BTC Update 04/16/2024, 62243 (+0.1%)
Journaling Days: 03
BTC printed its lowest 62243 at 02:07.04/16/2024
BTC printed its highest 66874 at 16:22.04/15/2024.
Journal time: April 15th-16th. 7am-7am UTC+7
In the News:
Satoshi Era BTC moved after 14 years of Dormancy.
An early Bitcoin miner has transferred 50 BTC (worth over $3 million) after 14 years of inactivity, with part of the transfer ending up at the crypto exchange Coinbase.
This is a rare instance of the "Satoshi era" Bitcoin movement, following significant transfers of $30 million worth of BTC in July and 1,005 BTC moved in August of 2023. The miner received 50 bitcoins as a reward in April 2010, during the so-called "Satoshi era," when the network was just starting. Satoshi Nakamoto was active online, and the token was worth only a few cents. (Report)
Hong Kong Approves Spot Bitcoin and Ethereum ETFs.
Hong Kong has become the latest global financial hub to greenlight spot Bitcoin and Ethereum exchange-traded funds (ETFs). Local regulators have conditionally approved applications from at least three offshore Chinese asset managers to launch these crypto ETFs.
Harvest Fund Management, Bosera Asset Management, and China Asset Management (ChinaAMC) will be the first issuers to offer the spot BTC and ETH ETFs in Hong Kong. Notably, the regulators have approved an "in-kind" creation model, allowing the ETFs to be backed directly by the underlying cryptocurrencies rather than the cash-based approach used in the U.S.
This innovative in-kind structure is expected to enhance market liquidity and stability by facilitating the direct exchange of crypto assets for ETF shares. Experts predict the new Hong Kong crypto ETFs will attract significant capital inflows into the digital asset market across Asia. While the exact launch timelines are still uncertain, the approvals mark an important milestone in Hong Kong's efforts to position itself as a leading crypto-friendly financial center. This development is likely to spur regulatory competition with the U.S. as both markets vie for Bitcoin and Ethereum investment flows. (News)
Potential China Influence on Bitcoin, Ethereum, and XRP Prices.
There are reports that China may be poised to make a move that could significantly impact the prices of major cryptocurrencies like Bitcoin, Ethereum, and XRP. Unconfirmed leaks suggest China's securities regulator has approved spot Bitcoin and Ethereum ETF applications from several major financial firms in Hong Kong.
If true, this would be a major development, as China has generally taken a restrictive stance on cryptocurrencies in recent years. The approval of these crypto ETFs could open the floodgates for significant capital inflows from mainland China into the global digital asset markets.
Analysts are speculating that China's potential move could spark a "fight for capital" between Hong Kong and New York, as both financial centers compete to attract investments into their respective Bitcoin and Ethereum ETF products. Some experts predict the new Hong Kong ETFs could see as much as $25 billion in demand from Chinese investors.
However, there are also reports that the ETFs may be restricted to only Hong Kong-based investors, which could limit the broader impact on crypto prices. Nonetheless, the mere prospect of China's involvement in the crypto ETF space has already generated significant excitement and speculation among BTC, ETH, and XRP enthusiasts.
Investors will be closely watching for any official announcements from Hong Kong's regulators in the coming weeks regarding the approval and launch timeline for these potentially game-changing crypto investment products. Forbes
BTC Projection for 04/17/24
Limit order
Short target: 66875
Long : 62242.5
Prediction expired at 04/17/24.07:00 am UTC+7.
BTC 04/15/24 Prediction (Update)#1
Your L1 (63820) position is opened at 22:02.15/4/ (UTC+7), rebounded +1.5%, but then re-opened the L1 around 00:00.16/4. Your L1 currently turns into a resistance line. Should BTC breach it, I'll let you know.
Suppose you set SL -2% for that L1 anyway. That SL is already triggered at the time of this writing (05:34.16/4).