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The Synthetix stablecoin sUSD has depreciated below the peg of $1.00, dropping to $0.83 before a slight recovery. 📉 This is the second time this year that sUSD has encountered this issue, raising concerns about the issuer's stabilization mechanism.
- The main reason is due to supply exceeding demand, as traders have been panic-selling sUSD in large volumes, particularly on Curve, where sUSD constitutes 75% of the DAI-USDC-USDT-sUSD pool.
- The peg recovery mechanism is in a transitional phase, with expected volatility, according to Synthetix founder Kain Warwick.
Currently, sUSD is priced at $0.8593, down 7.2% in the last 24 hours and 10% over the past week. Warwick remains optimistic about the future of Synthetix. 🌟
- The main reason is due to supply exceeding demand, as traders have been panic-selling sUSD in large volumes, particularly on Curve, where sUSD constitutes 75% of the DAI-USDC-USDT-sUSD pool.
- The peg recovery mechanism is in a transitional phase, with expected volatility, according to Synthetix founder Kain Warwick.
Currently, sUSD is priced at $0.8593, down 7.2% in the last 24 hours and 10% over the past week. Warwick remains optimistic about the future of Synthetix. 🌟
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21Shares, a digital asset manager based in Zurich, has filed with the U.S. Securities and Exchange Commission (SEC) for approval to launch a spot Dogecoin ETF. 🐶
This fund will track the performance of Dogecoin, currently priced at $0.156. Coinbase Custody is proposed as the custodian for the fund. Details such as the ETF ticker, fees, and listing exchange have yet to be announced.
21Shares has also entered into an exclusive partnership with House of Doge to launch a Dogecoin ETP on the SIX Swiss Exchange. This ETP is 100% physically backed, with a fee of 2.50%, aimed at providing investors with institutional-level access to Dogecoin. 🌟
Analysts' predictions indicate that the likelihood of the SEC approving a spot Dogecoin ETF is quite high, reflecting increasing optimism in the cryptocurrency sector.
This fund will track the performance of Dogecoin, currently priced at $0.156. Coinbase Custody is proposed as the custodian for the fund. Details such as the ETF ticker, fees, and listing exchange have yet to be announced.
21Shares has also entered into an exclusive partnership with House of Doge to launch a Dogecoin ETP on the SIX Swiss Exchange. This ETP is 100% physically backed, with a fee of 2.50%, aimed at providing investors with institutional-level access to Dogecoin. 🌟
Analysts' predictions indicate that the likelihood of the SEC approving a spot Dogecoin ETF is quite high, reflecting increasing optimism in the cryptocurrency sector.
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Bitcoin (BTC) has recovered after President Trump suspended tariffs, triggering predictions of a strong rally to new highs. 🌟
- BTC did not start the trading week favorably, sharply dropping below $75,000 due to rising trade tensions between the U.S. and the world. However, on April 9th, Trump froze new tariffs for 90 days, helping BTC surpass $83,000 before slightly declining to $81,800.
- Analyst Ali Martinez predicts that if BTC exceeds $86,900, it could lead to a price surge up to $208,550. The Mayer Multiple indicates strong support around $69,500.
- Merlijn The Trader sees the possibility of BTC surpassing $100,000 from a descending wedge pattern.
- CryptoQuant data shows that inflows to exchanges have decreased, which could be a positive signal. However, inflows to Binance have increased, possibly due to concerns ahead of the U.S. CPI report. 📈
- BTC did not start the trading week favorably, sharply dropping below $75,000 due to rising trade tensions between the U.S. and the world. However, on April 9th, Trump froze new tariffs for 90 days, helping BTC surpass $83,000 before slightly declining to $81,800.
- Analyst Ali Martinez predicts that if BTC exceeds $86,900, it could lead to a price surge up to $208,550. The Mayer Multiple indicates strong support around $69,500.
- Merlijn The Trader sees the possibility of BTC surpassing $100,000 from a descending wedge pattern.
- CryptoQuant data shows that inflows to exchanges have decreased, which could be a positive signal. However, inflows to Binance have increased, possibly due to concerns ahead of the U.S. CPI report. 📈
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Ethereum is undergoing a strong downtrend, with the recent price hitting a significant support level of $1.5K. Although this level is expected to hold, if broken, the price could drop sharply to $1K.
- **Technical Analysis:** The strong downtrend of ETH paused at the support area of $1.5K, an important psychological pivot point. Although there was a slight recovery due to buying pressure, selling pressure remains dominant, which may lead to a retest of the $1.5K level.
- **On-chain Analysis:** The declining funding rate indicates that sellers are opening short positions. However, buying activity near the $1.5K level has created a recovery. If this trend continues, ETH could reverse strongly. Conversely, selling pressure could push the price lower.
🔍 Next week will determine the next big move of Ethereum. 📉
- **Technical Analysis:** The strong downtrend of ETH paused at the support area of $1.5K, an important psychological pivot point. Although there was a slight recovery due to buying pressure, selling pressure remains dominant, which may lead to a retest of the $1.5K level.
- **On-chain Analysis:** The declining funding rate indicates that sellers are opening short positions. However, buying activity near the $1.5K level has created a recovery. If this trend continues, ETH could reverse strongly. Conversely, selling pressure could push the price lower.
🔍 Next week will determine the next big move of Ethereum. 📉
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Bitcoin is flowing into Binance
🔍 In the past two weeks, the amount of Bitcoin flowing into Binance has increased significantly, reflecting heightened investment activity amidst uncertain macroeconomic conditions.
- According to analysis by CryptoQuant, Bitcoin reserves on Binance have increased by 22,106 BTC, from 568,768 BTC on March 28 to 590,874 BTC on April 9.
- Analysts suggest that the inflow of Bitcoin into Binance may be related to investor caution ahead of the U.S. Consumer Price Index (CPI) report, expected to be released on April 10.
📈 Meanwhile, some top altcoins such as Ethereum, XRP, and Solana have increased by 8%, 9%, and 7% respectively. Bitcoin has also risen nearly 6%, surpassing the $83,000 mark.
🔍 In the past two weeks, the amount of Bitcoin flowing into Binance has increased significantly, reflecting heightened investment activity amidst uncertain macroeconomic conditions.
- According to analysis by CryptoQuant, Bitcoin reserves on Binance have increased by 22,106 BTC, from 568,768 BTC on March 28 to 590,874 BTC on April 9.
- Analysts suggest that the inflow of Bitcoin into Binance may be related to investor caution ahead of the U.S. Consumer Price Index (CPI) report, expected to be released on April 10.
📈 Meanwhile, some top altcoins such as Ethereum, XRP, and Solana have increased by 8%, 9%, and 7% respectively. Bitcoin has also risen nearly 6%, surpassing the $83,000 mark.
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China and Russia have begun settling some energy transactions using Bitcoin and other digital assets, according to Matthew Sigel, Head of Digital Asset Research at VanEck. These are not the only two countries looking to reduce their dependence on the US dollar amid the trade war.
- Bolivia intends to import electricity using cryptocurrency, while France's EDF is considering mining Bitcoin with excess power.
- Bitcoin is gradually becoming a functional currency tool, especially in economies that want to avoid the dominance of the dollar.
- A weak dollar could drive Bitcoin, as the Federal Reserve's policy changes. 📉
🌍 The world may shift to a more fragmented reserve system, with Bitcoin and gold playing a larger role.
- Bolivia intends to import electricity using cryptocurrency, while France's EDF is considering mining Bitcoin with excess power.
- Bitcoin is gradually becoming a functional currency tool, especially in economies that want to avoid the dominance of the dollar.
- A weak dollar could drive Bitcoin, as the Federal Reserve's policy changes. 📉
🌍 The world may shift to a more fragmented reserve system, with Bitcoin and gold playing a larger role.
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🐋 Large investors have sold nearly 1.32 billion DOGE, equivalent to over 190 million USD, in the past two days, putting downward pressure on Dogecoin. The price of DOGE has dropped to its lowest level since October 2024, currently trading around 0.14 USD, down 16% in the past week.
🏦 Although 21Shares has just launched an ETP Dogecoin product on the SIX Swiss exchange, the price of DOGE still shows no signs of recovery. This could cause retail investors to panic and sell off, further increasing downward pressure. Companies like Bitwise and Grayscale are considering launching a Dogecoin ETF to improve the situation.
🏦 Although 21Shares has just launched an ETP Dogecoin product on the SIX Swiss exchange, the price of DOGE still shows no signs of recovery. This could cause retail investors to panic and sell off, further increasing downward pressure. Companies like Bitwise and Grayscale are considering launching a Dogecoin ETF to improve the situation.
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The cryptocurrency market has seen a strong recovery as nearly $250 billion has returned to the spot market in the past 12 hours, responding to the 90-day halt and the corresponding tax reduction from the U.S. president. 🌟
Market capitalization has returned to $2.7 trillion, up 6% on the day, nearly recovering all losses from recent days. Bitcoin has risen over 8% in the past 24 hours, reaching a daily high of $83,425 before slightly decreasing in Thursday's morning trading in Asia.
Technical analysts like 'Rekt Capital' and 'Mister Crypto' are both predicting a major breakout could occur, while the stock market is also seeing strong gains.
Ethereum and altcoins like XRP, Solana, and Dogecoin have also made significant recoveries, but the altcoin season has not truly begun yet. 🚀
Market capitalization has returned to $2.7 trillion, up 6% on the day, nearly recovering all losses from recent days. Bitcoin has risen over 8% in the past 24 hours, reaching a daily high of $83,425 before slightly decreasing in Thursday's morning trading in Asia.
Technical analysts like 'Rekt Capital' and 'Mister Crypto' are both predicting a major breakout could occur, while the stock market is also seeing strong gains.
Ethereum and altcoins like XRP, Solana, and Dogecoin have also made significant recoveries, but the altcoin season has not truly begun yet. 🚀
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Pi Network has witnessed a remarkable recovery, with the price rising to nearly $0.65 before slightly dropping to $0.60, still achieving a 6% increase for the day. 📈
The main reason driving this recovery is the revival of the cryptocurrency market after global trade tensions eased. U.S. President Donald Trump has suspended most new tariffs for 90 days, lowering tariff rates for over 75 countries, but sharply increasing import duties from China to 125%.
Bitcoin and Ethereum have also recorded significant increases, with BTC surpassing $83,000 and ETH exceeding $1,600.
Pi Network recently partnered with Banxa, a global payment service provider, highlighting confidence in the project's ecosystem. 🌍
The Pi Network community expects the price to continue rising, with some members predicting that the price could exceed $2.50 in the near future.
The main reason driving this recovery is the revival of the cryptocurrency market after global trade tensions eased. U.S. President Donald Trump has suspended most new tariffs for 90 days, lowering tariff rates for over 75 countries, but sharply increasing import duties from China to 125%.
Bitcoin and Ethereum have also recorded significant increases, with BTC surpassing $83,000 and ETH exceeding $1,600.
Pi Network recently partnered with Banxa, a global payment service provider, highlighting confidence in the project's ecosystem. 🌍
The Pi Network community expects the price to continue rising, with some members predicting that the price could exceed $2.50 in the near future.
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The U.S. Department of Justice (DOJ) announced that it will not continue to pursue criminal cases related to regulatory violations by cryptocurrency exchanges, developers, or users.
- This move comes after the dissolution of the National Cryptocurrency Enforcement Team (NCET), a unit specialized in handling cryptocurrency-related criminal activities.
- Instead, the DOJ will focus on prosecuting individuals who exploit digital assets to engage in criminal activities such as terrorism, human trafficking, drug trafficking, and financial fraud.
- This decision marks a significant shift in the DOJ's approach to cryptocurrency, emphasizing that they are not the regulatory body for digital assets.
- This move comes after the dissolution of the National Cryptocurrency Enforcement Team (NCET), a unit specialized in handling cryptocurrency-related criminal activities.
- Instead, the DOJ will focus on prosecuting individuals who exploit digital assets to engage in criminal activities such as terrorism, human trafficking, drug trafficking, and financial fraud.
- This decision marks a significant shift in the DOJ's approach to cryptocurrency, emphasizing that they are not the regulatory body for digital assets.
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The cryptocurrency market is reeling from a wave of sell-offs and liquidations, but TRON (TRX) and Ripple’s XRP stand out as rare bright spots. 🌟
According to Glassnode, over 80% of the circulating supply of TRX and XRP is still profitable, despite double-digit declines in traditional assets and cryptocurrencies. While Bitcoin and Ethereum are heavily impacted, TRX and XRP maintain stability with profitable supply ratios of 84.6% and 81.6%, respectively.
These assets demonstrate remarkable resilience amid global market pressures from trade tensions. This indicates the optimistic potential of blockchain technology and cryptocurrencies. 📈
According to Glassnode, over 80% of the circulating supply of TRX and XRP is still profitable, despite double-digit declines in traditional assets and cryptocurrencies. While Bitcoin and Ethereum are heavily impacted, TRX and XRP maintain stability with profitable supply ratios of 84.6% and 81.6%, respectively.
These assets demonstrate remarkable resilience amid global market pressures from trade tensions. This indicates the optimistic potential of blockchain technology and cryptocurrencies. 📈
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🚀 **XRP: Growth Signal and Future Forecast**
- Although XRP is experiencing a significant downturn, some key indicators related to Ripple are rising, indicating increasing acceptance and optimism from investors. The number of addresses holding at least one token has reached an all-time high of 6.26 million.
- Standard Chartered Bank predicts that the price of XRP could skyrocket to $5.50 this year and $12.50 by the end of 2028, thanks to the potential approval of XRP ETF funds under the Trump administration.
- Teucrium's XRP-based ETF product recorded significant trading volume on its first day, demonstrating strong market interest. 📈
- Although XRP is experiencing a significant downturn, some key indicators related to Ripple are rising, indicating increasing acceptance and optimism from investors. The number of addresses holding at least one token has reached an all-time high of 6.26 million.
- Standard Chartered Bank predicts that the price of XRP could skyrocket to $5.50 this year and $12.50 by the end of 2028, thanks to the potential approval of XRP ETF funds under the Trump administration.
- Teucrium's XRP-based ETF product recorded significant trading volume on its first day, demonstrating strong market interest. 📈
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Ripple has just completed one of the largest deals in cryptocurrency history, acquiring the leading brokerage firm Hidden Road for $1.25 billion. 🤝
This deal is not just a typical business transaction; it opens up opportunities for institutional cash flow into XRP and the XRP Ledger (XRPL). Hidden Road, with a trading volume of over $3 trillion per year, is now under Ripple's control, creating a direct bridge to major exchanges like Coinbase and Bitfinex.
With the integration of XRP into institutional trading flows, Ripple is positioning itself as a bridge between cryptocurrency and traditional finance. 🚀
This deal is not just a typical business transaction; it opens up opportunities for institutional cash flow into XRP and the XRP Ledger (XRPL). Hidden Road, with a trading volume of over $3 trillion per year, is now under Ripple's control, creating a direct bridge to major exchanges like Coinbase and Bitfinex.
With the integration of XRP into institutional trading flows, Ripple is positioning itself as a bridge between cryptocurrency and traditional finance. 🚀
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Cardano is witnessing significant recent developments, despite a sharp decline in ADA token price. Grayscale, the leading digital asset manager, has added Cardano to its Smart Contract Fund, solidifying ADA's third position with a ratio of 22.91%. 🤝
Rumors of a partnership with Ripple are circulating as a video from Ripple on X suggests a potential collaboration. Charles Hoskinson, the founder of Cardano, has hinted at an upcoming integration with Bitcoin.
ADA's price is currently down 16% for the week, trading at $0.56. Despite the bearish environment, levels of $0.58 and $0.45 remain strong support. 🎯
The likelihood of an ADA ETF being approved in the U.S. is declining, from 70% to 52%.
Rumors of a partnership with Ripple are circulating as a video from Ripple on X suggests a potential collaboration. Charles Hoskinson, the founder of Cardano, has hinted at an upcoming integration with Bitcoin.
ADA's price is currently down 16% for the week, trading at $0.56. Despite the bearish environment, levels of $0.58 and $0.45 remain strong support. 🎯
The likelihood of an ADA ETF being approved in the U.S. is declining, from 70% to 52%.
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Solana (SOL) is experiencing significant price volatility, with some analysts predicting a potential increase to $147 if it surpasses certain levels. 🌟
- The price of SOL has dropped below $100 for the first time since February 2024, then rebounded to $110 before stabilizing at $107.
- Expert Ali Martinez is optimistic about the recovery, suggesting that if SOL holds above $95 and breaks $121, the price could rise nearly 40% to $147.
- Conversely, some other analysts predict the price could drop to $80, viewing this as a buying opportunity.
Despite market fluctuations, Solana remains in the spotlight with long-term growth potential. 🚀
- The price of SOL has dropped below $100 for the first time since February 2024, then rebounded to $110 before stabilizing at $107.
- Expert Ali Martinez is optimistic about the recovery, suggesting that if SOL holds above $95 and breaks $121, the price could rise nearly 40% to $147.
- Conversely, some other analysts predict the price could drop to $80, viewing this as a buying opportunity.
Despite market fluctuations, Solana remains in the spotlight with long-term growth potential. 🚀
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Strategy Company Faces Liquidity Risk Due to Bitcoin Strategy
🔍 The business intelligence company Strategy is experiencing financial difficulties as it considers selling a massive amount of Bitcoin to meet debt obligations. Known for its strong Bitcoin buying strategy, the company may have to abandon the commitment of "never selling BTC" made by founder Michael Saylor if market conditions continue to worsen.
💼 Strategy has accumulated 528,185 BTC at an average price of $67,458, with a total value of $40.119 billion. However, the sharp decline in Bitcoin prices has resulted in an unrealized loss of nearly $6 billion in the first quarter of 2025. The company is under financial pressure due to over $8 billion in debt and a lack of cash flow from its software segment.
🔍 The business intelligence company Strategy is experiencing financial difficulties as it considers selling a massive amount of Bitcoin to meet debt obligations. Known for its strong Bitcoin buying strategy, the company may have to abandon the commitment of "never selling BTC" made by founder Michael Saylor if market conditions continue to worsen.
💼 Strategy has accumulated 528,185 BTC at an average price of $67,458, with a total value of $40.119 billion. However, the sharp decline in Bitcoin prices has resulted in an unrealized loss of nearly $6 billion in the first quarter of 2025. The company is under financial pressure due to over $8 billion in debt and a lack of cash flow from its software segment.
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Bitcoin price has encountered a new obstacle as it was pushed below $80,000 after the U.S. imposed heavy tariffs on China. 📉
- BTC fell to a five-month low of around $74,000 but quickly recovered to nearly $80,000 before being halted by new tariffs from Trump.
- The altcoin market is not doing any better as ETH, DOGE, UNI, and NEAR all saw significant declines. Ethereum, in particular, was heavily impacted, losing 5% of its value and hitting a multi-year low.
- The total market capitalization of cryptocurrency dropped by more than $70 billion, down to $2.540 trillion.
Despite the volatility, blockchain technology and cryptocurrency still promise growth potential. 🚀
- BTC fell to a five-month low of around $74,000 but quickly recovered to nearly $80,000 before being halted by new tariffs from Trump.
- The altcoin market is not doing any better as ETH, DOGE, UNI, and NEAR all saw significant declines. Ethereum, in particular, was heavily impacted, losing 5% of its value and hitting a multi-year low.
- The total market capitalization of cryptocurrency dropped by more than $70 billion, down to $2.540 trillion.
Despite the volatility, blockchain technology and cryptocurrency still promise growth potential. 🚀
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The lawsuit between Ripple and the SEC continues with a new filing from Justin W. Keener attracting attention.
- Some predict that settling the dispute could trigger a price increase for XRP, but this is still uncertain. 📈
- Although the SEC has withdrawn its appeal, new developments are still emerging. Recently, journalist Eleanor Terrett revealed an "emergency" filing from Keener requesting to present evidence favorable to Ripple.
- The SEC opposes this request on the grounds that the court lacks jurisdiction and the filing is unnecessary. 🏛️
- The Ripple community is awaiting approval of the XRP ETF or a new price surge for the cryptocurrency market.
- Some predict that settling the dispute could trigger a price increase for XRP, but this is still uncertain. 📈
- Although the SEC has withdrawn its appeal, new developments are still emerging. Recently, journalist Eleanor Terrett revealed an "emergency" filing from Keener requesting to present evidence favorable to Ripple.
- The SEC opposes this request on the grounds that the court lacks jurisdiction and the filing is unnecessary. 🏛️
- The Ripple community is awaiting approval of the XRP ETF or a new price surge for the cryptocurrency market.
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🌐 At the Paris Blockchain Week, Charles Hoskinson, the founder of IOG, shared insights on the development of the cryptocurrency industry and the challenges he has overcome. He emphasized that President Trump's new trade war demonstrates the necessity of blockchain and decentralization.
🔗 Hoskinson believes that too much centralized power can be harmful, and blockchain is more essential than ever. He predicts that the U.S. will pass laws on stablecoins and digital assets, paving the way for major companies like Amazon and Apple to enter the industry.
Finally, he stressed the need for collaboration in the industry to avoid being dominated by centralized entities. Hoskinson also revealed a new project that will airdrop 37 million tokens to holders of BTC, ETH, ADA.
🔗 Hoskinson believes that too much centralized power can be harmful, and blockchain is more essential than ever. He predicts that the U.S. will pass laws on stablecoins and digital assets, paving the way for major companies like Amazon and Apple to enter the industry.
Finally, he stressed the need for collaboration in the industry to avoid being dominated by centralized entities. Hoskinson also revealed a new project that will airdrop 37 million tokens to holders of BTC, ETH, ADA.
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Ripple has just announced the acquisition of Hidden Road for $1.25 billion, one of the largest deals in the cryptocurrency space. 🏦
CEO Brad Garlinghouse emphasized that the most important thing is not the value of the deal, but the rare opportunity for cryptocurrency to access the largest and most reliable traditional markets. Hidden Road will use the XRP Ledger to process transactions quickly and efficiently.
However, the price of XRP has dropped 10% due to the overall market situation, influenced by Donald Trump's global trade war. 🌐
Ripple remains optimistic about the long-term growth potential of blockchain technology and cryptocurrency.
CEO Brad Garlinghouse emphasized that the most important thing is not the value of the deal, but the rare opportunity for cryptocurrency to access the largest and most reliable traditional markets. Hidden Road will use the XRP Ledger to process transactions quickly and efficiently.
However, the price of XRP has dropped 10% due to the overall market situation, influenced by Donald Trump's global trade war. 🌐
Ripple remains optimistic about the long-term growth potential of blockchain technology and cryptocurrency.
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