BTC Update 04/22/2024, 64215(+1.85)
BTC Update 04/22/2024, 64215(+1.85)
Journaling Days: 09
BTC printed its lowest 64215 at 23:38/04/21/2024
BTC printed its highest 65678 at 10:12/04/21/2024.
Journal time: April 20th-21th. 7am-7am UTC+7
In the News:
Bitcoin Fees Crash After Record Daily Average
After reaching a record daily average of $128 on the day of the fourth Bitcoin halving, fees have dropped to an average of $8-10 for medium-priority transactions. This means that the surge in block fees on halving day was short-lived, and miners are no longer benefiting from the high fees. The average daily transaction fee on Bitcoin has fallen, but the 7-day fee average remains at $17.8 million.
Will Uniswap (UNI) Be a Dark Horse Post-Bitcoin Halving?
Uniswap's TVL has increased by 138% in the last 30 days, indicating that traders are regaining trust in the protocol. A whale recently withdrew $954,000 worth of UNI from Binance, suggesting that the token may be due for a rally. The Market Value to Realized Value (MVRV) ratio is also negative, indicating that UNI holders may be holding onto their tokens, potentially leading to a price increase.
Bitcoin Mining Stocks Surge on Nasdaq Ahead of Halving
Several Bitcoin mining companies listed on the Nasdaq stock exchange experienced significant price surges ahead of the fourth Bitcoin halving. Riot Platforms (RIOT) led the charge with a 10.13% increase, while Marathon Digital (MARA) and Clean Spark (CLSK) also saw notable gains. The surges came as firms prepared to adjust their operational strategies post-halving to maintain profitability.
Ethereum: Two Major Factors Will Help Shape ETH's Q2 Prices
Ethereum's price has experienced significant volatility over the past week, but two major factors will help shape its Q2 prices. Firstly, the growing number of long positions taken towards ETH suggests a rising optimism among traders, reflecting a bullish sentiment towards Ethereum's future prospects. Secondly, the rise in velocity suggests increased trading activity and liquidity in the market. Despite the surge in price, the MVRV ratio for ETH remains negative, indicating that Ethereum holders are yet to realize profits.
Brazil's Bitcoin Futures Market Off to a Strong Start
The first bitcoin futures contracts listed on Brazil's stock exchange, B3, have seen significant interest from investors on its debut day. A total of 7,400 contracts were traded, with the instrument reaching a peak of 111,000 orders on screen. This is a major milestone for B3, which has been diversifying its offerings to reach more investors.
What's Behind the Strong Demand?
According to Marcos Skistymas, Listed Products Director at B3, the demand for bitcoin futures contracts is due to their functionality. "The market now has an appropriate instrument to protect itself or operate against the expectation of price variation," he said. This means that investors can use the contracts to hedge against potential price fluctuations or make bets on the future price of bitcoin.
B3's Diversification Strategy
B3 has been expanding its offerings to include more cryptocurrency-related products. The company already has 14 cryptocurrency ETF products listed, but the release of a native bitcoin futures contract was a key part of its diversification strategy. Felipe Gonçalves, superintendent of interest and currency products, said that the company wanted to offer investors more options to participate in the cryptocurrency market.
How the Contracts Work
Each bitcoin futures contract has a value of 0.1 BTC and is settled each month. The contracts are negotiated in Brazilian reais and are financially settled, meaning that there is no purchase or sale of cryptocurrency involved. The instrument takes the Nasdaq Bitcoin Reference Price (NQBTC) index as a reference for settlements.
BTC Prediction for 04/22-23/24
Short: 65678.5
Long: 64214
Prediction expired at 04/23/24.07:00 am UTC+7.
BTC Prediction for 04/21-22/24 (Update) #Final
At 10:06 am, BTC open your short target (65400) and around 17 minutes later, BTC left you in red zone. However, since 10:23 on a same date, BTC technically on your green side until eventually, BTC gave you decent 1.84% profit after it touched Fair line at (64220) 23:38. FYI, from Friday through Sunday, the market, in general, worked with low liquidity, so 1-1.5% would be a moderate achievement when combined with crypto futures trading.
BTC 04/15-16/24 Prediction (Update)#7
I keep my positivity about the Long position BTC opened at (63820) on that session day. I plan to update this position until BTC prints 67k.