May is expected to be another big month full of price fluctuation and rallies for the biggest of the cryptocurrencies. Hong Kong has officially waved the green flag for the launch of exchange-traded funds (ETFs) for Bitcoin and Ethereum. This can turn out to be another bullish moment for the digital assets market. 

Bitcoin set to gain momentum?

Eric Balchunas, a senior Bloomberg ETF analyst confirmed that these ETFs will begin trading from April 30. While, another Bloomberg ETF analyst, James Seyffart anticipates a potential fee war coming up in Hong Kong. This can be easily reflected in the competitive dynamics seen in the US ETF space.

According to reports, Hong Kong’s ETF issuers reveal the varying fee structure for their Bitcoin and Ether offerings. It highlighted that ChinaAMC has set its fees at 0.99%. However, Harvest is adopting a unique strategy by initially offering a 0% management fee but will later transition to 0.3% after the first six months. While Bosera decided to go on with a 0.60% management fee.

It is important to note the approval over the spot BTC ETFs given by the US Securities and Exchange Commission (SEC) proved to be a major moment for the crypto industry and particularly for Bitcoin. However, a decision on the assent of Ether linked ETF is still pending with the authority.

BTC after gaining approval in the US

In October 2023, Bitcoin price began to pump from the $28k level over an anticipation of ETF approval. BTC price was trading around the price level of $48,000 when the SEC gave it a green flag. This turned out to be a major turning event for the biggest digital asset.

After gaining approval, Bitcoin price went on to hit a new all time (ATH) of $73,750 in mid March. It is expected that ETF trading in Hong Kong will bring in a new wave of optimism and flow in the crypto market.

Bitcoin is trading at an average price of $64,835, at the press time. The original crypto has gained more than 65% over the last 90 days. However, it is still down by 11% from its ATH.

The news also suggests positive momentum in ETF inflows. Balchunas highlighted that the inflow streak for $IBIT has now reached 71 days, placing it in the top 10 all-time, surpassing notable ETFs like $JETS, $BND, and $VEA.

The world’s biggest cryptocurrency, Bitcoin, is consolidating in a tight range between $65,800 and $67,130 following the completion of its halving event. However, on April 24, 2024, a prominent trader and analyst made a post on X (Previously Twitter), stating that the TD Sequential indicator just signaled a sell on Bitcoin’s 12-hour chart.

Will the BTC price fall?

Additionally, the analyst also highlighted that currently, Bitcoin is experiencing resistance around the middle of the parallel channel. Besides this, Bitcoin is currently trading near strong support of the 200 EMA (Exponential Moving Average) level of $66,000, and in the last 24 hours, it experienced a decent 0.6% downside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days after the halving event, it gained nearly 6% of upside momentum. Whereas in the last 30 days, the price has remained stable.

Bitcoin’s technical analysis and key levels

According to expert technical analysis, Bitcoin will remain stable until it either gives a breakout of $67,130 or a breakdown of a lower level of $65,800. If Bitcoin on a 4-hour time frame gives a candle closing above $67,130, then there is a high possibility that Bitcoin will hit the $70,000 level. Otherwise, if it gives a candle closing below the $65,800 level, then we will witness a massive downside momentum till the $64,000 level or more. 

However, these both levels are equally important for traders as well as investors. But looking at the current market sentiment and the performance of other cryptocurrencies, it looks like Bitcoin will also experience upside momentum.

Besides Bitcoin, other cryptocurrencies like Ethereum, Solana, Binance Coin, and others are also struggling to gain momentum. As these tokens, in the last 24 hours, experienced nearly 1% of downside momentum.

Meanwhile, the crypto-meme industry gained massive attention today as it is up by over 5.5%, and the 24-hour volume also experienced a massive 45% surge, currently standing near $7.49 billion. This massive growth in the trading volume highlights investors’ as well as traders’ interest in meme coins. As the top tokens like Dogwifhat (WIF), Floki (FLOKI), Bonk (BONK), and Cat in a Dog’s World (MEW) gained massive upward momentum of over 12%, 4%, 25%, and 26%, respectively.

The overall cryptocurrency landscape is heading towards a bullish side, but the world’s cryptocurrency Bitcoin still struggles. On April 24, 2024, a blockchain transaction tracker, Whale Alert, made a post on X (previously Twitter) stating that in the last 24 hours, investors as well as institutions made a massive withdrawal of over 105 million XRP from the world’s biggest cryptocurrency exchange, Binance.

Whales add 105 mln XRP token 

This massive withdrawal of XRP from Binance highlights investors’ interest following the completion of Bitcoin halving. However, this is the second consecutive day of massive XRP withdrawals from Binance. Earlier, on April 23, 2024, Todayq News reported that whales withdrew a massive 71 million XRP tokens worth around $38.3 million.

Besides this massive withdrawal, in the past few days, when the overall cryptocurrency market experienced massive downside momentum due to the release of United States CPI data (consumer price index) and geopolitical tension between Iran and Israel, XRP experienced a significant fall and also hit a low of $0.41. Looking at the price level, whales added a massive 31 million XRP tokens.

However, despite this massive and continuous XRP accumulation, the price doesn’t seem impacted today. Currently, XRP is trading near $0.54, and in the last 24 hours, it has remained stable and seen 0.08% negative momentum. If we look at the performance of XRP over a longer period in the last 7 days, XRP experienced over 10% upside momentum, whereas, in the last 30 days, it experienced over 13% downside momentum.

XRP technical analysis and key levels

According to expert technical analysis, XRP is experiencing strong resistance from the 200 EMA (Exponential Moving Average), which might be the possible reason behind this ongoing struggle. If XRP in the coming days gives closing above the 200 EMA on a daily timeframe, then there is a high possibility that the XRP price will massively surge Otherwise, it will continue to struggle. 

Despite massive XRP withdrawals, top cryptocurrencies also seem to be struggling like Bitcoin, Solana, DOGE, and others, experiencing decent price surges.

After a major setback in April 2024, the overall cryptocurrency industry is once again experiencing upside momentum, with the crypto-meme industry leading the market. However, on April 24, 2024, a security researcher at SlowMist, a blockchain security firm, made a post on X (previously Twitter) stating that a prominent North Korean Lazarus group had once again become active in the market to trick LinkedIn users.

Lazarus group’s recent attack on crypto

The research analyst highlighted that the notorious Lazarus group was reaching out to people looking for job changes, specifically those in React or Developer roles, through LinkedIn. Following this scheme, Lazarus group members initiate contact with unsuspecting LinkedIn users and request access to the target’s repository under the guise of reviewing code. However, the repository contains malware.

Following this report by a security analyst, there have been no reported losses of funds as of yet, nor has anyone submitted any reports regarding the loss of funds. However, the main purpose of this North Korean Hacker Lazarus group is to contact web3 enthusiasts and use masked code to steal their assets through malware. 

However, this is not the first time Lazarus has engaged in such activities to steal crypto assets. There were several cases in 2023 where the Lazarus group looted several cryptocurrency exchanges as well as prominent investors.

Lazarus stole cryptocurrency holding 

In late 2023, the Lazarus group stole nearly $240 million worth of cryptocurrencies using malicious software named KandyKorn, as reported by Todayq News. Besides this massive $240 million fund stolen by the Lazarus group in September 2023, the group has stolen nearly $41 million of cryptocurrencies.

According to data shared by 21dotco, the Lazarus Group holds nearly $47 million worth of cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and stablecoin. Additionally, this group is also a TRON whale, holding a massive 137 million TRX tokens.

Despite the Lazarus group’s attempts to steal cryptocurrency assets, the market is currently looking bullish after the completion of the Bitcoin Halving. Top cryptocurrencies like Bitcoin experienced a decent over 5% upside momentum, while Ethereum, the world’s second-largest cryptocurrency, experienced a decent 2.5% upside momentum.

The global digital asset market printed green indexes on Wednesday as the majority of the altcoins shine while Bitcoin (BTC) is still looking for hints. The cumulative crypto market cap surged by 1.47% over the last day to stand at around $2.47 trillion. However, the total market volume picked up speed by jumping around 12% to stand at $73.25 billion.

Market stuck at a halt?

Data shows that the positive market movement resulted in the total liquidation of $117.67 million in the last 24 hours. However, the largest single liquidation order took place on the crypto exchange OKX of ETH-USD-SWAP valued at $6.00 million.

It is important to note that 50.8% (approx value $59.77 million) of the total liquidation turned out to be long bets placed on the crypto’s move. The tracker shows that $57.9 million worth of short bets got liquidated over the last day. This suggests that the market stands at a break or make position post Bitcoin halving.

Amid Bitcoin expecting a bull move, several altcoins gained heavily. This comes in when the Fear and Greed Index shifted its indicator to “Greed” from neutral sentiments.

Altcoins shine

Hedera (HBAR) turns out to be the biggest gainer of the day. HBAR price jumped by more than 50% in the last 24 hours. HBAR is trading at an average price of $0.13, at the press time. It went on to hit the $0.18 mark with this surge. However, HBAR’s 24 hour trading volume is up by 6804% to stand at $2.97 billion. Hedera is holding a market cap of more than $4.44 billion.

One of the famous meme coins, BONK is the second in line of the biggest gainers. BONK price jumped by over 30% in the last 24 hours. It looks like that BONK is looking for its way back to the highroads as new trending meme coins like WIF and PEPE stole the spotlight. BONK is trading at an average price of $0.000027, at the press time.

Another major altcoin, Algorand price saw a surge of 20% over the last day. ALGO is trading at an average price of $0.23, at the press time. Its 24 hour trading volume has skyrocketed by 964% to stand at $486 million.

These upward rallies can be seen when Bitcoin is still struggling to make a big move. BTC price grew by just 2% in the last 30 days and 0.38% over the past 24 hours. Bitcoin is trading at an average price of $66,410, at the press time.

The popular meme coin Pepe (PEPE), after gaining a massive 47% upside momentum, surpassed Dogwifhat (WIF) and became the 3rd biggest meme coin. Today, on April 24, 2024, an on-chain analytic firm, Lookonchain, made a post on X (previously Twitter) stating that a whale wallet address, 0x803 linked to rektdolphineth, has accumulated a massive 211.6 billion PEPE worth $1.72 million in the last 24 hours.

Why PEPE price is increasing?

Notably, this whale has accumulated PEPE from decentralized exchanges like Binance and centralized exchanges like Gateio and Uniswap at an average price of $0.000007291, worth around $1.54 million. Additionally, this whale has a total unrealized profit of over $173K, equivalent to 11% of the total investment. However, Lookonchain also highlights that this whale may continue accumulating PEPE.

Following this massive accumulation, PEPE experienced over 18% upside momentum. Besides PEPE, the overall crypto-meme sector is up by over 5%, and the 24-hour volume also increased by 40%, indicating strong interest from investors and traders in meme coins. 

At the time of writing, the top meme coins including Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) also experienced massive upside momentum of over 20%, 15%, and 30%, respectively. Currently, PEPE is trading near $0.0000079, and in the last 24 hours, it experienced over 18% upside momentum. Looking at the performance of PEPE over a longer period, in the last 7 days, PEPE experienced over 50% upside momentum, whereas in the last 30 days, it experienced only a 6% upside momentum. 

PEPE technical analysis and key levels

According to expert technical analysis, PEPE is looking bullish as on the weekly time frame it gives a breakout of the flag and pole price action pattern. If PEPE on the weekly time frame gives a closing above $0.0000079, then there is a high probability that it could surge more than 36%. 

Whereas, top cryptocurrencies like Bitcoin, Ethereum, Solana, and others seem to struggle to gain momentum. In the last 24 hours, Bitcoin experienced 0.6% upside momentum, whereas Ethereum and Solana experienced 2.5% upside momentum.

Troubles are mounting up for the founder of the world’s largest crypto exchange. US prosecutors in the latest court filings demand that Changpeng Zhao (CZ) should serve 36 months in prison after pleading guilty to violating laws against money laundering. CZ had stepped down as Binance’s chief last November when he and the exchange admitted to the violations.

Is CZ in big trouble?

As reported the sentencing hearing is scheduled for April 30 in Seattle. However, the exchange had agreed to a penalty of $4.32 billion. This marked one of the largest penalties ever imposed on a cryptocurrency exchange.

Court filings revealed the US prosecutors stated that CZ told the members of his team to “Better to ask for forgiveness than permission” about Binance’s compliance with US law. It added that Zhao and Binance specifically targeted US users as part of Binance’s growth strategy. He knew that this choice subjected the exchange to US laws.

It mentioned that for years CZ ran the company in violation of US law until he admitted breaking the law. However, Binance’s founder confessed that it was critical to the company’s success and profitability. It added that Zhao bragged that if Binance compiled with the law ‘it would not be “as big as we are today.”

A report highlighted that the Federal sentencing guidelines set a maximum sentence of 18 months in prison for Zhao. However, he had agreed not to appeal against any stretch up to that length. Interestingly, he has been free in the US on a $175 million bond. 

US prosecutors go hard?

US authorities had alleged that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups. The prosecutor further claimed that the platform supported the sale of child sexual abuse materials. To this response, CZ had agreed to pay a $50 million fine and ease involvement with Binance.

Earlier, Binance’s co-founder He Yi showed her optimism about the exchange’s regulatory standing. At a recent Binance Chinese Meetup held on the sidelines of the Token2049 conference in Dubai, Yi stated that CZ’s current situation in the U.S. is “largely peaceful,” with past regulatory pressures being internally anticipated.

Meanwhile, the legal proceedings seem to be going against what the executives expected.

Binance’s Coin, BNB, price saw an uptick as it surged by around 2% in the last 24 hours. BNB is trading at an average price of $608.89, at the press time. It is up by 12% over the last 7 days.

US Securities and Exchange Commission (SEC) had allegedly struggled to provide clear crypto linked regulations to the industry. The new move taken by two prominent crypto industry groups suggests that there might be more problems emerging ahead for the top financial watchdog in delivering clarity over the matter.

Crypto groups go after SEC

The Blockchain Association and the Crypto Freedom Alliance of Texas moved ahead to a lawsuit against the US SEC. The action comes over the watchdog’s recent rule that expands the definition of a “dealer” in securities.

As per the complaint filed in a federal court in Texas, the groups had argued that the SEC had overstepped its authority and implemented a rule that was both arbitrary and capricious. They argue that the new rule is overly vague. It added that the mentioned rule is broad in scope, and fails to clarify its impact on participants in the crypto market. This particularly those involved in decentralized finance (DeFi).

It highlighted that under the new rule, developers of automated software and liquidity providers on certain trading protocols could be classified as “dealers.” The rule subjects them to new regulatory burdens as this includes additional capital and registration requirements.

The two prominent crypto industry groups seek to strike down the SEC’s Dealer Rule alleging violations of the Administrative Procedure Act (APA). As mentioned, they claim that the commission has unlawfully expanded its interpretation of the term “dealer.” It was originally defined in the Securities Exchange Act of 1934.

Watchdog in trouble?

This lawsuit can turn out to be trouble for the US SEC as it is already facing multiple legal challenges for some biggest of the crypto players. Coinbase, the US’s biggest crypto exchange is fighting to seek clear guidance from the commission.

Ripple is locked in a long legal battle with the SEC which is expected to give out a much need clarity for the crypto industry. However, a delay in proceeding has kept the market on its toes.

The complaint filed by The Blockchain Association and the Crypto Freedom Alliance of Texas argues that the SEC’s expanded definition deviates  from the long-standing and well-established understanding of the term “dealer.”

It is expected to cause irreparable harm to the millions of Americans and businesses engaged in digital asset trading. The SEC allegedly failed to engage with comments and questions from industry participants about the rule’s implications for this sector.

There is a noticeable struggle to gain momentum in the cryptocurrency landscape on April 23, 2024. Amid this challenging environment, recently launched Ethena (ENA) and existing Toncoin (TON), have emerged as the top losers, experiencing massive falls of 8% and 7.5% respectively over the past 24 hours.

Why are ENA and TON falling?

These tokens garnered considerable attention back in March 2024, propelled by praise from industry figures such as BitMEX’s ex-CEO and co-founder, Arthur Hayes, along with a favorable announcement from Telegram. 

However, the recent downturn can be attributed to a combination of factors, including the release of CPI data and escalating geopolitical tensions between Iran and Israel. Additionally, market analysts suggest that the recent decline may also represent a necessary price correction following a period of significant upward movement.

As of the latest data, Ethena (ENA) is currently trading near $0.97, marking a steep decline of over 8% within the past 24 hours. However, when considering its performance over a longer timeframe, ENA has demonstrated relative stability, with a modest 2% increase in the past week and an impressive 42% surge over the past month.

Meanwhile, Toncoin (TON) is trading around $5.64, having experienced a notable 7.5% decrease in value over the last 24 hours. Despite this recent setback, TON maintains an overall positive trajectory, with an 8% decrease over the past week offset by a substantial 16% gain over the past month.

ENA and TON technical analysis and key levels

According to expert technical analysis, Ethena (ENA) is looking bearish for a short period, and there might be a possibility that it may fall nearly 7% to the $0.91 level. However, if the ENA price falls below the $0.91 level, then there might be a possibility we may see a further fall of over 16%. Although, earlier Hayes predicted that ENA may hit $10, so investors as well as traders are looking bullish on ENA.

On the other hand, Toncoin (TON) is currently taking support from a demand zone, which is the $5.49 level. However, after taking support from the demand zone, TON is experiencing upside momentum, and during this fall in the price of TON, it also took the support of 200 EMA, which currently indicates bullishness in the TON token. This recent fall of over 7.5% is for the short term, and it may experience upside momentum soon.

Akash Network (AKT) turns out to be the biggest gainer of the day among the tally of the top 100 crypto assets. AKT price rose by around 50% over the last 24 hours in a bid to hit the crucial $7 mark. This explosive surge comes in when the largest of cryptos are struggling to keep up and deal with the hovering selling pressure.

Akash Network, the top gainer

Data shows that the recent 50% spike has added to the positive momentum already building among the Akash Network’s community. AKT price had jumped by more than 60% in the last 7 days, while, it is up by 134% on the year to date (YTD) basis.

However, this surge is recorded as the AKT token bagged a much anticipated listing on the South Korean exchange Upbit. The mega listing helped the crypto to breach the $5 mark easily as it was hovering around the $4 level for a quite long time.

Akash Network is trading at an average price of $6.05, at the press time. Its 24 hour trading volume skyrocketed by more than 3220% to stand at $144 million. It is holding a market cap of $1.31 billion. It will be crucial to see if AKT can sustain the same amount of surge ahead.

It is supercloud spearheading a paradigm shift in cloud computing. It aims to disrupt conventional cloud services, and pioneering a revolution in access to essential cloud resources.Earlier, Akash Network announced that Coinbase added support for the AKT token. It added that the Transfers for this asset are available on Coinbase exchange in the regions where trading is supported. Its trading on the US’s biggest crypto exchange began on 19 March 2024 when the liquidity conditions were met.

What’s up with crypto?

Most of the biggest cryptos looked confused on Tuesday after the Exchange-Traded Fund (ETF) and Bitcoin halving rush.  The cumulative crypto market grew marginally over the last 24 hours. The total market cap stands at $2.43 trillion. The 24 hour trading volume stood around $66.45 billion.

Bitcoin price jumped marginally, while, Ethereum saw a negligible dip. Bitcoin is still looking for hints in the way of where to go. However, investors are still bullish on BTC and expect that the crypto will soon hit a new all time high (ATH).

BTC is trading at an average price of $66,107, at the press time, while, Ethereum stood at $3,178.

In recent days, the cryptocurrency industry has been heavily impacted by the release of the United States Consumer Price Index (CPI) data and geopolitical tensions between Iran and Israel. Amidst this turmoil, Ripple (XRP), the world’s 7th biggest cryptocurrency, experienced significant price fluctuations and made a price dip of $0.41.

Whales bought 31 million XRP, amid price dip

Following this sharp decline, crypto whales seized the opportunity, buying over 31 million XRP in just the past week, according to data from on-chain analytics firm Santiment. However, this data was also shared by a prominent trader and analyst on X (previously Twitter).

In addition to the massive accumulation of XRP tokens by crypto giants, on-chain transaction tracker firm Whale Alert posted on X that, in the last 24 hours, a massive 71 million XRP tokens worth $38.3 million were transferred from Binance to an unknown wallet, indicating further accumulation. Meanwhile, over $14 million of XRP was also transferred from an unknown wallet to Bitstamp, suggesting that some whales are also dumping it. In this price fluctuation, some took this as an opportunity while others in fear sold or exited from XRP.

After experiencing massive transactions and accumulation in the last 24 hours, XRP is currently trading near $0.54, reflecting a decent 2.5% upside momentum. Over a longer period, XRP’s performance has been noteworthy. In the past 7 days, its price has surged by nearly 12%, primarily attributed to the accumulation of 31 million XRP. However, in the last 30 days, the price of XRP has dropped by 12%.

XRP technical analysis and key levels

According to expert technical analysis, XRP on the daily timeframe is experiencing strong resistance from the 200 EMA (Exponential Moving Average) and the inclined trendline. However, on the longer timeframe, XRP remains bullish, having found support from the 200 EMA on a weekly basis. This robust support from the 200 EMA on a weekly timeframe underscores strong interest from investors as well as asset managers.

To experience massive price surges, XRP needs to achieve a daily candle closing above the $0.60 level. If this occurs, according to technical analysis, there is a high probability that XRP may reach the $0.75 level.

The long running legal tussle between the US Securities and Exchange Commission (SEC) and Ripple sees another intense round of court fillings. In the latest filings, Ripple called for a civil penalty of no more than $10 million. This is a sharp contrast to the commission’s proposal. The defendants earlier opposed the SEC’s recommendation to impose a nearly $2 billion fine on the company.

Ripple makes a new proposal

Ripple in court stated that “The Court should deny the SEC’s requests for an injunction, for disgorgement, and pre-judgment interest, and should impose a civil penalty of no more than $10 million.” However, the SEC’s proposal looks for $876 million in disgorgement, $198 million in prejudgment interest, and an additional $876 million in civil penalty. All of these fines totals out to be $1.95 billion.

Stuart Alderoty, Chief Legal Officer of Ripple, informed that their opposition to the SEC’s request for $2 billion in penalties for legacy institutional sales is now public. He highlighted in a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the commission’s ask is just more evidence of its ongoing intimidation against all of the crypto in the US.

He added that the team remains confident that the Judge might approach this final remedies phase fairly.

Brad Garlinghouse, CEO at Ripple, in a post stated that it feels apropos that we file our response on the same day that 2 SEC lawyers “resign” for their (mis)conduct in the Debt Box case. He added that the US will be picking up the pieces of the commission’s disastrous policies long after SEC chair Gensler is gone.

What happened in XRP Case?

As we take a deep look at the court filings, it turns out that Ripple had argued that no gains from its institutional XRP sales to disgorge. It detailed redacted figures on its revenue, taxes paid, and losses.

This legal battle that emerged from the  SEC stems from accusations that Ripple raised $1.3 billion by selling XRP. The commission considers it as an unregistered security.

Last year, Judge Analisa Torres ruled that certain sales of XRP by the defendants did not violate securities laws. It was due to a blind bid process but found direct sales to institutional investors as securities.

XRP price trajectory had suffered a lot due to these legal challenges. However, XRP jumped by more than 2% in the last 24 hours. It is trading at an average price of $0.54, at the press time.

In this difficult market situation, a smart trader made a profit of over $2 million by trading only meme coins. Recently, on April 23, 2024, an on-chain analytics firm, Lookonchain, made a post on X (previously Twitter) stating that a trader recently spent 300 Solana (SOL) worth $45.6K and bought Maneki (MANEKI), later selling it for 2,462 SOL, which is worth around $381K, capturing everyone’s attention.

How to make a big profit in meme coins?

Following this massive profit on meme coins, Lookonchain conducted deep research about the trader and reviewed all the trades executed in the last 5 months. They found that this trader made over $2 million by trading just meme coins. 

According to Lookonchain, this trader made the biggest profit in Book of Meme (BOME). The trader spent 300 SOL and bought a BOME meme token, later selling it for 6,795 SOL, resulting in a massive profit of over $1.23 million. One clearly visible trend is that this trader buys all of their traded meme coins before they get listed on any major exchanges like Binance, Coinbase, and others.

While analyzing the overall trades, in the last 5 months, this savvy trader traded nearly 60 meme coins with a win rate of less than 33%. Despite a lower win rate, this trader traded meme tokens like BOME, SLERF, MANEKI, and others, and made a massive profit. Trading meme coins is risky, but success depends on research and luck. If you are lucky, you might create a 100x profit, but there is also a probability of losing everything. So, make sure to conduct thorough research before investing.

Crypto-meme coin performance 

However, as of writing, the overall crypto-meme industry is struggling to gain momentum. Additionally, traders and investors are showing less interest in meme coins as the 24-hour trading volume has dropped by 12% and currently stands near $5.6 billion.

Despite a struggling market, the world’s 4th biggest meme coin, PEPE, experienced a massive upside momentum of 7%, and in the last 7 days, it saw a significant 35% upside momentum. Whereas, top meme coins DOGE, SHIB, WIF, and BONK continue to struggle.

The global crypto industry picks up speed post mega Bitcoin halving event. The latest reports reveal that the creditors of the infamous Mt. Gox crypto exchange received updates on their claims. This marked a huge step forward in the long and tough process to recover $9 billion worth of Bitcoin. 

Mt.Gox creditors get updates

According to reports, these updates coming out had provided details on the number of digital tokens set to be returned. In some instances, repayment dates have also been disclosed. However, Mt. Gox’s trustee hasn’t made any comment on this.

CEO of Off the Chain Capital, a firm that purchased Mt. Gox claims, Brian Dixon stated “This is the first time we’ve seen an update such as this on repayment status, which is a good sign and a step in the right direction.

Dixon might have conformed a receiving a repayment date but he chose not to disclose it. The report mentioned that Adam Back, Blockstream CEO, has confirmed receiving updates on tokens but is still awaiting specific repayment dates.

This update comes in when Bitcoin just went through the much hyped Bitcoin halving event which cut down the miners’ reward. BTC price haven’t seen much surge since the completion of the event. It is up by around 4% in the last 7 days which shows a bit of uncertainty increased in the crypto market.

WIll this impact BTC price?

Bitcoin is trading at an average price of $66,047, at the press time. It’s 24 hour trading volume is stands at $24.7 billion. BTC is holding a market cap of $1.3 trillion.

However, the biggest crypto went on to breach the $67K price level on Monday, signaling a strength among investors. The fear and greed index had aslo flashing “Greed” turning up for the “Neutral stance” with 65 points.

The global digital assets market cap dropped marginally in the early trading hours of Tuesday. The cumulative crypto market cap stands at $2.43 trillion with a trading volume of $65.85 billion.

Once the leading Bitcoin exchange globally, Mt. Gox faced a massive hack in 2011. It later declared bankruptcy in 2014. Last year, US prosecutors accused two Russian nationals of being involved in the breach that led to the theft of Bitcoin. Currently, the defunct platform holds approx 137,892 Bitcoin, valued at $9.2 billion, as estimated by Arkham Intelligence.

It added that the previous records also indicated holdings of Bitcoin Cash and fiat currencies, with some fiat already returned to creditors.

In the ongoing struggle in the cryptocurrency landscape where top cryptocurrencies like Bitcoin, Ethereum, Solana, and others are continuously facing challenges to gain momentum, an on-chain analytics firm, Spotonchain, recently made a post on X (previously Twitter) stating that FTX and Alameda Research deposited a massive 4,500 Ethereum worth $14.4 million to centralized exchanges like Coinbase and Binance. 

FTX and Alameda sold 4,500 ETH

According to Spotonchain, the average cost of this massive Ethereum deposit is $3,207. However, it has also been observed that since March 1, 2024, FTX and Alameda have deposited a total of 20,350 Ethereum worth $72.5 million into different centralized exchanges. Since then, Ethereum’s price has continuously fallen and struggled to gain momentum.

Besides this massive recent ETH deposit, earlier on April 9, 2024, both of these firms deposited over 4,000 ETH worth $14.75 million to Coinbase at an average price of $3,688, as reported by Todayq News. Despite this massive ETH dumping on CEX, one thing that is also gaining massive attention is the recent accumulation of Ethereum by a crypto wallet linked to Justin Sun. Todayq News on April 23, 2023, published a report that highlighted Justin Sun’s purchase of a massive $405 million worth of ETH, as per the data.

Both FTX and Alameda’s massive deposits and potential purchases by Sun highlight investors’ sentiment being more bullish compared to selling.

Ethereum price performance analysis

Currently, Ethereum is trading near the $3,174 level, and in the last 24 hours, it experienced a decent 1.3% downside momentum. Looking at Ethereum’s performance over a longer period, it gained over 2.5% upside momentum in the last 7 days. However, in the last 30 days, due to several conflicts, it experienced a 6% downward momentum.

According to expert technical analysis, Ethereum on a daily timeframe is retesting its previous breakout of the consolidation zone. If ETH on a daily timeframe closes above $3,230, then in the coming days, we may see a massive upside momentum up to the $3,600 level. Otherwise, it will consolidate in the same place.

The global digital assets market kicked off the week on a positive note after the completion of Bitcoin’s fourth-ever halving. However, the publicly traded crypto mining companies also recorded a boost in their stock prices pre-market. This reflects that bullish sentiments still persist among the investors.

MicroStrategy leads the way

MicroStrategy Inc (NASDAQ: MSTR) recorded a massive price jump of over 9% in early US trading hours. MSTR is trading at an average trading price of $1,285, at the press time. The fresh surge would help the company to wipe out the decline it recorded over the last few weeks.

MicroStrategy share price is down by more than 15% over the past month. It is still down by almost 3% in the last 5 days. This decline comes amid the increasing Israel-Iran tensions and selling pressure on Bitcoin last week. However, executive chairman Michael Saylor sold some Class A shares.

Major mining companies like Marathon Digital and Riot Platforms led the charge in posting gains of around 3% and 5%, respectively, in pre-market trading. This positive momentum can also be seen in stocks of CleanSpark and Iris Energy. They saw a surge of 3% and 4%, respectively.

In addition to mining stocks, broader crypto linked equities also seen positive movement. Coinbase and Robinhood shares witnessed increases of 3% and 3%, respectively.

Coinbase Global Inc (NASDAQ: COIN) price is now up by more than 4%. COIN is trading at an average price of $220.25, at the press time. However, It is also recovering from the drop of over 13% recorded in the span of the last one month.

Will this rally continue?

The global crypto market cap is marginally up to stand at around $2.42 trillion. The biggest crypto, Bitcoin price jumped by 2% in the last 24 hours. BTC is trading at an average price of $66,042, at the press time.

Historical data suggests that the full impact of the halving may take several months to materialize. Meanwhile, JPMorgan analysts have warned of potential near-term downside risks for Bitcoin.

In order to reduce the halving’s effects, large mining operations have been proactive in their preparations. Reports show they’ve invested heavily in advanced mining equipment, expanded electricity capacities, and boosted hash rates. These preparations position them well to weather the reduced rewards and potentially capitalize on market opportunities. Conversely, smaller and less efficient mining operations face heightened risks of being forced offline.

In this ongoing challenging market, where top cryptocurrencies like Bitcoin, Ethereum, Solana, and others are struggling to gain momentum, the popular crypto-meme token Pepe (PEPE) has gained massive attention from investors. Today, on April 22, 2024, PEPE, the world’s 4th biggest meme coin with a market cap of $2.75 billion, experienced a massive over 13% upside in momentum.

PEPE technical analysis and upcoming levels

However, this massive upside momentum in PEPE might give relief to its investors. This surge in price comes following the completion of Bitcoin halving, while other crypto meme coins including Dogecoin, Shiba Inu, and Dogwifhat continue to struggle.

The major reason behind this price surge is the breakout of the consolidation zone. According to expert technical analysis, PEPE on a daily time frame looks bullish, but it might face resistance near $0.000006. If PEPE on a daily time frame gives a candle closing above the resistance level, then in the coming days we may see massive upside momentum. Otherwise, PEPE will continue to struggle at the current level.

Source: TradingView

Additionally, one more thing that is attracting investors is its formation of a bullish flag and pole pattern. However, currently, the bullish confirmation is still pending until PEPE gives a breakout of this flag and pole pattern.

PEPE price-performance analysis

At the time of writing, PEPE is trading near $0.000006, and in the last 24 hours, it experienced a massive over 13% upside momentum. If we look at the performance of PEPE over a longer period, in the last 7 days, it experienced over 20% upside momentum. Whereas, in the last 30 days, due to the release of the United States CPI (Consumer Price Index) data and the geopolitical tension between Iran and Israel, it experienced nearly 10% downside momentum.

Besides the impressive price performance, the data from CoinMarketCap highlights that investors and traders are showing more interest in PEPE as the 24-hour trading volume has increased by 14% and it also reached nearly $1 billion. However, the overall cryptocurrency market is up by 1.5%, and the world’s biggest cryptocurrency Bitcoin experienced a 2% upside momentum, whereas Ethereum and Solana experienced a 1.5% and 3% upside momentum.

In the ongoing struggling cryptocurrency market, digital asset investment products saw a massive outflow for the second consecutive week, totaling $206 million, with trading volumes in ETPs (Exchange-Traded Products) dipping slightly to $18 billion. Besides this massive outflow, Ripple’s (XRP) experienced an inflow of $1.3 million, which is now gaining attention from investors.

Bitcoin trading volume dip

According to the latest report from CoinShares, trading volumes for digital asset ETPs also slightly dipped, hitting $18 billion. These volumes made up 28% of total Bitcoin trading volumes, down from 55% a month ago. Bitcoin, despite being the dominant player, saw outflows of $192 million. Interestingly, short-Bitcoin products had only $0.3 million in outflows, showing limited investor interest in capitalizing on the negative sentiment.

However, the negative sentiment, particularly affecting U.S. ETFs with outflows of $244 million, impacted established ETFs the most. Conversely, newly issued ETFs continued to attract inflows, albeit at a slower pace than before. Ethereum marked its sixth consecutive week of outflows, totaling $34 million. However, multi-asset products saw improved sentiment, with inflows of $9 million last week. Notably, Litecoin and Chainlink also experienced positive inflows of $3.2 million and $1.7 million, respectively.

XRP trading volume stands out from other

Whereas, XRP’s $1.3 million inflows amidst the broader outflow trend hint at specific factors driving demand for the digital asset. One such factor could be the increasing adoption of Ripple’s technology solutions, especially its cross-border payment platform. Alongside the influx of funds, XRP’s price performance highlights its resilience and appeal to investors.

Following all these things, currently, XRP is trading near $0.53, and in the last 24 hours, it experienced a decent 1.3% upside momentum. If we look at the performance of XRP over a longer period, in the last 7 days, it experienced over 4% of upside momentum. Whereas, in the last 30 days, due to multiple reasons like U.S. CPI data and the conflict between Iran and Israel, it experienced over 13% downside momentum. 

At the time of writing, the overall cryptocurrency market is up by 1.5%, and the 24-hour trading volume has also increased by 5%, highlighting the investors’ interest in the market after the halving.

In what could be a big shocker for the digital assets industry, US Senator Elizabeth Warren proposed the Cryptocurrency Reporting and Wealth Tax Act. The mandate aims to regulate the up and emerging crypto market by addressing wealth inequality in the country.

Warren goes after crypto industry again

Senator Warren in a letter sent to US President Joe Biden highlighted the rise of cryptos that has presented both opportunities and challenges for the financial system. She added that the digital assets had offered innovative solutions and investment opportunities but they have also presented regulatory and enforcement challenges.

She stated that it is crucial to establish clear guidelines with reporting requirements. It is needed to be done in order to ensure transparency and accountability in the use of cryptos.

As per the letter, Individuals, trusts, and entities holding crypto assets valued over $1,000 would be mandated to report such holdings. This report will come under the Internal Revenue Service (IRS) annually. The act aims to improve transparency and enable effective tax compliance monitoring by the authority.

One of the major points Warren pitched in the letter is Wealth Tax linked to crypto. As reported, a 1% wealth tax would be imposed on crypto holdings exceeding $500,000 for individuals, trusts, and entities. This is being done to combat growing wealth inequality. 

Dual risk for market?

It is important to note that Warren addressed the dual nature of cryptos. She mentioned the need for clear guidelines to make sure that accountability and transparency are being looked after in the industry. According to Warren, the proposed legislation strikes a balance between promoting crypto innovation and maintaining a fair tax system in the digital age.

This cannot be a Coincidence that Bitcoin recently went through its 4th having event and the Senator comes in with a bill like this. BTC price did not reacted the way the crypto industry was expecting to be, while, the authority’s new move is adding more selling pressure to the sentiments.

Bitcoin saw a surge of around 2% in the last 24 hours. BTC is trading at an average price of $66,100 at the press time. Its 24 hour trading volume is up by 14% to stand at $25 billion.

BTC miners recorded a historic daily earnings milestone on Bitcoin halving day, April 20, 2024. Miners earned a total of $107.7 million, marking the first instance of BTC mining revenue surpassing the $100 million mark in a single day.

Amid the ongoing struggles in the cryptocurrency landscape, the world’s second-biggest meme coin, Shiba Inu (SHIB), is hinting at bullishness. However, this bullish trend comes after SHIB raised a massive $12 million to develop its new privacy-focused Layer 3 blockchain and the recent breakout of a bullish flag and pole pattern.

SHIB raised $12 million for its Layer 3 blockchain

According to a recent report on April 22, 2024, Shiba Inu has raised nearly $12 million via TREAT tokens to develop its new privacy-focused Layer 3 blockchain. However, this massive fundraising comes after the selling of its unreleased TREAT tokens to VC (Venture Capital) investors.

Among these investors are Polygon Venture, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures, as per Shiba Inu’s report. This indicates that investors are much more interested in Shiba Inu’s upcoming Layer 3 blockchain. Furthermore, this massive $12 million fund was raised by these VC investors. Another indicator of SHIB’s bullishness is the breakout of the bullish flag and pole price action pattern.

SHIB technical analysis and key levels

According to expert technical analysis, SHIB on the daily timeframe has experienced a breakout, and it looks like in the coming days it may gain massive upside momentum. However, this pattern formed after a significant upside momentum and consolidation after March 2024. With this breakout of the bullish pattern, there is a high chance that SHIB may reach its all-time high.

Besides these factors, currently, SHIB is trading near $0.00002, and in the last 24 hours, it experienced a decent over 1% upside momentum. Looking at SHIB’s performance over a longer period, in the last 7 days, SHIB experienced a massive 15% upside momentum, whereas in the last 30 days, it experienced nearly a 3% downside momentum.

However, besides SHIB’s performance today after fundraising and breakout, other meme coins like PEPE and FLOKI also experienced upside momentum of over 8% and 3%, respectively. On the other hand, top meme coins like Dogecoin (DOGE), Dogwifhat (WIF), and Bonk (BONK) experienced downside momentum.