Traders and analysts expect a similar impact on BTC after its upcoming halving. Industry experts like SkyBridge Capital’s Anthony Scaramucci recently predicted BTC would reach $170,000 in the post-halving bullish cycle.
Bitcoin’s daily trading volume is also up by 70% today. The largest cryptocurrency reached its previous all-time high a month ago, hitting $73,737. If the market sentiment prevails, BTC can create a new peak this month.
According to SoSoValue, Grayscale’s ETF, GBTC, saw its net assets decrease by $198 million on the same day, pushing its total net withdrawals to $15.51 billion.
Meanwhile, BlackRock’s iShares Bitcoin Trust, which trades under the ticker IBIT, led the market with a single-day inflow of $308 million, raising its total inflows to $14.77 billion.
Bitcoin ETFs saw a net outflow of $85.8 million on Monday, April 1 — the only net outflow in the past ten days of trading. Consequently, BTC price dropped to $65,000, triggering broader liquidations across the market.
Notably, USDT’s value dipped below the $1 mark following the terraUSD collapse in 2022, a situation mirrored by USDC in 2023 after the failure of Silicon Valley Bank impacted it.
While Tether has faced scrutiny over the genuine backing of its reserves, Ripple aims to distinguish itself by highlighting its regulatory compliance and licensure in multiple jurisdictions, including New York, Ireland, and Singapore.
Garlinghouse pointed out the regulatory uncertainties surrounding current market leaders, emphasizing Ripple’s regulated status as a critical differentiator in the stablecoin market.
As cryptonews reported on April 2, the Comisión Nacional de Valores, Argentina’s securities regulator, recently introduced a regulation mandating the compulsory registration of all entities regarded as Virtual Assets Services Providers operating in the country.
The new legislation affects all entities providing and receiving crypto-related services such as buying, selling, trading, receiving or sending crypto tokens. With the law also encompassing Bitcoin activities, individuals such as Keiser have condemned the development.
“This means that market makers are exposed to far less stale quote risk allowing them to quote ‘tighter bid-ask spreads’ while allowing users to have control over how much ‘slippage’ they are comfortable over the reference quote. It’s a win-win for both sides,” Edward Mehrez, co-founder of Arrow Markets.
New presale tokens are largely driving this meme coin rally as investors continue to look for new projects, after the recent success of BOME and Slerf. However, cat-themed tokens seem to be experiencing high interest across social media.
Moreover, Bitcoin’s total open interest (OI) also registered an $800 million increase. Per data from Santiment, the total BTC OI surged from $11 billion to $11.8 billion over the past day.
Although firms like Michael Saylor’s MicroStrategy and Blackrock have increased their BTC holdings to record highs, the negative sentiment and rapid volatile fluctuations initiated by the $836 million outflows over the last 5 days have triggered massive liquidations across crypto derivatives markets, which appears to have created an outsized downward market reaction.
But, looking at two core fundamentals, the crypto market has not suffered any noticeable decline in investor interest, nor shortage in liquidity.
The pause in the extradition process allowed Kwon to be extradited to the United States, aligning with Montenegro’s authorities’ preferences. Kwon’s legal representatives have advocated for his return to South Korea, where the consequences for his alleged crimes are less severe compared to those in the United States.
The country’s lead prosecutor has pinpointed technical issues with how the court’s order for extradition was handled. This comes after the court reversed a prior decision to extradite Kwon to the United States for a civil trial related to fraud charges by the U.S. SEC, set to commence on March 25.