Get Smarter About Crypto

₿itcoin reached $62,853. -1.72%

♢Ethereum reached $3,124.  -0.16%

What we will talk about today...

🤔 Is the Bitcoin Bull Run Ending?

🚀 PayPal Advances Eco-Friendly Bitcoin Mining

📊 DTCC Halts Collateral for Bitcoin ETFs

Is the Bitcoin Bull Run Ending?

Peter Brandt, a well-known trader, has warned that the current Bitcoin bull run may be nearing its end. He points out a pattern of exponential decay in Bitcoin’s growth, suggesting that each bull market cycle is weaker than the last.

• Past Cycles: Brandt identifies four major bull cycles, each showing an 80% reduction in growth momentum.

• Current Cycle: He predicts that Bitcoin might have hit its peak at $72,723, factoring in the diminishing trend and past halving events.

• Future Predictions: If the peak has been reached, Brandt anticipates a possible drop to mid-$30,000s or lower, similar to 2021’s lows.

Brandt’s analysis, while not definitive, suggests caution for Bitcoin investors as historical data indicates a possible downturn in the market.

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PayPal Advances Eco-Friendly Bitcoin Mining

PayPal has partnered with Energy Web and DMG Blockchain Solutions to promote sustainable Bitcoin mining. This initiative encourages the use of renewable energy sources among miners, aiming to reduce the environmental footprint of cryptocurrency mining.

• Sustainable Mining Certifications: Miners can now receive certifications for using low-emission energy, thanks to Energy Web’s initiative.

• EWT Tokens Gain Attention: The partnership has put a spotlight on Energy Web Chain’s EWT tokens, which may see increased demand as the industry moves towards greener practices.

• New Climate Accounting Framework: PayPal is also working with South Pole Global and the Crypto Carbon Ratings Institute to develop a system for tracking emissions in the crypto industry.

• BlackRock’s Sustainable Focus: BlackRock’s interest in sustainable aviation fuel aligns with the industry’s shift towards environmental responsibility.

PayPal’s new partnerships are a significant step towards a more sustainable cryptocurrency mining industry, addressing environmental concerns and setting a precedent for future eco-friendly initiatives.

DTCC Halts Collateral for Bitcoin ETFs

The DTCC has announced a major change affecting Bitcoin ETFs. Starting April 30, 2024, it will no longer provide collateral for these funds.

• DTCC’s Decision: The move to cut collateral for Bitcoin ETFs to zero has surprised the market.

• Market Effect: Bitcoin’s value dipped by 2.2%, and the global crypto market cap fell by 1.9%.

• Contrast with Banks: Unlike DTCC, banks like Goldman Sachs and BNY Mellon are showing interest in crypto ETFs.

• Investor Impact: The ETF market saw significant outflows, with Grayscale’s GBTC ETF losing over $82 million in one day.

This decision by DTCC marks a significant shift in the treatment of Bitcoin ETFs and reflects the complex landscape of cryptocurrency investments.

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Stay tuned for more twists and turns in the crypto world & Happy Investing🚀💎