Despite strong demand for Bitcoin from institutional investors and long-term holders, Bitcoin’s price has yet to experience a significant rally, according to a recent report by CryptoQuant. The report cites slowing growth in the market capitalization of the stablecoin Tether (USDT) as a potential factor impeding a price rally.
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Former President Donald Trump’s 2024 campaign has announced it will accept cryptocurrency donations, including Bitcoin, Ether, and Dogecoin, as he faces multiple criminal charges and prepares for a potential presidential debate against incumbent Joe Biden.
Bitcoin (BTC) reached $70,000 on Monday, marking its highest level in over a month, fueled by a surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing.
Paraguay is taking a tough stance against illegal bitcoin mining operations by proposing legislation that includes up to 10 years in jail for mining illegally and provisions for seizing and selling mining equipment from unlawful operations.
Bitcoin’s price has surged to its highest level since the halving on April 19, reaching $67,422 before a slight pullback, driven by a combination of factors including new investor demand and geopolitical turmoil.
Mike Novogratz, CEO of Galaxy Digital, expects cryptocurrencies like Bitcoin to consolidate between $55,000 and $75,000 over the next month before potentially bouncing higher towards the end of Q2, citing a “consolidation phase” in the crypto markets.
Bitcoin miner Marathon Digital reported a 223% year-over-year increase in Q1 2024 revenue to $165.2 million, but missed Wall Street analysts’ estimates of $193.9 million due to unexpected equipment failures and worse-than-predicted weather conditions at multiple mining sites.
The cryptocurrency market witnessed a bearish downturn, with Bitcoin (BTC) dropping below $62,000 and Ethereum (ETH) extending below $3,000. While major altcoins like Solana (SOL) also plunged, XRP and Cardano (ADA) defied the trend with slight gains.
Grayscale’s Bitcoin Trust (GBTC) has seen inflows for the second consecutive day, breaking a four-month streak of outflows that resulted in over $17.5 billion in withdrawals. Despite GBTC’s net outflow, the overall spot Bitcoin ETF market in the U.S. maintains a positive balance sheet with significant inflows from other providers.
