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$635M liquidated in 24H as trader predicts $100K Bitcoin short squeeze

Crypto markets have faced a wave of liquidations over the past 24 hours, with total losses reaching $635.9 million, according to market data. Most of the liquidations (over $560 million) came from short positions, signaling growing pressure on bearish traders.

Bitcoin (BTC) led the liquidation charts, with $293 million in short positions wiped out as BTC surged past $94,000, marking a 6.29% gain within one day, according to CoinGlass data.

Ether (ETH) followed, with over $109 million in short liquidations as its price climbed nearly 10% to $1,787.

Data from exchanges showed Binance accounted for the largest share of liquidations at $18.7 million in the last four hours, with 78% of that targeting short positions. Bybit and OKX also saw significant liquidation volumes, reflecting widespread volatility across major platforms.

$635M liquidated in 24H as trader predicts $100K Bitcoin short squeezeCrypto market sees a wave of liquidations. Source: CoinGlass

Related: Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?

Trader says Bitcoin liquidity building around $100,000 level

Amid the market turbulence, crypto analyst Mister Crypto noted that liquidity is “piling up around $100,000” for Bitcoin.

In a recent post on X, he warned that bears are showing signs of desperation, suggesting a potential short squeeze could drive BTC closer to the six-figure mark.

A short squeeze occurs when a rapid price increase forces traders betting against the market to cover their positions, fueling further upward momentum.

Mister Crypto also shared a Binance BTC/USDT Liquidation Heatmap, showing that a large amount of Bitcoin trading activity and liquidation orders are building up around the $100,000 level, meaning many traders have set positions that could be triggered if the price reaches that point.

$635M liquidated in 24H as trader predicts $100K Bitcoin short squeezeSource: Mister Crypto

Bitcoin surged to a 45-day high above $94,000 on April 23. The leading cryptocurrency was trading at $94,236, up by more than 6% over the past day, at the time of writing, according to data from CoinMarketCap.

Related: Bitcoin price prepares for ‘70% to 80%’ gain as onchain metrics and spot BTC ETF inflows spike

Not everyone believes Bitcoin will hit $100,000 soon

However, not everyone is optimistic about an imminent Bitcoin surge to $100,000.

“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph.

He said the outcome of the May 6 Federal Open Market Committee (FOMC) meeting, ongoing trade negotiations with India and China, and broader macro conditions will be critical. He added:

“Cleared tariffs and potential Fed rate cuts could ignite further momentum, while rate hikes or unresolved tensions may keep BTC range-bound. US monetary policy will be pivotal in determining if Bitcoin reaches this milestone.”

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more at cointelegraph.com

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boost

Investments in Bitcoin exchange-traded funds (ETFs) rebounded to levels last seen in January, signaling a recovery in investor sentiment from concerns about global trade tariff escalations.

US spot Bitcoin (BTC) ETFs had over $912 million worth of cumulative net inflows on April 22, marking their highest daily investment in more than three months since Jan. 21, Farside Investors data shows.

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boostBitcoin ETF Flow, millions. Source: Farside Investors

“Bitcoin ETPs just saw the largest daily inflows since 21st January in a dramatic improvement in sentiment,” according to James Butterfill, head of research at CoinShares.

Related: Bitcoin still on track for $1.8M in 2035, says analyst

Investor sentiment appeared to improve after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations.

The de-escalation and growing ETF inflows pushed Bitcoin price above $93,000 for the first time in seven weeks, Cointelegraph reported on April 23.

The growing institutional investment and presence of ETFs may also accelerate the historic four-year cycle and bolster BTC to new highs before the end of 2025, analysts told Cointelegraph.

US dollar weakness may reinforce Bitcoin’s safe-haven appeal

The US dollar’s weakness may contribute to the growing investor demand for Bitcoin. 

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boostDXY, year-to-date chart. Source: Cointelegraph/TradingView 

The US Dollar Index (DXY), which measures the strength of the greenback against a basket of leading fiat currencies, has declined 9% since the beginning of 2025, touching a three-year low of 98.8 last seen in April 2022, TradingView data shows.

“Macro factors like a weakening dollar and rising gold correlation” may reinforce Bitcoin’s appeal as a hedge against economic volatility, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.

Related: Crypto, stocks enter ‘new phase of trade war’ as US-China tensions rise

Bitcoin no longer trading in the “shadow of tech”

Crypto and traditional stock markets are “walking a tightrope between political drama and economic reality,” with Bitcoin staging a significant rebound thanks to “strong ETF inflows, institutional acquisitions, and a weakening US dollar,” according to Nexo dispatch analyst Iliya Kalchev:

“Bitcoin’s strength amid dollar weakness, record gold prices, and renewed institutional buying reflects a market recalibrating what safety looks like.”

“The conversation has clearly shifted. Bitcoin is no longer trading in the shadows of tech — it’s becoming a lens through which macro uncertainty is priced,” he added.

Nansen CEO Alex Svanevik also praised Bitcoin’s resilience, noting that the maturing asset has become “less Nasdaq — more gold” in the past two weeks, increasingly acting as a safe haven asset against economic turmoil, though concerns over economic recession may limit its price trajectory.

On April 21, BitMEX co-founder Arthur Hayes predicted that this might be the “last chance” to buy Bitcoin below $100,000, as the incoming US Treasury buybacks may signal the next significant catalyst for Bitcoin price.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Read more at cointelegraph.com

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boost

Investments in Bitcoin exchange-traded funds (ETFs) have rebounded to levels last seen in January, signaling a recovery in investor sentiment from concerns around global trade tariff escalations.

US spot Bitcoin (BTC) ETFs had over $912 million worth of cumulative net inflows on April 22, marking their highest daily investment in more than three months since Jan. 21, Farside Investors data shows.

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boostBitcoin ETF Flow, millions. Source: Farside Investors

“Bitcoin ETPs just saw the largest daily inflows since 21st January in a dramatic improvement in sentiment,” according to James Butterfill, head of research at CoinShares.

Related: Bitcoin still on track for $1.8M in 2035, says analyst

Investor sentiment appeared to improve after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations.

The de-escalation and growing ETF inflows pushed Bitcoin price above $93,000 for the first time in seven weeks, Cointelegraph reported on April 23.

The growing institutional investment and presence of ETFs may also accelerate the historic four-year cycle and bolster BTC to new highs before the end of 2025, analysts told Cointelegraph.

US dollar weakness may reinforce Bitcoin’s safe-haven appeal

The US dollar’s weakness may also contribute to the growing investor demand for Bitcoin. 

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boostDXY, year-to-date chart. Source: Cointelegraph/TradingView 

The US Dollar Index (DXY), which measures the strength of the greenback against a basket of leading fiat currencies, fell nearly 9% since the beginning of 2025, to an over three-year low of 98.8 last seen in April 2022, TradingView data shows.

“Macro factors like a weakening dollar and rising gold correlation,” may reinforce Bitcoin’s appeal as a hedge against economic volatility, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.

Related: Crypto, stocks enter ‘new phase of trade war’ as US-China tensions rise

Bitcoin no longer trading in the “shadow of tech”

Crypto and traditional stock markets are “walking a tightrope between political drama and economic reality,” with Bitcoin staging a significant rebound thanks to “strong ETF inflows, institutional acquisitions, and a weakening US dollar,” according to Nexo dispatch analyst Iliya Kalchev:

“Bitcoin’s strength amid dollar weakness, record gold prices, and renewed institutional buying reflects a market recalibrating what safety looks like.”

“The conversation has clearly shifted. Bitcoin is no longer trading in the shadows of tech — it’s becoming a lens through which macro uncertainty is priced,” he added.

Nansen CEO Alex Svanevik also praised Bitcoin’s resilience, noting that the maturing asset is becoming “less Nasdaq — more gold” over the past two weeks, increasingly acting as a safe haven asset against economic turmoil, but concerns over economic recession may limit its price trajectory.

On April 21, BitMEX co-founder Arthur Hayes predicted that this might be the “last chance” to buy Bitcoin below $100,000, as the incoming US Treasury buybacks may signal the next significant catalyst for Bitcoin price.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Investments in Bitcoin exchange-traded funds (ETFs) have resurged to January’s levels, signaling a significant recovery in investor sentiment from the concerns related to global trade tariff escalations.

The US spot Bitcoin (BTC) ETFs received over $912 million worth of cumulative net inflows on April 22, marking the highest daily investment in over three months since Jan. 21, Farside Investors data shows.

Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boostBitcoin ETF Flow, millions, Farside Investors

“Bitcoin ETPs just saw the largest daily inflows since 21st January in a dramatic improvement in sentiment,” wrote James Butterfill, head of research at CoinShares, in an April 23 X post.

Related: Bitcoin still on track for $1.8M in 2035, says analyst

Investor sentiment was significantly improved after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” showcasing a softer tone in negotiations.

The notable de-escalation and the growing ETF inflows pushed Bitcoin price above $93,000 for the first time in seven weeks, Cointelegraph reported on April 23.

The growing institutional investment and presence of ETFs may accelerate the historic four-year cycle and bolster Bitcoin to new highs before the end of 2025, analysts told Cointelegraph.

Related: Crypto, stocks enter ‘new phase of trade war’ as US-China tensions rise

Bitcoin no longer trading in the “shadow of tech”

Crypto and traditional stock markets are “walking a tightrope between political drama and economic reality,” with Bitcoin staging a significant rebound thanks to “strong ETF inflows, institutional acquisitions, and a weakening USD,” according to Nexo dispatch analyst Iliya Kalchev.

The analyst told Cointelegraph, adding:

“Bitcoin’s strength amid dollar weakness, record gold prices, and renewed institutional buying reflects a market recalibrating what safety looks like.”

“The conversation has clearly shifted. Bitcoin is no longer trading in the shadows of tech — it’s becoming a lens through which macro uncertainty is priced,” the analyst added.

Nansen CEO Alex Svanevik also praised Bitcoin’s resilience, noting that the maturing asset is becoming “less Nasdaq — more gold” over the past two weeks, increasingly acting as a safe haven asset against economic turmoil, but concerns over economic recession may limit its price trajectory.

On April 21, BitMEX co-founder Arthur Hayes predicted that this might be the “last chance” to buy Bitcoin below $100,000, as the incoming US Treasury buybacks may signal the next significant catalyst for Bitcoin price.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Read more at cointelegraph.com

Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asks

Key points:

Whales on Binance join Coinbase in adding BTC exposure as Bitcoin recovers above $90,000.

The Coinbase premium is back in the green amid a broad risk-asset relief rally.

Resistance attributed to an entity dubbed “Spoofy the Whale” at $90,000 disappears.

Bitcoin (BTC) has fresh whale buying pressure across major exchanges as large-volume investors boost BTC price gains.

New data from onchain analytics platform CryptoQuant reports both Binance and Coinbase whales “pushing the market up.”

Coinbase BTC premium hits highest since February

Bitcoin whales are wasting no time adding BTC exposure as BTC/USD hits its highest levels in over six weeks.

This is reflected in market data, including the so-called Coinbase premium — the difference in pricing between the BTC/USD pair on the largest US exchange, Coinbase, and Binance’s BTC/USDT equivalent.

A positive premium indicates US buyer interest, with current values showing “alternate” demand between Coinbase and Binance.

“These two exchanges, which can be considered the largest in the world, have their whales alternately pushing the market up, creating a very positive situation, CryptoQuant contributor Crypto Dan summarized in one of its “Quicktake” blog posts.

Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asksCoinbase premium index. Source: CryptoQuant

Crypto Dan added that retail investors had undergone a shakeout thanks to the recent unpredictable BTC price action.

“Recently, most people had shifted their view to a bearish cycle, and public interest had significantly decreased,” he wrote. 

“Furthermore, with Bitcoin and altcoins in an oversold condition, the market has effectively shaken off the retail investors (the ‘small fish’), which means the market is now ready for a rise.”Mystery whale “relinquished control” of Binance order book

Binance order book data appears to corroborate the theory.

Related: US dollar goes ‘no-bid’ — 5 things to know in Bitcoin this week

As highlighted by Keith Alan, co-founder of trading resource Material Indicators, all classes of whales on Binance have begun buying.

In addition, a wall of resistance at $90,000, which Allen previously attributed to an entity he dubbed “Spoofy the Whale,” has vanished.

“Spoofy the Whale has relinquished control of the BTC order book on Binance,” he summarized in an X post on April 23.

Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asksBTC/USDT order book liquidity. Source: Keith AlanX

Alan reiterated that Bitcoin still needed a decisive reclaim of its yearly open at around $93,500 to complete a bullish turnaround and leave its multimonth downtrend behind.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more at cointelegraph.com

Binance tightens South African compliance rules for crypto transfers

Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.

In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.

Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.

For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.

Binance tightens South African compliance rules for crypto transfersBinance to require information for all crypto transfers in South Africa. Source: Binance

The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.

Related: US judge transfers Binance lawsuit to Florida, citing first-to-file rule

Missing transfer details may reverse transactions

Binance warned that failure to provide the required information may result in delayed transactions or, in some cases, a return of funds to the sender.

In preparation for the rollout, users will need to re-login to their accounts starting April 24.

The change comes as South Africa moves to boost oversight of the rapidly moving crypto sector.

On April 2, Bloomberg reported that South Africa’s Revenue Service (SARS) is urging individuals, crypto exchanges and intermediaries involved in crypto transactions to register with the authority, warning that failure to do so is now illegal.

In March, the Financial Sector Conduct Authority (FSCA) of South Africa issued a public warning against two unlicensed crypto firms, Afriinvest and Mutualwealth, accusing them of soliciting investments while promising unrealistic returns of up to 10,000 rand ($542) per day.

Related: Binance, KuCoin, MEXC report service issues due to AWS network interruption

South Africa pushes to become key crypto hub

Emerging economies across Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid growing regulatory clarity, Ben Caselin, chief marketing officer (CMO) of Johannesburg-based crypto exchange VALR, told Cointelegraph in September 2024.

Caselin said that South Africa’s strong legal framework and ease of business make it a key entry point for crypto expansion across the continent.

The South African crypto market is projected to generate $278 million in revenue in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.86% and reach $332.9 million by 2028, according to Statista.

Binance tightens South African compliance rules for crypto transfersRevenue in South Africa’s crypto market is expected to grow by 7.86% by 2028. Source: Statista

Regulatory momentum is increasing, with the FSCA approving 59 crypto platform licenses in March 2024, while over 260 applications remain under review.

Cointelegraph contacted Binance for comments but did not receive a response by publication.

Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of Flame

Read more at cointelegraph.com

What are spot Solana ETFs with staking? Canada’s crypto innovation explained

What are spot Solana ETFs and why are they important?

A spot Solana ETF is an exchange-traded fund that holds Solana (SOL) tokens directly, providing investors real-time exposure to the asset’s market price. Rather than using complex trading platforms or crypto wallets, you can access Solana via a regulated financial product traded on a traditional stock exchange. 

The value of Solana ETFs is directly tied to the open market price of SOL, offering a simple way to gain exposure to the blockchain’s performance without directly holding the asset. Unlike futures-based ETFs that use derivative contracts to speculate on Solana’s future prices, a spot ETF tracks the performance of the actual asset. 

This distinction is significant because futures products may face pricing inefficiencies, leading to performance mismatches over time. Spot ETFs are more transparent and directly reflect SOL’s real-time supply and demand on the Solana blockchain.

Spot Solana ETFs mark a significant step toward mainstream crypto adoption. These products enable retail and institutional investors to gain exposure to the Solana ecosystem while operating within the bounds of securities regulations.

Like spot Bitcoin and Ethereum ETFs, spot Solana exchange-traded funds are expected to expand market access and serve as another entry point to decentralized finance (DeFi) for traditional investors.

Did you know? Spot ETFs aim to mirror an asset’s current price by directly holding the asset, while futures ETFs use derivative contracts to speculate on future price movements.

Launch of spot Solana ETFs on the Toronto Stock Exchange

On April 16, 2025, four spot Solana ETFs started trading on the Toronto Stock Exchange, following approval from the Ontario Securities Commission (OSC). With this, Canada became the first country to launch spot SOL ETFs with staking. The OSC granted approval to the spot Solana ETFs of four asset managers: 3iQ, Purpose, Evolve and CI Financial. 

Unlike products that only track Solana’s price, these funds hold SOL tokens, giving investors direct ownership of the asset. The funds are secured via institutional-grade cold storage custody. Each fund tracks a distinct Solana-related index, offering diverse strategies with onchain asset backing. Despite their structural differences, these ETFs are all designed for long-term investment, reflecting the issuers’ strong belief in Solana’s future in DeFi.

By incorporating staking, these spot Solana ETFs provide an active way for investors to earn returns in the cryptocurrency market, all within a regulatory framework and secure, institutional-grade custody services.

These ETFs enable staking through a partnership with TD Bank, allowing the SOL they hold to actively support and secure the Solana network. In return, the network issues staking rewards, which can be passed on to investors. Since Solana typically offers higher staking yields than Ethereum, this structure may translate into greater potential returns for investors.

ETF analyst Eric Balchunas shares news about the Canadian regulator greenlighting SOL spot ETFs with staking

How does staking boost returns for Solana ETF investors?

By offering staking, these spot Solana ETFs may boost returns for investors by an estimated 2%-3.5% annually, in addition to the performance of the underlying SOL. 

The ETFs generate yield by working with staking partners that delegate up to 50% of the fund’s assets for staking. Staking rewards generated by the ETF are typically shared between shareholders and the fund manager, with the specific allocation varying depending on the ETF issuer.

Management fees of these spot Solana ETFs vary from 0.15% to 1%, with some providers offering fee waivers during the initial launch phase. After two days of trading, the combined assets under management for the four ETFs total about $73.5 million.

Staking Solana may yield higher returns than staking Ether (ETH). The ETFs intend to pass these additional rewards on to investors, potentially reducing the long-term cost of owning the ETF.

Here is a comparison between the various spot Solana ETFs with staking approved in Canada:

A comparison between the spot Solana ETFs with staking approved in Canada

Cathie Wood’s ARK Invest has incorporated staked Solana into its ARKW and ARKF ETFs, with both funds now holding shares of Canada’s 3iQ Solana Staking ETF (SOLQ).

Cathie Wood's ARK Invest adds staked Solana to two of its ETFs - ARKW and ARKF

Did you know? Altcoin ETFs track the prices of one or more cryptocurrencies other than Bitcoin (BTC). They diversify investor exposure within the cryptocurrency market, as various altcoins exhibit different price behaviors and underlying strengths.

How Canada’s spot Solana ETFs unlock passive income opportunities

Canada offering spot Solana ETFs with staking is an innovative step. Existing SOL investment products, such as the crypto ETFs in Europe and the futures-based ETFs in the US do not offer an opportunity to earn staking yield.

Incorporating yield into a regulated crypto ETF structure addresses a long-standing demand from investors and asset managers interested in proof-of-stake (PoS) networks like Solana and Ethereum

As staking is central to these tokens’ value, its inclusion enables SOL ETFs to offer a passive income component, making them more appealing to traditional investors seeking income-generating opportunities. The OSC’s approval of the staking feature for spot Solana ETFs may boost SOL’s position. However, staking carries risks, such as potential losses from validator penalties (slashing) or network disruptions, which could affect returns.

Nonetheless, this approval reinforces Canada’s pioneering role in crypto ETF innovation, having launched the world’s first spot Bitcoin and Ethereum ETFs in 2021, ahead of many other jurisdictions. By allowing staking rewards in spot Solana ETFs, Canadian regulators have signalled a growing acceptance of crypto-powered finance. 

Did you know? ETFs aren’t without risks. Market fluctuations can lead to losses, and tracking errors can cause an ETF’’s performance to differ from its benchmark index, affecting investor outcome.

What Canada’s launch of Solana ETFs with staking means for pending SEC applications

Canada’s decision provides alternative cryptocurrency investment choices for its investors and may serve as an example for other countries considering spot ETFs for cryptocurrencies other than Bitcoin.

Despite a subdued global macroeconomic climate — partly shaped by trade tensions during Donald Trump’s presidency — Canada’s regulators have taken a proactive stance, embracing innovation in the digital asset space. The greenlighting of Solana ETFs with staking reflects a maturing approach to crypto policy and signals confidence in alternative layer-1 networks.

Meanwhile, in the United States, anticipation is building. The launch of Solana futures on the Chicago Mercantile Exchange (CME) on March 17, 2025, is seen as a stepping stone toward a US spot ETF. The SEC is currently reviewing 72 crypto-related ETF applications as of April 21, covering a spectrum of assets from major altcoins like XRP (XRP) to memecoins like Dogecoin (DOGE), including proposals for leveraged and derivative products.

As of April 21, 2025, the SEC is reviewing 72 crypto-related ETF applications, including derivatives. The filings range from major cap altcoins to memecoins and include leveraged products and options. The outcome of Canada’s pioneering approach may offer valuable insights to regulators and could potentially influence the SEC’s decisions regarding these filings.

However, the SEC’s stance may differ significantly from Canada’s due to structural and regulatory complexities within the US financial system. Unlike Canada’s more unified regulatory framework, the US divides oversight between multiple agencies — including the SEC, CFTC, and state regulators — creating friction in crypto policymaking.

Canada’s trailblazing move could nonetheless offer a valuable case study for US regulators. As markets await the SEC’s decisions, the key question remains whether Washington will follow Ottawa’s lead — or chart its own course and a slower timeline for non-Bitcoin spot ETFs.

Read more at cointelegraph.com

Ethereum bounces back as market dominance recovers from all-time low

Ethereum’s price has surged after having been in the doldrums for weeks, helping boost its market share after it hit record lows.

Ether (ETH) has surged almost 15% over the past 24 hours, topping $1,800 on April 23. It has outperformed Bitcoin, which notched a 6% gain, and the wider crypto market, which has climbed almost 5% to reclaim a total market value of $3 trillion. 

Ether has now managed to recover almost 30% since its April 9 crash to $1,400, leading some analysts to suggest that the worst may be over for the world’s second-largest crypto asset.

“You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up,” crypto trader and analyst “Income Sharks” commented to their 640,000 X followers.

Market analyst “Ash Crypto” said ETH was “about to explode,” drawing comparison from the current chart pattern for Ether to that for Bitcoin’s performance in late 2024. 

Ethereum bounces back as market dominance recovers from all-time lowBTC vs ETH performance and prediction. Source: Ash Crypto 

Jeff Mei, chief operating officer at the crypto exchange BTSE, was not conviced Ethereum was moving idependently, and told Cointelegraph that Ether’s gain “was largely due to it tracking the price of Bitcoin and the overall market,” and that that Paul Atkins’ confirmation as chair of the US Securities and Exchange Commission had boosted overall market sentiment.

Earlier this month, ETH had fallen back to bear market prices and had seen its market share dwindle amid a wide market downturn marred by fears of a trade war. 

On April 22, analyst “Rekt Capital” said that ETH’s market dominance has fallen back to all-time lows but “managed to protect 2019 all-time lows as support.” 

ETH dominance fell to its September 2019 low of 7% on April 22, according to TradingView. However, its subsequent price pump has seen that share bounce off this critical support level and return above 7.5% on April 23. 

Ethereum bounces back as market dominance recovers from all-time lowETH dominance lows. Source: Rekt CapitalFundamental catalysts supporting the move

10x Research’s Markus Thielen told Cointelegraph that it hasn’t taken much to drive Ethereum higher, as a “heavily shorted market is now experiencing a squeeze.” 

Related: Ethereum Foundation shifts focus to user experience, layer-1 scaling 

Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound, he said. 

“With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.” 

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest

Read more at cointelegraph.com

Cantor plans $3B crypto venture with SoftBank, Bitfinex and Tether: Report

Brandon Lutnick, chair of investment banking firm Cantor Fitzgerald, is reportedly partnering with SoftBank, Tether and Bitfinex to create a $3 billion crypto acquisition company.

Lutnick and the consortium hope to create a publicly listed crypto acquisition company to capitalize on the market under crypto-friendly US President Donald Trump, and replicate Michael Saylor’s company Strategy, the Financial Times reported on April 23, citing three people who have been briefed on the plan.

Cantor Equity Partners raised $200 million in January for the new firm called 21 Capital. At the same time, stablecoin issuer Tether will fork out $1.5 billion in Bitcoin (BTC), Japanese investment holding firm Softbank Group will contribute $900 million, and the crypto exchange Bitfinex will add $600 million.

Lutnick’s new venture hopes to raise another $350 million in convertible bonds and a separate $200 million private equity placement to buy additional Bitcoin.

Eventually, Tether, Bitfinex, and SoftBank’s Bitcoin investments will be converted into 21 Capital shares, with the value of the Bitcoin locked in at $85,000 per coin and shares costing $10 a pop.

However, the deal hasn’t been finalized yet, and some details could change before it’s officially announced. Brandon Lutnick was named chair of Cantor Fitzgerald when his father, Howard Lutnick, stepped down to become the US Secretary of Commerce.

Banks, Investments, TetherBrandon Lutnick was named chair of Cantor Fitzgerald when his father, Howard Lutnick (right), became the US Secretary of Commerce. Source: White House

Cantor Fitzgerald, SoftBank, Tether and Bitfinex didn’t immediately respond to Cointelegraph’s request for comment.

Cantor already well versed in crypto market 

Cantor Fitzgerald has managed Tether’s Treasury portfolio and $134 billion of reserves, mainly in US Treasury bills, since 2021. The firm also owns a 5% stake in the stablecoin issuer.

Previously, Cantor acted in an advisory role for Tether’s $775 million investment in YouTube alternative Rumble in December last year.

Related: Commerce Secretary Lutnick walks back tariff relief on electronics

Meanwhile, on March 11, Cantor Fitzgerald said it was rolling out a Bitcoin financing business with $2 billion in initial capital to help institutional investors borrow against their crypto holdings. Anchorage Digital and Copper were selected as Bitcoin custodians and collateral managers.

Cantor Fitzgerald currently holds over $5 billion worth of assets across 275 total holdings, according to Fintel data.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

Read more at cointelegraph.com

SEC says it won’t re-file fraud case against Hex’s Richard Heart

The US Securities and Exchange Commission has said it doesn’t intend to refile its securities fraud complaint against Hex founder Richard Schueler, who goes by Richard Heart.

“Plaintiff Securities and Exchange Commission provides this notice that it does not intend to file an amended complaint in this matter,” the regulator’s lawyer, Matthew Gulde, stated in an April 21 letter to New York District Court Judge Carol Bagley Amon. 

The court had previously dismissed the SEC’s original complaint on Feb. 28 as Judge Amon said the regulator failed to establish that it had jurisdiction over Heart’s activities, which she said were not specifically targeted at US investors.She granted leave for the SEC to file an amended complaint by March 20, later extending the deadline to April 21.

Heart posted to X on April 22 that “Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have achieved regulatory clarity that nearly no other coins have.”

SEC says it won’t re-file fraud case against Hex’s Richard HeartLetter from the SEC to Judge Amon. Source: PACER

Heart added that the SEC walked away from some of its other cryptocurrency cases voluntarily, but claimed his was the only case where “the SEC lost and crypto won across the board, with a dismissal in court of every single claim the SEC brought.”

Heart said it was a victory for open-source software, cryptocurrency and free speech because the SEC “actually sued software code itself in this case.” 

SEC hunted Heart in Finland

The SEC sued Heart in July 2023 for alleged unregistered securities offerings of three tokens, HEX, PulseChain (PLS), and PulseX (PSLX), claiming he made more than $1 billion by touting the tokens as a “pathway to grandiose wealth for investors.”

In April 2024, Heart tried to have the suit tossed, claiming the regulator “has no sway over him,” because he didn’t reside in the United States. 

Related: Finnish police seize watches worth $2.6M from Hex founder Richard Heart: Report

The SEC opposed this in August, claiming he touted the tokens at a Las Vegas event. In December 2024, Interpol issued a Red Notice for Heart, seeking his arrest in Finland, where he was also suspected of tax evasion

The PulseChain native token (HEX) hit an all-time high of $0.031 in December 2024 but has since tanked 76% as most altcoins have failed to follow Bitcoin’s momentum this year. 

The SEC has dropped or suspended several cases against crypto firms so far this year under the Trump administration.

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Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’

Tesla has held onto its Bitcoin during the first quarter of 2025 as CEO Elon Musk promised shareholders that he would scale back his time working as the Trump administration’s cost-cutting czar.

Musk’s comment appears to have been the main catalyst behind Tesla’s (TSLA) 5.4% price jump in after-hours trading on April 22 to $250.80 after closing the trading day up 4.6%, according to Google Finance. 

It comes as the automaker’s Q1 results released the same day show revenues hit $19.34 billion, missing Wall Street estimates by 7.85% and marking a 9.2% fall from the same period last year.

Tesla’s net income of $409 million also marked an 80.8% quarter-on-quarter drop and a 70.5% fall from Q1 2024.

Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’Source: Tesla

Tesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1, alongside Bitcoin’s (BTC) 11.56% price fall to $82,514 over the same time, according to CoinGecko data.

A new rule from the Financial Accounting Standards Board allows public companies to report their crypto holdings at market value. Before, only losses were recorded — unless the crypto was sold. 

Tesla’s 11,509 Bitcoin stash is now worth over $1.07 billion as a result of the market rebound over the last week, according to Bitcoin Treasuries data. Tesla’s Bitcoin holdings haven’t changed since June 30, 2022.

Musk to ease up on DOGE duties

In an April 22 earnings call, Musk promised that he would scale back his time working at the Trump administration’s so-called Department of Government Efficiency, or DOGE, to focus more on Tesla.

“Starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. 

“I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done.”

Musk said he’ll continue to spend “a day or two per week” on DOGE-related matters for as long as US President Donald Trump needs to ensure the “waste and fraud that we stop does not come roaring back.”Related: Peirce signals SEC ‘reorientation’ under new chair Paul Atkins

Tesla’s 5.4% rise in after-hours came on the back of a 4.6% increase to nearly $237 during the April 22 trading day as the broader market clawed back some losses from earlier in the week.

Tesla shares are still down over 37% year-to-date, driven partially by declining sales, Musk’s increased political presence and economic uncertainty stemming from Trump’s tariffs.

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