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Ether price struggles to maintain support as regulatory challenges and network issues weigh

The Ether price has struggled to sustain $1,850 support since April 21, the same level it held before the rally toward $2,100 initiated on April 13. Investors have reason to question whether there are buyers, considering the 13.5% price correction in six days and the $548 million in leveraged futures longs liquidated between April 19 and April 21.

First, the regulatory environment seems to have gotten stricter for centralized exchanges. Dubai-based Bybit, for instance, announced that all users must complete Know Your Customer (KYC) identity verification by May 8 for order execution and withdrawals. Until May 8, non-KYC users have a monthly withdrawal limit of 100,000 Tether (USDT).

United States-based crypto exchange Gemini announced on April 21 the upcoming launch of a derivatives platform outside the country. The uncertain regulatory environment forced the company to seek alternative locales, though only clients from selected regions can access the new service. The list excludes the U.S., Canada and most European countries, except Switzerland.

Ethereum network is navigating in troubled waters

Given its lower use in decentralized applications (DApps), the Ethereum network is probably experiencing its own problems. For starters, total deposits on Ethereum’s smart contracts in Ether (ETH) terms plunged to their lowest levels since August 2020. Such an analysis already excludes the effects of native Ethereum staking, which recently started to allow withdrawals.

Ethereum network applications' total deposits in ETH. Source: DefiLlama

According to DefiLlama data, Ethereum DApps reached 15.3 million ETH in total value locked (TVL) on April 24. That compares with 22.0 million ETH six months prior, a 30% decline. As a comparison, TVL on BNB Smart Chain in BNB (BNB) terms declined by 20%, and the Polygon network’s MATIC (MATIC) deposits decreased by 11%.

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District 9 director’s shooter, Decentraland red-light district battle: Web3 Gamer

Trouble in Decentraland’s red light district, “no mercy” for Vulcan Forged autoclickers, District 9 director’s immersive blockchain shooter.

Ethereum price lower highs vs. Bitcoin hint at more downside in April

The price of Ethereum's Ether (ETH) token has retreated from its recovery trend versus Bitcoin (BTC) while making a series of lower highs in April.

ETH price risks more losses vs. Bitcoin

As of April 24, the ETH/BTC pair was down about 5.5% from its local high of 0.0709 BTC six days ago. The same period witnessed Ether declining nearly 15% and Bitcoin dropping 11.25% in U.S. dollar terms.

ETH/BTC daily price chart. Source: TradingView

For now, ETH holds above its 50-day exponential moving average (50-day EMA; the red wave) near 0.0672 BTC. But if the March 2023 fractal is any indication, Ethereum's price could drop sharply below the support wave.

The ETH/BTC pair saw a pullback trend in March after testing the 200-day EMA (the blue wave), breaking below its 50-day EMA in the process.

If the fractal plays out similarly in April, the downside target is 0.0627 BTC by the month's end, about 7% lower than the current levels, and a level that served as major support in March and April.

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Bitcoin price tags new April low as traders weigh odds of $25K next

Bitcoin (BTC) headed toward range lows at the April 24 Wall Street open, with investors at odds over when to take profit.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price targets extend to $25,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling below $27,300 on Bitstamp.

The pair had seen an initial positive reaction to the start of trading on Wall Street, this short-lived as a trip to $27,045 marked new monthly lows.

Traders, already keen to see further downside to take waiting bid liquidity, were unperturbed.

“Patiently waiting for the sweep,” popular trader Johnny summarized.

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‘Smart money’ eyes BTC bull run: 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week in a precarious position after experiencing its most extensive losses since November.

In a major comedown from ten-month highs, BTC/USD lost around 10% before the weekly candle finally closed.

At around $27,600, the culmination of a grim few days for long traders means that BTC/USD is now caught battling for last month’s support.

Market participants are in two minds as to how the situation might play out — some are betting on deeper downside, while others remain confident of retesting those multi-month highs.

Catalysts may come in the form of United States macroeconomic data releases later in the week, while markets are also gearing up for the next Federal Reserve interest rate decision.

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Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON

Bitcoin (BTC) is on target to finish the week with a sharp fall of around 9%. This suggests that some traders may be booking profits in fear of a resumption of the downtrend. Analysts expect Bitcoin to reach the $26,600–$25,000 zone, where buying interest may pick up.

When an asset emerges from a bear market, it tries to form higher lows on the way up. These levels act as strong supports during subsequent corrections. The current pullback could end up forming a higher floor for Bitcoin, which may act as a launch pad for the next rally.

Crypto market data daily view. Source: Coin360

If long-term investors believe that a bottom has been made, then panicking and selling on every corrective phase is not a good strategy. Rather, every dip could be an opportunity to build a portfolio.

The correction in Bitcoin has pulled several altcoins lower. Only a handful of major cryptocurrencies are holding out and looking strong on the charts. Let’s study the charts of five cryptocurrencies that may outperform on the way up.

Bitcoin price analysis

Buyers are trying to arrest Bitcoin’s correction at the 50-day simple moving average (SMA) ($26,983), but the shallow bounce suggests that the bears are not willing to give up.

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Bitcoin price crawls 2.5% off lows as weekly chart risks 'bearish engulfing'

Bitcoin (BTC) sought to snatch back lost ground on April 23 as ten-day lows remained in place.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$26,600 becomes popular BTC price target

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700 at the time of writing.

Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.

“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.

“It is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.”

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Musk hints at suing Microsoft, US Rep. wants Gensler fired, and more: Hodler’s Digest, April 16-22

Top Stories This Week

Microsoft has been threatened with a lawsuit from Twitter CEO Elon Musk, who claimed the Big Tech firm “illegally” trained its artificial intelligence on Twitter data. The entrepreneur suggested that Microsoft mined user tweets to train its AI-powered applications. Musk tweeted that it was “lawsuit time” after reports that Microsoft would cease supporting Twitter across its online social advertising tools. Musk and Microsoft are believed to be at odds over artificial intelligence. The tech billionaire is developing a ChatGPT rival known as “TruthGPT”. Microsoft owns a 49% stake in OpenAI, the company behind ChatGPT.

U.S. Representative Warren Davidson announced plans to introduce legislation to fire Securities and Exchange Commission Chair Gary Gensler. According to the lawmaker, the upcoming bill is meant to “correct a long series of abuses.” Davidson disclosed the plan after the SEC’s latest attempt to revisit the definition of “exchange.” The week wasn’t the best for Gensler. During an oversight hearing, Gensler was heavily criticized for his approach on crypto assets.

Australia installs more Bitcoin ATMs than whole of Asia

Australia surpassed the continent of Asia in terms of the total number of crypto ATMs installed. Since the beginning of 2023, the country has been on a crypto ATM installation spree, climbing from fifth to third position in the rank in January alone. Data from Coin ATM Radar confirms that Australia has kept up the effort to install avenues for fiat-to-crypto conversions, reaching 364 crypto ATMs across the country, behind the United States and Canada.

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Bitcoin traders call for calm as BTC price slips 10% in a week

Bitcoin (BTC) barely held $27,000 on April 22 as another round of losses left bulls with little firepower.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Giant RSI support retest greets Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just preserving the $27,000 mark on the day after the Wall Street trading week ended on a sour note.

In contrast to United States equities, which managed to seal modest gains on the day, Bitcoin continued to suffer as analysts warned of a return to nearer $25,000.

With that, BTC/USD was down 10% for the week and 4% in April overall, according to data from monitoring resource Coinglass, amid a dramatic turnaround in fortunes versus much of Q1.

Bitcoin monthly returns chart (screenshot). Source: Coinglass

For popular trader Credible Crypto, however, there was still every reason to hope that the long-term uptrend remained intact.

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Dogecoin price limps below a key support after Dogeday turns into a sell-the-news event

Dogecoin suffered a big blow on April 20, popularly known as “Dogeday” thanks to the failed test launch of SpaceX’s Starship rocket and downturn in the broader crypto market

The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. Still, the company’s employees including Elon Musk cheered the failure as they expressed optimism for another test in coming months.

The move comes within a fortnight of Musk’s recent stunt when he momentarily changed Twitter’s logo to the Dogecoin mascot.

The launch had built considerable excitement within the Dogecoin community. DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness.

However, Dogeday appears to have turned into a sell-the-news event as the DOGE/USD pair lost 11.88% of the day’s high of $0.093 to $0.083.

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Warren Buffett was wrong about a ‘rat poison’ Bitcoin portfolio, data shows

Legendary investor Warren Buffett sees no value in Bitcoin (BTC), infamously calling it “rat poison squared.” But data shows that adding Bitcoin to a so-called “rat poison portfolio,” an equally weighted portfolio of Berkshire Hathaway, Microsoft, JPMorgan and BlackRock stocks, would have produced much better returns for The Oracle of Omaha.

“Rat poison portfolio” with Bitcoin does better 

Since 2014, allocating only 2.5% Bitcoin yearly to the rat poison portfolio increases returns by nearly 20% with reduced risks, according to independent market analyst Alpha Zeta. For now, the portfolio’s returns stand around 16%.

Rat poison portfolio with Bitcoin allocations. Source: Alpha Zeta

Despite Bitcoin’s notorious price volatility, Alpha Zeta noted that BTC’s correlation with the stocks of Berkshire Hathaway, Microsoft, JP Morgan and BlackRock is very low.

Correlation between Bitcoin and Berkshire Hathaway, Microsoft, JP Morgan and BlackRock stocks since 2014. Source: Alpha Zeta

For instance, during the 2021–2023 bear market, allocating Bitcoin to the rat poison portfolio could have negated losses by around 10%.

Rat poison portfolio drawdown including Bitcoin’s 2.5% allocation. Source: Alpha Zeta

In other words, BTC typically negates losses imposed by downside movements in the said stocks. Therefore, allocating a small portion of Bitcoin to the rat poison portfolio has proven to be a reasonable hedging strategy to offset potential negative returns.

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Bitcoin price fills CME futures gap but forecasts say $25K may be next

Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 might come next.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: $25,000 BTC price would be “absolutely fine”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp.

The pair looked “weak,” in the words of one analyst, as overnight events failed to resurrect any sign of its previous uptrend.

Amid local lows of $27,828, prognoses for Bitcoin now focused on a potential return to the area around a key trend line.

“Bitcoin testing our key local demand at 28k and not getting the best reaction. If this level is lost, 25-26k is likely tested but this is no cause for concern,” Credible Crypto summarized alongside a YouTube video.

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3AC cooks up a storm, Bitcoin miner surges 360%, Bruce Lee NFTs dive: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Three Arrows Capital (3AC), a once bourgeoning Singaporean hedge fund worth an estimated $10 billion at is peak, was utterly obliterated by the bear market last year. However, the carnival it has created since the initial blowup still lives on, and its main characters appear to be doing quite well, too.

One of 3AC co-founders, Kyle Davies, appears to have finally found some solace from the experience. After much turmoil, the former hedge fund manager has now transitioned into an aspiring restauranteur fixated on one task — perfecting the art of cooking chicken.

Kyle Davies chopping up … nothing for some reason. (Twitter)

Any seasoned chef would know that cooking a tender, well-seasoned, juicy, and crispy-skinned chicken is a rather exquisite skill. To perfect it, one needs to maintain a razor-sharp focus on the meat while techniques are applied, which requires cutting out distractions — such as focusing on negative feelings related to creditors trying to claim $3.5 billion from 3AC’s bankruptcy — during the performance.

Generally speaking, chefs don’t like customers who are rude. Which is why when a user suggested on Apr. 14 to review-bomb Davies’ new Dubai restaurant, the now professional cook immediately threatened legal action against individuals who post “intentionally false reviews and defamation against my restaurant.”

Kyle Davies
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Bitcoin ignores US jobs data as BTC price dip puts $28K support at risk

Bitcoin (BTC) recovered from new 10-day lows at the April 20 Wall Street open as the United States jobs data boosted investor confidence.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price: “Lights out” at $28,000?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing upward after hitting $28,360 on Bitstamp.

Amid an ongoing correction, the pair nonetheless failed to reclaim even $29,000 as support as U.S. unemployment data hinted that tighter financial conditions were working to cool inflation.

Spot gold became the main risk asset beneficiary, climbing back above $2,000 on the day.

XAU/USD 1-hour candle chart. Source: TradingView

U.S. equities opened higher but subsequently reversed their uptick, with the S&P 500 and Nasdaq Composite Index down 0.6%.

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Here’s how Ethereum’s ZK-rollups can become interoperable

The past few weeks have seen a wave of zero-knowledge proof project launches, including Polygon’s zkEVM and Matter Lab’s zkSync Era on mainnet, and the Linea zkEVM from ConsenSys on testnet.

They join StarkWare’s long-running StarkEx solution and its decentralized cousin StarkNet along with a variety of other projects in development from Polygon (Miden, Zero, etc.) and Scroll.

They all promise faster and cheaper transactions to scale Ethereum using zero-knowledge proofs.

But is the brutal competition between ZK-rollups a zero-sum game where there can be only one winner? Or are we looking at a future in which lots of different rollups are able to work in harmony and interoperably?

Anthony Rose, head of engineering for zkSync, thinks the latter future is much more likely and predicts that one day, no one will think about which ZK-rollup they are on because it’ll all just be infrastructure. 

Magazine zkevm
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Bitcoin at key point with BTC price at $28.8K — Bollinger Bands creator

Bitcoin (BTC) fell below $29,000 into April 20 as bulls faced a battle for ground reclaimed in March.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Will $30,000 become Bitcoin's latest "Bart Simpson"?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $28,800 on Bitstamp.

Earlier wicks below $28,600 were quickly bought up, but Bitcoin still threatened to flip $29,000 to resistance on the day, as traders eyed a crucial support zone.

“Whilst the Bitcoin market is correcting, we still have the average transactor taking profits,” Checkmate, lead on-chain analyst at Glassnode, wrote in part of Twitter analysis.

“To me, this indicates that chips are still being taken off the table, and we don’t yet have a flush out of top buyers in full (like March).”

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Dogecoin soared 23,000% in 2021 — Is history starting to repeat for DOGE price?

The price of Dogecoin (DOGE) has almost doubled after bottoming out at $0.0491 in June 2022, alongside a similar recovery across the cryptocurrency market.

On April 20, DOGE was trading for as high as $0.0942, up around 94% versus last year’s bottom. But despite its impressive rebound, its price is still 88% below its all-time high of $0.76 set in May 2021. Thus, the DOGE/USD pair remains far from establishing a decisive bullish reversal on longer timeframes.

DOGE/USD three-day price chart. Source: TradingView

Dogecoin price soared over 23,000% in 2021 primarily due to Elon Musk’s vocal support. Ironically, DOGE/USD topped after Musk called it a “hustle” during his Saturday Night Live appearance in May 2021.

DOGE price entered a prolonged long bearish cycle, furthered by the prospects of the Fed tightening (leading to actual interest rate cuts in 2022 and 2023). Also, the collapse of multiple leading crypto firms, such as Terra (LUNA), Three Arrow Capital, FTX, etc., exacerbated the DOGE selloff. 

October 2022 saw a 100% price rebound despite the multi-month downtrend. The recovery coincided with Musk’s shaky takeover of Twitter amid hopes that DOGE would become the social media platform’s official payment token. 

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Can Bitcoin reclaim $30K? Watch these BTC price levels next

Bitcoin (BTC) fought to regain lost ground at the April 19 Wall Street open as traders called for calm on the day’s downside.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Unusual” spot sell triggers BTC price suspicion

Data from Cointelegraph Markets Pro and TradingView monitored BTC/USD as it crawled toward $29,500 on Bitstamp.

The pair had shed $1,000 in minutes earlier on the day as over $200 million in long liquidations accompanied a return below $30,000.

Reactions subsequently linked the price action, which originated in a 16,000-BTC market sell on Binance, to a potential forthcoming news event, this ultimately failing to materialize at the time of writing.

Market participants thus remained level-headed, arguing that important support levels were still present amid a healthy retracement.

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From SNL and The Tonight Show to Sotheby’s:  NFT Creator Bryan Brinkman

Bryan Brinkman (of SNL and The Tonight Show) reveals that the secret to being a successful NFT creator involves spending just one-third of the time on art.

Forget BTC price: The Bitcoin mining boom is quietly going parabolic

Bitcoin (BTC) may be struggling at $30,000, but under the hood, all-time highs of a different kind keep coming.

The latest data shows that Bitcoin network fundamentals — difficulty and hash rate — will hit new records this week.

Bitcoin mining difficulty, hash rate refuse to slow down

Bitcoin’s 2023 recovery has been about more than just BTC price action, with miners seeing a significant turnaround of their own.

As BTC/USD added 70% in Q1 alone, pressured mining participants saw some much-needed relief after the bear market squeezed profit margins to practically zero.

The comeback for miners is evident in difficulty, which among other things, reflects competition for block subsidies.

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