Cryptocurrency news today, April 10, 2024
Top cryptocurrency news headlines for today, April 10, 2024:
🚀 Bitcoin Soars Past $71,000, Approaches All-Time High Ahead of Halving 📈[1][3][5][10][18][19]
After a brief pullback last week, Bitcoin (BTC) has surged above the $71,000 mark and is inching closer to its all-time high of over $73,000. The rally comes as anticipation builds for the upcoming Bitcoin halving event later this month, which is expected to boost prices in the medium-term. However, some analysts caution that volatility could increase in the short-term around the halving.
💹 Ethereum, XRP, and Other Altcoins Rally Alongside Bitcoin 🪙[1][3][4][6][10]
Major altcoins like Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) have followed Bitcoin's lead, posting solid gains over the past 24 hours. Ethereum rose over 8% to approach $3,700, while XRP rebounded 4% to trade above $0.61. The overall crypto market cap has climbed to $2.68 trillion.
🏛️ U.S. Treasury Seeks Stronger Crypto Sanctions Powers 🔒[9][11]
Deputy Treasury Secretary Adewale Adeyemo testified before the Senate Banking Committee, calling for greater authority to block terrorist groups and rogue states from using overseas crypto exchanges for illicit finance. The Treasury wants Congress to approve "secondary sanctions" targeting foreign digital asset providers involved in illegal activities.
💸 Crypto Investment Products See Inflows, But Hype Around Spot ETFs Subsides 📉[5][10][13]
Crypto investment products registered $646 million in inflows last week, with the majority directed towards Bitcoin. However, the excitement surrounding the SEC's approval of spot Bitcoin ETFs in January seems to be waning, as trading volumes and inflows have declined from the highs seen earlier this year.
🌍 Cryptocurrency Opens Up Global Exchange, Challenges Restrictions 💱[17][20]
The rise of cryptocurrencies is enabling greater financial freedom and opening up global exchange in the face of government restrictions and controls on money flows. However, this has also raised concerns about the use of crypto for illicit activities, leading to increased regulatory scrutiny and clampdowns in some countries like Nigeria.
Citations: [1] https://news.abplive.com/business/crypto/crypto-price-today-april-9-check-global-market-cap-bitcoin-btc-ethereum-doge-solana-litecoin-neo-bch-live-tv-1678517 [2] https://timesofindia.indiatimes.com/blogs/voices/cryptocurrency-news-headlines-affect-the-trading-activity-in-market/ [3] https://coingape.com/crypto-prices-today-april-9-bitcoin-at-71k-ethereum-nears-3700-xrp-rebounds/ [4] https://cryptopotato.com/why-is-the-ripple-xrp-price-up-today-10/ [5] https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-hovers-around-71k-with-focus-on-halving-cpi-data-3370523 [6] https://www.fool.com/investing/2024/04/08/why-ethereum-bitcoin-and-dogecoin-rallied-today/ [7] https://www.analyticsinsight.net/arks-bitcoin-etf-outflows-hit-88m-dogecoin-and-rebelsatoshi-make-headlines-with-2000-surge/ [8] https://fortune.com/crypto/2024/04/09/monad-paradigm-greenoaks-jump-crypto-funding-225-million/ [9] https://www.pymnts.com/cryptocurrency/2024/treasury-asks-congress-for-stronger-crypto-sanction-powers/ [10] https://www.investopedia.com/cryptocurrency-market-news-bitcoin-rises-again-new-stablecoins-on-the-block-8628165 [11] https://www.bloomberg.com/news/articles/2024-04-09/us-treasury-seeks-more-sanctions-powers-against-crypto-exchanges [12] https://cointelegraph.com/news/bitcoin-halving-crypto-firesale-arthur-hayes-heatwave [13] https://www.fxstreet.com/cryptocurrencies/news/breaking-us-sec-approves-bitcoin-spot-etf-202401102047 [14] https://www.forbes.com/digital-assets/assets/usdc-usdc/ [15] https://cointelegraph.com/news/binance-connect-shutting-down-august-16 [16] https://coinpedia.org/press-release/cryptocurrency-to-profit-you-1000-roi-this-april/ [17] https://www.bbc.com/news/world-africa-68762553 [18] https://www.nytimes.com/2024/03/05/technology/bitcoin-price-record-high.html [19] https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-e93ed286 [20] https://www.cato.org/publications/money-across-borders-how-cryptocurrency-has-opened-global-exchange
Bitcoin Soars Past $71,000, Approaches All-Time High Ahead of Halving 📈[1][3][5][10][16][18]
Bitcoin (BTC) has surged above the $71,000 mark, getting close to its all-time high of over $73,000. The rally comes as anticipation builds for the upcoming Bitcoin halving event later this month, which is expected to boost prices in the medium-term. However, some analysts caution that volatility could increase in the short-term around the halving.
Binance Connect Shutting Down on Aug. 16 Amid Strategic Refocus 🏦[1][2][3][4][5][6][7][18]
Binance Connect, the exchange's fiat-to-crypto payments infrastructure launched in March 2022, will shut down on Aug. 16. Binance cited "changing market and user needs" as the reason, stating it will refocus resources on core products aligned with its long-term strategy. The service supported 50 cryptocurrencies and payment methods like Visa and Mastercard.
NexMs Token Completes Successful Pre-Sale With 1000%+ ROI Potential 💹[14][15]
The NexMillionaires (NexMs) token, which aims to make early investors millionaires, completed its pre-sale from March 23-30. The project has passed KYC and audits, with an exchange listing planned for March 30. Some are touting NexMs as the best token to buy at $20 for 1000%+ ROI in April.
In summary, Bitcoin's price surge driven by halving anticipation and Binance Connect's upcoming closure were the top news, while the NexMs token pre-sale also generated some buzz around its high return potential. The crypto market remains highly speculative, so investors should be cautious and do thorough research before making any decisions.
Citations: [1] https://blockworks.co/news/binance-connect-shutting-down [2] https://siliconcanals.com/news/startups/binance-shuts-down-binance-connect/ [3] https://www.coinspeaker.com/binance-connect-shut-down/ [4] https://forkast.news/binance-market-dominance-dips/ [5] https://cryptonews.com/news/binance-connect-cease-operations-august-16-whats-going-on.htm [6] https://www.coindesk.com/business/2023/08/15/binance-to-shut-down-buy-and-sell-service-amid-refocus-on-core-products/ [7] https://cointelegraph.com/news/binance-connect-shutting-down-august-16 [8] https://news.abplive.com/business/crypto/crypto-price-today-april-9-check-global-market-cap-bitcoin-btc-ethereum-doge-solana-litecoin-neo-bch-live-tv-1678517 [9] https://www.news18.com/business/bitcoin-crosses-71000-to-hit-all-time-high-why-is-crypto-on-the-surge-8811426.html [10] https://beincrypto.com/bitcoin-price-new-all-time-high-march/ [11] https://finance.yahoo.com/news/why-major-cryptocurrencies-soared-week-083400690.html [12] https://sfctoday.com/aprils-crypto-gold-rush-unveiling-the-1000-roi-gems/ [13] https://www.coindesk.com/markets/2024/04/08/bitcoin-tops-71k-ordinals-bets-rise-ahead-of-halving/ [14] https://coinpedia.org/press-release/the-best-token-to-buy-at-20-and-make-1000-roi/ [15] https://coinpedia.org/press-release/cryptocurrency-to-profit-you-1000-roi-this-april/ [16] https://qz.com/bitcoin-price-record-high-halving-crypto-spot-etfs-1851365911 [17] https://uk.investing.com/news/stock-market-news/bitcoin-falls-below-71000-data-wormhole-core-among-top-losers-3425116 [18] https://dailycoin.com/binance-connect-to-shut-fiat-to-crypto-payment-services/ [19] https://economictimes.com/markets/cryptocurrency/crypto-prices-today-live-news-bitcoin-dogecoin-ethereum-shibha-inu-cryptocurrency-latest-updates-11-march-2024/articleshow/108385025.cms
Bitcoin crossing the $71,000 mark is significant for several reasons:
New all-time high: Bitcoin has set a new record price by surpassing $71,000, indicating strong bullish momentum in the market[1][2][3][4][7][8]. This milestone comes just days after BTC crossed $70,000 for the first time[8].
Institutional interest: The price surge coincides with the U.K.'s Financial Conduct Authority allowing institutional investors to create crypto-backed exchange-traded notes (ETNs), potentially opening the gates for more institutional involvement in the crypto market[3].
Elevated futures premium: The rally has lifted the annualized three-month futures premium on major exchanges to above 25%, which could attract more cash and carry traders, thus boosting overall market liquidity[3][4].
Increased trading volume: Rising Bitcoin prices have revived a crypto trading frenzy, particularly in South Korea, where crypto trading volumes on local exchanges have surpassed those in the local stock market[4].
Positive market sentiment: The surge past $71,000 suggests strong bullish sentiment among investors, with many leveraging borrowed funds to gain more exposure to the leading cryptocurrency[6].
Potential for further gains: While some analysts caution that the market may be overheated, as indicated by elevated funding rates[4], others believe that any dips will be short-lived due to the supply-demand imbalance created by recent inflows into U.S.-listed spot ETFs and the upcoming Bitcoin halving event[3].
In summary, Bitcoin crossing the $71,000 mark represents a significant milestone that reflects growing institutional interest, increased trading activity, and overall positive market sentiment, despite concerns about potential overheating.
Citations: [1] https://www.republicworld.com/business/cryptocurrency/bitcoin-dips-sharply-after-crossing-71000-in-us-trade-hours/?amp=1 [2] https://beincrypto.com/bitcoin-price-new-all-time-high-march/ [3] https://www.coindesk.com/business/2024/03/11/bitcoin-vaults-over-70k-hits-new-highs/ [4] https://www.coindesk.com/markets/2024/03/11/first-mover-americas-bitcoin-surpasses-71k-reaches-all-time-high/ [5] https://finance.yahoo.com/news/first-mover-americas-bitcoin-surpasses-122053895.html [6] https://www.cointribune.com/en/bitcoin-here-are-the-reasons-for-the-comeback-of-the-leading-cryptocurrency-to-71000/ [7] https://cryptonews.net/news/bitcoin/28688796/ [8] https://www.financialexpress.com/business/digital-transformation-bitcoin-transcends-the-71000-level-ethereum-also-rises-3421465/
