Crypto Market Dives Before Bitcoin Halving

The cryptocurrency market opened with significant losses on Friday, with major coins like Bitcoin, Ethereum, and Solana experiencing declines in morning trading. This volatility is likely fueled by the upcoming Bitcoin halving event, as traders speculate on the potential impact on prices. Despite the downward trend, some analysts maintain a bullish outlook, with AllianceBernstein predicting Bitcoin will reach $90,000 by 2024.

Crypto Market Sees Red Ahead of Bitcoin Halving

Hey there,

The crypto market is having a bit of a rough day, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) all taking a dip in early trading.

Bitcoin's Halving Weighs on Market

BTC, the kingpin of crypto, has plunged over 4% in the past day, hovering around $63,400. As the halving event, where the supply of new Bitcoin is cut in half, approaches, traders are assessing if the price has accurately accounted for its impact. Historically, Bitcoin's halving tends to influence the broader market.

AllianceBernstein Forecasts Bitcoin's Future

On the upside, global investment firm AllianceBernstein has projected a bullish target of $90,000 for Bitcoin by 2024. Bitcoin ETFs, approved earlier this year, have also contributed to the positive market sentiment. Coinbase's John O'Loghlen estimated that ETFs now account for a significant portion of BTC's spot market volume, ranging from $4 to $5 billion daily.

Ethereum's ETF Struggle

ETH has also dropped by almost 6%, settling around $3,320. Investors are speculating over the SEC's potential approval of spot Ethereum ETFs, with firms like BlackRock and Grayscale eager to enter the game.

SEC's Security Concerns Haunt Ethereum

However, enthusiasm surrounding Ethereum's ETF approval is tempered by concerns that the SEC might classify ETH as a security. The Ethereum Foundation has confirmed an investigation by an undisclosed authority, with Bloomberg reporting that the SEC is indeed investigating. SEC Chair Gary Gensler has noted that the agency is reviewing applications but declined to comment on specific cases.

Solana's Meme Coin Frenzy Cools Off

Solana, which recently gained traction due to meme coin trading, has plummeted by 8% in the last 24 hours, currently priced around $171. The network has faced congestion issues from the meme coin surge, but the frenzy seems to be cooling down, providing potential relief. Prices of notable Solana meme coins, such as BONK, WIF, and SLERF, have all declined.

Bakkt Exchange's Trading Volume Surges

Intercontinental Exchange's (ICE) crypto exchange Bakkt has reported a significant increase in trading volume. In the past 24 hours, the exchange processed over $1 billion in Bitcoin futures contracts, marking a 28% jump from the previous day.

Mastercard Expands Crypto Services

Payments giant Mastercard has announced plans to expand its crypto offerings. The company will enable customers to convert crypto to fiat currencies, facilitating seamless crypto transactions at merchants worldwide.

FTX's Legal Troubles Mount

Former FTX CEO Sam Bankman-Fried faces a new criminal charge of conspiring to commit wire fraud. Prosecutors have added a count to an existing indictment, accusing Bankman-Fried of defrauding lenders through false and misleading statements.

Bitmain's Antminer Shipments Decline

Bitmain, the world's largest manufacturer of Bitcoin mining machines, has reported a significant decline in its Antminer shipments. This drop reflects the recent downturn in Bitcoin's price, which has impacted miner profitability.

Huobi's New CEO Outlines Strategy

Huobi's newly appointed CEO, Justin Sun, has presented his strategic vision for the exchange. Sun plans to enhance the customer service experience, increase liquidity, and explore new regulatory compliance measures to improve Huobi's reputation.

Digital Currency Group Faces Shrinking Assets

Digital Currency Group (DCG), the parent company of Genesis Trading and Grayscale Investments, has acknowledged a decline in the value of its assets. DCG's total assets have dropped from $50 billion to $7.2 billion, according to a letter shared with investors.

Stay tuned for more updates on the crypto market.