Bitcoin ‘significantly de-risked here’ as nearly 80% of cyclical price correction is done — Analyst
Bitcoin’s (BTC) futures market reflects a possible price cooldown after the cryptocurrency’s multiple weeks of correction. Data from CryptoQuant indicated that the BTC-USDT futures leverage ratio with respect to open interest (OI) has halved since peaking in early 2025. Bitcoin estimated futures leveraged ratio. Source: CryptoQuantThis significant de-leveraging has occurred because of massive liquidations over the past few weeks, which has effectively taken a majority of traders out of the market. Thus, the current market conditions indicate a healthier market reset, which is not overheated and could potentially pave the way for a steady price recovery. Bitcoin’s open interest dropped 28% from $71.8 billion on Dec. 18 to $51.8 billion on April 8. This underscores the magnitude of the current deleveraging event. Although this may induce short-term volatility, as few market players might control the price, it also positions BTC for stability in the long term, offering an advantage in the current uncertain trend. Related: Bitcoin futures divergences point to transitioning market — Are BTC bulls accumulating?$70K Bitcoin is the worst-case scenario, says analystIn an X post, Sina, the co-founder of 21st Capital, presented an update on his Bitcoin Quantile Model and said that “Bitcoin is getting significantly de-risked here.” Bitcoin Quantile Model. Source: X.comThe analyst explained that Bitcoin might have already completed 75-80% of its correction, declining from $109,000 to $74,500. Historically, prices have fallen by as much as 34% during the six-to-eight-week span of such trends. Currently, Bitcoin has dropped 31% from its all-time high, and a further decline to $72,000-$70,000 would bring it to approximately 34%. Sina added,“Absent a recession, $70K is my worst-case scenario. While the macro backdrop remains grim and further sell-off is possible, we think Bitcoin is deeply undervalued for a long-term investor.”However, the likelihood of an immediate recovery remains low, as Bitcoin researcher Axel Adler Jr. expects BTC to move sideways in the “volatility corridor.” Bitcoin support and resistance level. Source: X.comThe volatility corridor identified a price range of $75,000 to $96,000, outlined with the help of short-term holders’ realized prices over different time periods. Adler Jr. said that it was possible that BTC would consolidate between these levels over the next few weeks but warned that the price must hold a position above the 365-day simple moving average. A break below the key indicator could potentially lead to a new yearly low below the $74,500 level, with the ideal price being $70,000, as noted earlier. Related: Trump tariffs reignite idea that Bitcoin could outlast US dollarThis 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.
United States President Donald Trump issued a 90-day pause on "reciprocal tariffs" and lowered the tariff rate to 10% on countries that do not retaliate with counter-tariffs.The president also said he would increase the reciprocal tariff rate on China to 125% due to the country's counter-tariffs against the US. Trump wrote in an April 9 Truth Social post:"At some point, hopefully, in the near future, China will realize that the days of ripping off the USA, and other Countries, is no longer sustainable or acceptable."According to data from TradingView, the S&P 500 index rallied close to 7% following the announcement, showcasing the high volatility of capital markets amid the macroeconomic uncertainty and the potential for a protracted trade conflict.Source: Donald TrumpRelated: Trump tariff negotiations are ‘all about’ China deal — Raoul PalMarkets experience high volatility following every Trump announcementCapital markets are currently experiencing extraordinarily high volatility, swinging between price extremes in response to tariff announcements made by President Trump.The stock market wiped away trillions of dollars in shareholder value within days of Trump signing the reciprocal tariff order, only for the pendulum to swing the other way every time a pause in the tariffs was announced or Trump walked back his rhetoric.On April 7, rumors began circulating on social media that Trump was considering a tariff pause, triggering the US stock market to rally and add $2 trillion in value in hopes of a pause.Stocks rebound following Trump’s tariff pause. Source: TradingViewThe volatility index, a measure of the S&P 500 stock market index's volatility, broke above 60 on April 7 — the highest level since the unwinding of the yen carry trade in August 2024.At the time of this writing, the VIX had dropped to 37.5, which still signals extreme market volatility despite the dramatic drop in the last two days.The Volatility S&P 500 Index dropped dramatically following Trump’s tariff pause announcement but remains elevated. Source: TradingViewBitMEX founder and market analyst Arthur Hayes recently predicted that a devaluation of the Chinese yuan as a response to the Trump administration's trade tariffs could spark capital flight into crypto.Hayes added that devaluations of the yuan led to Chinese investors shifting capital from traditional investments into digital assets in 2013 and 2015.Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame
Kalshi accepts Bitcoin deposits in bid to woo crypto-native users
Prediction marketplace Kalshi has started taking Bitcoin (BTC) deposits in a bid to onboard more crypto-native users.The company that lets users bet on events ranging from election outcomes to Rotten Tomatoes film ratings has seen a strong uptake among crypto traders, Kalshi told Cointelegraph on April 9. For instance, event contracts for betting on Bitcoin’s hour-by-hour price changes have seen $143 million in trading volume to date, a spokesperson said.Kalshi is a derivatives exchange regulated by the US Commodity Futures Trading Commission (CFTC). As of April 9, it listed some 50 crypto-related event contracts, including markets for betting on coins’ 2025 highs and lows, as well as on headlines such as US President Donald Trump’s proposed National Bitcoin Reserve. Kalshi has doubled down on crypto event contract markets. Source: KalshiThe platform started accepting crypto payments in October when it enabled stablecoin USD Coin (USDC) deposits. Kalshi relies on ZeroHash — a crypto payments infrastructure provider — for off-ramping BTC and USDC and converting the deposits to US dollars. The exchange accepts BTC deposits only from the Bitcoin network. Most Kalshi traders no longer expect core tokens to earn positive returns this year. Source: KalshiRelated: Kalshi traders place the odds of US recession in 2025 at over 61%More accurate than pollsLaunched in 2021, Kalshi rose to prominence ahead of the US’s November elections. It became a top venue for trading on 2024 political events after winning a lawsuit against the CFTC, which tried to block Kalshi from listing contracts tied to elections. The regulator argued that political prediction markets threaten the integrity of elections, but industry analysts say they often capture public sentiment more accurately than polls. For instance, prediction markets, including Kalshi, accurately predicted Trump’s presidential election win even as polls indicated a tossup.“Event contract markets are a valuable public good for which there is no evidence of significant manipulation or widespread use for any nefarious purposes that the Commission alleges,” Harry Crane, a statistics professor at Rutgers University, said in an August comment letter filed with the CFTC.As of April 9, Kalshi traders peg the odds of the US entering a recession at 68%, according to its website. In March, Kalshi partnered with Robinhood to bring prediction markets to the popular online brokerage platform. Robinhood’s stock rose some 8% on the news. Kalshi competes with Polymarket, a Web3-based prediction platform. Polymarket processed more than $3 billion in trading volumes tied to the US presidential election despite being off-limits for US traders.Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5
Risky assets remain volatile as trade war tension between the United States and China keeps investors on the edge. A minor positive is that Bitcoin (BTC) has avoided a sharp fall and is trading well above the crucial near-term support at $73,777. BitMEX co-founder Arthur Hayes said in a post on X that the PBOC (People’s Bank of China) could give the catalyst needed for the next leg of the crypto bull run by weakening the yuan. Such a move led to Chinese capital flight into Bitcoin in 2013 and 2015, and it could work again in 2025.Crypto market data daily view. Source: Coin360The situation remains fluid and difficult to predict. Therefore, investors seem to be curtailing risk, as seen from the $595.9 million in outflows from the US-listed spot Bitcoin exchange-traded funds in the past four trading days, per Farside Investors data.Could Bitcoin hold above the $73,777 support, or will the bears pull the price below it? How are the altcoins positioned? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin tried to start a recovery on April 8 but met with strong selling near the 20-day exponential moving average ($82,218). That suggests the sentiment remains negative, and traders are selling on rallies.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping moving averages indicate an advantage to bears, but the positive divergence on the relative strength index (RSI) suggests the bearish momentum could be slowing down. However, if the $73,777 level cracks, the BTC/USDT pair could swiftly nosedive to the next support at $67,000. Solid buying is likely to emerge in the $67,000 to $65,000 support zone.The 50-day simple moving average ($85,703) remains the key overhead resistance to watch out for. Buyers will have to drive the price above the 50-day SMA to suggest that the corrective phase may have ended. Until then, rallies are likely to be sold into.Ether price analysisEther (ETH) has been in a strong downtrend, but the price has reached the $1,368 support, which could start a relief rally.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe ETH/USDT pair could rise to the 20-day EMA ($1,786), which is likely to act as a stiff hurdle. If the price turns down from the 20-day EMA, the bears will try to sink the pair below $1,368. If they can pull it off, the pair may collapse to $1,150.Instead, if the price turns down from the 20-day EMA but rebounds off $1,368, it will signal a range formation in the near term. A break and close above the 20-day EMA suggests the bears are losing their grip. The pair may then ascend to the breakdown level of $2,111.XRP price analysisXRP (XRP) tried to rise above the breakdown level of $2 on April 8, but the bears held their ground. That suggests the bears are trying to flip the level into resistance.XRP/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down and breaks below $1.61, the XRP/USDT pair could resume the downtrend. The next support on the downside is at $1.27.Conversely, if buyers drive the price above the 20-day EMA ($2.10), it suggests solid demand at lower levels. There is a minor hurdle at the 50-day SMA, but it is likely to be crossed. If that happens, the pair could rally to the resistance line, where the bears are expected to sell aggressively.BNB price analysisBNB (BNB) is trying to form a higher low at $520, indicating solid buying by the bulls at lower levels.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to push the price toward the downtrend line, which is expected to act as a solid barrier. If the price returns from the downtrend line, it will indicate that the bears are active at higher levels. The BNB/USDT pair may oscillate inside the triangle for a while.The support line is the crucial level to watch out for on the downside. A break and close below the support line could open the doors for a fall to $460. Buyers are expected to defend the $460 level with all their might because a break below it may sink the pair to $400.Solana price analysisSolana (SOL) has been trading below the $110 support, but the bears have failed to start a downward move. That suggests a lack of aggressive selling at lower levels.SOL/USDT daily chart. Source: Cointelegraph/TradingViewBuyers are expected to face stiff resistance in the $110 to $120 zone. If the price turns down from the overhead zone, it will signal that the bears remain sellers on rallies. That heightens the risk of a break below $95. The SOL/USDT pair may then tumble to $80.Alternatively, a break and close above $120 suggests that the markets have rejected the breakdown below $110. The 50-day SMA ($135) may act as a resistance, but it is likely to be crossed. The pair could rise to $147 and, after that, to $180.Dogecoin price analysisDogecoin (DOGE) is witnessing a tough battle between the bulls and the bears near the $0.14 support.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping moving averages indicate advantage to bears, but the positive divergence on the RSI suggests the selling pressure is reducing. However, if the price dips and maintains below $0.14, the selling could pick up again. The next stop on the downside is at $0.10.Contrarily, a break and close above the $0.20 resistance signals the formation of a double bottom pattern. The DOGE/USDT pair could rally to $0.24 and later to the pattern target of $0.26.Cardano price analysisBuyers are trying to keep Cardano (ADA) above the $0.50 support but are expected to face selling on every minor rally.ADA/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down from the 20-day EMA ($0.65), it increases the risk of a break below $0.50. The ADA/USDT pair could then drop to $0.45 and subsequently to $0.40. Buyers are expected to fiercely defend the $0.30 to $0.40 support zone.The first sign of strength will be a break and close above the 20-day EMA. If that happens, the pair may climb to the 50-day SMA ($0.72). This is an important level for the bears to defend because a break above it signals a short-term trend change.Related: Bitcoin price at risk of new 5-month low near $71K if tariff war and stock market tumult continuesUNUS SED LEO price analysisUNUS SED LEO (LEO) has started a recovery, which is expected to face selling at the 20-day EMA ($9.36).LEO/USD daily chart. Source: Cointelegraph/TradingViewIf the price turns down from the 20-day EMA, it will signal that the sentiment has turned negative and traders are selling on rallies. That increases the risk of a break below the $8.80 support. If that happens, the LEO/USD pair could drop to $8.30.Contrary to this assumption, if the price rises and maintains above the 20-day EMA, it indicates solid buying at lower levels. The bulls will then attempt to push the price to the overhead resistance at $9.90.Chainlink price analysisChainlink (LINK) has dropped to the support line of the descending channel pattern, where buyers are expected to step in.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe rebound off the support line is expected to face strong selling at the moving averages. If the price turns down sharply from the moving averages, the LINK/USDT pair could break below the support line. The next support on the downside is at $8.Buyers have an uphill task ahead of them. They will have to push and maintain the price above the 50-day SMA ($14.50) to suggest that the bearish momentum has weakened. The pair may then rise to the resistance line.Toncoin price analysisToncoin (TON) is finding support at $2.84, but the failure to start a strong rebound suggests a lack of demand from the bulls.TON/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($3.41) is sloping down, and the RSI is in negative territory, indicating that bears have the edge. If the price dips below $2.84, the TON/USDT pair could plunge to $2.35.If buyers want to prevent the downside, they will have to drive and maintain the price above the moving averages. That could open the doors for a rally to $4.14, where the bears are expected to mount a strong 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.
No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing
United States securities laws are not flexible enough to account for digital assets, as evidenced by the parade of crypto-native companies that have tried and failed to get into the Securities and Exchange Commission’s (SEC) good graces, Rodrigo Seira, special counsel to Cooley LLP, told a House Committee hearing on April 9.The hearing, titled American Innovation and the Future of Digital Assets Aligning the U.S. Securities Laws for the Digital Age, featured Seira, WilmerHale partner Tiffany J. Smith, Polygon chief legal officer Jake Werrett and Alexandra Thorn, a senior director at the Center for American Progress.“It is clear that the current securities regulatory framework is not a viable option to regulate crypto. It fails to achieve its stated policy goals,” Seira said in his opening remarks. “[T]he idea that crypto projects can come in and register with the SEC is demonstrably false.”Cooley LLP special counsel Rodrigo Seira addresses the committee on April 9. Source: House Committee on Financial ServicesSeira acknowledged that crypto promoters who raise capital for a new enterprise should be subject to federal securities laws. “In practice, however, virtually no crypto projects have successfully registered their tokens under federal securities laws and lived to tell the tale,” he said, adding: Projects that tried to comply with [the] SEC’s current regulatory requirements expended significant resources and effort only to fail or survive in a state of regulatory uncertainty. Moreover, registration is not a simple one-time process. Registering a token in the same manner as a stock triggers an obligation to operate as a publicly reporting company […].”Related: Crypto has a regulatory capture problem in Washington — or does it?Righting the shipIn introducing the witnesses, Representative Bryan Steil, who heads the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, acknowledged regulatory roadblocks, which he said were put in place by the previous administration. Congressman Bryan Steil addresses the hearing on April 9. Source: House Committee on Financial ServicesUnder President Donald Trump, lawmakers are attempting to right the ship by passing sensible legislation, said Steil.One of the first steps occurred last week when the House Financial Services Committee advanced the STABLE Act, which is designed to regulate payment stablecoins tied to the US dollar and other fiat currencies. Source: Financial Services GOPA month earlier, the Senate Banking Committee advanced the GENIUS Act, which aims to regulate stablecoin issuers by establishing reserve requirements and requiring full compliance with Anti-Money Laundering laws.The next step is “advancing the second half of this agenda: comprehensive digital asset market structure legislation,” said Steil.Representative Ro Khanna told a digital asset conference last month that a market structure bill will cross the finish line this year. The purpose of such legislation is to establish a clear regulatory framework for digital assets, including their legal categories and the enforcement jurisdiction of agencies such as the SEC and Commodity Futures Trading Commission.Magazine: Unstablecoins: Depegging, bank runs and other risks loom
Bitcoin has 'fully decoupled' despite tariff turmoil, says Adam Back
As markets reel from geopolitical tensions and economic uncertainty, Bitcoin has shown relative resilience during events like Trump’s recent tariff bombshells, according to Blockstream CEO Adam Back.While in the short term, Bitcoin (BTC) may move in tandem with stocks and other risk-on assets, Back sees the long-term trend telling a different story.“Bitcoin is fully decoupled because it's gone up five or six times since the bottom of the market three years ago,” he said during an exclusive interview with Cointelegraph at Paris Blockchain Week.Back, who is one of the original cypherpunks and a key contributor to Bitcoin’s early development, predicts strong adoption tailwinds for BTC: regulatory clarity, institutional interest, and the legitimizing force of exchange-traded funds (ETFs). He notes that while most long-term holders are already “all in” and unable to buy dips, entities like BlackRock and sovereign wealth funds are stepping in, quietly absorbing supply.The Blockstream CEO also touches on the geopolitical dimension, discussing a scenario in which governments may begin actively acquiring Bitcoin. “If the US government doesn't go on a buying spree and buy 1 million Bitcoin over the next five years, that gives more time for the new entrants who've got access finally through brokers and through the ETFs to build up the Bitcoin position.”Despite short-term volatility, Back remains firmly bullish on the mid-term outlook: “Typically, there would be half a dozen 30% drops in a bull market, so I think that's probably where we are now.”Watch the full interview now on the Cointelegraph's YouTube channel — and subscribe for more exclusive conversations with the biggest names in crypto.
DeFi security and compliance must be improved to attract institutions
Opinion by: Sergej Kunz, co-founder of 1inchInstitutional players have been closely watching decentralized finance’s growth. Creating secure and compliant DeFi platforms is the only solution to build trust and attract more institutions.Clear waters attract big shipsOver the past four years, institutional DeFi adoption has gone from 10% of hedge funds to 47%, and is projected to rise to 65% in 2025. Goldman Sachs is reaching their arms to DeFi for bond issuance and yield farming. Early adopters are already positioning themselves in onchain finance, including Visa, which has processed over $1 billion in crypto transactions since 2021 and is now testing cross-border payments. In the next two years, institutional adoption will speed up. A compliant regulatory framework that maintains DeFi’s core benefits is necessary for institutional adoption to engage confidently. DeFi’s institutional trilemmaIt is no secret that many DeFi security exploits happen every year. The recent Bybit hack reported a $1.4 billion loss. The breach occurred through a transfer process that was vulnerable to attack. Attacks like these raise concerns about multisignature wallets and blind signing. This happens when users approve transactions without full details, rendering blind signing a significant risk. This case calls for stronger security measures and improvements in user experience.The threats of theft due to vulnerabilities in smart contracts or mistakes by validators make institutional investors hesitate when depositing large amounts of money into institutional staking pools. Institutions are also at risk of noncompliance due to a lack of clear regulatory frameworks, creating hesitation to enter the space. The user interface in DeFi is often designed for users with technical expertise. Institutional investors require user-friendly experiences that make DeFi staking possible without relying on third-party intermediaries.Build it right, and they will comeInstitutional interest in bringing traditional assets onchain is enormous, with the tokenized asset market estimated to reach $16 trillion by 2030. To confidently participate in DeFi, institutions need verifiable counterparties that are compliant with regulatory requirements. The entry of traditional institutional players into DeFi has led some privacy advocates to point out that it can counter the essence of decentralization, which forms the bedrock of the ecosystem.Recent: Securitize to bring BUIDL tokenized fund to DeFi with RedStone price feedsInstitutions must be able to trust DeFi platforms to maintain compliance standards while providing a safe and seamless user interface. A balanced approach is key. DeFi’s permissionless nature can be achieved while maintaining compliance through identity profiles, allowing secure transactions. Similarly, transaction screening tools facilitate real-time monitoring and risk assessment. Blockchain analytics tools help institutions to maintain compliance with Anti-Money Laundering regulations and prevent interaction with blacklisted wallets. Integrating these tools can help detect and prevent illicit activity, making DeFi safer for institutional engagement.Intent-based architecture can improve securityThe relationship between intent-based architecture and security is evident; the very design is built to reduce risks, creating a more reliable user experience. This protects the user against MEV exploits, a common issue of automated bots scanning for large profitable trades that can be exploited. Intent-based architecture also helps implement compliance frameworks. For instance, restricting order submissions to clean wallets and allowing resolvers to settle only the acceptable orders.It’s well understood that in traditional DeFi transactions, users rely often on intermediaries like liquidity providers to execute trades or manage funds. This leads to counterparty risk, unauthorized execution and settlement failure. The intent-based architecture supports a trustless settlement that ensures users commit only when all conditions are met, reducing risk and removing blind trust from the picture.DeFi platforms must simplify interactions and UX for institutional investors. This system bridges the gap between. Through executing offchain while ensuring security, the intent-based architecture makes DeFi safer and more efficient. However, one of the challenges to this includes integrating offchain order matching while maintaining onchain transparency.Late adopters of DeFi will struggle to keep upFor the early adopters of DeFi, there is a competitive advantage in liquidity access and yield advantages, whereas late adopters will face more regulatory scrutiny and entry barriers. By 2026, the institutional players that have failed to adopt DeFi may struggle to keep up. This is seen in the examples of early adopters like JPMorgan and Citi’s early tokenization projects. TradFi leaders like them are already gearing up for onchain finance.The way forwardRegulatory bodies, supervisory agencies and policy leaders must provide clear, standardized guidelines to facilitate broader institutional participation. Uniform protocols underpinning wider institutional involvement are underway. DeFi platforms must be prepared beforehand to provide all the necessary pillars of compliance and security to institutional players who want to embrace mainstream adoption. Executing this shall require combined efforts from regulators, developers and institutions.Opinion by: Sergej Kunz, co-founder of 1inch. 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.
Bitcoin price at risk of new 5-month low near $71K if tariff war and stock market tumult continues
Bitcoin (BTC) price made a swift move to $78,300 at the April 9 Wall Street open as “herd-like” price action in equities markets continued to spook risk-asset traders.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBitcoin gyrates as stocks make historyData from Cointelegraph Markets Pro and TradingView showed BTC/USD retargeting five-month lows under $75,000 before rebounding leading into the NY trading session.A deepening US-China trade war kept stocks on their toes, having cost Bitcoin the $80,000 mark the day prior.Highly unusual market behavior had accompanied US tariff announcements, and China’s response with reciprocal tariffs saw the S&P 500 smash records with its roundtrip from lows to highs and back.“On a point basis, the S&P 500 just posted its largest intraday reversal in history, even larger than 2020, 2008 and 2001,” trading resource The Kobeissi Letter confirmed in ongoing market coverage on X. “You have just witnessed history.”S&P 500 chart. Source: The Kobeissi Letter/XKobeissi drew attention to volatility kicking in from the smallest of triggers, with markets particularly sensitive to statements from US President Donald Trump.“The problem with markets right now: Both bulls AND bears feel ‘uncomfortable’ in these market conditions,” it explained on the day.“Why? Because stocks can swing $5+ trillion in market cap on the basis of a single post from a single person: President Trump. This is why we are seeing ‘herd-like’ price action, where large daily gains turn into large daily losses, and vice-versa.”Crypto Fear & Greed Index (screenshot). Source: Alternative.meCrypto was no exception to the tug-of-war, with the Crypto Fear & Greed Index dropping to its lowest levels since early March.For Keith Alan, co-founder of trading resource Material Indicators, the status quo was unlikely to improve in the short term.“Part of me wants to sit on my hands and wait for this shit storm to pass,” he told X followers while examining order book conditions for Ether (ETH) and Solana (SOL).“Because I don't think it is going to pass quickly, I'm not too eager to buy, even though some of these assets are on sale at great prices. That said, the fact that bids are piling in on some assets makes them very enticing.”Related: Black Monday 2.0? 5 things to know in Bitcoin this weekCME “gap” creates BTC price resistance above $82,000Focusing on BTC price action, popular trader and analyst Rekt Capital revealed a new nearby resistance level in the form of a recent “gap” in CME Group’s Bitcoin futures.“On the CME Futures Bitcoin chart, price broke down from its sideways range (black-black),” he wrote alongside a chart showing the gap between $82,000 and $85,000.“In confirming the breakdown from the range via a bearish retest, Bitcoin filled the CME Gap (red circle) in the process. That CME Gap is now a resistance.”CME Bitcoin futures 1-week chart with gap highlighted. Source: Rekt Capital/XFurther analysis gave a new BTC price range with $71,000 as its lower boundary based on previous trading volumes.“Bitcoin is experiencing downside continuation after upside wicking into the early March Weekly lows (red),” Rekt Capital summarized.“Having confirmed this red level as new resistance, BTC is now dropping into the $71,000-$83,000 Volume Gap to fill this market inefficiency.”BTC/USD 1-week chart with volume data. Source: Rekt Capital/XAs Cointelegraph reported, Rekt Capital is among those seeing a potential long-term reversal point at $70,000 or marginally lower.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.
Binance to launch second reward-bearing margin asset LDUSDt
Binance is launching a new “reward-bearing margin asset” LDUSDt, which the company says is not a stablecoin.According to an April 9 announcement, LDUSDt can be obtained by swapping Tether’s USDt deposited in the firm’s Simple Earn yield product. Binance stated that holders of LDUSDt will continue to earn yield rewards through Simple Earn, even while using the token for margin trading.This marks the second time Binance has launched a reward-bearing margin asset. Binance launched its first reward-bearing margin asset, BFUSD, in 2024. At the time of the launch, Binance had stepped in to clarify that “it is not a stablecoin” in response to user concerns and comparisons to the failed TerraUSD (UST) token. In its latest announcement, Binance preemptively reiterated that LDUSDt is not a stablecoin:“LDUSDT is not a stablecoin but a crypto asset that can be used as Futures trading margin, while allowing users to earn Simple Earn Real-Time APR rewards.“Related: Binance to purge 14 tokens following ‘vote to delist’ processA deeply integrated tokenAccording to Binance, LDUSDt can be used as a margin asset in multi-asset mode on the exchange’s futures platform. It also accrues real-time annual percentage yield rewards.The exact launch time is yet to be determined, with the announcement noting that it “will be available on the Binance website and app soon.” A Binance spokesperson told Cointelegraph:“[LDUSDt] gives users’ USDT more utility by converting it into a tradable asset for Futures, without losing access to their ongoing rewards. When users swap their subscribed USDT for LDUSDT, the funds are automatically moved into their Futures Wallet, where they can be used as margin in Multi-Asset Mode.“Binance had not responded to Cointelegraph’s questions regarding potential risk implications associated with this system by the time of publication.Related: Nigerian court postpones Binance tax evasion case to end of April: ReportBinance continues to dominate crypto marketsBinance remains the world’s largest cryptocurrency exchange by trading volume. According to CoinGecko, the platform processed more than $16.5 billion in trades over a 24-hour period. Bitget followed with just under $5 billion in volume.Data provided by the more popular but Binance-owned CoinMarketCap shows that $24.6 billion worth of trades took place on the exchange over the last 24 hours. The platform shows only $3.84 billion worth of trades on Bitget in the previous 24 hours.Despite ongoing legal and regulatory challenges in multiple jurisdictions, Binance continues to grow its global influence. According to recent reports, the firm’s former CEO, Changpeng “CZ” Zhao, will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.Meanwhile, current CEO Richard Teng remains in the spotlight. In late March, Teng denied reports that Binance.US was in deal talks with entities affiliated with US President Donald Trump during a March 18 panel at Blockworks’ 2025 Digital Asset Summit in New York.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
ECB exec renews push for digital euro to counter US stablecoin growth
The European Central Bank is intensifying its warnings over stablecoin adoption, with one of its top officials calling for a digital euro to curb the influence of US dollar-pegged stablecoins across the continent.ECB executive board member Piero Cipollone has penned another article highlighting concerns over the growing popularity of US dollar stablecoins, arguing that launching a central bank digital currency (CBDC) could help preserve the eurozone’s monetary sovereignty.A potential digital euro “would limit the potential for foreign currency stablecoins to become a common medium of exchange within the euro area,” Cipollone wrote in a statement published April 8 on the ECB’s official website.The remarks follow a string of similar public statements from Cipollone, who has been a vocal advocate for a digital euro as a strategic response to the dominance of dollar-backed stablecoins in Europe.A “public-private partnership to retain sovereignty”In the latest piece, Cipollone reiterated that excessive reliance on foreign providers — including stablecoins as well as international card schemes — compromises the monetary sovereignty of Europe.“It also underscores the urgent need for a digital euro. Failing to act would not only expose us to significant risks but also deprive us of a great opportunity,” the central banker said.ECB’s executive board member Piero Cipollone. Source: BloombergCipollone also cited concerns about the United States’ increasingly crypto-friendly stance under the current administration, including efforts to promote dollar-based stablecoins globally.Related: Lawmaker alleges Trump wants to replace US dollar with his stablecoin“They could potentially result not just in further losses of fees and data, but also in euro deposits being moved to the US and in a further strengthening of the role of the dollar in cross-border payments,” he said, adding:“Faced with these challenges, we need a public-private partnership to retain our sovereignty. The digital euro — as a sovereign European means of payment based on EU legislation — would be the cornerstone of this partnership.”ECB wants to promote cash but can’t do it onlineCipollone also highlighted the “vital role of cash” in ensuring financial inclusion and resilience, stating that cash remains a “cornerstone of the European financial system” and is its only sovereign means of payment.However, a growing preference for digital payments has limited the use of cash amid the rapid growth of online shopping, which now accounts for one-third of European retail transactions, he said.“Cash cannot be used online, and it is often not possible to pay using a European payment service, meaning we need to rely on non-European payment systems,” Cipollone added.“The time to act is now,” he said. “Making progress on both the digital euro regulation and the regulation on the legal tender status of cash has become urgent if we are to increase our resilience to possible disruptions and reverse our ever-increasing dependence on foreign companies.”Despite the ECB’s ongoing efforts, the proposed digital euro has faced criticism and skepticism among European consumers, especially around data privacy concerns.An ECB working paper on the digital euro published in March showed that European consumers are not interested in adopting a digital euro, with many seeing little value in the potential CBDC.Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express
