Bitcoin Technical Analysis: Uncertainty Looms as Bearish Patterns Persist

Bitcoin’s technical analysis reveals a protracted bearish trend, reflecting significant selling pressure and resistance to upward movement. With today’s price standing between $57,505 and $58,059 at 8 a.m. ET, oscillators and moving averages predominantly suggest a continuation of this decline.
Bitcoin
On the BTC/USD daily chart, the trajectory of lower highs and lower lows underscores a market firmly in the grasp of sellers, with the price peaking previously around $72,756, roughly 24 days ago, before descending to recent lows of $56,500. This pronounced downward movement is marked by strong selling volumes and an absence of notable bullish reversals, signaling an environment ripe for cautious trading strategies.

The oscillator data provides further confirmation of the prevailing bearish sentiment. Key indicators such as the relative strength index (RSI), Stochastic, commodity channel index (CCI), and the moving average convergence divergence (MACD) all reflect values that typically suggest either neutral to negative outlooks or direct sell signals. Particularly, the momentum indicator’s sharp downturn to -7467 and the MACD’s bearish position of -1510 are noteworthy, indicating a strong negative sentiment in the market that may not reverse in the short term.

Currently, BTC’s short-term exponential moving averages (EMAs) and simple moving averages (SMAs) from 10-day to 100-day intervals are all signaling a bearish outlook, suggesting a lack of confidence in immediate price recovery. However, the 200-day EMAs and SMAs diverge from this pattern, offering a buy signal which might indicate potential long-term stabilization or recovery phases.
Bitcoin’s 4-hour chart reveals a microcosm of the broader bearish trend, with the significant drops overshadowing slight upticks and demonstrating continued selling activity. Resistance levels near $65,286 have curtailed any bullish attempts, reinforcing the strength of the current downtrend. The support level at $56,500 is crucial; a break below this could offer new entries for bearish positions, whereas a sustained bounce could provide a narrow window for short-term bullish plays.
On the 1-hour chart, bitcoin shows finer fluctuations within its broader downtrend. Some stabilization around $56,500 suggests a temporary easing of selling pressure. Should this level hold and the price begin to form higher lows, it could indicate a potential short-term bullish reversal. Nevertheless, continued movement below this threshold would likely exacerbate the bearish sentiment, providing further short selling opportunities.
Bull Verdict:
Despite prevailing bearish trends, there are emerging signals that could suggest a bullish reversal for bitcoin. The stabilization around the key support level of $56,500, if sustained, alongside potential higher lows on the 1-hour chart, could indicate a shift in market sentiment. Traders should monitor for increased buying volume and a breach of recent resistance levels, which could validate a bullish entry point for a short-term rally.
Bear Verdict:
The overwhelming evidence from multiple time frame analyses and technical indicators continues to support a bearish outlook for bitcoin. The persistence of lower highs and lower lows across daily and shorter-term charts, coupled with strong sell signals from both oscillators and moving averages, suggests that the downtrend is far from over. Traders should prepare for potential further declines, with the possibility of shorting at retracements or breakdowns below critical support levels.
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Russian Crypto Exchange Unable to Process Withdrawals; Angry Users Try to Storm Offices

Approximately 50 users of Beribit, a Russian cryptocurrency exchange, recently tried to storm the company’s Moscow offices to demand their digital assets. Beribit’s management has attributed the delay in processing withdrawal requests to an audit initiated following the discovery of discrepancies in the exchange’s balance sheet.
Balance Sheet Discrepancies
About 50 users of the Russian cryptocurrency exchange Beribit recently tried to storm its Moscow City offices to demand their digital assets, believed to be worth $4 million (400 million rubles). During the chaos, some of the crypto exchange’s employees reportedly tried to escape but were stopped by an irate crowd.
A local report indicates that Beribit users have been unable to withdraw funds from the exchange for several days. While withdrawal requests remained “in processing,” the crypto exchange reportedly had no issues processing new deposits. In a statement released via Telegram on April 26, the crypto exchange’s new management team attributed the delays in processing withdrawal requests to the discovery of discrepancies in Beribit’s balance sheet.
This discovery led the management to initiate an audit of the crypto exchange’s financials.
“These necessary measures have led to a temporary backlog of requests for deposits and withdrawals. We make every effort to process them promptly. Clients who successfully pass the KYC/AML audit and verification will receive verified status and will be able to use their accounts without restrictions,” the crypto exchange said.
However, just a day after the management issued a reassuring statement, Beribit reportedly failed to pay back users as initially promised. Although the cryptocurrency exchange eventually reimbursed affected users, this reportedly seemed to only apply to Beribit users who had filed complaints with the police.
Some of the affected users have vowed to end their protest when they are fully reimbursed. Others said that leaving before the matter is resolved would mean “this issue will be closed.”
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Nigeria Cryptocurrency Clampdown: Central Bank Directs Fintech Firms to Stop Opening New Accounts

The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s directive with a current audit of the Know Your Customer (KYC) procedures implemented by these firms.
Fintech Firms Say Freeze Is Temporary
The Central Bank of Nigeria (CBN) has reportedly directed four fintech firms to cease opening new accounts in an attempt to lock out crypto traders accused of exacerbating the currency’s decline. The directive affects Moniepoint, Palmpay, Opay, and Kuda.
A report from Techcabal states that the CBN’s directive was issued shortly after the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft body, blocked over 1,140 bank accounts allegedly associated with illegal foreign transactions. The report also cites a statement from one of the fintech firms suggesting the account freeze is temporary.
An executive from one of the fintech firms, who wished to remain anonymous, similarly confirmed the temporary nature of the pause. The executive also linked the CBN’s directive to an ongoing audit of the Know Your Customer (KYC) processes of the affected fintech firms.
Fintechs Not Enhancing Their Reputation With the CBN
In the meantime, the report quotes another anonymous source stating that the CBN and Nigeria’s National Security Agency had engaged the four firms prior to issuing the directive.
“The CBN feels like a lot of crypto traders were leveraging the fintech platforms to disrupt the FX market. The banks also have a better relationship with the regulator while fintechs are yet to build that type of relationship and help their perception with the CBN,” the anonymous source said.
After rescinding a directive issued on Feb. 6, 2021, the Central Bank of Nigeria (CBN) appeared to repudiate this move when it joined the Nigerian government in blaming cryptocurrency traders for the local currency’s decline. Since then, Nigerian authorities have focused on Binance, which has been accused of funnelling more than $26 billion out of the economy.
However, with the naira still struggling against major currencies, Nigerian authorities have shifted their attention to other cryptocurrency exchanges and now financial technology firms. Meanwhile, a recent analysis by the Economic and Financial Crimes Commission (EFCC) determined that only 10% of the blocked accounts were operated by financial technology firms, with commercial banks accounting for the remainder.
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Blockchair’s Lead Developer Expresses Concerns Over Bitcoin’s Security Budget

Nikita Zhavoronkov, the lead developer of Blockchair, a cryptocurrency block explorer, has expressed his concerns about Bitcoin’s dwindling security budget. Zhavoronkov stated that the network needs to experience sustained high fees to offset the security impact of the latest halving. After the issuance of Runes following the halving, fees have returned to normal levels.
Blockchair’s Lead Developer Raises Questions About Bitcoin’s Security Budget
Nikita Zhavoronkov, the lead developer of Blockchair, a cryptocurrency block explorer, has warned about the issue of the security budget of Bitcoin and how its reduction might affect the network operativity in the future. Zhavoronkov stated that with the last halving, the security budget of Bitcoin, meaning the amount of bitcoin miners receive in subsidies and fees, had almost halved too.
Taking his worries to social media, he explained that the only way of maintaining this security budget was for the network to experience sustained high fees. Immediately after the halving, high network fees were occurring due to the issuance of Runes; nonetheless, this is not the case anymore as these have returned to almost pre-halving levels.
He stated:
To offset the security impact of the latest halving, miners need to constantly earn an extra 3.125 BTC in fees.
Zhavoronkov explained that, due to the continuous reduction of Bitcoin’s security budget, one of three things must happen: an initiative to scale Bitcoin onchain, allowing for more transactions and for miners to receive more fees; a change in the monetary policy of the
network, that could involve the removal of the 21 million BTC issuance limit; or a change in the Bitcoin consensus system, migrating from proof-of-work to proof-of-stake.
He was criticized by several X users, who stated that Bitcoin’s budget reduction was not an issue, given that while the number of bitcoin produced dropped, its price increased simultaneously. “The security budget should be measured in BTC, not USD, as the value miners secure also rises with the price,” Zhavoronkov stressed.
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Tether Invests $200 Million in Blackrock Neurotech, Launches Evo Division

Tether, the giant behind the world’s largest stablecoin USDT, announced a $200 million strategic investment in Blackrock Neurotech, a brain-interface company. The investment also marks the launch of Evo, a new business division for the company that will examine investments in initiatives that merge tech and human potential.
Tether Dabbles in Biotech, Acquires $200 Million Majority Stake in Blackrock Neurotech
Tether, the stablecoin behemoth, is expanding its investments and operations into a new field: biotech. The company recently disclosed it acquired a majority stake in Blackrock Neurotech, a company that specializes in producing Brain-Computer-Interfaces (BCIs) to help people experiencing loss of neurological functions.
Tether’s investment of $200 million in Blackrock Neurotech will allow the company to roll out part of its products to the wider market and provide the funds necessary to power Blackrock Neurotech’s research and development processes. The investment marks the launch of Evo, another of Tether’s business divisions, that will support initiatives combining humans and tech to advance humanity’s possibilities.
The solutions pioneered by Utah-based Blackrock Neurotech have already made headlines. In 2016, a paralyzed patient using a robotic arm fist-bumped former President Obama, being able to “feel” this interaction via a neurological interface.
Paolo Ardoino, CEO of Tether, remarked on the relevance of Tether’s investment in Blackrock Neurotech. He stated:
Blackrock Neurotech is just the beginning of our journey through Tether Evo to venture into projects that redefine the boundaries of what’s possible at the intersection of technological innovation and human potential.
Furthermore, Ardoino assessed that Blackrock Neurotech represented a future “where technology not only complements but enhances our human experience.” Florian Solzbacher, co-founder of Blackrock Neurotech, explained that, due to Tether’s tech focus, the company “couldn’t dream of a better partner than Tether to bring our shared vision to life.”
Before, the company had announced a full reorganization of its Business structure, announcing the launch of four different divisions: Tether Finance, Tether Data, Tether Power, and Tether Edu.
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US Lawmaker Slams SEC's Investigation of Ethereum — Says Chair Gensler Intentionally Misled Congress

U.S. House Financial Services Committee $Chairman Patrick McHenry has slammed both the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler regarding the SEC’s investigation into ethereum, suggesting that ether might be classified as a security. Additionally, the lawmaker emphasized that Gensler intentionally misled Congress on the issue.
‘Chair Gensler Himself Misled Congress’
The chairman of the U.S. House Financial Services Committee, Patrick McHenry (R-NC), issued a statement criticizing the U.S. Securities and Exchange Commission’s regulation by enforcement on Monday following the news of the SEC initiating an investigation into ethereum, alleging that ETH may be a security.
“Just months after a federal judge sanctioned SEC enforcement lawyers for lying to the court, new evidence shows Chair Gensler himself misled Congress. In testimony to the Financial Services Committee last April, Chair Gensler refused to answer questions regarding the SEC’s classification of ether. New court filings show this was an intentional attempt to misrepresent the Commission’s position,” McHenry stated, adding:
Classifying ether as a security contradicts previous statements of the SEC and Chair Gensler — yet another example of the arbitrary and capricious nature of the agency’s regulation by enforcement approach to digital assets.
“This episode underscores the urgency of Congress passing the bipartisan FIT for the 21st Century Act to provide a clear regulatory framework and robust consumer protections for digital asset markets. Committee Republicans will continue to hold Gary Gensler’s SEC accountable for its regulatory overreach that is stifling innovation, leaving American consumers unprotected, and risking our national security,” the congressman noted.
Earlier this month, McHenry highlighted that bitcoin is unstoppable, noting that every attempt to suppress the cryptocurrency has been unsuccessful. In addition to the FIT for the 21st Century Act, which cleared his committee in July last year, McHenry referenced the Clarity for Payment Stablecoins Act, also passed by the House Financial Services Committee in July last year. He emphasized that these legislative measures could offer increased clarity for the crypto sector in the U.S.
What do you think about Congressman Patrick McHenry stating that SEC Chair Gary Gensler misled Congress about the regulator’s investigation of ether as a security? Let us know in the comments section below. #Write2Earn

Bitcoin.com Addresses Charges Against Early Investor and Founder Roger Ver

On April 30, 2024, the U.S. Department of Justice (DOJ) detained Roger Ver, a trailblazing investor in bitcoin, on accusations of tax evasion and submitting fraudulent tax returns. The following update is accompanied by a statement from Bitcoin.com regarding the allegations against the company’s founder.
Bitcoin Investor Roger Ver Charged With Tax Evasion
According to the DOJ press release, by 2014, Roger Ver and his companies, Memorydealers and Agilestar, reportedly controlled over 131,000 bitcoins, each valued at about $871. Memorydealers and Agilestar allegedly maintained control of approximately 73,000 of those bitcoins. However, he is accused of supplying misleading information to legal and valuation experts to minimize these assets’ declared value.
This alleged misstatement, according to the U.S. government, resulted in underreported company tax returns and the evasion of the mandatory “exit tax” on capital gains from his worldwide assets. Ver was apprehended in Spain, and the DOJ declared that the government intends to extradite him to face trial in the United States.
Statement From Bitcoin.com
“In light of the recent news, we want to underscore that these legal matters pertain solely to Roger and have no bearing on Bitcoin.com. While we cannot comment on the specifics of the allegations, we stand by Roger and his contributions to the cryptocurrency space,” a Bitcoin.com spokesperson told our newsdesk.
“Importantly, these legal proceedings do not affect our operations or the services we provide. Bitcoin.com remains steadfast in our mission of making money accessible to everyone, everywhere, without limits. Our commitment to this mission remains unwavering. This litigation does not affect our operations or the services we provide. Our non-custodial wallet ensures that users always maintain control of their funds,” the spokesperson added.
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Coin Center Warns of DOJ Overreach in Tornado Cash, Samourai Wallet Cases

The recent actions by the Department of Justice (DOJ) against non-custodial crypto wallet developers have sparked controversy and concern within the cryptocurrency community. According to Coin Center, these charges mark a significant shift from previous U.S. policies regarding money transmission, potentially impacting the liberty and privacy rights of developers and users alike.
Coin Center: DOJ Enforcement Challenges ‘Long-Standing U.S. Policy on Money Transmission’
The DOJ’s decision to criminally charge wallet developers for unlicensed money transmission, despite no actual control over user assets, represents an alarming move away from longstanding government policies. According to Peter Van Valkenburgh, director of research at Coin Center, this development signifies “regulation by criminal enforcement.” This unexpected shift occurred with recent charges against the developers of Samourai Wallet and in the ongoing Tornado Cash case, suggesting a potential overhaul in how the DOJ approaches crypto regulations.
Van Valkenburgh articulates the gravity of the situation, stating, “It has been the clear and consistent policy of the U.S. government since at least 2013 that cryptocurrency wallet developers and the users of those wallets are not money transmitters.” His observation underscores the abrupt nature of the DOJ’s new stance, which contrasts sharply with the definitions and regulations set forth by the Financial Crimes Enforcement Network (FinCEN) and other regulatory bodies over the past decade.
The director of research at Coin Center, has highlighted a crucial aspect of the DOJ’s response to Roman Storm’s motion to dismiss the Tornado Cash indictment. He points out that a key section of the DOJ’s reply brief was notably titled “Section 1960 Does Not Require the Business to Have Control of the Funds.” According to Van Valkenburgh, this part of the brief suggests that the scope of an “unlicensed money transmitting business” under Section 1960 exceeds the boundaries set by the Bank Secrecy Act and the definitions enforced by the pertinent regulatory authority.
The implications of these legal actions extend beyond the courtroom. The FBI’s recent warning to crypto wallet users about the risks of using non-regulated entities highlights the broader ramifications for privacy and financial autonomy. “This is a disaster for the rule of law, due process rights for the accused, and our fundamental freedoms of speech and privacy,” Van Valkenburgh emphasized, stressing the profound impact on personal liberties.
Coin Center thinks the broader cryptocurrency community, including individual users and other developers, could face unprecedented challenges if these prosecutorial tactics continue. Van Valkenburgh’s blog post insists that the potential reclassification of all wallet software as money transmitters, regardless of their operational nature, could stifle innovation and infringe on users’ rights to manage their digital assets independently.
“We will continue our efforts to help the courts understand how the technology works and how the existing law applies to that technology,” Van Valkenburgh assures.
What do you think about Coin Center’s blog post about the DOJ indictments in the Tornado Cash and Samourai Wallet cases? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Russia to Enact a Ban on Domestic Operations Of Cryptocurrency Exchanges

Russia is preparing to enact a ban on the organization of cryptocurrency exchanges in the country via the approval of a bill that regulates mining activities. According to statements made by Russian Duma Financial Market Chairman Anatoly Aksakov, digital financial assets like the digital ruble will be allowed to circulate.
State Duma to Enact Ban on Internal Organization of Cryptocurrency Turnover in Russia
Russia is reportedly preparing to enact a ban on the internal organization of cryptocurrency exchanges. According to statements made by Anatoly Aksakov, Chairman of the Russian Duma for the Financial Market, the ban will be enacted starting on September 1, as part of a bill that regulates the cryptocurrency mining activity in Russia.
The bill, introduced by a group of deputies led by Aksakov, establishes that certain exceptions will be applied to mining activities and pools to allow them to keep operating on Russian soil.
Regarding the bill, Aksakov stated that digital financial assets issued by Russia will be allowed to circulate freely across national exchanges. He declared:
Digital financial assets issued in Russian jurisdiction, digital rubles, will be allowed.
Furthermore, Aksakov explained that the need for this ban lies in the fact that these assets are quasi-currencies that compete and seek to replace the Russian ruble. “But only the Russian ruble fulfills the mission of a monetary unit, which is why this decision was made,” he stressed.
Aksakov believes that digital financial assets, and not cryptocurrencies, might serve Russia to open financial markets now closed due to economic sanctions. On April 17, he specified that it was “quite possible” that these would become a “serious channel to replace fiat currencies in international transactions.”
Answering what he called “sensational headlines” that pointed towards a total ban of crypto circulation in the country, Anton Gorelkin, a co-sponsor of the mentioned bill, stated:
The circulation of cryptocurrencies will not be prohibited. The organization of circulation is prohibited – that is, the creation of exchanges and exchangers outside the zone of operation of the experimental legal regime.
Bank of Russia Governor Elvira Nabiullina had referred to the use of cryptocurrency for international payments, clarifying these would have to be supported by an experimental regulatory framework. Aksakov said that Bank of Russia’s projects would also be exempted from the law’s action.
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Bitcoin's 61-Day Streak Above $60K Threatened, $271M in Liquidations as BTC Nears Critical Threshold.
Bitcoin prices experienced a notable decline on Tuesday, dropping more than 2% against the U.S. dollar in the last 24 hours, following a 7.8% decrease over the previous week. Global trading volumes on spot crypto exchanges have remained subdued, and in the past day, derivatives exchanges saw $271 million in both short and long positions liquidated.
Market Turbulence Continues as Over 95,000 Crypto Traders Liquidated
Bitcoin (BTC) fell to a Tuesday low of $59,629 on Apr. 30, but swiftly recovered, surpassing the $60,000 mark. To date in 2024, BTC has successfully ended the day above $60,000 for 61 days. A closure below this level would end its longest-recorded streak above this price point. Data reveal that spot trade volumes on numerous centralized exchanges were reduced in April compared to March. Specifically, trading volumes for bitcoin and ether alone have significantly declined since mid-April.

Currently, BTC is trading between $60,450 and $60,950 as of 9:30 to 10:30 a.m. Eastern Time on Apr. 30, 2024. It has contributed approximately $31.43 billion to the total $89 billion global trade volume recorded across the entire crypto economy in the last 24 hours. Ether transactions account for about $16.2 billion of this total. Recent data on derivatives liquidations show that $271 million in positions were eliminated yesterday.
In total, 95,167 traders faced liquidation, with the majority—$212.4 million—comprising long positions, and $60.58 million in short positions. Of the long positions, $83.78 million were in ETH, while $66.61 million were tied to BTC-centric bets. As the crypto economy navigates through these choppy waters, the enduring demand for bitcoin, coupled with the strategic movements of traders, suggests a cautious optimism in the face of current market uncertainties. The close of the month may prove crucial in determining the trajectory of its long-standing price stability.
In a communication to Bitcoin.com News, Etoro market analyst Simon Peters observed that “crypto price movements were fairly muted last week.” He also pointed out that BTC prices have retreated following net withdrawals from spot bitcoin exchange-traded funds (ETFs). “We’re still waiting for any significant volatility post-halving, however, the longer price stays around these levels, holding above the $60,000 mark, the stronger the narrative could become that support has formed and a move to the upside is more likely,” the analyst remarked.
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Iris Energy Boosts Hashrate to 9 EH/s Amid Declining Bitcoin Miner Earnings

This week, the Nasdaq-listed bitcoin miner Iris Energy Limited announced it has boosted its hashrate to 9 exahash per second (EH/s) and aims to reach 10 EH/s in the coming month. This development follows the network’s fourth halving and occurs amid a period when Bitcoin’s hashprice has significantly declined, exerting intense pressure on BTC mining operations.
Iris Energy Gears Up for Expansion, Projecting 50 MW Capacity Boost
Iris Energy Limited (Nasdaq: IREN) recently disclosed that it has elevated its total hashrate to 9 exahash per second (EH/s). The company anticipates achieving 10 EH/s by May and projects an expansion to 20 EH/s by year’s end. Additionally, Iris is poised to enhance its fleet’s nameplate efficiency to 21.9 joules per terahash (J/T).
Iris, along with several other publicly listed mining firms, has been acquiring new mining machines from producers of application-specific integrated circuit (ASIC) mining rigs, which now feature devices with significantly lower J/T efficiency than earlier models. In October 2023, Iris invested $19.6 million in S21 Bitmain brand Antminers and added 7,000 T21 Antminers in November. The following month, the company secured an additional 8,380 T21 Antminers.
Currently, miners are navigating challenging times, as they previously earned over $100 per petahash per second (PH/s) per day before reaching block height 840,000, commonly referred to as the halving. As of now, the hashprice, or the anticipated value of 1 PH/s per day, has dropped to $48.62 per petahash. To mitigate some of their losses, mining companies such as Iris have branched out to provide artificial intelligence (AI) computing data alongside their mining operations.
Iris also revealed plans to increase its capacity by an additional 50 megawatts (MW) upon completing Childress Phase 3 within this year. This expansion will boost the firm’s data center capacity from 460 MW to 510 MW by the end of 2024. The upcoming 50 MW increase is partly due to a new substation design, coupled with continuous enhancements and efficiencies in the company’s construction and procurement processes.
What do you think about Iris Energy’s boost to 9 EH/s? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Raoul Pal Signals 'Banana Zone' Rally, Predicts Strong 'Crypto Summer' for Digital Assets

With cryptocurrency values on the decline and bitcoin down 13% from a month ago, British financial expert Raoul Pal predicts a rebound during the “Crypto Summer.” According to Pal, this rise will generate widespread excitement, and “everything will get caught up in euphoria.”
British Financial Guru Spells Out Next Big Crypto Wave: ‘Full Mania’ Expected
A month earlier, the crypto market boasted significantly higher valuations, which Raoul Pal suggests could simply be a “pause.” Before launching Real Vision, his financial media platform, Pal held positions at Goldman Sachs, Natwest Markets, and GLG Partners. Known for his macroeconomic expertise, Pal is a staunch advocate for crypto assets.
Recently, two days ago, Pal noted that once the market “refreshed,” a period he refers to as the “Banana Zone” will commence, ushering in “full mania towards the latter part of the year…and well into 2025.” He associates these phenomena with “Crypto Summer and Fall,” advising his X followers to view this “pause” as “the last days of Spring…”
Pal continued by stating that “Crypto Summer” is usually the start of the elusive ‘Altcoin Season’ and to him, it will go “full ‘bubble-tastic’” during the fall months. “This is when [ethereum] bases and begins to outperform [bitcoin],” Pal stressed. “This is when [solana] accelerates its outperformance of [bitcoin and ethereum],” he added.
The former Goldman Sachs executive further explained:
But Crypto Summer and Fall will be confusing because everything will have a narrative and will get caught up in euphoria. This is when memes really get silly in price, unproven narratives like AI and RWA go to dumb valuations, etc.
Pal cautioned that the current downturn isn’t over. He mentioned, “We will also see another 2 or so nasty corrections due to excess leverage,” emphasizing that challenges still lie ahead. Despite these predicted corrections, Pal remains optimistic, proclaiming that the “Banana Zone cometh” and urging “patience.” Some followers appreciated Pal’s insights, with one expressing that the information made them more “bullish.” However, not all feedback was positive; some criticized Pal’s perspective on solana (SOL), while others questioned his overall optimism.
“Don’t know why, but this post resembles Plan B’s 100K calls in 2021,” the X account wrote.
What do you think about the Real Vision founder’s recent X thread about ‘Crypto Summer’? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

HK vs. US: China AMC Leads but Can't Lift Hong Kong Spot Bitcoin ETFs to US Levels

Hong Kong’s debut of six spot bitcoin and ethereum exchange-traded funds (ETFs) garnered HK$87.5 million ($11 million) on their first day, April 30. However, these ETFs underperformed compared to their U.S. counterparts, which had attracted a much larger sum of $4.6 billion on their initial day.
Despite High Hopes, Hong Kong’s Bitcoin ETFs Start Slow
The six new Hong Kong-based ETFs did not meet the expected benchmarks on Tuesday, amassing roughly $11.2 million in their initial trading sessions. Their performance significantly lagged behind the $4.6 billion achieved by ten U.S. spot bitcoin ETFs on their launch day. This comes despite earlier assertions by Zhu Haokang, an executive at China Asset Management (China AMC), who had claimed that Hong Kong’s ETFs would outdo those in the U.S.
Haokang also predicted that China AMC’s offering would dominate among Hong Kong’s ETFs. This prediction held true, as China AMC’s funds captured approximately $4.75 million of the total $11.2 million raised. Regarding assets under management (AUM), China AMC’s two funds manage nearly 2,000 BTC and close to 7,000 ETH. HKEX figures show the other funds competing against China AMC’s BTC-based fund gathered 57.59% of the day’s total volume.
Although the U.S. spot bitcoin ETFs have experienced decreasing volumes since March, the trading volume on April 29 in the U.S. still far exceeded Hong Kong’s debut. For example, the U.S. spot bitcoin ETFs posted $1.39 billion in volume during Monday’s trading session. Meanwhile, these American ETFs saw $51.6 million in outflows after three consecutive days of reductions.
This early underperformance of Hong Kong’s ETFs may set the stage for adjustments in marketing or management strategies to boost investor confidence and performance. The contrasting outcomes between the markets underscore different investor sentiments and regulatory environments, likely influencing future launches and the competitive landscape of cryptocurrency ETFs globally.
What do you think about the performance of the Hong Kong spot crypto ETFs during their first day of trading? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Fear of Impermanent Loss: Though ‘Overstated,’ It Has Impacted Participation in Liquidity Pools, Says Mehdi Lebbar

Although decentralized finance (defi) continues to evolve, it is being perceived as the domain of a select few, Mehdi Lebbar, the co-founder of the investment platform Exponential, says. However, he argues that defi protocols can alter this perception by emphasizing user education. Lebbar contends that regular educational newsletters, explainer videos, and social media posts can play a pivotal role in achieving this goal.
A Shift From Trusted to Trust-Minimized Models
In responses provided to Bitcoin.com News, Lebbar suggests that defi protocols should prioritize education as diligently as they focus on building products. By doing so, they can effectively bridge the knowledge gap. Additionally, Lebbar highlights a significant shift within the defi ecosystem: a move away from reliance on trusted intermediaries toward trust-minimized models.
Lebbar asserts that trustless or trust-minimized approaches, such as Optimistic and zero-knowledge (ZK) proofs, enhance security and reduce dependence on third-party validators.
Regarding the perceived threat of impermanent loss (IL) on the growth of decentralized exchanges, Lebbar stated that the importance of IL is overstated but acknowledged that it “has impacted participation in liquidity pools.” To mitigate this risk, the Exponential co-founder advised investors to “choose high-yield pools composed of correlated assets and avoid concentrated liquidity pools.”
Meanwhile, Lebbar shared his perspective on crypto degens’ behaviour post the bear market. He also identified some popular yield opportunities and jobs among defi enthusiasts in the current bull market. Below are Lebbar’s answers to all the questions sent.
Bitcoin.com News (BCN): From your perspective, have the scars of the last bear market discouraged crypto degens from pursuing the highest defi yields, or has there been a change in investor behavior or approach toward defi?
Mehdi Lebbar (ML): The last bear market events definitely instilled a more cautious mindset among DeFi investors. At Exponential, we built the most comprehensive risk framework to assess risk on DeFi yield opportunities and assessed more than 500 pools. Based on our research, 94% of the total value-locked (TVL) is currently placed in low-risk pools that generate single-digit yields. This is a testament to a maturing market.
BCN: According to your latest State of Defi 2024 report, the total value locked (TVL) in yield-generating opportunities has surged from $26.5 billion in Q3 of 2023 to $59.7 billion in the first quarter of 2024. From what you have observed which yield opportunities or jobs are gaining popularity among defi enthusiasts in this current bull market?
ML: In the current bull market, staking, bridging, and lending are the frontrunners in popularity among DeFi liquidity providers. Staking has gained a lot of traction over the past year (+251% in Total Value Locked), as the Proof of Stake consensus mechanism is now battle-tested. Bridging, which was deemed the riskiest job in DeFi, has gained traction (+51% in TVL) after canonical bridges like Across built better infrastructure. Secured (overcollateralized) lending is also getting a lot of demand from traders who seek leverage to bet on the bull market. This creates a steady stream of interest paid to lenders as the demand for leverage typically increases during the bull market.
BCN: It would seem that investing in defi has, for the most part, been complex and not for everyone. What do you think needs to be done to improve accessibility and allow more people to participate directly?
ML: DeFi’s growth has been organic, but its complexity remains a barrier to entry. The sheer number of projects and the jargon used can be overwhelming for newcomers. To bridge the knowledge gap, projects need to explain DeFi concepts in an accessible way whether it’s through a dedicated ‘Learn’ section on the website, an educational newsletter, explainer videos, or social media posts. Educating new users should be as important as building products.
BCN: What is impermanent loss, and how can investors protect themselves against it? In your opinion, has the constant fear-mongering about impermanent loss impacted the growth of decentralized exchanges?
ML: Impermanent loss refers to the loss of opportunity that liquidity providers face in decentralized exchanges when the price of their deposited assets diverges by the time they exit the position. In my opinion, the importance of impermanent loss is overstated. For example, in an ETH-USD pool on Uniswap v2, if ETH increases by 50%, the impermanent loss would be about 2%> Meanwhile, liquidity providers typically earn double-digit yields on these market-making pools. The fear of impermanent loss, often amplified by misconceptions, has impacted participation in liquidity pools. To mitigate this risk, investors can choose high-yield pools composed of correlated assets, and avoid concentrated liquidity pools.
BCN: Defi is still perceived as the Wild West by regulators and the media due to persistent reports of hacks, rug pulls, and other issues. In fact, according to a Chainalysis report, hackers stole digital assets worth $1.1 billion from defi protocols in 2023 alone. Given this context, how would you respond to individuals who maintain that defi remains akin to the Wild West? Additionally, what advice would you offer to investors seeking to mitigate the risk of capital loss?
ML: DeFi is the Wild West. It is the frontier of finance. It is where investors find clear market inefficiencies. It is where the money is being made now. Obviously, there is no reason to jump the gun and get killed. There is plenty of gold around, and it takes a bit of research.
BCN: Your platform Exponential.fi claims to prioritize investor safety. Can you talk about how you assess different on-chain and off-chain risk factors in defi pools?
ML: We prioritize investor safety by meticulously assessing a wide array of risk factors across four key categories: blockchain, protocol, asset, and pool. We analyze variables such as total value locked (TVL), the governance structure of the protocol (whether it is controlled by a decentralized governance mechanism or a multisig setup), and the robustness of the blockchain’s validator network, among other things.
We also evaluate the quality of the collateral backing different assets and delve into the economic fundamentals of the tokens involved. This comprehensive risk assessment framework enables us to provide a well-rounded risk profile for each DeFi pool, helping our investors make informed decisions based on thorough due diligence.
BCN: Bridges have traditionally been one of the weakest parts of the defi ecosystem. In your view, have they evolved to become trustless or trust-minimized?
ML: Cross-chain bridges have evolved from relying heavily on trusted intermediaries, who verify asset transfers between chains, to more secure, trustless, or trust-minimized models. Trusted bridges, like the Ronin Bridge, which suffered a significant hack, depend on intermediaries who can be compromised. In contrast, newer technologies like Optimistic and zero-knowledge (ZK) proofs enhance security.
Optimistic bridges work by assuming transactions are valid unless proven fraudulent during a challenging period, requiring just one honest monitor to flag issues. ZK bridges, offering the highest security level, use cryptographic proofs to verify transactions without additional information disclosure. This shift to trust-minimized solutions represents a significant advancement in bridge technology, reducing reliance on third-party validators and increasing overall security.
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Bitcoin.org Owner Cobra Warns About Illegalization of Bitcoin Self-Custody in the US

Cobra, the pseudonymous owner of the Bitcoin.org domain, has voiced concerns about future actions from the U.S. government regarding bitcoin ownership. He anticipates a possible ban on the self-custody of bitcoin even when its application and enforcement might be impractical.
Bitcoin.org Owner Cobra: Bitcoin’s Self-Custody Might Be in Danger in the U.S.
Cobra, the pseudonymous owner of the Bitcoin.org domain, has warned about the upcoming perils and limitations that the self-custody of bitcoin might face in the forthcoming eras. For Cobra, governments of the world and the U.S. might be preparing to issue a total ban on bitcoin self-custody, meaning that citizens will not be able to have bitcoin without the support of a custody middleman.
In social media, Cobra declared:
If you think they won’t eventually come for self custody of Bitcoin you haven’t been paying attention.
Cobra made an analogy with how the U.S. illegalized private ownership of gold circa 1930 through Executive Order 6102, which explicitly banned “the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” “Private ownership of gold used to be illegal in the United States even though keeping a large amount of wealth in gold is impractical,” he explained.
Others also fear federal government action on this front against bitcoin. Dennis Porter, co-founder of the Satoshi Action Fund, has embarked on a nationwide initiative to enshrine bitcoin and cryptocurrency rights, self-custody included, at a state level in the U.S.
Porter, like Cobra, has also publicly shared his opinion about the intentions of the U.S. federal government to impose limitations on bitcoin’s mining and self-custody.
Nonetheless, some have called out Cobra on the feasibility and enforceability of a self-custody prohibition of bitcoin. “Secure private ownership is literally one of the problems bitcoin was invented to solve,” and “Good luck banning 12 words” were some of the answers he received on social media.
What do you think about the possibility of governments banning self-custody of bitcoin? Tell us in the comments section below. #Write2Earn

Samourai Wallet Co-Founder Keonne Rodriguez Pleads Not Guilty, Released on $1M Bail

On Monday, April 29, Keonne Rodriguez, co-founder of the non-custodial bitcoin wallet Samourai, entered a plea of not guilty to accusations of operating a money transmitter and engaging in money laundering. Rodriguez secured his release by posting a $1 million bail and will be confined to his residence in Harmony, Pennsylvania, with his movements monitored via geolocation technology.
Rodriguez out on Bail; DOJ to Extradite Samourai Wallet’s William Hill From Portugal
Following the charges and subsequent arrest of co-founders Keonne Rodriguez and William Lonergan Hill, 35-year-old Rodriguez was released on a $1 million bond, which was secured using his property in Pennsylvania. This development was initially reported by Matthew Russell Lee of the Inner City Press (ICP). Rodriguez is set to appear in court on May 14, 2024, in Manhattan.
Meanwhile, Hill, aged 65, was detained in Portugal, and the Department of Justice (DOJ) has indicated that he will be extradited, according to details provided by Russell Lee. The duo stands accused of conducting over $2 billion in purportedly illegal transactions since 2015 and of laundering more than $100 million believed to be criminal proceeds.
The ICP coverage on Monday further specifies that as part of the conditions for Rodriguez’s release, he is prohibited from “operate, work for, or perform services for Samourai Wallet.” Additionally, Rodriguez is restricted from contacting Hill unless in the presence of legal counsel. Both are facing charges that include one count of conspiracy to commit money laundering and another count of conspiracy to operate an unlicensed money transmitter.
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Bank of Russia Dismisses US Asset Confiscation Effects on Russia's Economic Stability

The Bank of Russia has dismissed the effect that a future confiscation of Russian assets in the U.S. might have on the nation’s economic stability. Elvira Nabiullina, governor of the bank, stated that Russia has been diversifying its asset portfolio for many years and that the assets to be seized weren’t in use anymore.
Bank of Russia on a Possible US Asset Confiscation: Russia Will Not Be Affected
Russian officials are now examining the issue of the possible confiscation of Russian assets on U.S. soil. The Central Bank of Russia disregarded the negative effect of this confiscation on the nation’s economic stability, remarking on the diversification process that the institution had been conducting for many years.
In a press conference on April 26, Bank of Russia Governor Elvira Nabiullina referred to this possible seizure. She stated:
This will not have any impact on our financial stability. Because we have stopped operations on frozen assets for a long time, we don’t use them.
Nabiullina declared that the bank has prepared for this moment by building a stash of assets that cannot be confiscated using sanctions as a pretext. “We have enough reserves available to us that are not affected by sanctions to mitigate risks to financial stability if they arise. There are no such risks now,” she stressed.
Nabiullina’s remarks come after the advancement of the Rebuilding Economic Prosperity and Opportunity (REPO) Act in the U.S. House. If finally passed, this bill will enable the Biden administration to seize an estimated $6 billion in Russian assets in the country. Analysts have deemed his action dangerous for the U.S. dollar’s status as a reserve currency, believing it might “supercharge” already existing de-dollarization initiatives.
Maria Zakharova, the official representative of the Russian Foreign Ministry, remarked before that if these confiscation initiatives get passed, Russia will answer guided by the principle of reciprocity. Russia might apply similar measures to Western funds and properties under Russian jurisdiction.
What do you think about the Bank of Russia’s statement on the possible upcoming Russian assets’ confiscation? Tell us in the comments section below. #Write2Earn

In a Sea of Mining Giants, One Solo Miner Strikes Digital Gold by Finding Bitcoin Block 841,286

While bitcoin mining has become increasingly difficult and block rewards have dropped from 6.25 bitcoins to 3.125 bitcoins, a solo miner discovered block 841,286.
Bitcoin’s Harsh Mining Climate Yields Treasure for One Solo Entity
Mining bitcoin (BTC) has become significantly challenging, with the network’s difficulty reaching an all-time high of 88.10 trillion. This complexity, coupled with powerful mining pools that dominate the scene, has left solo miners with modest and older equipment struggling to compete. Most miners with even a few application-specific integrated circuit (ASIC) miners typically join pools to enhance their chances of earning block rewards, which are then shared among participants.
Nevertheless, some miners still opt to go it alone, or join pools designed to let them keep a substantial share of the rewards if their work was instrumental in discovering a block. One such pool is Solo Ckpool, which incentivizes individual efforts. Remarkably, on April 28, 2024, an administrator of this pool announced that a fortunate solo miner successfully mined block 841,286, marking a notable achievement in the post-halving era.
“Congratulations to miner 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP for solving the 282nd solo block solved at [Solo Ckpool] with a large ~120PH at the time (12PH average over a week),” the Ckpool dev posted on X. “From the block solve summary, one can postulate that this large miner either recently switched from pooled mining post-halving (presumably for no longer recouping their elec. costs) for a chance at a solo block, or has been intermittently hashing/renting large amounts solo,” the Ckpool developer added.
The news arrives as the hashprice, or the expected value of one petahash per second (PH/s) of hashing power per day, has dipped below $50 per petahash. At 8 a.m. EDT on April 28, 2024, the network’s hashprice was recorded at $49.62 per petahash. There has been a decrease in overall hashrate, evident from the three-day simple moving average (SMA), which shows a drop to 605 exahash per second (EH/s) from a peak of 655 EH/s observed just three days prior. With the hashrate declining and block intervals exceeding the usual ten-minute mark, the anticipated difficulty adjustment set for May 8, 2024, is expected to see a reduction.
In the high-stakes arena of bitcoin mining, where the network’s difficulty coasts along at unprecedented levels, the discovery of a block by a solo miner becomes an unfathomable event. The solo miner’s success story underscores the element of chance still present in the mining landscape, particularly for those opting to go it alone. It serves as a reminder that despite overwhelming odds and dominant mining pools, solo miners can still strike digital gold, albeit far more infrequently.
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Citi: Brazil Is at the Top of Digital Money Initiatives in Latam

A recent report by Citi, a global financial institution, has put Brazil at the top of the nations leading the digital money initiatives in Latin America. The report states that Brazil features a combination of factors that ease the adoption of digital money such as government support and digital payment solutions.
Citi: Brazil Leads Advancements In Digital Money In Latin America
According to Citi, a global financial institution, Brazil is Latam’s most advanced country regarding money digitalization processes. A recent report issued by the bank found that the country features a combination of different factors that support this fact including the involvement of government organizations, a multitude of digital payment alternatives, and the willingness of the general population to adopt these.
The report puts Brazil over other countries with high adoption of digital money initiatives, such as Argentina, Chile, Mexico, and Colombia. Another element raised by Citi is that Brazil seems prepared to adopt drex, its upcoming central bank digital currency (CBDC), given the adaptability of its people to these digital initiatives.
Driss Temsamani, Head of Digital for the U.S., Canada, and Latam at Citi, remarked on this factor alongside existing digital finance initiatives like Pix and Open Finance. In an interview with Valor Economico, he stated:
The Brazilian population adopts new technologies and is prepared for what is new. Brazil has built the correct infrastructure, participants moved, innovated, and built solutions, and there was also adoption.
To Temsamani, the importance of tokenization and these alternative finance technologies lies in the possibility of linking the informal economy, which accounts for $25 trillion, with credit and other opportunities. “If we can connect with the traditional financial system, we will not only create efficiency, but also bring new flows, such as deposits, and loans, which can stimulate the economy,” he stresses.
Brazil is only second to Chile in digital money adoption, a trend that will only accelerate according to Temsamani. Citi’s executive stated that physical money “is insecure, costly, and does not align with the business dynamics of the digital era.”
What do you think about Citi’s report on Brazil’s digital money adoption? Tell us in the comments section below. #Write2Earn