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'Buy Bitcoin' notebook sold for $1,019 million
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'Buy Bitcoin' notebook sold for $1,019 million

created Simon petersApril 30 2024

Cryptocurrency price movements were quite subdued last week as the market began to adjust to the reduced block reward following Bitcoin's recent halving.

Bitcoin has retreated slightly and is currently trading around the $63 level. This occurred due to net outflows from cash ETFs. We're still waiting for any significant volatility after halving, however, the longer the price stays at these levels above $60, the stronger the support narrative may become and the more likely a move in becomes.

Interestingly, the daily RSI (Relative Strength Index) is at its lowest levels since January, when the price fell to $40 after the approval of the US bitcoin spot ETF. Then, the price increased by 000 percent. over the next two months, to its current record high of $90.

Although significant gains in the short and medium term are not certain, there is some optimism.

NEXT WEEK

The annual Bitcoin for Corporations conference dedicated to the adoption of bitcoin by corporations will be held on May 1 in Las Vegas.

The event is hosted by MicroStrategy, which in 2020 became the first publicly traded company to acquire and maintain bitcoin on its balance sheet as a primary treasury reserve asset.

Keynote speakers at the conference include Michael Saylor, Executive Chairman and Founder of Microstrategy, David Marcus and Hunter Horsley (CEO and Co-Founder of Bitwise Asset Management).

ATTENTION-CATCHING STORIES

Grayscale files for Ethereum Mini Trust

After recently filing for a Bitcoin Mini ETF, Grayscale last week announced it is seeking to launch an Ethereum Mini Trust – a spin-off of the current Ethereum Investment Trust (ETHE), despite a decision on regulatory approval of its spot Ethereum ETF application being delayed again.

Like GBTC and Bitcoin Mini Trust, ETHE will fund the new Ethereum Mini Trust by spinning off the underlying ethereum assets of ETHE.

Looking ahead with spot ethereum ETF applications, the SEC (Securities and Exchange Commission) must issue a "final decision" on May 23 and decide whether to approve or deny VanEck's spot ethereum ETF application.

Many in the cryptocurrency community have noted this date as a potential moment for approval of all Ethereum spot ETF applications (similar to what happened with Bitcoin spot ETF applications). However, given the lack of “constructive engagement” between applicants and the regulator, hopes for the spot ethereum ETF approval at the end of May have been significantly dissipated recently.

'Buy Bitcoin' notebook sold for $1,019 million

A notebook marked "Buy Bitcoin" that appeared behind then-Federal Reserve Chair Janet Yellen during televised congressional testimony in July 2017 was sold last Wednesday for 16 bitcoins ($1,019 million).

In a tweet on the "X" platform, Scarce.City, the auction house that facilitated the transaction, said the sale of the notebook was a record amount for the auction platform. The auction itself took place at the Bitcoin-themed PubKey bar in New York.

Christian Langalis, also known as the "Bitcoin Sign Guy," who held the sign during Yellen's testimony, will reportedly use proceeds from the sale of the notebook to partially fund his startup Tirrel Corp.

Stripe adds support for USDC stablecoin payments

Payments fintech Stripe announced last week that it will soon add payment support stablecoins USDC.

This will be Stripe's first adoption of cryptocurrency payments since 2018, when it stopped using bitcoin as a payment option. Transactions will be settled immediately on-chain and automatically converted to fiat.

In 2023, the total value of payments made via Stripe was $1 trillion.

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About the Author
Simon peters
eToro analyst. A graduate of the Faculty of Mechanical Engineering at Brunel University in London. He is CFA UK Level 4 certified in Investment Management.
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