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Sui Networks Largest DEX and Liquidity Provider Cetus Hacked for $260M
Author: Elendu Benedict
United States
Source: The Crypto Basic
May 23, 2025 03:40

Sui Networks Largest DEX and Liquidity Provider Cetus Hacked for $260M

Cetus Protocol, the largest decentralized exchange on the Sui Network, suffered a major hack on Thursday, reportedly losing nine-figure funds.The prominent Sui-based DEX lost over $260 million to the hack today, the leading on-chain analytical firm Lookonchain confirmed. The hacker gained access and drained Cetuss liquidity pool, the report disclosed.Meanwhile, Cetus confirmed it detected abnormal activity on its protocol and has paused its smart contracts for safety. While the tweet did not explicitly state the platform was exploited, the team assured users it was investigating the situation.https://twitter.com/CetusProtocol/status/1925515662346404024Remarkably, data from the Cetus pool shows a spike in transaction volume. It has processed $2.9 billion in the past 24 hours, compared to the $320 million recorded a day before, confirming the unusual activity on the Cetus Protocol.Hacker Drains LiquidityFurther analysis of the exploit shows the hacker drained Cetus liquidity pool of millions in SUI and USDC. Notably, the protocol is the largest liquidity provider on the Sui blockchain.Oleksander Horlan, the CTO of on-chain security firm HackenProof, further elaborated on the hack. He noted that the exploiter swapped on Cetus using spoof tokens like BULLA and leveraged the miscalculated or broken price curve.https://twitter.com/d0rsky/status/1925513235987394721With the loophole, he manipulated the internal LP state and withdrew real assets like SUI and USDC while adding liquidity with a near-zero value. He also shared the address of the exploiter, which contained $75 million at the time of writing.Lookonchain also confirmed that the hacker was moving the stolen funds to Ethereum, first converting them to USDC before bridging them to the smart contract network. The exploiter has already cross-chained $60 million USDC through this method.Hacker Bridging Funds to EthereumSui-based Tokens CrashMeanwhile, many SUI-affiliated tokens have reacted adversely to the liquidity pool drain. BULLA crashed 60%, with other meme coins like SLOVE, Uni, and MEMEFI capitulating 93%, 77%, and 51%, respectively.CETUS, the native token of the Cetus Protocol, also fell 34%, as tension among market investors surged. Nonetheless, SUI remains largely stable, correcting just 2.37% in the past 24 hours.Crypto Community Rally Around SUI Amid the panic, major cryptocurrency players have rallied around the SUI ecosystem to show their support. For instance, Changpeng Zhao, Binances co-founder, confirmed in a tweet that the exchange is in contact with SUI and is doing its best to salvage the situation.He also confirmed that multiple blockchain security entities are already working with SUI and Cetus to provide possible solutions. Furthermore, Bybit also released a statement on the hack, stating its willingness to support the Sui network or Cetus in any feasible capacity.

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Kraken: Just a Little XRP Can Cut Risk and Lift Returns
Author: Mark Brennan
United States
Source: The Crypto Basic
May 21, 2025 03:35

Kraken: Just a Little XRP Can Cut Risk and Lift Returns

A recent report from Kraken Exchange highlights XRP as a valuable asset in diversified crypto portfolios. The report uses a data-driven framework that incorporates Monte Carlo simulations and efficient frontier modeling.At the time of this report, XRP was changing hands at $2.33, having declined from its weekly high of $2.66. The crypto has seen moderate fluctuations throughout the week, aligning with the broader market.However, amid these fluctuations, Krakens report used a framework called Monte Carlo simulations to gauge XRP's constructiveness. This statistical technique models and analyzes the behavior of complex systems that involve uncertainty and randomness.The report, titled In a Portfolio of Digital Assets, XRP is Constructive, concludes that even a modest allocation of 3.9% to XRP can improve overall portfolio efficiency. This level of exposure, determined within a minimum-variance framework, reportedly sustains annualized returns near 14% while also reducing portfolio volatility.The simulations, which tested thousands of market scenarios, provide statistical support for XRPs risk-adjusted performance. The analysis highlights XRPs value as a portfolio diversifier, given its moderate correlations with major layer-1 assets like Bitcoin and Ethereum. By not moving in lockstep with these dominant cryptocurrencies, XRP helps smooth portfolio volatility, especially during periods of elevated market stress.Diversification and Risk Metrics Point to Strategic AllocationIn addition to lower correlation, Krakens research notes that XRP shows resilience during broad market drawdowns. Simulated portfolios with XRP included experienced shallower declines, suggesting reduced exposure to protocol-specific risks. This resilience, combined with XRPs historical upside, including prior triple-digit monthly gains, strengthens its positioning as a contributor to improved risk-adjusted returns.Further, the report finds that small allocations to XRP lead to notable improvements in key portfolio performance metrics. Specifically, the Sharpe and Sortino ratios, used to measure risk-adjusted returns, show better results with XRP included. Kraken emphasizes that large capital commitments are not necessary. Even low-single-digit allocations provide the intended diversification and efficiency gains. These findings reflect a broader application of XRP in retail and institutional portfolio structures.Technical Analysis Supports Long-Term Price StructureMeanwhile, a separate analysis from analyst "GalaxyBTC" outlines long-term technical patterns in XRPs historical price cycles. The review identifies two major consolidation periods: the 20142017 cycle, which lasted about 1,267 days, and the ongoing 20182025 cycle, which spans approximately 2,471 days. Following the earlier consolidation, XRP surged from $0.0067 to $3.84 after breaking out and retesting its trendline.In early 2025, XRP mirrored this pattern by breaking out of the multi-year downtrend. As of now, XRP trades near $2.38. Galaxy suggests that this longer consolidation phase may lead to a stronger rally, with technical projections pointing toward a potential price target of $40, if historical structures repeat.XRP chart by GalaxyBTC

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21Shares Predicts Supply Crunch to Push Bitcoin Toward $138K
Author: Mark Brennan
United States
Source: The Crypto Basic
May 21, 2025 03:35

21Shares Predicts Supply Crunch to Push Bitcoin Toward $138K

21Shares reports rising institutional demand and tightening supply could push the Bitcoin price higher amid improving global macro conditions.Notably, Bitcoin (BTC) is approaching a key breakout phase, bolstered by a convergence of structural factors that extend beyond retail speculation. According to a recent forecast by investment firm 21Shares, Bitcoin could reach $138,500 by the end of 2025. The projection considers rising institutional participation, favorable macroeconomic shifts, and a deepening supply crunch.As of today, Bitcoin trades at $104,684, marking a 2.16% increase over the last 24 hours and a 0.95% rise over the past seven days.Institutional Buying Accelerates as Supply Dwindles21Shares reports that institutional capital has moved to the forefront of Bitcoins demand structure. Spot Bitcoin exchange-traded funds (ETFs) have become consistent net buyers, now absorbing more than the daily 450 BTC generated through mining. https://twitter.com/21Shares/status/1924807485556457684This persistent mismatch between supply and demand is reducing available inventory and supporting higher prices. Simultaneously, institutions are exploring alternative exposure strategies, including allocations via companies such as Michael Saylors Strategy and the upcoming Twenty One Capital.In parallel, per 21Shares report, some public companies are beginning to hold Bitcoin as part of their treasury strategies. Additionally, jurisdictions such as New Hampshire and Texas have proposed legislation to establish state-level Bitcoin reserves. Internationally, Abu Dhabis sovereign wealth fund is reportedly accumulating BTC, signaling growing state-level interest in the asset. These developments indicate a foundational shift in how Bitcoin is being adopted and retained by long-term holders.Macroeconomic Trends Reinforce Positive OutlookThe broader macroeconomic environment is also playing a significant role in Bitcoins upward trajectory. Central banks, including the U.S. Federal Reserve, are expected to reverse course after two years of rate hikes.Real yields are falling, and the U.S. dollar has weakened in recent months. Concurrently, global liquidity is expanding as central banks in Europe, Japan, and China increase their balance sheets. These changes support risk assets, with Bitcoin notably sensitive to such liquidity movements.Per 21Shares, improved U.S.China relations have also added momentum. A recent easing of trade tensions between the two countries has lifted investor sentiment. Equity markets have risen, credit spreads have tightened, and monetary indicators such as M2 and the ISM Manufacturing Index have begun to recover. Historically, Bitcoin has tracked M2 growth with a 12-week lag, a pattern that appears to be repeating.Historical Trends Inform Current Projections21Shares notes how Bitcoins previous rallies have typically occurred six to twelve months after a halving event. Past cycles, such as those in 2017 and 2020, were often driven by retail enthusiasm and loose monetary policy. While a tenfold gain is not anticipated this time, 21Shares states that a doubling or tripling from Bitcoins previous $69,000 peak aligns with historical post-halving behavior.Additionally, retail participation remains moderate compared to past cycles, suggesting that current price growth is primarily institutional in nature. Capital is reportedly flowing from registered investment advisors (RIAs), wirehouses, and corporate investors. This pattern, distinct from prior bull runs, points to a more durable demand base.Other Firms Eyeing $130K And Above In October of last year, research firm Ecoinometrics released an analysis indicating that Bitcoins value could potentially double over the following 12 months. This projection was based on the assumption that both Bitcoin and the broader equity markets would sustain upward momentum throughout the period. Under such conditions, the firm suggested that BTC could reach around $130,000 by late 2025, marking a 100% increase from its value at the time of the report.Meanwhile, investment manager VanEck, known for issuing crypto ETFs, outlined a long-term forecast for Bitcoin extending through 2050. The firm presented three distinct scenarios, with its baseline case placing Bitcoins value at $2.9 million by 2050. In contrast, VanEcks conservativeor bearcase forecasted a minimum value of $130,314 by that time.

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Vitalik Buterin Shares His 2025 Vision for Ethereums Future
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
May 01, 2025 03:35

Vitalik Buterin Shares His 2025 Vision for Ethereums Future

Ethereum founder Vitalik Buterin has presented his personal roadmap for 2025, highlighting the direction he believes the Ethereum ecosystem should head. Buterin disclosed this in a recent post on the decentralized social platform Warpcast. His focus covers concepts around deep infrastructure upgrades to ideas about how Ethereum can support open technology and societal resilience.Ethereum L1 Long-Term RoadmapOne of Buterin's top priorities is making Ethereum's base layer-1 faster, leaner, and more secure. A major part of this is something called single-slot finality, which would reduce the time it takes for Ethereum transactions to become final from around 15 minutes to just a few seconds. The proposed method would rely on "supercommittees" of about 125,000 validators to improve the process. While this may sound ambitious, it comes with trade-offs that will need careful handling to avoid weakening the network's security.Ethereum Founder Buterin on WarpcastEthereum Founder Buterin on WarpcastMeanwhile, the Ethereum co-founder is also thinking long-term about the Ethereum Virtual Machine (EVM), the core engine that runs smart contracts. Buterin wants it to evolve to support newer cryptographic tools better and work more smoothly with scaling technologies like rollups.Notably, the move toward a "stateless" Ethereum, where validators don't need to store the entire history of the blockchain, could make running a node more accessible and encourage greater decentralization.Full-Stack Security and PrivacyAlso, Buterin has not forgotten Ethereum's roots in decentralization and resilience, especially after past security setbacks like the 2016 DAO hack. He stressed that upgrades should always preserve the core values of security and openness, as the network scales and modernizes.Security and privacy also feature in his 2025 focus, but not just at the protocol level. Buterin wants stronger protection all the way up the stack, from smart contracts to wallets to apps. He's pushing for more robust open-source practices and tools that minimize the need for centralized intermediaries, which are often weak points in the system. In addition, privacy is getting more attention too, with technologies like zero-knowledge proofs, which are essential to keeping Ethereum users safe in an environment where governments and corporations are increasingly tracking online behavior.Buterin also discussed what he calls "decentralized accelerationism," or d/acc. For context, it is a response to today's fast-moving tech landscape, which looks to keep power in the hands of users and communities, not corporations. Essentially, this means building decentralized communication tools, better governance systems, and more funding models for public goods. Other Important AreasHe's also paying attention to areas like cryptography, open-source operating systems, and even bio-defense. These are fields where Ethereum and blockchain tech might help in making systems more secure and transparent. Meanwhile, he admitted to being less directly involved in some research areas, such as ongoing work in consensus design, peer-to-peer networking, and layer-2 hardware solutions. He also called attention to developments such as Danksharding and zkEVM, which are central to Ethereum's scalability roadmap and could increase throughput by 2026.

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Nasdaq Seeks SEC Blessing to List and Trade 21Shares Dogecoin ETF
Author: Lele Jima
United States
Source: The Crypto Basic
Apr 30, 2025 03:35

Nasdaq Seeks SEC Blessing to List and Trade 21Shares Dogecoin ETF

Leading New York-based exchange Nasdaq has officially submitted a 19b-4 application with the SEC to list and trade shares of the 21Shares spot Dogecoin ETF. Nasdaq submitted the filing today under Section 19(b)(1) of the 1934 Securities Exchange Act. According to the filing, the exchange seeks to list and trade 21Shares spot Dogecoin ETF as a commodity-based trust shares under the Nasdaq Rule 5711(d). The Nasdaq filing comes three weeks after 21Shares submitted an S-1 application to launch a spot-based Dogecoin ETF that will track DOGE's performance. Nasdaq files to list 21Shares Dogecoin ETFDetails of 21Shares Dogecoin ETF Like 21Shares, Nasdaq also provided key details for the proposed spot Dogecoin ETF. The Dogecoin ETF is organized as a Maryland statutory trust, with 21Shares highlighted as the fund's sponsor and manager. An unnamed trust company in Maryland will serve as the trustee of 21Shares' Dogecoin ETF. 21Shares is expected to appoint a third party as the ETF administrator. Coinbase Custody will hold the ETF's Dogecoin on behalf of the trust. Investment Objective The filing clearly characterized 21Shares' spot Dogecoin ETF as a passive investment vehicle with no plans to generate additional returns for investors.  This indicates that 21Shares will not speculatively buy DOGE at lower prices in anticipation of future price increases or sell Dogecoin at a higher value to lock in profit. Additionally, the sponsor of the ETF will not utilize strategies such as derivatives or leverage to meet its investment objectives. Per the filing, the ETF will only track Dogecoin's performance by mirroring the CF DOGE-Dollar US Settlement Price Index. Growing Interest in Dogecoin ETFs The development comes as top asset managers file to launch spot-based exchange-traded funds for Dogecoin. Unlike most crypto ETFs, only a handful of asset managersBitwise, Grayscale, and 21Shares are seeking the SEC's permission to launch spot ETFs tied to Dogecoin. NYSE Arca has already submitted exchange applications to list and trade shares of Bitwise's spot Dogecoin ETF and Grayscale's converted Dogecoin Trust. The SEC has also acknowledged the Grayscale and Bitwise applications, with the final deadline for potential approval set for October 11 and November 12, 2025, respectively. Notably, 21Shares DOGE ETF will also undergo a similar process. Following Nasdaq's application, the SEC is expected to acknowledge the filing within two weeks. This acknowledgment automatically kicks off a 240-day window in which the SEC must decide whether to approve or disapprove the application. Interestingly, the SEC has clarified that meme coins like Dogecoin are not securities. Therefore, DOGE is not subject to any regulatory uncertainty that could hinder the potential launch of spot ETFs tied to the cryptocurrency.

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UK Government Finally Releases Comprehensive Draft Legislation for Bitcoin and Crypto Firms
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 30, 2025 03:35

UK Government Finally Releases Comprehensive Draft Legislation for Bitcoin and Crypto Firms

The UK government has finally released a comprehensive draft legislation aimed at regulating the services of Bitcoin and crypto-focused firms.The announcement came today, April 29, during a summit held in London as part of UK Fintech Week. Chancellor Rachel Reeves presented the new rules, which look to encourage innovation in the digital asset scene while ensuring investor protection and market integrity.UK Government Presents Bitcoin and Crypto Regulation DraftNotably, the proposed regulations mark a step forward in the government's broader "Plan for Change" economic initiative. These rules will now formally bring crypto firms, ranging from exchanges to service agents, under the same regulatory expectations as traditional financial institutions. This move looks to close existing gaps that have allowed fraudulent or unstable operations to thrive in recent years. With an estimated 12% of UK adults holding crypto assets like Bitcoin and Ethereum, the need for stronger consumer safeguards has become more pressing. The draft legislation presents stringent standards for transparency, operational resilience, and consumer protections, mandating compliance from all crypto service providers operating with UK customers. Specifically, the framework ensures that these firms adopt robust practices similar to those required in traditional finance.International Coordinated EffortsIn addition, the announcement also highlighted international coordination efforts. Chancellor Reeves disclosed that the UK has initiated discussions with the United States to develop shared principles for the responsible development of digital assets. These talks, which included meetings in Washington with U.S. Treasury Secretary Scott Bessent, explore opportunities for cross-border cooperation, including a potential transatlantic sandbox for digital securities as suggested by SEC Commissioner Hester Peirce. In her remarks, Reeves stressed that while the UK remains open to innovation and technological advancement, it will not tolerate misconduct, fraud, or regulatory evasion. She also announced that the government will reveal a Financial Services Growth and Competitiveness Strategy on July 15. Notably, this would set the direction for long-term development in sectors like fintech, which plays a major role in the country's investment and growth strategy.UK's Historical Push for Crypto RegulationsThis draft legislation follows several years of growing policy and regulatory preparations. The Financial Conduct Authority (FCA) had previously outlined a roadmap toward full regulation by 2026, involving a phased approach to issues such as stablecoin oversight, market abuse prevention, and crypto lending. Meanwhile, in late 2024, the government announced intentions to consolidate crypto regulation into a single framework and began engaging with industry on draft provisions.Earlier measures also sought to solidify the legal status of digital assets in the UK. A proposal in September 2024 under the Labour government aimed to classify assets such as NFTs and cryptocurrencies as property. This was to allow for clearer legal protections and the recovery of stolen digital assets through the courts.The UK's latest push toward finally regulating the local crypto industry comes on the back of increased engagement in the U.S., where the Trump administration has promised to outdo years of regulatory uncertainty that plagued the industry. So far, the U.S. Congress has passed bills to allow banks to engage with the crypto sector, as well as stablecoin laws.

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Bitcoin Price May Hit $210K This Year According to Presto Research Head Peter Chung
Author: Mark Brennan
United States
Source: The Crypto Basic
Apr 29, 2025 03:35

Bitcoin Price May Hit $210K This Year According to Presto Research Head Peter Chung

Bitcoin price may see new highs this year, according to recent forecasts by Peter Chung, Head of Research at quantitative trading firm Presto. On April 28, during an interview with CNBC, Prestos Head of Research, Peter Chung, projected that Bitcoin could surge to $210,000. He pointed to growing institutional adoption and expanding global liquidity as primary drivers behind this bullish outlook. Although Bitcoin has experienced periods of turbulence, Chung emphasized that these corrections were necessary steps toward the cryptos broader recognition as a mainstream financial asset.Liquidity Expansion and Institutional Adoption Impacting Bitcoin PriceFurthermore, he described Bitcoin as possessing a dual character: operating as a "risk-on" asset during periods of market confidence and transforming into a "digital gold" amid financial instability.Notably, historical events such as the Russia-Ukraine conflict in 2022, the Silicon Valley Bank collapse in 2023, and recent market stress tests have demonstrated Bitcoins nature as a risk-on asset, but Chung noted that these reactions are usually rare. He mentioned that while Bitcoin initially lagged behind traditional safe assets like gold during recent upheavals, it still holds the capacity to "catch up" and outperform by year-end, based on emerging patterns.MVRV Ratio Methodology for Bitcoin Price PredictionNotably, Chung had previously set the same price expectation in January, citing confidence in sustained global liquidity expansion. Notably, the $210,000 Bitcoin target was rooted in a detailed analysis of the Market Value to Realized Value (MVRV) ratio. This metric, which evaluates the difference between Bitcoins current market price and the average price of moved coins, is commonly used to identify market extremes. Chung revealed that Presto calculated Bitcoins realized value for 2025 and applied a historical 3.5x multiple to estimate the target. Other Analysts Forecasting $200K and AbovePresto Research is not alone in its bullish outlook. Robert Kiyosaki, well-known for authoring Rich Dad Poor Dad, also anticipates Bitcoin to reach between $180,000 and $200,000 in 2025. Kiyosaki, a consistent advocate of Bitcoin as a hedge against inflation, has further projected a $1 million target for Bitcoin by 2035.Meanwhile, Michaël van de Poppe, Chief Investment Officer and Founder of MN Consultancy, observed that whale activity within Bitcoin markets has been increasing. Whales, large holders of Bitcoin, continue to accumulate even at current price levels. Van de Poppe interpreted this behavior as a reflection of strong market confidence. He suggested that, if momentum continues, Bitcoin could potentially climb toward $300,000 to $500,000, well beyond Presto's and Kiyosakis target.

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Bitcoin Short Squeeze Looms Amid Spike in Short Positions as Liquidity Builds Around $97K to $100K
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 26, 2025 03:35

Bitcoin Short Squeeze Looms Amid Spike in Short Positions as Liquidity Builds Around $97K to $100K

The crypto market is currently on high alert as signs point to an imminent Bitcoin short squeeze amid a build-up in short positions and massive liquidity clusters.Notably, these liquidity clusters rest between $97,000 and $100,000 as BTC continues its recovery push. For context, Bitcoin's steady rally since April 21 indicates bullish momentum, yet bearish traders continue to fade the uptrend. However, this could be setting the stage for a potentially explosive run.Bitcoin's price action has been resilient, rising from the $85,000 range to reclaim $95,000, with the asset currently trading at approximately $94,735. This represents a monthly gain of 14.78%, with a weekly increase of nearly 8%. Despite facing mild resistance at $95,000 today, the price remains above $94,000 amid underlying strength. Nonetheless, the presence of large short positions above $92,000 suggests vulnerability to a short squeeze if Bitcoin breaks above key resistance zones.Exchange Data Reveals Bullish SignalsAccording to Novaque Research on CryptoQuant, an analysis of Binance shows a behavioral change among investors. Particularly, between April 6 and 10, Binance saw BTC inflows exceeding 15,000 BTC. This period coincided with price stagnation around $85,000 to $87,000, showing selling pressure. However, from April 19 to 23, the trend reversed. The market recorded outflows of more than 15,000 BTC, corresponding with a price climb to over $93,000. These outflows show bullish accumulation behavior, leading to a drop in selling pressure.Binance Exchange Flows | CryptoQuant Supporting this, Bitcoin exchange reserves have been declining since April 18. The analysis suggested that this current condition creates a "cleaner" market environment, less vulnerable to large-volume dumps by whales. Bitcoin Exchange Reserves CryptoQuantBitcoin Short Squeeze LoomsNovaque Research confirmed that with Bitcoin's market structure appearing to reset after weak-handed longs were flushed between $82,000 and $88,000, remaining shorts above $92,000 are increasingly at risk. Notably, a spike to this level could trigger a short squeeze.In addition, there is thin liquidity above current levels, and this makes the market highly sensitive to positive catalysts, such as ETF inflows or favorable macroeconomic events, that could rapidly drive Bitcoin past $100,000.Further, Coinglass data reveals a massive concentration of liquidation leverage at major levels. The most prominent cluster lies around $97,755, with a liquidation leverage amounting to $207.71 million. A second major cluster exists at $99,876, totaling $193.18 million. Binance BTCUSDT Liquidation Heatmap CoinglassBinance BTCUSDT Liquidation Heatmap | CoinglassThese levels are important because if Bitcoin approaches or surpasses them, massive short liquidations could be triggered, forcing bearish traders to buy back their positions, which would propel the price even higher, confirming a Bitcoin short squeeze.Leverage Builds While Short Bias DominatesInterestingly, Glassnode also supports the short squeeze narrative. They confirmed that open Interest in perpetual swaps has surged to 281,000 BTC, a 15.6% rise since last month. This spike implies growing leverage in the market, which increases the risk of sharp volatility through liquidations.https://twitter.com/glassnode/status/1915771198568321329Also, despite the rise in Open Interest, the average funding rate has turned negative, currently at -0.023%. For context, this trend highlights a growing tilt toward short positioning, increasing the risks of a short squeeze. Furthermore, the 7-day moving average of long-side funding premiums has fallen to $88,000 per hour and continues to decline, indicating waning interest in long positions and confirming the dominance of a short bias. As a result, a Bitcoin short squeeze could emerge if BTC spikes further.Bitcoin Long-Side Premium | GlassnodeMeanwhile, analysts remain bullish on the uptrend. Trader Merlijn recently highlighted a bullish breakout from a flag pattern. He compared the current setup to past events that led Bitcoin into parabolic rallies. In his view, if history repeats, the next stop could be as high as $150,000.https://twitter.com/MerlijnTrader/status/1915692271099605460

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Japans Largest Resale Platform Now Supports XRP
Author: Abdulkarim Abdulwahab
United States
Source: The Crypto Basic
Apr 25, 2025 03:35

Japans Largest Resale Platform Now Supports XRP

Mercoin, the crypto trading subsidiary of Japanese e-commerce firm Mercari Inc., has announced the addition of XRP to its platform.Starting today, April 24, XRP is now available on Mercoin. This addition marks the third crypto asset available for trading on the platform, following Bitcoin (BTC) and Ethereum (ETH).XRP will be available for purchase starting from just 1 yen (about $0.007). Users can use various payment methods, including bank recharge balances, Mercari sales, and Mercari points, making it easier for first-time traders to get started with small amounts.The introduction of XRP aligns with Mercoin's mission to provide more trading options and enhance accessibility for its growing user base.Continued Growth and Success Among Inexperienced TradersSince its launch in March 2023, Mercoin has focused on attracting new crypto users, with a significant emphasis on simplicity and security. The firm started by offering only Bitcoin at launch and later added Ethereum 14 months after its launch.The companys service is showing success, surpassing 3 million users by December 2024, just under two years after its debut. Notably, 90% of users on the platform are newcomers to crypto trading.Now, Mercoin is introducing XRP, the fourth biggest crypto asset, as its beginner users become more familiar with BTC and ETH. The official announcement emphasized that XRP is one of the most traded assets in the global crypto market. Indeed, XRP boasts a 24-hour trading volume of $4.3 billion, the sixth largest in the market.Interestingly, Mercoin noted that it plans to explore various avenues to further promote XRP awareness in Japan, expanding the pool of XRP enthusiasts.Industry Reaction to XRP Listing on MercoinThe recent announcement from Mercoin has caught the attention of the crypto community, particularly due to the influence of its parent company, Mercari Inc. Emi Yoshikawa, former Ripple VP of Strategic Initiatives, highlighted the importance of Mercoin's decision to list XRP. Yoshikawa pointed out that Mercari is Japan's leading marketplace app and the country's largest resale platform, with millions of users who maintain a balance from selling unused items (MAU: 20+ million).She also mentioned that users can now convert their balances or Mercari points into XRP starting from just ¥1. Additionally, Yoshikawa emphasized that almost all users purchasing crypto through Mercari are newcomers, making this a strong example of crypto reaching mainstream audiences beyond the typical crypto crowd.https://twitter.com/emy_wng/status/1915399440099406146

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Satoshi Nakamotos Bitcoin Holdings Break Back Into the $100 Billion Range
Author: Abdulkarim Abdulwahab
United States
Source: The Crypto Basic
Apr 24, 2025 03:35

Satoshi Nakamotos Bitcoin Holdings Break Back Into the $100 Billion Range

The worth of the Bitcoin holdings of the pseudonymous Bitcoin creator, Satoshi Nakamoto, has broken back into the $100 billion range.This milestone comes as Bitcoins price reclaims the $94,000 level today, briefly trading at $94,500 before settling slightly lower. Notably, before now, Bitcoin last touched the $94K mark on March 2. Since then, its price plunged dramatically, reaching as low as $74,400 earlier this month the lowest level since November 2024.With this new monthly high, Bitcoin has rebounded by about 27% from that five-month low. As Bitcoin climbs, the portfolios of steadfast holders are also seeing notable improvement.Satoshis BTC Surpasses $100 BillionData from the analytics platform Arkham shows that Satoshi Nakamoto holds approximately 1.1 million BTC. This makes Satoshi the largest individual holder of Bitcoin. As Bitcoin traded above $94,000 today, the value of this stash exceeded $103 billion.Satoshi Bitcoin holding | ArkhamAt Bitcoins all-time high in January, Satoshis holdings were worth over $120 billion. However, with the pseudonymous creator remaining in the shadows, this fortune may never be realized.Interestingly, if Satoshi were a known public figure today and hadnt vanished from the Bitcoin scene over a decade ago, their current net worth would place them 16th on Forbes list of the worlds wealthiest individuals. It would be ahead of renowned billionaires like Binance's Changpeng Zhao and Michael Dell.Notably, debate remains about the precise amount of Bitcoin Satoshi Nakamoto holds. An analysis by Whale Alert suggests the Bitcoin creator may have mined up to 1,125,150 BTC using a unique mining fingerprint known as the Patoshi pattern, spanning more than 22,000 blocks before ceasing activity in 2010.The Patoshi miners distinct technical footprint vanished after block 54,316. While its possible that Satoshi continued mining using public software, his primary mining tool ceased operation in May 2010.Despite this vast holding, research shows that only a small portion907 BTChas ever been spent.Other Multi-Billion Dollar Bitcoin HoldersBeyond Satoshi, several public entities are approaching similar levels of Bitcoin ownership. For instance, Bitcoin ETFs collectively hold nearly as much BTC as Satoshi, with a combined market value of around $104 billion.Among these, BlackRock leads with a Bitcoin portfolio valued at $50 billion, followed by Grayscale at $17 billion.While ETF holdings fluctuate with investor demand, Strategy (formerly MicroStrategy) continues to increase its Bitcoin stash steadily. The firm currently holds 538,200 BTC, valued at approximately $49.92 billion.

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CryptoQuant CEO Identifies Level Bitcoin Must Claim to Confirm It Has Re-entered Bull Territory
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 24, 2025 03:35

CryptoQuant CEO Identifies Level Bitcoin Must Claim to Confirm It Has Re-entered Bull Territory

Amid the current Bitcoin recovery push, CryptoQuant CEO has identified a level the crypto firstborn must recover to trigger a shift in his stance.Notably, Bitcoin has made an impressive rebound following nearly two months of bearish movement, prompting renewed discussions around the current market cycle. The flagship crypto rallied this week, gaining 2.71% on Monday, April 21, and soaring by another 6.83% on Tuesday, April 22. This surge pushed BTC beyond $90,000 for the first time in over a month, peaking at $94,700a level not seen in seven weeks. Despite a minor 0.43% drop today, Bitcoin has managed to hold above $93,000, reigniting bullish sentiment among several top analysts.Ki Young Ju's Previous Commentary CryptoQuant CEO Ki Young Ju called attention to this recovery, which appears to go against his earlier stance that the Bitcoin bull run is over. Recall that Young Ju made this assertion on March 18 as Bitcoin battled the $83,000 mark. At the time, he noted that although he previously championed a bullish narrative for two years, the recent trend of fading liquidity, reduced ETF inflows, and large volumes failing to break the $100,000 resistance were signals that the bull run was over. After his commentary, Bitcoin continued its bearish performance, eventually crashing to $74,000 on April 7, a 10% drop from the $82,000 mark. Although BTC recovered above $82,000 shortly after, it remained range-bound at the lower ends of the $80,000 mark before the recent rally.Update: Bitcoin Needs to Break $100KAmid this rally, Ki has shared an update today. He noted that although BTC has risen beyond his earlier projection, he remains unconvinced of a confirmed bull trend unless the price breaks above $100,000. Until then, he plans to continue analyzing on-chain data over the coming weeks to assess whether the current momentum reflects a true cycle reversal.https://twitter.com/ki_young_ju/status/1915001569638256692Notably, he stressed that there are complexities of using cyclical on-chain indicators in a market that often reacts unpredictably to news events, including political developments. According to him, his long-term focus remains on supply and demand patterns, rather than short-term price action.Other Analysts Remain Bullish on the Bitcoin Recovery Meanwhile, other analysts have expressed stronger confidence in Bitcoin's upward trajectory. Market commentator Miles Deutscher highlighted that Bitcoin has not broken its long-term uptrend since 2022, asserting that the asset remains firmly in a bull run. Bitcoin 1W Chart | Miles DeutscherHe pointed out that the previous dip merely retraced to a key support area, which aligned with the "Paradise Money Noodle" indicator, a zone that has consistently acted as a foundation for price rebounds over the past two years.Veteran trader Peter Brandt, who had previously advised caution even as Bitcoin broke key resistance levels, has also adjusted his stance in light of the latest rally. Brandt now sees the recovery as a potential continuation of the broader bullish trend.Further, market analytics firm Glassnode reported that April saw strong engagement from first-time Bitcoin buyers. The Relative Strength Index has stayed above 50 this month, briefly reaching 100 the previous week before settling at an elevated level of 80 on April 23. However, Glassnode also cautioned that Bitcoin still faces resistance ahead. Its Cost Basis Distribution data shows that a substantial number of investors, holding around 392,000 BTC, acquired their holdings near the $97,000 level. As prices approach this zone, some may choose to exit at break-even, creating potential selling pressure. If Bitcoin breaches this level, it might face minimal resistance on the path to $100,000, which would confirm Ki Young Ju's change of stance to bullish. Currently, Bitcoin trades for $93,085.https://twitter.com/glassnode/status/1914982591029039311

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Senior Bloomberg Analyst Says Bitcoin Needs the Small Wins to Be True Alternative Asset
Author: Mark Brennan
United States
Source: The Crypto Basic
Apr 23, 2025 03:35

Senior Bloomberg Analyst Says Bitcoin Needs the Small Wins to Be True Alternative Asset

A senior analyst at Bloomberg says Bitcoin must secure small wins to be considered a true alternative asset amid outperformance.For context, Bitcoin price has gained significant momentum this week, climbing from $84,000 on Monday to nearly $90,000. As of the latest update, Bitcoin stands at $90,790, up 2.85% over the last 24 hours. This rally has prompted Balchunas to draw comparisons with traditional financial assets like stocks, treasuries, and gold. Notably, Eric Balchunas, a Senior ETF Analyst at Bloomberg, highlighted Bitcoins recent performance and its divergence from broader markets in the past week.https://TWITTER.com/EricBalchunas/status/1914653329059111190A Diverging Path from TradFiBalchunas pointed out that Bitcoin outperformed treasuries, which have been what he calls unreliable once again. Balchunas also mentions gold, which is in a league of its own, having diverged by negative 0.983 as it posts massive gains amid the drop in equities.Notably, gold recently surged to an all-time high of $3,500 per ounce, before retreating slightly to the $3,400 level.Balchunas acknowledged that the time frame is small but emphasized that Bitcoin needs to secure these small wins if it aims to be considered a true alternative asset. Specifically, these small wins build up to place the asset ahead of global stocks, similar to what gold has observed over the years.Bitcoin ETF Flows SurgeOther market watchers, including Matthew Sigel, head of research at VanEck, noted that Bitcoins rally from its April 7 low had allowed it to break free from its long-standing correlation with US tech stocks.He noted that as Bitcoin approached its two-week high, Bitcoin Exchange-Traded Funds (ETFs) saw a surge in inflows, reaching their highest level since January 30.Bitcoin vs. NASDAQ: Diverging PerformanceElsewhere, Ecoinometrics, a macro data provider, highlighted an interesting divergence between Bitcoin and the NASDAQ, with Bitcoin rising as the NASDAQ struggled. Historically, such divergences have not lasted long.https://TWITTER.com/ecoinometrics/status/1914666658100351200When the NASDAQ's 200-day moving average trended downward, Bitcoin faced significant macroeconomic headwinds. Currently, Bitcoin is back at its 200-day moving average, but this time could be different. Ecoinometrics emphasized that the sustainability of this rally may depend on continued ETF inflows, as the rally could lose momentum without sustained investment.Meanwhile, data from CoinShares revealed that sentiment in digital asset investment products is recovering. The majority of the inflows seen last week were directed toward Bitcoin, although mid-week retail data prompted $146 million in outflows.

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How Do Strategys Bitcoin Buys Impact BTC Price? VanEcks Sigel Weighs In as BTC Reclaims $90K
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 23, 2025 03:35

How Do Strategys Bitcoin Buys Impact BTC Price? VanEcks Sigel Weighs In as BTC Reclaims $90K

VanEck's Matthew Sigel has analyzed the impact of Strategy's Bitcoin purchases amid an impressive recovery push by the crypto firstborn.As Bitcoin surges past the $90,000 mark for the first time in over a month, market watchers again question the impact of Strategy's relentless buying on BTC price action. However, fresh insights from VanEck's Head of Digital Assets Research, Matthew Sigel, suggest that fears of market manipulation or artificial price inflation may be overstated.How does Strategy's Bitcoin Buys Impact Price?According to Sigel, who cited data from investment bank TD Cowen, Strategy's (formerly MicroStrategy) weekly Bitcoin purchases account for only a small fraction of overall market activity. On average, the company contributes around 8.4% of total weekly buy volume, although this number is skewed by a few exceptionally high-volume weeks. In most cases, its market share stays in the low single digits, around 3.3%, and there are multiple weeks when the firm does not buy any Bitcoin.Weekly Bitcoin Trading Volume | TD CowenNotably, statistical data support the idea that Strategy's influence on price trends is minimal. Sigel found only a weak correlation, about 25%, between the company's Bitcoin buying volume and BTC's weekly closing price. In addition, the correlation with price changes over the course of a week is similarly low at 28%. These figures suggest that the firm's activity does not have a meaningful or predictable effect on Bitcoin's short-term price behavior.Meanwhile, Sigel also addressed concerns about the new Bitcoin supply from miners. His research shows that Bitcoin's secondary market trading volume massively outweighs mining outputs, making miners less influential in setting prices. Even when considering MicroStrategy's purchases, secondary market activity remains roughly 17 times greater than total new supply, confirming the view that major institutional buys like MicroStrategy's do not distort the overall market.Bitcoin Reclaims $90K Shortly After Strategy's AnnouncementThe timing of this analysis is especially relevant, coming just after Strategy's latest acquisition. Yesterday, on April 21, the firm disclosed the purchase of 6,556 BTC between April 14 and April 20, at an average price of $84,785 per coin. The acquisition, totaling about $555.8 million, brings the company's total holdings to 538,200 BTC. With this addition, Strategy now holds nearly 2.5% of all existing Bitcoin, procured at an average cost of $66,384 per coin.Following this announcement, Bitcoin's price experienced a significant uptick, reclaiming the $90,000 level and climbing to $90,718. Interestingly, the asset is up 3.78% today after a 3% rally yesterday. The surge has revived discussions around whether Strategy's purchases had directly influenced the price bounce. Yet, as Sigel's data-driven commentary suggests, broader market conditions and investor sentiment likely had a larger impact than a single firm's actions.For context, critics like economist and gold advocate Peter Schiff have championed this narrative. Schiff has long argued that Strategy's aggressive Bitcoin accumulation artificially inflates prices. In particular, he suggested this in June 2021.https://twitter.com/PeterSchiff/status/1402608750058422272He accuses the firm of creating unsustainable price rallies and warns that its strategy, heavily funded through debt and equity dilution, could lead to financial disaster if Bitcoin's value drops. Schiff has also labeled the company's actions as bordering on market manipulation.

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Bitcoin Open Interest Jumps by $3.1B to $30B: Heres What This Means for the Ongoing Rebound
Author: Mark Brennan
United States
Source: The Crypto Basic
Apr 22, 2025 03:40

Bitcoin Open Interest Jumps by $3.1B to $30B: Heres What This Means for the Ongoing Rebound

Bitcoin open interest rises by $3.1B in 24 hours, signaling increased leverage as the crypto asset surges to intra-month highs.Bitcoin (BTC) has observed a notable price surge in recent hours, climbing to over $87,600 after hovering around $84,500 for the past day. This marks the highest price since April 2 and signals a return of upward momentum in the market. At the time of reporting, Bitcoin stands at $87,681, reflecting a 3.63% increase in the last 24 hours and a 3.65% gain over the past seven days. The surge coincides with a significant uptick in open interest and derivatives market activity.Sharp Increase in Bitcoin Open InterestAccording to data from CryptoQuant, Bitcoins recent price rally has been significantly supported by a rise in open interest, which surged by $3.1 billion over the last 24 hours. This sharp increase indicates that traders are leveraging their positions in anticipation of continued price growth.Bitcoin Open Interest on All ExchangesBitcoin Open Interest on All ExchangesNotably, Bitcoin's open interest had seen a decline earlier this month, dropping from approximately $29.2 billion to around $24 billion between March 22 and April 10. However, after April 10, open interest began to climb steadily, surpassing $30.4 billion by April 21. This marked the highest OI figure for Bitcoin since early February. The current rise in open interest aligns with Bitcoin's price movement, showing a clear positive correlation between the two.Open interest reflects the total value of outstanding contracts, and its surge suggests that traders are betting on continued price movement. A rise in Bitcoin open interest indicates that new capital is entering the market amid an increase in trading activity. However, it does not always signify bullish tendencies.Notably, if OI rises while price drops, this could be bearish. However, now that Bitcoin open interest has spiked during a price uptrend, this trend is generally seen as bullish, as it signifies that more market participants are confident in Bitcoin's ongoing recovery and are positioning themselves for potential upside.Explosive Growth in Options MarketAlso note Bitcoins options market has seen a massive surge in trading activity, with options volume increasing by 346.73%, reaching $3.57 billion. This rise in options volume suggests that traders are either hedging their positions or speculating on increased price volatility. In addition, the options open interest has grown by 3.84%, now standing at $32.35 billion. This growth highlights that more traders are holding positions in Bitcoin options, indicating an overall bullish outlook for the asset. The long/short ratio for the 24-hour period stands at 1.0644, meaning that slightly more accounts are holding long positions than short ones. Long-Term Bitcoin AccumulationAmid the market fluctuations, Bitcoins whale holdings have shown steady growth. Data from CryptoQuant reveals that whale holdings increased from 3.3865 million BTC on January 1 to 3.5085 million BTC by April 19, reflecting a continuous upward trend. While the 30-day peak hit 3.53 million BTC, the percentage rise in these whales' holdings in the last 30 days is 0.62%. This consistent accumulation by large holders supports the view of a potential long-term bull run.

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Fundstrats Tom Lee Suggests Bitcoin Will Catch Up to Gold Now that Deleveraging Is Over
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 22, 2025 03:40

Fundstrats Tom Lee Suggests Bitcoin Will Catch Up to Gold Now that Deleveraging Is Over

Tom Lee, managing partner at Fundstrat, expects Bitcoin to catch up to gold now that institutional deleveraging is complete.Notably, Bitcoin has experienced a challenging year so far amid persistent macroeconomic headwinds and global uncertainty. However, Fundstrat's Tom Lee is optimistic that the leading crypto will recover and even outpace gold, now that institutional deleveraging appears to be over.Bitcoin Struggles While Gold ShinesSpecifically, in recent months, Bitcoin has lagged behind gold. The asset saw a steep decline of 17.66% in February 2025, marking its worst monthly drop since the Terra ecosystem collapse in June 2022. This February crash preceded a further 2% dip in March. As of April 2025, Bitcoin is down 5.29% year-to-date.Geopolitical developments have taken a toll on investor sentiment. Earlier in the year, retaliatory tariff announcements by President Donald Trump triggered a global stock market sell-off, which spilled over into the crypto market. Although Trump later paused these tariffs for 90 days, the ongoing U.S.-China trade tensions continue to fuel market uncertainty and prompt Bitcoin selloffs.Meanwhile, gold has been cementing its reputation as a safe haven. The precious metal has posted gains for three consecutive months this year and has surged by 9.39% in April alone. Year-to-date, gold has risen by a remarkable 30.28%, in stark contrast to Bitcoin's 5.29% decline.Tom Lee Believes Bitcoin Could Catch upOn CNBC's Squawk Box, host Joe Kernen and Fundstrat Managing Partner Tom Lee discussed Bitcoin's performance relative to gold. https://twitter.com/SquawkCNBC/status/1914282533274927190Kernen highlighted a previous conversation, with Anthony Pompliano, in which Pompliano suggested that Bitcoin typically trails gold by a few months but eventually surges past it with stronger momentum 100 days later.Lee acknowledged that Pompliano may have made that point and agreed with the broader idea that Bitcoin tends to rally after gold's uptrend.According to Lee, the sluggish start to the year for Bitcoin was due in large part to deleveraging by institutional investors, who were forced to liquidate positions, especially over weekends. Now that this wave of deleveraging has seemingly passed, Lee believes Bitcoin is positioned to close the gap with gold.Lee also stressed Bitcoin's long-term strength as a non-dollar asset, pointing to its previous high of over $110,000. He asserted that Bitcoin has ample room to grow and could catch up with gold as investor confidence returns.Kernen raised concerns about ongoing market volatility and asked Lee whether recent peaks in the CBOE Volatility Index (VIX), particularly the spike seen on April 7th, signaled the peak of investor fear. Lee responded that although uncertainty might persist due to economic risks and Fed policy debates, the worst of the fear appears to have passed. He added that a structural bottom might already be in place.BTC Already Showing Signs of RecoveryAt present, Bitcoin is showing signs of a rebound. The asset has climbed 6.54% so far in April and is hovering around the $88,000 mark, trading at $87,921. Analysts such as Cryptollica project further upside, predicting Bitcoin could hit a new all-time high near $155,000 following a breakout from a wedge formation. Notably, while Bitcoin has underperformed gold in 2025 so far, it still boasts superior gains over a longer period. Since January 2024, Bitcoin has surged by 115%, significantly outperforming gold's 57% rise during the same timeframe.Should Bitcoin match gold's 30% year-to-date gain, its price would soar to approximately $121,000, well above its current level. Given this context, Tom Lee's bullish stance remains intact. Last December, he correctly forecasted that Bitcoin would surpass $100,000 by the end of 2024. Last month, he reiterated expectations that the asset could exceed $150,000 this year.

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US Set to Auction Record $31T in Treasury Debt in 2025: Heres How Bitcoin Could React
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 19, 2025 03:35

US Set to Auction Record $31T in Treasury Debt in 2025: Heres How Bitcoin Could React

Bitcoin might find itself battling macroeconomic headwinds for a longer time, as the U.S. looks set to auction a record amount in Treasury debt this year.Currently battling the bears around the $80,000 territory, Bitcoin (BTC) has been a victim of macroeconomic uncertainties for most of this year. Due to these headwinds, the crypto firstborn has collapsed 9.41% year-to-date, losing over $170 billion in valuation.US Treasury Set to Auction Record Debt Figure in 2025However, recent reports suggest these bearish macro factors are not cooling off soon. Specifically, the United States Treasury Department is preparing to auction over $31 trillion in debt. This is according to Binance Research, the research arm of the world's largest crypto exchange.US Treasury Auctions | Binance ResearchData confirms that this would mark an unprecedented annual figure. For context, in 2024, Treasury debt auctions were worth a little under $30 trillion, and in 2023, the figure was slightly above $20 trillion.Binance confirmed that the figure represents 109% of the projected U.S. GDP and 144% of M2 money supply, near-record ratios that signal intense pressure on financial markets. This reality might have implications for investors eyeing Bitcoin as a hedge or risk asset.US Debt Issuance Ratios | Binance ResearchAccording to Binance Research, the $31 trillion Treasury supply could massively influence markets. The sheer scale of issuance, even with stable demand, could be challenging. Foreign investors, who hold roughly one-third of U.S. debt, are particularly important. Interestingly, a recent Reuters report confirmed that Treasury holdings of foreign entities spiked 3.4% in February to $8.817 trillion.Major holders include Japan ($1.1 trillion), China ($784 billion), and the UK ($700 billion), based on recent Treasury data. Any reduction in their appetite, possibly due to geopolitical tensions or portfolio decisions, could increase financing costs and push bond yields higher, potentially squeezing risk assets like Bitcoin.Two Possible Scenarios for BitcoinIn its report, Binance Research mentioned two possible scenarios for Bitcoin. For the first, they confirmed that persistent upward pressure on interest rates from the massive Treasury supply could dampen demand for cryptocurrencies, as higher yields make bonds more attractive. However, if the government resorts to debt monetization by printing money to fund deficits, Bitcoin's appeal as a hedge against currency debasement could strengthen. Notably, this is likely to trigger renewed interest among market participants.Other Macro Factors Impacting Bitcoin PriceMeanwhile, besides these, other macroeconomic factors will also determine Bitcoin's trajectory. Global tariff tensions continue to create uncertainties. Further, Inflation, currently at 2.5% annually per the latest CPI, remains above the Federal Reserve's 2% target.Federal Reserve Chair Jerome Powell recently warned that these tariffs could sustain higher inflation and slow growth, complicating the Fed's dual mandate of price stability and full employment. Yesterday, April 17, Trump publicly urged Powell to cut interest rates, citing the European Central Bank's recent reduction from 2.5% to 2.25%. Trump argued that lower rates, like those in Europe, would boost U.S. competitiveness, but Powell emphasized a cautious approach.The Fed's benchmark rate, currently at 4.25%4.5%, remains at this mark due to a pause after three cuts in 2024. Markets anticipate potential cuts starting in June 2025, with a possible 1% reduction by year-end, according to CME Group data. Lower rates typically favor risk assets like Bitcoin by reducing the appeal of fixed-income securities. However, Powell's hawkish stance, warning of persistent inflation, has tempered expectations for immediate cuts, contributing to Bitcoin's recent price stagnation.Meanwhile, Bitcoin's price has shown resilience but lacks clear direction since April 12, trading between $86,400 and $82,700. BTC is currently seeing a 2% gain in April, rebounding from a 2.11% drop in March and a sharp 17.66% decline in February.

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Expert Says Let Numbers Speak as Bitcoin Outperforms Gold 13,693% in a Decade
Author: Mark Brennan
United States
Source: The Crypto Basic
Apr 19, 2025 03:35

Expert Says Let Numbers Speak as Bitcoin Outperforms Gold 13,693% in a Decade

An expert analyst says let the numbers speak amid the massive Bitcoin growth against gold within the past decade.The debate between Bitcoin and traditional assets like gold grows more intense every day. A recent comparison of Bitcoin's performance against gold over the past decade highlights the dramatic growth of the crypto firstborn, illustrating how its value has soared compared to gold's steadier rise. This discussion focuses on a chart shared by crypto Key Opinion Leader (KOL) and entrepreneur Ted, which tracks Bitcoins value against gold from April 2015 to April 2025. According to the chart, Bitcoin has experienced a staggering 13,693.69% increase in value during this period, showcasing its outperformance when compared to the more stable gold market.https://twitter.com/TedPillows/status/1912785289686163909Bitcoin's Massive RisePer the analyst, in April 2015, Bitcoin and gold were roughly on par. At that time, Bitcoin's value fluctuated between $200 and $250, while gold was priced at around $1,200 to $1,300 per ounce. However, over the past decade, Bitcoins price surged far beyond the price of gold, with a massive increase in value. By April 2025, Bitcoin will have risen to an estimated value of $84,000 per coin, marking an explosive surge of around 33,500% within the past decade.This incredible rise stands in sharp contrast to gold's steadier price appreciation. Golds value has increased significantly over the decades, yet at a much slower rate compared to Bitcoin. Within the same period, gold has only risen by a meager 156%. Notably, the precious metal's appeal lies more in its slow but steady growth and inflation-proof tendencies.For instance, per another market watcher on X, in 1933, the price of one ounce of gold was $20.67. Fast forward to 2025, and its value is around $3,334 per ounce. While golds growth has been consistent, it has failed to replicate the rapid, exponential increases seen in Bitcoins value. For context, Bitcoin has shown remarkable growth from being worth $1 in 2011 to $84,000 in 2025 and even hitting an ATH near $109K.The Market Dynamics: Gold vs. BitcoinThe performance difference between Bitcoin and gold can also be attributed to their distinct market dynamics. According to market pundit Belle, Bitcoins smaller market capitalization compared to gold plays a crucial role in its price volatility. Gold's market is massive, with a market capitalization of approximately $22.535 trillion. This size provides a level of stability that Bitcoin, with a market cap of around $1.667 trillion, lacks. Golds market, despite impressive daily fluctuations, remains more resilient due to its established position in the global economy.Notably, gold recently saw a $1 trillion increase in its market capitalization within just one day, a scale far beyond Bitcoins capabilities. In contrast, Bitcoins market cap is far more susceptible to smaller shifts, meaning even a relatively minor change can trigger significant price surges. If Bitcoins market cap were to increase by $1 trillion, its value could potentially rise from $84,000 to $135,000, far outpacing golds price increase with the same market growth.

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Trump Urges the Fed to Follow Suit After ECB Slashes Interest Rate by 25 Bps: Heres How Bitcoin Could React
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 18, 2025 03:35

Trump Urges the Fed to Follow Suit After ECB Slashes Interest Rate by 25 Bps: Heres How Bitcoin Could React

Bitcoin could benefit as President Trump urges the Federal Reserve to take a similar approach following the ECB's recent interest rate cut.Notably, the European Central Bank has slashed interest rate by 25 bps, bringing it down to 2.25%. For context, this marks its seventh consecutive cut since June 2024. The cumulative reduction, amounting to 1.75 basis points from a peak of 4%, represents the ECB's most aggressive easing cycle among major central banks.Specifically, the decision was due to concerns over the eurozone's economic outlook, which has been negatively impacted by escalating U.S. tariffs, including a 20% levy on EU imports.These trade tensions have introduced uncertainty, leading to weakened growth prospects and inflation falling to 2.2% in March 2025, close to the ECB's 2% target. The ECB's rate cuts aim to stimulate spending, borrowing, and investment amid these challenges.Trump Urges Federal Reserve to Follow SuitReacting to the ECBs latest move, President Donald Trump criticized the U.S. Federal Reserves comparatively cautious approach. He expressed his dissatisfaction via Truth Social, lambasting Federal Reserve Chair Jerome Powell for being too slow and often mistaken in his policy decisions.President Trump on Truth SocialPresident Trump on Truth SocialFurther, Trump stressed that while global prices such as oil and groceries are decreasing, and tariffs are benefiting the U.S. economy, the Fed still hasnt acted decisively to support further growth.Notably, he called for immediate rate cuts and even suggested Powell's removal from office, indicating a growing political push for looser monetary policy in the United States.While the ECB is racing ahead with monetary easing, the Federal Reserve has been hesitant. Since September 2024, the Fed has implemented only three rate cuts, totaling 75 basis points, placing the current federal funds rate between 4.25% and 4.50%.Federal Reserve officials, including Powell, have signaled a wait-and-see approach. They continue to stress the importance of evaluating incoming economic data before making further decisions. This tone looks to maintain financial stability, yet it also places the Fed out of sync with more aggressive central banks like the ECB.How Could Bitcoin React?Significantly, these monetary policies could have meaningful implications for risk assets, particularly crypto assets like Bitcoin. The ECBs rate cuts typically encourage investors to seek higher-yielding alternatives, driving interest in speculative assets, including Bitcoin and crypto.In contrast, the Feds reluctance to cut rates could strengthen the U.S. dollar, placing downward pressure on dollar-denominated assets like Bitcoin by making them less attractive to international investors.Bitcoin has already shown signs of reacting to these macroeconomic headwinds. After a steep correction that saw the cryptocurrency fall below the $80,000 level, it has since regained ground, currently trading around $84,052.However, it remains in a struggle between bullish optimism and bearish pressure near the $85,000 resistance zone. The uncertainty surrounding the Feds next policy move is adding to this volatility, leaving Bitcoin traders cautious.Market participants, particularly in the crypto scene, are now looking at the Federal Reserves next rate decision early next month, which will likely contribute to the next price direction.Should the Fed pivot towards a more dovish stance and announce further rate cuts, Bitcoin could experience renewed buying momentum as liquidity returns. Conversely, continued restraint by the Fed could suppress investor appetite for high-risk assets, prolonging Bitcoins sideways or downward trajectory.

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Have Chinas Local Governments Just Sold 15K Bitcoin Worth $1.35B? Here Are the Facts
Author: Sam Wisdom Raphael
United States
Source: The Crypto Basic
Apr 17, 2025 03:35

Have Chinas Local Governments Just Sold 15K Bitcoin Worth $1.35B? Here Are the Facts

Circulating reports suggesting local governments in China recently sold over $1 billion in Bitcoin might be misrepresenting facts.Recent rumors across crypto media have stirred fears that Chinese local governments secretly offloaded 15,000 bitcoins worth $1.25 billion through offshore entities. These stories have spread, leading to concerns of greater selling pressure on Bitcoin as the market already faces headwinds from the ongoing U.S.China tariff war and tightening macroeconomic conditions.China Did Not Sell 15K Bitcoin: Here Are the FactsHowever, a closer look shows that the reports misrepresented credible sources. The claims originated from misinterpretations of a recent Reuters report exploring China's ongoing debate around the management of seized cryptocurrencies. Contrary to the speculative headlines, Reuters never confirmed any recent mass liquidation of 15,000 BTC. Instead, the report clearly stated that this was the amount the local governments held at the end of 2024, not a recent sale.Specifically, the Reuters investigation showed how local governments in China have been battling with the complexities of liquidating seized digital assets, especially in the absence of consistent regulatory guidelines. Due to the national ban on crypto trading, local authorities often partner with private firms to sell confiscated assets overseas and convert the proceeds into yuan. According to Reuters, one of these firms is local technology company Jiafenxiang, which has sold crypto worth over 3 billion yuan since 2018.Although these strategies are financially beneficial for local budgets facing strains from economic challenges, they exist in a legal grey area, leading to calls for reform.Proposed Ways to Manage Crypto WealthExperts from the report stressed that inconsistent handling of crypto assets could result in corruption or further criminal activity. They insist that the growing volume of crypto involved in illicit transactions has raised the urgency for the government to recognize crypto as an asset and create a standard mechanism for selling them.Further, some lawyers and academics also suggested that China's central bank could help in managing seized tokens, potentially transforming them into a strategic reserve, similar to what the U.S. is doing.For context, the United States has taken a friendly approach to Bitcoin. Notably, in March 2025, President Donald Trump signed an order to create a Strategic Bitcoin Reserve. The reserve is seeded with forfeited crypto assets from criminal cases, with the government promising to fund it in budget-neutral ways. Proposals to further grow the reserve include reallocating a portion of America's vast gold holdings. Currently, the U.S. holds around 207,000 BTC, the largest sovereign holder of the asset.In contrast, China's approach remains unclear. Despite holding about 194,000 BTC, and being the second-largest sovereign holder, the country has yet to implement a centralized framework for managing its crypto wealth. Some officials and legal experts are now pushing for the creation of a sovereign crypto reserve, possibly based in Hong Kong where crypto trading is legal. Ru Haiyang, CEO of crypto exchange platform HashKey, says the Chinese government could follow in America's footsteps by establishing a reserve. However, CryptoQuant CEO Ki Young Ju argued that China might have already sold the BTC seized from the PlusToken scam. Nonetheless, there are no official confirmations yet.

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Heres the Next Move for Dogecoin as It Makes First False Break Since Dec 2024
Author: Mark Brennan
United States
Source: The Crypto Basic
Apr 17, 2025 03:35

Heres the Next Move for Dogecoin as It Makes First False Break Since Dec 2024

Dogecoin has made its first false break since December 2024, as it witnesses a rebound above the support line, suggesting a potential bull run.Dogecoin (DOGE) has faced notable struggles in recent days, with the price hovering around $0.1539 amid a 4.13% decline over the past 24 hours. Despite this short-term dip, analysts are presenting views on the future movements of the memecoin.Insights into major technical patterns suggest that the downward momentum could soon reverse."False Break" on Dogecoins PriceOne of the primary patterns gaining attention among analysts is the "False Break" observed in Dogecoins daily chart. According to Trader Tardigrade, the price has followed a consistent downtrend since December 2024. https://twitter.com/TATrader_Alan/status/1912143385303089287The downtrend is marked by a series of lower highs and lower lows, confirming the bearish market sentiment. Interestingly, throughout the year, Dogecoin has observed successful breakdowns to lower levels amid the downturn. The first breakdown occurred on Feb. 2, while the second materialized on Feb. 21. Further, DOGE saw a third breakdown on March 8.However, the bears sought to trigger another breakdown on April 7 by pushing prices to $0.13 lows, but DOGE recovered quickly. This introduced a shift with a key "False Break." This pattern occurs when the price temporarily falls below a critical support level but quickly rebounds, suggesting that the downward movement was not sustainable. Unlike previous breakdowns where the price continued to decline, the April decline failed to maintain its momentum. The analyst notes that Dogecoin has remained above the support line for several days, confirming the characteristics of a false break. According to him, this pattern could indicate the start of a new bull run for DOGE.Per the analysts chart, this could signal the potential for a bullish reversal, eyeing the next target at $0.42, which marks a possible 172.90% increase from the current level.Symmetrical Triangle Points to Potential ReboundAnother notable technical pattern is the Symmetrical Triangle, highlighted by Trader Tardigrade in a separate analysis. According to his chart, the price has been confined within the triangle, frequently bouncing between the upper resistance and lower support trendlines. Each time DOGE approaches the upper resistance, it faces rejection and retraces to the support. Dogecoin Symmetrical TriangleConversely, when it hits the support, buying interest pushes the price higher. In the most recent part of the chart, the price has hit the lower boundary of the triangle and is expected to rebound toward the resistance.Although the analyst did not specify a target price in case of a breakout, he suggests that the longer the consolidation, the stronger the expected pump. Possible Return Near All-Time HighsMeanwhile, an analysis by the TradingView account FuaCompany presents a bullish outlook based on a rising channel. This pattern, identified on a monthly DOGE chart, shows that the price has been moving within parallel lines, forming higher highs and higher lows. According to FuaCompany, Dogecoin could continue to respect the rising channel, with potential bounces at the lower boundary leading to upward movements. Historical data suggests that when the price last hit the lower boundary around $0.05, it surged towards the upper limit. However, a bearish correction could also occur, causing the price to dip below the channel to around $0.08 before recovering. Despite the potential for short-term declines, the long-term target for Dogecoin remains around $0.70, near its 2021 all-time high.

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