The Pre-Halving Rally
Bitcoin Breaks $65K, Secondary Market Crypto Sales Ruled As Securities Transactions, $906M In ETH Just Withdrawn From Exchanges
Bitcoin’s Pre-Halving Rally
Welcome to Coinfeeds Daily Digest! Today we wanted to share with you an interesting concept called the “pre-halving rally”. This concept is predominantly explored by Rekt Capital, and you can find out more about it in this video. The Bitcoin Pre-Halving rally represents a recurring event observed in 2020, 2016, and 2012 approximately 60 days before the halving. The current pre-halving rally happened almost right on schedule 60 days before the halving in April. If history is any indication, there could be a pre-halving retrace 14-28 days before the halving of about 20%-30%, but we are still about 28 days away from the retrace period. Rekt goes on to speculate about whether we will break ATH before the halving.
We also cover a major development in entertainment, where Ridley Scott is set to produce a movie based on the story of Ethereum and Vitalik Buterin. In other news, PEPE is pulling up the memecoin market with its recent 370% surge, $906 million of Ethereum was withdrawn from exchanges last week, and a U.S judge has ruled secondary market crypto sales as security transactions in a landmark insider trading case against a former employee of Coinbase. Bitcoin has again surpassed $65,000 and is nearing its ATH, largely as a result of the aforementioned upcoming halving, increased buying pressure from institutions (Bitcoin Coinbase Premium Gap positive), and the overall positive sentiment following the launch of ETFs.
Market Update
News
Bitcoin Nears Record High, Surpasses $65,000
Bitcoin has recently seen a significant surge in its value, breaking above the $65,000 mark. This uptrend brings Bitcoin tantalizingly close to its all-time high of $69,000, set in November 2021. In addition to institutional buying pressure and the upcoming halving, the recent price increase is also attributed to a general sense of euphoria within the crypto market. | Read More
Ridley Scott to Produce Ethereum Movie Based on Vitalik's Story
Ridley Scott, the visionary director behind iconic films such as 'Alien' and 'Gladiator,' is set to produce a movie that delves into the origins and rise of Ethereum, one of the leading cryptocurrencies. This project is based on Camila Russo's acclaimed book, 'The Infinite Machine,' which chronicles the fascinating journey of Vitalik Buterin and the creation of Ethereum. | Read More
$906M of Ethereum Left Exchanges Last Week
A significant development has been observed in the Ethereum market, where a staggering $906 million worth of Ethereum was withdrawn from crypto exchanges in just one week. This movement is not just a one-off event but part of an ongoing trend that has seen eight consecutive weeks of net outflows from exchanges. | Read More
U.S. Judge Labels Secondary Market Sales As Securities Transactions in Ex-Coinbase Insider Case
A U.S. court has ruled that the trading of certain crypto assets on secondary markets constitutes securities transactions. This ruling came as part of a default judgment against Sameer Ramani, a former insider at Coinbase, who was implicated in an insider trading case alongside Coinbase's former product manager, Ishan Wahi, and others. | Read More
Pepecoin Leads Memecoins With 370% Surge
Pepecoin (PEPE) is now leading the memecoins charge as the most significant gainer among its peers. Over the past week, Pepecoin has seen an astonishing surge in its value, with a 60% increase in just 24 hours and weekly gains exceeding 370%. This remarkable performance has outshined other popular meme coins like Dogecoin and Shiba Inu. | Read More