Welcome, Crypto enthusiasts!

The bitcoin capitulation of miners has Bitcoin in a downward trend at the moment and until the “weak hands” leave the market, Bitcoin will continue downward as miners sell off supply.

In Today’s Blockstreet Journal:

• “Weak Hand” Miners Causing Dip

• Dell Turns Bullish On Bitcoin

• Market Rundown

• Top Gainers & Losers

• Airdrops More News

Latest News

BITCOIN
⛏️ “Weak Hand” Miners Causing Dip  

Word On The Street: Bitcoin (BTC) has been in a downtrend for over two weeks and is currently trading 13.8% below its all-time high of $73,835, reached on March 14.

The details:

• Analysts argue that BTC must recover its hashrate and eliminate "weak hands" to reverse the downtrend.

• Independent analyst Willy Woo noted that Bitcoin’s price would only recover when "weak miners die" and the hashrate recovers.

• Miner capitulation is a theory that miners will turn off their hardware and sell their coins if Bitcoin falls below a certain price.

Why it matters: When Bitcoin "sheds weak hands," it means inefficient miners with old hardware and high costs go bankrupt, while others are forced to upgrade to more efficient hardware.

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Word On The Street: CoinLedger offers a suite of products designed to aid cryptocurrency enthusiasts on their investing journey. We know that trying to do your crypto taxes can feel overwhelming and confusing. CoinLedger was designed to be a stress-free product for any crypto investor.

The details:

• Import your crypto transactions from your wallets and exchanges.

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Just use this exclusive link to make crypto taxes easy!

BITCOIN
🖥️ Dell Turns Bullish On Bitcoin 

Word On The Street: Michael Dell, founder and CEO of Dell Technologies, has generated excitement with a curious message suggesting that his company might explore Bitcoin as a potential investment.

The details:

• Dell tweeted, "Scarcity creates value," a phrase associated with Bitcoin due to its supply cap of 21 million against rising demand.

• Dell's recent financial moves provide a strong backdrop for this potential investment into Bitcoin.

• So far, in 2024, Dell has cashed out $2.1 billion while retaining 58% of the company's ownership.

Why it matters: Holding even a small percentage of the balance sheet in Bitcoin—say 1%—could give corporations a significant edge over competitors.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.34T, a 0.66% increase over the last day.

The total crypto market volume over the last 24 hours is $43.62B, which makes a 36.01% decrease. The total volume in DeFi is currently $4.07B, 9.32% of the total crypto market 24-hour volume. The volume of all stable coins is now $39.67B, which is 90.95% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 54.04%, an increase of 0.15% over the day.

Global Market Metrics

As of today, the current state of the cryptocurrency market is as follows:

- Total Market Capitalization: $2.34T

- Total 24h Trading Volume: $43.62B

- Active Cryptocurrencies: 10,122

- Active Market Pairs: 82,870

- Active Exchanges: 782

- Bitcoin (BTC): 54.04%

- Ethereum (ETH): 18.26%

- DeFi Market Capitalization: $73.94B

- DeFi 24h Volume: $4.07B

- Stablecoin Market Capitalization: $155.43B

- Stablecoin 24h Volume: $39.67B

- Derivatives 24h Volume: $408.25B

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ Ancient8 Airdrop

Ancient8 is currently hosting phase 3 of it’s Play-to-Airdrop campaign. Complete the missions from games developed on the Ancient8 chain to qualify for their airdrop.

Step-by-Step Guide:

1. Access the Ancient8 airdrop leaderboard landing page.

2. Connect your wallet and complete the daily check-in.

3. Connect your email, Discord, Telegram and X accounts.

4. Share your referral link to earn more points.

5. Bridge at least $50 from any chain using Relay Protocol. Check out Ancient8’s tutorial on how to bridge for a complete walkthrough.

6. Complete the other Ancient8 missions listed on the airdrop leaderboard landing page.

7. Complete the missions listed on the airdrop leaderboard landing page for each game.

8. There will be a random snapshot time for the leaderboard rankings. Turn on notifications for Ancient8’s X account for further updates.

Other News

Meme Coin Liquidity Hits Record High Even as Bid-Ask Spread Spotlights Risk. Generally, increased liquidity leads to a tighter bid-ask spread, but that's not the case with meme coins.

Blockchain advocacy group raises privacy concerns over IRS crypto tax form. The Chamber of Digital Commerce proposes adding a field to the form for brokers to indicate if a digital asset has a different tax rate to prevent errors and ensure accurate reporting.

Cosmos DAO Osmosis to Adopt Fee-Free Bitcoin Bridge. Osmosis is achieving this through a revenue-share proposal with Bitcoin bridge Nomic.

Nigeria rejects claims of poor prison conditions, health for Binance exec. Mohammed Idris, Nigeria’s minister of information and national orientation, emphasized that Gambaryan enjoys full consular support from his home government.

🫡 Thanks For Reading

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