Dear Inspired Hustlers,
Today we have to cover a lot that is happening in the crypto world so let’s just jump right into it!
Bitcoin's Price Falls Below $64,000 - $209 Million Long Trades Liquidated
The price of Bitcoin dropped below $64,000 on Thursday. This caused a big problem for investors because over $209 million worth of crypto investments were wiped out. Specifically, more than $52 million in Bitcoin investments vanished.
Bitcoin is trading at about $63,700, which is 4% lower than before. This bad news didn't just affect Bitcoin. All cryptocurrencies lost value together. The total value of all cryptocurrencies dropped by 4.7% overnight.
Ethereum, the second most popular cryptocurrency, also took a hit. Its price went down by 5.3% in the last 24 hours. Now, it's hovering around $3,090.
This liquidation is not something new and is a reminder of how one should “Spot and Chill”
Bitcoin's Post-Halving Dynamics
Record-Breaking Fees for the First Post-Halving Block: The first block mined after the recent Halving event made headlines by generating a staggering $2.4 million in fees alone. This milestone signifies the rush among participants to secure their transactions in what's considered a significant moment in Bitcoin's history.
High Stakes for Inclusion in the First Block: The race to have transactions included in the inaugural post-halving block reached extraordinary levels, with reports indicating that one individual paid a whopping $700,000 to ensure their transaction made the cut. This illustrates the enthusiasm and competitiveness within the crypto community during such events.
Surging Transaction Fees Post-Halving: The Halving event also triggered a sharp increase in transaction fees. Prior to the event, the average fee hovered around $20, but post-halving, fees soared to around $240. Although they have slightly decreased, they remain elevated at approximately $128.
Unexpected Revenue Surge for Miners: Contrary to expectations, miners experienced a significant boost in earnings following the Halving. Despite the reduction in mining rewards, miners managed to rake in an impressive $78 million in transaction fees alone on a single day. Before the halving, miners typically earned around 1 BTC in transaction fees per block, but now they're seeing approximately 5 BTC per block, resulting in a fivefold increase in revenue.
Morgan Stanley Considers Letting Brokers Suggest Bitcoin ETFs to Customers
Morgan Stanley, a big Wall Street bank, is thinking about allowing its 15,000 brokers to suggest Bitcoin exchange-traded funds (ETFs) to their customers. This could be a first among similar banks and could bring new money and interest into these ETFs.
Until now, Morgan Stanley only let people buy Bitcoin ETFs if they asked for it themselves. But now, they might let their brokers actively suggest it to customers.
This move shows that there's a lot of interest in these types of ETFs. It could also mean that more people will invest in them. ETFs are a way for people to invest in Bitcoin without actually owning it directly.
Morgan Stanley wants to be careful about this change. They want to make sure everyone can access it but in a safe and controlled way, said a Morgan Stanley executive.
That will be all for today - I hope you learned how the market is behaving
Zain from team inspired analyst
-Signing off!
Disclaimer: The content in this newsletter is for educational purposes only and should not be considered financial advice. Cryptocurrency trading involves risk, and past performance is not indicative of future results. Before making any financial decisions, conduct your research and consult with a qualified financial advisor. Use the content at your own discretion and risk. This is not financial advice.
Great insights keep it up