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Crypto News Digest - Quick-read versions of cryptocurrency updates

Bitcoin News

Focuses exclusively on news and developments pertaining to Bitcoin, the first and most prominent cryptocurrency.

Bitcoin (BTC) Demand Dropped Prior to Halving, According to Crypto Analytics Firm CryptoQuant – Here’s Why

Bitcoin demand decreased before the halving, with investors taking profits and futures traders locking gains due to volatility and geopolitical concerns. CryptoQuant observed a drop in Bitcoin acquisition among large holders and ETFs, attributing this to market uncertainties and the halving’s impact. However, a reset in traders’ unrealized profits may signal a potential market bottom, indicating a phase of price stabilization and recalibration of market positions. Bitcoin was trading at $63,655 at the time of the report..

Whales Gobble Up $1,235,000,000 Worth of Bitcoin Amid BTC’s Price Dip on Thursday: IntoTheBlock

Bitcoin whales accumulated over $1 billion in BTC during a price dip, acquiring 19,760 Bitcoins at an average price of $62,500 each. This activity often precedes price increases. Additionally, miner BTC holdings are at a 12-year low ahead of a halving event that reduces block rewards, historically followed by a bullish market trend. Bitcoin and Ethereum saw significant withdrawals from centralized exchanges, indicating a shift towards holding. Bitcoin trades at $63,921, while Ethereum is at $3,057..

Hedge Fund Veteran Mark Yusko Says Bitcoin FOMO Incoming As BTC Completes Halving – Here’s When

Mark Yusko of Morgan Creek Capital predicts Bitcoin’s FOMO phase has yet to start, expecting a rush of investment once BTC nears its post-halving fair value of around $80,000. He notes the current lack of mainstream interest, as evidenced by low Google search activity and personal anecdotes, suggesting a significant price shift once broader adoption occurs. Bitcoin is currently trading at $65,246, marking a 2.38% increase over the last 24 hours..

Institutions Look to Bitcoin for ‘Non-Debt Money,’ Says Bitwise CIO Matt Hougan – Here’s What He Means

Large investors are increasingly viewing Bitcoin as a hedge against economic risks, such as inflation and rising government debt, according to Bitwise’s chief investment officer, Matt Hougan. In recent discussions, financial advisors, family offices, and endowments express concerns over inflation and debt, seeing Bitcoin and gold as viable non-debt money options. Hougan highlights Bitcoin’s potential for higher returns compared to gold, due to its status as an emerging store of value, despite its greater volatility. At the time of the interview, Bitcoin’s value was noted at $65,095..

Mark Yusko Predicts Surge in Bitcoin Demand Post-Halving, Anticipates FOMO Wave – Hodl.Press

Mark Yusko of Morgan Creek Capital predicts Bitcoin’s value could reach $80,000 after its halving, sparking significant investor interest and a FOMO phase. Despite current search trends indicating this phase hasn’t started, Yusko believes the combination of increased scarcity post-halving and growing crypto adoption will drive Bitcoin’s price up. With Bitcoin currently priced at $65,246, showing a modest increase, the anticipation of a surge in value and adoption highlights a potentially transformative period for Bitcoin and the broader cryptocurrency market..

Rising Dollar to Boost Bitcoin (BTC) Strength – Hodl.Press

Glassnode founders suggest a weakening US dollar index may signal a Bitcoin bull market. Bitcoin shows resilience, rebounding from $58,000 support, with its value at $65,253 indicating recovery and bullish momentum. A potential decline in the US dollar index (DXY) could drive investors towards Bitcoin, potentially pushing its price beyond current highs. This trend reflects growing confidence in cryptocurrencies and highlights the impact of traditional financial indicators on the digital currency market..

Peaking Dollar To Bring Strength Back to Bitcoin (BTC), According to Glassnode Founders

The weakening US dollar index (DXY) could potentially trigger a bull market for Bitcoin (BTC), suggest Glassnode founders. They highlight a significant downward trend in the DXY, which usually benefits cryptocurrencies like BTC. Despite recent corrections bringing BTC to around $60,000, a level previously predicted by the founders, Bitcoin shows signs of resilience with a quick recovery from its dip below $60,000. The market is optimistically looking towards surpassing previous highs, with BTC currently valued at $65,253. However, caution is advised as any significant drop could impact the bullish trend..

Human Rights Foundation Unveils Finney Freedom Prize for Bitcoin Innovators – Hodl.Press

The Human Rights Foundation launches the Finney Freedom Prize on Bitcoin’s fourth Halving day, honoring Hal Finney, an early Bitcoin developer. The prize celebrates Bitcoin’s potential to enhance financial freedom and human rights globally, supported by a 33 BTC fund, awarded every four years to align with Bitcoin halving events. The Genesis Committee, composed of leading Bitcoin community figures, will oversee the selection process, aiming to inspire the use of Bitcoin in fighting oppression and promoting liberty worldwide..

Bitcoin Network Fees Surge Post-Halving: Impact Analysis – Hodl.Press

Bitcoin transaction fees skyrocketed to $91.83 post-Halving, influenced by the new Runes token standard. This standard, meant to streamline transactions and replace the BRC-20 tokens, led to a significant increase in network fees and congestion, with nearly 247,000 transactions pending. A single transaction even cost 6 BTC, or about $430,619. The Runes standard aims to improve efficiency and reduce reliance on Ordinals, highlighting the network’s challenges with scalability and fee management in the wake of significant changes..

Bitcoin’s resilience tested: Price up 577% amid pandemics, war and corporate embrace

Reflecting on the period since the last Bitcoin halving in May 2020: the COVID-19 pandemic severely impacted the global economy and sparked inflation. Michael Saylor’s MicroStrategy amassed over 1% of all Bitcoin, boosting corporate adoption. El Salvador adopted Bitcoin as legal tender. China’s ban halved the Bitcoin hash rate. Geopolitical tensions rose, notably with Russia’s Ukraine invasion. Bitcoin ordinals and the launch of Runes marked innovations. A notable decrease in Bitcoin on exchanges indicated a shift towards holding. The collapse of FTX and other crypto platforms contrasted with the success of Bitcoin ETFs. Despite high inflation and interest rates, Bitcoin’s… Read More »Bitcoin’s resilience tested: Price up 577% amid pandemics, war and corporate embrace

Bitwise CIO believes market has not priced in future demand for Bitcoin post-halving

Bitwise CIO Matt Hougan challenges the Efficient Markets Hypothesis (EMH) regarding Bitcoin’s price ahead of its halving, suggesting it underestimates potential demand increases. Hougan argues that while EMH accounts for known factors like the supply cut, it can’t predict future market demand shifts. He highlights the transition from forced to willing sellers post-halving, indicating a possible significant price surge if demand exceeds expectations. This insight challenges traditional economic models, emphasizing the uniqueness of the crypto market and the need for investors to consider unforeseen demand dynamics.. Source

Human Rights Foundation launches Finney Freedom Prize to reward contributions to Bitcoin for 110 years

The Human Rights Foundation launched the Finney Freedom Prize on Bitcoin’s fourth halving day to honor achievements in Bitcoin and human rights, reflecting Hal Finney’s vision of technology as a liberation tool. The inaugural prize was posthumously awarded to Finney, an early Bitcoin developer and advocate for civil liberties, recognizing his contributions from 2009 to 2012. The prize, supported by a 33 BTC fund, will be awarded every four years on Bitcoin halving days, with 28 awards planned over the next 110 years. Laureates are chosen for their educational efforts, technological contributions, promotion of decentralization, and efforts to enhance Bitcoin’s… Read More »Human Rights Foundation launches Finney Freedom Prize to reward contributions to Bitcoin for 110 years