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Bitcoin Recovery Attempts Halted as ETF Outflows Continue, World’s Biggest Pension Fund Looks at BTC: This Week’s Crypto Recap

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Things move fast in the cryptocurrency space, and the landscape tends to change quickly, especially price-wise. This has indeed been the past within the past seven days.

It was just a week ago when Bitcoin’s price was soaring high, charting fresh all-time highs almost daily. The latest peak came last Thursday when BTC neared $73,800 for the first time ever. However, the situation started to change a day later when the cryptocurrency dumped to $66,000, and it’s even worse now.

Last weekend saw minor recovery attempts but BTC dropped once more at the start of the current business week. The minor outflows from spot Bitcoin ETFs and the fears regarding the Tuesday FOMC meeting were blamed at the time. Once that meeting was concluded, the asset indeed changed its trajectory, soared by 4% immediately and pumped above $68,000 on Wednesday morning.

However, that was short-lived as the ETF outflows continued and registered the fourth consecutive day of money being primarily taken out yesterday. This further depressed BTC’s price, which failed at its recovery attempts and headed south once again today. As of now, the primary cryptocurrency struggles to remain above $63,000, as the asset is 5% down on the day and more than 7% within the past week.

Most altcoins have followed suit with notable weekly declines. Ethereum, for example, stood above $4,000 last week but is at $3,300 now. ADA, DOT, MATIC, and NEAR have dumped by double digits within the same timeframe.

Market Data

Market Cap: $2.52T | 24H Vol: $136B | BTC Dominance: 49.2%

BTC: $63,210 (-7.3%) | ETH: $3,305 (-10.5%) | BNB: $548 (-8.28%)

Cryptocurrency Market Overview Weekly. Source: Quantify Crypto

This Week’s Crypto Headlines You Can’t Miss

Japan’s $1.5 Trillion GPIF Pension Fund Eyes Bitcoin Amidst Surging Market. Despite the recent rollercoaster in BTC’s price, the asset has been on a massive roll for the past several months, which has attracted unusual interest. The world’s largest pension fund – Japan’s GPIF – for instance, is reportedly looking to invest in alternative assets like Bitcoin.

Grayscale Will Lower Fees On Its Spot Bitcoin ETF, CEO Confirms. The battle for Bitcoin ETF supremacy continues, and Grayscale finally said it will lower its fees. The largest crypto asset manager lost a substantial portion of the BTC under its belt since the conversion of its flagship fund into a spot Bitcoin ETF due to the fees, which were a lot higher than all competitors.

Binance Founder CZ to Launch Non-Profit Education Project Amid Legal Woes. The co-founder of Binance and former CEO – Changpeng Zhao – announced on X that he plans to launch a new project that will focus on educating the masses on various topics. At the same time, the former crypto mogul’s legal troubles in the US continue.

ETH Is Not a Security: Coinbase Bites Back as SEC Targets The Ethereum Foundation. While the crypto community won the battle for spot Bitcoin ETFs with the US SEC, the next fight is for Ethereum. As such, many industry experts, such as Coinbase’s CLO, insist that ETH is not a security and that the SEC should not reject Ethereum ETFs, claiming that it is.

The Bottom Is In On Bitcoin’s Latest Pullback, Says Willy Woo. Following BTC’s price drops and the asset’s decline of more than $12,000 within a week, analysts started speculating how low it could go, with Willy Woo claiming that Bitcoin had already bottomed.

Montenegro’s Court of Appeal Upholds Ruling on Do Kwon’s Extradition to South Korea. Do Kwon, the co-founder of Terraform Labs, was arrested in Montenegro last year. Since then, the US and South Korea have been in a constant battle over which nation will prosecute him. The latest development on the matter reaffirmed that he might be heading toward his Asian homeland.

Charts

This week, we have a chart analysis of Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Dogecoin (DOGE) – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Over $500M Ethereum (ETH) Left CEXs as Market Prepares for Impulsive Move: Data

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Data from IntoTheBlock revealed that investors withdrew approximately half a billion ETH from centralized exchanges last week, the highest the asset has seen since February.

$500M ETH Leaves CEXs

The withdrawal of large amounts of ETH from centralized exchanges signals investor confidence in the long-term price trajectory of the asset. Market participants usually withdraw their cryptocurrencies from centralized trading platforms to hold the assets in their private wallets or cold storage in anticipation of higher prices.

Such large withdrawals have been considered an indicator of bullish sentiment and holding attitude among investors. Most of the time, ETH has recorded substantial gains in the weeks following large withdrawals from exchanges.

Anticipation for higher ETH prices could be attributed to the approval of spot Ethereum exchange-traded funds (ETFs) in Hong Kong and the just-completed Bitcoin halving event, which has historically triggered bull rallies across the market.

With huge amounts of ETH leaving exchanges, supply could decline on such trading platforms and high demand from large entities like the spot ETF issuers could propel the digital asset’s price upwards, per the laws of economics.

Futures Market Poised for Impulsive Move

While investors reduce their ETH holdings on centralized exchanges, the Ethereum Futures market shows that it is on the brink of a resurgence of long or short positions. A CryptoQuant Quicktake by pseudonymous analyst Shayan disclosed that the Ethereum market may be on the verge of a fresh and impulsive move either northwards or southwards.

Shayan explained that futures market sentiment significantly impacts price movements because the intensity of long and short positions, as well as the possibility of large liquidations, acts as a catalyst for volatility. This sentiment can be determined by the state of open interest, which indicates the number of open perpetual futures contracts across several cryptocurrency exchanges.

Notably, open interest in Ethereum declined during ether’s recent plunge to $2,900 amid escalated tensions in the Middle East. The fall suggested a pipedown of activities in the futures market.

“Consequently, the market appears poised for the resurgence of either long or short positions, potentially initiating a fresh and decisive market movement in either direction,” Shayan said.

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ChatGPT Gives Post-Halving Bitcoin Price Outlook, What About 99Bitcoins Token?

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The Bitcoin halving event has come and gone, leaving investors wondering what’s next for the world’s largest cryptocurrency.

However, in an exciting twist, the AI model ChatGPT has weighed in with its analysis – and provided a post-halving price prediction for BTC.

Bitcoin Shows Signs of Life After Halving Event

Bitcoin is showing signs of life after a bearish period last week.

The coin is now trading at $65,860, up over 4% since the halving and 10% from Friday’s lows.

This price point marks Bitcoin’s highest value in over a week as it tests dynamic resistance at the 20-day exponential moving average (EMA) on the daily chart.

Some technical analysts are also eyeing the potential formation of a huge bull flag pattern that could lead to further upside.

Bitcoin’s upswing has been accompanied by a surge in trading activity, with spot volumes up around 14% over the past 24 hours.

The increase in activity has also resulted in over $51 million worth of short positions being liquidated.

All in all, with Bitcoin’s price action heating up following the halving, traders and investors are watching to see if this could be the start of the next bull run.

ChatGPT Paints Bullish Picture on Bitcoin’s Future

According to ChatGPT’s analysis, Bitcoin’s post-halving price prospects look decidedly bullish.

ChatGPT believes several key factors could come together to fuel significant upside for the flagship crypto in the weeks ahead.

Chief among them is the potential for even more institutional adoption as big-money players continue to embrace Bitcoin as a legitimate asset class.

The AI model also cited Bitcoin’s growing status as a hedge against economic uncertainty in traditional markets.

With heightened geopolitical tensions and inflation concerns, everyday investors may flock to decentralized assets like BTC throughout 2024.

Finally, ChatGPT pointed to the role that ongoing technological advancements within Bitcoin’s ecosystem could play.

Improvements to scalability, and even new ideas like Runes, could enhance the network’s utility going forward.

Considering this potential convergence of positive forces, ChatGPT sees Bitcoin hitting the $100,000 mark in the near to medium-term.

While just a hypothetical forecast, this bullish target does align with Bitcoin’s historical pattern of setting new all-time highs after previous halvings.

Which Other Coins Does ChatGPT Think Could Surge?

While ChatGPT appears optimistic about Bitcoin’s upside potential, the AI model also offered insights on under-the-radar cryptos that could surge.

One project that seems to have caught ChatGPT’s attention is 99Bitcoins Token (99BTC) – which has raised over $650,000 since its presale kicked off.

ChatGPT Believes “Learn-to-Earn” Premise Could Lead to Gains for 99BTC

99Bitcoins Token represents 99Bitcoins’ ambitious move to integrate crypto learning with blockchain-based rewards.

Through interactive modules, quizzes, and tutorials, users can earn 99BTC tokens simply by engaging with educational content.

According to 99Bitcoins Token’s whitepaper, it will also enable access to premium courses, expert trading signals, community channels, and more – creating an entire ecosystem focused on crypto education.

But what does ChatGPT think about 99Bitcoins Token’s prospects once it lists on exchanges?

According to ChatGPT’s analysis, 99BTC could be poised for significant price appreciation given its groundbreaking “Learn-to-Earn” premise and well-designed tokenomics.

ChatGPT highlighted the token’s unique value proposition of rewarding users for learning as a major bullish catalyst.

This novel concept could attract a “broad user base” eager to enhance their crypto knowledge.

The AI model was also optimistic about 99BTC’s integration with Bitcoin’s new BRC-20 token standard.

This standard unlocks new utility through NFTs and other digital assets built on the Bitcoin blockchain – and ChatGPT believes 99Bitcoins Token’s adoption of BRC-20 could further boost its price potential.

Considering these factors and the sustainable tokenomics setup, ChatGPT offered up some lofty price targets.

Visit 99Bitcoins Token Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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Bitcoin Layer 2 Tokens Outperform BTC Post-Halving

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Bitcoin layer 2 solution tokens have demonstrated superior performance to BTC following the highly anticipated halving of the mining reward on the blockchain.

Since the event, these tokens have surged by 5% to 20%, outpacing the top crypto by market cap.

Stacks (STX) Takes Center Stage

According to CoinGecko data, the market cap for Bitcoin layer 2 solutions is $4.3 billion, marking a 5.6% increase in the past 24 hours. Meanwhile, the trading volume is $184 million.

Stacks (STX), a Bitcoin layer 2 solution, has been among the top-performing cryptocurrencies in the past 24 hours, according to CoinGecko data. The STX token has surged almost 20% to $2.87 since the halving event.

Bitcoin, on the other hand, has not experienced significant growth. The token is up slightly over 4.5% to $66,046 since the halving event, 1.7% over the last 24 hours, and down 0.8% over the last 7 days.

Bitcoin’s price saw significant volatility last week, dropping from over $66,800 to below $60,000. However, it has since recovered.

Other layer 2 tokens, such as Elastos’ ELA token and SatoshiVM’s SAVM, have also experienced gains of 11% and 5%, respectively, since the halving.

Other altcoins have observed slight daily gains, except for TON, which has experienced a significant double-digit decline despite Tether’s announcement of expanding to the TON blockchain.

Notably, Bitcoin layer 2 solutions address blockchain scalability and transaction speed limitations. These projects operate on the Bitcoin blockchain, offering scalability by processing transactions off the main chain.

Bitcoin Fees Surge

On April 20, when the halving occurred and the Runes protocol launched, Bitcoin transaction fees reached an average of $128.45, according to ycharts data. This figure is over six times higher than the average fee rate the day prior and approximately double the previous record set three years ago.

The fee surge can be attributed to the launch of the Runes protocol, which enables users to “etch” and mint tokens on the Bitcoin blockchain. The introduction of Runes prompted speculators to rush into minting tokens and trading meme coins, leading to increased transaction activity and, subsequently, higher transaction costs.

Notably, the fees have since come down, and the transaction fees dropped to $34.8 on April 21. Meanwhile, according to data from Ord.io, the total number of Runes inscriptions on the Bitcoin blockchain has already reached 3,700.

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