💰 Bitcoin Dips Below $66,000 Ahead of Fourth Halving, Loses Over 5% in 24 Hours 📉

The price of bitcoin experienced a decline on Monday, near 10:00 p.m. Eastern Time (ET), tumbling to a position slightly over the $66,000 mark. By 6:30 a.m. the following day, it had edged down further to reach its intraday low of $65,480 per unit. In the wake of this downturn, the crypto derivatives markets saw the liquidation of bitcoin long positions amounting to $135.3 million wiped out.

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🪙 Vitalik Buterin Says Layer 3s Won’t Magically Increase Throughput

Ethereum co-founder Vitalik Buterin has re-upped his post from 1.5 years ago on “Layer 3s”, saying that L3s won’t magically increase throughput. Still, they can reduce certain fixed costs associated with batch publishing and deposits or withdrawals. In one of them, Layer 2 is responsible for scaling, while Layer 3 focuses on customizing functionality. While this doesn’t directly enhance scalability, it allows applications to scale through L2s while dissecting layers to meet specific operational requirements for diverse use cases.

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📊 Crypto exchange monthly spot volume doubled in March, reaching nearly $2.5 trillion for first time since 2021

Cumulative monthly spot volume on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion. Monthly spot volume had been gradually increasing since bottoming out at around $324 billion in September 2023, tracking at just over $1 trillion in December and January and reaching $1.2 trillion in February. However, it remains 40% lower than the all-time high monthly spot volume of $4.2 trillion recorded in May 2021.

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🥇 Bitcoin Investment Products Ended March With Inflows of $865M Amid Renewed Interest

Digital asset investment products experienced a positive shift in sentiment during the last week of March, with inflows reaching $862 million, nearly recovering from the previous week’s record outflows of $931 million. Despite this encouraging rebound, CoinShares revealed that ETF activity appears to be slowing down. In fact, the latest data shows that the daily trading turnover now stands at $5.4 billion, representing a 36% decline from its peak three weeks ago.

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🥇 Spot Bitcoin ETF flows turn positive this week as Grayscale’s GBTC outflows slow

This week’s flows into the combined U.S. spot Bitcoin exchange-traded funds turned positive on Wednesday, eclipsing the net outflows witnessed on Monday. Wednesday’s $113.5 million worth of net inflows, following the $40.3 million added on Tuesday, were enough to surpass the $87.5 million in net outflows registered on Monday, according to CoinGlass data. Fidelity’s FBTC spot Bitcoin ETF led yesterday’s inflows, adding $116.7 million, with BlackRock’s usually dominant IBIT fund second, bringing in $42 million.

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💰 Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary

It was a day of positive divergence for crypto bulls as stocks tumbled late in the U.S. trading session while bitcoin (BTC) managed to erase most of the week's losses. In late afternoon action, the S&P 500 and Nasdaq were each lower by nearly 1% – not a huge loss, but about a 2% reversal off of earlier session highs. Behind the moves lower were hawkish comments from Minneapolis Fed President Neel Kashkari.

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🪙 Uniswap hits a historic $2 trillion in trading volume

The world's most popular decentralized exchange by trading volume announced it has passed a whopping $2 trillion in total trading volume. Uniswap Labs announced that the cumulative trading volume transacted using its protocol had hit the historic mark. Since its founding in 2018, Uniswap has been one of the most used DeFi applications on the Ethereum blockchain and the leading decentralized exchange, or DEX, by trading volume.

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💰 Terraform co-founder Do Kwon found liable for civil fraud: reports

A jury has found that both Terraform Labs and its cofounder, Do Hyeong Kwon, misled investors and are found liable for civil fraud, according to multiple reports. Deliberations began Friday afternoon after both sides made closing arguments in the morning, according to reporting from Coinage. The trial lasted two weeks. The Securities and Exchange Commission charged Terraform and Kwon in February 2023 over the algorithmic stablecoin Terra USD, which collapsed in a dramatic fashion a year earlier.

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💰 BlackRock Adds Goldman Sachs, Citigroup, UBS as APs for Bitcoin ETF

BlackRock (BLK) has added five additional authorized participants (APs) to the iShares Bitcoin Trust (IBIT), bringing the total number to nine as the fund continues to attract billions of dollars from investors. The new APs include Wall Street banking giants Goldman Sachs, Citadel Securities, Citigroup and UBS as well as clearing house ABN AMRO, according to a prospectus filed with the U.S. Securities and Exchange Commission (SEC). They join Jane Street Capital, JP Morgan, Masquarie and Virtu Americas.

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💰 World’s First Bitcoin ETF Has Lost 20% of Assets Since BlackRock Approval

The Purpose Bitcoin ETF (BTCC) – the world’s first Bitcoin exchange-traded fund – has struggled to compete with its U.S. counterparts since its January debut. The Canadian fund has lost 20% of its Bitcoin (BTC) under management over the past three months, despite rising demand and record-high prices for the asset during that time. In BTC terms, the amount is fairly average by historical standards. Since launching in February 2021, the firm’s holdings have mostly oscillated between 20,000 and 40,000 BTC, remaining relatively stagnant throughout 2023 at around 23,000.

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🪙 Ethereum’s Q1 2024 Revenue Soars to $1.2 Billion, Marking 155% YoY Increase

Ethereum posted an impressive performance in the first quarter of 2024. As per Coin98’s Ethereum Q1 2024 Financial Report, the blockchain network clocked in a massive surge in income statement metrics. Fees and revenue witnessed a 1.8 times increase quarter-over-quarter (QoQ), while earnings tripled over the same period. This financial momentum is essentially aligned with significant advancements in network and ecosystem metrics.

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⬜️ Ripple CEO expects crypto market cap to double by year-end: CNBC

Ripple CEO Brad Garlinghouse said the entire cryptocurrency market capitalization will likely double by the end of 2024, according to a CNBC report on Sunday. The current global crypto market cap stands at around $2.59 trillion, CoinMarketCap data showed. Garlinghouse told CNBC that he is “very optimistic” about macroeconomic trends in crypto such as the emergence of spot bitcoin exchange-traded funds (ETF), which he said has brought forth “real” institutional investments in crypto for the first time.

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🪙 Ether options point to bullish market sentiment for end of April

The options market seems to have taken on more bullish positions in the largest cohort of ether options open interest by expiration date, contracts for the end-of-April expiry. Some $3.3 billion of notional ether options set to expire, according to Deribit data, and roughly two-thirds of that amount have been placed on calls, or bullish bets on price. "Call strikes are clustered between $3,700 - $4,000, showing an upside bias and underlying bullish sentiment in the market," Wintermute OTC Trader Jake Ostrovskis told The Block.

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💰 Bitcoin’s latest rally driven by ‘huge accumulation’

Bitcoin’s (BTC) latest rally was driven by “huge accumulation” as investor appetite remains high despite five days of trading in the red over the past week, according to CryptoQuant research. Just three days ago, Bitcoin was trading at roughly $65,500 as markets closed on Friday. However, a sustained rally over the weekend took prices to $72,500 before US markets opened for trading on Monday.

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🪙 Ether outperforms bitcoin and sustains rally, amid surge in short liquidations

Ether has maintained its rally while outperforming bitcoin as market volatility prompts a surge in short liquidations. Ether short positions bore the brunt of market volatility damage as the digital asset rose above the $3,600 mark on Monday. According to Coinglass data, there were over $27 million in ether short liquidations in the past 24 hours. In the wider cryptocurrency market, there have been over $204 million in liquidations over the past 24 hours.

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📊 VanEck CEO Says Transaction Fee Is Bigger Story Than Bitcoin or Ethereum ETFs

The CEO of VanEck – the global investment firm whose Bitcoin Trust (HODL) is among the almost dozen spot bitcoin ETFs – thinks the cryptocurrency industry should focus more on transaction fees and not so much on Bitcoin (BTC) and Ethereum (ETH) or their related exchange-traded funds. Jan van Eck said on CoinDesk's "Markets Daily" that the transaction fees on the Bitcoin and Ethereum blockchains are unpredictable, making it harder to build applications in those ecosystems.

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🪙 VanEck, CoinShares CEOs doubt SEC will approve spot Ethereum ETFs: CNBC

Firms that gained the Securities and Exchange Commission's approval for a spot bitcoin exchange-traded fund are not feeling very confident that the agency will greenlight proposals for an ether product, according to reporting from CNBC. VanEck CEO Jan van Eck told CNBC in an interview posted on Tuesday that he expected the VanEck Ethereum ETF to be rejected in May – the first deadline approaching for when the SEC will decide whether to allow those products to pass.

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💰 Hong Kong's Incoming Spot Bitcoin ETFs Could Be 'Big Deal.'

Heightened anticipation for spot-based bitcoin ETFs in the U.S. and the eventual inflows supercharged bitcoin's run-up to new all-time highs, and now Hong Kong regulators reportedly are inching closer to approving similar funds, news that thus far has been mostly unnoticed in crypto circles. These vehicles, however, could open the floodgates for Chinese investors looking for a new haven next to gold and overseas real estate and stocks in which to store their wealth.

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💰 Bitcoin price gains despite a pullback in global markets as ECB holds rates steady

Bitcoin's price gained on Thursday after the European Central Bank (ECB) voted to keep interest rates on hold for the fifth consecutive meeting. Although bitcoin typically closely tracks risk-on assets like major equity indices, the cryptocurrency's upward trajectory came as global markets inched down. The Dow Jones Industrial Average fell for a fourth day in a row, the S&P 500 declined 1% and the Nasdaq Composite dropped 0.1%. In Europe, the regional Stoxx 600 index fell 0.7%, and London's FTSE fell 0.67%.

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