● QCP Capital: Market sentiment is turning bullish on Bitcoin
According to Golden Finance, crypto market maker QCP Capital said in its latest market report that despite limited fluctuations in Bitcoin prices over the past week, market sentiment is turning bullish on Bitcoin, mainly based on the following five reasons: 1. Spot Bitcoin ETF inflows have increased significantly in recent days, reaching $232 million on Thursday; 2. Traditional financial giants such as Citadel, Goldman Sachs, UBS and Citi will serve as authorized participants of BlackRock’s Bitcoin ETF, which is good news; 3. The market continues to buy a large number of Bitcoin call options (Ethereum call options have seen a large amount of selling); 4. Bitcoin perpetual contract funding rates remain flat, the forward curve is lower, and leverage levels are reduced; 5. The upcoming Bitcoin halving narrative.
● The total market value of Bitcoin has exceeded the total market value of the world's four largest banks
According to Golden Finance, data shows that the total market value of Bitcoin exceeds 1.3 trillion US dollars, and as of press time it is 1,339,991,990,176 US dollars, which has exceeded the total market value of the world's four largest banks.
● Bankrupt Genesis uses GBTC shares sold to buy Bitcoin to repay customers
According to BlockBeats, on April 6, a court document showed that the bankrupt cryptocurrency lender Genesis bought 32,041 bitcoins (worth about $2.17 billion) to repay customers after selling GBTC shares. The sale of GBTC shares was completed on April 2.
● Decentralized application activity grew 77% in Q1 2024
According to CryptoPotato, in the first quarter of 2024, the activity of decentralized applications (dApps) increased by 77%, and the total number of daily active user wallets reached 7 million.
● Data: Shiba Inu large-holder net inflow index soared 1058%
According to U.Today, according to data provided by IntoTheBlock, Shiba Inu’s large net inflow indicator increased by 1,058%, showing significant changes in whale activity in the market. This significant indicator spike could indicate strong buying activity as whales appear to be accumulating SHIB.
● Traders are concerned about the overheating of the US economy and doubt the Fed's room for rate cuts
According to Jinshi, a series of market fluctuations broke the steady upward momentum, and traders suggested that they did not want to see overly hot U.S. economic data. Although U.S. stocks rebounded on Friday and cross-asset investors avoided the worst week since 2022, stocks and bonds both recorded their biggest declines this year on Monday and Tuesday. Strong employment and factory output reports, as well as soaring oil prices, have cast doubt on whether the Federal Reserve has room to cut interest rates. Torsten Slok, an economist at Apollo Global Management, said the market's impact on the economy is a new problem facing bulls. He warned that rising asset prices are running counter to the goals of central bank officials and predicts that there will be no interest rate cuts this year.
● IMF urges Ukraine to complete cryptocurrency legislation
According to Odaily Planet Daily, Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine for the Development of the Information Technology Industry, revealed that the International Monetary Fund (IMF) has urged Ukraine to complete cryptocurrency legislation. He stressed that a legalized cryptocurrency sector can have a strong economic effect and bring billions of dollars in turnover. In March 2022, Ukrainian President Volodymyr Zelenskyy signed the "Virtual Assets Law" aimed at regulating the Ukrainian cryptocurrency market. Last April, Yuriy Boyko, a member of the National Securities and Stock Market Committee of Ukraine, revealed that Ukraine intends to implement the cryptocurrency market rules approved by the European Parliament.
