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Crypto Alpha, 23 April 2024

Crypto Alpha, 23 April 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

April 23, 2024

TL;DR

Bitcoin price forecasted at $150,000 by year-end by Standard Chartered Bank analyst.
BlackRock Spot Bitcoin ETF sees 70 consecutive days of net inflows.
New York Stock Exchange considers 24-hour trading model in response to crypto market trends.
U.S. Bitcoin spot ETF records $62 million net inflow yesterday.
Ripple opposes proposed $2 billion fine by US SEC.
Hong Kong Securities and Futures Commission warns of virtual asset-related fraud.

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Alpha of the Day

Bitcoin's Bullish Trajectory: Still Aimed at $150,000

Despite recent market fluctuations, a Standard Chartered Bank analyst maintains an optimistic outlook on Bitcoin's trajectory, predicting a bullish run to $150,000 by the year's end. With the cryptocurrency market known for its roller-coaster rides, such bold predictions add fuel to the already fiery debates among enthusiasts and skeptics alike. Whether Bitcoin achieves this lofty target remains to be seen, but the anticipation sure keeps the crypto community buzzing.

BlackRock's Bitcoin ETF: 70 Days of Consistent Growth

In a streak that catches the eye of both seasoned investors and crypto novices, the BlackRock Spot Bitcoin ETF records net inflows for a staggering 70 consecutive days. Such sustained growth signals a growing confidence in Bitcoin from institutional investors, further solidifying its status as a mainstream investment vehicle. With each passing day, the ETF's performance continues to be a point of interest in the ever-evolving cryptocurrency landscape.

Kennedy's Blockchain Promise: A Presidential Pledge

In a move that merges politics and technology, presidential candidate Kennedy boldly pledges to digitize the entire US budget through blockchain technology if elected. While such promises may sound like futuristic fantasies, they inject a dose of innovation into the political arena. Whether Kennedy's vision materializes remains uncertain, but it sparks conversations about the potential applications of blockchain beyond the realm of finance.

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NYSE's Crypto Contemplation: Adapting to Market Trends

Amid the crypto market's relentless surge, the New York Stock Exchange (NYSE) mulls over the possibility of adopting a 24-hour trading model to align with the non-stop nature of digital currencies. This contemplation underscores the growing influence of cryptocurrencies on traditional financial institutions, signaling a potential paradigm shift in how markets operate. As the NYSE weighs its options, it navigates the ever-changing landscape of finance with caution and curiosity.

Bitcoin ETF Inflows: Yesterday's Surge

In a testament to Bitcoin's enduring allure, yesterday witnesses a substantial net inflow of US$62 million into the U.S. Bitcoin spot ETF. Such surges in investment highlight the ongoing interest and confidence in Bitcoin as a store of value and investment asset. As the cryptocurrency market continues to evolve, these influxes of capital contribute to its growing legitimacy in the broader financial landscape.

Ripple's Regulatory Resistance: Standing Against Fines

Amidst regulatory scrutiny, Ripple stands firm against the proposed US$2 billion fine by the US Securities and Exchange Commission (SEC), signaling a spirited defense against perceived injustice. Ripple's vocal objection adds another layer of complexity to the ongoing legal battle, shaping the narrative surrounding cryptocurrency regulation and enforcement. As the case unfolds, it serves as a litmus test for the regulatory landscape's treatment of digital assets.

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Green Initiatives: PayPal and EnergyWeb's Proposal

In a bid to promote environmental sustainability within the cryptocurrency space, PayPal and EnergyWeb propose an incentive plan tailored for environmentally friendly Bitcoin miners. This initiative highlights the growing awareness of energy consumption concerns associated with crypto mining and seeks to address them proactively. As sustainability becomes a focal point, such collaborations pave the way for greener practices within the industry.

Hong Kong's Fraud Alert: Warning Against Virtual Asset Risks

The Hong Kong Securities and Futures Commission issues a cautionary warning regarding suspected virtual asset-related fraud involving CBEX Group and Bitget Pro, highlighting the importance of investor vigilance in the digital asset space. As the popularity of cryptocurrencies grows, so do the associated risks, necessitating heightened regulatory oversight and consumer education. Such alerts serve as reminders to exercise due diligence in navigating the volatile crypto market.

Mining Trends: MARA's Meteoric Rise

Former Bloomberg analyst sheds light on the mining landscape, noting that listed miners' hash rate exceeds 30%, with significant growth observed in large miner MARA. This observation underscores the evolving dynamics of the mining sector, with MARA emerging as a prominent player in the competitive crypto mining industry. As mining operations continue to expand, they shape the broader narrative of Bitcoin's decentralization and security.

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Daily #Crypto Alpha | April 23 2024 🗞
- According to a Standard Chartered Bank analyst, #Bitcoin is still anticipated to hit $150,000 by year-end.
- The #BlackRock Spot Bitcoin #ETF has experienced net inflows for 70 consecutive days.
- Presidential candidate Kennedy pledges… twitter.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
7:51 AM • Apr 23, 2024

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