Bitcoin: The Quiet Before the Potential Storm

DAILY MARKET OVERVIEW
Bitcoin: The Calm Before The Storm ⛈️ 

Hey there Crypto Enthusiasts! : This is a condensed version of our newsletter. We'll be fully back and ready to roll on May 13, 2024! 😊 

Despite short-term price swings, Bitcoin's long-term trend is showing extremely positive signs.

One positive sign is that the amount of Bitcoin being sent to cryptocurrency exchanges has been decreasing.

This is a good thing because it means fewer people are depositing their Bitcoin at exchanges in order to sell it. Instead, more people are choosing to hold onto their Bitcoin at the current price levels.

The second sign is, the 200-Day Moving Average, which smooths out price fluctuations by averaging Bitcoin's price over the past 200 days, has recently hit an all-time high of $50,087. This record-breaking level suggests a sustained upward trend for Bitcoin in the long run.

Notably, Bitcoin's price has been trading above this moving average since October 2023, signaling a strong upward trend that is gaining momentum. While short-term volatility is inevitable, crypto analysts emphasize that Bitcoin's powerful long-term upward trajectory remains firmly intact.

In summary, temporary ups and downs aside, Bitcoin's underlying long-term strength is at unprecedented levels based on these moving averages.

NEWS OVERVIEW
Recent Crypto Events

Central bank chief urges swift CBDC embrace for competitiveness. President Joachim Nagel of Germany's Bundesbank has called on central banks to swiftly adopt central bank digital currencies (CBDCs) to maintain a competitive edge.

SEC delays decision on Invesco's spot Ether ETF to July.
As anticipated by analysts, the Securities and Exchange Commission has postponed its ruling on Invesco Galaxy's application for a spot Ethereum exchange-traded fund until July 5.

Bitcoin drops to $63K amid heightened US crypto regulatory scrutiny.
Despite a recent rebound, one technical analyst stated that the correction is not over yet, as the crypto market faces increased regulatory pressure from the United States.

Hong Kong crypto ETFs may offer insight into US Ether fund demand.
Analysts suggest that access to staking rewards will be crucial for broader adoption of Ether ETFs in the future, and Hong Kong's crypto ETFs could provide clues about US appetite.

CRYPTO MEMES