This week saw Peter Thiel backing bitcoin startup River in $35M Round, just as ripple acquired custody firm Metaco for $250M. We also saw that the weekly DEX volume on the BNB chain hits a year-high. Galaxy traded the first fully blockchain-settled OTC option and on twitter Elon Musk’s DogeDesigner retweet boosts Dogecoin and AiDoge’s potential
Ripple acquires Metaco, a Swiss blockchain custody firm, for $250M. Tether backs USDT stablecoin by buying Bitcoin with its net profit. Litecoin's price surges ahead of Lightning Network integration. Weekly DEX volume on BNB Chain hits a year-high, showcasing the growing popularity of DeFi. Galaxy trades the first fully blockchain-settled OTC option, a remarkable milestone. Elon Musk's DogeDesigner retweet sparks a surge in Dogecoin and AiDoge's price pumps potential.
Ethereum's biggest upgrade, 'Bedrock,' by Optimism is said to be coming in June, promising enhanced scalability. Apple's Tim Cook plans to launch their first mixed reality headset. Meanwhile, Lightning Labs announces Taproot assets for Bitcoin and Lightning Network, opening new opportunities. This week also saw MicroStrategy's Michael Saylor aims to release Bitcoin wallets and Lightning addresses, driving wider adoption. Finally, discover USDToch, the DeFi 2.0 lending ecosystem.
The French regulator is extending a warm welcome to crypto firms fleeing the US, creating an enticing environment for innovation and growth. As the G-7 finance ministers gather to discuss crypto regulation, anticipation is building for potential developments at the upcoming Japan Summit. On the home front, a state AG proposes "nation-leading" crypto regulation, signaling a proactive approach to ensure a secure and transparent crypto ecosystem. Finally, EU finance ministers have given the green light to the MiCA crypto regulation.
Get ready for gaming history as Ubisoft drops exclusive Assassin's Creed NFTs. This week saw China launch a national blockchain center to broaden its talent pool and drive technological advancements. Meanwhile, Coinbase launches USDC trading in Singapore, offering local insights and zero fees just as crypto ownership surges in Turkey, Argentina, and the Philippines as inflation skyrockets. ZEBEDEE looks to redefine digital payments with its plug-and-play API for global borderless transactions, opening doors to frictionless payments worldwide.
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RHODL (realized value HODL waves) has reached the same position as the start of the last two major bitcoin bull markets, whereas volatility, measured by ATR, has dropped by a remarkable 31% since March 23rd. While BTC dominance is on the rise, with a 5% increase Year-to-Date just as Bitcoin whales have been on the move, transferring a staggering $627M worth of BTC to two unknown wallets from Coinbase. On another note, whales holding 1k-10k BTC have accumulated an impressive 84,897 BTC ($2.3B) in the past 5 weeks.
The LTFs tell us the same story, with price hovering sideways after a retracement off of last week's low. We saw price move higher, but it has since moved sideways, breaking above and below the 1H 50 EMA, signalling accumulation.
Moving forward, we would expect either a break to the upside, leading price to reclaim premium prices, or we break lower down into the $26k region, where price could come into areas of support given the extreme bullish order block positioned there.
BTC retraced this week, retesting the underside of the daily 50 EMA after breaking below it for the first time since March. With price hovering around $26k a bearish push down to $24.6k coinciding with the daily 200 EMA and bullish order block is likely where support will be found in the short to mid term.
Alternatively, a bullish pushback above the 50 EMA could lead to reclaiming the $30k psychological level once again, with potentially further bullish prices on the cards.
The crypto market is showing signs of a potential regime change as the BTC/ETH correlation reaches its weakest point since 2021, signaling new dynamics and opportunities for traders and investors. In a remarkable turn of events, Coinbase witnessed a massive inflow of 53,400 ETH, highlighting the growing interest and confidence in this digital asset. Ethereum continues to make headlines with its all-time high staking contract, boasting a staggering 19.3M ETH staked on its blockchain. However, no journey is without its bumps, as the ETH blockchain faced temporary issues in finalizing certain transactions this week, resulting in short-lived disruptions.
As usual, ETH followed suit this week, after reacting to a 4H order block at $1740. Since then price has found resistance at the daily 50 EMA after successfully breaking below it for the first time since March 15th.
Moving forward, we would be looking for price to continue moving bearish into the $1650 price range, where it would meet the daily 200 EMA as well as the bullish order block at the equilibrium of the wider price range.
Alternatively, a break back above the 50 EMA and a push into the 2k price range could be likely.
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