Bitcoin experienced a sharp drop in value on April 19, plunging to seven-week lows amidst escalating geopolitical tensions in the Middle East.
This decline saw prices fall to $59,630, as reported by Cointelegraph Markets Pro and TradingView.
The decrease coincided with renewed conflicts between Iran and Israel, a situation that has notably affected Bitcoin prices throughout the month, resulting in a significant drop from highs around $70,000.
On April 18, Bitcoin had shown signs of recovery; however, this was short-lived as the market quickly responded to the unfolding events.
Despite initial concerns, the cryptocurrency managed a robust comeback, climbing to local peaks of $65,190, amid speculation that the tensions might not worsen.
Market analysts closely followed the price movements. On X (formerly Twitter), the trader known as Skew remarked on the extreme market volatility impacting both long and short positions.
He observed increased activity from buyers, noting, “Shorts blown out here & now seeing more interest from longs aka longs opening.”
He also highlighted that the recovery was predominantly driven by spot demand, with substantial bids placed during the dip below $60,000.
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Further insights from CoinGlass showed that short sellers were caught off guard as sell-side liquidity vanished in the $64,000 to $65,000 range almost instantaneously.
Another commentator, Credible Crypto, emphasized the strategic placement of $100 million in Bitcoin bids just below the current price to support upward movement, cautioning, “Good luck getting back in if you sold the bottom because of some news headline.”
Over the past day, the cryptocurrency market saw $138 million in short liquidations across various platforms.
This volatile environment overshadowed the approaching Bitcoin block subsidy halving, an event that traditionally garners significant attention.
According to trading firm QCP Capital, the market had established a strong baseline support at the recent lows, with anticipation slowly building for a potential rally as the halving neared.
With less than 15 hours to the halving, traders like Jelle and Crypto Ed provided their perspectives.
Jelle referred to efforts to bolster the weekly close with “Operation ‘save the weekly’,” while Crypto Ed suggested that the bottom might have been reached, projecting an upward trend if no further disruptive news emerged from the Middle East.
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Tether, a prominent stablecoin operator, has recently announced its plan to integrate its U.S. dollar-pegged stablecoin, USDT, into Telegram’s Web3 platform, The Open Network (TON).
This integration, declared on April 19, also includes the launch of the gold-pegged Tether Gold (XAUT) stablecoin on TON.
These developments were unveiled alongside keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai.
In his speech, Ardoino emphasized the aligned visions of TON and Tether regarding an open, decentralized internet and a borderless financial system.
He expressed that the introduction of USDT and XAUT on TON will facilitate seamless value transfers, thereby enhancing activity and liquidity in the ecosystem.
This move is intended to provide a financial experience comparable to traditional systems, stating, “The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.”
Tether’s expansion continues to be significant, with the stablecoin now being supported on 15 different blockchain platforms, including popular ones like Tron and Ethereum.
This expansion is pivotal for TON as well, especially since its native token, Toncoin, recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap.
The integration with TON is particularly strategic due to its direct connection with Telegram, which boasts over 900 million users globally.
The TON blockchain’s compatibility with Telegram is set to enhance the usability of USDT and XAUT, providing a straightforward, borderless payment experience for Telegram users.
READ MORE: ScapesMania Surging in Market Momentum: Will It Surpass NEAR PROTOCOL’s Growth?
The announcement highlighted the potential of this integration: “The TON blockchain works with Telegram, meaning USDT and XAUT on TON have the potential to provide a simple, borderless experience for peer-to-peer payments for Telegram’s user base.”
Jack Booth, the marketing head of TON Foundation, shared insights with Cointelegraph about the unique capabilities of the TON ecosystem, which not only supports transfers between fiat and crypto but also aims to surpass the efficiency and convenience of traditional financial systems.
Booth revealed plans for accessible fiat on-ramps at launch and forthcoming global off-ramps to bank cards and accounts, emphasizing the groundbreaking potential for mass adoption of crypto infrastructure for global payments.
This initiative marks yet another intersection between Tether and Telegram, with USDT already being a default option in Wallet, a third-party custodial wallet for Telegram users.
Halil Mirakhmed, chief operating officer of Wallet, noted that while TON-based USDT will be introduced as an additional option, the Tron network will continue to be the primary blockchain for TRC-20 USDT transactions, which currently represents the largest issuance volume of USDT.
The news of this launch comes shortly after Tether introduced a recovery tool in March 2024, facilitating the migration of USDT across various blockchains.
As of early March, USDT achieved a record-high market cap of $100 billion.
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Swedish crypto miners have incurred a significant tax debt exceeding $90 million, following a comprehensive audit by the Skatteverket, Sweden’s Tax Agency.
The agency scrutinized 21 crypto-mining firms from 2020 to 2023, uncovering tax discrepancies in 18 of these firms.
The investigations brought to light various misrepresentations and omissions that enabled these firms to exploit tax incentives improperly.
The Skatteverket‘s findings indicated that several crypto firms manipulated their business descriptions to evade value-added tax (VAT) on eligible operations.
Additionally, some managed to dodge import taxes on their mining hardware and income tax on the revenues generated from mining activities.
The issues highlighted involve not only unpaid taxes but also improperly claimed rebates and underreported crypto assets.
The Tax Agency elucidated the situation, stating, “The described approach leads to tax disappearing from the country in the form of incorrect payments of input VAT, unpaid output VAT and unreported crypto assets.”
As a result, the implicated crypto mining firms have been collectively ordered to repay up to 990 million Swedish krona (about $90 million).
READ MORE: Stock and Crypto Sectors Face Potential Correction Amid Economic Uncertainty, Says Expert
This sum includes 932 million krona ($85.4 million) in VAT discrepancies and an additional 57.9 million krona ($5.3 million) in tax penalties.
Despite the hefty tax demand, several of these firms appealed the decision.
The administrative court reviewed these appeals, ultimately upholding the claims of two firms while dismissing the remainder.
Adjustments to the originally stated amounts were made based on these verdicts.
In a related development in November 2023, Hive Digital Technologies, a player in the crypto-mining industry, expanded its operations in Sweden.
The firm purchased a commercial property along with a data center in Boden. Johanna Thornblad, the country president for Sweden at Hive, remarked on this strategic move: “The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest ‘green’ energy powered data center.”
This facility is set to accommodate the latest generation of ASIC servers, thereby boosting the company’s Bitcoin production capabilities.
Hive Digital Technologies is known for its dedication to green energy solutions, operating data centers in Canada, Sweden, and Iceland to facilitate eco-friendly crypto mining.
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Tether, the operator of the world’s largest stablecoin by market value, is undergoing significant restructuring to diversify its offerings beyond stablecoin development.
The announcement, made on April 18, introduces four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, signaling a broad expansion of the company’s scope and mission to provide a variety of new infrastructure solutions, investments, and services.
Tether Data will delve into strategic investments focusing on cutting-edge technologies such as artificial intelligence and peer-to-peer platforms, including notable projects like Holepunch, Keet, and Pear Runtime.
Tether Finance is set to remain the core of the company’s operations, concentrating on its traditional stablecoin products and financial services with the aim of democratizing the global financial system.
The newly formed Tether Power will enhance the company’s efforts in mining and energy, whereas Tether Edu is dedicated to advancing digital education and fostering regional and global blockchain adoption.
Paolo Ardoino, Tether’s CEO, emphasized the transformative vision of the company: “We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin,” he stated.
Ardoino further elaborated on the company’s forward-thinking trajectory: “With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world.”
READ MORE: Stock and Crypto Sectors Face Potential Correction Amid Economic Uncertainty, Says Expert
Since its founding in 2014, Tether has grown into a key player in the cryptocurrency ecosystem, operating USDT, the largest stablecoin by market capitalization and the highest in trading volumes.
The company also manages a variety of other stablecoins including the Euro-pegged Tether Token EURT, the offshore Chinese Yuan CNH₮, and the gold-backed Tether Gold XAUt.
Tether’s recent endeavors include actively expanding into the Bitcoin mining sector throughout 2023, establishing its own mining operations and developing proprietary software.
In early 2024, Tether inaugurated an educational division offering courses and workshops aimed at enhancing blockchain-related skills.
Moreover, Tether’s engagement in Bitcoin has been substantial, purchasing 8,888 BTC for $618 million in late March 2024.
By the end of that month, the company’s holdings amounted to 75,354 Bitcoin, acquired at an average price of $30,305.
This strategic diversification and accumulation highlight Tether’s ongoing commitment to influencing and shaping the financial and technological landscapes.
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Picture this: you had the opportunity to mint a CryptoPunk back in 2017 for just 0.08 ETH, but you passed it up. Or maybe you had your eye on the Bored Ape Yacht Club when it first launched, but you hesitated, only to watch in disbelief as the floor price skyrocketed to over 100 ETH. These are just a couple of examples of the countless NFT projects that have exploded in popularity and value, leaving many would-be investors kicking themselves for not getting in early.
Now, you’re faced with another potential game-changer in the world of decentralized gaming: the RACE Heroes NFT Pre-sale. RACE Protocol, the innovative multi-chain infrastructure platform designed to facilitate the development and deployment of secure and fair web3 games, is introducing this exclusive NFT collection, and if you don’t act fast, you risk missing out on what could be the next big thing.
“We’re thrilled to introduce the RACE Heroes NFT Pre-sale, offering early adopters the chance to become part of our decentralized gaming revolution. With exclusive benefits and incentives for community members, this is an opportunity not to be missed.” – Art, Co-founder, RACE Protocol
What sets the RACE Heroes NFT collection apart is the unique combination of benefits and features it offers to holders. By acquiring one of these limited-edition NFTs, you’ll gain access to a revenue-sharing model that ensures ongoing rewards based on the fees and sales generated within the RACE Protocol ecosystem.
In addition to the potential financial benefits, holding a RACE Heroes NFT also grants you access to a range of exclusive gaming experiences and opportunities within the RACE Protocol ecosystem. As the platform continues to grow and attract developers from around the world, you’ll be part of an elite group of players who have early access to the latest and greatest web3 games built on the protocol.
But the clock is ticking, and the window of opportunity is rapidly closing. The RACE Heroes NFT Pre-sale is a limited-time event, and once it’s over, your chance to secure one of these exclusive NFTs may be gone for good. Don’t let history repeat itself by sitting on the sidelines and watching as others seize this incredible opportunity.
The world of decentralized gaming is on the cusp of a major breakthrough, and the RACE Heroes NFT collection is poised to be at the forefront of this revolution. Don’t let the RACE Heroes NFT Pre-sale become another missed opportunity that you’ll regret down the line. Take action now and secure your place in the future of decentralized gaming before it’s too late.
To participate in the RACE Heroes NFT Pre-sale you can visit this page. For more information and updates, consider joining their Discord community and following their Telegram channel.
Bitcoin‘s long-term prospects remain robust despite a potential downturn in its immediate future, according to the latest analysis from prominent trader Mikybull Crypto.
Sharing his thoughts on X (formerly Twitter) on April 17, he confirmed that Bitcoin’s current trajectory aligns with the typical patterns observed in past bull cycles.
Currently, Bitcoin is attempting to recover from a significant 15% drop from its peak values.
This setback has introduced the possibility of the cryptocurrency falling below the $60,000 mark, contradicting earlier optimistic forecasts and leading to a range of lower price targets.
Mikybull Crypto maintains that this downward trend is typical of Bitcoin’s market behavior, especially around its halving events, which historically have not been immediately beneficial for its price.
“Bitcoin is experiencing normal correction as it always did every halving month in preparation for cycle top,” he noted, adding that the current market pattern resembles the re-accumulation phase seen in December 2023, which eventually led to a surge up to $73,000 in 2024.
The analysis highlighted a Wyckoff schematic indicating a potential upward breakout.
This approach aligns with the upcoming block subsidy halving on April 19, which could set the stage for a subsequent rally.
Mikybull Crypto pointed out significant bid liquidity around $57,000 as a key area for potential accumulation and clearing of about $2.2 billion in long liquidation pools, according to data from CoinGlass.
READ MORE: Stock and Crypto Sectors Face Potential Correction Amid Economic Uncertainty, Says Expert
Further market insights were shared by Skew, another noted trader, who observed the sensitivity of perpetual swaps to spot price movements, suggesting potential volatility around these liquidity zones.
This sentiment was echoed in recent price movements that saw Bitcoin dip below $61,000, marking its lowest point since March 20, as reported by Cointelegraph Markets Pro and TradingView.
In a broader context, Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, highlighted the comparative risks between Bitcoin and traditional assets like gold, suggesting potential broader market implications if Bitcoin begins to underperform significantly compared to gold.
Despite these short-term challenges, Mikybull Crypto emphasized the strong fundamental outlook for Bitcoin, stating, “Bitcoin from a macro perspective is looking solid and on track which shows that the cycle top in this cycle is far from being reached.”
This reassurance reflects a confidence in Bitcoin’s resilience and its ability to navigate through customary market cycles to realize long-term gains.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The market is experiencing a noticeable bullish trend. Its primary cause seems to be the rising success of AI-related tokens. Projects such as Render (RNDR) and Injective (INJ) have shown impressive performance recently, seeing their values increase rapidly over the last few weeks. This growth can be linked with changes in technological progress and usage rates within particular areas.
To be more specific, the value of Render (RNDR) has increased significantly because of its pioneering in 3D rendering technologies that are very important for enhancing AI abilities. As Render (RNDR) and Injective (INJ) keep moving up, there’s strong expectation that other projects could follow suit. The market’s excitement about technology merging in crypto shows that tokens that match this innovation-oriented trend might have their rally soon enough.
Ride The Wave of Innovation with ScapesMania
The introduction of a new crypto project is usually met with very cautious optimism. But when its numerous past sales and token generation event (TGE) are a huge success, it all seems like the first step on a path full of growth potential. ScapesMania, the groundbreaking casual gaming project, has a lot to show for its unstoppable hype.
$MANIA has stepped into PancakeSwap, a decentralized exchange on the Binance Smart Chain network known for its extensive user base and liquidity. The debut trading day proved to be impressive. The token price demonstrated resilience, indicating robust tokenomics and promising prospects for the project. Unlike short-term ICOs, ScapesMania has proven itself to be a serious venture within a thriving market.
Just let the numbers speak for themselves:
- Holder count: 18.41K
- 24-hour trading volume: $2.25M
- Over 2,535 buys and 1,651 sells
ScapesMania also topped DEXTools’ Hot Pairs list right away after its debut.
This project started out with a presale event that garnered an incredible $6.125 million. The fact that it attracted over 60,000 followers across different social media networks and a vast number of holders is even more remarkable. This strong support and funding demonstrate how appealing and promising the project is to a wide audience. A real breakthrough might be just around the corner, so it would be a waste not to grab $MANIA tokens before they skyrocket.
The launch of liquidity pairings including MANIA/WBNB and MANIA/USDT marked the beginning of active trading. The demand from the community led to USDT becoming the main source of liquidity.
Why get involved with ScapesMania now that it’s listed? First, $MANIA tokenomics are balanced, with a cliff and vesting system helping maintain stability. Second, ScapesMania incentivizes community members through its staking program, rewarding commitment with extra tokens. Third, through DAO governance, community members can vote on ecosystem development decisions. Finally, ScapesMania continuously expands token utility, offering more benefits to $MANIA holders.
With a strong plan for promoting the project after listing, its success might keep up the record-breaking pace after its debut. The team’s dedication to long-term development and prominence in the cryptocurrency industry is shown by their impressive marketing efforts — 75K+ average monthly traffic is no joke.
Additional upsides that may be among the biggest deciding factors are:
- The project’s smart contract has been approved by BlockSafu. Holders may rest certain that the project’s infrastructure is reliable and up to par thanks to this endorsement.
- Enthusiastic support from numerous notable crypto influencers. It lends legitimacy and affirms ScapesMania’s status as one of the promising new projects.
- Experienced team. Innovating and executing a project successfully requires a team of seasoned specialists. This project is in a strong position to overcome any obstacles and take advantage of opportunities.
- Bright future. The project has come a long way, but it still has a long way to go. There are tentative plans to list on a centralized exchange (CEX), which will provide access to more markets and more liquidity.
Everything about ScapesMania was carefully designed to facilitate major growth potential. From successful, well-publicized sales to its advantageous alliances, seasoned staff, and strategic positioning in the casual gaming niche – it looks poised for big things.
Choosing ScapesMania right now, post-TGE, offers early access, exclusive benefits, diversification, lower competition within a dynamic niche, and, more importantly, a potentially perfectly-timed entry point. The coin’s stable post-listing price and strong initial support, coupled with an influx of newcomers, indicate long-term confidence, so it might be the time to make your decision.
Render (RNDR): Current Market Dynamics and Prospects
Render (RNDR) has recently taken a big drop. It is now selling at $8.06, which is about 22.83% less than what the market thought it would be. The token’s value has dropped by 36.68% in the last month, which is a far cry from its strong gain of 294.53% year-over-year.
Even though the price of Render (RNDR) is currently falling, there are signs that it might be about to recover. It could go up by 29.86% soon, which would bring it closer to $10.44. Technical signs support this possible rise. They show a mixed mood, leaning toward a bearish view in the short term but with possible bullish reversals as market conditions change.
Future projections for this coin differ, but the important levels of support at $7.80 and resistance at $9.13 should be watched by investors as they will have a big impact on the short-term price moves.
Injective (INJ): Comparative Analysis and Future Outlook
The last coin we want to discuss, Injective (INJ), has done much better than most cryptocurrencies, rising over 900% in the past year. Because of this, Injective (INJ) has become recognized as a coin with a lot of market potential and stability. It is currently selling at $26 and, historically, the price has reached many important milestones, with a high point of $52.65. The trend line shows a strong upward movement, which is backed up by technical signs that show investors and the market are still confident in the technology and market strategy behind this project.
With all of this mind, many agree that this project has a bright future ahead of it. In a best-case scenario, it could hit $580 by 2030. However, Injective (INJ) has to deal with competition from other AI and DeFi coins, which could be very hard. Strategic relationships and constant innovation will be important for keeping things going the right way.
Conclusion
The world of cryptocurrencies is changing very quickly, and Render (RNDR) and Injective (INJ) have become well-known as strong market players with a lot of room to grow. Render (RNDR), despite a recent drop, is set to rebound, and its advanced 3D rendering methods could help it a lot in the short run. Even though Render (RNDR) is facing technology issues and market changes, the company’s future is still positive. This is because it has made strong year-over-year gains.
Injective (INJ) has grown incredibly quickly over the past year, far outperforming many of its peers. With a strong position in the decentralized finance and DeFi sectors, it is likely to keep going up. It could even hit new heights in the next few years if it keeps coming up with new ideas and expanding its market presence.
The traditional finance sector (TradFi) is embracing the tokenization of financial assets on public blockchains, with significant advancements in blockchain-based tokenization, according to Markus Infanger, Senior Vice President at RippleX.
In an exclusive interview with Cointelegraph during Paris Blockchain Week, Infanger expressed that TradFi’s integration of blockchain technology is becoming concrete and impactful.
“We’re starting a paradigm shift for blockchain technology, moving beyond the hype and into real utility.
“It’s starting to unfold,” Infanger remarked, indicating a significant shift towards practical applications of blockchain in traditional finance.
The potential for tokenized markets is enormous, with future projections estimating their value at $16 trillion, far surpassing the current total market cap of the cryptocurrency sector.
Infanger highlighted that the evolution toward tokenization is progressing on public blockchains, contrasting earlier expectations that it might be limited to proprietary technologies like JPMorgan Coin or IBM.
TradFi institutions are not only considering but actively engaging in tokenization projects using the XRP Ledger.
These firms are prepared with distribution channels and have clear applications for how they wish to utilize blockchain technology.
For example, HSBC has partnered with Ripple-owned tech firm Metaco to facilitate institutional investors in holding tokenized securities on a new custody platform, launched in November 2023.
Infanger also noted that Ripple is expanding its role within the financial ecosystem by integrating various blockchain solutions that enhance the utility of the XRP Ledger (XRPL).
Traditionally viewed as a payments-focused company, Ripple is now attracting attention from both TradFi and decentralized finance (DeFi) sectors.
“We have a custody arm, a payments arm and our contributions to the XRP Ledger.
“The combination is a holistic digital asset infrastructure value proposition for traditional finance and developers who want to solve DeFi problems,” Infanger elaborated on Ripple’s broadened focus.
Adding to Ripple’s array of offerings, the firm plans to launch its own United States dollar-pegged stablecoin on both XRPL and Ethereum, aiming to complement its institutional services.
Although details are pending, Ripple CTO David Schwartz previously discussed aspects of the stablecoin with Cointelegraph.
Infanger shared insights into the motivation behind Ripple’s stablecoin, emphasizing the growth potential of the stablecoin market, which could reach $2.8 trillion in five years—a significant increase from the current $130 billion.
He noted the ongoing demand for a high-tier stablecoin like USD Coin or Tether within the XRPL community.
“We really envision our institutional DeFi use case, on one hand, tokenization on XRPL and then in our payments product for optionality and some use cases alongside XRP using the stablecoin and for the XRP ecosystem as a whole,” Infanger concluded, outlining Ripple’s strategic vision for integrating tokenization and stablecoin applications within its platform.
Ripple has yet to confirm the launch date or the official name for its upcoming stablecoin.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Microsoft has announced a significant expansion in its global artificial intelligence (AI) initiatives with a strategic $1.5 billion investment in G42, an Abu Dhabi-based AI tech holding company.
This partnership, unveiled on April 16, marks a considerable step in Microsoft’s efforts to advance AI development and enhance the accessibility of state-of-the-art technologies both within the United Arab Emirates (UAE) and globally.
As part of this partnership, G42 will utilize Microsoft’s AI computing platform, Azure, to operate its AI applications and services.
This collaboration aims to extend beyond the UAE, targeting the provision of advanced AI solutions to the global public sector and large enterprises.
The investment also seeks to bolster skill development in the UAE, aiming to cultivate a diverse AI workforce and talent pool.
Sheikh Tahnoon bin Zayed Al Nahyan, chairman of G42, emphasized the significance of this investment, describing it as a “pivotal” moment for the company’s growth.
Brad Smith, Microsoft’s vice chair and president, highlighted the broader aspirations of the partnership, stating, “Our two companies will work together not only in the UAE but to bring AI and digital infrastructure and services to underserved nations.”
READ MORE: Hong Kong Approves First Spot Bitcoin and Ether ETFs, Aiming to Boost Digital Asset Market
Smith is also expected to join the board of directors at G42, further solidifying the strategic alignment between the two companies.
This new investment in G42 is part of a larger pattern of Microsoft’s billion-dollar commitments across various regions.
For instance, on February 15, the company committed to investing approximately 3 billion euros to enhance AI infrastructure in Germany over the following two years.
Shortly after, Microsoft disclosed a $2 billion investment plan for AI infrastructure in Spain to strengthen local technological capabilities.
More recently, on April 9, Microsoft AI CEO Mustafa Suleyman announced plans for a “significant, long-term investment” in the United Kingdom, which includes hiring initiatives targeting “passionate innovators.”
These developments indicate Microsoft’s aggressive strategy in expanding its AI footprint globally. However, Microsoft is not alone in this endeavor.
OpenAI CEO Sam Altman has also been actively engaging with executives from Fortune 500 companies, aiming to pitch AI services to diversify OpenAI’s revenue streams and explore new markets, positioning OpenAI as a direct competitor in the AI landscape where Microsoft is a major investor.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
BlackRock‘s iShares Bitcoin Trust (IBIT) has emerged as the only spot Bitcoin exchange-traded fund (ETF) in the United States to record inflows over the last two days, setting it apart from its counterparts.
While IBIT saw an addition of $73.4 million on April 15, a slight decrease from the previous day’s $111.1 million, the other eight ETFs in the market did not register any new inflows, according to data from Farside Investors.
Notably, the only exception to this trend was Grayscale, whose Bitcoin Trust faced significant outflows.
In stark contrast to IBIT’s inflows, the Grayscale Bitcoin Trust (GBTC) experienced substantial outflows, losing $110.1 million on April 15, which, though substantial, was less than the $166.2 million withdrawn on April 14.
Across the board, the ten spot Bitcoin ETFs witnessed collective net outflows on April 14 and 15, amounting to $55.1 million and $36.7 million respectively.
The general trend for U.S. Bitcoin ETFs has been negative, following a tumultuous week for Bitcoin itself. The cryptocurrency’s price fell by 11.6% over the week, dropping to $63,410, as reported by Cointelegraph Markets Pro.
READ MORE: Grayscale Bitcoin Trust Faces Steep Outflows, Over $16 Billion Withdrawn Since ETF Conversion
This downturn coincided with broader global Bitcoin investment products also experiencing outflows, with a net $110 million leaving these funds in the week ending April 12.
James Butterfill, head of research at CoinShares, pointed out that these outflows from Bitcoin investment products underscore a growing hesitancy among investors.
He noted that not only did crypto investment products see a total of $126 million in net outflows last week, but trading volumes also rose from $17 billion to $21 billion, indicating increased market activity amidst the uncertainty.
Further exacerbating the volatility in the Bitcoin market was the geopolitical tension following Iran’s attack on Israel on April 13, which resulted in Bitcoin plummeting to a three-week low of $61,918.
Additionally, the anticipated halving event scheduled for April 20, which will reduce Bitcoin’s issuance rate by half, is also contributing to the uncertainty in the market.
This event is closely watched by traders due to its potential impact on Bitcoin’s price dynamics.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.