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Crypto Commentary May 2024 Bitcoin entered May around $60,600 and increased 11% during the month to finish at ~$67,500. Crypto’s apex digital asset traded relatively sideways until it started to climb higher on several mid-month catalysts that included a better-than-feared US CPI, improving inflows into the spot Bitcoin ETFs, and an impressive breadth of 13F spot Bitcoin ETF holders. The real action, however, came on May 20th when reports surfaced that the SEC may approve the spot Ethereum ETFs, with Bitcoin benefitting not only from ETH’s move but also the improving US view towards digital assets. Ethereum materially outperformed Bitcoin, increasing 25% during May after entering the month around $3,000 and finishing at ~$3,750. While Ethereum was impacted by the same macroeconomic variables as Bitcoin, the vast majority of Ethereum’s performance came on May 20th due to the aforementioned movement on the spot ETFs. The remainder of the report examines the changing US stance towards crypto, the recent approval of the spot Ethereum ETF 19b-4 filings, and several notable memecoin storylines. https://lnkd.in/eNhkqECB

We've known about the upcoming bitcoin halving for a decade. But this event will be nothing like others before it — never before has the crypto seen a supply shock collide with a demand tidal wave. A bitcoin halving — when the number of tokens rewarded to miners gets cut by 50% — happens reliably every four years. This time, however, supply will slow within months of an unprecedented demand surge, fueled by the approval of spot bitcoin ETFs. "The thought of halving not impacting the price is hard to fathom. It's hard to imagine any 'sell the news' reaction would last," Sandy Kaul, a senior VP at Franklin Templeton, told me. In any case, bitcoin has long fluctuated between a fool's gamble and the hottest asset in markets. Ahead of the 2024 halving, it's been squarely in the latter camp. Greg Magadini, CFA, the director of derivatives at Amberdata, said crypto has a "reflexive" effect of pulling investors in from the sidelines as they succumb to fear of missing out. Ultimately, bitcoin's supply remains predictable. It's demand that's impossible to forecast, Hashdex CIO Samir K. told me, while GSR strategist Brian Rudick said he expects a bullish outlook regardless of halving. "I don't believe that future events can be 'priced in' with bitcoin, since the major variable determining the price of bitcoin is demand." Full story on Business Insider: https://lnkd.in/gsV9ze2g

In the wake of the recent approval of Bitcoin ETFs, the crypto landscape is experiencing a seismic shift. A staggering $10 billion volume in just three days of trading is not just a number; it's a resounding echo of institutional confidence. As Bitcoin steps into a new chapter, marked by a flood of institutional funds, the dynamics of the market are poised for a profound transformation. The entry of big money brings both promise and potential pitfalls. While it consolidates Bitcoin's market leadership and solidifies its status as the undisputed king, there's a nuanced narrative that demands attention. The sheer scale of trading, surpassing even gold's ETF record on the first day, underscores the growing acceptance of Bitcoin within traditional financial markets. Yet, in this ascent to mainstream recognition, there's a cautionary tale. The potential for big money to exert influence over Bitcoin's price introduces a new dimension to the market. This shift could reshape the familiar crypto cycles, and as the saying goes, "with great power comes great responsibility." Early adopters, who have been the torchbearers of the crypto revolution, now face the challenge of navigating this evolving landscape. This pivotal moment demands a strategic perspective. As institutional investors embrace Bitcoin, there's an opportunity for collaboration and growth. However, it's equally crucial for the crypto community to stay vigilant and adapt swiftly to these changing dynamics. The essence of decentralization and democratization, which has been integral to the crypto ethos, must be safeguarded even in the face of institutional integration. In this era-defining moment, Bitcoin reaffirms its position not just as a digital asset but as a transformative force challenging the conventional financial paradigm. As we embark on this journey into uncharted territory, let's celebrate the milestones while remaining steadfast in preserving the core principles that have fueled the crypto revolution from its inception. 💡🌐 #BitcoinETFs #CryptoEvolution #InstitutionalCrypto https://lnkd.in/d52y2HKY

As we celebrate the landmark approval of Bitcoin ETFs in the US, a pivotal moment for mainstream crypto adoption, it's crucial to shift our focus to an often-overlooked narrative - the real winners in this scenario: Altcoins. While Bitcoin enjoys its well-deserved spotlight, a fascinating development is unfolding in the altcoin arena. Ethereum, along with a host of other lesser-known altcoins, is experiencing a surge that's reshaping the market landscape. Here's why this matters: 1. Ethereum's Leap Forward: Post-Bitcoin ETF approval, Ethereum has seen a significant surge, over 40%! This uptick isn't just about numbers; it reflects growing investor confidence in Ethereum's potential, especially with its upcoming proof-of-stake upgrade and its role in the thriving DeFi and NFT ecosystems. 2. The Altcoin Stampede: Beyond Ethereum, we're witnessing impressive gains in altcoins like Uniswap, Aave, Polygon, Avalanche, and Fantom. These platforms are not just riding the wave; they're offering unique features and attracting robust developer communities, signaling a healthy, diverse crypto ecosystem. 3. A Broader Perspective: As BlackRock CEO Larry Fink pointed out, the narrative is shifting. Crypto is increasingly viewed not just as a currency but as a viable, investable asset class. This perspective opens doors for further institutional interest and potentially, more ETF approvals, including Ethereum. 4. The Bigger Picture: The integration of crypto with traditional finance, as exemplified by the Bitcoin ETF launch, is just the beginning. We're moving towards a future where tokenization and blockchain technology play a central role in various sectors, including securities and real estate. As we navigate these exciting times, it's essential to remember that with great potential comes volatility. The crypto market is dynamic, and while altcoins are showing promising trends, due diligence and risk management remain key. Let's embrace this shift and explore the opportunities it brings. The crypto landscape is evolving, and altcoins are proving to be more than just Bitcoin's understudies. They are key players in their own right, shaping the future of digital assets. #CryptoAdoption #Altcoins #BitcoinETF #Ethereum #Blockchain #DigitalAssets #Investing

New Post: Bollinger Bands Creator Says Bitcoin Downtrend Might Be Over - Bitcoin has had a depressing week following the approval of spot Bitcoin ETFs in the US, becoming what many feared might be a sell-the-news event. The top crypto dipped below $38,700 during the week for the first time since early December, following a sell-off from digital asset fund manager Grayscale. However, the crypto is now showing signs of recovery and is now trading above $42,600.  According to a social media post by John Bollinger, the legendary creator of the Bollinger Bands, Bitcoin might be done with the selloff, suggesting that the downtrend is already at a bottom.  Bollinger’s Bullish Stance On Bitcoin Bollinger Bands is one of the most popular technical analysis tools used by traders today. The legendary trader and financial author is known in recent times for his bullish affiliation with BTC. Bollinger recently took to social media platform X to reiterate this bullish stance, suggesting that Bitcoin’s recent sell-the-news event could be coming to an end. OK, looks like we might be done with this “sell on the news” cr@p? $btcusd — John Bollinger (@bbands) January 27, 2024 While Bollinger did not provide any further details on how he came about this prediction, it probably came from his evaluation of the current state of the digital asset. Furthermore, his reputation as a well-known trader adds credibility to his statement.  The technical analyst had made a similar bullish prediction earlier in the month with a price chart shared on social media. According to a price chart posted on X on January 4th showing the Bollinger Bands indicator, he noted that BTC is on its way to breaking higher. Bitcoin was trading at $44,130 at this point and spot ETF applications were yet to be approved. I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut — John Bollinger (@bbands) January 4, 2024 What’s Next For Bitcoin? At the time of writing, BTC is trading at $42,499, up by 2% in the past 24 hours. If Bollinger is right and Bitcoin has found its bottom, it means the worst of the correction is likely over, and Bitcoin is on its way to climbing back up.  Bitcoin (BTC) is currently trading at $42,499. Chart: TradingView.com Bollinger’s bottom prediction contradicts the prediction of some well-known crypto analysts. Recent happenings seem to have turned very bullish predictions before the spot ETFs came online into predictions of a downtrend in the short term. Despite this, most agree on a bullish price movement in the long term, especially with the approach of the next Bitcoin halving. According to Arthur Hayes, co-founder of crypto exchange BitMEX, Bitcoin could continue this consolidation before finding a local bottom between $30,000 and $35,000. Chris Burniske, another analyst and co-founder of Placeholder, a venture firm specializing in cryptocurrencies, believes a BTC bottom would be formed between these price levels but could als

Daily Market Insight: Crypto on the Rollercoaster (March 19, 2024) Get ready for another exciting ride in the world of crypto! The market continues its volatile ways in 2024, with some interesting trends emerging. Bitcoin Takes a Breather: After reaching new heights, Bitcoin (BTC) has pulled back a bit. Some see this as a natural correction, while others worry about a deeper decline. The coming days will be crucial, with some experts predicting a possible extended correction if inflows to Bitcoin-focused investment vehicles fall short. Institutional Interest Grows: Despite the recent swings, optimism remains high for Bitcoin ETFs. A major player recently tweaked its Ethereum ETF proposal, indicating strong investor demand for these products. Year-to-date inflows into crypto assets have already surpassed all of 2021, highlighting the growing interest from established institutions. Solana Steals the Show: Solana (SOL) continues its impressive run, hitting a new all-time high against Ethereum (ETH). This is likely due to the booming Decentralized Exchange (DEX) activity on its network. Cardano Makes a Stable Move: Cardano (ADA) launched its first stablecoin pegged to the US dollar (USDM), marking a significant step forward for the network. Regulations Take a Turn: A recent ruling by a key financial board paves the way for companies to list Bitcoin on their books at its current market value, potentially leading to wider adoption. Beyond the Headlines: Here are some additional factors to keep on your radar: MicroStrategy's Big Bet: MicroStrategy, known for its aggressive Bitcoin buying strategy, recently raised more funds to acquire even more BTC. This could be a bullish signal for the market. The Ethereum Effect: With the hope of an Ethereum ETF approval still alive, ETH's price movement remains a major driver of overall market sentiment.

Daily Market Insight: Crypto on the Rollercoaster (March 19, 2024) Buckle up crypto enthusiasts, the market continues its wild ride in 2024! Here's a breakdown of today's key trends: Bitcoin Breathes Easy: After reaching record highs, Bitcoin (BTC) has taken a slight step back. While some view this as a natural correction, others fear a steeper decline. The coming days are crucial, with experts predicting a potentially extended correction if inflows to Bitcoin investment vehicles disappoint. Institutions All In: Despite the recent volatility, optimism surrounding Bitcoin ETFs remains strong. A major player recently revamped its Ethereum ETF proposal, reflecting strong investor demand for these products. Year-to-date inflows into crypto assets have already eclipsed all of 2021, highlighting the growing interest from established institutions. Solana Soars: Solana (SOL) continues its impressive streak, hitting a new all-time high against Ethereum (ETH). This is likely fueled by the booming Decentralized Exchange (DEX) activity on its network. Cardano Makes a Stablecoin Splash: Cardano (ADA) took a significant step forward by launching its first stablecoin, USDM, which is pegged to the US dollar. Regulatory Shift: A recent ruling by a key financial board paves the way for companies to list Bitcoin on their balance sheets at its current market value, potentially leading to mainstream adoption. Beyond the Headlines: Here's what else to keep an eye on: MicroStrategy's Big Move: MicroStrategy, famous for its aggressive Bitcoin buying strategy, recently secured more funds to acquire even more BTC. This could be a bullish signal for the market. The Ethereum Effect: With the hope of an Ethereum ETF approval still on the table, ETH's price movement remains a major driver of overall market sentiment.

Crypto Trading Weekly Update 📈 Bitcoin (BTC): Glassnode, a leading crypto analytics platform, suggests that on-chain indicators assessing Bitcoin's value indicate that we may be entering the early stages of a bull market. Bitcoin's long-term valuation compared to its market value has risen into the "high risk" band, signaling that long-term investors are returning to profitability. CoinGecko reports a steady increase in Bitcoin's price last week, climbing from $42,317 on February 4 to $48,582. This strength in Bitcoin is attributed to decreased outflows from Grayscale Bitcoin Trust (GBTC) and significant inflows into spot Bitcoin ETFs launched on January 11. With spot Bitcoin ETFs gaining traction and the fourth BTC halving occurring in about two months, there's a growing belief that the price may never dip below $40K again. Historical data also suggests that Bitcoin tends to soar in the months following halving events. Ethereum (ETH): Ethereum, the second-largest cryptocurrency, is eagerly awaiting SEC approval for spot Ethereum ETFs. Despite the SEC's delays, Ethereum has been gaining momentum, driven by anticipation for ETF approval. Forecasts predict Ethereum will reach $3,000 ahead of the approval of spot ETH ETFs. Solana (SOL): Despite occasional controversies, Solana remains a top pick for many crypto experts in the next bull market. It has been gaining momentum, with traders showing confidence through long positions. The Solana ecosystem continues to expand rapidly, hosting sought-after tokens like Bonk (BONK) and Jupiter (JUP). The $700 million JUP airdrop, the largest of the year so far, has generated significant excitement in the crypto community. With growing interest and investor sentiment post-BTC ETF, Solana emerges as one of the best cryptos to buy now. Stay tuned for more updates next week! Disclaimer: This information is for educational purposes only and should not be considered financial advice. Cryptocurrency markets are highly volatile, and investing carries inherent risks. Always do your own research before making investment decisions.

U.S. spot bitcoin exchange-traded funds (ETFs) saw their sixth straight day of inflows on Monday, adding $241.12 million. Ark Invest and 21Shares led with $68 million, followed by BlackRock’s $66 million. Collectively, the 11 bitcoin ETFs pulled in over $1.18 billion in six days, raising total inflows since January to $12.87 billion. Bitcoin's price also jumped 6.35% to over $71,000, and analysts now see a higher chance of the SEC approving spot ether ETFs. Source: https://buff.ly/3ymAbE7 Ethereum surged 20% to $3,687 amid rumors of imminent ETF approval, boosting related tokens Arbitrum and Optimism by 18%. The optimism spread to other cryptocurrencies like Solana and Avalanche, each gaining over 25% in the past week The rally was sparked by Bloomberg analysts predicting a 75% chance of SEC approval for Ethereum spot ETFs, up from 25%. Crypto betting markets reflected this shift, with odds of approval jumping from 10% to 61%. Source: https://buff.ly/4auwrOb Federal prosecutors have charged Rui-Siang Lin, a 23-year-old Taiwanese national, with operating Incognito Market, one of the world's largest online drug marketplaces. Lin, also known as "Pharoah" and "faro," was arrested at JFK Airport and faces a 15-count indictment. Prosecutors allege that Incognito Market, which operated from October 2020 to March 2024, facilitated over $100 million in illicit drug sales Source: https://buff.ly/3KcPQIY