Hayes claims that the rise in BTC price will be driven by increased dollar liquidity from the Federal Reserve’s quantitative tightening taper and the US Treasury’s debt issuance plans.
The Federal Reserve’s decision had immediate repercussions in the financial markets, including the crypto sector.
BNP Paribas, the second-largest European bank, holds a modest amount of spot Bitcoin ETFs. According to a 13F filing submitted by the company, the bank acquired 1,030 units of BlackRock’s iShares Bitcoin Trust (IBIT), representing an investment of approximately $41,684.
As the US continues to intensify its crackdown on the crypto industry, Senator Cynthia Lummis remains a vocal advocate for the asset class calling for clear regulatory guidelines to be established for the crypto industry.
In addition to the decreased demand for Bitcoin ETFs, analysts also pointed to a slowdown in Bitcoin demand among institutional investors as a contributing factor to the market downturn.
Bitcoin market dominance drops fast as BTC price decreases all the way to $56,500. The Bitcoin demand growth and the whale interest have also been on the decline since March end.
Grayscale’s move to shift over 4000 BTC to Coinbase follows the steady fall in BTC price today.
Popular coal miner Alliance Resource minted 425 Bitcoins by the end of Q1 by using the excess power generated at its facilities. The company has only those Bitcoins on its balance sheet that it minted and has not been actively involved in BTC buying.
Since MicroStrategy didn’t adopt the digital asset fair accounting standard, it led to reporting losses during Q1 2024. In April, MicroStrategy announced the purchase of additional 122 BTC.
Bitcoin mining profitability could drop further in the coming weeks as bearish sentiment grips the crypto industry.
Bitcoin’s immediate success hinges on major macroeconomic events scheduled ahead this week for FOMC on May 1, including jobless claims and unemployment data on May 2 and May 3, respectively.
The trading of spot Bitcoin ETFs in Hong Kong, which begins tomorrow, will further strengthen the long-term bullish sentiment.
This substantial investment in the digital asset is about 30% of the company’s current market capitalization.
Marathon Digital said that the company won’t be raising funds to achieve its target of 50 EH/s and that it would be fully self-funded.
The altered dynamics, as many point out, to be caused by Bitcoin halving might introduce shifts that might be difficult for new crypto adopters to grasp and understand.