Bitcoin and Ethereum both fell as investors anxiously watched the next round of U.S. inflation data to be released at 8:30 a.m. ET.
However, it is worth noting that both BTC and ETH are up compared to last week, when the month started not so well. Over the past 7 days, the price of Bitcoin has increased by his 4.3% and the price of Ethereum has increased by 6.3%.
At the time of writing, Bitcoin is trading just below $69,000 after falling 2.3% over the past day. And Ethereum, which led Bitcoin's gains earlier this week, has fallen 3.4% in the past 24 hours. According to data from CoinGecko, ETH is currently trading at just over $3,500.
Bitcoin is currently nine days away from the next halving event. In this event, the reward paid to miners will be reduced from 6.25 BTC to 3.125 BTC on April 20th. While regularly scheduled anti-inflation measures are typically very bullish for Bitcoin, the accompanying volatility has some traders arguing that any post-halving rally will be delayed.
For example, Bitcoin billionaire Arthur Hayes predicted earlier this week that the crypto market will see a “wild sell-off of crypto assets” through at least May.
Meanwhile, the Ethereum community has just received a series of pessimistic comments from Spot Bitcoin ETF issuers. Speaking at this week's Paris Blockchain Week crypto event, VanEck CEO Jan van Eck said he is not confident that significant progress will be made this year.
“We were the first company in the U.S. to apply for Ethereum, and we [Ark Invest CEO] “I think Cathie Wood has the best chance of being rejected among the candidates in May,” he said. CNBCMr. Arjun Karpal attended the event.
CoinShares, a new entrant into the US Bitcoin ETF space, shared a similar view. In March, CoinShares exercised its option to acquire Valkyrie's ETF business, which includes the Valkyrie Bitcoin Fund, which trades on the Nasdaq under the ticker BRRR.
CoinShares CEO Jean-Marie Mognetti also says: CNBC At an event in Paris, he shared his skepticism about getting SEC approval for proof-of-stake coins like Ethereum. “It doesn't look like anything will be approved this time of year,” he said.
Edited by Stephen Graves.
