Today’s highlights:
1. It is estimated that there are less than 3 days until the BCH halving
2. Bitcoin’s greatest potential is to become a currency for commerce and trade
3. Crypto wallets holding at least $5 million increased the total supply of multiple stablecoins by nearly 5.09%
4. Hong Kong’s financial authorities’ approval of a spot Bitcoin ETF may trigger a strong rebound in Bitcoin prices
5. The Swiss city of Lugano allows its residents and tourists to use cryptocurrencies for daily transactions
It is less than 3 days until the BCH halving is expected
BTC.com shows that the current block height is less than 3 days away from the BCH halving time, with 344 blocks remaining. After the halving, the block reward will change from 6.25 BCH to 3.125 BCH.
11 years ago today, Bitcoin hit $100 for the first time
According to Watcher.Guru on social media X, 11 years ago today, the price of Bitcoin reached $100 for the first time.
Bitcoin’s greatest potential is to become a currency for commerce and trade
According to Zac Townsend, CEO of Meanwhile, Bitcoin is more than just digital gold. Its greatest potential lies in becoming a currency for business and trade. Despite the volatility of Bitcoin prices, it has begun to be accepted by a large number of investors and institutions as a global, decentralized currency. Townsend pointed out that Bitcoin is not an asset to be held, but a currency to be traded. He believes that the future of Bitcoin lies in its use as a currency, not as an asset to be held.
Total crypto market capitalization is rising, but spot trading volumes are declining significantly
Andrei Grachev, co-founder of DWF Labs, wrote that although the total market value of the crypto market is slowly rising (up 16% month-on-month), spot trading volume is declining (down 44% month-on-month). Overall, more and more cryptocurrencies are being traded and distributed to holders in anticipation of some event that could bring huge volatility (like the Bitcoin halving?). This is an interesting phenomenon.
The combined holdings of BlackRock and Fidelity Spot Bitcoin ETFs are approaching 400,000 BTC
Data disclosed by Watcher.Guru on the
The total amount of Ethereum beacon chain pledged exceeds 32 million ETH
Dune data shows that the total amount of pledged Ethereum beacon chain reaches 32,141,157 ETH, and pledged ETH accounts for 26.80% of the total supply of ETH. Among them, the staking share of the liquidity staking protocol Lido reaches 30.11%.
Bitcoin needs to wait for catalyst to confirm upward momentum
Bitcoin and other cryptocurrencies fell below key levels on Monday, with the sell-off likely due to a lack of liquidity in the market over the Easter holiday. Alex Kuptsikevich, an analyst at brokerage FxPro, said that he still believes that Bitcoin’s drop to just below $69,000 is a consolidation after the rise, which is an important stage before a new round of gains. However, we have seen some false starts, so it is best to wait for confirmation of Bitcoin’s ability to rise above $71,500. Bitcoin needs a catalyst to steadily climb past its peak of around $70,000 or reach a new all-time high. Bitcoin's correlation with the stock market means broader market catalysts are also key. The Dow and S&P 500 themselves are also at record highs, with a slew of economic data due this week that could boost expectations for the pace of rate cuts by the Federal Reserve. This macro outlook matters for Bitcoin.
Bitcoin price expected to reach six figures in the future
LMAX Group CEO David Mercer discussed the future of Bitcoin and the impact of surging demand for spot Bitcoin ETFs in a recent interview with CNBC. Mercer said that if BTC became a standard portfolio allocation and 3% or 5% of people’s portfolios or assets in the world were allocated to Bitcoin, we would see a significant price increase. This is purely based on supply and demand, we have never seen anything like this before, you should see the price of Bitcoin several times what it is now, Bitcoin price will definitely be six figures, not just five figures like it is now. Commenting on the impact of spot Bitcoin ETFs and the subsequent interest in cryptocurrencies, David Mercer said that this means that even the high net worth sector, the private wealth arm of banks, can now offer users direct exposure to the asset class. product. I think over time, as all institutions become more comfortable with the behavior of the asset class, you will see people getting closer to the assets themselves and owning the core assets, which is Bitcoin, Ethereum or Solana.
Crypto wallets holding at least $5 million added nearly 5.09% to the total supply of multiple stablecoins
Based on data tracked by Santiment, large wallets appear to have continued to accumulate stablecoins issued over the past three weeks. Cryptocurrency wallets holding at least $5 million collectively added 5.09% of the total supply of USDT, USDC, BUSD, DAI, TUSD, and USDP.
US Republican push for anti-CBDC bill could undermine support for stablecoin bill
According to a new report released by investment bank TD Cowen, the CBDC Anti-Surveillance State Act proposed by U.S. House Majority Whip Tom Emmer last year may be voted on together with the highly anticipated stablecoin bill, which may undermine There is bipartisan support for the stablecoin bill, as Democrats generally believe the value of central bank-issued cryptocurrencies should at least be explored. Senior leaders from both parties have been negotiating for years on a stablecoin bill. Previously, Federal Reserve Chairman Jerome Powell said the central bank was “far from” recommending or adopting a CBDC.
Hong Kong financial authorities’ approval of spot Bitcoin ETF could trigger a strong rally in Bitcoin prices
Noel Atchison, a contributor to the cryptocurrency newsletter Crypto is Macro Now, said that Hong Kong’s financial authorities’ approval of the launch of a spot Bitcoin ETF may trigger a strong rebound in Bitcoin prices. Spot is more efficient in terms of taxes and costs. It will attract a wider range of participants. Trading volume on Asian cryptocurrency exchanges exceeds that of the U.S. market, and it would be huge if a small group of Chinese investors could legally invest in Bitcoin. The industry predicts that Hong Kong will approve spot Bitcoin ETFs and allow redemptions in the second quarter of this year.
Thai crypto exchange Bitkub plans IPO in 2025
According to Bloomberg, Jirayut Srupsrisopa, CEO of Thailand’s largest crypto exchange Bitkub, said in an interview that the company plans to conduct an initial public offering in 2025 and be listed on the Stock Exchange of Thailand, and Bitkub is hiring financial advisors for the listing.
Last July, Bitkub sold a 9.2% stake in its cryptocurrency trading unit Bitkub Online Co. to Asphere Innovations Pcl for 600 million baht ($16.5 million). Jirayut said he expects Bitkub Online’s valuation, which was valued at about 6 billion baht in the deal, to rise as the platform’s trading volume approaches its highest level since the last cryptocurrency bull run in 2021.
Argentina introduces mandatory registration system for virtual asset service providers
According to Forbes, Argentina’s National Securities Commission announced a new mandatory virtual asset service provider registration system for companies and individuals engaged in crypto asset business in the country. This new regulation will affect businesses that specialize in a variety of services, such as buying, selling, sending, receiving, lending or trading cryptocurrencies. The regulation applies not only to local companies, but also to companies operating in the market but headquartered elsewhere. Roberto E. Silva, chairman of Argentina’s National Securities Commission (CNV), made it clear that “unregistered individuals will not be able to operate in the country.”
Japanese regional bank Hokkoku launches deposit-backed stablecoin
Japanese regional bank Hokkoku has announced the launch of a stablecoin backed by bank deposits, and last year the company launched the Tochituka app, which allows citizens to earn Tochipo points from local governments and spend at certain stores.
The Swiss city of Lugano allows its residents and visitors to use cryptocurrencies for daily transactions
The Swiss city of Lugano allows its residents and visitors to use cryptocurrencies for daily transactions, including paying taxes. Currently, more than 15% of residents use the city’s LVGA stablecoin daily to pay bills, shop in stores and restaurants, and access online services.
Australia is ready for an 'inflection point' in cryptocurrency demand
Kraken Australia executives noted that Australia's crypto industry could benefit from the "inflection point" in global crypto demand, as long as lawmakers make the right decisions. While demand for cryptocurrencies from institutional investors in the United States is increasing, Australia has not seen a similar situation yet. However, judging by the interest of retail investors and cryptocurrency-related businesses, Australia's cryptocurrency market is still developing rapidly. However, the main obstacles facing the industry domestically are regulatory uncertainty and slow legislative progress. The government should formulate reasonable laws to promote the development of the industry. In this context, the Ministry of Finance recommends that cryptocurrency exchanges apply for financial services licenses, and ASIC will launch a new round of regulatory reforms in the coming months. Therefore, the formulation of good regulations needs to take into account the international nature of cryptocurrencies and avoid excessive localization.
HKVAEX will suspend services in phases starting from April 1, and the website will be removed from the shelves on May 1
Hong Kong crypto exchange HKVAEX will begin a phased suspension of services starting on April 1, with its official website completely shutting down on May 1, 2024. Currently, HKVAEX no longer accepts new user registration or virtual asset recharge services. The trading service will be closed at 23:59 on April 5. Users will not be able to create any new orders at that time, and all existing spot orders will be automatically canceled by the system. The official website of HKVAEX will be officially delisted on May 1. From that date, users will not be able to access any HKVAEX-related content or services.
According to previous news, the date HKVAEX was removed from the list of applicants for the Hong Kong virtual asset trading platform was March 28, and the date it submitted its license application was January 4, 2024. The reason for removal was "withdrawn."
Multicoin Capital reports: 9281% return for first investors since 2017
Multicoin Capital’s cryptocurrency-focused hedge fund has generated a 9,281% return for its first investors since 2017, according to its annual investor letter. That return was more than enough to make up for the 91.4% loss Multicoin Capital once suffered in 2022.
CoinShares: Digital asset investment products saw $862 million in inflows last week
According to CoinShares data, digital asset investment products received an inflow of $862 million last week, of which $865 million flowed into Bitcoin, $18.9 million flowed out of Ethereum, and $6.1 million flowed into Solana.
Threshold launches thUSD, a decentralized stablecoin softly pegged to the US dollar
Threshold Network has announced the launch of Threshold USD (thUSD), a decentralized stablecoin soft-pegged to the U.S. dollar, backed by Bitcoin and Ethereum. One of the features of thUSD is its lending method, which allows users to obtain loans in Bitcoin and Ethereum without the burden of ongoing interest payments. The platform charges a one-time loan origination fee of 0.5%. thUSD holds all of its collateral natively on Bitcoin and Ethereum’s respective blockchains.
Coinbase, Circle oppose Basel Committee’s stablecoin requirements
The requirements set forth by the Basel Committee on Banking Supervision will determine whether stablecoins qualify for “Group 1b,” which will receive preferential regulatory treatment. To enter the category, certain criteria must be met, including low volatility and sufficient liquidity, according to the consultation document. Last week, Coinbase and Circle raised objections to the document in comment letters.
