Author: Michelle Lazo

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Renowned Bitcoin critic Peter Schiff recently forecasted a potential downturn in BTC’s price to $20K, accompanied by a caution about MicroStrategy’s holdings. Schiff emphasized the significance of Bitcoin’s $60K support level, hinting at a possible “triple top” pattern.

Expressing concerns, Schiff suggested that a dip below the $60K mark might trigger a substantial decline, potentially leading to a significant drop to $20K. He also underscored the potential impact on MicroStrategy, the largest corporate holder of Bitcoin, which could face an estimated $2.7 billion unrealized loss if prices plummet.

MicroStrategy currently holds approximately 214,000 BTC, acquired at an average price of $34K. Despite potential losses during bearish markets, CEO Michael Saylor remains bullish on Bitcoin, advocating for a long-term investment strategy.

This isn’t the first time Schiff has targeted MicroStrategy over crypto market uncertainties. In March, he criticized the company’s $623 million BTC acquisition, warning of potential losses at a $20K Bitcoin price.

However, Schiff’s projections of a $20K price seem unlikely based on current market trends and technical analysis. Bitcoin’s 50-day and 200-day Exponential Moving Averages could offer significant support at $63,128 and $47,900, respectively. A sustained level above these EMAs might negate Schiff’s forecast.

Despite Schiff’s consistent skepticism, Bitcoin has defied previous doomsday predictions. The recent projection coincided with geopolitical tensions, but historical parallels and market rebound trends suggest a potential recovery.

Critics within the crypto community, like Stephan Livera, dismiss Schiff’s analysis as lacking substance and relevance, highlighting ongoing debates around Bitcoin’s future trajectory amidst varying viewpoints.

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Despite recent sell-offs across the digital assets market, Bitcoin has displayed remarkable resilience, maintaining a dominance metric of 55.3%, its highest level since April 2021, according to a note from Matteo Greco, a research analyst at digital asset investment firm Fineqia International.

Greco highlighted that Bitcoin’s market cap dominance has reached a three-year high despite market volatility, with trading volumes remaining robust. BTC Spot ETFs recorded a weekly trading volume of approximately $16.2 billion, with an average daily volume of around $3.2 billion. Since inception, cumulative trading volume stands at approximately $212 billion, with an average daily volume of roughly $3.3 billion.

Bitcoin Sees Weekly Decline

Ending the week at around $65,650, Bitcoin experienced a 5.3% decline from the previous week’s closing value of around $69,350. The week saw significant volatility, particularly during the weekend, following a period of relative stability from Monday to Thursday.

On Friday, Bitcoin faced a downturn, dropping to a low of $65,100. The negative trend continued into Saturday, hitting a weekly low of approximately $60,650 before rebounding and concluding the week around $65,650.

Geopolitical tensions in the Middle East were cited as the cause of the weekend’s price drop. However, market sentiment improved after an announcement of a temporary halt in hostilities among the involved nations. Additionally, attention was drawn to the upcoming halving scheduled for the night between April 19th and 20th, which historically triggers short-term “sell the news” reactions.

US Inflation Data Surpasses Expectations

Recent US inflation data surpassed expectations, leading to a revision in market participants’ rate cut projections for 2024. Initial expectations included a reduction of at least 75 basis points in interest rates. However, the latest data has shifted projections to anticipate 25/50 basis points cuts during the year, with the first cut expected in Q3 and a potential second cut towards year-end.

Greco highlighted that the continued presence of inflation levels surpassing central banks’ targets might result in a prolonged period of tighter monetary policy, contributing to short-term challenges faced by risk-on assets as investors realign their portfolios.

Digital asset investment products witnessed minor outflows amounting to $126 million in the past week, with Bitcoin experiencing outflows of $110 million but maintaining positive inflows of $555 million month-to-date. Short-bitcoin, which had been witnessing outflows for the past three weeks, saw minor inflows of $1.7 million, likely capitalizing on the recent price weakness.

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As the Bitcoin network’s halving event approaches, scheduled to occur in about seven days (April 19), the accuracy of online countdowns is coming into question. Various platforms display conflicting estimates of when the halving will take place, creating confusion for those closely monitoring the event.

For example, Watcher Guru forecasts the halving in seven days, seven hours, and 20 minutes, while CoinMarketCap predicts it will happen two hours later. Similarly, the “Bitcoin Block Reward Halving Countdown” indicates it will occur in seven days and 15 hours. Despite these variations, they generally align, but discrepancies can frustrate traders looking to capitalize on the halving.

The Bitcoin halving occurs approximately every four years, triggered by reaching every 210,000 blocks, with the upcoming event slated for block height 840,000. Ideally, given Bitcoin’s 10-minute block time, determining the precise timing of the halving should be straightforward. However, practicalities complicate matters.

According to Simon Cousaert, director of data at The Block Research, the accuracy of countdowns depends on factors like the current block height and the average block time. While the target block is constant, fluctuations in the average block time due to varying miner activity make accurate predictions challenging.

Marko Tarman, lead mining manager at NiceHash, emphasizes the dynamic nature of block times, which can significantly affect predicted halving events. Shorter average block times suggest an earlier halving, while longer times delay it.

In essence, while the halving event is predetermined and highly anticipated, predicting its exact timing is more art than science due to the fluctuating nature of block times. Accuracy becomes increasingly crucial as the event approaches, highlighting the complexities involved in tracking this significant event in the Bitcoin ecosystem.

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BlockDAG is on a bold trajectory to ascend into the top 10 cryptocurrencies by 2024, backed by a projected 30,000X return on investment that outshines industry giants like Solana and PEPE. Integrating blockchain and Directed Acyclic Graph technologies, BlockDAG promises unprecedented security and transaction speed, poised to redefine the crypto landscape.

Solana’s DeFi Dominance and PEPE’s Emergence

Solana’s DeFi ecosystem, boasting a $4.444 billion Total Value Locked, showcases its strength in the market despite a recent minor decline. Marinade staking holds a significant 40.50% of Solana’s market share, emphasizing its pivotal role. PEPE, evolving from a viral meme to a substantial crypto asset, is on track to reach a $50 billion market cap, reflecting growing investor interest and a dynamic market presence.

BlockDAG’s Vision and Momentum

BlockDAG is rapidly gaining traction in the crypto presale arena, raising a remarkable $16.4 million in its latest batch by selling over 7 billion coins at $0.0045 each. The sale of 4,500 miners further underscores strong investor confidence in BlockDAG’s future. Leveraging the GHOSTDAG algorithm for enhanced network performance, BlockDAG offers faster, more secure transactions, complemented by a “Low Code, No Code” feature for user-friendly smart contracts.

Aiming for Success and Market Reshaping

BlockDAG’s ambitious target to raise $600 million by 2024, coupled with its vibrant presence in Las Vegas, signals its strong market potential and intent to redefine the crypto investment landscape. As Solana’s DeFi and PEPE’s market cap witness growth, BlockDAG offers a unique proposition with significant ROI potential, paving the way for a transformative financial journey in the digital asset domain.

Invest in BlockDAG’s presale today to seize the forefront of the crypto revolution and participate in shaping the future of digital asset investment standards. Join the movement now to capitalize on the next big thing in cryptocurrency.

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The Canadian province of British Columbia is taking steps to regulate electricity usage by crypto miners, citing concerns over their unchecked growth and its impact on energy resources.

Josie Osborne, Minister of Energy, Mines, and Low Carbon Innovation, announced plans on Thursday to address the high energy consumption associated with crypto mining activities in the region. The province aims to balance economic opportunities with sustainable energy management.

The proposed legislative amendment would grant the government authority to restrict or limit electricity usage for crypto mining operations. This move is motivated by concerns that the rapid expansion of the sector could strain the province’s electricity supply, potentially driving up costs for residential and commercial users.

In December 2022, British Columbia initiated a temporary suspension of new electricity connections for cryptocurrency mining projects, set to last for 18 months. This decision affected approximately 21 projects, collectively seeking 11,700 gigawatt hours of power annually.

Minister Osborne emphasized the importance of collaboration with British Columbia Hydro, the provincial power utility, to ensure a stable and sustainable energy future. The goal is to regulate electricity services for energy-intensive crypto mining operations, which typically yield minimal local employment opportunities.

This regulatory approach aligns with British Columbia’s commitment to prioritizing electricity resources for essential needs, such as electric vehicles, heat pumps, and other carbon-reducing initiatives that contribute to job creation and economic development.

Despite being the fourth-largest electricity producer in Canada, British Columbia faces challenges in meeting future energy demands. Concerns have been raised about the region’s ability to consistently generate sufficient power, especially considering growing demand and potential constraints on generation capacity by 2026, as highlighted in a report by the North American Electric Reliability Corporation.

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Bullish sentiment continues to decline among individual investors as inflation remains elevated. According to the American Association of Individual Investors (AAII) Sentiment survey, optimism about the stock market’s short-term outlook decreased for the second consecutive week. Currently, 43.4% of respondents express optimism, compared to 47.3% and 50% in the previous two weeks. Conversely, bearish sentiment rose to 24% from last week’s 22.2%. Neutral sentiments also increased to 32.5% this week, up from 30.5% the previous week.

The recent consumer inflation report, which exceeded economists’ expectations by climbing 0.4% in March, dampened hopes for near-term Federal Reserve rate cuts. Analyst James Kostohryz suggests that barring significant disruptions like a war or oil supply crisis, there’s little justification for rate cuts before October 2024. However, President Joe Biden maintains his prediction of Fed rate cuts by year-end.

Market futures for the Nasdaq, S&P, and Dow edged higher on Thursday despite recent declines. The S&P 500 (SP500) fell nearly 1% over the past week, while the Dow Jones Industrial Average (^DJI) declined over 1%, and the NASDAQ Composite Index dropped 0.6%. The NASDAQ 100 Index saw a decline of 0.8%.

In the cryptocurrency and commodities markets, Bitcoin USD (BTC-USD) rose 4% since last Thursday, while Gold increased by nearly 3%. Gold futures achieved another record high settlement on Tuesday before experiencing a slight pullback on Wednesday.

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