Demand appears to have outpaced issuance as Bitcoin halving nears

Analysts at CryptoQuant found that Bitcoin demand from “permanent holders” has outpaced BTC issuance for the first time in history, adding fuel for the potential price rally.

Bitcoin‘s demand from long-term holders has surged past issuance levels for the first time in the cryptocurrency’s history, according to a recent research report from CryptoQuant.

The cohort of long-term holders is now adding around 200,000 BTCs per month, analysts say, adding that the figure is far exceeding the monthly issuance of approximately 28,000 BTC.

Analysts at CryptoQuant noted that with the upcoming halving set to reduce monthly issuance to about 14,000 BTC, such a demand marks a significant shift in Bitcoin’s supply-demand dynamics.

Commenting on the upcoming halving, Tezos co-founder Arthur Breitman described the event as a “reduction in security budget,” suggesting that while the reward change for miners could benefit the Bitcoin ecosystem in the short term by potentially addressing overpayment for security, underscoring the need for future adjustments to emission policies to maintain security.

Standard Chartered Analyst Predicts Bitcoin Price By Year End Can Reach $150,000

Geoff Kendrick of Standard Chartered emphasizes the transformative impact of these developments, citing increased optimism within the financial sector and the broader cryptocurrency landscape.

Kendrick predicts a target of $150,000 for Bitcoin price by year end, reflecting a bullish outlook even in the absence of similar performance from other cryptocurrencies.

US SEC expected to deny spot Ether ETFs in May

The United States Securities and Exchange Commission (SEC) will most likely deny spot Ether exchange-traded funds (ETF) in May, according to a new report.

Reuters reported on April 24 that U.S. issuers and other firms expect the SEC to reject spot Ether ETF applications next month following meetings with the regulator in recent weeks, citing four people who participated in the meetings.

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DeFi’s total value locked falls $10 billion in April

The total value locked (TVL) on decentralized applications fell $10 billion in April, according to data aggregator DefiLlama.

That’s a 7% drop in 30 days, as the decentralized finance (DeFi) ecosystem closed last month with $138.6 billion, including liquid staked amounts.

Former Bitmex Chief Expects Bitcoin to Trade Within $60K-$70K Range Until August

Former Bitmex CEO Arthur Hayes predicts bitcoin will range-bound trade between $60,000 and $70,000 until August.

“The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out,” Hayes said, adding that he expects “prices to bottom, chop, and begin a slow grind higher.”

dYdX founder to step down as CEO, taking chairman role

The founder of dYdX, Antonio Juliano, will step down as CEO of the crypto platform.

Juliano shared his plans in an official blog post, detailing his transition to the positions of chairman and president of the company. His successor as CEO will be Ivo Crnkovic-Rubsamen, who served as the operating partner of dYdX.

“I realized I didn’t actually have to run my own company. I am and will always be the founder of dYdX.”

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DeFi markets surge in 2024 as capital inflows drive growth - Binance Research

2024 has seen a flood of capital into decentralized finance (DeFi), driving the total value locked (TVL) up by 75.1% year-to-date (YTD) to $94.9 billion from $54.2 billion at the start of the year, according to a report by Binance Research.

The Yield sector, after a 148.6% increase to $9.1 billion this year, is now the eighth largest DeFi market by TVL. On-chain interest rate derivatives platform Pendle has seen incredible growth this year, up 1962% to $4.8 billion.

Cristiano Ronaldo Announces 4th NFT Collection Launch on Binance

Legendary footballer Cristiano Ronaldo visited Binance on May 29 to announce his fourth NFT collection.

The collection will take fans through important moments of Ronaldo’s illustrious career, capitalizing on the rise in demand for one-of-a-kind digital assets. CR7’s NFT journey began in November 2022, when he debuted his first collection on Binance.

This was the first collection of his multi-year partnership with Binance and showed iconic moments of his career.

The rarest items from this collection were sold at nearly $10,000.

Chainlink Partnership With Circle Enhances Defi Ecosystem

The world of de­centralized finance (De­Fi) has received a significant boost. Chainlink, the­ leading decentralize­d oracle network, is rede­fining the industry by joining hands with Circle, the global finte­ch giant behind USDC and EURC, the popular stablecoins.

This collaboration inte­nds to unlock the true­ potential of stablecoins for ente­rprise institutions and cre­ate a more secure­ and robust DeFi ecosystem.

Bitcoin accumulation addresses surge as market optimism returns

Recent data from Glassnode indicates notable movements in Bitcoin accumulation addresses.

The number of these addresses declined earlier this year, and a resurgence started in late April. This increase aligns with broader market optimism and Bitcoin’s price stabilization around $60,000.

According to CryptoSlate, long-term holders have added nearly 70,000 BTC since the cycle’s bottom, reversing a previous divestment trend.

DeFi Technologies to Launch Validator Node and Stake $100M in BTC

Toronto-based digital asset company DeFi Technologies is set to launch a validator node on Core Chain and stake nearly $100 million in Bitcoin (BTC).

Through its subsidiary Valour, DeFi Technologies will not only validate transactions but also receive staking rewards for its participation, the firm said in a Tuesday press release. “This approach offers our investors unique exposure to yield and growth within the digital asset space.”.

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HSBC Taps Metaverse to Win Business From India’s Rich Diaspora

HSBC Holdings Plc is testing a range of new products and services as part of its push to win a larger share of business from India’s affluent diaspora, who sent more than $100 billion back home last year. The bank plans to offer dollar-denominated products to non-residents from India’s low-tax financial hub, according to people familiar with the matter.

The offerings in GIFT City could include savings accounts, insurance, fixed income and other investment products, the people said, asking not to be identified discussing private information.