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Hong Kong ETF Approved Bitcoin Falls! Is Tether Responsible for Everything?
In Hong Kong, whereย #Bitcoinย andย #Ethereumย (ETH) ETFs were launched, the market fell well below expectations on the first day of trading, generating only $11 million in combined trading volume, crypto market analyst WhaleWire posted on April 30. It remained below the target of $125 million.
WhaleWire's view of "fabricated and non-existent" institutional demand was in line with its view that the rise in Bitcoin prices over the past few months was a result ofย #Tetherย (USDT) "bringing record amounts of money into the markets."
On the other hand, according to a report published by Collective Shift senior analyst Nicholas Sciberras on April 22, he pointed out the recent surprising rise of the Bitcoin (BTC) price and stated that peaks are possible, but "catastrophic declines are also possible."
There is a theory that the four-year halving event is not as significant as many think, and instead, its alignment with external liquidity cycles is what makes it appear to be a trigger for upward price movement.
Sciberras also stated that the block reward will continue to decrease after each halving. Expressing his concerns about the long-term security of Bitcoin, the analyst also expressed his opinion that short-term selling pressure and 'texts' among developers are nothing but spam clogging the network.
If Bitcoin continues to be targeted by governments and energy consumption becomes further politicized, this could put pressure on Bitcoin's long-term sustainability. (โฆ) If adoption and demand forย #Bitcoinย remains insufficient, or if fee revenues are insufficient to incentivize miners to upgrade their hardware and mine new Bitcoins, security may diminish and threaten the network.
On the other hand, the decline in Bitcoin price continued. As of writing time, Bitcoin continues to trade at $60,819 after a 5% decline.
