Bitcoin Price Prediction as BTC Spikes Up 2% – Time to Buy?

cryptonews.com:

Bitcoin showcased a notable increase of over 2%, hitting $67,500, stirring discussions on whether it’s the right time to buy. Concurrently, Ethena Labs has strategically reinforced USDe’s foundation by integrating Bitcoin into its collateral pool, aiming to boost the synthetic dollar’s liquidity and market stability.

This move, enhancing USDe’s $2 billion supply via the Bitcoin futures market, signals a significant shift towards stabilizing the cryptocurrency landscape and intertwining Bitcoin with the broader DeFi ecosystem.

Ethena Labs has bolstered the stability and liquidity of its synthetic dollar, USDe, by adding Bitcoin to its collateral mix. This strategic move, aimed at enhancing USDe’s $2 billion supply, taps into the Bitcoin futures market to ensure scalability and price stability through delta hedging.

Excited to announce that Ethena has onboarded BTC as a backing asset to USDe

This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply pic.twitter.com/FOZRWBrVZV

— Ethena Labs (@ethena_labs) April 4, 2024

This move not only prioritizes stability in fluctuating markets but also bridges Bitcoin with decentralized finance (DeFi), potentially broadening Bitcoin’s role beyond a mere store of value.

Bitcoin countered the market downturn, gaining 4.5% despite a late-session stock sell-off triggered by hawkish comments from Minneapolis Fed President Neel Kashkari.

Kashkari’s remarks, hinting at delayed rate cuts if inflation remains steady, stirred the market and contrasted with Fed Chair Jerome Powell’s earlier statements.

A day of positive divergence for crypto bulls as #bitcoin adds 4.5% while stocks reverse lower on hawkish Fed comments.@SteveAlpher