Bitcoin's Record Surge and Dip Ahead of CPI Report, ETF Impact, and Bullish Predictions
April 9, 2024Bitcoin reached a new all-time high of $73,500 before a slight decline ahead of the US CPI report, which may influence Federal Reserve interest rates.
The market anticipates a potential reduction in inflation and a high probability of rate cuts starting from July, affecting Bitcoin and altcoin prices.
The post-halving period is predicted to be explosive for Bitcoin, with significant price increases expected.
U.S. Bitcoin spot ETFs have seen a net inflow of $12.3 billion, impacting market dynamics and representing a substantial portion of trade volume.
Glassnode reports increased BTC distribution from long-term holders, similar to previous bull runs, with GBTC experiencing outflows yet minimal NAV decline.
SEC's extension of the review period for Bitcoin ETFs has caused a decline in crypto investments and raised questions about regulatory credibility.
The CEOs of VanEck and CoinShares express doubt over the SEC's approval of U.S. spot Ethereum ETFs, anticipating potential rejections.
Crypto enthusiast Jeremy DaVinci's analysis indicates a possible Bitcoin rally, with predictions of the price potentially surpassing $130,000.
Investor Dan Tapiero supports a bullish outlook for Bitcoin, suggesting it could exceed $200,000 due to macroeconomic factors and its scarcity.
Despite recent fluctuations, Bitcoin remains resilient, trading above $69,000, as investors are encouraged to research before investing.
Summary based on 159 sources
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Sources
Bloomberg • Apr 9, 2024
Video: Where Bitcoin and Artificial Intelligence MeetYahoo Finance • Apr 8, 2024
MicroStrategy Should Continue to Rally as Bitcoin Halving Nears: BenchmarkYahoo Finance • Apr 8, 2024
5 Bitcoin-Centric Stocks to Buy Amid Recent Meltdown