The Bitcoin (BTC) price gained bullish momentum again, surpassing the $70,000 mark, while whale activity around the asset declined.

BTC is up by 2.2% and is trading at around $71,000 at the time of writing. The flagship asset’s market cap is getting close to the $1.4 trillion mark — currently sitting at $1.398 trillion.

Bitcoin price surges amid declining whale activity - 1
BTC price, whale activity, RSI and active addresses – April 11 | Source: Santiment
Moreover, Bitcoin’s daily trading volume increased by 5% and is hovering around $37.5 billion at the reporting time.

You might also like: US senators to unveil bipartisan stablecoin legislation

The upward momentum comes after Bitcoin dropped below the $68,000 mark after the U.S. inflation rate rose above the expected 3.4% — reaching 3.5% Y/Y.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC has been consistently declining over the past four days — falling from 14,261 settlements on April 8 to 10,182 unique transactions over the past 24 hours.

Data from Santiment shows that the number of daily active addresses has also declined along with the BTC whale activity — falling from 898,850 addresses to 866,140 active wallets over the past 24 hours.

On the other hand, the BTC Relative Strength Index (RSI) increased from 48 to 54 over the past day, according to Santiment data. The indicator shows that Bitcoin is slightly overheated but is still in good condition.

An RSI of above 60 would indicate that Bitcoin is overbought and could lead to high price volatility.

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Bitcoin (BTC) climbed back to $70,000 Wednesday, reversing its knee-jerk dip following hotter-than-anticipated U.S. inflation data for March.

BTC slipped nearly 4% to $67,500 during early U.S. hours after a government report showed the Consumer Price Index (CPI) rising faster than analyst expectations, prompting investors to temper their expectations for rate cuts this year.

The dip echoed through multiple asset classes, but bitcoin gradually erased all its losses, and was up over 1% over the past 24 hours, outperforming U.S. equities and gold, both of which finished with sizable declines for the day. At press time, bitcoin had slipped a bit from the $70,000 level, trading at $69,800.

Most cryptocurrencies lagged behind BTC, with the broad-market CoinDesk 20 Index down 0.6% during the same period, dragged lower by a 5%-7% decline in major altcoins polkadot (DOT), bitcoin cash (BCH), near (NEAR) and aptos (APT).

Decentralized exchange Uniswap's governance token (UNI) plummeted more than 10% as it received an enforcement notice from the U.S. Securities and Exchange Commission, foreshadowing regulatory actions against the platform.

Will Clemente, co-founder of Reflexivity Research, noted in an X post that the ever-increasing U.S. debt levels are more important for the big picture than individual CPI readings, and the most likely scenario is that policymakers will let inflation run higher than the 2% target to help inflate the debt. "Bitcoin is an insurance against this," Clemente added.

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Binance is “working as collaboratively as we can” with the Nigerian government to secure the release of its jailed financial crimes investigations chief, Tigran Gambaryan, the exchange’s chief compliance officer Noah Perlman said Wednesday.

Gambaryan, a former IRS special agent who pivoted to Binance in 2021, pleaded not guilty this week to committing money laundering, tax evasion and manipulating the price of Nigeria’s currency. He was in the country at the Nigerian government’s invitation, Perlman said.

Speaking at a cybersecurity conference held by Chainalysis, Perlman said he was “optimistic” Binance could reach a resolution with the Nigerian government that would free Gambrayan, but declined to talk specifics.

"Obviously the whole situation is just tragic," he said.

Gambaryan was detained in February, after visiting the country with fellow executive Nadeem Anjarwalla to discuss the Nigerian government's concerns with country officials. However, they were detained without charge and placed under house arrest.

Anjarwalla managed to escape, and the government filed charges against both executives as representatives of the exchange and Binance itself last month.

Binance previously said in a statement that Gambaryan did not have any decision-making authority with the exchange.

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The Federal Government of Nigeria, under President Tinubu‘s administration, has sought an extension of the detention of two Binance officials. The Economic and Financial Crimes Commission (EFCC) went to the magistrate’s court in Abuja seeking a new order to extend the detention of the US citizen Tigran Gambaryan and the British Kenyan Nadeem Anjarwalla. This is one of the developments in Nigeria’s wide crackdown on cryptocurrency platforms.

Gambaryan and Anjarwalla have been in custody for the last fortnight. The EFCC seeks further remand of the individuals while investigations are in progress. The first court decree permitting their confinement expired on Tuesday. When contacted, the EFCC spokesman, Dele Oyewale, declined to comment on the issue.

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Indian Finance Minister Nirmala Sitharaman clarified the government’s stance on crypto at the India Today Conclave 2024 event on Friday.

Responding to a question about whether the Indian government will reassess its position on crypto in light of bitcoin’s price recovery, Sitharaman exclaimed: “Reassess its position? Its position has always been this, that assets created in the name of crypto can be assets for trading, assets for speculation, assets for money making, assets for many other things.”

The finance minister noted: “We hadn’t regulated them then. We haven’t regulated them even now.” She stressed:

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Data from Cointelegraph Markets Pro and TradingView showed new BTC price lows of $64,522 on Bitstamp.

After hitting new all-time highs during the week, Bitcoin faced considerable sell-side pressure, with a series of lower lows accompanied by failed rebounds.

On the day, offloading continued to gather speed well in advance of the hotly-anticipated weekly candle close.

Analyzing the situation, popular trader Skew outlined zones of interest for bidders on major exchanges. These focused on between $60,000 and $64,000.

“Majority of the selling has been driven by takers (market selling),” part of a post on X (formerly Twitter) explained.

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With the growing demand for Bitcoin ETFs, many market participants are now trying to understand the crypto sphere more. In the middle of heightened demand, many people are trying to use courses to become crypto experts. Bloomberg highlights that to understand the financial tricks of the digital sphere, many people are jumping on the bandwagon of “certified crypto” courses.

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Bitcoin’s recent price dip to $67,000 marks a pivotal moment for investors and traders alike.
Despite a 3.5% decrease, technical analysis suggests a possible test of the $59,000 support level, indicating a volatile yet upward trajectory.
“The journey to $100K is fraught with volatility, but the underlying support at $47,200 remains a beacon of hope,” experts claim.
This analysis delves into Bitcoin’s current market dynamics, exploring potential movements and the critical support levels that could dictate its path to $100,000.

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The markets are rallying exuberantly for BTC for a couple of reasons this March.

Institutional investors bought deep after the SEC opened up Wall Street access to Bitcoin price exposure through custodial spot ETFs. That only adds to the scarcity shock with the supply halving coming up next month.

However, many blockchain crypto trading strategists think it is hard to overstate the importance of the ETF approvals by the Securities and Exchange Commission. The new paradigm does not merely allow regulated investors to do so.

It caps off a year of incredibly welcoming and accommodating policies for Bitcoin and cryptocurrencies in United States courtrooms and legislatures. The risk of the U.S. passing onerous regulations has long been an important headwind for Bitcoin prices in the market.

As a result of the SEC approving Bitcoin ETFs, that threat is vastly diminished. Instead, you can now buy some of the base layer blockchain cryptocurrency on Wall Street from the same place you can buy a company share of Coca-Cola or Chevrolet.

But it’s not just a party in the USA for Bitcoin this year. Here are seven signals that Bitcoin is still rocking the world outside the United States in 2024.

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In November 2022, Bukele announced a dollar-cost averaging (DCA) plan for El Salvador. At the time, he committed to purchasing one BTC per day as part of the country’s pro-crypto policy.

Despite facing initial criticism from various international financial organizations due to the bearish performance of the crypto market at the time, the decision has proved to be a strategic success. The recent surge in Bitcoin’s value has resulted in significant unrealized profits for El Salvador.

As such, President Bukele confirmed that El Salvador will continue its Bitcoin DCA strategy indefinitely. Data shows that the country has spent over $15 million to acquire 485 BTC through this approach at an average purchase price of $30,985. As of now, this stash alone is worth more than $33 million.

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As tension grows between cryptocurrency platforms and regulatory bodies worldwide, Nigeria has become the latest battleground. The African nation’s confrontation with Binance, a leading global cryptocurrency exchange, has escalated into a complex legal dispute, detentions of key personnel, and a broader debate on regulating digital currencies.

The conflict reached a critical point when Binance announced its decision to cease offering services involving the Nigerian Naira. This decision came after a legal skirmish with Nigerian authorities, who have demanded nearly $10 billion in compensation, alleging the company’s involvement in currency speculation and manipulation. This drastic measure by Binance, slated to take effect imminently, will see all accounts holding Naira balances converted to Tether, a stablecoin tied to the U.S. dollar.

The backdrop of this conflict is Nigeria’s severe currency crisis, with the Naira plummeting by approximately 70% in recent months amid spiralling inflation. Nigeria, Africa’s largest economy and a significant player in the global crypto market, finds itself at a critical juncture.

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In a significant move towards expanding its reach and functionality, Azure Wallet, renowned for its secure and versatile crypto management capabilities across multiple chains, has disclosed its integration with Visa and acceptance into the Visa Start-up Program.

The Azure Wallet team communicated this development in a recent post on X, emphasizing the significance of the new alliance with the renowned payment processor. “Azure is happy to announce that we are integrating VISA and accepted to the Visa Start-up program,” the statement read.

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Binance has announced the integration of the Solana network into its Web3 Wallet.
By integrating the Solana network, Binance aims to transform its Web3 Wallet into a comprehensive, multi-chain, self-custodial wallet capable of meeting the diverse Web3 needs of its users, the exchange said in a recent press release.

With this integration, users gain access to a broader range of blockchain networks, including those based on Bitcoin (BTC), EVM, and Cosmos (ATOM).

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The listing of ETHFI brings a new dimension to the platform's offerings and opens up opportunities for traders and enthusiasts alike.

According to the announcement made by OKX, the listing of ETHFI will follow a structured schedule to ensure a seamless trading experience for users. The program is as follows:

ETHFI Deposit Opening: It will start at 06:00 Turkey time on March 15, 2024.

ETHFI/USDT Spot Trading Launch: Scheduled on March 18, 2024 at 15:10.

ETHFI Withdrawal Opening: Will start at 13:00 on March 19, 2024.

Ether.Fi, the protocol behind ETHFI, is a new staking platform designed specifically for Ethereum.

In particular, deposits made to Ether.Fi are automatically re-staking with Eigenlayer, a system that reuses staked ETH to power external systems such as rollups and Oracles, thus improving the economic security layer.

This process provides higher returns for ETH stakers. In exchange for their deposits, users receive eETH, a liquid staking token that can be used across various decentralized finance (DeFi) protocols. ETHFI serves as the governance token of Ether.Fi.

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Binance said Nigeria is not one of its top markets amid recent issues with authorities in the African country.
In a March 13 statement, the exchange revealed its extensive cooperation with local law enforcement agencies to promote the responsible growth of crypto in Nigeria.

Over the past weeks, Binance and the Nigerian authorities have been engaged in an acrimonious dispute over its operations in the region. The conflict reached a boiling point when authorities accused Binance of manipulating the local fiat currency, leading to the detention of two senior executives from the exchange.

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Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, has clarified reports surrounding the alleged imposition of a $10 billion fine on the cryptocurrency exchange Binance.

Contrary to earlier reports by the BBC, Onanuga stressed that the claims were a result of misquotation and misunderstanding.

He emphasized that there has been no finalized decision to levy such a fine against Binance and that his previous statements had been misrepresented.

Specifically, Onanuga mentioned that he had only discussed the possibility of a fine, indicating that nothing is set in stone as of now.

This development comes amidst increasing regulatory scrutiny of cryptocurrency exchanges in Nigeria, a move aimed at protecting the integrity of the Nigerian naira.

Binance, in response to the growing pressure, has discontinued the use of the naira in its peer-to-peer (P2P) trading services as of February 28.

The P2P platform, popular among Nigerian users since 2021, facilitates direct transactions between buyers and sellers without the need for an intermediary.

This service gained popularity following the Nigerian government’s ban on the crypto industry during the tenure of former President Muhammadu Buhari.

READ MORE: Bitcoin Trader Recovers $13,000 Mistaken NFT Purchase Thanks to Seller’s Generosity

The situation is compounded by the Central Bank of Nigeria’s (CBN) concerns over “suspicious flows” of funds through Binance’s Nigerian operations.

CBN Governor Olayemi Cardoso reported that in 2023 alone, $26 billion had been transacted through Binance from unverified sources and users, raising alarms over potential financial risks and the need for stringent oversight.

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In an update on its website, Binance revealed that starting this Friday, any remaining NGN balances in user accounts will be automatically converted to Tether’s stablecoin USDT.

Additionally, by March 8, Binance will convert all remaining Naira-denominated balances in user wallets into USDT.

See Also: Nigerian Authorities Summons Binance’s CEO Over Alleged Terror Financing

The exchange will also delist all existing Naira spot trading pairs, including those involving Bitcoin and USDT, from March 7.

The decision to halt Nigerian naira services follows Binance’s earlier delisting of all Naira trading pairs on its peer-to-peer platform on February 28.

The Nigerian government has intensified its regulatory actions against the exchange, demanding nearly $10 billion in compensation.

Furthermore, according to multiple media reports, two senior executives from Binance were arrested last week.

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cryptocurrency stakeholders have lamented the current ban on Binance naira operations in Nigeria, stating it will affect the livelihoods of many Nigerians and could increase youth unemployment in the country.

In separate interviews with Cointelegraph, local crypto stakeholders said the delisting of Nigerian naira-related services from Binance will lead to the rise of new crypto exchanges, which will fill the vacuum created by Binance’s exit by complying with local regulations.

Nathaniel Luz, the CEO of Flincap — a liquidity platform for crypto exchanges — said that several Nigerian traders who make a living from trading peer-to-peer on Binance are now affected. However, Luz said that some are trading on Telegram groups.

According to the chief marketing officer of Flincap, Oladotun Wilfred Akangbe, the continuing uncertainty surrounding cryptocurrency regulation in Nigeria and the decision to halt Binance operations can undermine the confidence of many people in the space. He added that it could lead to massive fear, uncertainty and doubt in Nigeria’s crypto space.

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Binance’s Tigran Gambaryan and Nadeem Anjarwalla have been held against their will for the past two weeks by Nigerian authorities.

The Nigerian government had invited the executives to discuss the current dispute with Binance, and the duo had landed in Abuja on February 25.

Nigeria’s government and Binance have been involved in a dispute about some $26 billion of untraceable funds.

Two senior executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla, have been held against their will for the past two weeks by Nigerian authorities, according to reports from The Wall Street Journal and Wired.

The executives appear to have been detained due to the accusations brought on against the crypto exchange by Nigeria. In the past few weeks, reports have emerged that the African country has demanded $10 billion from Binance in penalties for enabling some $26 billion of untraceable funds to be processed in the nation.

The Nigerian government had invited the executives to discuss the current dispute with Binance. The duo had landed in Abuja on February 25, Wired reported, citing their families. After the first meeting with government officials, Gambaryan and Anjarwalla were “taken to their hotels, told to pack their things, and moved into a “guesthouse” run by Nigeria’s National Security Agency, according to their families,” the report said.

The Financial Times was the first to report about the detentions without naming the two individuals.

Gambaryan is Binance’s head of financial crime compliance and a U.S. citizen. Anjarwalla is Binance’s Kenya-based regional manager for Africa holding dual citizenships of the U.K. and Kenya. While they have been visited by a U.S. and U.K. government official, the meeting was in the presence of Nigerian government guards, Wired reported. Gambaryan is a former special agent of the U.S. Internal Revenue Service Criminal Investigation (IRS-CI) Cyber Crimes Unit.

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US Presidential Candidate Donald Trump talked about Bitcoin and expressed his positive thoughts about Bitcoin.

Speaking to CNBC, Trump said, “Bitcoin is already heavily used and there are so many areas where it is actively used. So I'm not sure if you want to eliminate those areas of use and BTC.” said.

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