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