Bitcoin opens $63K futures gap as thin liquidity threatens BTC price
Bitcoin market participants are doubting the staying power of the ongoing BTC price relief bounce.
CryptoQuant CEO: Bitcoin whales accumulated 47,000 BTC in the past 24 hours
Ki Young Ju, CEO of CryptoQuant, stated on social media that Bitcoin whales accumulated 47,000 BTC (approximately $2.773 billion) in the past 24 hours.
Arthur Hayes: New U.S. monetary policy will boost crypto market rebound
On May 2nd, BitMEX co-founder Arthur Hayes expressed optimism about the trend of Bitcoin in his latest blog post titled "May Danger". Hayes analyzed in detail the potential impact of recent changes in US monetary policy on the crypto market.
David Marcus: If Bitcoin can keep up with the speed of AI, it will become the native currency of AI
David Marcus, former president of PayPal and current CEO of Lightspark, shared his insights on the integration of artificial intelligence and Bitcoin during the Microstrategy World 2024 event in Las Vegas. He believes that Bitcoin can eliminate the inherent inefficiency and friction of legal currency and predicts that AI agents will adopt this digital native medium for value exchange.
BTC falls below $58,000
Golden Finance reported that according to OKX market data, BTC briefly touched $57,700 and is now trading at $58,581.53, with a daily decline of 7.15%. The market is volatile, so please be prepared for risk management.
BTC and ETH options with a notional value of over $2.2 billion will expire on Friday
According to Deribit data, nominal value of over 1.285 billion USD BTC options and over 954 million USD ETH options contracts will expire on Friday (May 3rd). The maximum pain point price for BTC is 64,000 USD and for ETH it is 3,050 USD.
The premium of Bitcoin in Japan rose to 1.49% in early April, the highest since March 2020
TradingView data shows that the Bitcoin-Yen (BTC/JPY) trading pair on Japanese cryptocurrency exchange bitFlyer is trading at a premium of about 0.2% compared to the Bitcoin-US dollar price on Nasdaq-listed Coinbase (COIN). In recent weeks, mainstream cryptocurrencies have continued to show premiums when priced in yen, with the highest premium reaching 1.49% earlier this month, the highest since March 2020. This indicates that traders are diversifying their investments into alternative assets to avoid volatility in the yen.
Glassnode: 7% of Bitcoin supply locked in $60,000 to $65,000 price range
Glassnode's URPD indicator provides an in-depth understanding of the distribution of Bitcoin's unspent transaction outputs (UTXO) based on its creation price. Since February 28th, the price of Bitcoin has remained above $60,000, with only two brief dips below this level, one on March 5th and another from April 17th to 19th. Despite Bitcoin briefly breaking through $70,000 in March and April, the URPD indicator shows a large accumulation of supply between $60,000 and $65,000 - BTC transactions have been within this range for the past two weeks. According to Glassnode's data, as of April 26th, approximately 7% of the total supply is concentrated in this range.
Bitcoin hashrate price falls to historic low
An indicator measuring the profitability of Bitcoin mining is approaching the historical low point reached after the FTX collapse, indicating that miners will face difficult times in the future. According to the computing power index data, the hash price fell to $57 on Friday. This number represents the amount miners can earn per day from the computing power of 1 petahash per second. Shortly after the FTX crash in November 2022, its price reached a historical low of $55.After the Bitcoin halving on April 20th, the hash price immediately soared to $139 due to a series of activities surrounding the Rune protocol that caused transaction fees to skyrocket. According to CryptoQuant's data, this upward trend quickly reversed as fees fell back to pre-halving levels and mining difficulty increased.
Swiss National Bank President Expresses Concerns About Adding Bitcoin to Currency Reserves
Thomas Jordan, Chairman of the Swiss National Bank (SNB), expressed doubts about the prospect of the Swiss central bank buying bitcoin at the annual shareholder meeting on Friday. Jordan pointed out that adding bitcoin to the Swiss National Bank's reserve assets (including gold, foreign currency, bonds and stocks) could have potential negative effects, such as increased carbon emissions. He then emphasized the energy consumption associated with bitcoin mining and trading. We have not yet decided to invest in bitcoin, and there are actually good reasons not to. Currency reserves are for international payments. They must be liquid. They must be sustainable, and we must be able to sell and buy them. Previously, crypto advocates had called for changes to Swiss legislation to allow cryptocurrencies to be included in national currency reserves.
