Coinbase vs US Securities and Exchange Commission (SEC) is witnessing a huge turn of events as John Deaton is reportedly jumping into the intense legal battle. It is expected that this court filing is going to put on a huge weight and grab more attention from the crypto community.

XRP lawyer set to make come back

Eleanor Terrett, FoxBusiness journalist, reported that the candidate for the Massachusetts Senate is preparing to file an amicus brief in support of Coinbase’s motion for an interlocutory appeal. She mentioned that in the brief, Deaton has highlighted the critical need for legal clarity regarding digital assets. The attorney has cited the SEC’s inconsistent approach to regulation and its negative impact on the industry.

She mentioned that in order to prove a point, the Senate candidate cites legal cases like Ripple, LBRY.com, and Telegram. However, the attorney has also used the prior statements from the SEC and letters from regulators and lawmakers showing concerns over the regulator’s actions. 

The attorney had criticized the SEC’s lack of consistency. This includes its shifting position on whether crypto tokens are securities and its “ecosystem is the security” argument.

Deaton argues against the notion that Bitcoin is not a security. This is because it lacks an ecosystem, calling it “plain dumb.” This statement comes in when Coinbase is challenging the SEC’s stance on digital assets in court.

It is important to note that Deaton played a crucial role in the long running legal battle between Ripple and SEC. He represents the XRP holders’ stance in the legal battle as an amicus curiae.

Can the SEC win this?

As reported, the US’s biggest crypto exchange filed for an interlocutory appeal. It is looking to address a specific legal disagreement with the commission. This is completely linked to digital asset transactions. The appeal aims to clarify whether the SEC can treat such transactions as investment contracts when they are not linked to any legal obligation from the asset’s original issuer.

The use of the Howey test used by the commission to check if digital asset transactions qualify as securities has led to uncertainty in the industry. The exchange argues that the divergent judicial outcomes. It mentions divided opinions from lawmakers and regulatory agencies highlighting the complexity of the subject matter.

While interlocutory appeals are typically challenging, if granted, they could move the industry closer to a definitive ruling, potentially even reaching the US Supreme Court. This would provide much-needed clarity on whether digital assets fall under the watchdog’s jurisdiction once they enter secondary markets.

In the ongoing struggle in the cryptocurrency market, Whale Alert, an on-chain transaction tracker, recently made a post on X (previously Twitter), revealing that a crypto whale had deposited a massive amount of Dogecoin into Coinbase, the biggest cryptocurrency exchange in the United States. According to the data, this crypto whale deposited a significant 228 million DOGE, which is worth nearly $34 million.

Why DOGE price is not increasing?

However, this is not the first time crypto whales have deposited their DOGE holdings into any DEXs (Decentralized Exchanges). Following the release of the United States CPI data (Consumer Price Index) and ongoing geopolitical tensions, many whales have deposited massive amounts of DOGE tokens into DEXs, resulting in a significant over 18% price fall in the market.

The recent 228 million DOGE deposit on Coinbase caused a price drop of over 1%. Currently, DOGE is trading near $0.14, and in the last 24 hours, it experienced nearly a 1.5% downside momentum. Over a longer period, in the last 7 days, DOGE experienced nearly a 2% downside momentum, while in the last 30 days, it experienced more than an 18% downside momentum.

Dogecoin technical analysis and key levels

According to expert technical analysis, on a daily time frame, DOGE is finding support from a trendline and consolidating in a tight range between $0.147 and $0.164. If any DOGE daily candle closes below $0.147, then in the coming days, we may witness a massive fall in DOGE to the $0.128 level. However, if the DOGE daily candle closes above $0.164, then in the coming days, we may witness a massive upside momentum until the $0.203 level.

Source: TradingView

Additionally, due to the ongoing price consolidation, the 24-hour trading volume has also dropped by 30%, reaching below $1 billion. This highlights the lack of interest from investors as well as retailers in DOGE.

Meanwhile, at the same time, the overall cryptocurrency market is also struggling to gain momentum. Top cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, Binance Coin, and others continue to struggle and experienced nearly a 1% downside momentum.

As the legal tussle between the US Securities and Exchange Commission and Ripple Labs moves to another leg, crypto whales are making their move. XRP is already dealing with high selling pressure and not so in favor sentiments. The recent transactions have raised speculation of a further decline.

XRP whales on the move

Data shared by Whale Alert shows that the crypto whales have moved more than 253 million XRP tokens (approx worth $136 million) in multiple transactions over the last 24 hours. However, the biggest transaction recorded by the tracker has been of moving 100 million XRP (approx worth $53 million) among unknown wallets.

Whales moved a total of 46.96 million XRP from the crypto exchange Binance to undisclosed wallets. These transactions included 20,285,592 XRP and 26,675,395 XRP respectively. The cumulative worth of these transactions stood at $24.86 million. This move suggests the big wallets bought the dip.

XRP price is down by more than 14% on the year to date (YTD) basis. Recovery is still expected by the Ripple community. XRP is trading at an average price of $0.52, at the press time. Its 24 hour trading volume is down by 25% to stand at $1.81 billion. It is still holding a market cap of $28.8 billion.

Ripple case updates

Defense attorney James Filan provided updates on the SEC vs. Ripple case, stating that Magistrate Judge Netburn issued a scheduling order regarding Ripple’s Motion to Strike new expert materials submitted by the SEC in support of its Motion for Remedies and Entry of Final Judgment. The order grants the SEC until April 29 to respond to Ripple’s Motion to Strike, with Ripple having three business days after that to file a reply brief.

The briefing schedule specifically pertains to Ripple’s Motion to Strike, not the timing of the SEC’s response to Ripple’s opposition brief. Filed on April 22, Ripple’s Motion to Strike seeks to remove new expert materials supporting the SEC’s opening brief. Ripple alleges that the SEC failed to disclose the identity and testimony of accountant Andrea Fox, who examined Ripple’s financial statements.

Fox’s testimony is crucial as she supports the SEC’s case for a $2 billion penalty against Ripple. Notably, the SEC attempted to designate Fox as a summary witness, restricted to summarizing existing material. Both parties agreed to a five-day window for the SEC to oppose Ripple’s Motion to Strike, with filings approaching the May 6 deadline for the SEC’s reply brief.

Despite the cryptocurrency ban in the world’s most populated country, China, a recent report disclosed that the most prominent pro-blockchain official in China is under investigation. According to local media reports on April 26, 2024, Yao Qian, the pro-blockchain official and the creator of China’s CBDC (Central Bank Digital Currency), is under investigation by a Chinese government official.

Why CBDC creator is under investigation?

However, the local media highlighted that Yao is under investigation for violating certain laws and disciplines, but the exact reason is still unknown. Besides being a creator of China’s CBDC, Yao also served at the central bank’s digital currency research institute. Without a specific reason, it looks like China is once again taking a strong stand against crypto and its related industry. Yao is sometimes referred to as “China’s Crypto Dad” due to his strong participation in blockchain and CBDC.

Besides this investigation, recently on April 8, 2024, Yao published an article discussing the approval of a spot Bitcoin ETF and also highlighted market expectations. According to the article, Yao expects the Bitcoin price to continue rising, while also discussing the opinions of supporters and opponents of Bitcoin and introducing regulatory measures for cryptocurrencies in the United States. However, this article by Yao does not signal any violation of law or discipline.

Crypto market overview 

Despite this incident, the overall cryptocurrency market is struggling to gain momentum, with top cryptocurrencies like Bitcoin, Ethereum, Solana, Ripple, and others experiencing strong struggles. If we look at the performance of these cryptocurrencies, BTC, ETH, SOL, and XRP have experienced more than a 1% downside momentum.

Recently, Hong Kong’s Securities and Futures Commission approved the first batch of spot Bitcoin and Ethereum ETFs. However, due to China’s strict rules, mainland Chinese investors won’t be able to buy these launched ETFs. Additionally, according to a report by Todayq news in April 2024, these ETFs will begin trading from April 30, 2024. It is also expected that May 2024 will be a big month for price fluctuations and price rallies for both Bitcoin and Ethereum.

The regulatory battle between the US Securities and Exchange Commission (SEC) and key crypto players. Recent developments suggest that Consensys which is a major player in the Ethereum ecosystem has taken a bold step by suing the Commission. This legal action comes over the SEC’s regulatory claim on the Ethereum blockchain.

Consensys goes against SEC

According to reports, Consensys received a Wells Notice from the SEC on April 10, 2024. The commission alleges that the blockchain software company has violated federal securities laws related to its MetaMask Swaps and Staking products. 

This case comes amid increasing tensions between the SEC and crypto firms linked to the classification of digital assets. Consensys claims that it has been subjected to a “coercive investigation” by the watchdog staff. This includes multiple subpoenas.

It added that the company is seeking injunctive relief to prevent the SEC from continuing its investigation. It also seeks the commencement of enforcement actions against it. Consensys aims to challenge the premise that ether transactions are securities transactions.

The court filings depict that the lawsuit is challenging the watchdog’s authority to regulate user controlled software interfaces built on Ethereum blockchain. The blockchain company argues that the SEC does not have any legal jurisdiction to regulate Ether and products linked to it.

It highlighted that Consensys has warned of dire consequences if the SEC has the authority to assert control over Ethereum. It stated that it would disrupt the network and silence innovation. The company further argues that such regulatory overreach will hinder the use of the biggest altcoin in the US. However, it will also disrupt its growth.

All eyes on Ethereum

This lawsuit stands crucial not only for Consensys but for the entire crypto industry. It highlights the ongoing struggle between regulators and crypto firms. The fight is still on over regulatory clarity and jurisdiction. The outcome of this case is expected to leave could have far reaching implications for the regulation of digital assets.

It might halt the much anticipated second phase of the bull run. ETH is still struggling with increased selling pressure. The second biggest crypto is down by 14% in the last 30 days. It has managed to grow by 38% over the past year.

Ether is trading at an average price of $3,150, at the press time. Its 24 hour trading volume is down by 5% to stand at $13.7 billion.

In this challenging market, recently TRON DAO made a post on X (previously Twitter) that gathered everyone’s attention. According to TRON’s recent post on X, in this quarter of 2024, its market cap increased by 15% and reached $10.25 billion. Basically, TRON (TRX) is an open-source blockchain platform that can run smart contracts and be used for building decentralized apps (dApps).

TRON performance in Q1 of 2024 

With this 15% surge in TRON’s market cap, it shows consistent growth in this volatile and unpredictable market. Besides the market cap surge, TRON protocol revenue also hit a record, generated over $128.1 million in Q1 of 2024 and becoming a top 3 blockchain network.

In Q1 of 2023, it experienced revenue of $90 million. In Q2 of 2023, revenue reached $109.8 million. In Q3 of 2023, it hit $104.9 million, and in Q4 of 2023, revenue was $119.4 million. Now, in Q1 of 2024, it has generated a massive $128.1 million. Since the last Q1 of 2023, the TRON protocol has experienced consistent revenue growth, indicating interest from developers and institutions.

Despite the increase in revenue, TRON’s circulating market cap has consistently increased every quarter since Q1 of 2023, rising from $5.9 billion to $10.7 billion in Q1 of 2024. However, all this data highlights investors’, developers’, and institutions’ interest in the TRON network.

TRX price-performance analysis 

As of writing, the overall cryptocurrency market is struggling to gain momentum, including top cryptocurrencies like Bitcoin, Ethereum, Solana, and others. However, currently, TRON (TRX) token is trading near the $0.11 level, and in the last 24 hours, it experienced an impressive 2.7% upside momentum. Looking at the performance of the TRX token over a longer period, in the last 7 days, it gained 8% upside momentum, while in the last 30 days, where every cryptocurrency has fallen massively due to CPI data, geopolitical tension, and others, TRX experienced only a 3% downside momentum.

According to expert technical analysis, TRX is looking bullish following the completion of Bitcoin halving. While the majority of cryptocurrencies failed to gain momentum, TRX experienced over an 8% upside momentum. There is a high possibility that in the coming days, it may hit the $0.123 level as a first small target. Furthermore, it could surge by more than 20% and reach the $0.14 level.

In the struggling cryptocurrency market, the world’s biggest cryptocurrency, Bitcoin, and its Exchange Traded Fund (ETF) in the United States are continuously experiencing negative inflow, which highlights investors’ sentiment. On April 26, 2024, an on-chain analytics firm, SpotOnChain, made a post on X (previously Twitter) stating that on April 25, 2024, the spot Bitcoin ETF market experienced a massive negative net inflow of $218 million.

Why are Crypto ETF products experiencing outflow?

However, this massive total negative inflow is for the 2nd consecutive day after April 25, 2024. Where overall, 5 out of 11 ETF providers have experienced negative inflow (Outflow). If we look at the data of outflow, Grayscale’s ETF GBTC had a net outflow of $139 million, Fidelity’s ETF FBTC had a net outflow of $22.61 million, and Valkyrie’s ETF BRRR had a net outflow of $20.16 million. With this massive outflow amongst the ETF providers, Fidelity FBTC and Valkyrie experienced this massive outflow for the first time.

Besides this massive outflow amongst the ETF providers, Franklin ETF EZBC was the only ETF provider that experienced a decent inflow of $1.8745 million. Whereas, ETF providers like BlackRock IBIT, Invesco BTCO, VanEck HODL, WisdomTree BTCW, and Hashdex DEFI experienced a $0 inflow, meaning no flow in ETF products. However, this was the first time BlackRock consecutively experienced a $0 inflow for the 2nd consecutive day.

This continuous negative inflow is happening in a period when the overall cryptocurrency market is struggling to gain momentum. The reason behind this continuous price consolidation in Bitcoin is due to the release of United States CPI data, Halving volatility, Geopolitical tension, and others. There is an expectation that until Bitcoin and the overall cryptocurrencies regain their original momentum, the crypto ETF product may experience negative inflow.

Bitcoin price-performance analysis

Currently, Bitcoin is trading near $64,250, and in the last 24 hours, it experienced 0.28% upside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days, it experienced only 3.5% of upside momentum. Whereas in the last 30 days, due to critical market conditions, it experienced nearly 10% downside momentum.

As of writing, the overall cryptocurrency market is negative, and the 24-hour trading volume is also down by over 6%; currently, it stands near $80 billion. This fall in trading volume also highlights investors’ fear in this unpredictable market.

Ethereum (ETH), the second biggest crypto, is dealing with the high selling pressure which has led to an over 12% price drop in the last 30 days. As this decline continues, two massive transactions involving 10,911 Ether each were recently recorded. The transfer was made from unknown wallets to Coinbase. These transactions are worth approx $33.99 million each. It has ignited speculation within the crypto community about its potential impact on the market.

Ether whales make big move

As per the data provided by WhaleAlert reported two large transactions were reported, each moving 10,911 ETH from an unknown wallet to Coinbase. These transactions occurred within 24 hours raising eyebrows due to their massive size.

It is important to note that this move took place during a period of increased volatility and uncertainty in the market. Ethereum price has dropped by more than 2% in the past 24 hours. ETH is trading at an average price of $3,151, at the press time. Its 24 hour trading volume is up by 20% to stand at $15 billion. It holds a market cap of $384 billion.

There are several theories have emerged in the market. Experts suggest that the transfers could be part of Coinbase’s internal funds management. They mentioned sending wallets has shown some interactions with Coinbase linked wallets.

What do experts say?

Some hints that ETH whales might be looking to capitalize on profits. They might be looking to reduce potential downside risks amid market uncertainty. Meanwhile, the transfers could be linked to institutional investors adjusting their portfolios.

The recent Bitcoin halving on April 20 has led to increased market volatility. This has affected Ethereum’s price action. Despite this, on-chain data suggests Ethereum node validators remain optimistic. 

Data from the Ethereum Proof-of-Stake (PoS) Beacon Chain smart contracts shows a positive trend in staking deposits. On the day of the Bitcoin halving, staking deposits totaled 31.6 million ETH. Since then, an additional 300,000 ETH has been staked, bringing the total to 31.9 million ETH.

After experiencing a massive fall in the market, the market bounced back once again, with the crypto-meme industry playing a significant role in supporting the overall cryptocurrency market with its strong performance. Amid the popular meme coins, Pepe (PEPE) and Bonk (BONK) experienced massive upside momentum of over 8% and over 15%, respectively.

PEPE and BONK impressive performance

Currently, PEPE is trading near $0.0000078, and in the last 24 hours, it experienced a massive over 8% upside momentum. Looking at the performance of PEPE over a longer period, in the last 7 days, it experienced over 55% upside momentum with the recent rise. However, in the last 30 days, PEPE remained stable due to challenging market conditions.

On the other hand, the Solana-based BONK is currently trading near $0.000028, and in the last 24 hours, it experienced over 15% upside momentum, helping the market to rebound. Over a longer period, in the last 7 days, despite massive challenges in the market, it gained over 100% upside momentum, while in the last 30 days, it experienced nearly 14% upside momentum.

Crypto-meme industry appearance 

PEPE and BONK are the only two top crypto meme coins that have gained massive support from investors. However, other top crypto-meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are currently struggling to gain momentum. DOGE is trading near $0.15, and in the last 24 hours, it experienced over 2% downside momentum, while SHIB is currently trading near $0.000025 and in the last 24 hours, it experienced a 1.5% downside momentum.

Besides meme coins, the overall cryptocurrency market is neutral, and the 24-hour trading volume soared by 8%, showing investors’ as well as traders’ excitement and interest in the market. With their help, the recent market has rebounded, yet top cryptocurrencies like Bitcoin, Ethereum, Solana, and others are still struggling to gain momentum.

In recent days, the crypto-meme industry has gained massive attention from investors and prominent crypto personalities following its impressive performance. Amid this performance, the United States venture capitalist firm a16z’s chief technology officer Andreessen Horowitz made a post on X (previously Twitter) and compared this recent meme coin wave to a “risky casino.”

Meme coins risky casino

Besides this, the CTO of a16z, Eddy Lazzarin, also made a post on X, stating that meme coins are created as a joke rather than for any serious technical or utility purpose. Additionally, he stated that meme coins lack the long-term vision and technical innovation that make other cryptocurrencies attractive to developers and serious participants in the crypto industry. Despite this post on X, Eddy also added that,

“Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. I see the damage every day. You too.” 

The debate over the viability of meme coins comes amid reports of hedge funds being attracted to these investments in search of high returns. However, Lazzarin’s remarks have faced criticism from the memecoin community, who pointed out a16z’s involvement in nonfungible token (NFT) investments, which have also experienced price fluctuations.

The memecoin frenzy has seen explosive growth in this bull market, with tokens gaining significant market capitalization within days of launch. However, alongside success stories, there have been numerous instances of rug pulls and market dumps, leaving many traders at a loss.

Meme coins performance and investors’ support

If we look at the performance of meme coins, the recently listed Book of Meme (BOME) token gained massive attention as its price surged more than 30,000%. Besides this massive return, before its listing on centralized exchanges like Binance, KuCoin, ByBit, and others, its market cap reached billions of dollars.

Whereas, another popular and 3rd largest meme coin, Dogwifhat (WIF), also gathered massive attention following its impressive performance. However, these were also backed by crypto giants like Arthur Hayes, the ex-CEO and co-founder of BitMEX. Additionally, when WIF was trading near $0.38, Arthur Hayes predicted that “WIF is the next big thing” and could hit $10, and at the time of writing, WIF is trading near $3.5. 

Despite the impressive profits, pro-crypto enthusiasts have cautioned against the risks associated with meme coins, urging newcomers to exercise caution and focus on cryptocurrencies with genuine use cases and long-term potential.

Ripple Labs and its native crypto, XRP, is dealing with intense legal scrutiny launched by the US Securities and Exchange Commission (SEC). Amid this legal battle, XPMarket CEO came out to move air over a matter that’s been floating in the market.

Ripple and XPMarket connection

Arthur Kirjakulov, CEO at XPMarket in the latest post opens up on the misconception running in the market. He stated that it is like the proverbial elephant in the room linked to their connection with Ripple Labs.

He mentioned that it is true that Ripple is one of their investors and this opens up a perfect communication channel for them in the XRP Ledger (XRPL). Arthur added that XPMarket doesn’t make a big deal out of it and this is not because they are trying to hide anything.

However, he highlighted a reason that for a giant like Ripple, this is a relatively small move. This is simple to understand by looking at Ripple’s have got their hands in many ventures. Arthur added that not all of these investments make headlines. It would be pretty odd if we shouted this from the rooftops, wouldn’t it?

XPMarket CEO further stated that it is crucial to earn users and industry’s respect based on what we achieve, not who backs them. The team’s focus has been on delivering great results and they expect to continue to grow based on our merits.

What’s next?

Arthur mentioned that they are proactive about addressing issues about XRPL and even Ripple. He stated that we’re not just critics without cause. We speak up and push for solutions.

He suggested that it is easy to point fingers without offering a way forward, but that’s not us. XPMarket CEO assured that they are committed to making a positive impact, not just agreeing passively.

Earlier, Ripple CTO, David Schwartz stated that the idea was to get people to use payment software that *can* settle with XRP. He added then there’s no reason for them not to settle with XRP where it works best. It would be kind of silly to try to get people to use a solution where it’s inferior.

He added “Where XRP works best, we don’t want any barriers to people using it and getting the best experience. Where XRP does not work best, we don’t want people using it just to make us happy and suffering an inferior experience or worse economics.”

Amidst the struggling cryptocurrency market, the recent data from the on-chain analytic firm Intotheblock has garnered everyone’s attention. On April 25, 2024, Intotheblock made a post on X (previously Twitter) stating that in this massive market downturn, the profitability of Cardano holders has decreased. Currently, it stands at only 35%, whereas holders of Bitcoin, Tron, Dogecoin, and Ethereum are above 80%, despite the significant drop. 

ADA holder’s profitability plunges to 35%

However, the massive decline in profitability raises the question of whether it presents an opportunity or a serious concern. Additionally, crypto enthusiasts are pondering whether ADA can ever rise again. These inquiries from investors reflect the fear in the market. The analytic firm also highlighted that Bitcoin remains the king.

The chart below shows the percentage of holders in profit on several top layer 1 networks Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4

— IntoTheBlock (@intotheblock) April 24, 2024

Cardano (ADA) technical analysis and key levels

According to expert technical analysis, ADA is still bullish as long as it is trading above $0.42. If the Cardano (ADA) candle on a daily timeframe closes below the $0.42 level, there is a high possibility of a massive fall. Moreover, analyzing Cardano (ADA) on a weekly timeframe reveals that it is at a crucial level and has been supported by the 200 EMA for the past two weeks. If any weekly candle closes below the $0.44 level, we may witness a significant sell-off. Currently, there are no signs of bullishness, and ADA might take a month to recover from this recent fall.

Source: TradingView

Due to today’s massive price fall, ADA is currently trading near $0.47, experiencing a significant price drop of over 5.5% in the last 24 hours. Looking at ADA’s performance over a longer period, in the last 7 days, ADA experienced nearly 5% upside momentum. However, in the last 30 days, due to the release of the United States CPI (Consumer Price Index) data and geopolitical tensions, it experienced a massive nearly 30% downside momentum. During this period, ADA also reached a low of $40.41.

Currently, the overall cryptocurrency market has experienced a massive fall of over 5%, with the 24-hour trading volume surging by 17%. This surge in trading volume highlights investors’ and traders’ interest in this market. Meanwhile, other top cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and others have also experienced falls of over 4%, 5%, 8%, and 5%, respectively.

The digital assets industry is awaiting another bullish approval from the US Securities and Exchange Commission for the Ethereum Exchange-Traded Fund (ETF). Meanwhile, reports suggest that issuers are anticipating that the commission might deny their applications. Ethereum price is already dealing with an increased FUD around it.

Meetings over Ether ETF were one sided

VanEck, ARK Investment Management, and seven other issuers have filed their application with the commission to list Ether linked ETFs. 

As per reports, the recent rounds of discussions between issuers and the SEC turned out to be one sided as the commission’s staff didn’t engage in the meeting. It added that the Commission has to decide on VanEck’s and ARK’s applications by May 23 and May 24, respectively.

It mentioned that the recent meetings between issuers and the SEC lacked detailed discussions compared to sessions that occurred before the agency approved spot bitcoin ETFs in January. The watchdog has not provided any sort of concerns or even asked questions that can suggest a potential rejection of the filings.

It is important to note that the denial over ETH ETF can prove to be a setback for the crypto market as it is hoping for approval. A positive outcome would make way for other similar products giving them a boost in the mainstream adoption of cryptos.

Is another dump incoming?

The expectation of a refusal is already hurting the bullish sentiments building around the biggest altcoin, Ethereum. This is visible in its price performance as Ether recorded a 35% surge on the year to date (YTD) basis while it still lags behind Bitcoin’s 50% rise.

Ether price has dropped by more than 15% in the last 30 days, while it has gained 2% over the past 7 days. ETH is trading at an average price of $3,084, at the press time. It is down by 36% from its all time high (ATH) of $4,891 recorded on November 16, 2021. Its 24 hour trading volume is up by 34% to stand at $15.2 billion.

This downward pressure on ETH price is expected to continue as market participants build expectations of a potential rejection. The second biggest crypto is holding a market cap of $376 billion.

The report mentioned that if the US SEC goes ahead to reject the ether ETF applications then some issuers anticipate legal challenges. They suggest that ether ETFs may eventually be approved through court interventions.

Amidst the struggling cryptocurrency market, the overall cryptocurrency market has massively plunged in the last 24 hours. During this situation, crypto whales appear bullish and are heavily accumulating. On April 25, 2024, an on-chain analytic firm, SpotOnChain, made a post on X (previously Twitter), stating that despite the massive fall in Ethereum (the world’s 2nd biggest cryptocurrency), whales appear to remain bullish.

Whales bullish on Ethereum

SpotOnChain also shared data indicating that since the opening of the Asian market, a Crypto Whale has spent over $4.19 million of stablecoins to buy 1,524 Ethereum at an average of $3,159. In the last 11 hours alone, the same whale added nearly 3,000 Ethereum worth $10 million with an average price of $2,991. With this massive buying activity in the last 11 hours, this whale currently holds over 3,384 Ethereum worth $10.7 million, with an unrealized profit of approximately $361K.

Additionally, two more whales have added a massive over 8,928 Ethereum worth $28 million with an average price of $3,111 and $3,170, respectively, from the world’s biggest cryptocurrency exchange, within the last 16 hours.

However, all these massive accumulations were done during a period when the market experienced a massive fall. This significant accumulation also highlights the whales’ and investors‘ interest in Ethereum amid the potential approval of a spot Ethereum ETF. Furthermore, these whales consider this an opportunity to continuously accumulate ETH and many other assets as well.

Ethereum price performance analysis

Currently, Ethereum is trading near $3,115, and in the last 24 hours, it has experienced over 4% downside momentum. If we look at Ethereum’s performance over a longer period, in the last 7 days, despite a massive fall in the market, it managed to surge over 3%. Whereas, in the last 30 days, it experienced nearly a 10% downside momentum.

According to expert technical analysis, Ethereum is currently looking bearish as it is trading below the lower level of the past 4 trading days. If the daily time frame gives a closing below this level, then there is a high possibility that in the coming days, the price will hit the $2,980 level. However, there is also a chance that it may touch the 200 EMA (Exponential Moving Average) which is at the $2,750 level.

The global digital assets market plunged by more than 4% over the last day as Bitcoin failed to keep up the bullish momentum. The Fear and Greed index which was flashing a “Greed” signal the other day is now depicting the “Neutral” stance of the market with 60 points. This suggests that investors have turned cautious since Bitcoin halved.

Crypto market plunges

The cumulative crypto market cap stood at $2.37 trillion with a surge of 13% in its 24 hour trading volume which stands at around $83 billion.

The recent decline in the market came in as US President Joe Biden proposed an increase in capital gains tax rates to 44.6%. It is the highest since 1922. Currently, the highest long-term capital gains tax rate is 20%. He has also proposed a 25% tax on unrealized capital gains for wealthy individuals.

It is important to see the suggested tax rate as well as an additional proposal to impose a 25% tax on unrealized gains.

Data shows that a huge amount of liquidation has been recorded as the market decline continues. As per the data shared by Coinglass, more than 91K traders were liquidated in the last 24 hours. However, the total liquidations recorded by the trackers stand at around $209 million. The single largest order took place on the crypto exchange OKX of ETH-USD-SWAP valued at $5.66 million.

It is important to note that the majority of the liquidations turned out to be long positions. Data shows that 84% (approx worth $176 million) of the total liquidations were long bets. This suggests that the investors were hoping for a market surge or reversal after the recent dip.

BTC drops below $64K

The crypto industry is in shock as Bitcoin price hasn’t surged in a way they expected it to be after a successful halving event. BTC price dropped by over 4% in the last 24 hours. The original crypto is trading at an average price of $63,861, at the press time. It is down by over 13% from its all time high (ATH) of $73,750 recorded on March 14, 2024. However, Its 24 hour trading volume is up by 28% to stand at $31 billion.

Bitcoin’s recent drop has added to its ongoing price decline. BTC is down by over 10% in the last 30 days. Its market cap has shrunken to stand at $1.2 trillion.

BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw its positive inflow streak come to an end when it recorded no inflow on April 24, 2024. This marked the first instance of a $0 inflow since the approval of spot Bitcoin ETFs in the United States on January 11, 2024.

BlackRock $0 inflow for the first time

Since the launch of BlackRock’s iShares Bitcoin Trust (IBIT) 71 days ago, it has attracted a massive investment of over $15.5 million. However, after experiencing continuous inflows of millions of dollars daily, this positive streak has now ended. This $0 inflow into BlackRock’s IBIT highlights the current bearish sentiment among investors.

Source: Farside

Out of the 11 registered Bitcoin ETF providers, only Fidelity’s Wise Origin Bitcoin Fund (FBTC) and ARK’s 21Shares Bitcoin ETF (ARKB) experienced record inflows of $5.6 million and $4.2 million, respectively. Despite struggles in the market, the biggest Bitcoin holder and asset manager, Grayscale’s spot Bitcoin ETF (GBTC), continues to bleed, experiencing a massive $130.4 million outflow.

Cryptocurrency market performance

Following these inflows and outflows on April 24, 2024, the overall BTC ETF experienced a massive outflow of over $120.6 million. Despite the massive outflow, the overall cryptocurrency market has fallen significantly, experiencing a decline of nearly 4%. Following this market downturn, activity has increased, with the 24-hour volume rising by over 15%. This increase in the 24-hour volume highlights the activity and participation of investors and traders in the market.

Currently, Bitcoin is trading near $64,350, and in the last 24 hours, it experienced a massive over 3.5% downside momentum. Looking at the performance of Bitcoin over a longer period, in the last 7 days, it experienced nearly a 5% upside momentum, whereas, in the last 30 days, it experienced a 4% downside momentum.

Meanwhile, other top cryptocurrencies like Ethereum, Solana, XRP, DOGE, and many others also fell significantly, experiencing downside momentum of over 2.5%, 6%, 4%, and 7%, respectively. However, in the last 24 hours, the top gainers are EOS and TRON, as both tokens experienced over 2.5% and 1% upside momentum, respectively.BlackRock’s ETF sees a $0 inflow, Is this why Bitcoin is down?

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.