JohnnyB

bitcoin

-It’s Saturday, April 13th! The Bitcoin block height has reached 839,116 and the amount of USD you can buy with 1 Bitcoin has dropped to $63,121 on news of the Iranian attempted drone attacks on Israel. Here is the news I’ve been reading from the world of Bitcoin and beyond. 🧵👇

-Peter Schiff is at it again, taking a dig at Bitcoin as its price tumbles amid rising Iran-Israel tensions. He compares BTC to "digital fool's gold" in a bear market when priced in "real gold." The crypto market cap has plummeted by over $400B in 24 hours. https://cryptopotato.com/peter-schiff-takes-a-dig-at-bitcoin-as-btc-price-tumbles-amid-rising-iran-israel-tension/

-Bitcoin fell nearly 10% on Saturday, briefly dropping below $62k before recovering to around $64k. The DeFi sector has been hit particularly hard, with depressed prices forcing liquidations. Former BitMEX CEO Arthur Hayes had warned of a potential liquidity drop. https://www.coindesk.com/markets/2024/04/13/bitcoin-falls-8-drops-below-62k-before-rebound/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

-Exciting news! Satoshi 7B, an open-source, Bitcoin-centric large language model, has been released by the Spirit of Satoshi team. It's fine-tuned on Bitcoin principles, technology, culture, Austrian economics, and non-woke political perspectives. A great educational resource! https://www.nobsbitcoin.com/satoshi-7b-open-sourced/

-RGB v0.11.0-beta5 is out, marking a significant milestone in stabilizing the new v0.11 RGB version. Key features include wallet integration, Liquid sidechain support, scripting improvements, and more. The journey towards a feature-complete public preview continues! https://www.nobsbitcoin.com/rgb-v0-11-0-beta5/

-In Clown World news, gold prices were soaring as investors sought safe-haven assets amid fears of inflation and financial instability. Bitcoin has seen a correlated increase. Will BTC's market cap eventually surpass gold's? 🤔 https://www.tftc.io/why-gold-prices-are-soaring/

-Senator Sherrod Brown is urging President Biden to ban Chinese-made electric vehicles in the U.S., citing economic threats and national security risks. He argues that heavily subsidized Chinese EVs pose an "existential threat" to the American auto industry. https://www.tftc.io/us-senator-urges-ban-chinese-electric-vehicles/

-Bitcoin's price decline has led to $256M in losses for long traders, but analysts believe it's a normal drop in this cycle. The global crypto market cap has taken an 8% hit, dropping to $2.23T. Traders are bracing for further downside. Stay safe out there! https://cointelegraph.com/news/bitcoin-price-liquidation-crypto-analysts-downside

-As the Bitcoin halving approaches, CryptoQuant reports that its effect is diminishing over time. Monthly BTC issuance has fallen to just 4% of the total supply. Analysts believe demand growth will be the key driver of prices post-halving. https://cryptopotato.com/heres-why-the-effect-of-bitcoin-halving-is-diminishing-according-to-cryptoquant/

And that's a wrap for today's Bitcoin news! I’m buying the dip. US is printing a million or so dollars for every drone or missile Israel shoots down. That isn’t a reason to buy dollars. 🚀🌕 #Bitcoin #Crypto #News

Daily Bitcoin News Summary

Today’s Bitcoin and Macro News Summary
Date: April 11, 2024
Block height: 838,809
Fiat Price: $70,172

-El Salvador is issuing its first tokenized debt on Bitcoin sidechain Liquid to fund a new Hilton hotel. The $6.25M HILSV token aims to boost tourism and adoption. 🇸🇻 
https://www.coindesk.com/business/2024/04/11/bitfinex-securities-introduces-el-salvadors-first-tokenized-debt-to-fund-new-hilton-hotel/

-Wall Street is waking up to spot #Bitcoin ETFs. SEC filings show major institutions like Park Avenue Securities and Inscription Capital scooping up shares in Q1. The herd may be coming. 🐂
https://bitcoinmagazine.com/business/wall-street-is-buying-us-spot-bitcoin-etfs-13f-sec-fillings

-Hong Kong is set to approve 4 spot Bitcoin ETFs by April 15, positioning itself as a leader in TradFi BTC adoption. 🇭🇰 Looks like we are going to have near 24-7 ETF inflows.
https://www.tftc.io/hong-kong-bitcoin-etf-approval-imminent/

-In Clown World, Biden's student loan debt relief will cost taxpayers an extra $84 billion. Money printer go brrr! 🤡💸
https://www.tftc.io/biden-student-loan-debt-relief-cost-84-billion/

-Grayscale Bitcoin Trust (GBTC) sees record low outflows of just $17.5M, a 90% decrease from the previous day. Is the selling pressure finally subsiding? 🤔
https://cointelegraph.com/news/bitcoin-rebound-after-cpi-data-grayscale-outflows-record-low


-Ordinals inscriptions are ramping up ahead of the halving, driving Bitcoin transaction fees to 10-month highs. 🤮
https://cryptopotato.com/ordinals-activity-ramps-up-before-halving-alongside-bitcoin-fees/

-Ghostface Killah of Wu-Tang Clan fame is airdropping 10k music-infused #Bitcoin Ordinals. Protect ya neck and grab that whitelist spot! 🐝 Sorry. My affinity for Wu-Tang and distaste for ordinals are confusing me.
https://cointelegraph.com/magazine/ghostface-killah-ordinals-women-weapons-violent-nft-collector/

-The Botanix team is building an EVM-compatible layer-2 on Bitcoin, aiming to combine BTC's sound money properties with Ethereum's tech capabilities? 🤯
https://www.coindesk.com/consensus-magazine/2024/04/11/willem-schroe-building-botanix-a-bitcoin-layer-2-that-brings-the-evm-to-bitcoin/

-Grayscale research suggests persistent inflation will drive continued demand for Bitcoin as a store of value, even if rising rates cause short-term volatility. 📊
https://cointelegraph.com/news/bitcoin-demand-grayscale-research-inflation-interest-rates-united-states

-Paraguay pauses proposed Bitcoin mining ban bill, considers selling excess hydroelectric power to miners instead. Another nation waking up to the benefits of Bitcoin mining! ⚡
https://cointelegraph.com/news/paraguay-pauses-progress-bitcoin-mining-ban-bill

-And finally, the "Bitcoin Sign Guy" who photobombed Janet Yellen in 2017 is auctioning his famous "Buy Bitcoin" sign. You can own a piece of Bitcoin history! 📜
https://www.coindesk.com/business/2024/04/11/bitcoin-sign-guy-is-auctioning-his-bitcoin-sign/

Today’s Bitcoin and Macro News Summary

Today's Bitcoin News Summary

What exactly does the Nostr cross post do?

econ

The 'supercore' inflation measure shows Fed may have a real problem (8%)

Today's date: April 10, 2024
Current Bitcoin price: $70,597
Current block height: 838,666

News

- U.S. spot bitcoin ETFs have surpassed $200 billion in cumulative trading volume just three months after launching, with BlackRock's IBIT leading the way. The success has prompted applications for spot ETFs in other markets like Hong Kong. [https://bitcoinmagazine.com/business/200-billion-us-bitcoin-spot-etfs-trading-volume]

- Hong Kong regulators are expected to approve the first batch of spot bitcoin ETFs in Asia by April 15, with multiple Chinese financial institutions applying. This move demonstrates Hong Kong's proactive approach in enhancing its appeal as a global financial hub. [https://bitcoinmagazine.com/business/hong-kong-approve-bitcoin-spot-etfs-april-15]

- Bitcoin miners have been running down their inventory to a 3-year low of 1.794 million BTC in a strategic move ahead of the upcoming halving event on April 20. This contrasts with the steady accumulation seen before the previous 2020 halving. [https://www.coindesk.com/markets/2024/04/10/crypto-miners-run-down-bitcoin-inventory-to-3-year-low-in-a-strategic-pre-halving-move/]

- Bitcoin rebounded to $70,000 on April 10, shrugging off the hotter-than-expected U.S. inflation data for March. Analysts noted the rebound showcased the underlying demand, with investors seeing dips as a buying opportunity. [https://www.coindesk.com/markets/2024/04/10/bitcoin-rebounds-to-70k-shrugging-off-hot-us-inflation-print/]

Articles

- Holding onto your Bitcoin? Don't get killed on taxes. The article discusses strategies for optimizing bitcoin tax planning, such as specific identification accounting methods, tax loss harvesting, gifting bitcoin, and using Roth IRAs. [https://bitcoinmagazine.com/business/holding-onto-your-bitcoin-dont-get-killed-on-taxes]

- "My Trust In You Is Broken", a documentary on the origins of BTCPay Server, is set to premiere at the Bitcoin Film Festival in Warsaw on April 19. The film highlights BTCPay's journey from its inception in 2017 to becoming a community-driven platform known for privacy and autonomy. [https://bitcoinmagazine.com/business/bitcoin-payment-processor-btcpay-server-to-debut-origin-story-documentary-in-poland]

- Ordinals defy Bitcoin's design principles but offer miners huge post-halving advantages. The article discusses how Ordinal inscriptions and BRC-20 tokens have unlocked "BTCFi" on Bitcoin, contributing over $438 million in fees to miners and pointing to a positive future as block rewards shrink. [https://www.coindesk.com/consensus-magazine/2024/04/10/ordinals-defy-bitcoins-design-principles-but-offer-miners-huge-post-halving-advantages/]

Software and Hardware

- Keystone has released a new bitcoin-only firmware for its Keystone 3 Pro hardware wallet. The upgraded firmware offers enhanced security features and improved usability with popular wallets. [https://bitcoinmagazine.com/business/crypto-wallet-maker-keystone-debuts-bitcoin-only-firmware-keystone-3-pro]

- Auradine, a tech startup specializing in Bitcoin mining hardware, has raised $80 million in a Series B round. The funds will be used to increase production capacity of their "Teraflux" line of miners, claimed to be the world's fastest and most energy efficient. [https://cointelegraph.com/news/firm-behind-world-fastest-bitcoin-btc-miner-raises-80-m]

Lightning Development Kit (LDK) v0.0.122 is out with bug fixes for route de/serialization, unknown future enum variants, and useless persistences when hitting lnd bug 6039. 
[https://www.nobsbitcoin.com/ldk-v0-0-122/]

Bitcoin Developers Mailing List

The Bitcoin Developers Mailing List discussed the security implications of using pseudorandom JSON-RPC IDs in Bitcoin Core. While there are some potential attack vectors, the core design of Bitcoin Core's RPC system makes it difficult to exploit these in practice. [https://gnusha.org/pi/bitcoindev/74f23461-fae2-4dd7-9a20-5e6557cd1f2fn@googlegroups.com/]

In Clown World news, the U.S. inflation rate accelerated in March, with CPI rising 0.4% and the annual inflation rate reaching 3.5%. Core CPI also exceeded forecasts. The inflationary pressure negatively impacted workers, with real average hourly earnings remaining flat. Analysts believe the strong inflation reading will make it difficult for the Fed to cut interest rates soon. [https://www.tftc.io/march-inflation-surges-fed-rate-cuts-delayed/]

Germany's industry is facing challenges due to its dependency on expensive energy imports. Despite a drop in European gas prices, they remain nearly two-thirds higher than in 2019. Germany's pivot away from Russian natural gas has left the nation reliant on costly LNG imports. The industrial stagnation has become a politically charged issue. [https://www.tftc.io/germany-energy-crisis-industrial-challenges/]
