Crypto Magazine

Support zones #BTC💰 and #ETH🔹 show filigree workout! On Bitcoin: yesterday's market decline knocked the price out of the "expanding ascending wedge", a false breakdown was formed, followed by a retest and a return to the pattern. Our wedge has become even wider, as we can draw a slope along the new-found low, which will be no less valid support zone than the previous one. In general, I continue to wait for the growth of the asset to the upper boundary of the wedge, where a huge amount of liquidity is concentrated, after the removal of which it is quite possible to react in shorts. On Efirium: immediately after testing the strongest support level at $3419, the price got a reaction and reversal into longing. In just a few hours, the asset added ~4% to its value, which is just a great result for the current market.

#DYDX✖️ The analysis will be held on a familiar and somewhat native for us daily chart. Turning to it we can see that the price successfully removed our 1st limit buy order, then got a reaction and bounced. A pattern called "Rectangular Triangle" has formed, which is a reliable formation that does not depend on the duration of a particular trend. The upper horizontal line forms a resistance level that is continuously being tested by buyers. As a rule, as the trading range narrows, the volume decreases, and the peak of activity falls on the true breakdown of the resistance level. Among the targets from above we would like to emphasize the local high($4.528) and the strongest resistance level($3.693), from which the price has reacted more than 3 times. At the moment it is quite possible to see growth from around the current values, the only embarrassment is bitcoin, which looks short. In this case, we have 2 more limit orders to pick up, so even with a deeper dive, there is nothing to worry about!

Local prospects of #BTC💰 correction I think no one has any questions about the global growth targets, but we need to deal with the correction. The recent breakdown of the upper boundary of the global "Symmetrical Triangle" opened new horizons for the fall, and this is what we will talk about today. Let's turn to the hourly chart of the asset. On it we see the formation of the "Expanding Rising Wedge" which isoften a harbinger of a deeper market correction. Panic and run to sell your spot portfolio right now is clearly not worth it, because the wedge is not yet considered complete, which means that we will still have to see a good growth, before which it is quite possible to spill to the lower boundary, which is the resistance zone at 69541-68849$. From there I expect to get a reaction and continuation of growth, or going sideways. As a whole, locally I continue to believe in growth and greening of the market. But globally, after halving, I expect a descent and sideways.

#ETH 🔹 To understand the current global picture, let's turn to the daily chart of the asset. On it, we see a very similar formation to Bitcoin - the "Converging Triangle". The situations are similar, but not mirror-like. Compared to #BTC, Ethereum has not broken the upper boundary of the triangle, which means that it can still swing from side to side. 📉From below, we would like to highlight TWO strongest support levels, from which the price has already reacted more than once. 1st $3,419; 2nd $3,204. In case of a deeper dive, they are the ones that will keep the price at acceptable levels. In general, I consider the variant with price plunge and breakdown of the lower boundary of the triangle, followed by reaction from the 2nd support level. The market has not yet fully unloaded, so I consider this scenario to be the most viable. From above from the targets we have two local tops - $3730 and $4093.

🪙 DeFi Firm 1inch Introduces Web3 Debit Card in Partnership With Mastercard and Baanx Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Monday. The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion, according to a press release. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.

📊Digital asset investment products saw continued positive sentiment with inflows totalling $646m last week. inflows year-to-date at $13.8bn are at their highest ever level

❄️ Toncoin (TON) Hits ATH Flipping Cardano for Top Ten Spot Toncoin hit an all-time high of $6.50 on April 9, following a monumental 20% gain on the day, outperforming every other crypto asset in the top 50. The big move has enabled it to flip Cardano (ADA) and take the tenth spot with a market cap of $22.4 billion. Cardano, which is still languishing more than 80% down from its 2021 peak, has been dumped out of the top ten despite a 4% daily gain to top $0.61. Moreover, the social messaging platform Telegram-native asset has made more than 150% since the beginning of March, according to CoinGecko.

🪙USDT brought Tether roughly $6.2 billion in net income in 2023. That's 78% of what Goldman Sachs made ($7.9 billion) and 72% of what Morgan Stanley made ($8.5 billion). Tether has about 100 employees. Goldman Sachs has 49,000. Morgan Stanley has 82,000.

🏦 Coinbase cleared in lawsuit over crypto transactions Coinbase, one of the leading cryptocurrency exchanges, has achieved a significant victory in an ongoing lawsuit. The U.S. Court of Appeals for the Second Circuit has ruled in favor of Coinbase, confirming that the secondary sales of cryptocurrencies on its platform do not violate the Securities Exchange Act. The court’s decision affects a nationwide group of people who traded tokens on Coinbase from Oct. 8, 2019, to March 11, 2022. At the heart of the dispute was whether Coinbase’s traded cryptocurrencies met the criteria for securities.

🪙 Restaking Emerges As Ethereum’s Second Largest DeFi Sector The study highlights EigenLayer’s restaking protocol as an important component for new services and middleware on the Ethereum network, potentially offering significant ETH rewards for validators in the future. Ethereum’s proof-of-stake (PoS) consensus mechanism is the largest economic security fund in the crypto space, with nearly $112 billion. While validators securing the network traditionally earned base rewards on locked-up ETH, the introduction of liquid staked tokens (LSTs) paved the way for participants to engage with DeFi by trading or leveraging their staked assets.

📊Next Halving will gradually reduce the available supply to trade over the next 4 years and its impact is ~6%. Its impact is diminishing but remains significant. Bitcoin

💰 SushiSwap governance proposal suggests shifting DAO treasury assets to new Sushi Labs vault SushiSwap governance proposal suggests transferring assets from the DAO-controlled treasury to a new one controlled by Sushi Labs, while also ensuring that all future airdrops are directed to the Sushi Labs vault. "We request that Sushi DAO award a grant of 25 million Sushi tokens to Sushi Labs, including assets from the Arbitrum airdrop, business development, and partner grants, Kanpai 2.0, Sushi 2.0, rewards, stablecoins, and 'Sushi House' funds," the proposal by SushiSwap developer Jiro said.

⚡️ BTCFi innovation to match Ethereum DeFi in the future — MerlinSwap co-founder Bitcoin decentralized finance (DeFi), or BTCFi, is a recent paradigm seeking to bring DeFi capabilities to the world’s first blockchain network. Provided that its current adoption rate continues, BTCFi could match the innovation of Ethereum-based DeFi in the future. Showcasing investor demand for Bitcoin-native DeFi applications, decentralized exchange (DEX) MerlinSwap raised 6,599 Bitcoin worth $480 million during its initial DEX offering (IDO) on April 5. The IDO attracted over 52,000 participants.

💲Tether continues to mint USDT in billions - the third one this week... So far it is of little use - the market is showing little movement. But the bearish mood in the market is getting stronger, plus now they will start throwing some FUD to scare absolutely everyone... 📌 But as we know, most often it is done on purpose and the market eventually moves in the opposite direction - against the mainstream traders' opinion. Well, time will put everything in its place местам🤞🏻 - the situation is uncertain, but very interesting....

🪙 Uniswap hits a historic $2 trillion in trading volume The world's most popular decentralized exchange by trading volume announced it has passed a whopping $2 trillion in total trading volume. Uniswap Labs announced that the cumulative trading volume transacted using its protocol had hit the historic mark. Since its founding in 2018, Uniswap has been one of the most used DeFi applications on the Ethereum blockchain and the leading decentralized exchange, or DEX, by trading volume.

📊Key Bitcoin participants with 100-100K BTC wallets have accumulated 319,310 BTC (about 1.4% of supply) over the past 3 months. Many of these coins came from 0-100 BTC wallets, which dropped 105,260 BTC (-0.7% supply) in 3 months. This pattern is a bullish sign for bitcoin and all cryptocurrencies, given that the wallets with the greatest ability to move the markets look quite confident in the future value of bitcoin as we enter the final 2 weeks before April 19 halving.

🔥What to expect from the next BTC halving? The short-term impact on the price of BTC halving has been mixed in the past, but history shows that BTC typically rises for 9-12 months after a halving, making it a generally bullish event.

🇪🇺 Upcoming DeFi rules in Europe could ban non-decentralized protocols Decentralized finance protocols in Europe could soon be under new regulations as the European Commission evaluates the space. According to the Markets in Crypto-Assets (MiCA) — the regulatory framework that governs digital assets within the region — the European Commission is required to prepare a report by Dec. 30, 2024, evaluating the decentralized finance market and the feasibility of specific regulations for the sector.

📣 DeFi developers behind crypto exchange Phoenix close $20 million Series A round Ellipsis Labs today announced $20 million in Series A funding, led by Paradigm with participation from Electric Capital. The company’s debut product, a decentralized exchange called Phoenix, went live in February 2023, with its public-facing user interface launching last August. The funding will accelerate its efforts to “create a new financial ecosystem that offers competitive financial products on top of high-throughput blockchains,” the company said in a statement.

📣 Picasso Network Integrates IBC with Ethereum for Enhanced DeFi Picasso Network is now entitled to the Inter-Blockchain Communication (IBC) protocol with Ethereum. It facilitates sending assets and data across Ethereum as well as all Cosmos network nodes, considerably increasing communication between separate blockchains. “By connecting Ethereum with Cosmos through IBC and designating Osmosis as the primary liquidity hub, we are setting the stage for a new chapter in DeFi,”Composable Foundation Executive Director claims,” Henry Love stated.