👇1-12) The Bitcoin ETF inflows and the halving are already ‘yesterday’s news.’ Bitcoin has found a new price-determining factor, which, unfortunately, points down. The funding rate has turned negative. Everybody might soon have a chance to buy more Bitcoin at lower prices.
👇2-12) We’ve analyzed our convincing argument below. As always, we let the data speak, adding our interpretation, but we let every one conclude by presenting the evidence. One of the most critical tailwinds has turned into a sizeable headwind. Few might have noticed this, but Bitcoin is already reacting to this specific data point.
Macro has taken over as the critical driver for Bitcoin’s price discovery.
👇3-12) While Bitcoin was making new all-time highs by mid-March, two higher-than-expected inflation data points caused Bitcoin prices to correct by -15%. On March 12, the CPI came in at +3.2% while the PPI printed +1.6% two days later – both were above expectations and signaled that inflation pressures could re-enter the Fed’s interest rate cut projections.

👇4-12) Bitcoin dropped until March 20, when Fed Chair Powell reassured investors that the Fed was still expecting three rate cuts in 2024 and was considering slowing down its balance sheet unwinding. On the margin, this signaled a more favorable liquidity environment for risk assets, and Bitcoin loves liquidity.
Bitcoin’s reaction to inflation, economic data, and Fed statements

👇5-12) Better US employment data in early April also suggested that the US consumer would still generate enough income to keep spending despite higher interest rates. A bullish argument can be made that the $6 trillion AUM in money market funds generates $300 billion of annual spending power for consumers as long as interest rates stay at 5%.

👇6-12) Fast-forward to the subsequent inflation data release on April 10, when the CPI rose even higher to 3.5%, and the next day, when the PPI rose much higher to 2.1%. Bitcoin’s reaction was similar: a 15% drop. But it is no longer Bitcoin that is seeing downside volatility. US tech stocks, notably NVIDIA, are also correcting lower. Risk assets are dancing to inflation and central bank decisions again.
7-12) The next FOMC meeting is on May 1, and markets will be, at best, in a volatile sideways correction mode. Fed officials are trying to prepare the market for the remainder of 2024, which might see no rate cuts if those inflation data points continue to print higher.
👇8-12) As mentioned above, by March 20, Bitcoin started rebounding again as Powell assured the market about the Fed’s intention to cut interest rates. But this was before the higher-than-expected consecutive inflation numbers on April 10/11.
👇9-12) This time, Powell or other Fed members will only come to the rescue once those inflation data points decline again. Therefore, the May 1 FOMC meeting should be mildly hawkish unless the market prices this itself ahead of the FOMC meeting. Therefore, a potential reversal date would be May 1 or when the next round of CPI/PPI data points will be released (around May 10/14); by then, Bitcoin could have plummeted to 52,000/55,000.
👇10-12) We have been pointing out Bitcoin’s triangle formation, which started after those first inflation prints on March 10/12. In a bull market, this triangle formation has a 70% chance of breaking to the upside, but there is always a chance that it will fail.
👇11-12) With Bitcoin breaking the triangle around the 68,000 level, we can expect a potential down move equivalent to the triangle's starting range of 12,000-13,000 BTC points. This would indicate that Bitcoin could fall towards 55,000.

👇12-12) Another potential downside target is 52,000, the next Fibonacci level if the 60,000 level is broken. So far, this level has held up as solid bids were in the market. However, unless we receive confirming statements from Powell that three rate cuts are still possible this year and that the CPI/PPI were only temporarily higher, Bitcoin might continue to be in this volatile, challenging range that could push prices lower to 52,000/55,000.
Bitcoin’s potential downside targets

#bitcoinhalving #Token2049 #Megadrop #BullorBear

Injective and Jambo have come together to offer blockchain-powered financial solutions in emerging markets through the JamboPhone. This collaboration signifies a shared vision to make blockchain technology accessible globally, particularly in regions like Africa, Southeast Asia, and Latin America.
Lets read more:

1. Jambo is dedicated to connecting emerging markets with the digital world through affordable and user-friendly technology. Their flagship product, the JamboPhone, is a Web3 Android 13 smartphone designed to introduce millions of users to Injective's advanced DeFi ecosystem.
2. The JamboPhone has already made waves, being sold in over 100 countries. Users can engage with the global economy through preloaded Jambo Ecosystem applications, including DeFi, gaming, and web3 infrastructure applications.
3. Bringing Injective to New Users: Through this collaboration, Injective's native dApps, such as Ninji Wallet, will be available on Jambo phones. This integration enables millions of new users to access the Injective ecosystem with ease, expanding financial inclusion and accessibility.
4. Equitable Access: Mirza Uddin, Head of Business at Injective Labs, emphasizes the collaboration's commitment to bringing equitable access to financial services globally. By leveraging Web3 and blockchain technology, Injective and Jambo aim to overcome socioeconomic hurdles and empower billions of people worldwide.
5. Addressing Economic Challenges: Emerging markets face unique economic challenges, which Injective's blockchain network is poised to address. With its plug-and-play Web3 modules, Injective enables developers to launch innovative financial applications quickly, reducing time to market and democratizing access to the digital economy.
6. Diverse Financial Solutions: From decentralized exchanges (DEXs) to lending platforms and payment apps, Injective's diverse features offer a range of financial solutions. Paired with Jambo's innovative smartphone technology, participation in the digital economy becomes more accessible and financially equitable for users in emerging markets.
7. Scaling DeFi: The collaboration between Injective and Jambo holds the potential to scale DeFi to new heights. By combining Injective's robust infrastructure with Jambo's mature Web3 mobile technology, the partners aim to make tasks like making loans, transferring money internationally, and managing stock portfolios accessible to anyone, regardless of geographical or socioeconomic barriers.

#Injective🔥 #JamboPhone #bitcoinhalving #Token2049

$INJ 3.0 is now officially live on mainnet! A significant update with numerous improvements and innovations.
Read more⬇️

1. INJ 3.0 introduces a significant reduction in supply, positioning INJ as one of the most deflationary assets in the blockchain realm, thereby enhancing its long-term value proposition for ecosystem growth.
2. INJ, as the native token of Injective, plays a vital role in governance, protocol fees, and security mechanisms within the network, underscoring its importance in driving Injective's development.The unique features of INJ, such as the Burn Auction, distinguish it from other assets, with the recent INJ 2.0 update expanding its utility to encompass all dApp network fees, resulting in increased weekly burn activity.
3. As Injective's user base and ecosystem continue to expand, the need for further enhancements becomes evident to accommodate growth and development.
4. INJ 3.0, approved through community governance, aims to decrease the token supply over the next two years, with deflation rates tied to staked INJ on-chain, reflecting the network's evolution and commitment to long-term value.
5. Jenna Peterson, CEO of the Injective Foundation, emphasizes the importance of INJ evolving into "ultrasound money" to ensure its viability as a peer to institutional players.
6. Injective has increased the deflation rate by 400%, with a flexible monetary policy that adjusts in real-time based on staking activity to maintain ecosystem equilibrium and security.
7. The token supply decrease schedule of INJ 3.0 follows a controlled reduction rate timeline, protecting INJ against inflation, with quarterly adjustments ensuring stability and sustainability.
8. INJ 3.0 reaffirms Injective's commitment to growth and innovation, ensuring its native asset remains a cornerstone of Web3 finance.
#Injective🔥 #bitcoinhalving #Token2049 #BullorBear

Bitcoin enthusiasts were eagerly waiting for bitcoin's 'halving' on Friday - a change to the cryptocurrency's underlying technology designed to cut the rate at which new bitcoins are created.
The halving, which happens roughly every four years, was written into Bitcoin's code at its inception by pseudonymous creator Satoshi Nakamoto as a way to reduce the rate at which bitcoins are created.
Chris Gannatti, Global Head of Research at asset manager WisdomTree, which markets bitcoin exchange-traded funds, called the halving "one of the biggest events in crypto this year"
According to CoinGecko's countdown clock, the halving is scheduled to happen in the early hours of Saturday GMT.
For some crypto fans, the halving will underscore bitcoin's value as an increasingly scarce commodity - Nakamoto capped bitcoin supply at 21 million tokens - while sceptics see it as little more than a technical change talked up by speculators to inflate the virtual currency's price.
The halving works by halving the rewards cryptocurrency miners receive for creating new tokens, making it more expensive for them to put new bitcoins into circulation.
It follows a surge in bitcoin's price to an all-time highof $73,803.25 in March , having spent much of 2023 slowly recovering from 2022's dramatic plunge. On Thursday the world's biggest cryptocurrency was trading at $63,800.
Bitcoin and other cryptocurrencies have been supported by excitement around the U.S. Securities and Exchange Commission's decision to approve spot bitcoin exchange-traded funds in January, as well as expectations that central banks will cut interest rates.
Previous halvings occurred in 2012, 2016 and 2020. Some crypto fans point to price rallies that followed them as a sign that bitcoin's next halving will boost its price, but many analysts are sceptical.
"We do not expect bitcoin price increases post halving as it has been already priced in," JP Morgan analysts wrote this week.
They expect bitcoin's price to fall after the halving, because it is "overbought" and venture capital funding for the crypto industry has been "subdued" this year.
#Megadrop #bitcoinhalving #Token2049 #BullorBear #Memecoins
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