Month: April 2024

Runes volume rises with Bitcoin gaining meme coin utility

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Since the fourth halving, Runes trading volume has exploded, opening up a new sector for Bitcoin with meme coins. Runes are a fungible token protocol on the Bitcoin (BTC) blockchain, allowing the network to utilize meme coins and other fungible projects. “Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure […] the protocol is self contained and has no dependencies on ordinals or inscriptions, making it extremely simple”, Casey Rodarmor, the creator of Runes and the BRC-20 protocols, said in a tweet. Rodarmor took…

Trader claims Bitcoin algo netted $71k profits, community disagrees 

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Crypto influencer Rekt Fencer shared a Bitcoin trading algorithm built with OpenAI’s ChatGPT, but users are skeptical about the bot’s results.  Trading algorithms are not exclusive to cryptocurrencies; they are tools in any financial market that automate processes. The idea revolves around establishing presets based on advanced mathematical models to execute trades aligned with pre-determined rules rather than instinct or emotions.  Rekt Fencer supposedly created one of these algorithms to trade Bitcoin (BTC) and pocketed $71,500. According to the influencer’s April 25 X thread, the bot leveraged the Bollinger Bands…

Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

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Chief economist and Bitcoin critic, Peter Schiff has issued a somber prediction regarding the world’s largest cryptocurrency, Bitcoin. The financial expert has cautioned investors of the potential repercussions should BTC drop below critical resistance levels. Economist Predicts Bitcoin Price Decline In a recent X (formerly Twitter) post, Schiff shared a price chart of Bitcoin against the United States Dollar (USD), pinpointing Bitcoin’s price at the time of the post at $63,814, alongside key support levels around $60,000. The economist has argued that Bitcoin’s current price position was not conducive for…

Is Bitcoin Rally Over? Leverage Drops As Halving Highs Fade: Report

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Recent trends in the crypto market have indicated a notable shift in trader behavior, particularly among those investing in Bitcoin. Using data from CryptoQuant, Bloomberg has revealed that the Bitcoin funding rate—the cost for traders to open long positions in Bitcoin’s perpetual futures—has turned negative for the first time since October 2023. Bitcoin Funding Rates: Source: CryptoQuant This change suggests a “cooling interest” in leveraging bullish bets on Bitcoin, coinciding with the fading impact of major market drivers. Bitcoin Market Dynamics Post-Halving The decline in Bitcoin’s funding rate correlates with…

US SEC postpones decision on spot Bitcoin ETF options

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The U.S. SEC has again postponed its decision on applications for spot Bitcoin ETF options. According to a recent filing, the SEC delayed its decision to launch options trading on the Bitcoin ETF while requesting public comment. The SEC said comments must be provided within the next 21 days and rebuttals within 35 days. The agency has questioned whether options on spot Bitcoin ETFs should follow the same rules as stocks. “Whether options on the specified Bitcoin ETPs should be subject to the same position limits as options on stock, and whether the available…