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Crypto Prices April 20: $64K Stability Amid Halving Frenzy

Key Takeaways
  • The Bitcoin network halved miner rewards for the fourth time in its history on Friday night
  • Bitcoin remained above the $64,000 threshold, while Ethereum approached the $3,100 level
  • The cryptocurrency market witnessed a modest 3.40% increase, resulting in a total market capitalization of $2.44 trillion
20-Apr-2024 By: Lokesh Gupta
Crypto Prices April

Crypto market climbs 3.40%, worth $2.44 trillion in total

  • Runes protocol launched with fourth BTC halving, predicted to revitalize Bitcoin interest after Ordinals.

  • XRP holder's lawyer to represent 4,700+ Coinbase clients in SEC vs. Coinbase lawsuit.

Major Events To Watch

Crypto Fear and Greed Index:

The "Fear and Greed Index" remains stable at 66 out of 100, indicating a possible recovery from lower levels.

Latest Market Update: 

  • Bitcoin price stayed steady, hovering around $64,000 post-halving, displaying relative stability.

  • #Celestia ($TIA), #Internet Computer ($ICP), #Thorchain ($RUNE), and #Cardano ($ADA) saw price increases.

  • #Ethena surged by 1.02% in 24 hours, marking the highest gain among tokens.

  • Conversely, #Toncoin experienced the largest decline, dropping over 10.70% in a single day.

  • Total crypto market volume in the last 24 hours: $96.05B, showing a decrease of 4.51%.

  • DeFi volume stands at $7.78B, comprising 8.10% of the total crypto market volume over 24 hours.

  • Stablecoin volume accounts for $90.88B, representing 94.61% of the total crypto market volume in the last 24 hours.

  • Bitcoin dominance is at 54.14%, marking an increase of 0.08% throughout the day.

Major Worldwide News Update:

  • Bitcoin's highly anticipated halving occurred on April 19, reducing miner rewards to 450 BTC per day. Analysts foresee bullish momentum due to decreased supply and spot ETF demand. However, banking giants suggest it's already priced in. The event may impact mining revenue, with potential long-term price peaks expected by 2024.

  • Blackrock Bitcoin ETF, poised to surpass Grayscale, has seen a $2 billion difference in assets. Grayscale's GBTC faced significant outflows, while BlackRock's IBIT absorbed funds continuously. Fidelity and BlackRock's ETFs gained market share, hinting at a shift towards Bitcoin acceptance among finance groups. Halving may further drive market adjustments.

  • Bitcoin mining stocks rebounded ahead of the halving, with Hut 8, Marathon Digital, Riot platforms, and CleanSpark seeing gains. Despite concerns over reward cuts and competition, miners slowed selling pressure, anticipating a post-halving rally. Short sellers bet against crypto stocks amid spot Bitcoin ETF approvals and halving hype.

  • Ordinals Developer launches Runes, a new Bitcoin-based fungible token system, alongside the halving. Runes, an alternative to BRC-20, simplifies tokenization by bypassing off-chain indexers. Its fast transactions contrast Bitcoin's slow block times. Interest grows, fueled by projects like rune_coin and PupsToken, foreseeing community-driven mining and adoption.

  • Bitcoin users spent 37.7 BTC, valued at $2.4 million, in fees to secure space on the fourth Bitcoin halving block, totaling 40.7 BTC with miner rewards. This surge was driven by Runes Protocol activity, offering a more efficient tokenization method than BRC-20. Post-halving, fees exceeded miner rewards, reflecting Runes' impact.

  • In the US, April is National Financial Capability Month, emphasizing both traditional finance and cryptocurrency education. With a 10% increase in US crypto ownership last year, education initiatives are vital. Companies like Coinbase and BlackRock are actively promoting crypto education, reflecting a global trend towards blockchain literacy.

  • Telegram and Tether collaborate, allowing USDT payments through TON and Telegram wallets, aiming to foster stablecoin adoption. With over 900 million users, the integration could drive widespread use. Tether expands beyond USDT with new divisions, aligning with regulatory efforts amid proposed stablecoin legislation in the US.

COIN GABBAR Views: What do futures markets indicate about the Bitcoin price rally on halving day? Could the Bitcoin halving trigger a 'sell the news event,' and how might it impact BTC price reactions? After the Bitcoin halving, what's in store next for BTC prices? Hours before the 2024 halving, BTC is above $64K. What should we anticipate from the 2024 halving? 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 Prices April 19: Crypto Market Preps for Halving Hype

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