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Crypto News April 07: Bitcoin Exceeds $69,000 Amidst Rally

Key Takeaways
  • With the "halving" event drawing near in under two weeks, speculation regarding Bitcoin's price is escalating rapidly.
  • Bitcoin hovers around $69,500, while Ethereum maintains a trading price above $3,400.
  • Despite stability, the cryptocurrency market experiences a 0.20% decrease, with the total market capitalization reaching $2.71 trillion.
08-Apr-2024 By: Lokesh Gupta
Crypto News April 07

Crypto market dips 0.20%, hits $2.71 trillion in valuation

  • Bitcoin holds 50% dominance; as the halving nears in under 13 days, market sentiment tilts 'Greed' despite positive US Jobs data.

  • BlackRock's inclusion of Goldman Sachs, Citigroup, UBS, Citadel Securities, and ABN AMRO in iShares Bitcoin Trust caused notable weekend BTC price volatility.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

The "Fear and Greed Index" dropped by 2 points to 76 out of 100 indicating Extreme Greed. However, the overall market sentiment remains largely positive, holding steady at 70.

Latest Market Update: 

  • Bitcoin (BTC) surpassed the $69,000 threshold during the recent weekend, maintaining its status as the oldest and most valuable cryptocurrency globally.

  • Other prominent altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) experienced marginal price fluctuations across the market.

  • Notably, the Nervous Network (CKB) token exhibited the most significant gain within a 24-hour period, surging by over 8 percent.

  • Conversely, the Wormhole (W) token experienced the largest decline, with a 24-hour decrease of over 7 percent.

  • The total cryptocurrency market volume in the last 24 hours stands at $61.34 billion, indicating a slight decrease of 0.13%.

  • Within the crypto market, the volume of decentralized finance (DeFi) activities amounts to $7.49 billion, representing 12.21% of the total 24-hour crypto market volume.

  • Stablecoins contribute significantly to the market volume, totaling $54.38 billion, which constitutes 88.64% of the total cryptocurrency market volume over the past 24 hours.

  • Bitcoin's dominance in the market currently sits at 52.80%, marking a minor increase of 0.04% compared to the previous day.

Major Worldwide News Update:

  • The inclusion of Goldman Sachs, Citigroup, UBS, Citadel Securities, and ABN AMRO as authorized participants for the iShares Bitcoin Trust by BlackRock has sparked notable fluctuations in BTC prices over the weekend, with the current price hovering around $69k. Genesis has completed the sale of its Grayscale Bitcoin Trust (GBTC) shares, using the proceeds to purchase 32,041 bitcoins.

  • Bitcoin currently holds a 50% dominance in the market, and with the halving event looming in less than 13 days, sentiment leans towards 'Greed,' as buyers remain resilient despite positive US Jobs data. Within just one week, Bitcoin has bounced back from the $65,000 levels, demonstrating its resilience. Meanwhile, uncertainty surrounds the potential approval of an Ethereum (ETH) spot ETF, although the price of ETH finds support around $3200.

  • Bitcoin flirts around $69,500, awaiting key economic data. Bitcoin ETN products debut on the London Stock Exchange. Investors brace for macroeconomic events and data releases, including US CPI and FOMC minutes. Analysts foresee Bitcoin consolidation pre-halving, with whales accumulating, anticipating a short squeeze beyond $72,000.

  • Fed rate cut expectations have shifted since December 2023, with markets now eyeing potential cuts in September instead of June. Strong US job growth in March supports delaying rate cuts. Some investors doubt inflation resurgence, citing steady economic growth. Powell remains cautious, citing uncertainties. Higher-than-expected wholesale inflation adds pressure.

  • dYdX's community, with 91.7% approval, stakes 20M DYDX Chain tokens worth $60M with Stride on Cosmos. This security measure aims to protect against control attacks amidst a surge in activity. Despite concerns over reduced APY, staking fosters network resilience. Rewards will compound, reinforcing stakers' commitment.

  • Pohang tax officials target 5,208 residents for crypto seizure due to unpaid taxes, part of a national crackdown. Data from major exchanges used to identify evaders. City plans to actively seize assets and freeze transactions. Non-compliant taxpayers face asset sale ultimatum. Other cities also intensify crypto enforcement efforts.

COIN GABBAR Views: Could the recent surge in Bitcoin (BTC) price back above $70K signal another potential bull trap? What is the anticipated peak before the upcoming Bitcoin halving? Is there speculation on whether Bitcoin will reach $100,000 before or after the halving event? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto News April 6: BTC and ETH Steady Amidst Altcoin Surge

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