Monday, 22 April 2024

Market Summary

Market Summary 22 April 2024

Bitcoin Price: US$ 65,067.23 (-0.15%) 
Ethereum Price: US$ 3,147.67 (-0.26%) 

The average fees paid on Bitcoin sharply fell to an average of $8-10 for medium-priority transactions just a day after reaching a record average of $128 on the day of the fourth Bitcoin halving. Despite the initial large block fee payouts to miners on halving day, the average block fee is now well below 3.125 Bitcoin, meaning miners are now impacted by the block subsidy halving from 6.25 Bitcoin to 3.125 Bitcoin. In other news, Bitwise CEO Hunter Horsley predicts that wealth management firms will increase their Bitcoin ETF holdings, aligning with the broader market belief of increasing demand for ETFs. Despite Grayscale’s early lead in the Bitcoin ETF market, its supremacy seems to be diminishing as Fidelity and BlackRock quickly gained substantial market shares from the onset of trading. Meanwhile, Grayscale Investments’ upcoming “mini” version of the Grayscale Bitcoin Trust (GBTC) ETF will be almost a tenth cheaper than the current GBTC fees, making it the most cost-effective option among the approved spot Bitcoin ETFs. However, Bloomberg analyst Eric Balchunas explains that these are pro-forma financials and as such hypothetical, and while changes are possible before launch, the fees were intended to catch investors’ attention. 

The U.S. Bitcoin ETF market saw a net positive inflow right before the Bitcoin halving day, ending a five-day outflow streak, with five of the 10 approved ETFs recording positive inflows that overshadowed the GBTC outflows. The Bitcoin block 840,000, which triggered the fourth-ever Bitcoin halving event, momentarily spiked the network fees due to high demand, with users spending a staggering 37.7 Bitcoin in fees. Additionally, Several Bitcoin mining firms listed on the Nasdaq stock exchange saw a noticeable 24-hour increase in share prices in the lead-up to the Bitcoin halving event, with Riot Platforms seeing the most significant growth. The halving event, which slashes miner rewards in half for every block they mine, triggers Bitcoin miners to change up their operational strategies if they want to maintain the same profit margins. 

Sergey Nazarov, the co-founder of Chainlink, anticipates more ETFs for coins other than Bitcoin and Ethereum, and expects tokenised real-world assets to be generated by Web3 companies and banks in the near future. He also emphasised the need for improved usability in crypto to achieve wider mainstream adoption. In other news, Telegram is incorporating mini-apps and the Tether stablecoin, enabling its 900 million users to make peer-to-peer interactions seamlessly and interface with crypto without even noticing it. The launch of Tether on TON unlocks the creator economy in TON and Telegram, with users no longer needing to acquire a different type of crypto or token. Meanwhile, Binance recently launched an early access incentive and rewards program for Web3 users, dubbed “Megadrop”, which functions as a loyalty and rewards program with incentives for participation. The launch of this platform comes as the company moves on after paying $4.3 billion in fines and restitution as part of a plea deal with the United States government after the company’s former CEO, Changpeng “CZ” Zhao, pleaded guilty to running afoul of Anti-Money Laundering laws. 


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