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Bitcoin Facing Halving, ETF Cooling, and War
Matrixport: Bitcoin Fails to Serve as a Hedge
Bitcoin Facing Halving, ETF Cooling, and War
Bitcoin hit a low of $60,000 on April 13th, and as of the deadline, it was around $62,840, with a decrease of approximately 11.67% since April.
The decline mainly occurred during the Iranian attack on Israel, but Bitcoin has been unstable recently due to factors such as a decrease in spot ETF inflows and the upcoming halving, and it has struggled to regain stability above $70,000.
Recent related news is as follows:
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Bitcoin Plunges to $60K as Iran Launches Drone Attack on Israel
Israel refrains from retaliatory strike against Iran, market concerns temporarily ease, and Bitcoin returns to $65K
Bitcoin drops to $66K, market liquidation reaches 900 million pounds! Analyst: Miners sell 5 billion pounds of inventory, future six months will be sluggish
BTC/USDT Daily Chart | OKX
Matrixport: Bitcoin Fails to Serve as a Hedge
Matrixport also tweeted that with the increase in geopolitical risks over the weekend, Bitcoin prices have experienced a significant decline, and the total value of open Bitcoin contracts has decreased by $2 billion. After reaching a peak of $20 billion on April 9th, nearly 20% of positions were closed, and the current total value of open contracts is approximately $16.7 billion.
Matrixport believes that Bitcoin has not served as a hedge asset as expected by most people.
In contrast, gold reached a historical high of $2,431.78 on April 12th.
Previously, Matrixport analyst 10x Research stated that Bitcoin had successfully broken out of a triangle pattern and believed that the target price would reach $83,000 within a few weeks, but it seems difficult to achieve at the moment.
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Bitcoin Approaching Historical High, 10x Research Analyst: Target Price $83,000
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Further Reading
Grayscale CEO: GBTC Net Outflow Gradually Balancing, Expecting Expense Reduction
10x Research: Stablecoin Inflows Replace ETF as Upward Momentum; ENA Could Reach $5