As the Dollar Index (DXY) experiences a recent pullback, crypto traders are banking on continued dollar weakness to fuel a resurgence in Bitcoin (BTC), although some banks hold a contrary view. Recent trends have seen Bitcoin trading within the $60,000 to $70,000 range since mid-March, with the dollar’s bounce on the DXY contributing to this stabilization. However, a reversal in the DXY’s trajectory, coupled with expectations of a weaker dollar, has reignited optimism among Bitcoin bulls. Mike Alfred, a value investor and managing partner at Alpine Fox LP, anticipates a turnaround in the DXY ..read more

This Friday, Deribit, a leading derivatives exchange, braces for a substantial expiration of cryptocurrency options, totaling over $9.4 billion, with bitcoin options comprising the majority at $6.35 billion. The upcoming expiry has sparked notable activity in the options market, particularly for Bitcoin, where the put-call ratio stands at 0.68, signaling an increased interest in put options compared to calls. In contrast, ether options, valued at $3.08 billion, exhibit a lower put-call ratio of 0.49, suggesting a more bullish sentiment among traders. Amidst this activity, attention is drawn t ..read more

S&P Global Ratings has indicated that the proposed regulations in the United States may lead to a shift in the stablecoin landscape, potentially undermining the dominance of Tether’s USDT. The regulatory framework, if approved, could grant banks a competitive advantage by capping stablecoin issuance for non-banking institutions at $10 billion, according to S&P’s report released on Wednesday. The prospect of regulatory clarity is expected to incentivize traditional financial institutions to enter the stablecoin market, a development that could erode Tether’s market share, S&P state ..read more

Block, the parent company of Square and Cash App, unveiled a new initiative today enabling merchants utilizing Square’s services to convert a portion of their daily sales into Bitcoin. Rolling out initially in the U.S., the feature allows Square sellers to transfer 1-10% of their daily sales to their personal Cash App accounts, where the amount will automatically convert into Bitcoin by the day’s end. Merchants will receive confirmation of the conversion once the transaction is finalized. This bitcoin conversion feature will gradually become available to all sole proprietors or single-member ..read more

Jack Dorsey’s company Block(NYSE:SQ), formerly known as Square, has broadened its Bitcoin mining ambitions by transitioning from chip design to developing a comprehensive mining system. In a recent blog post, Block revealed its achievement in creating a standalone three-nanometer  Bitcoin mining chip and announced collaboration with a prominent global semiconductor foundry to finalize the chip’s design. Beyond chip development, Block plans to extend its efforts to include system design, aiming to address challenges faced by Bitcoin miners and decentralize hardware supply and hashrate di ..read more

Following a brief period of net outflows preceding Bitcoin’s block-reward halving, spot bitcoin exchange-traded funds (ETFs) in the United States have returned to net inflows, with Fidelity’s Wise Origin Bitcoin Fund (FBTC) leading the way. On Monday, spot Bitcoin ETFs collectively experienced net inflows exceeding $62 million, with FBTC securing the largest single-day net inflow of $34.83 million. The ARK 21Shares Bitcoin ETF and The iShares Bitcoin Trust also saw substantial net inflows of over $22.5 million and $19.65 million, respectively. In contrast, the Grayscale Bitcoin Trust witnesse ..read more

Bitcoin’s recent halving, completed on April 19, may not immediately impact market dynamics, with analysts suggesting a potential two-month wait for significant effects. Despite an 8% increase in bitcoin’s spot price since the halving, experts anticipate a delay in supply and demand adjustments. Analysts at QCP Capital suggest that historical patterns indicate a delay of around two to three months before the halving’s supply constraints translate into notable price movements. This suggests that bitcoin bulls may have additional time to build larger long positions. Bitfinex analysts highlight ..read more

Binance, one of the world’s largest cryptocurrency exchanges, is embroiled in a new legal battle in Canada as a class-action lawsuit alleges violations of securities laws. Ontario’s Superior Court of Justice published a certification motion for the lawsuit on April 19, reigniting legal scrutiny against the exchange. The lawsuit accuses Binance of selling cryptocurrency derivative products to retail investors without proper registration, in violation of Ontario Securities Act (OSA) and federal laws. Plaintiffs represented by Christopher Lochan and Jeremy Leeder seek damages and recissions of u ..read more

In the wake of the memecoin frenzy, over $25 million invested in pre-sold Solana memecoins has been left stranded, with more than half of the top projects abandoned within just one month. ZachXBT’s investigation identified 12 Solana memecoin projects that have been deserted by their founders, leaving investors in the lurch. Solana Co-Founder Anatoly Yakovenko expressed skepticism towards the trend, stating, “Pre-selling a meme doesn’t make any sense to begin with.” Yakovenko previously cautioned against investing in memecoin pre-sales, highlighting the riskiness of such endeavors. Of the 22 p ..read more

As scrutiny over the misuse of Tether’s USDT stablecoin intensifies, the company pledges to take decisive action against addresses linked to sanctions violations. Tether, the issuer of the popular USDT stablecoin, has announced its commitment to freezing any addresses associated with sanctioned entities. This proactive stance follows reports indicating the exploitation of USDT tokens by certain state actors to evade US sanctions. A spokesperson for Tether stated, “Tether respects the Office of Foreign Assets Control (OFAC) SDN list and is committed to working to ensure sanction addresses are ..read more