Ordz Games has revealed a new retro-inspired handheld gaming console that will allegedly let players earn Bitcoins while playing games that are connected to the larger blockchain network. The console isnt out yet, but will likely cost around $500, according to the company behind the device.

I Hate This FF7 Rebirth Characters Whole Vibe

Sure, in 2024 the new hot thing among most large tech companies and Silicon Valley investors is AI. But there are still some folks out there dedicated to NFTs, cryptocurrency, and the blockchain. Despite the rollercoaster stability of all this crapBitcoin prices dropped $5,000 last weekthere still seems to be a market for this stuff. So, say hello to the BitBoy One.

Revealed on April 5, the BitBoy One is an upcoming handheld gaming console that is designed to also be a crypto wallet. It will also be able to play classic gamesassuming you provide the romsand will let you earn Bitcoin cryptocurrency by playing specific blockchain play-to-earn games. If the device looks very familiar, thats because it seems to be heavily based on similar retro devices like the Miyoo Mini and Anbernic RG35XX. In fact, the BitBoy One shares a lot of the same internal specs as those popular mini-retro handhelds. However, those devices cost between $60 to $100. Meanwhile, Ordz Games tells GamesBeat that the BitBoy One will likely cost around $500.

This device is very deeply rooted inside of Bitcoin, said the person behind the device, entrepreneur z3th. So the whole design language, the naming, is Bitcoin. Its all going to come with a 3D rendering of the physical device, which will be in an ordinal.

Whats an ordinal? Well, heres how GamesBeat describes them:

Ordinals are a way to create Bitcoin NFTs by attaching data such as images, videos, and more to an individual satoshi (the smallest form of Bitcoin currency) on the base Bitcoin blockchain.

Apparently, these Bitcoin/NFT hybrids have been around since January 2023 and will be a key part of the BitBoy One. The creator also claims youll be able to mine Bitcoin using the device, but admits that the weak, tiny BitBoy One wont be able to actually earn much.

The mining power of the physical device is very, very weak. It will take years to mine, said z3th. Youre not going to make real money from it. But its for fun.

If a lot of this sounds a bit wishy-washy and not really specific, thats becauseas with most blockchain products and plansits all very vague. Z3th is making lots of promises about earning money and Bitcoins and ordinals using the device. They say it will also mine coins and be a wallet for you. And there will be multiplayer support and the ability to play old games against friends to earn cryptocurrency, too. But nothing concrete on when to expect the BitBoy One, the actual price, or why most people would pay $500 for this device when similar retro handhelds can be bought for less than $100.

Perhaps Ill be proven wrong and this device will be incredible and make me a believer in NFTs and crypto. But uh, I wont be pre-ordering it anytime soon.

.

Continued here:

New NFT/Bitcoin Handheld Will Likely Cost $500 - Kotaku

Bitcoin (BTC) fell below $70,000 on April 9 as early excitement from the weekly close faded.

Data from Cointelegraph Markets Pro and TradingView showed BTC price downside gathering momentum before the Wall Street Open.

The days lows of $69,635 on Bitstamp represented a 4.3% drop versus the previous days local high with wavering short-term sentiment to match.

The weeks first Wall Street trading session had broadly disappointed Bitcoin bulls.

The United States spot Bitcoin exchange-traded funds (ETFs) took in little capital and combined with a $300-million outflow from the Grayscale Bitcoin Trust (GBTC), the days net flows were heavily negative.

According to data from sources including United Kingdom investment firm Farside, net outflows totaled just over $200 million.

Surprisingly, even though Bitcoin pumped up yesterday the ETF flows were significantly negative. One of the largest -ever days we have had, popular analyst Mark Cullen wrote in a response on X (formerly Twitter).

The two largest ETFs, BlackRocks iShares Bitcoin Trust (IBIT) and Fidelity Investments Wise Origin Bitcoin Fund (FBTC), nonetheless avoided losses, maintaining an unbroken streak of inflows.

Market participants had expected net flows to improve after bankrupt crypto lender Genesis announced last week that it had completed its own multibillion-dollar offloading of GBTC shares, which it would in turn use to buy BTC.

Overall a very slow day for ETF flows considering the price action, popular commentator WhalePanda wrote in part of his own follow-up analysis.

Considering short-term BTC price action, meanwhile, traders looked for signs of a reversal upward.

Related: Plotting the path to $80K 5 things to know in Bitcoin this week

Trader Crypto Ed, who began the week with an $80,000 target, eyed $73,000 as the first port of call for upward continuation.

Bitcoin successfully retested the 2021 cycle high but bears are going for a second attempt of pushing prices lower, fellow trader Jelle continued, referring to the days return to near $69,000.

A further post maintained a breakout target of $82,000.

Others were more cautious, among them trader and chartist Credible Crypto, reiterating an existing theory that called for a fresh BTC price dip to $60,000 or lower.

Covered the move up to the highs that we are seeing now and covered the correction after that I expect to follow. Nothing has changed, part of an X update stated.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin ETFs see surprise $200M outflow Will the new $69K support hold? - Cointelegraph

Thesis, a venture studio launched in 2014, today announced a Bitcoin layer 2 called Mezo, which the company describes as a Bitcoin economic layer. The launch follows a $21 million Series A raise led by Pantera Capital and with participation from Multicoin, Hack VC, and Draper Associates, among others.

Thesis says Mezo is distinct from other L2s because it enables users to access applications that facilitate the use of Bitcoin tokens, promoting a circular Bitcoin economyit can be more than savings technology.

What I think distinguishes an economic layer versus any other chain is that its doing good for Bitcoin both the money and the network. And then, its doing good for individual Bitcoin holders, Matt Luongo, CEO of Thesis and founder of Mezo, told Fortune.

Mezo takes the otherwise inert Bitcoin holdings of HODLers and puts them to work, the company said, in a points program called the Proof of HODL. The longer their Bitcoin deposits are stored, the more a contributors HODL score multipliers.

We want to make sure that people that have Bitcoin can actually run this chain, Luongo said, and the longer customers use their tokens with Mezo, the more aligned they become with the chain.

For a users role in securing the network, Mezo provides yieldgiving Bitcoiners something for doing what they would otherwise be doing: HODLing Bitcoin.

Whatever happens on this chain is good for people that hold Bitcoin, and its good for people who use Bitcoin on the chainI think thats key, he explained. Anyone whos ever really touched the asset should be able to earn on their Bitcoin. It shouldnt just be something like a pet rock or something thats sitting on the shelf, you know?

Mezo was built to deepen the capabilities of the Bitcoin infrastructure by aiding cheaper and faster transactions without deviating from the networks foundational principles, the company said in a statement. The permissionless layermeaning a public blockchain with no restrictions nor central administratorleverages a neutral smart contract infrastructure to offer a broader range of applications on the Bitcoin network, the company said.

The layer 2 will go live with ecosystem support from Thesis-built tBTC, which allows for trust-minimized bridging to various ecosystems. Mezo highlights the immense potential of tBTC in making Bitcoin a productive asset, Anjan Vinod, principal at ParaFi Capital, said in a statement.

This feels like a breakthrough moment for Bitcoin as a technology, not just an asset, Dan Morehead, founder and managing partner of Pantera Capital, added. The Bitcoin community has been great at holding their Bitcoin for a long time, but theyre also ready to put their assets to work.

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Mezo, a Bitcoin L2 that lets HODLers earn yield, debuts after $21 million Series A led by Pantera - Fortune

The Benchmark Company analyst Mark Plamer expects Bitcoins price to hit $150,000 by the end of 2025.

Palmers comments came via an April 8 investor note, in which he raised his price target forMicroStrategy(MSTR) to $1,875, almost doubling from his previous target of $990.

Palmers optimism about MSTR is based on the companys Bitcoin holdings. The analyst expects the flagship cryptocurrency to hit a price of $150,000 by 2025. He noted that MicroStrategys massive Bitcoin holdings will greatly benefit from the upcoming halving event, as the supply of Bitcoin will be reduced to half.

The $150,000 price target for Bitcoin is also higher than Palmers Feb. 27 prediction that the price would touch $125,000. Following this analysis, BTC rallied approximately 27%, leading to the analysts higher price target.

In a subsequentinterviewwith Yahoo Finance, the Benchmark analyst highlighted the historical impact of the halving event on BTC prices. He noted that Bitcoin halvings in 2012, 2016, and 2020 were followed by significant price appreciations due to the supply shock they created.

He went on to add that the upcoming halving could mimic a similar scenario. The impact could also be further intensified by the shock in demand, which analysts expect to be created by the spot Bitcoin ETF products. Palmer expects thedemandfor these ETF products to catapult further as more institutions enter the scene.

Another factor Plamer has considered in his prediction for the MSTR stocks target is the companys tendency to strategically accumulate Bitcoin.

The firm, under the leadership of Michael Saylor, has been accumulating Bitcoin at an average price of $35,160. According tosaylortracker, MicroStrategy holds 214,245 Bitcoins as of April 9.

Palmer expects this trend to continue, highlighting that the company has increased its Bitcoin holdings for 15 consecutive quarters. The analyst expects Saylors firm to hold approximately 298,246 Bitcoins by year-end 2025, a 40% increase from current holdings.

The company is expected to do this using funds fromcapital raisesand excess cash from its enterprise software business.

Several analysts are touting the post-halving scenario as a bullish period for Bitcoin. Palmers sentiments over Bitcoin were also echoed by Skybridge Capital founder Anthony Scaramucci, whoexpectsthe flagship crypto to hit at least $170,000 within the 18-month post-halving cycle.

Similarly, analysts at crypto exchange Bitfinex alsoreporteda price target for BTC between $150,000-169,000. However, analysts noted that this halving is different from the previous ones because BTC had already hit an all time high prior to the event.

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Analyst predicts Bitcoin to hit $150k by 2025, uptick in Microstrategy stock - crypto.news

Dispatch from Paris Blockchain Week

In a move that may shake up the global Bitcoin mining industry, Tether CEO Paolo Ardoino said the stablecoin issuers $500 million buildout in the sector is nearly complete.

Speaking with DL News on the sidelines of the Paris Blockchain Week, Ardoino said the capital investment has financed construction of mining facilities and energy stations in Uruguay, Paraguay, and El Salvador.

In El Salvador, there is a set-up phase, he said. We are first focusing on building renewable energy stations. Starting from solar and wind, and then moving towards geothermal.

In June 2023, Tether said it was participating in a $1 billion initiative in El Salvador to capture the countrys geothermal energy production.

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Volcano energy is expected to power a 241 megawatt energy station, which in turn will help run Bitcoin mining rigs.

Tether manages the industrys largest cryptocurrency pegged to the US dollar, USDT. With more than $107 billion worth of coins issued, USDT is the largest cryptocurrency after Bitcoin and Ether.

Tether first announced its ambitions to enter the mining business, a vastly different niche from stablecoins, last November.

The reason for the move into mining? Decentralisation, says Ardoino.

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Bitcoin mining was first centralised in China and now its centralised in the US, he told DL News. Of course, the US is more open than China, but we shouldnt allow one single geopolitical jurisdiction to be so important.

China, with its vast amounts of cheap energy, was home to the majority of the networks hashrate the computer power that backs the Bitcoin network.

Beijiing banned the activity in 2021 and spurred an exodus to the US. Local governments in Kentucky and Texas attracted mining firms with lucrative tax rebates and energy deals.

Its not great for Bitcoin. We need more diversity, said Ardoino, who was the chief technology officer at Bitfinex before taking the same role at Tether in December 2017.

He was appointed Tether CEO in October.

The $500 million investment in the mining industry comes just two weeks before Bitcoins next halving event.

Every four years, the reward doled out to miners every 10 minutes for maintaining the blockchain is slashed in half. This time around it will drop to 3.125 Bitcoin.

Its an unsteady moment for most miners, because while their operational costs remain the same, their main revenue stream is halved.

The least efficient operations are expected to suffer from the crunch, while major companies like Marathon Digital have signalled they are looking to acquire distressed assets.

The previous halvings have, however, been an enormous boon for the price of Bitcoin. The cryptocurrency rose more than 600% in the months after the 2020 halving.

Liam Kelly is DL News Berlin correspondent. Contact him at liam@dlnews.com.

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Tether's $500m Bitcoin mining push is just about ready as halving looms, CEO Paolo Ardoino says - DLNews

Key Takeaways

Bitcoin (BTC) halving is expected later this month but a confluence of factors is likely to set the cryptocurrencys fourth such event apart from prior occurrences.

Halvingafter which the rate bitcoins are generated by the network roughly every ten minutes is cut in halftypically occurs after 210,000 bitcoins are mined or roughly every four years. Halving is expected this year around April 20, but some suggest it could happen even sooner.

In the runup to prior halving iterations, bitcoin has scaled new highs in the months following the reduction in the crypto asset's rate of issuance.

Recently it reached a new all-time high before the current cycle's halving event for the first time. Analysts at Coinbase warn the market could be placing undue importance on price movements around halving without taking into account the context of broader market conditions.

The performance of bitcoin around previous halving events was most likely context-dependent. That may explain why price trends during different cycles have varied so widely, wrote in a March report.

For example, they attribute some of the 45% growth before the second halving in July 2016 to uncertainties surrounding Brexit and the 73% gain ahead of the third halving in May 2020 to the pandemic-era initial coin offering (ICO) boom.

Spot bitcoin exchange-traded funds (ETFs) have fundamentally changed the market dynamics forbitcoin, according to Coinbase. And they did not exist at the time of prior halvings.

The products that began trading in January have seen massive inflows that have driven up demand and consequently the price of bitcoin.

The approval of bitcoin ETFs in the U.S. could significantly alter the supply and demand dynamics of bitcoin, as inflows are roughly 5-7X the daily new units of generated BTC," said a 21Shares report.

So, how does it play out in the context of the halving? In a hypothetical scenario, if the supply consisted of only newly minted bitcoin (and existing bitcoin were not available to be traded), heres what Coinbase said could happen:

If we assumed that the pace of new inflows into US-based ETFs slowed from $6 billion in February to say a steady state of $1 billion of net inflows per month, a simple mental model suggests that measured against ~13.5k BTC mined per month (in a post-halving environment) the equilibrium price for bitcoin should be closer to around $74,000, they wrote.

Bitcoin available to trade (i.e. the difference between circulating and illiquid supply) has been in decline since early 2020, a major shift from previous cycles, said Coinbase.

Normally, illiquid supply is attributed to lost wallets and forgotten keys but Coinbase analysts also mention the level of available bitcoin supply has been trending lower over the last four years and thats a departure from prior halving cycles.

But thats not necessarily a bad thing for bitcoin, since that could mean investors with long-term positions and less inclination to sell with short-term price variations.

With more than $19 million bitcoin in circulation and the supply capped at $21 million, the halving is making mining harder and slashing incentives for miners in half.

Typically, miners sell bitcoin ahead of halvings in anticipation of covering operational expenses for things like energy and mining equipment. However, the bitcoin rally has led to fewer bitcoin sales by miners who have up to 1.8 million bitcoin in their reserves.

Another key factor to consider during the upcoming halving event is the contrast of bitcoin's predictable, declining rate of issuance in context of the uncertainties around the U.S. Federal Reserve lowering its benchmark rates.

The general thesis is if the Fed cuts rates, U.S. Treasury yields will weaken, making riskier assets such as cryptocurrencies more attractive to investors. However, unexpectedly robust economic data in the past few weeks has stoked the debate around rate cuts. Cutting too soon could revive inflation but keeping rates higher for too long could push the economy to the brink of a recession.

Other central banks across the globe have already begun to shift their monetary policy stance.

"The eagerness of major central banks to reduce interest rates despite strong economic growth has likely contributed to an increase in market inflation expectations," digital asset manager Grayscale said in a report. "The risk of higher inflation may in turn be stimulating demand for alternative stores of value, like physical gold and Bitcoin."

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4 Reasons Why This Bitcoin Halving May Be Different - Investopedia

Aprils Bitcoin halving, combined with a bag of tricks from the United States Federal Reserve and the Department of the Treasury, will add propellant to a raging firesale of crypto assets and depress the crypto market for weeks, says BitMEX co-founder Arthur Hayes.

In an April 8 blog post, Hayes wrote he believed the Bitcoin halving would pump prices in the medium term but warned crypto prices directly before and after could be negative.

The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs, he wrote.

Hayes believes that the halving is also coming at a time when dollar liquidity is tighter than usual and outlined his theory on how the U.S. Federal Reserve and Treasury policies impact the markets.

Could the market defy my bearish inclinations and continue higher? Fuck yeah, he wrote. Im perennially long as fuck crypto, so I welcome being wrong.

Hayes noted the second half of April would be a precarious period for risky assets, as U.S. tax payments remove liquidity, the Fed starts quantitative tightening, decreasing the money supply, and the Treasurys general account (TGA) basically, the governments checking account is yet to be used. Hayes wrote:

After May 1, following the Feds meeting on the same day, Hayes said he expects it to reduce the pace of money supply tightening, and the Treasury will release from the TGA most likely, an additional $1 trillion of liquidity into the system, which will pump markets.

Related: Bitcoin needs to hold above $80,000 to keep mining profitable post-halving

Hayes said the halving and the Fed and Treasurys bag of tricks is why hes decided to abstain from trading until May.

Bitcoin (BTC) is up over 61% year-to-date, climbing from around $42,200 to trade at $71,170,according to Cointelegraph Markets Pro.

The market sentiment measuring Crypto Fear and Greed Index has also climbed since Jan. 27, remaining in the Greed zone above a score of 50 out of 100.

The score for April 9 showed Extreme Greed, with a score of 80, up from 76 the day prior.

It started the year at a score of 65, meaning Greed, but hit a high of 90 on March 5 its highest in two years.

Hayes wrote that if the liquidity scenarios he theorized come true, it would give him much more confidence to ape into all manner of dogshit.

If I miss a few percentage points of gains but definitely avoid losses for my portfolio and lifestyle, that is an acceptable outcome, he added.

Magazine: How to protect your crypto in a volatile market Bitcoin OGs and experts weigh in

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BTC halving to fuel 'raging firesale of crypto assets' Arthur Hayes - Cointelegraph

Many crypto traders expect the Bitcoin halving event to be a pivotal moment in 2024, significantly impacting the crypto market. However, analysts at Steno Research anticipate that it will be a buy the rumor, sell the news event.

There have been three halving events in Bitcoins history, reducing miner rewards from 50 BTC to 25 BTC in 2012, 12.5 BTC in 2016 and 6.25 BTC at the last halving on May 11, 2020.

Steno Research says that BTC is likely to repeat the 2016 halving with selling pressure sustained for up to four months after.

We foresee the next Bitcoin halving as a short-term buy the rumor, sell the news event, echoing the 2016 halvings pattern, this time around even with heightened anticipation from Bitcoin ETF [exchange-traded fund] holders, the research firm stated.

Steno Research expects a surge in BTCs value leading up to the halving event. However, it says the value could dip below its price at the time of the halving within the first 90 days following the halving.

Steno Research analysts identified parallels between BTC price performance before and after the 2016 halving, indicating that similar outcomes can be expected from the upcoming event.

The report noted that Bitcoins price remained below its pre-halving level for the entire 90 days following the halving. Specifically, on the 90th day post-halving, Bitcoin was priced 8.4% lower than before the halving, Steno Analyst Mads Eberhardt wrote.

According to data from CryptoQuant, Bitcoin daily mining rewards are at their highest ever as the price trades close to its all-time high. This implies that even though the number of BTC issued will be the smallest yet, after the halving, the value of this issuance will be high when measured in dollars.

The report explained that with the current price at approximately $71,563, this reduction now translates to $224,512 worth of Bitcoin, compared to the $55,000 the miners received after the last halving.

As such, miners are likely to sell all their Bitcoin over time to cover the costs associated with their mining operations, the report noted. This then contributes to the sell-side pressure that causes the BTC price to correct after months after the halving.

Related: Bitcoin Bollinger Band signal suggests BTC could double by July

Further, the report explained that the halving is a bullish catalyst for Bitcoins price once selling pressure from miners reduces.

Eberhardt said:

Another analyst, Alex Wice, saidthe Bitcoin halving is going to cause a repricing that is expected to send the price ballistic, arguing that even though people know about it, it is never fully priced in.

Bitget Wallet chief operating officer Alvin Kan expects some short-term volatility post-halving but that the bullishness arising from the event could lead to strong levels of interest and growth in the wider Web3 ecosystem.

At the time of publication, Bitcoin was trading at $71,563, up 3.8% over the last 24 hours

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin halving could be a 'sell-the-news' event, at least for a few months - Cointelegraph

A wealthy Chinese businessman who was kidnapped at gunpoint from a prestigious UK golf course was threatened with a knife, beaten, and held in a cage for over 30 hours by a crypto ransom gang demanding $15 million in bitcoin, UK prosecutors allege.

As reported by the BBC, Dylan Huang was golfing at Brocket Hall in Hertfordshire in October 2023 when five individuals allegedly ambushed him and forced him into a car.

Prosecutors say the gang then bound Huang and drove him to a property in Surrey where he was caged, blindfolded, and had his mouth taped shut.

Its claimed that the gang demanded millions of dollars in bitcoin and that Huang offered to sell his stocks and shares to the gang while also attempting to source various loans from his friends.

Read more: Russian crypto miner held hostage on Christmas day

Prosecutors said, After several hours it seemed the kidnappers were getting angry. They started to hurt him hitting his leg with some sort of object.

The ordeal supposedly took 30 hours, during which time Huang is said to have been fed but wasnt allowed to use the toilet. Prosecutors say Huang was eventually released and dropped off near another golf club in Surrey.

Thirty-five-year-old Tianfu Guo was arrested after police tracked his car using remote ANPR cameras. He is standing trial at St Albans Crown Court, accused of conspiracy to kidnap, conspiracy to blackmail, and possession of an imitation firearm with intent to cause fear of violence.

He denies any involvement in the plot and pleaded not guilty to the charges.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us onX,Instagram,Bluesky, andGoogle News, or subscribe to ourYouTubechannel.

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Kidnapped businessman kept in cage by bitcoin ransom gang - Protos

Investing.com-- Bitcoin price rose on Tuesday, hovering below recent record highs as traders awaited more cues on the upcoming halving event and key U.S. inflation data.

The rose 2.5% in the past 24 hours to $71,133.3 by 01:37 ET (05:37 GMT), extending a recovery seen over the weekend.

Still, the token remained below a record high of over $73,000 as broader risk appetite was dented by anticipation of key U.S. inflation data, which is widely expected to factor into the outlook for interest rates. The reading is due on Wednesday.

Bitcoin was underpinned chiefly by anticipation of the halving event, which is expected to occur later in April with the generation of block no. 840,000 on the Bitcoin blockchain.

The event is set to halve the rate at which new Bitcoin is mined, potentially tightening future supply of the token.

The halving ties into the narrative that scarcity of Bitcoin will push up its price, and is a closely-watched event for crypto markets. But it also pressures smaller Bitcoin miners by reducing their mining rewards.

Gains in Bitcoin spilled over into other cryptocurrencies. World no.2 token rose 7.6% to $3,688.20, while rose 4.3% to $0.61785.

Data from digital asset manager CoinShares showed on Monday that while crypto investment products saw capital inflows in the week to April 8, hype over the approval of spot Bitcoin exchange-traded products now appeared to be easing.

Digital assets in total saw $646 million inflows last week, with a bulk of these being directed towards Bitcoin, which has largely dominated the crypto narrative in recent months.

Overall capital flows remained well below levels seen in early-March, while trading volumes also continued to decline from highs seen earlier in the year.

The U.S. Securities and Exchange Commissions approval of spot Bitcoin ETFs was the biggest driver of the tokens price gains so far in 2024. But this also saw the crypto market turn even more biased towards Bitcoin.

Ethereum saw outflows of $22.5 million, as traders remained averse to the token amid reports of a SEC investigation into the Ethereum Foundation.

The SEC is also set to decide on spot Ethereum ETFs in late-May.

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Bitcoin price today: hovers around $71k with focus on halving, CPI data By Investing.com - Investing.com

Bitcoin traders are gearing up for an exciting April.

Having traded around $65,000 for most of the past month, the worlds leading cryptocurrency by market value rallied to above the $72,000 on Monday morning London time.

However, seven factors could either drive or risk derailing the rally in April.

The crypto community is bracing for April 19.

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Thats when traders expect the next Bitcoin halving.

The halving which, as its name suggests, slashes in half the amount of new Bitcoin produced by the network each time a new block of Bitcoin is minted happens every four years. Its intended to gradually reduce the supply of new coins.

Investors love halvings because Bitcoins price tends to surge in the months following the event, as crypto research firm Kaiko noted in a report last week.

Still, predicting how Bitcoins price will react to a halving is difficult.

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For instance, 2016s halving saw the price of Bitcoin drop about 30% right around the time of the event, but in 2020, the selloff happened two months before the halving, Kelly Ye, head of research at crypto investment firm Decentral Park Capital, wrote in a research note on Monday.

This time around, some new dynamics are in play including the demand for spot exchange-traded funds.

Spot ETF inflow is often 10x magnitudes bigger than the Bitcoin production, which makes a more dominant impact on the Bitcoin price, at least in the short term, Ye wrote.

The launch of spot Bitcoin ETFs in January helped drive the price of Bitcoin to its $73,000 record high in March.

ETFs opened Bitcoin to new investors, who can now gain exposure to the cryptocurrency without using crypto-specific infrastructure. This, will fundamentally change the market structure for Bitcoin, Ye said.

With spot ETFs, issuers have scooped up almost 220,000 Bitcoin and converted them into shares in their funds.

The resulting supply shortage got so bad that Wall Street banks have reached out to at least one Bitcoin mining company to try to acquire the miners Bitcoin holdings, as DL News reported last week.

April 10 is another key date in the crypto calendar.

Thats when several Wall Street institutions are set to complete the 90-day due diligence of the Bitcoin ETFs that launched in the US on January 11.

Once, and if, theyve ticked those boxes, these firms will make the ETFs available to their clients, which will likely drive demand for Bitcoin, Coinbase analysts David Duong and David Han wrote in a report late last month.

This could yet unlock significant capital for US-based spot Bitcoin ETFs over the medium term, they said.

Another factor driving up bitcoins price is the escalating tension between Israel and Iran, which has spurred a close to 10% rally in oil and gold in the past month, Ye wrote.

We expect Bitcoin to potentially benefit from geopolitical uncertainty with its value proposition as digital gold, especially as the sales effort on spot Bitcoin ETFs ramp up, Ye added.

Meanwhile, the worlds leading cryptocurrency hasnt tapped decentralised finance as much as its rival Ethereum has.

Ye said that the ETF frenzy, as well as technological unlocks like the Taproot upgrade in November 2021, and the popularity of some DeFi protocols on Stacks a Bitcoin layer 2 platform sets the stage for the growth of the Bitcoin ecosystem.

And that could lead to Bitcoins price shooting up, because network participants will need to spend Bitcoin to use applications built on top of the blockchain.

Ye is not alone in his assessment of Bitcoin layer 2s. In February, hedge fund Pantera Capital said decentralised finance could have a $500 billion breakthrough moment on Bitcoin as the market turns bullish.

New inflation figures for the US will be published on Wednesday.

Federal Reserve officials keep a close eye on consumer inflation to understand if theyre doing enough to rein it back into the Feds target range of 2% to 3%.

Merkle Tree Capital chief investment officer Ryan McMillin told DL News this data could roil markets.

If the numbers arent low enough, the Fed could signal that it will delay a rate cut.

That would harm investor sentiment for crypto, because high interest rates tend to scare away investors from riskier assets like Bitcoin.

Rate cuts wont happen at the central banks next meeting on April 30 and May 1, Federal Reserve Bank of Cleveland president Loretta Mester said last week.

April 15 is another crucial date for Bitcoin watchers.

Thats the deadline for US taxpayers to file their income taxes.

Some Bitcoin holders may sell their digital assets to pay their taxes ahead of the deadline, thus affecting the price, David Brickell, head of international distribution at digital assets advisory platform FRNT Financial, said last week.

Jo Wright is a regulation correspondent for DL News. Got a tip about Bitcoin? Reach out at joanna@dlnews.com

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With Bitcoin back at $72000, here are seven factors that will drive or scuttle the rally - DLNews

Bitcoin Cash underwent its halving just a few weeks before Bitcoins quadrennial event.

The halving for Bitcoin Cash (BCH) happened Thursday, reducing block rewards to 3.125 BCH. Unlike bitcoin, this is only the second such event for the forked network. The last halving took place in early April 2020, with block rewards falling to 6.25 BCH.

BCH spiked to prices not seen since 2021 following its halving event, hitting a high of around $700 in early Friday hours before it settled around $660. The jump marks a 10% increase over the past seven days.

The price action is nowhere near its all-time highs in 2017 when it traded over $9,500, according to Coinbase data.

Read more: Roger Ver was right about Bitcoin

BCH, a proof-of-work blockchain, was intended to be a cheaper and faster alternative to the original bitcoin chain, from which it forked in 2017.

Bitcoin Cashs market cap sits around $13 billion, far below the $1.3 trillion market cap set by bitcoin. The price, however, has gradually increased as the forked blockchain shadowed bitcoins gains.

Read more: ETFs helped legitimize bitcoin ahead of halving: Q&A

Since the approval of the spot bitcoin ETFs in January, bitcoin has steadily climbed and carved out new all-time highs. Bitcoin (BTC) is currently trading at around $67,000.

Bitcoins halving will happen on or around April 20 at block 840,000. The event takes place every 210,000 blocks.

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Bitcoin Cash completes halving weeks before Bitcoin's turn - Blockworks

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In the world of cryptocurrency, all eyes are on Bitcoin (BTC) as it inches closer to a potential all-time high (ATH). Michal van de Poppe, a renowned crypto analyst and trader, recently tweeted about Bitcoin's trajectory,stating that if the leading cryptocurrency manages to hold above the $69K mark, a test of the all-time high is highly probable.

Last month, in March, Bitcoin soared to an all-time high of $73,803.25. However, analysts have been quick to point out that this peak was not indicative of a cycle top. One of the key factors fueling this sentiment is the upcoming Bitcoin halving, which is estimated to occur in just 10 days. Historically, Bitcoin halvings have often preceded significant price rallies, leading many experts to anticipate a major post-halving surge that could propel BTC to new ATHs.

Michal van de Poppe's analysis shows the optimistic outlook shared by many in the community. Other analysts and experts have alsoweighed in on Bitcoin's future prospects, with many pointing to the upcoming halving as a significant catalyst. The consensus view suggests that if BTC can maintain its current upward momentum and hold above the critical $69K level, the cryptocurrency could be on the brink of a major price rally.

As of the time of writing, Bitcoin is trading at $70,526. While this represents a 1.87% decline over the past 24 hours, the cryptocurrency has still managed to register a 6.53% gain over the last seven days. Additionally, the 24-hour trading volume for BTC has surged by 19.99%, reaching a substantial $35.51 billion. These figures underscore the heightened activity and interest surrounding Bitcoin, suggesting strong bullish momentum despite short-term fluctuations.

With keymarket indicators, such as trading volume and analyst predictions, painting a bullish picture, investors and enthusiasts alike are eagerly awaiting the outcome of the upcoming Bitcoin halving. Whether Bitcoin will indeed reach new ATHs remains to be seen, but one thing is clear: the crypto market is as dynamic and exciting as ever, offering both opportunities and challenges for participants.

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Bitcoin (BTC) on Track for All-Time High If It Holds Above This Level - U.Today

Nilam Resources, a micro-cap company that touted plans this week to acquire $1.7 billion worth of Bitcoin (BTC), has been flagged as a public interest concern amid a meteoric 1,500% share price surge on Tuesday, March 26.

OTC Markets Group, the firm that runs OTC Pink, a platform for over-the-counter stock trading, currently labels Nilam Resources (NILA) as Caveat Emptor a designation it hands downto companies it deems worthy of buyer beware.

In a glossary page explaining the labels, OTC Markets explained that this public interest concern may stem from a spam campaign, questionable stock promotion, any known investigation of the company, regulatory suspensions, or any other disruptive corporate actions.

The OTC listing for NILA also shows it has been deemed a Shell Risk a label given to companies it thinks is likely a shell company based on its annual financial data and other income-related metrics.

On March 25, Nilam Resources, an investment holding company, announced it had entered into a Letter of Intent to acquire a company that plans to hold 24,800 Bitcoin.

Nilam Resources claimed the deal had been months in the making. It plans to issue a newly authorized preferred stock in exchange for the Bitcoin, which will be at a discounted rate relative to current market prices.

A day later, its share prices soared, reaching a new all-time high of 33 cents, up 1,700% from 1.8 cents last week. The companys current market cap currently stands at $280 million, according to OTCMarkets.

However, many crypto-natives arent convinced the firm will be able to follow through with its ambitious plan, with some suggesting the announcement is some kind of marketing stunt.

Bitcoin analyst and Adamant Researcheditor Tuur Demeester said he removed his initial tweet sharing Nilams announcement on X after a commenter pointed out that its indeed a stunt from a dying penny stock.

Quinten Francois, a crypto YouTuber and co-founder of Web3 company WhereAt Social also accused the filing of being a marketing stunt common among failing small-cap stocks.

Dylan LeClair, director of market intelligence at digital asset fund UTXO Management also shared doubts, noting the plan would only work if there were legitimate demand for the equity sale.

Likely flops and is for PR purposes, he added.

If Nilam is successful, the company will hold more Bitcoin than any other publicly listed company in the United States, except for MicroStrategy.

Related: MicroStrategy sells another $604M of notes to buy 9K Bitcoin

That would include beating Elon Musks Tesla and major Bitcoin miners such as Riot Blockchain, Hut 8 Corp, and Marathon Digital Holdings, according to data from BitcoinTreasuries.

Former Nilam Resources CEO Ron McIntyre has also reportedly cried foul over the announcement, telling Protos that the press release was issued without his review and that he didnt have detailed knowledge of the deal.

Asked why he resigned from his position, McIntyre reportedly replied:

There will be a FINRA investigation into Nilam Resources, he added.

Nila Resources describes itself as an investment holding company. In November last year, it announced it would be pivoting from health and wellness investments to frontier tech including medtech, fintech, and climate tech.

It followed up just a day later with an announcement it had acquired TechyTrade, a fintech technology provider.

Nilam Resources did not immediately respond to a request for comment.

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Nilam Resources flagged 'buyer beware' as shares pump over Bitcoin plans - Cointelegraph

German investment bank Deutsche Bank has published a new survey showing consumers are becoming slightly less skeptical about crypto.

Deutsche Bank, a German multinational investment banking giant, has published a survey, indicating a shift in consumer attitudes towards cryptocurrencies. According to a Reuters report, the Frankfurt-based banking giant surveyed over 3,600 consumers in the U.S.

Results indicate a growing acceptance of cryptocurrencies, with more than half of respondents (approximately 52%) viewing them as an important asset class and method of payment transactions for the future, marking a 12% increase compared to figures from September 2023.

However, the survey also highlights a cautious sentiment among many respondents, as 30% anticipate Bitcoins price to fall below $20,000 by the end of 2024, although this group has shown a slight decrease since January.

One notable finding is the declining belief that cryptocurrencies are merely a passing trend. As per the report, less than 1% of respondents now hold this view, suggesting a growing acceptance of crypto as an enduring financial instrument. Despite this, only 10% of respondents expect Bitcoin to surpass $75,000 by the end of the year.

As Bitcoin approaches its fourth halving event, where miner rewards are halved, there is speculation about its potential impact on prices. Historically, Bitcoin has experienced price declines within the first 90 days following halving events. However, some analysts suggest that the current landscape may be different, citing the influx of new capital through spot Bitcoin exchange-traded funds (ETFs) as a potential game-changer.

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30% of Deutsche Bank clients expect Bitcoin to drop below $20k - crypto.news

Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead. For years, bitcoin's ability to behave in different ways at different times has stumped investors . They believed the idea that it might be a hedge against inflation only to see the cryptocurrency tumble with stocks in 2022 amid sky-high inflation and rate hikes and then rally again as signs of cooling began to show. BlackRock's Mitchnick, speaking at the Bitcoin Investor Day conference in New York City on Friday, acknowledged that bitcoin has at times acted like a high-risk tech stock, but said that isn't how it typically trades. "Historically bitcoin's long-term average correlation [to stocks] has been close to zero slightly positive, but close to zero," he said. "It's had periods where it's spiked, similar to gold .... Actually, if you put their correlation charts in a time series, they look remarkably similar ." BTC.CM= YTD mountain Bitcoin (BTC) YTD "One of the most confusing, unhelpful things that happened in the post-Covid era was you had people accept this idea that bitcoin was a risk-on asset," he added. "Bitcoin is a risky asset it is volatile, has a lot of uncertainty. But 'risk on' is a different thing it implies correlation to equities [and] fixed income." Digital gold has become the dominant bitcoin narrative again in the past year, as the cryptocurrency's correlation with the S & P 500 returned to 2021 lows and even briefly flipped negative this January. While the recent rally was spurred by the launch of U.S. bitcoin exchange-traded funds, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally . @GC.1 YTD mountain Gold in 2024 There is an exception to that view, however, according to Mitchnick. "Bitcoin has one fundamental macro variable where it is highly correlated with equities: It is massively short real interest rates" (or the difference between nominal rates and inflation indicator) "and it is long inflation expectations," he said. "Real interest rates drove every asset under the sun between 2020 and early 2023," he added. "They collapsed, therefore a lot of assets including bitcoin rocketed, and then they surged as the Fed started hiking and inflation expectations rolled over." Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities. With so many new institutional investors becoming exposed to bitcoin through the ETFs particularly BlackRock's iShares Bitcoin Trust , which has pulled in nearly $8 billion of investor cash the cryptocurrency's correlations are "probably the single most important debate right now in thinking about bitcoin," Mitchnick said. "[Clients] are trying to understand: In a small allocation, is this risk additive to the portfolio or actually is it potentially a diversifier or even a hedge?" he said. "It also is important for any investor to understand because it's the reason that bitcoin's generally not appropriate in a large concentration in a portfolio," Mitchnick added. "In a large concentration, its volatility becomes a huge driver of risk, but in a more modest concentration, the fact that generally it's been uncorrelated and it has different fundamental drivers potentially becomes a different source of return and even in some cases, a diversifier." BlackRock clients who are allocating to bitcoin, including financial advisors on behalf of their clients and large institutions, tend to limit their exposure to between 1% and 3%, he said.

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BlackRock says bitcoin will be a good portfolio diversifier despite its recent rally with stocks - CNBC

The fifth-largest Bitcoin (BTC) holding address also dubbed 37X has moved over $6 billion worth of BTC to three new addresses for the first time since 2019.

The Bitcoin whale transferred nearly its entire balance of 94,500 Bitcoin, worth $6.05 billion, on March 23, leaving only 1.4 BTC in the initial address, according to a March 25 Xpost by Arkham Intelligence. It wrote:

The transfer occurred during a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, which will slash block issuance rewards in half when it occurs in late April.

Despite the Bitcoin price reaching an all-time high before the halving for the first time in history, the incoming supply issuance reduction is still not priced in to the full extent, co-founder of D8X decentralized exchange and former executive director at UBS told Cointelegraph.

Related: Is the Bitcoin halving the right time to invest in BTC?

The over $6 billion BTC transfer occurred two days before Bitcoin reclaimed the $70,000 psychological price level on March 25 for the first time in 10 days. As investors have resumed accumulating BTC off exchanges, BTC supply on Coinbase reached a nine-year low of 344,856 BTC on March 18.

Bitcoin rose 6.4% in the 24 hours leading up to 9:53 am in UTC to trade at $71,222, according to CoinMarketCap.

Bitcoins current rally is mainly driven by the anticipation of the halving and the increased institutional inflows from the ten spot Bitcoin exchange-traded funds (ETFs) in the United States, Christopher Cheung, partner at digital asset funds Ten Squared, told Cointelegraph in a research note:

Bitcoin ETFs have reached a combined total of $58.3 billion in on-chain holdings, which represents 4.17% of the current BTC supply, according to Dune.

Related: Who is Mr. 100? Mysterious Bitcoin whale becomes 14th-biggest BTC holder

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Over $6B worth of BTC moved by 5th-richest Bitcoin whale - Cointelegraph

Bitcoin (BTC) price rose above $71,000 for the first time since March 15 as capital flows into spot BTC exchange-traded funds (ETFs) turned positive.

Data from Cointelegraph Markets Pro and TradingView shows that BTC has risen more than 0.55% over the last 24 hours to hit a weekly high at $71,582 on March 26.

Several factors are fueling BTCs current price movement, including consistent spot Bitcoin ETF inflows, the upcoming Bitcoin halving and the overall positive investor sentiment among institutional investors.

Lets look at the factors behind Bitcoins rally on March 26.

Large Bitcoin investors have been adding to their holdings in anticipation of price increases in the future. Data from market intelligence firm Santiment shows that the percentage of wallets holding between 1,000 BTC and 10,000 BTC has increased from 23% on Jan. 1 to 25.17% on March 26.

As shown in the chart below, the percentage of those holding between 10,000 BTC and 100,000 BTC saw a sharp spike from 11.68% on March 2 to 12.42% on March 21 before slightly dropping to current levels of 11.98%

Bitcoin whale accumulation is supported by reducing BTC deposits on exchanges. According to Glassnode data, the number of deposit transactions to known exchange wallets started decreasing on March 5, when BTCs price climbed above $69,000.This drop continued on March 19 despite the price falling more than 9% on the day to close below $65,000, with deposits to exchanges declining from 109,420 transactions to 55,505 on March 25.

TheDecreasing transfer of BTC to exchanges suggests a lack of intent to sell, which is generally a bullish sign.

Instead, there has been an increase in the number of whales transferring Bitcoin from exchanges. On March 11, blockchain tracker and analytics firm Whale Alert flagged several transactions transferring large amounts of BTC from exchanges to self-custody wallets.

On March 25, one holder transferred 2,400 BTC, worth $169.5 million, from the Coinbase crypto exchange to an unknown new wallet.

Another whale withdrew 4,797 BTC, worth about $339 million, from Coinbase to an unknown wallet.

In a recent report, market data provider Glassnode said, The significant buying power of ETFs is set to overshadow the traditional supply squeeze effect expected from the upcoming Bitcoin halving set for April this year.

Glassnode analyst Marcin Miosierny wrote that the supply dynamics of Bitcoin are increasingly influenced by the actions of long-term holders (LTHs).

Miosierny advised traders to closely monitor the activity of LTHs, as their decisions to sell or hold can significantly impact market liquidity and sentiment.

The analyst added:

As the name implies, the Bitcoin supply halving is an event where the reward for mining new blocks on the Bitcoin blockchain is cut in half. After the next halving, the BTC rewards issued to miners per block will be reduced from 6.25 BTC to 3.125 BTC.

Crypto trader and analyst Rekt Capital shared a chart showing the 4 Phases of The Bitcoin Halving in a March 25 post on the X social network, saying the current cycle has been a story of Re-Accumulation Ranges and adding that there is a possibility for price going into the Halving is further consolidation at highs the Re-Accumulation phase.

As Bitcoins halving draws near, investors are rushing to place their best positions for the event.

Related: Bitcoin ETFs see $15M comeback as BTC price taps best close in 10 days

Bitcoin traders and analysts are now focusing on the next level for BTC after its rally back above $70,000. Data from IntoTheBlock shows that whales added more than 80,000 BTC when the price dropped to $64,000. According to the blockchain analytics firm, this buying appears to be the momentum behind Bitcoins move back to the $70K range.

The firms In/Out of the Money Around Price (IOMAP) model shows that BTC sits on relatively strong support around the $64,000 level compared with the resistance it faces in its recovery path.

What is clear is that traders are determined to hold the price above $70,000. According to independent analyst Daan Crypto Trades, investors should be ready for a crazy rise as $100,000 becomes the focus for the BTC price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin whale accumulation suggests pre-halving BTC rally will continue - Cointelegraph

If you're looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. That does not mean it has hit its ceiling or that there will not be rallies. However, as the cryptocurrency becomes more mature and institutionalized with the advent of exchange-traded funds, the days of its monster gains may become a thing of the past, according to Robert Mitchnick, BlackRock's head of digital assets. "Certainly, returns going forward will come down," he said at the Bitcoin Investor Day conference in New York City on Friday. "It's not going to return 124% a year over the next decade like it has the prior decade." He also pointed out that bitcoin's notorious volatility has fallen steadily over time and may continue to do so given the effect bitcoin ETFs have had on trading activity. This is a common view among investors. The idea is that by bringing more money and investors particularly institutional types with portfolio rebalancing strategies to the asset class, ETFs can enable more efficient price discovery as volumes increase. BTC.CM= .SPX,@GC.1 line 2014-03-26 Bitcoin is one of the top performing assets in the last 10 years This topic is part of the "education journey" BlackRock is on with its clients, whose demand for bitcoin exposure first spurred the firm's foray into this new asset class in 2021. That demand was "massive and clear" in 2023, when BlackRock filed to launch its iShares Bitcoin Trust. Mitchnick also said the firm is talking with clients about how bitcoin fits into their portfolio construction, and why the cryptocurrency will be a good diversifier despite its recent rally with stocks. "People need to be wary we'll have bull markets, we'll have bear markets too, even in this post-institutional world," he said. "And then what becomes interesting is, how do you think about the direction of volatility." With long-term volatility expected to continue decreasing, some investors wonder if bitcoin's four-year cycles roughly three years of an uptrend around the bitcoin halving followed by about a year of a downtrend could change as well. "I don't think we've seen the end of cycles in bitcoin," Mitchnick said. "By [bitcoin's] nature, there's reflexivity in it, and that's hard for a lot of traditional investors to wrap their heads around." Reflexivity refers to the self-reinforcing effect of market sentiment on the asset's performance. "[With] bitcoin, when the price goes up, the probabilities of success and adoption in some senses, as digital gold, are also changing," he said. "And when bad things happen and the price goes down, those probabilities are also changing." "So you create reflexivity, and that just reinforces the idea that you're going to have these cycles. I think they're still here to stay," he added. CNBC's Ganesh Rao contributed reporting.

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BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street - CNBC

Fresh capital is flowing back into US spot Bitcoin (BTC) exchange-traded funds (ETFs) following a five-day span of consecutive net outflows.

Led by strong inflows into Blackrocks and Fidelitys funds, the ten recently approved spot Bitcoin ETFs saw a combined net inflow of $418 million on March 26, according to Farside Investors data.

Fidelity's fund generated its largest daily inflow since March 13, notching $279.1 million on March 26 as the investment giant snapped up an additional 4,000 BTC. This marked the second consecutive day the fund has seen inflows exceeding $260 million.

Additionally, BlackRocks fund attracted inflows of $162.2 million. However, its daily inflows remain low compared to inflows earlier this month which averaged over $300 million per day.

Ark 21Shares Bitcoin ETF fund had its best day since March 12, notching $73.6 million in inflows while Invesco Galaxy, Franklin Templeton, and Valkyrie all saw more than $26 million worth of inflows across their respective funds.

Meanwhile, Grayscales Bitcoin Trust (GBTC) continued to bleed notching a daily outflow of $212 million, however, it was not enough to outweigh the net inflows of its competitors.

Since converting from a trust to an ETF on Jan. 11, Grayscale has shed a whopping 277,393 BTC worth roughly $19.5 billion at current prices.

Related: Hashdexs new spot Bitcoin ETF to begin US trading on Wednesday

In a March 26 post to X, Bloomberg senior ETF analyst Eric Balchunas noted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading.

Four Bitcoin ETFs made the list of global funds with BlackRocks IBIT and Fidelitys FBTC in a league of their own, he exclaimed.

Balchunas noted that even the Bitwise Bitcoin ETF (BITB) currently the 18th largest Bitcoin ETF by assets under management was larger than the worlds largest SPDR Gold Shares (GLD) fund, he noted.

Crypto asset management firm Hashdex claimed its place as the eleventh spot Bitcoin ETF issuer in the United States on March 26 afterannouncingthe conversion of its futures fund to a spot product which now trades under the ticker DEFI.

Magazine: Bitcoin ETFs make Coinbase a honeypot for hackers and governments: Trezor CEO

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Spot Bitcoin ETFs back in the black with $418M net inflows - Cointelegraph