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₿itcoin reached $66,090. -0.45%

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What we will talk about today...

📈 Bitcoin ETFs Experience Inflows; GBTC Nears 300K BTC

🚀 Bitcoin Halving Sparks Rally Forecast by Ark Invest

📈 XRP’s Price Rises Amid Ripple’s SEC Dispute

Bitcoin ETFs Experience Inflows; GBTC Nears 300K BTC

After a week of losses, U.S. Bitcoin ETFs rebounded last Friday, adding 900 bitcoins worth $59.7 million. Grayscale’s Bitcoin Trust (GBTC) is close to holding 300,000 bitcoins, with a current total of 304,970.43 BTC.

Market Summary:

• U.S. Bitcoin ETFs had a tough week with $319.1 million in outflows.

• On Friday, they gained $59.7 million, coinciding with the April 19 halving event.

• GBTC’s holdings decreased by 1,428.66 bitcoins since last Friday.

ETF Performance:

• Blackrock’s IBIT is catching up to GBTC, now holding 273,596.44 bitcoins.

• IBIT and GBTC together control 578,566.87 bitcoins, 2.93% of all bitcoins in circulation.

• The top three funds, including GBTC and IBIT, hold 229,300.57 bitcoins.

Looking Forward:

• Despite losses, Friday’s gains hint at a possible market recovery.

• Six other spot BTC ETFs are also growing their bitcoin reserves.

• The BTC investment landscape is expanding, with new international products on the horizon.

Bitcoin Halving Sparks Rally Forecast by Ark Invest

Ark Invest, led by Cathie Wood, predicts a potential 3,000% increase in Bitcoin’s value over the next year, following the recent halving event. Yassine Elmandjra, Ark’s Digital Assets Director, notes the halving’s effect on Bitcoin’s inflation rate, now lower than gold’s, setting the stage for a possible price surge.

• Bitcoin’s Halving: Occurred last Friday; since then, Bitcoin’s price has been stable.

• Supply Growth: Post-halving, Bitcoin’s annual supply growth fell from 1.8% to 0.9%, below gold’s 1.7%.

• Scarcity and Predictability: The halving, which cuts mining rewards in half every four years, reinforces Bitcoin’s scarcity and the 21 million cap.

• Price Potential: Historical trends suggest significant gains after halvings, with an average 12-month increase of 3,108%.

Market Comparison and Sentiment:

• Bitcoin vs. Gold: Bitcoin is becoming a less inflationary asset than gold.

• Diverse Opinions: Not all analysts agree with Ark’s bullish view, as some remain skeptical about Bitcoin’s value.

Current Market Status:

• Investor Watch: The market is observing Bitcoin’s post-halving behavior for signs of the anticipated rally.

XRP’s Price Rises Amid Ripple’s SEC Dispute

XRP’s value has increased by 2.5% in 24 hours, reaching $0.551, influenced by Ripple’s challenge to the SEC’s $2 billion penalty proposal.

Ripple’s Legal Move:

• Ripple has filed a brief opposing the SEC’s penalty, aiming to lower it to $10 million.

Defense Strategy:

• Ripple claims no unjust gains, citing a similar case (LBRY) and arguing for a lesser fine.

Market Dynamics:

• XRP’s rise is partly due to a shift in the crypto market’s capital, with a notable 25% increase against Bitcoin recently.

Investor Interest:

• A spike in ‘whale’ investors holding XRP suggests a positive market outlook.

Technical Outlook:

• XRP’s technical indicators show a bullish trend, with predictions of further increases.

Ripple’s legal stance and the market’s response are key factors in XRP’s current and future price movements.

CAN YOU PREDICT THE PRICE?

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