Bitget Hot Takes (April 01 - April 07, 2024) - Market Updates
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.
The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates
Central Themes
• Bitcoin fell below US$65K last week but reclaimed US$72K yesterday.
• The latest U.S. job report doesn't look favourable for a rate cut in June 2024.
Week 14: All Red
Crypto stocks suffered from declines ahead of the U.S. March 2024 Job Report, coupled with Bitcoin retracing to below US$65K. Thursday saw a significant drop in stock markets, driven by a surge in oil prices and concerns over the Federal Reserve delaying interest rate cuts. The Dow, S&P 500, and Nasdaq all experienced losses, with the Dow having its worst session since March 2023. Comments from Fed officials suggesting a cautious approach to rate cuts amid persistent inflation added to investor worries.
Yet the March jobs report showed a strong U.S. labor market, adding 303,000 jobs, and the unemployment rate dipped to 3.8%, with a notable rise in labour force participation. Indications suggest that job growth and wage increases could moderate, potentially easing inflation, but that might not be enough to reduce inflation to the Fed’s 2% target and as a result, not seem to trigger a rate cut anytime soon. Markets' confidence in that scenario continues to weaken, with only 48.6% expecting the first rate cut in the June FOMC compared to 52.2% as of late February.
Bitcoin's sudden plunge to US$64,560 at the beginning of the week caused a dip in the crypto market, with Solana being the biggest loser in the Top 5. Then it slowly climbed back to US$67.8K by the end of Friday, giving TradFi investors a nudge to allocate more capital to Bitcoin funds: nearly US$600 million flew into BlackRock's IBIT, US$370 million into Fidelity's FBTC and US$95 million into the Bitwise Bitcoin ETF. The outflow volume from GBTC slowed down by 40% to US$644 million.
US$2.3 billion in BTC and US$10.8 million in ETH flew out of exchanges last week, which reflects the long-term holding intention of investors despite the short-term volatility as the fourth Bitcoin Halving approaches. On the other hand, spot Bitcoin ETFs saw a clear decline in weekly volume: the average daily volume of W14 amounts to US$2.8 billion, which is 35% down from W13's average of US$4.3 billion.
Setting The Tone: Monday Performance
Despite a smol' decrease in the global market cap, investors turned bullish when Bitcoin surpassed US$72K yesterday. Funding rates of Bitget's BTC and ETH futures markets as of early Tuesday (April 09) are 0.0250% and 0.0275%, respectively. On a side note, Bitget derivatives volume has topped that of OKX and Bybit in the last 24 hours !
Spot Bitcoin ETFs saw US$3.15 billion in trading volume yesterday, which signifies a better start than last week. We're around block number 838,500-ish, meaning there's only 10 days left until the Bitcoin Halving. This event is poised to push BTC prices to new highs, but it doesn't necessarily look beneficial for miners, as rewards will be decreased by half and they'll have to compete fiercely in terms of efficiency.
Below are our guides to help you ride the upcoming Bitcoin Halving event:
What to Expect and Prepare for Bitcoin Halving 2024 as An Investor
Understanding the Impact of Bitcoin Halving and its Effect on the Cryptocurrency Market
Countdown to the Next Bitcoin Halving: What to Expect in 2024?
Bitcoin's Next Target: $100,000
Bitcoin Market Trends: Analyzing the Past to Predict the Future
Bitcoin Halving: Will We Land on the Moon?
Easy Steps to Purchase Bitcoin Before the Halving Rush
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Good Reads
Bitget Hot Takes (April 01 - April 07, 2024) - All About Bitget
Bitget PoolX: Navigating The Crypto Market In A Timely Manner
Real-World Assets (RWAs) Unpacked
Get To Know Some Representatives Of RWAs On Bitget
Dappad (APPA): Simplifying Blockchain Investments with Account Abstraction
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