Hong Kong Approves Spot Bitcoin and Ethereum ETF Applications
Hong Kong on Monday (today) approved several spot Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey. China Asset Management, a major Chinese asset manager, said its Hong Kong unit has received approval from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs.
Last 5 Days for Bitcoin Halving
Bitcoin halving is set to occur every 210,000 blocks, or approximately every four years. The estimated countdown is based on Bitcoin’s 10-minute average block generation time, and 12 noon on April 20 is currently set as a potential date to reach the next halving block high of 840,000. In 2 of the previous 3 halvings, price increases between 1 and 3 months were observed.
Pectra Upgrade on Ethereum
Ethereum developers want to include EIP-3074 in an upgrade called Pectra, expected later this year. EIP-3074 brings a number of user experience improvements to typical wallets by allowing certain functions to be delegated to smart contracts. Finally, Ethereum Foundation protocol support leader Tim Beiko said that EIP-3074 will be included in the Pectra upgrade on the X platform.
Massive Sales May Come from Miners After Halving
After the Bitcoin halving, miners could liquidate approximately $5 billion worth of BTC. The effect of this sale is expected to last approximately 4 to 6 months. For this reason, horizontal movement can be observed in the price during these months. After the previous halving, the price moved horizontally between 9000 and 11,500 dollars for a period of 5 months.
Gold Reached Record Level
A record increase was observed in gold following Iran’s attack on Israel over the weekend. On Friday, an ounce of gold exceeded $2400 and made ATH. Following the weekend attack, the price rose as high as $2856 on OTC. After the tension decreased, the price returned to normal.
Total Assets of Spot Bitcoin ETFs Exceed Expectations
According to current data, the total assets of spot Bitcoin ETFs exceeded expectations and rose to 59.1 billion dollars in a short period of three months. At the beginning of this year, JP Morgan and NYDIG predicted assets of $36 billion and $30 billion for spot Bitcoin ETFs by the end of 2024, but this limit was exceeded within three months. According to the latest estimates, Bloomberg and Standard Chartered set a total asset target of $100 billion.
Chainlink Introduces New Bridging Platform Transporter
After months of research and development, the Chainlink team introduced the new generation cross-chain bridging platform called Transporter. Chainlink’s new platform, Transporter, aims to move high-value data between multiple chains such as Ethereum, Arbitrum and Polygon. Additionally, according to the announcement, Chainlink’s Transporter platform is supported by Cross-Chain Interoperability Protocol (CCIP).
Bitcoin Dominance Reached Its Highest Level in the Last Three Years
Bitcoin dominance has reached its highest level in the last three years amid the weak performance of altcoins. When we examine Tradingview data, Bitcoin dominance reached 57% on April 13. At the same time, most of the top twenty cryptocurrencies by market cap lost more than 15% of their value.
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BITCOIN (BTC)
BTC is priced at $64,854 with a 1.23% loss of value as of the morning hours. There was a 17% loss in value due to the tensions that occurred over the weekend. On the 4-hour chart, we observe that it was rejected at the resistance zone of $ 72,000. There is currently a wide horizontal channel. The upper part is 73,700 and the lower part is 60,800. A horizontal movement can be observed in this range until the halving. The price continues to rise after the support at $60,800. The middle part of the horizontal band, i.e. $67,000, is a level that can act as resistance. Closing above this level could take the price to $73,000. For closings below $60,800, a decrease of up to $55,000 may be observed.
ETHEREUM (ETH)
ETH is priced at $3138 with a 0.52% loss of value as of the morning hours. After reaching the $4090 level, there was a loss of approximately 30%. The rise continues after the reaction from $2855. Permanence above $3140 is important, and the $3500 level may be seen again in the upward movement. In closings below $3000, $2866 appears as the first support.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.4992 with a 0.79% loss in value. With the decline in the market, we see that $0.4235 liquidity is taken in XRP. After this level is taken, the upward movement continues. $0.50 is an important level, and in case of an upward break, a rise to $0.55 can be seen. If it is rejected at $0.50, a drop to $0.40 may be observed.
AVALANCHE (AVAX)
AVAX is priced at $35.97 with a 3.46% loss in value as of the morning hours. With the decline in the market, there was a 55% withdrawal. After falling to $30, there seems to be a reaction at this level. $38 is a critical region, and in pricing above this level, the $40 band can be seen again. If there is a loss in the $35 region, there may be a drop to $25.
SOLANA (SOL)
SOL is priced at $149.7 with a 1% loss of value as of the morning hours. When we examine the hourly chart, we see that the ascending triangle formation formed after the decline has been broken upward. If this movement continues, the $155 level can be followed as resistance. If this region is crossed, the $160 level can be tested. In case of withdrawals, the $145 and $140 levels appear as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at 14 dollars, with a 0.72% loss in value. When we examine the hourly chart, we see that there is a reaction rise after the sharp decline and an image similar to the ascending triangle formation. The $14,300 level appears as the resistance zone. If this area is crossed, a move towards the $15 level may be possible. In case of withdrawals, the $ 13,600 level can be followed as support.
VET
VET is priced at $0.045 with a 4.86% gain in value as of the morning hours. When we examine the hourly chart, we see that the resistance levels of $0.042 and $0.044 have been exceeded. If this movement continues, first 0.048 and then 0.05 dollars can be followed as resistance. In case of a withdrawal, the $0.445 level can be followed as support.
BCH
BCH is priced at $536.4 with a 1.98% gain in value as of the morning hours. When we examine the hourly chart, we see that the $525 resistance level has been passed. If this movement continues, a move towards the $560 level may be possible. In case of a withdrawal, the $520 region can be followed as support.
