Bitcoin surpasses $70,000 and registers a new all-time high on Binance
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The crypto markets are witnessing major milestones and events that could shape the future landscape.
Bitcoin has overcome the $70,000 mark, setting a new all-time high on Binance, while some voices warn of a potential significant pullback right before the imminent halving event.
At the same time, Ethereum has hit the $4,000 price level, the first time that it has done so since late 2021. This rally back to previous highs is fueling speculation around the prospects of a spot Ether ETF approval in the US this year.
Beyond price movements, the crypto space is also grappling with regulatory and taxation considerations.
Presidential candidate Robert F. Kennedy Jr. has emerged as a vocal advocate for crypto, particularly Bitcoin, viewing it as a crucial tool against governmental overreach and financial enslavement. To Kennedy, the US should be positioned as a hub for crypto innovation. He also stated plans to remove the current tax treatment of Bitcoin as a security, if elected.
The stakes are high as these developments unfold, with far-reaching implications for the mainstream adoption, regulatory landscape, and overall trajectory of cryptocurrencies in the global financial system. From new all-time highs for Ethereum and Bitcoin to prospects of a government that’s fully behind crypto, it could be tough to keep up with the dizzying changes.
One thing’s certain though: these are wild times we’re living in. And it looks as if we’re only at the beginning.
Today’s Newsletter
- Bitcoin surpasses $70,000 and registers a new all-time high on Binance
- Ether price hits $4,000 for the first time in more than two years
- Bitcoin is a tool against governmental overreach and financial enslavement, says Robert F. Kennedy Jr.
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BITCOIN
Bitcoin surpasses $70,000 and registers a new all-time high on Binance
Bitcoin has reached a new all-time high price of $70,066.38 on the Binance exchange after a 6% surge in just 24 hours. However, this bullish momentum was quickly followed by a 3% pullback, highlighting Bitcoin’s inherent volatility. Market analysts are warning about the possibility of a more significant price correction for Bitcoin before the next halving event in April 2024.
Despite hitting new price highs, on-chain data from CryptoQuant suggests the market may be “overheated” with indicators like traders’ unrealized profit margins reaching alarming levels of 57% historically associated with impending corrections. The analytics firm also flagged that short-term Bitcoin holders have begun selling at the highest profit margins since early 2021, potentially signaling increased selling pressure on the cryptocurrency. [cyptobriefing]
ETHEREUM
Ether price hits $4,000 for the first time in more than two years
Ethereum is back, riding a wave of speculation around the potential approval of a spot Ether ETF in the US within year. The second-largest cryptocurrency has seen impressive gains of 68% over the past month amid big names like Fidelity, BlackRock, and Franklin Templeton applying for spot Ether ETF products.
While some analysts predict a high likelihood of approval by late May when the SEC’s final ruling is due, others are more skeptical about the regulatory greenlight coming anytime soon. Opinions are divided, with JPMorgan seeing less than a 50% chance. [theblock]
REGULATION
Bitcoin is a tool against governmental overreach and financial enslavement, says Robert F. Kennedy Jr.
At ETHDenver 2024, US presidential candidate Robert F. Kennedy Jr. shared his views on how crypto, especially Bitcoin, is a crucial tool against governmental overreach and financial enslavement. He equates transactional freedom to freedom of expression, arguing that without financial autonomy, civil liberties are at risk. Kennedy’s advocacy for crypto stems from the Canadian government’s targeting of truckers’ bank accounts during the COVID-19 protests.
Kennedy plans to make the US a hub for crypto innovation by removing Bitcoin’s current tax treatment as a security if elected. He aims to exempt small Bitcoin transactions from taxes to promote everyday usage without taxation burdens. Kennedy also intends to stop the crackdown on banks working with crypto firms and make US banks more crypto-friendly. [cryptobriefing]
Other News
Nigeria’s central bank partners with Gluwa to drive CBDC adoption following Binance spat. [theblock]
Next Week’s Token Unlocks
- APT, with an upcoming unlock of $319M representing a 6.7% increase in supply, holds a market cap of $4.8B.
- CYBER, scheduled for an unlock of $11M at a nearly 6% supply increase, carries a market cap of $192M.
- ARB, with an unlock of $15M increasing supply by 0.48%, has a market cap of over $3B.
Nexo is giving out 10 BTC in rewards until the Bitcoin halving.
Vince & Diego
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