With the upcoming Bitcoin ‘halving’ on the horizon, cryptocurrency traders are abuzz with speculation about whether the digital currency’s current rally is just the beginning of a larger surge this year. The halving, a pivotal event in Bitcoin’s blockchain technology, aims to reduce the rate at which new bitcoins are generated, historically triggering substantial price rallies.

Previous bitcoin halvings in 2012, 2016, and 2020 were followed by significant price surges, with bitcoin soaring over 545% within a year after the May 2020 halving. Scheduled for April 20 according to CoinGecko, the next halving has divided market sentiment regarding Bitcoin’s potential trajectory.

During a halving, the rewards for bitcoin miners are halved, leading to decreased profitability and a slowdown in token production. Some enthusiasts argue that Bitcoin’s increased scarcity adds intrinsic value to the digital asset. Bitfinex analysts predict a potential 160% surge in Bitcoin’s price over the next 12-14 months post-halving, potentially surpassing $150,000.

However, skeptics, such as David Mercer of LMAX Group, caution against overly optimistic projections, suggesting that the impact of previous halvings may not necessarily repeat. Mercer highlights the possibility that Bitcoin’s recent rally, reaching an all-time high of $73,803.25 in March, could have already priced in the effects of the upcoming halving.

Analysts note that while historical precedent is significant, other factors beyond the halving could influence Bitcoin’s price movements. These include looser monetary policies, increased retail investor participation, and the recent introduction of U.S. spot bitcoin exchange-traded funds (ETFs).

Despite differing opinions, many analysts agree that the ETFs could be one of several catalysts supporting Bitcoin’s price post-halving. Additionally, expectations of a U.S. Federal Reserve interest rate cut this year could further bolster risk assets like cryptocurrencies.

As speculation mounts and market dynamics evolve, the crypto community eagerly awaits the outcome of Bitcoin’s halving and its subsequent impact on prices.

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Bitcoin Depot, the largest Bitcoin ATM operator in the United States, has demonstrated remarkable resilience in its revenues despite the volatile nature of cryptocurrency prices.

According to its recently filed 10-K annual report on April 15, the company disclosed revenues of $689 million in 2023 and $647 million in 2022, indicating a strong performance unaffected by Bitcoin’s price fluctuations.

Bitcoin Depot’s Robust Revenue Amid Market Volatility

Despite the tumultuous movements in cryptocurrency prices, Bitcoin Depot has maintained steady revenue growth, showcasing its stability amidst market turbulence. Even during periods of extreme volatility in Bitcoin prices, the company’s revenues remained resilient and unaffected. For example, despite Bitcoin’s 155% surge in 2023, Bitcoin Depot’s revenue growth was a modest 6% year-over-year.

This resilience is attributed to Bitcoin Depot’s strategic focus on non-speculative services such as money transfers, international remittances, and online purchases. Unlike entities heavily involved in cryptocurrency trading or mining, Bitcoin Depot maintains a relatively low balance of Bitcoin, typically less than $1 million, at any given time.

Additionally, the company minimizes its exposure to Bitcoin’s volatility by purchasing Bitcoin through reputable liquidity providers like Cumberland DRW or Abra, rather than engaging in mining activities. This proactive approach to risk management sets Bitcoin Depot apart from its competitors and ensures effective management of principal risk.

Bitcoin Depot’s operational model involves maintaining Bitcoin balances to fulfill user demand from kiosk or BDCheckout transactions, rather than acting as an agent or exchange for users. As users receive Bitcoin, the company replenishes its balance through purchases from leading liquidity providers, ensuring smooth operations and stability.

Furthermore, Bitcoin Depot’s success extends globally, as it leads the Bitcoin ATM market with a network of over 7,000 BTMs worldwide. Despite a decline in Bitcoin ATM installations globally in 2023, Bitcoin Depot remains optimistic about the industry’s future, anticipating a rebound following the upcoming Bitcoin halving event.

Bitcoin Depot’s CEO, Brandon Mintz, remains confident in the industry’s prospects, expecting increased market activity and interest in cryptocurrencies post-halving.

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Renowned Bitcoin critic Peter Schiff recently forecasted a potential downturn in BTC’s price to $20K, accompanied by a caution about MicroStrategy’s holdings. Schiff emphasized the significance of Bitcoin’s $60K support level, hinting at a possible “triple top” pattern.

Expressing concerns, Schiff suggested that a dip below the $60K mark might trigger a substantial decline, potentially leading to a significant drop to $20K. He also underscored the potential impact on MicroStrategy, the largest corporate holder of Bitcoin, which could face an estimated $2.7 billion unrealized loss if prices plummet.

MicroStrategy currently holds approximately 214,000 BTC, acquired at an average price of $34K. Despite potential losses during bearish markets, CEO Michael Saylor remains bullish on Bitcoin, advocating for a long-term investment strategy.

This isn’t the first time Schiff has targeted MicroStrategy over crypto market uncertainties. In March, he criticized the company’s $623 million BTC acquisition, warning of potential losses at a $20K Bitcoin price.

However, Schiff’s projections of a $20K price seem unlikely based on current market trends and technical analysis. Bitcoin’s 50-day and 200-day Exponential Moving Averages could offer significant support at $63,128 and $47,900, respectively. A sustained level above these EMAs might negate Schiff’s forecast.

Despite Schiff’s consistent skepticism, Bitcoin has defied previous doomsday predictions. The recent projection coincided with geopolitical tensions, but historical parallels and market rebound trends suggest a potential recovery.

Critics within the crypto community, like Stephan Livera, dismiss Schiff’s analysis as lacking substance and relevance, highlighting ongoing debates around Bitcoin’s future trajectory amidst varying viewpoints.

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Adidas and the crypto fitness app Stepn have joined forces, marking the beginning of a collaboration set to encompass both NFTs and physical merchandise. The partnership’s inaugural offering will be an NFT collection, with plans for tangible products in the pipeline, as per Stepn’s announcement.

The collaboration will commence with the Stepn x Adidas Genesis Sneakers collection, featuring 1,000 NFTs inspired by some of Adidas’s most renowned running silhouettes. Stepn stated that this initial Genesis collection marks the start of a year-long partnership, with further NFT drops and wearable items slated for release.

Scheduled for release later this week on April 17, the NFT collection will be available via Stepn’s affiliated non-fungible token marketplace, Mooar. Adidas has previously engaged in crypto-related partnerships with platforms such as Coinbase, Bored Ape Yacht Club, and Bugatti.

Stepn, recognized as a move-to-earn web3 app rewarding users for physical activity, boasts a user base of 5 million. This collaboration echoes Stepn’s past partnership with Asics in 2022.

Shiti Manghani, CEO of Stepn, emphasized the significance of bridging the physical and digital realms through partnerships like this, describing the alliance between Stepn and Adidas as a testament to the evolving landscape of lifestyle rewards.

In a recent development, Stepn conducted an airdrop of bonus points totaling $30 million worth of GMT tokens, further enhancing its engagement with users.

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