Inflation
It’s no surprise a BTC-backing candidate just won a primary election in Argentina.
Bitcoin begins to fulfill traders’ downside targets as BTC price action retraces its steps in a crucial macro week.
The jobs market remains strong, a concern for the U.S. central bank which seems intent on raising the Federal Funds rate 25 basis points.
Wednesday's CPI report showed sizable decelerations in both overall and core U.S. inflation, which one might've thought would drive BTC's price higher.
Economists had forecast sizable year-over-year declines in both headline and core inflation for this report.
Crypto traders anticipates a big move in bitcoin as Bollinger bands have tightened to the lowest level since early January.
The unemployment rate fell to 3.6% versus 3.7% in May and against expectations for 3.7%.
The rise in real yields is more of a headache to blue chip stocks than to markets like technology or crypto and will not disrupt the medium-term growth story, one observer said.
With the expiry done, the supposed price magnet at $26,500 from the max pain point is gone and prices could resume the upward journey, a common pattern during the bull market days of 2021.
The U.S. central bank had previously raised rates at 10 consecutive meetings spanning the previous 15 months.
- 04:04Grayscale Urges US SEC to Approve Ethereum ETF Staking, Claims $61 Million Revenue MissedPANews, April 28 - According to Bitcoin.com, asset management company Grayscale met with the SEC's crypto working group on April 21 to apply for permission to stake its Ethereum ETFs (ETHE and ETH). The company stated that due to regulatory restrictions, the $8.1 billion in assets under its management missed out on approximately $61 million in potential revenue from the product's launch until February 2025. Grayscale put forward three arguments: 1) Similar products in Europe and Canada have successfully implemented staking; 2) Staking can enhance the security of the Ethereum network; 3) Risk management strategies, including a "liquidity reserve," have been developed. Currently, the inability to stake spot Ethereum ETPs in the US prevents full realization of the underlying asset value. Grayscale calls on the SEC to update regulations in line with traditional financial products.
- 04:01LAYER 7th Largest Holder Address Withdraws 1 Million LAYER from CEX 40 Minutes AgoAccording to Odaily, blockchain analyst The Data Nerd reported that 40 minutes ago, wallet address DLcwu withdrew 1 million LAYER (approximately $2.72 million) from CEX and transferred it to wallet AEZok. Over the past three days, wallets DLcwu and 8KGnY have cumulatively withdrawn 26.51 million LAYER (approximately $66.92 million) from CEX, all transferred to AEZok. Currently, AEZok is the 7th largest LAYER holder, possessing 48.47 million LAYER, suspected to be a market-making address for the project.
- 03:59Data: Ethereum Spot ETFs End Eight Weeks of Net Outflows, Record $157 Million Net Inflow Last WeekAccording to ChainCatcher news and SoSoValue data, Ethereum spot ETFs recorded a net inflow of $157 million for the last trading week (April 21 to April 25, Eastern Time). The Ethereum spot ETF with the highest net inflow last week was the Fidelity ETF FETH, with a weekly net inflow of $68.59 million. The historical total net inflow for FETH has now reached $1.43 billion. This was followed by the Blackrock ETF ETHA, with a weekly net inflow of $64.18 million, bringing ETHA's historical total net inflow to $4.11 billion. The Ethereum spot ETF with the highest net outflow last week was the Grayscale Ethereum Trust ETF ETHE, with a weekly net outflow of $32.02 million. The historical total net outflow for ETHE has reached $4.28 billion. As of the time of publication, the total net asset value of Ethereum spot ETFs is $6.14 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 2.83%. The cumulative historical net inflow has reached $2.4 billion.