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✨Big News: Genesis Snaps Up $2.1 Billion Worth of Bitcoin After 36Million GBTC Sell-Off!🔥 Struggling crypto lender Genesis made a bold move, selling off 36 million shares of Grayscale Bitcoin Trust (GBTC) to scoop up more Bitcoin. - Genesis sold 36 million GBTC shares on April 2, bagging $2.1 billion. - With the cash, they snagged 32,041 Bitcoin at $65,685 each. - This move is part of Genesis' plan to repay its creditors. What's more: - The GBTC shares were initially priced at $38.50 in February but surged to $58.50 by April. - Now, those 32,041 Bitcoin are valued at $2.18 billion! - But don't worry, Coinbase assures us this won't rock the crypto boat too much. - They say the cash will likely stay in the crypto world, keeping things steady. Genesis had the choice to convert GBTC shares into Bitcoin or cash out. Looks like they're doubling down on the crypto craze! Stay tuned for more updates! #Memecoins #BTC #SHIB #ETH #TrendingTopic $BTC $ETH $BNB

✨Big News: Genesis Snaps Up $2.1 Billion Worth of Bitcoin After 36Million GBTC Sell-Off!🔥

Struggling crypto lender Genesis made a bold move, selling off 36 million shares of Grayscale Bitcoin Trust (GBTC) to scoop up more Bitcoin.

- Genesis sold 36 million GBTC shares on April 2, bagging $2.1 billion.

- With the cash, they snagged 32,041 Bitcoin at $65,685 each.

- This move is part of Genesis' plan to repay its creditors.

What's more:

- The GBTC shares were initially priced at $38.50 in February but surged to $58.50 by April.

- Now, those 32,041 Bitcoin are valued at $2.18 billion!

- But don't worry, Coinbase assures us this won't rock the crypto boat too much.

- They say the cash will likely stay in the crypto world, keeping things steady.

Genesis had the choice to convert GBTC shares into Bitcoin or cash out. Looks like they're doubling down on the crypto craze!

Stay tuned for more updates!

#Memecoins #BTC #SHIB #ETH #TrendingTopic $BTC $ETH $BNB

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✨Cardano Founder Charles Hoskinson Proposes Merger with Bitcoin Cash🤑 Charles Hoskinson, the founder of Cardano, has made a bold proposal to merge Cardano with Bitcoin Cash. This groundbreaking initiative could lead to the creation of one of the fastest and most efficient Proof of Work blockchains to date. Hoskinson's plan involves leveraging cutting-edge technologies like Useful Proof of Work Leios, Non-Interactive Proofs of Proof of Work (NiPoPoWs), and Ergo technology. The goal is to boost both scalability and efficiency, paving the way for a more robust decentralized finance (DeFi) ecosystem. Cardano, a platform designed to be scalable and independent of venture capital, has been a significant player in the blockchain space since its launch in 2017. By merging with Bitcoin Cash, a prominent Bitcoin fork, Cardano aims to extend its capabilities and support broader blockchain interoperability. This merger could also bring significant upgrades to the Bitcoin Cash network, enhancing its appeal for DeFi applications. Hoskinson's proposal, announced on May 4, 2024, has already gained considerable traction. A poll to gauge community sentiment attracted over 12,500 responses, with 66.3% favoring the merger. The final outcome will be revealed after six days of additional voting. Bitcoin Cash, created in 2017 as a fork from Bitcoin, was designed to address Bitcoin's limitations, especially in terms of transaction speed and scalability. Since then, it has played a crucial role in promoting blockchain innovation and expanding DeFi opportunities. If the community supports the merger, this could mark a significant step toward increased blockchain interoperability and collaboration. The final decision will depend on the poll's outcome and community feedback. This proposed merger is not just a merger of technologies but also a merger of visions—creating a more cohesive blockchain ecosystem. #CryptoWatchMay2024 #BTC #ADA #altcoins #BCH $BTC $ADA $BCH
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🔥Bitcoin Faces Resistance: Is a Sharp Drop in BTC Coming Soon? BTC's upward momentum is stalling near significant resistance levels at $64,500 and $65,000. Despite a bullish trend line providing support at $62,800, BTC is finding it challenging to break through these barriers. With bears active around these resistance zones, could another decline be looming? After finding support around the $56,500 mark, BTC began a steady climb, breaking above the $60,000 and $61,200 resistance levels. This move took BTC past $62,500, placing it above the 100 hourly Simple Moving Average, signaling positive market sentiment. Yet, attempts to cross the $64,500 and $65,000 thresholds have so far been met with resistance, indicating that the bears are holding firm. If BTC can overcome the immediate resistance at $64,500 and $65,000, the next major resistance point is $65,500. A successful break above this level could propel BTC toward $66,800, with an ultimate target of $68,000 if the bullish momentum continues. Downside Risks However, if Bitcoin fails to push through these resistance levels, it risks retracing its recent gains. A break below the critical support point at $61,500 could trigger a larger decline, with the 61.8% Fibonacci retracement level of the upward move at $59,500. Further bearish pressure could lead BTC toward the $58,000 support zone, potentially signaling a more extended correction. Technical indicators suggest a mixed outlook. The MACD is losing momentum in the bullish zone, while the RSI hovers around 50, indicating market indecision. These indicators could play a significant role in determining Bitcoin's short-term trajectory. BTC's inability to break through critical resistance levels raises concerns about a potential price drop. If the bulls can't push BTC past $64,500 and $65,000, the market might see another decline. A break below the support levels at $62,800 and $61,500 could signal a deeper correction. On the upside, breaking through $65,500 could pave the way for a new rally, with the $66,800 level being the next major hurdle. #buythedip #BTC
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From Weak to Diamond Hands💪: JPMorgan Says Retail Investors are Main Trigger for Crypto Market Sell-Off! JPMorgan warns of ongoing challenges in the cryptocurrency market, citing the diminishing influence of retail investors and a lack of strong catalysts. The bank explains that retail traders were heavily involved in the recent sell-off, with both crypto and equity assets taking a hit in April. Bitcoin dropped 16% during the month, marking its sharpest decline since June 2022. Spot bitcoin exchange-traded funds (ETFs) experienced significant outflows, with U.S.-based funds seeing a record-breaking sell-off on Wednesday. A cumulative net outflow of $563.7 million was recorded across 11 ETFs, the largest since these funds began trading in January 2023. The three primary factors contributing to the sell-off are: 1. Elevated Positioning: Overextended positions are leading to profit-taking. 2. High Bitcoin Prices Compared to Gold and Production Costs: Bitcoin's price premium over gold and its production cost has reached worrying levels. 3. Reduced Crypto Venture Capital Funding: A slowdown in VC investment indicates weakening confidence in the crypto sector. The report from JPMorgan suggests that while institutional investors also sold off, the majority of the pressure came from retail traders. Commodity trading advisors (CTAs) and other quantitative funds led the institutional profit-taking, reducing their extreme long positions in both bitcoin and gold. However, analysis of the futures market indicates that other institutional investors, apart from CTAs and quantitative funds, have engaged in "more limited" position reductions. This could suggest some resilience among certain institutional players. Overall, JPMorgan's analysis points to a cautious outlook for crypto markets, with retail investors driving the recent downturn and key headwinds continuing to weigh on sentiment. The bank's warning underscores the need for investors to remain vigilant and informed about ongoing market trends. #BTC #BullorBear #altcoins #buythedip $BTC $ETH $BNB
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Bitcoin Price Could Be Close to Bottoming Out! Is $67,000 next? Bitcoin experienced a dramatic crash between April 30 and May 1, dropping by 11.5% to $56,522. This sharp decline triggered $172 million in leveraged long position liquidations. The Fed Minutes Investors are waiting for more signals from the Federal Reserve. Analysts say many are holding off until Jerome Powell, the Fed's chair, delivers his speech following the two-day monetary council meeting on May 1. Also, concerns over the US Treasury Department's ability to finance the government's budget persist. On 30 April, the yield on the US Treasury 2-year note reached a 5-month high of 5.06%, as investors sought safer returns amid rising risk. The US deficit has soared to $1.07 trillion for the first half of 2024, leading to higher interest costs - this growing uncertainty is impacting BTC & other risk assets. Markets Are Turning Risk-Averse BTC crash reflects a broader trend of increasing risk aversion. Over the past 30 days, the Russell 2000 Index, which tracks smaller US-listed companies, fell by 8.2%, erasing gains from the previous two months. Similarly, WTI oil prices dropped by 8.3% since 5 April, reaching $87.91 after hitting a 5-month high. Positive Corporate Earnings and Miners Remain Strong Despite BTC's downturn, traditional markets show signs of recovery following strong first-quarter earnings reports from major companies like Amazon, Microsoft, & Google. If the Fed maintains high rates, BTC could attract renewed attention. Bitcoin miners are under pressure after the recent halving, but they're not showing signs of capitulation yet. Miner outflows to exchanges indicate miners are holding their ground, even with the recent 57% drop in the Hashrate Index, which measures the daily return of one terahash of hashing power. China’s Crypto Demand Points to Positive Sentiment An interesting development in China offers a glimmer of hope for BTC. The premium on USDC in China rose to 2.7% on May 1, indicating that Chinese investors are still interested in cryptocurrencies. #MarketSentimentToday
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👇Don't FOMO into Runes on the Bitcoin Network! At Least, Not Yet.🤷😅 As 68% of Runes are currently in the red, critics are starting to question their value. Bitcoin Runes, the latest sensation in crypto, has had a rocky start despite the initial hype surrounding its launch. Coinciding with the recent Bitcoin halving, Runes promised a new level of functionality for the Bitcoin network and attracted attention for its potential to bring memecoins to Bitcoin. However, the buzz has quickly turned to concern as the majority of Runes are now losing value. On 20 April, Bitcoin experienced its halving, but this year, Runes shared the spotlight, creating excitement about the potential for memecoins and decentralized finance (DeFi) on the Bitcoin network. Unfortunately, the Runes launch also brought record-high transaction fees, causing headaches for many Bitcoin users. While miners saw a revenue bump from increased transaction fees, investors didn't fare as well. OKX data shows that the top 50 Runes by number of holders are down by an average of 30% as of April 29, with 34 out of 50 in the red. This downturn has sparked questions about whether Runes is truly an upgrade for Bitcoin or just a passing fad. Despite the downturn, some supporters believe in its long-term potential. They argue that Runes could evolve into a valuable protocol that offers improved trading experiences & broader adoption within the Bitcoin ecosystem, including enabling users to tokenize RWA such as real estate, stocks, commodities, and even stablecoins. While the initial excitement was driven by memecoins, Runes could be a gateway to broader use cases in the Bitcoin ecosystem. Eg, bridge the gap between Bitcoin and other DeFi platforms like Ethereum and Solana, and also offer a more efficient & streamlined approach to creating fungible tokens on Bitcoin. Even with the current challenges, Runes infrastructure is still in its early stages, with improvements on the way that could lead to better user experience. Are Bitcoin Runes a Bust or do you see some potential? #MarketSentimentToday
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