This crypto cycle achieved some remarkable feats during Q1 2024, including the highest monthly and quarterly close in Bitcoin (BTC) history. However, BTC suffered a retrace that dragged Ethereum (ETH) and the rest of the crypto market down as the year’s second quarter started. Now that we are one month into Q2, the market faces another correction. The most recent retrace became the deepest of the cycle, with Bitcoin nosediving into the $57,000 support zone and Ethereum falling below $3,000. Despite the market’s stumble, analysts remain optimistic for what’s to come. Related Reading: Is This Cycle’s Bitcoin Bottom In? Analysts Forecast BTC Bounce Back What Makes This Cycle Different? Traders and analysts have urged investors not to panic about the retraces yet. A broader look shows that the market is above levels not seen since the last bull run. As many have discussed, there’s a significant resemblance between this cycle’s…> Open article in new tab
The Dogecoin price action seems to have turned bearish after a bearish close to April. Projections for the meme cryptocurrency are not bullish in the short term, especially considering the fact that it is now experiencing a 47% price correction from its highest point in the current market cycle. Despite its recent plunge, one analyst believes all is still well with Dogecoin, and the crypto asset is only gearing up for a bull run into new price territories. Dogecoin Repeating Behavior From Previous Bull Run According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin’s current price action is setting up for a potential bull run, despite the cryptocurrency’s ongoing price correction. His analysis is based on interesting patterns on the Dogecoin price chart. Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin appears to…> Open article in new tab
The payments firm announced the news alongside its first quarter earnings report on Thursday afternoon.> Open article in new tab
As Bitcoin slumps, on-chain data by Ki Young Ju, the founder of the blockchain analytics platform CryptoQuant, paints a stark picture: all new whales, including holders of spot exchange-traded funds (ETFs), are now underwater. New Whales And Spot ETF Investors Are In Red Taking to X, Ju said that more losses would be incoming, predicting that HODLers will find “max pain” at around $51,000. The dip is less than $10,000 from spot rates, suggesting that although there are cracks, the correction might not be deep. Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On? This overview is welcomed, considering the recent sell-off. Even so, predicting price bottoms in a fast-moving market influenced by multiple forces is tough. As price action stands, Ju says believers may take the opportunity to double down on the coin. The founder adds that the current price discount presents an opportunity for savvy investors…> Open article in new tab
The monitoring system would help Tether identify risky crypto addresses that could be used for bypassing sanctions or illicit activities like terrorist financing, the company said.> Open article in new tab
The Bitcoin price continues to trend below $60,000 as a 20% decline triggered a brutal market-wide crash. This has exposed multiple critical support points for the cryptocurrency, some of which the price has already fallen below. In light of this, a crypto analyst known as Norok has revealed the level the BTC price must not fall below to maintain its bullish trend. Bitcoin Price Must Hold Above $51,800 In an analysis posted on the TradingView website, crypto analyst Norok revealed that $51,800 is now the most important support level for Bitcoin. Norok pointed out that Bitcoin has since returned to its last support level which was last seen in December 2023, making this a crucial support. In the meantime, the support that had been built up by bulls at the $62,000 level has since been broken by bears and has now been turned into resistance. Nevertheless, the crypto analyst does…> Open article in new tab
An analyst has explained how the “fair value” of Bitcoin appears to be on track to achieve the $1 million milestone by 2035. Bitcoin Total User Count Could Forecast Fair Value Path Forward In a new post on X, analyst Willy Woo has discussed about how the fair value of Bitcoin could look like in the future based on the growth curve in the total user count on the network. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge The “total user count” here refers to the total number of investors present in the BTC space. Often, this metric is equated with the total number of addresses on the network carrying a balance, but in reality, it’s not the most accurate method as a lot of investors own multiple wallets. To make an estimation of an adoption curve, Woo has referred to all past studies done…> Open article in new tab
Once they reach a certain level of sophistication, there’s a clear trend for Web3 asset holders to transition their digital asset wealth to self-custody.> Open article in new tab
Cryptocurrency analyst Rekt Capital has come up with an intriguing narrative pointing to several trends in the current price action of Bitcoin that are similar to the price trends seen in the 2016 bull cycle, even as market sentiments continue to dwindle. Bitcoin Trends Reiterating 2016 Pattern According to Rekt Capital, more than a month after the initial analysis, Bitcoin keeps demonstrating how much it closely resembles the cycle of 2016. Similar to 2016, Bitcoin has experienced further declines over the past three weeks following the Halving below the Range Low of its Re-Accumulation Range also known as the Post-Halving Danger Zone The post read: Over a month later Bitcoin continues to prove how it is more similar to the 2016 cycle. Just like in 2016, Bitcoin in this cycle is seeing additional downside below the Range Low of its Re-Accumulation Range in the three-week window after the Halving (i.e.…> Open article in new tab
Crypto markets have seen significant profit taking in recent weeks with retail investors playing a bigger role than institutions, the report said.> Open article in new tab
U.S. Sen. Elizabeth Warren (D-Mass.), one of the most prominent critics of cryptocurrency hazards, warned the top military and financial officials that Iran relies on digital assets mining as a source of revenue that can lessen the pressure from U.S. sanctions.> Open article in new tab
The latest in blockchain tech upgrades, funding announcements and deals. For the period of May 2-8.> Open article in new tab
MicroStrategy has already built one application using its service. “Orange For Outlook” integrates digital signatures into emails to enable recipients to verify the identity of the sender.> Open article in new tab
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As expected, this has raised concerns about how it could affect the XRP price, especially since Ripple has been accused of manipulating the token’s price. Ripple Unlocks 500 Million XRP Tokens Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns, considering the negative impact they could have on the altcoin’s price if dumped on the market. Further analysis of the on-chain data shows that Ripple sent 300 million XRP out of the unlocked tokens to an escrowed account (2Not4co2op). Meanwhile, the crypto firm sent the remaining 200 million XRP tokens to another wallet (4vt5x1o91m). Considering that the 200 million XRP…> Open article in new tab
Private credit has been at the forefront of crypto’s asset tokenization trend with over $600 million outstanding on-chain assets.> Open article in new tab
The interoperability protocol indicated that there will be a series of airdrops.> Open article in new tab
An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart. Shiba Inu Has Been Consolidating Inside A Bull Flag Recently In a new post on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole. The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects…> Open article in new tab
Dogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin frenzy, has found itself shivering in the current crypto winter. Once a symbol of retail investor exuberance, DOGE has plummeted over 70% from its sky-high peak, leaving its future shrouded in uncertainty. Related Reading: Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom DOGE Feels The Crypto Frost While Bitcoin, the heavyweight champion of the crypto world, grabs headlines with its recent wobble, the impact on memecoins like DOGE has been brutal. Unlike Bitcoin’s divided analyst opinions, the sentiment surrounding DOGE is decidedly bearish. At the time of writing, the memecoin was trading at $0.132, down 5.4% up the last 24 hours but sustained a 20% loss in the last seven days, data from Coingecko shows. Dogecoin price action in the last 30 days. Source: Coingecko Is DOGE A Canary In The Crypto Coal Mine? Some analysts believe DOGE’s…> Open article in new tab
Coinbase won approval to offer cryptocurrency derivative trading to U.S. retail customers, fueling much hope and momentum to the $2.1 trillion cryptocurrency derivative market. Coinbase’s approval arrived following a significant decline in derivative trading volume due to economic uncertainties, regulatory struggles, and a reduction in risk from high wealth accounts and retail traders. Derivative trading, such as futures, options, and others, has dominated the cryptocurrency market since 2014 as investors snap at the opportunity to place bets with little investment for a higher percentage return. A large percentage of the derivative market is influenced by retail traders, fueled by manic meme-stock trading and social media trends on platforms such as X, YouTube and Reddit. Although heavily favoured by institutional investors, who have maintained a fair, open position in the derivative market, Bitcoin exchange-traded funds (ETFs) make up a large share of traded assets. Futures and options trading have had a…> Open article in new tab
The miner is looking at options including sale of all or part of the company and other strategic transactions.> Open article in new tab
Mirror and Paragraphs are rivals in the Web3 publishing space, and their deal allows Mirror’s team to operate as an independent company focused exclusively on social media.> Open article in new tab
Ironlight, helmed by the former global head of trading of Schroeder and Abu Dhabi’s sovereign wealth fund ADIA with the ex-CEO of TD Bank as an adviser, aims to be a premier tokenization, listing and trading ecosystem for real-world assets targeting big investors.> Open article in new tab
Binance’s lawyer needed more time to look at evidence from Nigeria’s Economic and Financial Crimes Commission.> Open article in new tab
The latest price moves in bitcoin (BTC) and crypto markets in context for May 2, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.> Open article in new tab
The cryptocurrency is already showing signs of maturity as its volatility drops to all-time lows on a yearly scale, the report said.> Open article in new tab
The asset manager has been helping educate pension funds, endowments and sovereign wealth funds about the new spot bitcoin ETF products, the firm’s head of digital assets said.> Open article in new tab
Recently, traders have sold $80,000 BTC call options expiring at the end of May to generate additional yield, one observer said.> Open article in new tab
Patrick Gruhn, the former head of FTX Europe, has paid nearly $1.5 million for a gold pocket watch recovered from the body of the Titanic’s richest passenger, The Wall Street Journal has reported.> Open article in new tab
Ukrainian national, Yaroslav Vasinskyi, also known as Rabotnik, has been sentenced 13 years and seven months in prison for his role in conducting over 2,500 ransomware attacks and demanding over $700 million in ransom payments, the Department of Justice announced Wednesday.> Open article in new tab
Fidelity’s FBTC, not GBTC, led outflows on Wednesday in what may be an alarming development for the bulls.> Open article in new tab
His four-month sentence was vindication for the Binance founder’s legal strategy.> Open article in new tab
Hopes for a series of interest rate cuts in 2024 have been quickly vanishing over the past few weeks as both the economy and inflation exhibit unexpected strength.> Open article in new tab
Much-hyped restaking project EigenLayer’s 43-page whitepaper about its now-revealed EIGEN token has raised lots of questions. They may not matter initially, because much of the promised functionality won’t be ready when the token launches.> Open article in new tab
An SEC approval for spot ETH ETFs looks unlikely but even if the SEC approves exchange traded funds for Ether, investors should learn about total return ETH investment products. That way, they can gain from staking rewards as well as the underlying asset, says Jason Hall, the CEO of Methodic Capital Management.> Open article in new tab
The summer months, between June and September, have historically brought significantly lower investor returns than other months of the year, says André Dragosch, head of research at ETC Group.> Open article in new tab
The cryptocurrency is now trading below the average spot ETF purchase price of about $58K, and this could trigger liquidations, the report said.> Open article in new tab
BlackRock and Securitize last month teamed up to create the BlackRock USD Institutional Digital Liquidity Fund, which may prove to be geared toward RWA tokenization.> Open article in new tab
He likened FTX’s Sam Bankman-Fried to Luke Skywalker and Binance’s Changpeng Zhao to Darth Vader. Federal judges saw it differently.> Open article in new tab
Patterns of illicit activity involving groups of bitcoin nodes and chains of transactions are described in a research paper by Elliptic and MIT-IBM Watson AI Lab.> Open article in new tab
The latest price moves in bitcoin (BTC) and crypto markets in context for May 1, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.> Open article in new tab
Restaking has taken hold of the Ethereum ecosystem. With Jito and a handful of other companies building for Solana, can the trend spread?> Open article in new tab
Between 2022 and 2023 Crypto alongside retail banking, wholesale banking and wealth management posed the greatest risk of being exploited for money laundering, a report by the U.K. Treasury department showed.> Open article in new tab
BTC is down nearly 9% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.> Open article in new tab
Judge Richard Jones said he spent the weekend pouring over the voluminous letters of support for the ex-CEO of Binance until the book they were contained in literally fell apart.> Open article in new tab
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler’s agency already knew it considered Ethereum’s ether a security before he attended a hearing and declined to answer that question.> Open article in new tab
Recent U.S. economic data could prompt more hawkish forward guidance from the Federal Reserve.> Open article in new tab
Although it’s actually conservative.> Open article in new tab
Advocates for long-awaited U.S. stablecoin legislation tried to tie it onto an unrelated must-move reauthorization bill, but leaders in the Senate and House of Representatives are seeking to keep that effort clear of such attachments, according to a Democratic aide.> Open article in new tab
Today, offshore firms dominate the list of the biggest cryptocurrency exchanges. Expect the center of gravity to come onshore going forward, says Paul Brody, head of blockchain at EY.> Open article in new tab
There was a lot of news last week, but maybe the biggest news came Wednesday when the U.S. Department of Justice arrested two co-founders of Samourai Wallet, a bitcoin wallet that offered mixing services. The arrest ramps up the federal government’s efforts to tamp down on what it sees as money laundering enabled by privacy tools, and sets up a continuation of that broader conversation on where the right to transact in privacy fits within national security interests.> Open article in new tab
All 20 assets in the gauge posted declines over the past week, led by Solana, Cardano, and Aptos.> Open article in new tab
Shrapnel, a blockchain-infused first-person shooter game, is expected to be released in 2025. Its creator gives a preview to Jeff Wilser ahead of his appearance at Consensus 2024.> Open article in new tab
Rodrigo Seira has rejoined Cooley LLP, the law firm where he worked previously, according to his LinkedIn profile.> Open article in new tab
BlackRock’s first tokenized offering, created with Securitize, has captured almost 30% of the $1.3 billion tokenized Treasury market in just six weeks.> Open article in new tab
With a young population, enormous government funding and the hope of favorable regulation, expectations are high that Saudi Arabia will become a hub for crypto in the Middle East. But will the hype match reality?> Open article in new tab
Binance founder and former CEO Changpeng “CZ” Zhao will learn how much time, if any, he’ll spend in prison Tuesday.> Open article in new tab
The fundraising will help accelerate Backed’s private tokenization offering and onboard asset managers to blockchains, the company said.> Open article in new tab