Crypto Pre-drink: May 17, 2024

Crypto Pre-drink


  1. Bitcoin surpassed $66,000, a peak since April 24, amid market volatility and significant trader liquidations totaling $144 million.
  2. CPI data showing a 0.3% increase could spur renewed interest in cryptocurrencies, influencing Bitcoin spot ETF investments.
  3. Grayscale’s GBTC, experiencing net outflows, contrasts with a crypto whale's massive $46.3 million profit from PEPE tokens.


In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.




Bitcoin’s Recent Surge and Market Volatility


Bitcoin recently broke through the $66,000 mark, reaching a new high since April 24, with a current price of $66,212.40, showing a 7.31% increase. The cryptocurrency market has seen increased volatility, with Ethereum and Dogecoin rising over 4% and nearly 7%, respectively. According to Coinglass, about 54,219 traders faced liquidations in the last 24 hours, totaling $144 million in losses.


U.S. Economic Data Influences Crypto Investments


The latest CPI data from the U.S. Bureau of Labor Statistics indicates a 0.3% month-over-month increase in April, slightly below expectations. Analyst Leena ElDeeb of 21Shares suggests that the cooling of core CPI, the first in six months, may renew interest in cryptocurrencies, potentially boosting investments into Bitcoin spot ETFs.




U.S. Bitcoin ETFs’ Current Status


U.S. Bitcoin ETFs currently manage nearly $60 billion in BTC, with significant activity including the purchase of 2,667 bitcoins this week. Grayscale’s GBTC has notably reduced its holdings by over 330,000 bitcoins, totaling approximately $20.47 billion, and is the only ETF experiencing net outflows.


A Whale’s Remarkable Profit from PEPE Tokens


A crypto whale realized a monumental profit of $46.3 million by selling off PEPE tokens, achieving a return of 15,718 times their initial investment. This included a recent transaction where 255 billion PEPE tokens were sold for $2.3 million following a substantial price increase.




Bitcoin: Bitcoin’s price saw a significant uptick following the CPI data release, suggesting a bullish trend with technical indicators like the KDJ and RSI entering the overbought zone. However, the 1-hour technical indicators show a bearish divergence, indicating a potential short-term pullback. Despite this, the overall trend remains bullish, with a double bottom neckline breakout confirming a genuine rally. Bitcoin is expected to quickly reach $70,000 if it surpasses the next resistance level.


Altcoins: Despite Bitcoin reaching $66,000, many altcoins like SOL, BNB, BGB, FTM, NEAR, DOT, and LINK still have room for growth. For investors who missed Bitcoin’s surge, these altcoins present viable entry points at lower prices.


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