Current Cryptocurrency Prices
Hot Topics in the Crypto World
With the upcoming halving event, bitcoin has experienced a slight recovery, increasing by 5% in the last 24 hours. Ether, the second largest cryptocurrency, has also seen a rise of 4% and is currently trading at $3,000. According to Laurent Kssis, a specialist in crypto exchange-traded products at CEC Capital, we can expect this uptick in bitcoin to continue for U.S. markets before it adjusts and moves back to previous levels. Bitcoin reached its lowest point for the week at $58,800 and is now approaching the $65,000 mark. The halving, which occurs every four years, will slow down the pace of bitcoin supply growth by 50%. Other altcoins have also experienced gains, such as dogwifhat (WIF) with an increase of 18%, and Ethena Labs’ ENA and Sei Networks’ SEI with increases of 16% and 14%, respectively.
In the United States, bitcoin spot exchange-traded funds (ETFs) have accumulated outflows of $4.3 million on Thursday, marking the fourth day in a row for withdrawals leading up to the halving event. Since April 12, there has been a total net outflow of over $319 million from ETFs, with Grayscale’s GBTC accounting for a significant portion of these withdrawals, according to data from Farside Investors. On Thursday alone, GBTC lost $90 million in outflows, which were partially offset by inflows into Fidelity’s FBTC and BlackRock’s IBIT. The Grayscale ETF has experienced outflows since its debut due to its relatively high fees. While the outflows from GBTC may not be cause for concern, a slower influx of investments into other ETFs is something to keep an eye on.
Kraken, a popular cryptocurrency exchange, has recently acquired TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation, in an effort to expand its regulatory licensing in the United States. A Kraken spokesperson stated that the purchase of TradeStation’s crypto business is part of their efforts to establish a stronger presence in the U.S. The exact amount paid for this takeover has not been disclosed, but it is a strategic move for Kraken since TradeStation Crypto has obtained regulatory licenses in most states over the past few years.
The Chart of the Day
- The chart illustrates the changes in prices for bitcoin perpetual futures on Binance and the open interest across the entire market (lower panel) over the past 24 hours.
- As the perpetuals rebounded from their lows during the Asian session, open interest declined.
- The divergence suggests that part of the price recovery was due to a short squeeze.
- Source: Velo Data