Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Insanely Bullish: Bitcoin's price surge nears its all-time high, sparking optimism in the crypto community. Historical data suggests parallels to previous bullish patterns, with Bitcoin doubling its price within days of breaking previous highs.

2. MicroStrategy to Raise $600M for Bitcoin Acquisition: MicroStrategy plans to raise $600 million through senior convertible notes to increase its Bitcoin holdings. The funds will be utilized for general corporate purposes, including additional Bitcoin purchases.

3. SEC Delays Spot Ethereum ETF Decision: The SEC postpones its decision on spot Ethereum ETF applications from BlackRock and Fidelity, creating anticipation for a potential approval in May. Despite Ethereum's recent price surge, the delay hasn't dampened market enthusiasm for ETF approval.

4. Fantom Pursues Legal Action Against Multichain for $122M Loss: Fantom Foundation seeks legal action against Multichain Foundation to recover $122 million lost in a July 2023 exploit.

5. 💡Feature of the Day - Rare CryptoPunk Fetches $16M in Ethereum: A rare CryptoPunk NFT, CryptoPunk #3100, sells for 4,500 ETH (approximately $16,032,959), becoming one of the most valuable CryptoPunks ever sold.

6. 🫨 What’s Buzzing? - Your hands are already full with everything beyond crypto, how do you keep yourself ahead of the curve? Here’s Usethebitcoin’s “Top 5 free research tools” that will keep you in the loop!

   
   All this and more in today’s headlines!

📰 News Highlights:

📈 Insanely Bullish Facts and Figures About the Current Bull Market [Source][Source][Source][Source]

Bitcoin is on the cusp of rewriting history, trading at $68,300, just shy of its all-time high of $69,000. The crypto community is abuzz with optimism as BTC's price surges, with enthusiasts pointing to past bullish patterns for insight.

Historical data reveals remarkable parallels: in March 2013, Bitcoin rallied 158%, while in November 2013, it soared from $200 to $1,000 after surpassing its previous all-time high.

Similarly, in December 2020, Bitcoin's price doubled within 23 days of breaking its previous high, eventually reaching $63,580 in April 2021. This upward momentum is reminiscent of patterns observed before previous halving events. With the next halving scheduled for April 20, 2024, Bitcoin is already nearing its all-time high, indicating potential for further growth post-halving.

Moreover, Bitcoin's Crypto Fear & Greed Index has surged to 90 out of 100, its highest level since February 2021, reflecting intense market optimism. The recent spike in "Bitcoin" Google searches and the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. have fueled demand, with $7.35 billion in net inflows recorded since January 11.

BlackRock's iShares Bitcoin Trust (IBIT) has been a standout performer, reaching $10 billion in assets faster than any U.S. ETF in history. U.S. investor Ric Delman predicts Bitcoin ETF flows could surpass $150 billion by 2025, citing significant interest from financial advisors. Analysts anticipate an even greater influx of institutional capital once major wirehouses begin offering Bitcoin ETF trades.

The demand-supply dynamic is further skewed by ETF issuers' purchases relative to Bitcoin mined, with some days witnessing a ratio exceeding 10. This imbalance, described as "off the hook" by experts, suggests unprecedented demand outstripping supply. As Bitcoin inches closer to flipping Silver in market cap, and climbs the ranks against state-issued currencies, its ascent underscores its growing prominence as a global asset.

💰 MicroStrategy to Raise $600M for Bitcoin Acquisition [Source][Source]

MicroStrategy, a leading corporate Bitcoin holder, is poised to raise $600 million through senior convertible notes to bolster its Bitcoin holdings. The funds will be utilized for general corporate purposes, including additional Bitcoin purchases, reaffirming MicroStrategy's commitment to the digital asset.

The senior convertible notes, maturing in March 2030, offer holders the option to convert into MicroStrategy stock or cash, providing flexibility in investment. With MicroStrategy's stock rallying over 2% amid Bitcoin's upward trajectory, the firm's founder, Michael Saylor, continues to champion its Bitcoin investment strategy.

Currently holding 193,000 BTC, MicroStrategy's foresight has yielded substantial gains, with an average buy price of $31,550.

🛑 SEC Delays Spot Ethereum ETF Decision [Source][Source][Source]

The SEC has postponed its decision on spot Ethereum exchange-traded fund (ETF) applications from BlackRock and Fidelity, heightening anticipation for potential approval in May.

Despite Ethereum's recent price surge of 56.7% over the last month, the delay hasn't dampened market enthusiasm for ETF approval.

While the SEC can delay its decision multiple times, analysts believe the final deadline in May will be decisive. Market observers speculate that spot Ether ETFs may not garner the same fervor as Bitcoin ETFs, but their approval could still signal significant market developments.

💼 Fantom Pursues Legal Action Against Multichain for $122M Loss [Source][Source]

Fantom Foundation seeks legal recourse against Multichain Foundation in a bid to recover $122 million lost in a July 2023 exploit. Following a default judgment ruling in Fantom's favor, the Singapore High Court's decision paves the way for bankruptcy proceedings against Multichain.

Fantom aims to appoint a liquidator to recover and distribute missing assets, with legal action expected to benefit all affected users.

💡 Feature of the Day: 

💎 Rare CryptoPunk Fetches $16M in Ethereum [Source][Source]

A rare CryptoPunk NFT, CryptoPunk #3100, sold for a staggering 4,500 ETH, equivalent to $16,032,959, cementing its position as one of the most valuable CryptoPunks ever sold.

The auction saw intense bidding, culminating in a significant milestone for the NFT market.

CryptoPunk #3100's rarity, as one of only nine Alien CryptoPunks, contributed to its astronomical value, underscoring the market's fascination with unique digital collectibles.

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🫨 What’s Buzzing?

🚀 Excited to stay ahead in the crypto space? Let's dive into the “Top 5 free research tools” that will keep you in the loop!

1. Crypto News Sites: Stay informed with well-researched articles and up-to-the-minute news from reputable sources like @UseTheBitcoin, @CoinDesk, @Cointelegraph, @Decrypt, @Blockworks, and @Bitcoin.com.

2. Crypto YouTube Channels: Get engaging insights through video content from educational and fun crypto-focused channels.

3. Telegram Communities: Join groups like Unfolded DeFi, DeFiLlama Round Up, and Watcher Guru to engage with like-minded individuals and stay updated on the go.

4. Crypto Education: Build a strong foundation and stay updated on the latest trends with trusted sources.

5. Crypto Newsletters: Get valuable insights delivered to your inbox with newsletters!

💡 Stay informed, stay ahead, read the whole article about the “Top 5 Free Research Tools” and keep thriving in the dynamic world of crypto!

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com