"If you're trying to choose between two theories
and one gives you an excuse for being lazy,
the other one is probably right."
–Paul Graham
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Happy Saturday Folks! As I type Bitcoin is trading at $63,964 down since yesterday at $65,015 and down from last week. Last weeks ago the Fear and Greed Index was at 72 and today it's 66.
MY HOT TAKE
There ya have it folks, another halving in the books and we didn't make $100K (sorry Adam Back) so my $100K tag remains on my X (formerly known as Twitter) profile until it does or until I delete X.
News broke at the beginning of the week that Hong Kong had approved the Spot Bitcoin ETF; was one of the biggest news stories of the week. Germany's largest federal bank, Landesbank Baden-Wurttemberg (LBBW), planned to start offering cryptocurrency custody services in partnership with the Bitpanda exchange; was the second most covered news on Monday.
The bears came back in full force on Tuesday and Wednesday knocking Bitcoin back down to earth and wicked wick down to $59K before skyrocketing back by the end of the week. But most of the attention continued to be on the halving itself and the introduction of Runes.
Bitcoin Runes arrive at the halving—and Internet Computer will support them and Internet Computer's upcoming Threshold-Schnorr integration will enable enhanced Bitcoin compatibility, including with Runes tokens. BTCFi is an ‘enormous opportunity’ to make Bitcoin a productive asset. 'Real opportunity' for Bitcoin Runes will come after first wave of investor hype. Due to their initial lack of utility, Runes will trade akin to volatile memecoins at the beginning, according to pseudonymous DeFi researcher Ignas.
The news about staking with Bitcoin seemed to not get a lot of attention but Bitcoin staking is now possible with the core chain so you don’t need to wrap your Bitcoin anymore to stake it. Core Chain now offers non-custodial BTC staking.
Lastly it appears the halving was priced in so far but check out this Bitcoin Compounding Calculator; it goes to show why Bitcoin is the best savings technology on the planent.
I'll be adding news as it flows in over the weekend below, but that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
WEEKEND NEWS
Bitcoin’s block reward slashed by 50% following 2024 halving.(4) ViaBTC has not only mined Bitcoin’s fourth halving block, but it has also mined the fourth ever “epic sat”. Bitcoin barely bobbles after halving hovering around $63K,(3) but Runes Protocol launches on Bitcoin, sending fees soaring as users rush to mint tokens; record $2.4M in fees on halving block
(3) The halving defied era of money printing and currency debasement with ‘Quantitative Tightening.’
Bitcoin whales bought $1.2B BTC amid the price dip, fueling the quick rebound and data from the on-chain analytics platform CryptoQuant shows that over 27,700 BTC was transferred into accumulation addresses between April 16 and 17. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows.
Ethereum network generated $370M in profit in Q1, as $ETH reclaims $3K.
Crypto users propose dropping lawsuit against Sam Bankman-Fried to pursue FTX influencers. releases draft of 2025 digital asset reporting form for US taxpayers.(2)
Amid growing scrutiny over financial trades by members of Congress, Representative Barry Moore has disclosed a Bitcoin (BTC) purchase made a month before the cryptocurrency‘s halving event, sparking discussions about the timing and insights behind such investments.
