Dogecoin (DOGE), the meme-inspired cryptocurrency, has experienced a significant uptick in trading volume over the last 24 hours, according to data from CoinGlass. This surge in trading activity comes as the DOGE community and investors anticipate a potential recovery in its price. CoinGlass reports that DOGE's trading volume has increased by 11.96%, reaching a total of $3.44 billion.

A detailed breakdown of the trading volume reveals that Binance leads the way with $1.47 billion, followed by OKX with $909.56 million and Bybit with $520.33 million, among other exchanges. The substantial increase in trading volume indicates renewed interest and activity around Dogecoin, suggesting that traders are closely monitoring its price movements.

Price shows signs of recovery

Despite the surge in trading volume, Dogecoin's price continues to find itself in a bearish state. Currently trading at $0.1485, DOGE has experienced a decline of 4.63% over the last 24 hours. However, there are signs of a potential recovery, as the price has increased by 1.98% in the last hour alone. It remains uncertain whether Dogecoin can sustain this minor surge and initiate a more substantial recovery.

The broader cryptocurrency market, led by Bitcoin, is also struggling to rebound from a recent dip into bearish territory. Despite this, Dogecoin's strong and vibrant community could play a pivotal role in its potential recovery. The surge in trading volume indicates that the DOGE community remains active and engaged, which could support the cryptocurrency's price stability and potential upward movement.

While it is still early to determine whether the meme coin can break free from its current bearish trend, the increased trading volume and signs of price recovery offer a glimmer of hope for DOGE investors and enthusiasts. As the broader cryptocurrency market continues to navigate through uncertain waters, all eyes will be on Dogecoin to see if it can sustain its momentum and pave the way for a more substantial recovery.

Angel investor and Bitcoiner Anthony Pompliano has talked to CNBC about BTC, explaining why it surpasses all other savings assets. He also revealed why the dream that Bitcoiners had several years ago is once again true, and it reveals how gold’s market value has been impacted over the past five years.

Meanwhile, the world’s leading cryptocurrency has managed to recover a little after the fall witnessed on Wednesday.

Gold narrative as protector of purchasing power debunked by Bitcoin

Anthony Pompliano (often calling himself just Pomp) stated during his interview with CNBC’s Squawk Box show that despite the massive pullback seen over the weekend, BTC has been doing very well.

It was investors’ dream to see Bitcoin crashing to $64,000 a few years ago, he said, adding that BTC has been up approximately 40% now year-to-date. Since the last halving, which took place four years ago, Pomp mentioned, the leading cryptocurrency is up 800% (rising from $8,000 to $64,000). He has referred to it as a strong and remarkable performance.

“Bitcoin crashing to $64,000” was a dream a few years ago.The asset is up 800% since the last halving.While over the last 5 years, anyone holding gold has LOST purchasing power.Bitcoin is the superior savings technology.Here is my segment on @SquawkCNBC this morning. pic.twitter.com/DO6tXdrVZ0

— Pomp 🌪 (@APompliano) April 17, 2024

At the same time, he took a jab at gold, which is also believed to be a store of value, and it has been for hundreds of years. According to Pompliano, over the past five years, this precious metal has increased by roughly 11% and is up only 7% year-to-date in 2024. “You have lost purchasing power if you have held gold over the past five years. Inflation has outpaced gold’s performance,” Pomp said.

Basically, he has claimed that the whole narrative of gold protecting purchasing power is debunked now. Unlike gold, Bitcoin has proved this status for itself within the last five years, according to the expert.

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Reasons why Bitcoin is going up - Pompliano

As for the reasons why the largest cryptocurrency has been rising this year, Anthony Pompliano named several major ones. The first one is spot Bitcoin ETFs buying all BTC within their reach. The second is that investors have been buying BTC expecting the halving to arrive and a price surge to follow.

The third reason Pompliano mentioned is that the U.S. government has a big problem with the national debt, and the U.S. dollar is being debased.

As for the weekend, when Bitcoin suddenly crashed, the investor explained it as selling done out of fear because of tensions in the Middle East.

Renowned crypto trader and analyst Ali Martinez has outlined a crucial price level for Bitcoin (BTC) that will see it hit over $15 billion in liquidations. The analyst’s projections come on the heels of the recent market downturn, which resulted in Bitcoin dropping below its cycle high of $62,222.

Analyst highlights $50,500 as crucial level for BTC

The analyst illustrated on a chart that more than $15 billion in liquidations will occur on the Binance market alone if Bitcoin drops to $50,500. This price is critical for Bitcoin because its lowest price since its all-time high was $59,773. 

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It is worth noting that the implications of Bitcoin seeing liquidations of over $15 billion in Binance alone would ignite huge implications not just for the cryptocurrency but also for the entire crypto market. This could exert pressure on the market, leading to a further decline in prices.

#Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone! pic.twitter.com/9wQTVwprgx

— Ali (@ali_charts) April 17, 2024

Liquidations occur when a trader's position is forcibly closed due to insufficient funds to cover losses. This happens when the market moves against the trader's position, resulting in the depletion of their initial margin. 

CoinGlass data shows Bitcoin has seen liquidations of $95.97 million in the past 24 hours. Of these figures, long positions accounted for $62.7 million, while short positions accounted for $33.24 million. Per liquidations from exchanges, Binance recorded the highest order at $103.9 million, followed by OKX with $92.68 million within the last 24 hours.

Bitcoin still bleeding 

At the time of writing, Bitcoin is trading at $61,712, down by 1.99% in the last 24 hours, with its market capitalization pegged at $1.2 billion. 

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According to a U.Today report, this is the first time in over a month that the price of Bitcoin has fallen below $60,000. Bitcoin fell to $59,313 on March 5, recovered the next day, and eventually reached its all-time high of $73,679 on the Bitstamp platform on March 13.

Hovering around the 100-day Exponential Moving Average (EMA), Shiba Inu is balancing at a critical level where, in case of a breakdown, the token will face enormous selling pressure. Over the last few days, and even weeks, SHIB has been stuck in a pattern of consolidation right at this pivotal point. The behavior of investors right now is crucial.

The 100 EMA has become a kind of home base for SHIB recently. A breakdown from here, a slip below this level, could lead to substantial losses. 

SHIB/USDT Chart by TradingView

Looking at the chart, it is clear that SHIB is treading on thin ice. If the coin drops below the 100 EMA, the next clear line of support is down at the 200 EMA, which stands even lower, suggesting a potential freefall in price could be in the offing. Luckily, a bounce from the 100 EMA will put Shiba Inu back in an ascending market.

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For growth to occur, SHIB needs to push past a cluster of resistance above, with an eye on the price level around $0.000022, which could be the first checkpoint in a possible upward journey. However, the situation remains problematic, and the appetite for risk among SHIB holders could be tested in the days to come.

Will Shiba Inu stand strong against the tide, or will it crumble under pressure? With the market in such a problematic stage, every move counts, and SHIB’s next step could set the tone for its trajectory in the weeks and months ahead.

Bitcoin's (BTC) price dropped unexpectedly below the $60,000 mark, leaving investors and analysts scrambling to decipher what might have triggered the move.

Bitcoin, the first and largest cryptocurrency, temporarily fell below $60,000 for the first time in more than a month as volatility rose ahead of the halving event scheduled for April 20.  

The largest cryptocurrency plummeted to a low of $59,648 on Wednesday before paring its losses. Bitcoin is already down nearly 15% from its record high of $73,750 on March 14.

Recent market data suggests that a significant factor contributing to the BTC price decline may be a wave of liquidations of long positions triggered by excessive leverage. As prices fell, leveraged positions were forced to liquidate, resulting in a cascade of sell orders that increased the downward pressure on Bitcoin's price.

Bloomberg speculates that Bitcoin's recent slump may have been accelerated by a wave of liquidations in long bets on digital assets. Last Friday, almost $780 million in bullish cryptocurrency wagers were liquidated within 24 hours.

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According to CoinGlass data, with the current BTC decrease, $251 million in positions were liquidated across the board, with long bullish bets accounting for $173 million of this total.

With a large number of long positions being liquidated, selling pressure grew, resulting in a further price decline. This, in turn, sparked additional liquidations, resulting in a spiral that dropped Bitcoin's value below the $60,000 level.

At the time of writing, BTC had slightly recovered, trading 0.85% higher in the last 24 hours to around $62,700 as buyers rushed to buy the dip. As reported by crypto analyst Ali, over 27,700 BTC, worth around $1.72 billion, have moved into accumulation addresses (these have never spent funds) as the Bitcoin price fell.  

With the leverage on the crypto market flushed out with the latest sell-off, the long-term outlook for Bitcoin remains largely bullish, according to certain market participants.

As the much-anticipated Bitcoin (BTC) halving approaches, analysts are sounding the alarm on potential price drops. CryptoQuant, a leading cryptocurrency analytics platform, has warned that Bitcoin's price could plummet to $52,000 if certain key levels are breached.

CryptoQuant highlighted growing uncertainty on the Bitcoin derivatives market. The platform pointed out that derivative traders are showing far more caution than in previous halving cycles. This caution is particularly notable as the market sees an influx of new institutional players.

The caution among derivatives traders is reflected in the declining open interest and funding rates, as illustrated in the BTC chart. Open interest refers to the total number of outstanding derivatives contracts, while funding rates indicate the cost of holding long positions relative to short positions.

Key price levels to watch

According to CryptoQuant, if Bitcoin's price breaks below the $60,000 mark, which it is currently hovering just above at $61,723, the cryptocurrency could see a decline to $52,000. This potential drop represents a significant correction from current levels and could signal a short-term bearish trend.

However, the analysis also noted the strong presence of institutional Bitcoin Spot ETFs on the market. These institutional players could potentially accumulate excess supply from liquidations near the $60,000 support level, providing some support to the price and preventing a more severe decline.

Institutional involvement and market dynamics

The increasing involvement of institutional investors in the cryptocurrency market has been a significant trend in recent months. Institutional Bitcoin Spot ETFs, in particular, have gained significant dominance and influence over the market.

These institutional players often have a longer-term investment horizon and may be more inclined to accumulate Bitcoin during price dips, viewing them as buying opportunities rather than reasons to panic. Their presence could, therefore, play a crucial role in stabilizing the market and supporting the price around the $60,000 level.

As Bitcoin's halving event looms closer, the crypto market is bracing for potential volatility. While CryptoQuant's warning of a potential drop to $52,000 is cause for concern, the strong presence of institutional investors could provide some support to the price.

The Shiba Inu (SHIB) community has been put on high alert. Shiba Inu team member Lucie has issued a crucial warning in this regard: deceitful individuals are lurking within the crypto space, aiming to manipulate individuals for personal gain.

This cautionary message comes amid growing concerns about the presence of bad actors within the cryptocurrency space and underscores the need for vigilance and caution among SHIB holders.

In a tweet, Lucie wrote to the Shiba Inu community: "Stand tall against the wolves in sheep’s clothing. In the crypto realm, just like in life, deceitful individuals lurk, aiming to manipulate for personal gain. But fear not, for every scammer only adds fuel to our fire, igniting our determination to build a more transparent and trustworthy ecosystem."

Stand tall against the wolves in sheep’s clothing. 🐺 In the crypto realm, just like in life, deceitful individuals lurk, aiming to manipulate for personal gain. But fear not, for every scammer only adds fuel to our fire, igniting our determination to build a more transparent…

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) April 17, 2024

The warning comes amid a flurry of activity in the SHIB community, as the team continues to innovate and push the limits of what is seemingly possible. However, with innovation comes the increasing risk of fraud and fraudulent schemes intended to exploit unsuspecting investors.

These bad actors deploy fake tokens and other deceptive strategies, passing them off as legitimate opportunities in the SHIB ecosystem. They capitalize on the community's trust, frequently offering unrealistic profits or exclusive access to new features or tokens.

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Shibarmy scam alert, an X handle dedicated to exposing scams and protecting the Shiba Inu community, issues a similar warning about impersonators/scammers who frequently create accounts to provide misleading information to create doubt, misdirect users to fake websites or even obtain personal information that would be used maliciously.

"Shibarmy scam alerts" urge SHIB holders to always ensure they are connected to official persons and to keep in mind that no SHIB team member would ever approach users via private messages to request synchronization of their wallets or personal information.

SBI VC trade spotlights SHIB lending

In a new tweet, SBI VC Trade, the crypto division of SBI Japan, has spotlighted the Shiba Inu lending service on its platform, which allows customers to lend their crypto assets and receive rewards.

"Recruitment starts today from 20:00 (8:00 p.m.). BTC/BCH/SHIB," an SBI VC tweet translated from Japanese reads.

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SBI VC Trade's lending coins include Bitcoin (BTC), Shiba Inu and 18 others, with plans to expand the number of crypto assets in the future.

As the crypto markets take a nosedive, Binance has taken a step to secure its users’ assets. Binance transferred a significant amount of Bitcoin — 16,276 BTC, worth approximately $1,010,975,540 — from one unknown wallet to another. Reportedly, this wallet is associated with Binance's Secure Asset Fund for Users (SAFU), an emergency insurance fund set up to protect the platform's user funds.

The SAFU originated in July 2018, when Binance began dedicating a slice of trading fees to build a financial bulwark against potential crises. As of the end of January 2022, SAFU was valued at a staggering U.S. $1 billion. The value of such a fund can be volatile, and Binance has announced the conversion of these assets to USDC — a stablecoin pegged to the U.S. dollar — to likely mitigate risk. 

Binance/USDT Chart by TradingView

The concept of SAFU became popular when Changpeng Zhao (CZ), Binance’s former CEO, reassured users during a period of unscheduled maintenance with a tweet that simply read, "Funds are safe." The phrase became a comforting mantra in the crypto community, eventually turning into the viral meme "Funds are SAFU."

Binance's coin

Turning to Binance Coin's (BNB) chart, we see a market battling uncertainty. With the recent downturn, BNB has faced resistance at $560. In case of a market sentiment shift and recovery, overcoming this level would be key for Binance Coin to regain its momentum.  

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In terms of growth scenarios, if Binance Coin manages to stabilize post-crash, we might see it challenging the resistance levels again. For now, however, the market appears to be on the defensive side, and Binance's decision to safeguard assets in USDC could be tied to a negative market forecast. 

Prominent financial and cryptocurrency analyst, who posts under the pseudonym Plan B, has made a bullish BTC prediction for this and next year in accordance with his Stock-to-Flow (S2F) for Bitcoin model, which predicts its price in the future.

The prediction made by Plan B was related to the approaching Bitcoin halving event.

Bitcoin to top $300K in 2025: Plan B

Renowned financial analyst Plan B shared his take on the much-anticipated Bitcoin halvening and on how it is likely to impact the price of the largest cryptocurrency.

He believes that this time the fundamental Bitcoin mining-related event will not be different from previous ones. According to the tweet published by the analyst, the halving will again be central driver for the Bitcoin price increase that is expected to follow.

Plan B expects the world’s pioneer cryptocurrency to surpass the $100,000 level this year and go well beyond the $300,000 price mark in 2025. Besides, according to the tweet, Plan B expects Bitcoin purchasing to be done right before the halving and the selling performed “18 minutes” after it outperforms the average “buy and hold” strategy.

IMO this bitcoin halving will NOT be different:- All bitcoin price increase will again be around the halving- Buying 6m before the halving and selling 18m after the halving (green line) will outperform buy&hold- BTC > $100k in 2024- BTC top > $300k in 2025 pic.twitter.com/lCZjnuoYMO

— PlanB (@100trillionUSD) April 17, 2024

When asked in the comments whether his Bitcoin stock-to-flow model continues to play out as expected, the analyst shared that “S2F playing out like clockwork.”

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Bitcoin to surpass gold: Plan B and Adam Back

Adam Back, cypherpunk, founder of Blockstream and creator of the Bitcoin Lightning Network, commented on Plan B’s post. Back said that he expects Bitcoin to outperform gold in the coming market cycle.

Analyst Plan B agreed with him on that, adding that BTC will win against gold since Bitcoin is going to have “2x scarcity/S2F.” He also reminded Back that his $300,000 prediction for Bitcoin for 2025 is merely “the low end of the $250k-$1m range.”

Agree, bitcoin must take out gold because it will have 2x scarcity/S2F. My "BTC top > $300k" is the low end of the $250k-$1m range. Last cycle I took the high end and BTC decided to go low end, let's see how this will work out.

— PlanB (@100trillionUSD) April 17, 2024

$2 billion in Bitcoin moved right before halving

Whale Alert has spotted two enormous Bitcoin transactions, carrying 16,276 BTC each, and each worth roughly $1,006,601,602. The first transfer was sent to the Binance exchange, the second one moved from one anonymous wallet to another.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 16,276 #BTC (1,006,601,602 USD) transferred from unknown wallet to #Binancehttps://t.co/84qs00PLrp

— Whale Alert (@whale_alert) April 18, 2024

However, these transactions seem to have originated on Binance – the major exchange has announced an initiative transferring all of its customers’ SAFU crypto into USDC stablecoins to boost the funds’ security in this way.

In a sudden move just prior to the anticipated Bitcoin halving event, a substantial sum of $1 billion in Bitcoin has been transferred in a notable transaction to Binance, the world's largest cryptocurrency exchange.

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The transaction, totaling 16,276 BTC, was revealed by Whale Alert, a platform specializing in tracking significant cryptocurrency movements. Despite originating from wallets initially classified as unknown, further investigation by Arkham data suggests a connection to Binance, with one wallet identified as belonging to the exchange's SAFU Foundation. 

Established in 2018, the SAFU Foundation serves as an emergency fund designed to protect users' assets.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 16,276 #BTC (1,006,601,602 USD) transferred from unknown wallet to #Binancehttps://t.co/84qs00PLrp

— Whale Alert (@whale_alert) April 18, 2024

Interestingly, Binance opted to convert the entirety of the received Bitcoin into USDC, a stablecoin pegged to the U.S. dollar. This decision, per the announcement, aims to enhance the stability and transparency of the SAFU fund, ensuring its value remains at $1 billion. 

The conversion to USDC was carried out on the eve of the anticipated Bitcoin halving, an event characterized by a reduction in mining rewards that historically triggers market volatility.

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This move by Binance aims to highlight the exchange's commitment to risk management and user asset protection. By converting the Bitcoin holdings into stablecoins, the yellow-and-black crypto behemoth seeks to mitigate potential market fluctuations associated with the halving event, thereby safeguarding the value of the SAFU fund.

With the main event on the horizon, the timing of this transaction has drawn the attention of the cryptocurrency community, prompting speculation regarding its implications for market dynamics in the lead-up to the halving.

Cardano Founder Charles Hoskinson has busted the schemes of a fraudster who tried to impersonate Solana Founder Anatoly Yakovenko. Taking to his official X account, Charles Hoskinson shared a recorded chat trail detailing how he interacted with "Anatoly," who asked him to visit a website to claim some tokens.

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The conversation started when the fake Anatoly poked Hoskinson, asking if he had claimed the 20% reward on his TrueUSD balance in his wallet. Rather than block the scammer directly, the Cardano founder played along, asking him what steps he needed to take to claim the said rewards.

The fake Anatoly then asked him to visit a website that is a scam to click on "Claim Reflections" and to follow the subsequent instructions. Things took a new and interesting turn when Hoskinson began to query the scammer as to why he could not claim the rewards directly from his wallet. The conversation showed how scammers are not as smart as they typically think, as his responses to Hoskinson’s probe showed why the whole offer was a scam.

Sometimes, you just have to have fun with it :) pic.twitter.com/E8OuwJhwRG

— Charles Hoskinson (@IOHK_Charles) April 17, 2024

One intriguing aspect of this fake Anatoly was that the account used for the chat was verified, adding a seeming layer of legitimacy to the impersonated identity.

Crypto scam and awareness campaign

There is growing concern about scams in the crypto ecosystem. The emergence of artificial intelligence (AI) tools has notably complicated the whole fraud game. Deepfake videos impersonating top crypto personalities like Hoskinson himself and Ripple CEO Brad Garlinghouse often proliferate in the broader industry.

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There have been vocal campaigns against crypto scams as entities like Ripple Labs Inc. try to educate their communities on the antics of the scammers. The video shared by Hoskinson is another subtle way to educate his followers, as most interactions with scammers typically take the same format, where the right probing questions can expose the true intent of the fraudsters.

A "bull market" filled the air since the beginning of 2024, with Bitcoin reaching heights of $73.6K. However, things have changed, as we hear more whispers of a "bear market." It is a change that comes after Bitcoin’s value dropped by 16% from its ATH.

Looking at what people are saying, there is less excitement about buying and more talk about the market being in a slump. This might actually be good news, in a strange way. In the past, when most traders thought the market would fall and a new bear market begin, it did the opposite. With the Bitcoin halving event coming up—when the reward for mining new Bitcoins is cut in half—some think we might see prices go up again.

Bitcoin/USD Chart by TradingView

Analyzing various data points, it becomes obvious that Bitcoin is at a pivotal price level. With bearish sentiment on the rise, it is becoming clear that the FUD eclipsing the previous fear of missing out and FOMO could ironically be the precursor to a recovery.

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On the technical side, the price charts point to important spots. Bitcoin has a soft support level at around $58,500, below which it is better not to drop. It did yesterday, but bears could not gain a foothold at around that price level. If it climbs back and stays over this line, it could be a sign of market stabilization. But it has a tough climb to get over the $62,000 hill. Breaking past that could signal a swing back to better days.

So what’s next for Bitcoin? The coming months are in the shade. The halving could give it a boost because there will be fewer new Bitcoins around. But the sentiment on the market is really questionable, and investors are not rushing to provide fresh inflows to the market.

In a notable development within the Ethereum ecosystem, an early participant in the Initial Coin Offering (ICO) has recently executed a substantial sell-off, garnering attention across the cryptocurrency community. According to reports from Spot on Chain, the individual in question has sold 2,000 ETH for six million USDC, a transaction of considerable magnitude.

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This event is particularly noteworthy due to the historical context of the whale's involvement with Ethereum. Records indicate that the whale initially acquired 33,213 ETH during Ethereum's Genesis ICO on July 30, 2015, at an ICO price of approximately $0.31 per token. Over time, they have strategically managed their holdings, with a portion of approximately 5,110 ETH either deposited to the Kraken exchange or liquidated via decentralized exchanges at an average price of approximately $2,545 per ETH.

An #Ethereum #ICO participant returned to sell 2,000 $ETH for 6M $USDC at $2,997 6 hours ago.Notably, the whale received 33,213 $ETH at #Ethereum Genesis on Jul 30, 2015, at an ICO price of ~$0.31. So far, 5,110 $ETH has been deposited to #Kraken or sold via DEX at ~$2,545.… pic.twitter.com/cYpyqlPGWT

— Spot On Chain (@spotonchain) April 18, 2024

Despite this recent sell-off, the whale still maintains a substantial balance of around 29,700 ETH, valued at approximately $89.4 million, distributed across three wallets, primarily within staking platforms.

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The emergence of such ancient holders often prompts scrutiny and speculation within the cryptocurrency market. Historical data suggests that large sell-offs by early investors can influence market dynamics and contribute to increased volatility. 

Interestingly, the sell-off coincides with a period of decline in Ethereum's price, with the price dipping below $3,000 per ETH. Since the beginning of the week, Ethereum has experienced a decline of 9% from its recent peak of nearly $3,300.

According to a recent alert from blockchain security company Peck Shield, the value of a fake Omni Network (OMNI) token has plunged by 100%. 

The deployer has dumped OMNI for 132.08 wrapped ETH (wETH), which is worth roughly $400,000 at current prices.

Peck Shield has noted that the rug pull token actually shares the same name as the legitimate one. 

The fraudsters wanted to capitalize on the launch of the OMNI token that took place on Wednesday. 

Omni Network is a platform that was created for integrating Ethereum rollups so that they would be capable of communicating with each other. 

Last month, it secured a major delegation deal with liquid restaking protocol Ether.Fi, with the latter committing $600 million worth of ETH. 

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In April, Omni Network announced the details of the OMNI airdrop. The ERC-20 cryptocurrency has a total supply of 100 million tokens. Only 3% of that sum was supposed to get distributed via an airdrop. Following its airdrop, eligible users will have the ability to claim their rewards over a period that will last 45 days. 

Half of the airdrop is reserved for Omni community members (1.5 million OMNI tokens). The rest of the airdrop will go to EigenLayer restakers, Beacon Chain stakers,  the holders of Milady Maker NFTs and Redacted Remilio Babies NFTs,  Pudgy Penguins NFT holders, Ninjas NFT holders as well as strategic partner protocols. 

On Wednesday, OMNI was listed on such major exchanges as Coinbase and Crypto.com. 

However, following its launch on major exchanges, the price of the OMNI token plunged by more than 46%. 

Binance, the world's leading exchange by trading volume, has announced the conversion of its Secure Asset Fund for Users (SAFU) fund into Circle's USDC stablecoin. 

In an announcement, Binance praised Circle's USDT as an "audited" and "trusted" stablecoin. 

The emergency fund was launched by Binance back in July in order to safeguard the exchange's users. Binance allocated a portion of trading fees to the fund. 

Prior to the conversion, the fund's wallets included Binance's native BNB token, Bitcoin (BTC), Tether's USDT stablecoin, and the TrueUSD (TUSD) stablecoin. The size of the fund was typically set at $1 billion, but its value would routinely fluctuate since it included a basket of different cryptocurrencies. 

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For instance, when the cryptocurrency market experienced extreme volatility in November 2022 amid the FTX crisis, Binance rushed to top it up in order to protect users. 

The conversion into USDC will ensure the stability of the SAFU fund even during market fluctuations since the USDC stablecoin is pegged to the US dollar. Moreover, it is often touted as a safer alternative to Tether's USDT due to its strong emphasis on regulatory compliance. Chris Holland, partner at compliance firm HM, told Bloomberg that the conversion gives "certainty" to the value of the fund. 

According to CoinGecko data, USDC is the sixth-largest cryptocurrency with a market capitalization of $32.4 billion. Binance's BNB token has a market cap of $83.9 billion, which puts it in fourth place. 

In March 2023, Binance also swapped out the holdings in its BUSD stablecoin after the minting of the token was halted by Paxos due to regulatory concerns. 

Shiba Inu has recently flashed a warning indicator: its 21-day EMA has dipped below the 50-day EMA. Usually, that cross is not considered a type of signal that would hint at serious problems for assets. However, it clearly shows that the momentum on the Shiba Inu market is plummeting.

For now, SHIB is moving around $0.000022, seemingly taking a breather and consolidating. What happens next is largely tied to the mood of the crypto market in general. The upcoming "halving" event has yet to show its full effect. If it turns positive and money starts flowing back into cryptocurrencies, meme coins like SHIB could see renewed interest.

SHIB/USDT Chart by TradingView

However, on its own, SHIB does not have a strong case for a bullish run. The market has not given it much love independently, and it will need a boost from the general market to start moving up again.

If SHIB were to start climbing, it would first meet resistance near the $0.0000276 level. On the flip side, if it continues to drop, the next significant support lies around $0.00001635 (200 EMA). These are key levels to watch, as they could determine SHIB's direction in the coming days.

The path forward for SHIB is not clear cut. While some hope the halving effect will kick in and push assets like SHIB upward, Shiba Inu still does not provide any fundamental value to investors and only rises based on the speculative nature of the crypto market.

Ethereum retrace

Ethereum's mixed performance raises a lot of questions, but the most important one right now: is it still in an uptrend? Recent patterns in Ethereum's price movements suggest it might be setting up for a recovery.

On the chart, Ethereum is drawing "higher lows" — each dip in price is not going as low as the last one, which could signal strength and a potential upward trend. Additionally, there is consistent trading volume, hinting at an interest in buying and selling the cryptocurrency.

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The RSI is nearing "oversold" territory. This often means that the asset could be due for a price increase as it suggests it has been sold too much.

Technically, all these signs point toward a possible uptrend for Ethereum. However, technical analysis is not the most reliable analysis method. For a real recovery, there needs to be a fundamental reason behind it — a shift in market conditions or investor sentiment that drives buying activity.

The market is still reeling from the recent "halving" event, which, contrary to expectations, has not injected the anticipated buying power. Some investors' patience is wearing thin as hope for a quick rebound decreases.

Ethereum's immediate resistance lies around $3,500, with the recent drop finding support near $2,700. If Ethereum can push past the resistance, it might reclaim higher prices. But if the market does not find a fundamental reason to buy in, Ethereum could test the $2,708 support level once more.

Depressing state of XRP

XRP has surely seen better days. Since the beginning of the year, while other cryptocurrencies were enjoying a bull run, XRP's value has actually dropped by about 15%, making it one of the weaker players on the market.

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Its current price is moving at major support levels, suggesting it might be undervalued. The big question is whether this is the reset XRP needed to bounce back, or if it will continue to lag behind its peers. Right now, with the price sitting near the $0.45 mark, which has historically acted as a solid floor for the asset, it feels like XRP is at a crossroads.

Of course, there is always a possibility of a reversal. If we take a look at the chart, we can spot potential turning points for XRP. If the currency can collect enough buying support and start to rise, the immediate resistance to beat would be around $0.58. On the downside, if the price breaks below the current support at $0.45, it could plummet further.

XRP's price is cheap, and cheapness often does not correlate with value. It is going to take a solid shift in sentiment or resolution of its legal issues to bring buyers back. Until then, choosing XRP as your go-to asset might end up being problematic for your portfolio.

Former Securities and Exchange Commission (SEC) litigator Linda Steward recently predicted that the Ripple case could go all the way to the Supreme Court in order to determine what makes a crypto asset a security, Fortune reports.   

Steward, who was recently debating some blockchain lawyers at a Columbia Business School event, said that the agency views the sales and offers of tokens as securities, but this does not apply to the underlying asset. 

As reported by U.Today, Garlinghouse previously said that he was ready to take the fight over XRP to the Supreme Court. "We are in it till the end," he stressed. 

Despite scoring a partial victory against the SEC last July, Ripple is still facing massive fines from the SEC. Moreover, the regulatory agency is expected to appeal the 2023 ruling, according to which the secondary sales of the XRP tokens did not constitute security offerings. 

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Last November, Stuart Alderoty, Ripple's top lawyer, noted that the Supreme Court had repeatedly ruled against the SEC over the past few years. 

Will it be Coinbase? 

The Coinbase case is another candidate that could make it to the Supreme Court, according to Steward. 

Steward, who was involved in the SEC's litigation against FTX, Ripple, and Terra, parted ways with the regulatory agency in February to join prominent international law firm White & Case. 

She left the agency when the SEC was in the middle of making its case against dismissing the lawsuit against Coinbase. As reported by U.Today, U.S. District Court Judge Katherine Polk Failla eventually sided with the agency in late March. 

The price of Bitcoin (ETH), the largest cryptocurrency, briefly fell below the do-or-die $60,000 earlier today on the Bitstamp exchange. 

At 16:07 UTC, the top cryptocurrency plunged to an intraday low of $59,672 on the Bitstamp exchange. 

It has since recovered to $61,764, but the largest cryptocurrency is far from reclaiming its intraday high of $64,636.  

This is the first time in more than a month that the price of the crypto king has dipped below $60,000. Bitcoin crashed to $59,313 on March 5 before recovering the following day and eventually hitting its current all-time high of $73,679 on the Bitstamp exchange on March 13. 

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The largest cryptocurrency is suffering from the double-whammy of diminishing exchange-traded fund (ETF) inflows and increasingly hawkish rhetoric from Federal Reserve Chair Jerome Powell. On Tuesday, Bitcoin recorded another $59.3 million worth of outflows. Meanwhile, JPMorgan has predicted that the Fed will have to make a hawkish pivot due to "above-trend" GDP growth. 

DonAlt, a pseudonymous cryptocurrency trader with more than half a million followers on the X social media, recently said that a "washout" below the aforementioned $60,000 level appears to be "much more attractive" as of now. 

The price of Ethereum (ETH), the leading altcoin, has also dropped below the key $3,000 level before paring some losses. Dogecoin (DOGE) is the biggest laggard in the top 10, dropping roughly 2.5%, according to CoinGecko data. 

Almost $214 million worth of crypto has been liquidated over the past 24 hours, according to data provided by CoinGlass.

 

 

 

Check out the top three news stories over the past day presented to you by U.Today.

Ripple CTO shares unexpected Satoshi Nakamoto statement

A recent X post from Ripple CTO David Schwartz has sparked heated discussions on the topic of the real identity of pseudonymous Bitcoin creator Satoshi Nakamoto. It all started with a claim from a prominent Bitcoin community member known as "Ryuushi," according to whom Craig Wright remains "the most likely person to be Satoshi," despite recent legal setbacks. The claim immediately caught Schwartz's attention; the CTO replied that Wright had a perfect opportunity to prove his identity as Nakamoto during the trial, but he failed to do so. "I'm more likely to be Satoshi than Craig is," concluded Schwartz in his X post. Such a reaction has once again ignited rumors of Schwartz's potential connection to Nakamoto. Some theorists consider the Ripple CTO to be a plausible candidate for Nakamoto's identity, given his extensive background in cryptography.

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Major British banks testing tokenized deposits

As tokenization is gaining traction in the United Kingdom, UK Finance, the British trade association, is expanding its pilot project aimed at testing tokenized deposits. According to a recent report by Bloomberg, among the banking giants that participated in the pilot are Barclays, Lloyds Banking Group Plc and Citigroup Inc., with Mastercard and Visa, the world’s biggest credit card networks, also being involved. The trial is anticipated to last up to three years, before the commercial implementation of the technology. The first results of the experiment will be revealed in August of this year. Meanwhile, per recent reports, the future of the digital pound, or “Britcoin,” is surrounded with uncertainty. Although the Bank of England first started exploring it back in 2021, the project has not seen much progress. 

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Bitcoin halving to create massive BTC supply shock: Samson Mow

Jan3 CEO and renowned Bitcoin enthusiast Samson Mow has recently taken to X platform to share his take on when he expects the “Omega time” for the Bitcoin price to arrive and to make some remarks on the upcoming Bitcoin halving event. In his X thread, Mow wrote that fear of certain negative developments in the Middle East led to Bitcoin's price plunge over the weekend, with TradeFi markets having their share of panic. However, Mow believes, this is all an overreaction and “will wash over soon.” After that, the "Omega time" for Bitcoin will follow. Then, the Jan3 CEO touched upon the BTC halving, referring to it as “the spark of a massive supply shock.” Mow underscored that the Bitcoin demand shock is happening right now, as spot Bitcoin ETFs have been absorbing immense amounts of BTC since mid-January, when the SEC approved ETF trading.

Bitcoin Core v27.0 upgrade brings notable changes to the functionality of the largest blockchain and removes some irrelevant software elements from its codebase.

Last Bitcoin Core update before halving is out: What changed?

Bitcoin Core v27, the newest version of Bitcoin's node client software, is published in the orange coin's GitHub repository. The new version is the last one to come out before the fourth halving reduces BTC emissions to 3,125 Bitcoins per block.

Bitcoin Core 27.0 released 🎉https://t.co/Wkj7SCVXQ9

— Murch (@murchandamus) April 16, 2024

With the new release, a decade-old Bitcoin library libbitcoinconsensus has been deprecated. Also, new software formats are introduced to advance the interaction between Bitcoin Core and third-party programs.

In terms of the networking between the blockchain element, BIP324 v2 transport becomes the default one. The previous iteration (v1) will be used only in case of v2 failure.

Then, developers enhanced the opportunities of the Bitcoin (BTC) mempool and decided to drop support for external signing on Windows for security reasons.

The release was authored by 63 Bitcoin Core members, including Hennadii Stepanov, Jameson Lopp, Luke Dashjr, Peter Todd and Pieter Wuille.

Bitcoin (BTC) price plunges to lowest level since February

Also, in a couple of minor changes, Bitcoin Core received better synchronization and performance characteristics.

Meanwhile, the Bitcoin (BTC) price is targeting $60,000 as a new level for its dropdown. After losing 11% in seven days, it touched seven-week lows.

Setting an intraday low at $60,120, the Bitcoin (BTC) price plunge caused over $70 million in liquidations, with $24 million being erased in the last hour.