RedStone targets trading latency with new oracle on MegaETH
RedStone, a blockchain oracle provider, has introduced a push-based oracle on MegaETH to tackle latency issues that challenge the efficiency of onchain trading.According to a spokesperson for RedStone, the new oracle can push new prices onchain every 2.4 milliseconds. Initially debuting on MegaETH, an Ethereum layer-2 network, the product may be rolled out to additional chains in the future.RedStone said its oracle sources prices from centralized exchanges and delivers them directly to applications or smart contracts via nodes that operate natively on the MegaETH chain.This “co-location” strategy minimizes latency by eliminating delays typically caused by the physical distance between servers. In the future, RedStone also plans to include price feeds from decentralized exchanges.Oracles compatible with the Ethereum Virtual Machine (EVM) are becoming more popular. According to Alchemy, there are currently 12 decentralized oracle networks operating on Ethereum.Oracles can make money through data usage fees, licenses, staking rewards and node incentives. The current market capitalization for oracle tokens sits at $10.2 billion, according to CoinMarketCap.Related: Trump’s World Liberty Financial taps Chainlink as oracle providerDeFi growth spurs further rise of oraclesDecentralized finance's total value locked onchain nears $88 billion as of April 8, after rising 116% in 2024, according to DefiLlama. Ethereum remains the top blockchain for DeFi applications, with $47.8 billion locked in the network, followed by Solana with $6.1 billion in DeFi TVL.DeFi TVL over time. Source: DefiLlamaThe rise of DeFi has intensified competition in the oracle market — an essential component for the functioning of decentralized applications. Price oracles feed real-time market data into smart contracts, acting as a bridge between blockchains and the real world.Popular players in the oracle space include Chainlink and Pyth Network. In October 2024, Pyth flipped Chainlink in 30-day volume, reaching $36 billion in transactions. The protocol offers a pull-based model that provides data upon request, thus making it optimized for high-volume activities. Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Bitcoin price could rally even as global trade war rages on — Here is why
Crypto and equities traders were hopeful for a last-minute solution that would prevent the US from enacting 104% tariffs on Chinese goods entering the United States, but in a press conference, the White House confirmed that the tariffs would start on April 9. Markets deteriorated when Peter Navarro, trade adviser to US President Donald Trump, stated that tariffs were “not a negotiation.”As a result, the S&P 500 index closed on April 8 with a 1.6% loss, reversing earlier gains of 4%. This downturn has left traders wondering whether Bitcoin (BTC) can regain its bullish momentum amid worsening macroeconomic conditions.Spiraling US debt issues remain, paving the way for Bitcoin gainsBetween April 2 and April 7, the S&P 500 index dropped by 14.7%, causing panic among Bitcoin holders and forcing a retest of the $75,000 level—the lowest in more than five months.S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / CointelegraphDuring an appearance with Israeli Prime Minister Benjamin Netanyahu on April 7, President Trump reportedly said his goal was to "reset the table" on trade. He added that “there can be permanent tariffs, and there could also be negotiations because there are things that we need beyond tariffs.” Amid this uncertainty, IPOs and mergers have been delayed, while leveraged loan deals and bond sales were sidelined, according to Yahoo Finance.It becomes clear that the stock market is likely to rally if trade war risks subside. Economists have cautioned that tariffs could trigger inflation and significantly raise the chances of an economic recession, according to Reuters. However, assessing the impact on Bitcoin’s price remains a challenging task. This is because some investors see the cryptocurrency’s fixed monetary system as a safeguard against the continuous expansion of global fiat currency supplies.Short-term correlations hurt BTC, but possible interest rate cuts could turn the tideIn the short term, the positive correlation between Bitcoin and the stock market is expected to persist. Nonetheless, the US government’s fiscal challenges present a potential opportunity for Bitcoin’s price to grow. On April 8, the US 10-year Treasury yield rose to 4.28%, following a brief dip to 3.90% on April 7. This increase suggests that investors are demanding higher returns to hold these assets.US Dollar Index (DXY, left) vs. US 10-year Treasury yield (right). Source: TradingView / CointelegraphThe rising cost of rolling over the $9 trillion in federal government debt set to mature within the next 12 months is expected to increase fiscal imbalance and weaken the US dollar. The US Dollar Index (DXY) has diverged from US Treasury yields, falling to 103.0 on April 8 from 104.2 on March 31. This situation could potentially support Bitcoin’s price—a sentiment shared by BlackRock CEO Larry Fink in his March 31 letter to investors.Related: Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEOMichael Gapen, Morgan Stanley’s chief US economist, stated in a client note on April 8: “We think the right answer is for the Fed to wait in its current stance for longer,” as reported by CNBC. According to Morgan Stanley’s updated forecast, the US Federal Reserve is expected to maintain interest rates at 4.25%-4.50% until March 2026, adding that “only a recession would change the calculus” and “a recession could mean earlier and larger up-front cuts.”Bitcoin’s momentum is likely to turn positive as traders realize that the US Federal Reserve has limited tools to avoid a recession without risking inflation. While predicting the exact timing of a breakout remains uncertain, prolonged delays in resolving trade war issues could drive investors toward scarce assets like Bitcoin, especially amid fears of potential US dollar devaluation.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Cboe BZX Exchange has asked United States regulators for clearance to list an exchange-traded fund (ETF) backed by Sui (SUI), the native token of the Sui Network, public filings show. The request submitted on April 8 must be reviewed and approved by the US Securities and Exchange Commission (SEC) before the exchange can list any shares of the fund.If approved, the ETF — issued by asset manager Canary Capital — would be the first in the country to hold SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.Sui is a blockchain network designed to provide users with a more streamlined onboarding experience — similar to traditional Web3 applications. It is built using Move, a smart contract framework based on the Rust programming language. Sui has approximately $1.1 billion in total value locked (TVL), according to DefiLlama.Sui Network has roughly $1.1 billion in TVL. Source: DeFiLlamaRelated: Canary files for PENGU ETFCanary, which specializes in crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March. Since 2024, Canary has filed for several proposed US crypto ETFs, including funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU). Cboe BZX has also submitted numerous filings seeking to list crypto ETFs this year. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Fidelity. Dozens of altcoin ETFsSince US President Donald Trump took office on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings. Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, as well as memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), according to Katalin Tischhauser, crypto bank Sygnum’s research head. “[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Bitcoin weekly RSI hits bull market low as trader sees $70K BTC price bottom
Bitcoin (BTC) has a new $70,000 reversal target as a leading indicator sets new bull market lows.In X analysis on April 7, popular trader and analyst Rekt Capital predicted that BTC/USD could find its floor near old all-time highs from 2021.History suggests $70,000 should end BTC price dipBitcoin can dip as low as $70,000 before recovering and still keep within historical norms, Rekt Capital says.Considering where the current bull market correction might end up, the analyst used the relative strength index (RSI) indicator to calculate the potential BTC price downside.“Whenever Bitcoin's Daily RSI crashed into the sub-28 RSI levels - that wouldn't necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price when the RSI first bottomed,” he explained.“Bitcoin is currently forming its second low -2.79% below the first low. A repeat of -8.44% below the first low would see price bottom at ~$70000.”BTC/USD 1-day chart with RSI data. Source: Rekt Capital/XThe RSI is a classic example of a leading indicator, printing signals that often precede major BTC price trend changes. Regardless of the timeframe used, the 30, 50 and 70 RSI levels are of particular importance. A score below 30 represents “oversold” conditions, while 70 is the line in the sand for “overbought.”Currently, the daily RSI measures around 38, having rejected at 50. On the weekly chart, RSI is at 43, marking its lowest reading since the start of the bull market in early 2023, data from Cointelegraph Markets Pro and TradingView confirms.BTC/USD 1-week chart with RSI data. Source: Cointelegraph/TradingViewContinuing, Rekt Capital added that the price need not extend to $70,000 in order for a long-term bottom to form.“As a result, historical Daily RSI trends in this cycle suggest anything from current prices to ~$70000 is likely to be the bottom on this correction,” he added.BTC/USD last traded at $70,000 in early November 2024, while the price level is best known as being around the all-time high from Bitcoin’s previous bull market which ended three years prior.Macro trend “seriously bad for Bitcoin”As Cointelegraph reported, $70,000 is a popular target for the current correction, with tools such as the Lowest Price Forward metric giving high odds of that area holding as support.Related: Black Monday 2.0? 5 things to know in Bitcoin this weekIts creator, network economist Timothy Peterson, nonetheless remains downbeat about the short-term BTC price outlook.US macroeconomic trends, he warned this week, could “easily” send BTC/USD to the $70,000 mark.“Seriously bad for Bitcoin,” he wrote on X alongside a chart of the ICE BofA US High Yield.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Weaker yuan is 'bullish for BTC' as Chinese capital flocks to crypto — Bybit CEO
With US President Donald Trump imposing 104% tariffs on Chinese imports, Beijing is responding by letting the yuan weaken against the dollar — a move that analysts say could spark the next leg of the Bitcoin bull market.On April 8, the yuan-to-US dollar exchange rate fell to its lowest level since 2023, signaling the Chinese central bank’s readiness to let its currency fluctuate more freely. The US dollar-to-yuan exchange rate on April 8. Source: BloombergWith the trade war ratcheting up, “expectation for China to eventually devalue the currency has jumped and the pressure won't go away easily,” Ju Wang, head of Greater China FX at BNP Paribas, told Reuters.The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes. Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war. This means “a lot of Chinese capital flow into BTC, [which is] bullish for BTC,” said Zhou.Source: Ben ZhouBybit is the world’s second-largest crypto exchange by volume and is a popular platform for derivatives traders. In December, the exchange said users in mainland China can now trade freely on the platform without the use of a VPN but that yuan trades are not permitted.Related: $2T fake tariff news pump shows ‘market is ready to ape’Currency volatility is here to stay as US-China trade war heats upCurrency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.The DXY tracks the US dollar’s performance against a basket of six currencies, with the euro and Japanese yen having the largest weightings. The US dollar, as measured by the DXY, has weakened considerably in recent months. Source: MarketWatchHistorically, Bitcoin’s price has exhibited a strong inverse relationship with the US dollar, with a weaker greenback associated with a higher BTC price and vice versa.Related: As Trump tanks Bitcoin, PMI offers a roadmap of what comes next
Gaming NFT maker Aavegotchi votes to ditch Polygon for Base
Aavegotchi, a non-fungible token (NFT) protocol focused on Web3 gaming, has opted to abandon blockchain network Polygon and “go all-in” on Base, an Ethereum layer-2 scaling chain, according to the results of an onchain vote. On April 8, Aavegotchi’s community members voted 93.5% in favor of a proposal to “Make Aavegotchi Based Again” by deprecating the protocol’s smart contracts on Polygon and re-deploying on Base, according to Aavegochti’s governance page. “Given our close relationship with the Base team, as well as recent developments in the Base ecosystem […] we believe the most +EV move for Aavegotchi (for this cycle, at least) is to sunset [its Polygon deployment] and go all-in on Base,” Aavegotchi founder Dan said in a February X post proposing the shift.The migration reflects Aavegotchi’s efforts to adapt to 2025’s cryptocurrency market downturn, which was worsened last week by President Donald Trump’s plan to impose sweeping tariffs on most US imports. Aavegotchi’s developer, Pixelcraft Studios, has “recently made significant team cuts to reduce our burn and extend runway,” Dan said. Memecoins and NFTs have been among Web3’s hardest-hit segments so far this year.Aavegotchi’s community voted overwhelmingly for the move. Source: AavegotchiRelated: Crypto stocks down, IPOs punted amid tariff tumultPolygon’s flat TVLAavegotchi’s decision also highlights Polygon’s ongoing challenges in maintaining users and total value locked (TVL) in the face of competition from Ethereum layer-2 chains, such as Arbitrum and Base. Polygon’s TVL has declined from highs of nearly $10 billion in 2021 to approximately $725 million as of April 8, according to data from DeFILlama. Both Base and Arbitrum each hold more than $2 billion in TVL, DefiLlama data shows. TVL is a key metric used in DeFi (decentralized finance) to measure the total amount of assets deposited in a protocol. It not only reflects user trust and adoption but also serves as an indicator of available liquidity.According to Dan, Polygon hasn’t delivered any major updates or features for gaming protocols. “Polygon has not shipped any significant updates or features to PoS to enable better ecosystem coherence or discovery for gaming.” Polygon’s growth has been relatively flat in recent years. Source: Coder DanMeanwhile, “both Base and Arbitrum stand out as being both performant and ‘lindy’ – able to stand the test of time,” Dan said, adding he prefers Base because of the chain’s “stronger retail onboarding.”Base is an optimistic rollup launched in 2023 by Coinbase, the US’s largest cryptocurrency exchange. Aavegotchi was created in a collaboration between Pixelcraft Studios and Aave, a decentralized lending protocol. It describes its NFTs as “digital collectibles” that can be “customized with various wearables, such as hats, glasses, and other accessories [and]can be bought, sold, and traded as NFTs,” according to its website. Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Ethereum price data highlights $1,000 as the final bottom for ETH
Ether (ETH), the native token of Ethereum, is showing signs of bullish exhaustion after a steep 65% decline over the past three months. The pace of the downtrend and the oversold conditions shown by various ETH price metrics have investors wondering if a market bottom is approaching.ETH fractals point to a drop to $1,000Ether’s current price action mirrors a familiar fractal pattern seen in 2018 and 2022. In both instances, ETH price saw euphoric rallies that ended with sharp breakdowns and prolonged bear markets.Each of these cycles shared the following key traits:Higher price highs were accompanied by lower highs in the relative strength index, which is a classic sign of bearish divergence and weakening momentum.ETH/USD weekly price chart. Source: TradingViewAfter the price peak (cycle tops in the chart above), ETH retraced heavily, often falling through key Fibonacci levels.Cycle bottoms typically formed once the RSI dipped into oversold territory (below 30), with price stabilizing near historical Fibonacci zones.The current setup resembles this structure. In December 2024, Ether formed a higher high near $4,095, while the RSI made a lower high—mirroring the bearish divergence seen in previous tops. This divergence marked the beginning of a sharp correction, much like the patterns seen in 2018 and 2022. Currently, ETH’s price has closed below the 1.0 Fibonacci retracement level at around $1,550. Meanwhile, its weekly RSI is still above the oversold threshold of 30, suggesting room for further declines, at least until the reading drops below 30.ETH/USD weekly RSI performance chart. Source: TradingViewThe fractal suggests Ethereum could be in the final leg of its decline, with the next potential price targets inside the $990 - $1,240 price range, aligning with the 0.618-0.786 Fibonacci retracement area.Source: Mike McGloneRelated: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of FlameEthereum NUPL falls into ‘capitulation’ — Another bottom indicatorEthereum’s Net Unrealized Profit/Loss (NUPL) has entered the “capitulation” zone—an onchain phase where most investors are holding ETH at a loss. In previous cycles, similar moves into this zone occurred close to major market bottoms.Ethereum NUPL vs. price chart. Source: GlassnodeIn March 2020, the NUPL turned negative just before ETH rebounded sharply following the COVID-19 market crash. A similar pattern emerged in June 2022, when the metric fell into capitulation territory shortly before Ethereum established a bear market low of around $880.Now that ETH is once again entering this zone, the current setup loosely echoes those prior bottoming phases—coinciding with key Fibonacci support levels near $1,000.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BlackRock taps Anchorage Digital for digital asset custody
Asset manager BlackRock is partnering with Anchorage Digital for crypto custody services, a move aimed at addressing the rising demand for digital assets from retail and institutional investors.According to an April 8 announcement, BlackRock is the world’s largest investment firm, with $11.6 trillion in assets under management. The company ranks among the largest providers of crypto exchange-traded products (ETPs), with holdings totaling $45.3 billion in Bitcoin (BTC) and $1.7 billion in Ether (ETH), according to data from Arkham.BlackRock’s crypto holdings. Source: Arkham IntelligenceAnchorage is the only federally chartered crypto bank in the United States. Along with custody services, it will provide BlackRock access to digital assets staking and settlement. Anchorage currently supports BlackRock’s BUIDL fund — a $2 billion tokenized fund backed by US Treasurys and focused on real-world assets.BlackRock relies on Coinbase for custody of the Bitcoin held in its iShares Bitcoin Trust ETF. Related: BlackRock’s BUIDL fund explained: Why it matters for crypto and TradFiBitcoin ETFs have faced a turbulent path in 2025Since its debut in January 2024, Bitcoin funds have attracted a cumulative $36 billion in inflows. However, data from Sosovalue, which tracks ETF performance, shows that 2025 has been marked by sharp swings, with periods of strong inflows followed by significant outflows.Bitcoin ETFs daily inflow-outflows. Source: SosovalueBitcoin funds are seen as some of the most successful ETF launches in history, with BlackRock’s iShares Bitcoin Trust ETF outperforming competitors and recording a net inflow of $39 billion, according to Sosovalue. The firm has since launched a crypto ETP in Europe.Magazine: X Hall of Flame: Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer
Bitcoin futures divergences point to transitioning market — Are BTC bulls accumulating?
Bitcoin’s (BTC) price has dropped 5.6% over the past seven days, closing three daily candles below the $80,000 support for the first time since Nov. 9, 2024. Data from Glassnode highlighted Bitcoin witnessing a 64% rise in futures volume during the same period. The analytics platform said that “this marks a reversal from the past month,” when futures volume progressively decreased.A rise in futures volumes suggested heightened market activity, but further analysis of the broader futures market revealed a more complex outlook. Bitcoin’s open interest (OI), representing the total value of outstanding futures contracts, declined 19% over the past two weeks.Bitcoin futures volume chart by Glassnode. Source: X.comThis reduction suggests that while trading volume is increasing, some traders are closing their positions rather than keeping them open, possibly to lock in profits or mitigate risk with respect to Bitcoin’s bearish market structure. Total market liquidation chart. Source: CoinGlassTotal crypto liquidations also reached $2 billion between April 6 to April 8, further strengthening the likelihood of traders adopting a cautious approach. Considering this data collectively suggests that Bitcoin might be in a transitionary state. The surge in futures volume reflects growing interest and speculative activity, potentially signaling the end of a correction phase and the start of an accumulation period. Yet, the decline in open interest highlights a risk-off approach, with traders reducing exposure amid lingering macroeconomic uncertainty.If Bitcoin price fails to recover while futures volume and open interest converge, that might signal the beginning of a bear market. Likewise, Bitcoin’s price rising alongside OI and trading volumes would imply an accumulation period, followed by a possible uptrend. Related: Bitcoin on verge of largest ‘price drawdown’ of the bull market — AnalystSpot Bitcoin ETF outflows remain minimalMajor US equities are currently down more than 20% from their all-time highs, with the S&P 500 losing a year’s growth in just over a month. While traditional institutions have possibly faced significant unrealized losses over the past two weeks, spot Bitcoin ETF outflow data did not reflect the market panic just yet. Total spot BTC ETF flows data. Source: SosovalueOver the past two weeks, the total spot BTC ETF outflows have been just under $300 million. This divergence highlights a resilience in Bitcoin's institutional investor base. Unlike the selling seen in equity markets, the limited outflows from spot BTC ETFs suggest that institutional investors are not yet panicking, potentially viewing Bitcoin as a hedge or maintaining confidence in its long-term value amid traditional market turmoil.Related: Bitcoin’s 24/7 liquidity: Double-edged sword during global market turmoilThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin relief rally fizzles as White House confirms 104% China tariffs — Will BTC fall to new lows?
Bitcoin’s surprise rebound to $81,180 — which was influenced by fake news regarding a pause on US tariffs — has all but evaporated following White House confirmation that 104% tariffs on China will start on April 9.S&P 500 drops intra-day gains follow White House tariff confirmation. Source: X / Kobeissi LetterAfter dropping below the $75,000 level for the first time since Nov. 6, 2024, BTC retested a key demand zone that traders hope will provide a safe haven for the bulls.The safe haven is a fair value gap located between $77,000 and $73,400, and this zone was created during the November 2024 Trump pump.BTC/USD daily chart. Source: Cointelegraph/TradingViewMN Capital founder Michael van de Poppe had earlier asserted that Bitcoin needed to retest this zone “before going back upward.”“Bitcoin attacking $80,000 is a strong sign,” said van de Poppe in another X post on April 8, adding:“I don’t know whether we’ll be having another drop or whether we’ve seen it all.”BTC/USD daily chart. Source: Michael van de PoppeFellow analyst Jelle shared similar sentiments, saying that Bitcoin’s close above $79,000 on April 7 after dropping as low as $74,400 was impressive compared to how equities performed.“Waiting for the dust to settle - expecting the price to move higher once that happens.”Related: Bitcoin may rival gold as inflation hedge over next decade — Adam BackBitcoin’s long-term holders’ activity spells doom for BTC priceData from onchain analytics platform CryptoQuant now shows that the long-term holders (LTHs) — individuals and entities who have held Bitcoin for more than 155 days — could be preparing to sell their coins, particularly after the latest crash.The Exchange Inflow Coin Days Destroyed (CDD) metric measures the volume of Bitcoin moved to exchanges, weighted by how long those coins were held dormant, indicating potential selling pressure from long-term holders.There was a massive spike in this metric on April 7, signaling that the old coins are waking up, which is historically a bearish sign. A chart posted by a CryptoQuant contributor, IT Tech, in one of its “Quicktake” blog posts showed that when the metric spiked on April 2, Bitcoin price dropped from $88,000 to $81,000.A similar spike was seen on March 27, preceding a 7% drop in price over two days.Spotting a similar spike on April 7, the analyst wondered if Bitcoin’s long-term holders were “preparing to sell again?”Bitcoin: Exchange Inflow CDD. Source: CryptoQuantIf history repeats itself, Bitcoin’s sell-off could continue for a few more days, with the March 2024 all-time high near $74,000 presenting the first line of defense.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
