Is Crypto at a Low Point?

DAILY MARKET OVERVIEW
Is This The Bottom? 🪙 

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! 😊 

The sentiment is gradually shifting from bearish to bullish, step by step.

Today's news that Hong Kong Asset Managers purchased $112M worth of BTC ETFs is promising, as Asian markets begin exhibiting institutional interest in cryptocurrencies. 💲 

Additionally, the $4.8 trillion asset manager Fidelity has stated that pension funds are exploring Bitcoin and other cryptocurrencies. These developments have further contributed to the positive sentiment shift in the market.

A recent analysis by Max from Because Bitcoin reveals striking parallels between the current market price action and the price action during the previous bull run.

According to Max's analysis, Bitcoin could surge beyond $300,000 in 2025, and Ether (ETH) could surpass $15,000.

However, amidst the current global economic uncertainties, it remains unclear whether this is indeed the bottom before the bull cycle resumes.

NEWS OVERVIEW
Recent Crypto Events

Saylor Foresees SEC Crackdown on Ethereum, ETF Rejections
MicroStrategy's Michael Saylor predicts the SEC will deem Ethereum a security and deny spot ETF applications in the coming summer months.

Block to Reinvest 10% of Bitcoin Profits into BTC Monthly
Jack Dorsey's Block, Inc. plans to use 10% of the profits generated from its Bitcoin products to purchase additional BTC every month.

JPMorgan: Retail Investors Fueled Recent Crypto Sell-Off
According to JPMorgan, the recent sell-off in crypto markets was driven primarily by retail investors taking profits, rather than institutional players.

Coinbase Q1 Earnings Signal Bullish Year Ahead
Despite an 8% drop over the past month, Coinbase's earnings report shows a promising start to 2024, with the stock up over 360% year-over-year.

CRYPTO MEMES

“When You See The Market Reversing”