BlackRock’s IBIT saw around $37 million in outflows for the first time while the remaining spot Bitcoin ETFs collectively notched over $526.8 million in outflows.
Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue. Breaking Points And Bearish Signals Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin’s momentum. At the time of writing, Bitcoin is trading at approximately $57,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally. Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure. Over the last 24 hours, Bitcoin’s trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn. Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda. These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million. According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l — Wu Blockchain (@WuBlockchain) May 1, 2024 The Bitcoin ETF Conundrum And Market Forecasts It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape. As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to $55,000 before any sign of recovery. Monthly close approaching for #Bitcoin and FOMC day tomorrow. I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards. From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF — Michaël van de Poppe (@CryptoMichNL) April 30, 2024 Featured image from Unsplash, Chart from TradingView
Euphoric sentiments remain in the Bitcoin market despite the extended price consolidation.
In the face of growing global regulatory pressure on the crypto industry, the Biden administration’s intensified crackdown and the actions of regulatory bodies have prompted Senator Cynthia Lummis to issue a strong statement against the US government’s stance on the industry. Senator Lummis, a prominent supporter of Bitcoin and the overall crypto market, has advocated
U.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.
MicroStrategy has already built an application on “MicroStrategy Orange” — Orange For Outlook — which integrates digital signatures into emails to verify the identity of the sender.
Department of Justice (DOJ) federal prosecutors from the Southern District of New York are investigating fintech company Block, formerly known as Square, for significant compliance failures in its transaction monitoring systems after a former employee revealed lapses that included processing transactions with sanctioned nations and groups linked to terrorism. Allegations against Block include handling transactions
Recent price movements in Celestia show a downward trend. Investors are not currently eager to support the altcoin. Continue Reading: Celestia Price Trends and Investor Reactions
Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has shed light on the current market state and the future outlook of Bitcoin, the world’s largest cryptocurrency. Despite the cryptocurrency witnessing declines of more than 15%, the financial expert has uncovered a significant pattern that indicates a potential bull flag following Bitcoin’s price correction. Crypto Expert Unveils “Banana Zone” Rally For Bitcoin In an X (formerly Twitter) post published on Tuesday, April 28, Pal shared a yearly chart depicting Bitcoin’s price movements from October 2023 to April 2024. At the time of writing, Bitcoin’s price is trading below the $60,000 mark, at $59,185, marking monthly declines of 15.12% and weekly lows of 11.31%, according to CoinMarketCap. Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here? The crypto analyst has suggested that Bitcoin’s recent price correction was a temporary setback. He predicts that once the market fully refreshes, what he calls “the Banana zone” will kick in. He also described Bitcoin’s recent price declines as a “pause that refreshes.” The pause emphasizes the final days of the crypto spring, a period marked by renewed optimism after bearish markets. A prime illustration of this phase occurred when Bitcoin surged to new all-time highs, surpassing $73,000 in March, following its decline from 2022 to 2023. On the other hand, the Banana zone represents a phase characterized by intense market excitement and the possibility of significant price increases. However, Pal has described this distinctive period as “when the market begins to anoint the new big L1 or L2, which explodes even vs SOL.” The financial expert noted that once the Banana zone commences, it may pick up momentum towards the end of the year and continue well into 2025, potentially reaching peak mania. He also shared a historical pictorial analysis illustrating his Bitcoin predictions. In the chart, the price of Bitcoin witnessed a Banana zone rally from $1,000 to $5,000 between 2014 and 2016 and from $10,000 to $60,000 between 2019 and 2020. Basing his predictions on this unique historical pattern, Pal suggested that Bitcoin’s price action from 2022 to 2024, starting at $50,000 could potentially skyrocket to a new all-time high of $300,000. Crypto Summer Is The Start Of Altcoin Season Pal has predicted that after the crypto spring, a new season for cryptocurrencies will occur, termed “the crypto summer.” The financial expert has confirmed that this period will be the start of the altcoin season, highlighting that it is typically marked by an intense bubble in the crypto fall. Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals During the crypto summer, Pal projects that Ethereum would begin to outperform Bitcoin while Solana would accelerate its outperformance of both Bitcoin and Ethereum. The financial CEO disclosed that the crypto summer and fall are often confusing, as cryptocurrencies tend to adopt a narrative and may get caught up in the prevailing euphoria. He predicts another two or more “nasty corrections” triggered by excessive leverage before the onset of the Banana zone. Additionally, Pal has indicated that three or four cryptocurrencies are set to lead the altcoin season, with one particular cryptocurrency emerging as the “Big new entrant,” much like Solana did during the previous cycle alongside Avalanche and Polygon. BTC crashes below $60,000 support | Source: BTCUSD on Tradingview.com Featured image from RBK, chart from Tradingview.com
Amid rising excitement in cryptocurrency, BlockDAG has introduced a strategic vesting period for its presale coins, aiming to boost long-term investment and stability. This innovative approach is part of a broader ambition to reach a $10 valuation by 2025, positioning BlockDAG to outpace competitors like Solana and Dogwifhat. With a significant $21.7 million already raised The post BlockDAG Announces Vesting Strategy, Aims for A $10 Valuation By 2025 to Beat Solana Price & Dogwifhat Developments appeared first on Live Bitcoin News .