bitbank
bitbank is one of the largest cryptocurrency exchanges in Japan, which holds more than 600,000 users and 31 available trading pairs, with approximately 20~30% spot-volume share domestically. Users can trade cryptocurrencies in spot markets on exchange and on OTC basis. bitbank has also partnered with Mitsui Sumitomo Trust Holdings Inc., one of the largest specialized trust bank groups in Japan, to establish a certified digital asset trust custodian company, Japan Digital Asset Trust Preparatory Company, Inc. (JADAT), in Japan. bitbank is ISMS certified and abides by every financial regulation standard prescribed by the Japanese FSA.
Apr 05, 2024
Written by Yuya Hasegawa, bitbank
Bitcoin continues to fluctuate sideways while forming a symmetrical triangle pattern around $70k. Bitcoin started off this week with a seemingly spot-market-led sell off and dipped slightly below $65k, but with the increased U.S. initial jobless claims on Thursday, the price started to recover. However, the recovery has been cut short during Friday’s Tokyo session as the market awaits U.S. jobs report, which is expected to show fewer job creation than the previous three months.
If the employment data indicates some cooling in the labor market, the market could regain confidence that the Fed will start cutting rates this summer and not later.
Meanwhile, although daily cash flows for spot bitcoin ETFs have not completely recovered, outflows from Grayscale’s GBTC have significantly reduced and their daily aggregate net flows have recorded four positive days out of the last five business days. Furthermore, with bitcoin cash completing its halving this week, the market’s attention could now shift to bitcoin, which is expected to go through the fourth halving later this month.
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