Daily News | BTC consolidated at a high level above $70K; JPMorgan Chase stated a "downturn" in crypto venture capital poses a downside risk; Bouncebit to launch BTC-staked stablecoins

2024-04-12, 03:37

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## Crypto Daily Digest: BTC is consolidating at a high level above $70K; JPMorgan Chase stated that a "downturn" in crypto venture capital poses a downside risk; Bouncebit will launch BTC-staked stablecoins
First, let's look at <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs' trading activity. According to data from HODL15Capital, on April 11, Grayscale Bitcoin spot ETFs (GBTC) had an outflow of $120 million in funds; Meanwhile, BlackRock IBTC received an inflow of $192 million, Fidelity FBTC received an inflow of $5 million, Bitwise BITB received an inflow of $11 million, and Valkyrie BRRR received an inflow of $8 million. The overall net inflow was $91 million, with a net inflow of 1,294 BTCs.

Worldcoin posted that its World App has exceeded 10 million users, with daily activity reaching 2 million and a total wallet trading volume exceeding 70 million. Previously, in December 2023, the number of users of Worldcoin's World App exceeded 5 million, with 1 million users using it every week, with daily and monthly activity of 350,000 and 1.7 million. This also means that the World app has seen a significant increase in user growth and new transaction activities in the past quarter.

The difficulty of Bitcoin mining has increased by 3.92% to 86.39 T, setting a new historical high. It has been less than ten days since the current round of Bitcoin halving. According to on-chain data, BTC is expected to experience a halving on April 20, and the current block reward will be halved from 6.5 BTC to 3.25 BTC.

Robert Kiyosaki, author of "Rich Dad Poor Dad," posted on social media, "Cathie Wood guarantees that Bitcoin will reach $2.3 million per coin. Do I believe her? Yes, I do. She may be wrong. So what? The more important question is, what do you believe? Most importantly, how much Bitcoin do you have? I also believe that Bitcoin will reach $2.3 million."

## Market Trends: BTC consolidation at high levels, Altcoins generally falling
Bitcoin (BTC) is consolidating at a high level, while Altcoins are generally falling. Although <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s exchange rate has strengthened compared to Bitcoin, it has not brought about a strong upward trend for Altcoins. Since the beginning of this year, new coins have emerged frequently, market hotspots have been dispersed, and funds have also been dispersed, making it difficult to form an apparent cohesive force.

Regarding macroeconomics, the US stock market rebounded, but Federal Reserve's Collins stated that interest rate cuts may need to be postponed or reduced this year, adding to market uncertainty.
### Market Hotspots:
Public-chain TON continues to rise: TON prices continue to rise, with a current quote of $7.12, a 24-hour increase of 6%. Ton made TON token airdrops active on chain traders, stimulating ecosystem development, and many Ton ecosystem tokens saw significant growth. Recently, Ton Eco's Web3 native smartphone, Universal Phone, completed its first round of pre-sales. The community has compared the Universal Phone with the SAGA phone issued by <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, and there are expected to be many Ton tokens airdropped for this phone.

BTC ecosystem-related tokens have performed outstandingly: Rune-based tokens have performed well, with frequent Bitcoin on-chain trading activities and BTC gas fees of up to 150sats.

Bouncebit rose due to institutional investment news: it briefly rose by 20% yesterday, and currently, the price of AUDION has retreated to around $21. Bouncebit plans to launch a stablecoin business similar to Ethena, which will be based on Bitcoin staking.

Although Bitcoin continues to consolidate, some hot topics remain in the market. Investors must closely monitor market changes and macroeconomic data, and flexibly adjust investment strategies. TON continues to rise, and BTC ecosystem-related tokens perform well, but halving is imminent. Investors need to pay attention to market risks and be cautious in decision-making. Meanwhile, Bouncebit experienced a short-term increase and then retreated due to the impact of institutional investment news. Its performance after the launch of its stablecoin business still needs attention.

## Macro: PPI temporarily suspends inflation concerns, gold continues to hit historic highs
Data shows that in March, the Producer Price Index (PPI) in the United States recorded its largest year-on-year increase in 11 months, but some of its sub-items showed relatively moderate increases. The US Department of Labor announced on Thursday that the PPI in March increased by 2.1% year-on-year. Every month, after a significant increase in February, the PPI rose by 0.2% in March, lower than the expected 0.3%.

PPI data also shows that service costs have risen for the third consecutive month, which has been proven to be the main reason for high inflation, prompting traders to lower their expectations of when the Federal Reserve will cut interest rates.

The US stock market closed on Thursday, with the Dow Jones Industrial Average nearing a close of flat, driven by a rebound from tech giants. The S&P 500 index rose 0.74%, while the Nasdaq rose 1.68%. The US March PPI report released on Thursday boosted market sentiment, slightly lower than expected. The day before, the booming March CPI in the United States suppressed market bets on the Fed's interest rate cut.

As of the close, the Dow Jones Industrial Average closed down 2.43 points, a decrease of 0.01%, at 38,459.08 points; The S&P 500 index closed up 38.05 points, or 0.74%, at 5,198.69 points; And the Nasdaq Composite Index closed up 271.84 points, or 1.68%, at 16,442.20 points.

The leaders of the trillion-dollar club, NVDA.US and Apple (AAPL.US), rose by over 4%. Alphabet (GOOGL.US) rose over 2%, with a market value close to $2 trillion, while Amazon Inc. (AMZN.US) rose 1.7%, reaching a historic high.

Gold has reached a new historical high, with spot gold breaking through the previous high of $2,365.25 per ounce and briefly breaking through the $2,370 per ounce mark, continuing to hit a new historical high. COMEX June gold futures rose 1.03% to $2,372.7 per ounce, setting a new closing record.

New York Fed Chairman John Williams stated that the Fed has made "significant progress" in achieving a better balance between inflation and employment goals, but is not in a hurry to cut interest rates in the "very short term." After an event in New York, Williams told the media that inflation is "still some way off" from reaching the Federal Reserve's target of 2%.

He emphasized that the current monetary policy is in a good state and the labor market remains strong. Williams said, "There is no need for significant policy adjustments in the short term, and as we gather more data, we will be able to assess whether we have enough confidence in the inflation rate falling back to 2%." Williams expects that the inflation rate will continue to gradually return to 2%, but the process will not be smooth.

Boston Fed Chairman Collins stated that the urgency of interest rate cuts is lower now than earlier this year, and the risk of monetary policy tightening has dissipated.

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<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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