As the crypto community turns its gaze toward the upcoming Bitcoin halving event, many anticipate it to be a pivotal moment for a potential surge in Bitcoin’s price.
Nevertheless, Coinbase, a leading cryptocurrency exchange, suggests that the timing of this event might pose challenges.
In its market commentary report dated April 5, Coinbase emphasized the need for the crypto market to identify a new narrative to sustain price increases across various cryptocurrencies.
The exchange pointed out, “The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets.”
Historically, the period from June to September has yielded an average monthly return of about 2.7% for Bitcoin since 2011.
This is significantly lower compared to the average return of 19.3% observed in the other eight months of the year, as per data from Brave New Coin.
Furthermore, Coinbase has observed a slowdown in overall crypto volumes, indicating a market in search of a compelling story to drive its next growth phase.
Over the past day, total crypto volumes saw a 33.25% decline, totaling $61.78 billion, based on CoinMarketCap data.
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Despite these challenges, Coinbase sees potential for an influx of new investors into the crypto market, particularly due to Bitcoin’s growing reputation as “digital gold.”
This could foster demand from a new investor demographic, enhancing Bitcoin’s dominance, which stands at 50.6% of the total crypto market capitalization, according to CoinStats.
Coinbase also suggests that future market dips may be more aggressively bought up by investors than in previous cycles, owing to an increased investor base and continued market volatility.
Historically, Bitcoin halving events have been precursors to significant price increases. Following the last halving in May 2020, Bitcoin’s value saw a dramatic rise from $8,787 to nearly $69,000 by November 2021.
In legal developments, Coinbase scored a victory on April 6 when the United States Court of Appeals for the Second Circuit ruled in its favor, stating that the exchange’s secondary sales of cryptocurrencies did not breach the Securities Exchange Act.
The ruling was a significant win for Coinbase, which argued against the applicability of securities regulations to secondary crypto asset sales, despite allegations of selling unregistered securities and violating securities laws.
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In the run-up to South Korea’s parliamentary elections, major political factions are courting the electorate with proposals aimed at the burgeoning cryptocurrency sector.
Bloomberg reported on April 5 that the Democratic Party, the main opposition, has committed to lifting bans on both domestic and international exchange-traded funds (ETFs) that directly invest in cryptocurrencies, such as U.S.-based spot Bitcoin ETFs.
This pledge comes in the wake of South Korea’s securities watchdog cautioning in January against the local distribution of Bitcoin ETFs, citing potential conflicts with national legislation.
“We’re going to allow the ETFs, whether domestic or overseas,” Hwanseok Choi of the Democratic Party conveyed to Bloomberg, highlighting a key point in the party’s agenda.
Similarly, the ruling People Power Party, led by President Yoon Suk Yeol, is looking to attract the crypto-savvy demographic by proposing a postponement of taxation on digital asset gains, which is currently set to commence in 2025.
Cryptocurrency trading is a significant activity in South Korea, with nearly six million South Koreans, or 10% of the population, engaging in the market through registered platforms in the first half of 2023 alone.
Additionally, 7% of those running for election have disclosed cryptocurrency holdings.
Investment data reveals that South Koreans have poured more than $200 million into shares of MicroStrategy, a U.S.-listed enterprise with substantial Bitcoin assets, leading some to describe it as a de facto Bitcoin ETF.
Despite these electoral enticements, tighter regulatory measures on cryptocurrencies loom on the horizon.
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The nation’s financial authorities are finalizing new regulations for token listings on centralized exchanges.
These include barring the listing of tokens involved in hacking incidents until an investigation is complete and restricting foreign digital assets to those that provide a white paper or technical guide for local investors.
Furthermore, the forthcoming Virtual Asset Users Protection Act, set to be enacted on July 19, introduces stringent restrictions against undisclosed information, market manipulation, and illegal trades in the crypto sphere.
An update to this act in February has established severe penalties for infringements, including imprisonment for over a year or fines amounting to three to five times the illicit gains.
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Costa the Crocodile (COSTA) is a new Solana memecoin that was launched today, and it’s currently trading on Jupiter and Raydium.
Costa the Crocodile (COSTA) is set to witness explosive price growth in the next 48 hours, as it began trading on decentralized exchanges today.
COSTA is one of the latest Solana memecoins to be launched, and many investors – including ex-Shiba Inu (SHIB) and Dogecoin (D0GE) holders – are extremely bullish on this token.
It currently has a market cap of around $90,000, trading at approximately $0.000094, according to DEX Screener data.
COSTA is currently only available to purchase on decentralized exchanges, such as Raydium and Jupiter, but it has been reported that the developers will announce numerous listings on large centralized exchanges next week.
This is likely to cause the value of COSTA to skyrocket, and its market cap is likely to surge from around $90,000 to well over $5 million next week.
Many veteran memecoin investors are set to realize profits on their SHIB and DOGE positions, and invest the profits into Costa the Crocodile in search of 100x-500x gains – something that larger memecoins can’t offer now as they already have large market caps.
This latest memecoin launch comes amid the broader Solana memecoin trend, with billions of dollars of daily trading volume, as investors look to generate astronomical returns in a matter of days.
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The increasing frequency with which Bitcoin attains higher support levels combined with a lack of significant speculation in the derivatives markets implies a slim chance of its price dropping to $50,000 in the near future, says Dylan LeClair, a senior analyst at UTXO Management.
In his analysis dated April 7, LeClair posits that a rise in Bitcoin’s price to the $70,000-$75,000 bracket could exert substantial pressure on short sellers.
LeClair observes, “As we’ve consolidated, an increasing amount of short liquidations are building from 70-75k.”
Data from CoinGlass suggests that a surge to $70,000 could trigger liquidations worth approximately $174.17 million.
Should Bitcoin reach $75,000, it would lead to the liquidation of about $830 million in short positions, indicating a potential price increase of 7.8% from its present $69,344.
This forecast mirrors a similar 7.5% decline on March 15, which resulted in $525.2 million of liquidations.
Despite the possibility of a significant drop in Bitcoin’s price to $50,000 triggering massive liquidations of long positions, LeClair deems such a scenario unlikely given the pattern of higher lows and the current stability of the derivatives market.
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He acknowledges the possibility but considers it improbable, citing Bitcoin’s last fall below $50,000 on February 13 to $49,725, after touching $50,000 the day prior—a milestone not seen since December 2021.
Supporting his analysis, LeClair refers to recent developments like BlackRock’s update to its Bitcoin ETF prospectus on April 5, which now includes five prominent Wall Street firms as new authorized participants, including ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities.
The crypto community is also closely watching Bitcoin’s price as it approaches the halving event scheduled for April 20, which reduces miner block rewards by 50%.
Historical data indicates a 658% price surge since the 2020 halving. Should trends follow suit, Bitcoin could potentially reach $434,280 by the 2028 halving.
Rekt Capital, a noted crypto trader, optimistically suggests to his 443,000 followers that the market is in the early stages of a bull phase, hinting at substantial room for upward movement in the short term.
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On April 6, Dogecoin experienced a notable surge, outperforming the broader cryptocurrency market with a 7.5% increase in its price to $0.186, compared to the market’s overall gain of 1.71%.
This price rally underscores a bullish trend among top memecoins, reflecting a growing appetite for risk among traders.
Memecoins, known for their speculative nature due to their minimal underlying value, are considered high-risk investments within the cryptocurrency sector.
This positions them in stark contrast to traditional safe-haven assets.
Amidst these market dynamics, the U.S. dollar is facing a decline in value against a basket of leading foreign currencies.
The U.S. Dollar Index (DXY) highlights a negative correlation between Dogecoin and the dollar, suggesting that the weakening dollar is temporarily enhancing the attractiveness of riskier investments like memecoins on April 6.
Significant trading activity was observed with Whale Alert reporting an anonymous wallet acquiring 199.27 million DOGE in two transactions from Robinhood, totaling approximately $35.45 million.
This substantial investment garnered significant attention, contributing to Dogecoin’s price increase.
Despite this, a decrease in Dogecoin whales, those holding large amounts of the coin, suggests a possible overvaluation of these transactions’ market impact.
Concurrently, Dogecoin’s market dynamics reveal a decline in open interest (OI) and funding rates for its perpetual contracts.
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From a peak of $2.21 billion on March 29, the OI dropped to $1.38 billion by April 6, indicating a potential reduction in trader engagement for various reasons, such as profit-taking or exposure reduction.
The funding rate also saw a decrease to 0.0172% from a recent high of 0.106% on April 1, hinting at a lower inclination among traders to maintain long positions.
This scenario, where reduced selling pressure accompanies a price increase due to traders closing their short positions, is evident in Dogecoin’s market.
Technically, Dogecoin’s price rally on April 6 can be attributed to support from its 200-4H exponential moving average and an ascending trendline, marking a potential for continued bullish momentum following a pattern similar to a previous rally on March 19, which led to an 85% increase in price.
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With the Bitcoin “halving” event drawing near, the cryptocurrency community is abuzz with predictions, some even suggesting a surge to the $100,000 mark.
Bitcoin‘s price has recently seen a slight increase, reaching $69,395.
This halving, which is expected to happen this April, will reduce mining rewards by half, from 6.25 to 3.125 bitcoins.
Such events, occurring every four years, aim to limit Bitcoin supply and have historically led to price volatility.
Analysts at Steno Research speculate this occasion might follow a “buy the rumor, sell the news” pattern, similar to what was observed in the 2016 halving.
The anticipation builds as the market awaits to see the effect of reduced supply against the backdrop of stable demand.
Coinbase recently celebrated a legal victory that could enhance investor confidence, potentially influencing Bitcoin’s market performance.
The U.S. Court of Appeals for the Second Circuit ruled that Coinbase’s secondary cryptocurrency sales do not contravene the Securities Exchange Act.
This decision is significant for the cryptocurrency exchange and its users, possibly encouraging more trading activity.
Ethereum also remains a focal point in the digital currency sphere.
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Despite being 20% below its peak, Ethereum leads the decentralized finance (DeFi) sector, commanding over 60% of its market value.
Its recent Denchun update promises enhanced functionality and reduced transaction fees on Layer 2, solidifying its position in the DeFi space.
Such developments not only boost Ethereum’s appeal but may also impact Bitcoin positively by fostering trust in cryptocurrencies.
In a bold move, Genesis acquired $2.1 billion in Bitcoin, trading off 36 million GBTC shares.
This purchase, executed amid a Chapter 11 bankruptcy filing, aims to settle debts and enhance Genesis’s Bitcoin reserves.
Despite potential market concerns, Coinbase anticipates that this influx of capital will remain within the crypto ecosystem, likely pushing Bitcoin’s demand and price upward.
Bitcoin’s technical indicators show a bullish sentiment, with the Relative Strength Index at 61 and the 50-day Exponential Moving Average supporting an optimistic outlook.
The market seems primed for an upward trajectory, provided it stays above a critical support level.
On a lighter note, the crypto world is set to welcome Slothana ($SLOTH), a meme coin leveraging Solana’s blockchain efficiency.
Its presale offers an early investment opportunity in what could be the next meme coin sensation, drawing lessons from previous successes in the space.
This event underscores the diverse and ever-evolving nature of the cryptocurrency market, offering various avenues for investment and speculation.
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In a significant move to address its financial obligations, the bankrupt cryptocurrency lending firm Genesis has converted roughly 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin, gearing up to settle its debts with creditors.
This conversion was executed on April 2, with the GBTC shares valued at approximately $58.50 each at the time of liquidation, according to Bloomberg.
This decision comes after the GBTC share price witnessed a substantial 50% increase since Genesis initially received approval from the U.S. bankruptcy court for the share sale back in early February when shares were valued at $38.50.
The liquidation of GBTC shares culminated in a $2.1 billion revenue for Genesis, which it used to purchase 32,041 Bitcoin at $65,685 per Bitcoin on the same day.
This purchase is aimed at fulfilling the firm’s obligations towards its creditors, with the acquired Bitcoin currently valued at around $2.18 billion.
The cryptocurrency community has been closely monitoring this large-scale transaction, concerned about its potential impact on the market.
Coinbase, however, has offered reassurances, suggesting that the move is likely to have a neutral effect on the market as the funds remain within the cryptocurrency ecosystem.
This is part of Genesis’s bankruptcy plan, which permits the firm to either directly convert the GBTC shares into Bitcoin for creditors or sell them and distribute the proceeds.
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This development follows an assertion by the Digital Currency Group that its subsidiary, Genesis, is committed to repaying its customers beyond their due entitlements.
Furthermore, Genesis recently announced a settlement agreement with the SEC, agreeing to a $21 million payment to resolve a civil lawsuit related to its operations, including the temporary suspension of withdrawals from Gemini Earn following the FTX bankruptcy, citing market turmoil and liquidity challenges.
Genesis’s financial troubles became more pronounced after the SEC’s lawsuit led to its bankruptcy filing earlier last year.
Additionally, a recent court ruling has allowed the SEC’s lawsuit against Gemini and Genesis to proceed, dismissing motions by both companies to dismiss the lawsuit, which involves allegations of selling unregistered securities through the Gemini Earn program.
This legal development underscores the ongoing challenges and regulatory scrutiny facing the cryptocurrency industry.
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The Shiba Inu team has recently raised an alarm among its dedicated followers, known as the SHIB Army, cautioning them against counterfeit Sheboshis.
These tokens, introduced to the crypto sphere in late February, have seen a surge in popularity.
However, a troubling trend of fake tokens, attempting to impersonate genuine Sheboshis or (SHEB) tokens, has emerged, putting unwary investors and members of the community at risk.
A Shiba Inu project representative has urgently advised the SHIB community to stay alert and cautious regarding these developments.
Lucie, part of the Shiba Inu team, issued a stark warning about these fraudulent Sheboshis, emphasizing the significant discrepancy in price between authentic Sheboshi tokens linked to the Shiba Inu ecosystem and the impostors.
She stressed, “Warning: Please understand the crucial difference: SHEB does not have any zeros. Be informed and cautious,” in an X post.
This caution has sent the SHIB community into a whirl of speculation and concern. Lucie pointed out that authentic SHEB tokens are priced without any zeros, contrasting with fake SHEB tokens that include five zeros in their price, making them significantly less valuable than the genuine three-digit priced ($276) SHEB.
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Sheboshis are at the forefront of the crypto movement, blending the characteristics of NFTs with innovative features through the DN404 standard.
pThis hybrid approach aims to merge the liquidity and fractional ownership benefits of ERC-20 and ERC-721 standards, enhancing the NFT market’s dynamics.
In another significant achievement for the Shiba Inu ecosystem, its Layer 2 platform, Shibarium, has reached notable milestones, including surpassing 413 million transactions and achieving over 4 million blocks.
Shibariumscan reports a current total of 413,205,890 transactions and 4,079,830 blocks on the platform.
With Shibarium now hosting more than 1.39 million wallet addresses and a thriving ecosystem of applications, it demonstrates the platform’s increasing acceptance and usage within the crypto community.
This growth not only underscores Shibarium’s success but also marks a pivotal advancement in redefining the Layer 2 landscape for the Shiba Inu ecosystem.
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Shiba Inu (SHIB), the canine-themed cryptocurrency phenomenon, has reached a new milestone with its listing on Nexo, a leading global cryptocurrency exchange.
This significant development, unveiled on X, marks a pivotal moment for SHIB, broadening its reach and accessibility to a more extensive investor audience.
Nexo‘s platform now allows users a broad spectrum of functionalities with their SHIB holdings.
Investors have the convenience of purchasing SHIB directly with their debit or credit cards, bypassing the need for intricate transfer processes.
Furthermore, the platform offers the innovative option to use SHIB as collateral for borrowing other cryptocurrencies, thereby enhancing financial versatility for its users.
A noteworthy feature of Nexo is the ability for users to transfer SHIB tokens to others using just phone numbers or email addresses, simplifying the process of sending SHIB to fellow Nexo account owners.
Additionally, Nexo supports swapping SHIB for a range of established cryptocurrencies like Bitcoin (BTC), Arbitrum (ARB), Ethereum (ETH), and Litecoin (LTC), serving investors with varied trading preferences.
To celebrate the SHIB listing, Nexo introduced a promotional offer of 0.5% cashback in crypto rewards on all SHIB purchases made through card or bank transfers, encouraging participation and investment through the platform.
The SHIB community played a crucial role in achieving this listing through persistent advocacy efforts.
Initiatives included a Change.org petition advocating for SHIB’s listing on Nexo, which attracted over 142 votes, showcasing the influential power of community-driven campaigns in the cryptocurrency sector.
Since its inception in 2018, Nexo has established itself as a trusted name in the cryptocurrency exchange market, servicing over 6 million users worldwide.
The platform’s extensive array of services and support for over 75 crypto assets underscore Nexo’s dedication to aligning with industry trends.
With regulatory licenses in multiple key markets, including the U.S., Canada, and the EU, Nexo demonstrates its commitment to compliance and security standards.
The inclusion of SHIB on Nexo adds to its growing presence on over 130 cryptocurrency exchange platforms, a testament to the enduring support and advocacy from the SHIB community.
Lucie, the marketing lead for Shiba Inu, attributed this success to the community’s strategic online campaigns and petitions, highlighting the significant influence of dedicated supporters in promoting the token’s adoption and recognition.
In conclusion, the listing of Shiba Inu on Nexo represents a notable advancement for the meme-inspired cryptocurrency, enhancing its visibility and adoption among investors.
This development reflects the expanding acknowledgment of SHIB in the wider cryptocurrency landscape, positioning it for ongoing growth and integration.
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Swole Doge (SWOLE) currently has a market cap under $100,000, meaning it has immense upside potential and could turn thousands into millions of dollars if its market cap hits $10 million.
Swole Doge (SWOLE) is gearing up for a 3,500% rally in the next 14 days, as this memecoin – which was launched in late 2021 – re-emerges and attracts a new wave of investors who are cashing in their SHIB and DOGE profits.
SWOLE has rallied around 200% in the last day, but it has huge further potential to rise, as its current market cap is still under $100,000, in stark contrast to large memecoins like Shiba Inu and Dogecoin.
The coin is only trading on a handful of Solana decentralized exchanges, like Jupiter, and the token’s price is set for explosive growth amid reports that the coin’s first centralized exchange listing, on MEXC, will be announced early next week.
In anticipation of this, shrewd memecoin investors are pouring money into SWOLE, in expectation of its price surging throughout April and May.
A CEX listing for SWOLE will give the coin exposure to hundreds of millions of new traders, and could result in massive inflows into the coin which will cause its price to skyrocket.
However, even before the CEX listing is announced, it is expected that SWOLE will rally further and potentially breach the $0.0001 mark by Sunday or Monday.
This would result in investors who buy in at the current price achieving a circa 700% return on their investment.
However, given the token’s massive medium-term potential and scope for bullish catalysts, most investors won’t be planning to take profits before Q3 and Q4.