptos in recent years. According to data provider Chainalysis, Nigeria stands the second-highest adoption of crypto in the world after India.

Further, the West African nation’s soaring inflation rate hit 30% in January. In fact, the Nigerian government blamed Binance, the world’s biggest crypto exchange for crashing the currency, a WSJ report noted.

As reported earlier, Nigeria has been leading the pack, when it comes to crypto adoption rate, per Statista data. Nearly half of Nigeria’s population are crypto owners, it noted.

The post 67% Nigerians Trust in Bitcoin for Life Savings than Traditional Methods: Research appeared first on Cryptonews.

Like BRC-20s, Runes is a protocol that uses the Bitcoin network. It pays fees in Bitcoin to generate new tokens.

However, Runes uses the Unspent Transaction Output (UTXO) model to “etch” new tokens on Bitcoin. This contrasts with Ordinals’ “inscription” account model, according to a protocol explainer from Rodarmor. 

The protocol lets users inscribe individual satoshis with unique identification numbers, and embed them with arbitrary data directly into the Bitcoin blockchain.

Since its launch on April 20th, Runes has processed more than 2.38 million transactions, according to a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo.

Runes accounted for 68% of all Bitcoin transactions made when pinned against Ordinary peer-to-peer Bitcoin transactions, BRC-20s, and Ordinals.

On April 23, Runes experienced its highest volume of transactions, with over 750,000. However, the following day, the number of transactions almost halved to 312,000.

Much of the initial demand came from halving block 840,000 as users competed for the most valuable piece of digital real estate in Bitcoin history – using Runes protocol to etch “rare satoshis” on the block.

Consequently, Runes contributed to more than $2.4 million in miner fees, Over 70% of the total fees on halving day.

Will Runes Save Struggling Miners?

The Bitcoin Halving saw mining rewards cut from 6.25 BTC to 3.125 BTC, a threatening hit to Bitcoin miners’ income that has left them vulnerable. 

Runes Protocol was initially cited as the saving grace for miners struggling to break even. It aims to provide a new source of income. According to pseudonymous Ordinals developer Leonidas:

“Runes degens have single-handedly offset the drop in miner rewards from the halving.”

However, this has been put in question as daily total fees have fluctuated between 33% and 69% post-halving.

Community members are split on whether Runes will provide a sustainable revenue stream for Bitcoin miners.

JUST IN: Fees are back down into the 40s!

Is the runes spam losing steam? pic.twitter.com/fMx7qDUZXd

— Simply Bitcoin (@SimplyBitcoinTV) April 24, 2024

Despite these concerns, the Bitcoin Miners’ Position Index (MPI) has ranged from -1 to -0.15 post-halving, according to data from CryptoQuant. This indicates no substantial movement in Miner’s Bitcoin holdings, there is no clear intent for a sell-off.

The situation is subject to change as Runes may continue to lose steam. Especially as the initial hype surrounding its release fades.

But, it is not the only hope for miners, with recent ground-breaking developments providing potential alternate revenue sources to combat the impact of the halving.

The post Runes Make Up 68% of All Bitcoin Transactions Since the Halving appeared first on Cryptonews.

With 93.3% of Bitcoin already mined, translating to 19.6 million out of the possible 21 million BTC, the scarcity factor is anticipated to drive demand further, potentially fueling a surge in the price of the leading cryptocurrency. 

Comparatively, fiat currencies experience higher inflation rates due to government controls and economic policies. 

In 2023, countries like Argentina faced extremely high inflation rates, reaching 161.0%​, as per data from Inflation Data​. 

The European Union reported more moderate levels, with the euro area’s annual inflation rate at 2.9% in December 2023.

Nevertheless, the recent halving event is expected to further reduce Bitcoin’s inflation rate, influencing both its scarcity and investor behavior. 

The trend suggests that each halving event, which cuts the reward for mining new blocks in half, tends to increase buyer interest due to the reduced supply growth.

Bitcoin Price Increased an Average of 3,230% After Each Halving

Historical data reveals a trend of explosive growth in Bitcoin prices following each halving event, according to a report from CoinGecko. 

After the first halving in 2012, the price of Bitcoin surged by 8,858%. 

Although subsequent halvings saw diminishing returns—with increases of 294% and 540% respectively—the pattern of price spikes post-halving remains evident. 

These events not only affect Bitcoin but also ripple across other top cryptocurrencies, like Ethereum, although the impacts vary due to different supply mechanisms. 

The completion of the fourth halving has left the cryptocurrency community speculating about the short-term market dynamics. 

Just recently, Bitwise said that while the month immediately following the halving typically sees a modest drop in price, the subsequent year often witnesses exponential gains. 

The asset manager noted that following the 2012 halving, Bitcoin experienced a meager 9% increase in the month post-halving, only to skyrocket by a staggering 8,839% over the following year. 

Similar patterns were observed after the 2016 and 2020 halvings, with Bitcoin’s price surging significantly in the year following each event.

Historically, the Halving Has Been Good for Bitcoin’s Price Long-Term (a Look at the Data)

The change in bitcoin’s price in the year following the halving:

2012: 8,839%
2016: 285%
2020: 548%

The change in bitcoin’s price in the month following the halving:

2012: 9%
2016: -10%… pic.twitter.com/aaXSakLfko

— Bitwise (@BitwiseInvest) April 16, 2024

Bitcoin’s Market Cap Pre and Post-Halving

The fluctuations in Bitcoin’s market cap around halving events offer insights into consumer behavior during these pivotal times. 

Initially valued at $123.3 million during the first halving, the market cap soared to $947.4 million shortly thereafter. 

Similar patterns were observed in subsequent halvings, with the market cap experiencing significant shifts. 

These movements reflect a tendency among Bitcoin holders to speculate around halving events, often opting to hold onto their assets in anticipation of value increases. 

The analysis of pre and post-halving periods suggests a strong tendency toward holding Bitcoin, which is believed to become more valuable as future supply constraints tighten post-halving. 

The post Bitcoin Inflation Rate At An All-Time Low appeared first on Cryptonews.

According to a recent social media post by Bloomberg Intelligence ETF analyst James Seyffart, the issuers of the ETFs have revealed their fees, including one as low as 0.3% after a six-month waiver.

A potential fee war could break out in Hong Kong over these #Bitcoin & #Ethereum ETFs. Harvest coming in hot with a full fee waiver and the lowest fee at 0.3% after waiver. Tables are from my colleagues @RebeccaSin_SK & @thetrinianalyst! pic.twitter.com/zI1XobrTwZ

— James Seyffart (@JSeyff) April 24, 2024

Bitcoin ETF Competition Kicks Off in Hong Kong

The issuers, China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital, will all have Bank of China International-Prudential Trustee Limited (BOCI-Prudential) as their custodian.

The approved ETFs aim to deliver investment results that closely track the performance of Bitcoin and Ethereum, as measured by the CME CF Bitcoin Reference Rate and the CME CF Ether-Dollar Reference Rate, respectively.

The table shared by Seyffart showed that China AMC will have a management fee of 0.99%, Bosera and HashKey will have a fee of 0.6%, while Harvest Global offers a six-month waiver and a 0.3% fee afterwards.

“A potential fee war could break out in Hong Kong over these Bitcoin & Ethereum ETFs,” said Seyffart. “Harvest coming in hot with a full fee waiver and the lowest fee at 0.3% after waiver.”

China AMC to Offer Innovative Investment Choices

In China AMC’s approval announcement, the company indicated that their ETFs are “expected to begin trading on Hong Kong Stock Exchange (HKEX) starting April 30, 2024” as the first such financial products in the Asian market.

“The spot Bitcoin and Ether ETFs offer retail and institutional investors a safe, efficient, and convenient means to invest in virtual assets in a regulated framework,” said China AMC Head of Digital Assets and Head of Family Office Business Thomas Zhu.

“The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians,” said Zhu.

China AMC believed that, in line with Hong Kong’s ambitions to cultivate a vibrant web3 ecosystem, it is positioned to develop innovative investment offerings and strategic differentiations that will assist clients in achieving their investment goals.

The post Hong Kong Bitcoin ETFs Could Lead To Potential Fee War: Bloomberg Analyst appeared first on Cryptonews.