Michael Novogratz, the founder of Galaxy Digital Holdings, a prominent digital-asset financial services firm, expects Bitcoin to remain in a relatively narrow trading range in the current quarter.
In April 2024, Bitcoin faced its sharpest price drop since the FTX collapse, with halving charts in focus, but network activity soared to record highs, driven by new protocols and ETF developments. This report explores and analyzes Bitcoin’s ecosystem and the BTC price developments last month.
El Salvador, which became the first nation to use Bitcoin (BTC) as legal tender, could easily hold 5,750 Bitcoins, per “Bitcoin Office” report. The national Bitcoin Office is a government entity aimed at managing all projects related to the cryptocurrency.
On Wednesday, Bitcoin traded at $61,949, up 0.65%, as the Federal Reserve’s hawkish stance on interest rates impacted its price outlook. Concerns over inflation and higher interest rates have dampened investor sentiment toward cryptocurrencies.
Bitcoin is currently trading at $61,500, with a 24-hour trading volume of $28.28 billion. The cryptocurrency has dropped about 2.25% in the past day. Ranked first on Cryptonews, Bitcoin boasts a market cap of $1.21 trillion, with a circulating supply of 19,698,325 BTC and a maximum supply of 21,000,000 BTC.
One of the largest pension funds in the United States disclosed on Tuesday a $162 million allocation to the nation’s leading Bitcoin spot ETF products launched earlier this year.
Technical analyst Rekt Capital suggests that Bitcoin has emerged from the post-halving “danger zone” and entered an accumulation phase, as indicated by weakening selling pressure.
Bitcoin price prediction is a hot topic as two mysterious whales, inactive for over a decade, have suddenly moved 1,000 BTC, worth about $60.9 million, within the past 20 minutes.
The hash rate of the Bitcoin network has experienced a significant decline as mining firms are shutting down unprofitable mining rigs following the fourth Bitcoin halving.
President Joe Biden has issued an order blocking MineOne, a majority Chinese-backed crypto mining firm from owning land near a strategic nuclear missile base in Wyoming due to security concerns.
Two crypto-supportive senators urged the Justice Department (DOJ) on Monday to reconsider its recent enforcement action against a popular Bitcoin privacy service.
Bitcoin mining firms are scaling back the use of their computer fleets after industry revenues crunched substantially last month, according to a May 13 Coinshares report.
El Salvador, renowned for its move to adopt Bitcoin as legal tender in September 2021, has now introduced a cutting-edge online platform for tracking the country’s Bitcoin Treasury.