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Bitcoin's April: Price Drop, Network Highs, ETFs

April 2024 saw Bitcoin weather its steepest price drop since the FTX collapse, a comprehensive analysis of Bitcoin
May 15, 2024

In April 2024, Bitcoin witnessed its sharpest price drop since the FTX collapse, amid halving chart scrutiny. However, the network's activity soared to record highs, propelled by new protocols and ETF developments. Let's dive into the key highlights and trends that defined Bitcoin's ecosystem and price developments last month.

Bitcoin's price took a hit following the fourth halving, plummeting to $57,000 before swiftly rebounding. This marked the most significant decline since the FTX collapse. Interestingly, past halving events also demonstrated similar patterns, with short-term volatility following the event.

Despite the price drop, Bitcoin's network witnessed a surge in activity in April. Daily transactions peaked at a record high of 927k on April 23, driving the network's transaction fees to new highs. However, this increase was short-lived, and activity dropped towards the end of the month.

April 2024 was a rollercoaster for spot Bitcoin ETFs. While the first three months of the year saw massive inflows, April witnessed a significant shift in sentiment. Spot Bitcoin ETFs saw $343.5 million withdrawn from the funds, marking the first monthly net outflows since trading began in January.

Bitcoin miners experienced a significant reduction in earnings following the halving. Despite this, miners continued hashing, suggesting that Bitcoin mining remains profitable at current prices. However, the long-term effects of halving on the mining network remain uncertain.

The emergence of Ordinals and the Runes protocol revitalized the Bitcoin DApp ecosystem. Bitcoin NFTs saw remarkable growth, with sales reaching $594 million in April. Additionally, several key developments occurred in Bitcoin DeFi, indicating a growing trend toward novel protocols on the network.

The Bitcoin market continues to buzz with innovation despite short-term volatility. The entry of major financial institutions into the spot Bitcoin ETF market and ongoing advancements in mining technology suggest a dynamic future for Bitcoin. Regulatory developments and continued innovation in the Bitcoin DeFi space will likely shape its trajectory in the coming months.

Bitcoin's April 2024 showcased both the resilience and dynamism of the cryptocurrency, setting the stage for further innovation and growth in the ecosystem.

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