Channel: Crypto Market Time
Spot Bitcoin exchange-traded fund (ETF) flows are likely to remain high until the Bitcoin halving later this month, according to on-chain analytics firm Santiment. The blockchain data firm observed that Bitcoin ETF volume hasn’t slowed since the asset hit an all-time high in mid-March, adding, “Trader activity is still notably higher than the turning point that began in late February after an influx of individual trading began” in a post on X on April 8.
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Toncoin hit an all-time high of $6.50 on April 9, following a monumental 20% gain on the day, outperforming every other crypto asset in the top 50. The big move has enabled it to flip Cardano (ADA) and take the tenth spot with a market cap of $22.4 billion. Cardano, which is still languishing more than 80% down from its 2021 peak, has been dumped out of the top ten despite a 4% daily gain to top $0.61. Moreover, the social messaging platform Telegram-native asset has made more than 150% since the beginning of March, according to CoinGecko.
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Looking back at recent stablecoin metrics, Solana is "leading the battle" for blockchain payments amid growth in market liquidity and improved investor sentiment, according to research and brokerage firm Bernstein. “The big change this cycle has been the dominant market share of Solana (43% highest share) in value of stablecoins transferred vs. prior cycle market leader Ethereum,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.
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Firms that gained the Securities and Exchange Commission's approval for a spot bitcoin exchange-traded fund are not feeling very confident that the agency will greenlight proposals for an ether product, according to reporting from CNBC. VanEck CEO Jan van Eck told CNBC in an interview posted on Tuesday that he expected the VanEck Ethereum ETF to be rejected in May – the first deadline approaching for when the SEC will decide whether to allow those products to pass.
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🇳🇿 New Zealand Crypto Policy Should Support Industry, Minister for Commerce Says
New Zealand should support crypto industry growth and take an evidence-based approach to regulating the sector, Minister for Commerce Andrew Bayly said in a government response to an inquiry by a lawmaker committee. The response, which needs cabinet approval, addresses recommendations made by the Finance and Expenditure Committee in a report following an inquiry into the potential impact and risks posed by the industry.
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New Zealand should support crypto industry growth and take an evidence-based approach to regulating the sector, Minister for Commerce Andrew Bayly said in a government response to an inquiry by a lawmaker committee. The response, which needs cabinet approval, addresses recommendations made by the Finance and Expenditure Committee in a report following an inquiry into the potential impact and risks posed by the industry.
Source
https://hottg.com/CryptoMarketTime
It has been three months since spot bitcoin ETFs began trading and BlackRock's fund appears to be on pace to usurp Grayscale's as the biggest of the crypto-based investment vehicles on offer. According to Trackinsight data compiled by The Block Data Dashboard, as of Tuesday, BlackRock's IBIT fund had $18.2 billion in assets under management compared to Grayscale's $23.2 billion. Grayscale's ETF started with nearly $30 billion in AUM as the firm's exchange-traded fund is a conversion of its flagship fund.
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Bitcoin's price gained on Thursday after the European Central Bank (ECB) voted to keep interest rates on hold for the fifth consecutive meeting. Although bitcoin typically closely tracks risk-on assets like major equity indices, the cryptocurrency's upward trajectory came as global markets inched down. The Dow Jones Industrial Average fell for a fourth day in a row, the S&P 500 declined 1% and the Nasdaq Composite dropped 0.1%. In Europe, the regional Stoxx 600 index fell 0.7%, and London's FTSE fell 0.67%.
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The author of Rich Dad Poor Dad, Robert Kiyosaki, has reaffirmed his bullish stance on bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. He explained on social media platform X Wednesday that Ark CEO Cathie Wood has predicted that bitcoin will hit $2.3 million per BTC.
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BlackRock’s IBIT spot bitcoin exchange-traded fund reached $15 billion in total inflows yesterday — exactly three months after it began trading on Jan. 11. “IBIT is up over 50% and has taken in $15 billion in new cash in three months; both of those numbers are double any other BlackRock ETF, and they have 421 of them,” Bloomberg ETF analyst Eric Balchunas said on Thursday. “That is about as hot as the iron gets.”
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Spot Bitcoin exchange-traded funds (ETFs) surpassed several predictions about their assets as their collective assets under management (AUM) hit $59.1 billion within the first three months of the year, Bitwise revealed in a research report on April 11. JP Morgan and Bitcoin investment management firm NYDIG anticipated that spot Bitcoin ETFs could achieve an AUM of $36 billion and $30 billion by the year’s end. Meanwhile, Matrixport predicted the ETF would garner an AUM between $24 billion and $50 billion by Dec. 31, 2024.
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Despite network outages, Solana has witnessed a flurry of projects launched on top of its blockchain. Such a trend typically depicts a growing demand. But the latest report paints a different picture. In a report shared with CryptoPotato, blockchain security company Blockaid revealed that 50% of recent pre-sale token launches on Solana have been malicious. The strategies employed by fraudsters within the popular Layer 1 ecosystem closely resemble those observed in other cryptocurrency platforms.
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PAXG rose as high as $2,923 on Saturday, trading at a premium of over 20% to the yellow metal's per-ounce price of $2,342.90 at Friday's New York close, CoinDesk data show. As of writing, PAXG still drew a notable premium, trading at $2,471. Meanwhile, bitcoin and other major cryptocurrencies traded under pressure as Iran fired explosives at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. On Sunday, Iran warned Israel and the United States of a much larger response after Tel Aviv said it would respond to Iran's retaliatory aggression.
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🇳🇴 Norway Wants to Restrict Crypto Mining by Regulating Data Centers, Lawmakers Say: Report
Norway's government is introducing a law for data centers partly in an effort to block energy-intensive crypto mining in the country, according to a report by local news outlet VG that cited two lawmakers. Digitalization Minister Karianne Tung and Minister for Energy Terje Aasland say the law will regulate the data-center industry for the first time, requiring operators of the centers to be registered with local regulators, the report said.
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Norway's government is introducing a law for data centers partly in an effort to block energy-intensive crypto mining in the country, according to a report by local news outlet VG that cited two lawmakers. Digitalization Minister Karianne Tung and Minister for Energy Terje Aasland say the law will regulate the data-center industry for the first time, requiring operators of the centers to be registered with local regulators, the report said.
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🇭🇰 ETF Analyst Offers Sober Outlook on Newly Approved Hong Kong Bitcoin ETFs; Challenges $25B Inflow Estimate
Following Hong Kong’s authorization of the region’s first spot bitcoin and ethereum exchange-traded funds (ETFs), Bloomberg’s senior ETF analyst Eric Balchunas shared his insights on social media about the new additions. Although there were anticipations of notable capital inflows into the Hong Kong ETFs, Balchunas mentioned that while it’s a positive step forward, he emphasized that Hong Kong’s ETFs would be “lucky to get” around $500 million in total flows.
Source
https://hottg.com/CryptoMarketTime
Following Hong Kong’s authorization of the region’s first spot bitcoin and ethereum exchange-traded funds (ETFs), Bloomberg’s senior ETF analyst Eric Balchunas shared his insights on social media about the new additions. Although there were anticipations of notable capital inflows into the Hong Kong ETFs, Balchunas mentioned that while it’s a positive step forward, he emphasized that Hong Kong’s ETFs would be “lucky to get” around $500 million in total flows.
Source
https://hottg.com/CryptoMarketTime
Ethereum fell against Bitcoin to its lowest point in three years amid the carnage that followed Bitcoin’s fall from $70,000 over the weekend. The ETH-BTC chart reached as low as 0.0462 BTC on Saturday, April 13, down 24% from the year-to-date high of 0.085 BTC. Ethereum’s all-time high against Bitcoin came in 2017 when it touched 0.16 BTC before closing the year around similar levels to now at 0.048 BTC. It has since recorded lows around 0.018 BTC in late 2019 before rising significantly throughout the 2020 – 2021 bull market.
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"The market is short ether gamma, near-dated options, which means that a sharp move in either direction would be amplified," QCP Capital analysts said. Similar conditions were detected by crypto derivatives trader Gordon Grant, who observed a sharp rise in short-dated volatility as ether recently experienced a more significant sell-off than bitcoin.
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During an interview with Tucker Carlson aired late Tuesday, Telegram co-founder and CEO Pavel Durov said he has held a few hundred million dollars in fiat or bitcoin for the last 10 years. Responding to a question about the encrypted messaging platform not accepting venture capital money, Durov said the firm wanted to remain independent, and it was never about the money. “I have had a few hundred million dollars in my bank account or in bitcoin since 10 years ago, and I don't do anything with it. I don't own any real estate, jets or yachts.
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🇭🇰 Hong Kong’s Bitcoin, Ethereum ETFs projected to hit $1 billion in assets within two years
Bloomberg analysts have revised previous inflow predictions for Hong Kong’s newly approved Bitcoin and Ethereum exchange-traded funds (ETFs) to $1 billion within the first two years. Bloomberg senior ETF analyst Eric Balchunas had previously estimated the funds to garner roughly $500 million in inflows over a similar period due to doubts over Chinese investor eligibility and a lack of maturity in the Hong Kong ETF market.
Source
https://hottg.com/CryptoMarketTime
Bloomberg analysts have revised previous inflow predictions for Hong Kong’s newly approved Bitcoin and Ethereum exchange-traded funds (ETFs) to $1 billion within the first two years. Bloomberg senior ETF analyst Eric Balchunas had previously estimated the funds to garner roughly $500 million in inflows over a similar period due to doubts over Chinese investor eligibility and a lack of maturity in the Hong Kong ETF market.
Source
https://hottg.com/CryptoMarketTime
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