Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.
This way you always stay up to date with the latest developments. More detailed articles on these topics will be published on Crypto Insiders later today.
Bitcoin price and ETF performance
Bitcoin (BTC) had a good week. The price has risen by almost 13%, the first time since the launch of the American spot exchange-traded funds (ETF) is back above $48,000.
Shortly before the start of the weekend, the new ETFs also reached a special milestone. They now manage more than $10 billion in Bitcoin together.
Net inflows rose again last week and the BlackRock fund is already at $4 billion. However, the Grayscale fund saw net outflows of $6.3 billion over the same period.
Less than 66 days until the Bitcoin halving
The next Bitcoin halving is approaching at a rapid pace. There are now less than 10,000 blocks left until the halving, 9,900 to be exact.
It is estimated that the next halving will take place in the next 60 to 66 days. That’s sometime between April 13th and 17th.
Interest in Bitcoin remains very low
Despite all the exciting developments in the market, interest in Bitcoin remains remarkably low.
There was an increase in numbers Search Google for Bitcoin during the launch of the ETFs. However, there is nothing left of it and the interest rates are now lower than before.
This is a sign that despite the ETFs, the market has not yet attracted the attention of the general public and therefore little new money this cycle.
BTC ordinals are a rescue tool for miners after the halving
If interest rates remain low, this could cause problems miners will face problems after the upcoming halving.
Halving ensures that the reward miners receive is halved. If the price doesn’t rise enough in the meantime, they may have to capitulate.
But according to Grayscale, one of the Bitcoin ETF issuers, the so-called Bitcoin Ordinals could be a solution for miners.
Since the introduction of these NFTs on Bitcoin, miners have regularly made significant profits from them. This amounts to more than $200 million since launch in 2023.
Ethereum NFT volume is already increasing rapidly
What is striking is that The Block reports that NFT volume on Ethereum (ETH) is already increasing sharply.
It is reported that NFT volume on Ethereum last week reached its highest level since February last year.
This comes amid increasing interest in Pudgy Penguins, an NFT collection that is already worth almost as much as the infamous Bored Ape Yacht Club (BYAC).
Meanwhile, Yuga Labs, the company behind BYAC, has developed one big mistake. When collectors wanted to collect their “loot” NFTs, they had to pay higher transaction fees than the NFTs were worth.
For this reason, Yuga Labs now decides to refund all transaction costs.