Bitcoin’s (BTC) value relative to gold (XAU) may be poised for a steep 35% drop as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s breaks below key gold support

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

For instance, in both 2021 and 2022, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

That is in contrast to the ongoing decoupling narrative between Bitcoin and the US stocks.

BTC vs gold breakdowns are historically bearish

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern also repeated in earlier cycles, namely the 2019-2020 and 2018-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Bitcoin’s (BTC) value relative to Gold (XAU) may be poised for a steep 35% drop, as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s break below key gold support signals further selloffs

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

In both 2021 and 2022, for instance, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

That is in contrast to the ongoing ‘decoupling’ narrative between Bitcoin and the US stocks.

BTC/XAU breakdowns are historically bearish for BTC/USD

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern repeated in earlier cycles as well, namely the 2019-2020 and 2019-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Bitcoin’s (BTC) value relative to Gold (XAU) may be poised for a steep 35% drop, as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s break below key gold support signals further selloffs

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

In both 2021 and 2022, for instance, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

That is in contrast to the ongoing ‘decoupling’ narrative between Bitcoin and the US stocks.

BTC/XAU breakdowns are historically bearish for BTC/USD

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern repeated in earlier cycles as well, namely the 2019-2020 and 2019-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Bitcoin’s (BTC) value relative to Gold (XAU) may be poised for a steep 35% drop, as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s break below key gold support signals further selloffs

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

In both 2021 and 2022, for instance, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

That is in contrast to the ongoing ‘decoupling’ narrative between Bitcoin and the US stocks.

BTC/XAU breakdowns are historically bearish for BTC/USD

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern repeated in earlier cycles as well, namely the 2019-2020 and 2019-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Bitcoin’s (BTC) value relative to Gold (XAU) may be poised for a steep 35% drop, as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s break below key gold support signals further selloffs

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

In both 2021 and 2022, for instance, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

That is in contrast to the ongoing ‘decoupling’ narrative between Bitcoin and the US stocks.

BTC/XAU breakdowns are historically bearish for BTC/USD

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern repeated in earlier cycles as well, namely the 2019-2020 and 2019-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Bitcoin’s (BTC) value relative to Gold (XAU) may be poised for a steep 35% drop, as it mirrors historical bear market signals and reacts to massive turbulence that has wiped out $13 trillion from the US stock market.

Bitcoin’s break below key gold support signals further selloffs

As of April 22, the BTC/XAU ratio had closed below its 50-period exponential moving average (50-period EMA; the red wave) on the two-week chart for the first time since April 2022.

BTC/XAU two-week performance chart. Source: TradingView

Historically, a decisive close below the 50-period EMA has led to an extended downtrend toward the 200-period EMA (the blue wave).

In both 2021 and 2022, for instance, BTC/XAU experienced an initial bounce after testing the 50-EMA, only to eventually break below it and decline toward the 200-EMA, as shown above.

This pattern is now repeating in 2025 after two recent tests of the 50-EMA support level in 2024 and 2025. BTC/XAU is breaking lower, suggesting that a move toward the 200-EMA may be underway, representing an approximately 35% drop.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, offers a similar downside outlook for the Bitcoin-to-Gold ratio, citing its extremely positive correlation with the US stock market.

Bitcoin/Gold vs. US stock market cap-to-GDP ratio. Source: Mike McGlone

“What’s $13 trillion? The 2025 peak-to-trough drop in US stock market capitalization — almost 50% of GDP,” he wrote, adding:

“The Bitcoin/gold cross has same-chart symptoms with market cap-to-GDP.

“Bounces should be expected in bear markets,” he added, implying that while short-term relief rallies are possible, the prevailing trend for both Bitcoin and equities may remain downward for now.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

That is in contrast to the ongoing ‘decoupling’ narrative between Bitcoin and the US stocks.

BTC/XAU breakdowns are historically bearish for BTC/USD

Weakness in the BTC/XAU pair is not just a relative signal; it often foreshadows absolute declines in Bitcoin’s price.

This trend was clearly visible during the 2021–2022 cycle. After BTC/XAU broke below its 50-EMA in late 2021, Bitcoin’s price in USD followed suit, entering a prolonged bear market that saw prices fall from over $42,000 to below $17,000.

BTC/XAU vs. BTC/USD two-week price performance chart. Source: TradingView

The pattern repeated in earlier cycles as well, namely the 2019-2020 and 2019-2019 periods. Each time, Bitcoin either bottomed out near its 200-week EMA or declined further below it to establish a cycle low, as shown below.

BTC/USD weekly price chart. Source: TradingView

If the historical correlation between BTC/XAU and BTC/USD holds true in the current cycle, Bitcoin faces an elevated risk of declining toward its 200-week EMA by year’s end, which currently sits near $50,950.

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.

Opinion by: Ahmad Shadid, CEO of O.xyz

The DeepSeek saga made it abundantly clear that cheaper AI models can offer breakthrough advantages. DeepSeek challenges traditional investments with low-cost, high-performance technology. Yet its rise brings serious risks. 

The most concerning aspects of such models are data privacy and security issues. The fact that such advanced models can be developed at a fraction of the standard expense does boost innovation and investment prospects, but at what cost?

Cost-cutting AI models can create dangerous vulnerabilities, even if they democratize AI development. A recent Cisco study found that DeepSeek’s R1 model had a 100% attack success rate. In simple terms, the model failed to block a single harmful prompt. Why does security take a backseat during such innovation?

DeepSeek sparks AI frenzy in China 

DeepSeek developers claim that its R1 chatbot costs a fraction of what rivals like OpenAI spend. Industry voices labeled this as the biggest AI chatbot story since November 2022. Microsoft and Amazon Web Services moved quickly to support DeepSeek.

This progress comes with risks. DeepSeek’s AI model stores user data on servers in China. Chinese law forces companies to share data with state agencies. This policy may allow the Chinese government to harvest US consumer data.

OpenAI raised concerns over DeepSeek in a letter to the US government. The 15-page letter highlighted that DeepSeek’s advancements, particularly with its R1 model, are narrowing the US lead in AI. 

From a financial viewpoint, DeepSeek’s announcement triggered a global panic. Tech stocks dropped sharply. Nvidia, a leader in chip manufacturing, lost nearly 17% in a single day. Investors reevaluated the cost and competitiveness of the AI industry. The loss in market value reached hundreds of billions of dollars. 

As risk sentiment spread, the shockwaves moved quickly into other sectors like crypto. The fast and hasty reaction itself is a critical concern. If AI developers want to cash in on this low-cost development trend, we might see more models like DeepSeek emerge that sacrifice user privacy for the sake of rapid deployment. 

The spillover effects on crypto

The DeepSeek saga revealed a more concerning trend for the crypto industry. Cryptocurrencies have grown closely linked with tech stocks. When DeepSeek hit the headlines, the crypto market was not spared. Bitcoin (BTC), the most prominent digital asset, fell below $100,000. 

Analysts also noted that Bitcoin’s six‐month rolling correlation with the Nasdaq Composite rose to about 0.5. This indicates that risk assets like Bitcoin follow suit when tech stocks falter. So, future developments that damage the mainstream tech market can also take a toll on the crypto market. 

Critics, including Jean Rausis of Smardex, maintain that DeepSeek’s technology “has nothing to do with Bitcoin” on a fundamental level. The prevailing market fear, however, meant that any shock in the tech sector transmitted quickly to the crypto market. Many Bitcoin miners had moved into AI data center operations and saw shares decline by 13%–18%. This drop added to the overall uncertainty in the market.

Another concern is the increasing avenue of scams. Several DeepSeek-themed or even fake AI-themed tokens emerged and captured investors’ attention. New investors would know very little about trading on decentralized exchanges and identifying pump-and-dump or rug-pull schemes. 

Security risks that can’t be ignored 

Security researchers pointed out that the DeepSeek R1 iOS app uses outdated encryption. Such flaws expose users to the risk of cyberattacks and data breaches. 

This cost-cutting can leave the system vulnerable to manipulation and misuse. The possibility that a low-cost AI model might serve foreign state interests casts a long shadow over its adoption.

Recent: OpenAI expects to 3X revenue in 2025 but Chinese AI firms are heating up

Security risks of this nature require urgent attention from companies and regulators alike. US officials worry about the storage of sensitive consumer data on Chinese servers. Regulators may impose stricter data protection standards to safeguard market confidence. Industry experts also debate the long-term influence of DeepSeek. Some argue that its cost-efficiency could push the entire AI sector forward. 

They see lower training costs as an opportunity to drive innovation and increase competition. This could lead to broader adoption of AI tools and lower costs. Yet the security shortcomings remain unresolved. The risk that cheaper models expose users to data breaches and cyberattacks overshadows potential benefits.

What’s ahead? 

As regulators and industry leaders step in to examine these issues, the future of AI depends on how well we manage these security risks. We must demand higher standards for data protection, even as we push for innovation. 

DeepSeek’s case reminds us that breakthroughs in efficiency must come with strong safeguards. The choices made now will shape the future of AI and consumer data protection. The debate over cheaper, faster but riskier technology is far from over and will continue to influence the tech and crypto space for years to come.

Opinion by: Ahmad Shadid, CEO of O.xyz.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin mining firm Bitdeer secured $60 million in loans to ramp up its Bitcoin ASIC manufacturing efforts as global mining competition intensifies amid record-breaking network hashrates.

According to its annual report, Bitdeer entered a loan agreement in April with affiliate firm Matrixport, a crypto financial services company founded by Bitdeer’s chairman, Jihan Wu.

The facility offers up to $200 million, backed by Bitdeer’s Sealminer hardware, with a floating interest rate of 9% plus market benchmarks. As of April 21, Bitdeer had drawn $43 million from the credit line.

Source: Bitdeer’s Annual Report

The latest funding adds to a $17 million unsecured loan obtained in January, alongside previous capital raises totaling $572.5 million via convertible notes in 2024. Bitdeer also issued over six million shares, raising nearly $119 million in equity markets this year.

Related: Top Bitcoin miners produced nearly $800M of BTC in Q1 2025

Bitdeer acquires 101 MW Alberta power project

In February 2025, Bitdeer acquired a fully licensed 101 megawatt (MW) gas-fired power project near Fox Creek, Alberta, for $21.7 million in cash, per the annual filing.

The site, with potential to scale up to 1 gigawatt, includes all necessary permits for construction and a 99 MW grid connection. The power plant is set to be developed with an EPC partner and is expected to be operational by the fourth quarter of 2026.

In March, the company also purchased 40 MW worth of liquid-cooled mining containers from Saiheat.

More recently, it was reported that Bitdeer is expanding its self-mining operations and investing in United States-based production. The shift came in response to cooling demand for its mining hardware from other miners.

“Our plan going forward is to prioritize our own self-mining,” Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, reportedly said. 

Additionally, on Feb. 28, 2025, Bitdeer launched a $20 million share repurchase program, effective through February 2026. To date, it has repurchased 1,056,500 Class A shares valued at about $12 million under this program.

Related: American Bitcoin’s ambition is to dominate mining — Hut 8 CEO

Bitcoin hashrate surges while miner revenues shrink

Bitdeer’s expansion comes as Bitcoin’s network computing power hit a record 1 sextillion hashes per second in early April, according to BitInfoCharts.

Bitcoin hashrate. Source: BitInfoCharts

A higher hashrate indicates that more miners (or more powerful machines) are competing to solve Bitcoin blocks. As competition rises, each individual miner’s chance of earning block rewards decreases, implying declining profitability.

Further hurting miner revenue are low transaction fees. As of now, the average Bitcoin transaction fee hovers around $1, down from over $16 per transfer in April last year, according to YCharts.

The low transaction fees and rising hashrate forced public miners to sell over 40% of their BTC production in March — the highest since late 2024.

Firms like Hive, Bitfarms and Ionic Digital reportedly sold more than 100% of their monthly output.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency and launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC).

The report said criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection.

One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which has processed more than $24 billion in crypto linked to fraud over the past four years.

Value of crypto funds received by Huione Guarantee continues to rise. Source: UNODC

Headquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors.

“Concerningly, Huione has recently launched a range of its own cryptocurrency-related products, including a cryptocurrency exchange and trading application, online gambling platform, blockchain network, and US dollar-backed stablecoin designed to circumvent government controls,” the report stated.

Related: CFTC partners up to warn on crypto pig butchering scams

Southeast Asia emerges as crypto crime hub

The UNODC warned that scam centers in Myanmar, Cambodia and Laos have industrialized cybercrime, combining blockchain, artificial intelligence and stablecoins to fuel operations.

These centers run complex fraud schemes, including phishing, investment scams and “pig butchering,” generating billions annually, per the report. 

Some of the largest pig butchering syndicates are reportedly clustered around the region, according to Cointelegraph Magazine.

Over the past year, several raids have led to the arrests of hundreds of people, including Chinese, Filipino, Indonesian, Malaysian, Thai and Vietnamese nationals found at suspected cyber-enabled fraud operations.

In October 2024, Hong Kong police busted a scam center and arrested 27 people they accused of using AI deepfakes to carry out a crypto romance investment scam that defrauded victims of more than $46 million.

Likewise, in December 2024, Nigeria’s anti-corruption agency arrested 792 people in a raid on a building in the country’s largest city that it claimed was a hub for a massive crypto romance scam operation.

Locations of reported scam centers in Mekong. Source: UNODC

Related: Coinbase users hit by $46M in suspected phishing scams

Custom stablecoins and exchanges evade oversight

The UN report highlights that syndicates are issuing their own stablecoins and creating private exchanges to bypass global financial regulations, which allows criminals to move funds seamlessly across borders without relying on mainstream platforms subject to Anti-Money Laundering controls.

Huione Guarantee has launched a suite of crypto-related products, which also includes a cryptocurrency exchange, a blockchain network (Xone Chain) and an online gambling platform. The group also announced the launch of a Huione Visa card in February 2025.

While Southeast Asia remains the epicenter, UNODC noted that these crypto-fueled operations are expanding into Africa, South America and the Pacific.

“The growing global impact of expanding Asian money laundering and underground banking networks cannot be understated,” the report stated, urging governments to close loopholes.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Cryptocurrency exchange-traded products (ETPs) showed signs of recovery last week with minor inflows, after shedding more than $1 billion in outflows in the previous two weeks.

Crypto investment products saw inflows of $6 million during the week of April 14–18, reflecting mixed investor sentiment, CoinShares reported on April 22.

“While the week began with minor inflows, stronger-than-expected US retail sales figures mid-week likely triggered outflows of $146 million,” CoinShares’ head of research James Butterfill wrote.

Weekly crypto ETP flows since late 2024. Source: CoinShares

Total assets under management (AUM) in crypto ETPs edged up 1.4% from $129 billion as of April 11 to $131 billion on April 18.

All US Bitcoin ETFs are red in April so far

According to the report, BlackRock’s iShares exchange-traded funds saw the biggest inflows last week at $182 million, while major issuers like Fidelity saw $123 million of outflows from the issuer’s crypto ETPs.

Bitwise was among a few of the US issuers that saw inflows in its crypto ETPs, totaling $24 million, while the European issuer 21Shares saw bigger inflows at $37 million.

Flows by issuer (in millions of US dollars). Source: CoinShares

Even with minor inflows, all US crypto ETP issuers are currently in the red month-to-date. European-based 21Shares was the only issuer that had maintained $28 million of inflows in April.

Related: BlackRock reports $3B in digital asset inflows during Q1

Year-to-date, BlackRock’s iShares ETFs are solid with more than $3 billion of inflows, with the majority of issuers being in red, except for Proshares with $340 million of inflows and Cathie Wood’s ARK with $19 million YTD.

XRP stood out with $37.7 million inflows

Asset-wise, Ether (ETH) saw the largest ETP outflows among other cryptocurrencies last week, totaling $26.7 million.

XRP (XRP) saw significant inflows of $37.7 million, standing out as the biggest gainer among other crypto ETPs.

Flows by asset (in millions of US dollars). Source: CoinShares

Bitcoin saw minor outflows of $6 million, extending April outflows to $894 million. The asset still has $541 million of ETP inflows YTD, the biggest inflows before Ether and XRP, totaling $215 million and $214 million YTD, respectively.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

A Solana address with over 1 million tokens is sitting on more than $153 million in profit after a four-year staking play on the crypto asset. 

Blockchain analytics firm Lookonchain flagged the wallet address of a whale that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the play. 

Four years later, the whale’s total staked Solana holdings have reached 1.29 million. With Solana appreciating to about $140, the whale’s holdings have increased in value to about $180 million. 

On April 22, the whale started offloading a portion of the token stash to cash out on the gains. Lookonchain reported that the whale had unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell. 

Lookonchain said the whale still has 1.19 million Solana, worth around $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million. 

Source: LookonchainSolana whales turn $37 million to $200 million in four-year play

The Solana whale’s unstaking and token offloading follow another Solana staking play that involved hundreds of millions earlier in April. 

On April 4, Arkham Intelligence data showed four wallets that staked $37 million in tokens in 2021 had their tokens unlocked, meaning they can unstake and sell them. The blockchain intelligence platform called the event “the largest single-day unlock of staked SOL.”

During the unlock, the tokens were worth over $206 million. After the tokens were unlocked, about $50 million in tokens were sold. 

Related: Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin

Solana briefly flips Ethereum in staking market cap

As many whales have turned to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum in staked token value after reaching over $53 billion. Still, the event was short-lived as Ethereum recovered the top spot. 

While the event may seem bullish, community members were split on whether Solana overtaking Ethereum was bullish or bearish for the network. 

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

A Solana address with over 1 million tokens is sitting on over $153 million in profit after a four-year staking play on the crypto asset. 

Blockchain analytics firm Lookonchain flagged the wallet address of a whale that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the staking play. 

Four years later, the whale’s total staked Solana holdings reached 1.29 million. With Solana appreciating to about $140, the whale’s holdings increased in value to about $180 million. 

On April 22, the whale started offloading a portion of the token stash to cash out on the gains. Lookonchain reported that the whale had already unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell. 

Even though the trader already took millions in SOL tokens, Lookonchain said the whale still has 1.19 million Solana, worth around $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million. 

Source: LookonchainSolana whales turn $37 million to $200 million in four-year play

The Solana whale’s unstaking and token offloading follow another Solana staking play that involved hundreds of millions earlier in April. 

On April 4, Arkham Intelligence data showed that four wallets that staked $37 million in tokens in 2021 had their tokens unlocked, meaning they can unstake and sell them. The blockchain intelligence platform called the event “the largest single-day unlock of staked SOL.”

During the unlock, the tokens were worth over $206 million. After the tokens were unlocked, about $50 million in tokens were sold. 

Related: Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin

Solana briefly flips Ethereum in staking market cap

As many whales turn to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum regarding staked token value after reaching over $53 billion. However, the event was short-lived as Ethereum easily recovered the top spot. 

While the event may seem bullish, community members were split on whether Solana overtaking Ethereum is bullish or bearish for the network. 

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

XRP (XRP) has been trapped within a tight range over the last eight days. The altcoin was trading just above its $2.00 support after a marketwide recovery over the weekend.

Onchain and technical data now show that the XRP/USD pair is well-positioned for a breakout toward $3.00.

XRP/USD daily chart. Source: Cointelegraph/TradingViewXRP whale accumulation is back

XRP’s price has been consolidating between $2.03 and $2.13 since April 14. The daily relative strength index (RSI) remained flat at around 49 over the same period, signaling market indecision.

Despite this sideways price action, whale activity paints a promising picture, with onchain data showing large investors took advantage of the drop to $1.61.

Related: Coinbase Derivatives lists XRP futures

XRP whale addresses holding between 10 million and 100 million XRP (black line) have increased sharply since April 1, according to data from Santiment.

Similarly, addresses holding more than 1 billion XRP (red line) have steadily increased as well. This whale cohort currently accounts for 39.4% of the total XRP supply, compared to 37.7% toward the end of March. 

This possibly underscores the confidence of these large investors in XRP price rising despite growing macroeconomic risks and uncertainties. 

XRP supply distribution. Source: Santiment

Additionally, XRP experienced a significant drop in exchange reserves. XRP balance on exchanges peaked at 3.27 billion XRP in November 2024. Today, around 2.7 million XRP are held on exchanges. The metric has also dropped by 10% over the last 30 days despite the market turbulence experienced since the beginning of April.

XRP balance on exchanges. Source: CryptoQuantCan XRP price rise to $3?

XRP’s price action between April 7 and April 22 has led to the formation of a bull flag pattern on the daily chart. The price is retesting the upper trendline of the flag at $2.10, suggesting that a possible breakout is in play.

Note that the price has unsuccessfully tried to rise above this trendline two or three times in the last 10 days, with each retest leading to new buyers accumulating around this region.

A decisive close above this trendline could see XRP recover from the current level. It may break out toward the flag’s technical target at $2.93 or the $3.00 psychological level if backed by strong volume.

XRP/USD daily chart. Source: Cointelegraph/TradingView

Several analysts echoed this bullish outlook, citing XRP’s consolidation as a precursor to a significant move upward.

Citing a chart showing XRP price consolidating above $2.00 in the weekly timeframe, trader Dark Defender said the altcoin was retesting a key multimonth resistance line.

If this resistance is broken, the price will break out, with Wave 5 playing out toward $4.00.

“The XRP is bullish, and the crypto is more bullish than ever before.”XRP/USD daily chart. Source: Dark Defender

The key levels to watch are the $2.22 and $2.75 on the upside and the $1.80 and $1.61 on the downside, according to the analyst.

Meanwhile, fellow trader CasiTrades said that the rejection at $2.24 implied that the price is likely to sweep major support levels around $1.90 or $1.55 before “XRP is ready to break out.”

As earlier reported by Cointelegraph, Wyckoff reaccumulation and falling wedge patterns are painting a bullish target for XRP above $3.50.

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.

US-based publicly traded crypto exchange Coinbase confirmed that it is considering applying for a US federal bank charter.

In a statement sent to Cointelegraph, Coinbase said it is considering pursuing a US federal bank charter, according to a company spokesperson.

“This is something Coinbase is actively considering but has not made any formal decisions yet,” the spokesperson told Cointelegraph.

Coinbase in-office photo. Source: Coinbase

The comments follow recent reports suggesting that Coinbase and multiple other major crypto firms were planning to apply for US banking licenses. Coinbase, stablecoin issuers Circle and Paxos, and crypto custodian BitGo were the other firms mentioned.

Coinbase did not clarify to Cointelegraph why it is considering pursuing a bank charter. Still, a license could potentially allow crypto firms to operate like traditional lenders, taking deposits and making loans. Cointelegraph also reached out to the other firms reportedly considering applying for a charter.

Still, firms that obtain banking charters are subject to stricter reporting and regulatory oversight. One example is Anchorage Digital, a crypto firm holding a federal bank charter.

Despite the firm obtaining the license, recent reports indicate that the US Department of Homeland Security’s El Dorado Task Force has launched an investigation into Anchorage Digital Bank.

Related: Crypto companies seeking bank charters under Trump admin — Report

Many crypto firms are likely to apply

The reports also follow the US Office of the Comptroller of the Currency granting a preliminary conditional approval for a US bank charter to Paxos back in 2021. Firms may now be considering applying as US regulators take a softer stance on crypto regulation and integrating stablecoins in the broader financial system.

The change in stance is visible at multiple levels of the US federal government. Federal Reserve Chair Jerome Powell recently said that as digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea.” He also recognized that the crypto space delivered a consumer use case that “could have wide appeal.”

Related: ECB flags risk of financial contagion from US crypto push

Evolving US stablecoin regulation

The US House Financial Services Committee passed a Republican-backed stablecoin framework bill earlier in April — the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.

Another bill that is moving through the US legislative process is the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The STABLE and GENIUS bills differ in how they regulate the stablecoin industry in their current form.

The GENIUS Act was introduced first and passed the US Senate Banking Committee in mid-March. The STABLE Act, on the other hand, emphasizes federal oversight, while the GENIUS Act seeks a more flexible path that considers both state and federal regulations.

The STABLE Act would enforce a two-year moratorium on issuing collateralized stablecoins that are backed by self-issued digital assets. The bill would also require that stablecoin reserves be held separate from business funds.

The GENIUS Act would establish a legal framework for stablecoin payments and leverage US-based stablecoin issuers in an attempt to reinforce the dollar’s global dominance. The bill would also enhance Anti-Money Laundering (AML) safeguards, reserve and liquidity standards and sanctions checks. It classifies stablecoin issuers as financial institutions.

Magazine: Coinbase and Base: Is crypto just becoming traditional finance 2.0?

US-based publicly traded crypto exchange Coinbase confirmed that it is considering applying for a US federal bank charter.

In a statement sent to Cointelegraph, Coinbase said it is considering pursuing a US federal bank charter, according to a company spokesperson.

“This is something Coinbase is actively considering but has not made any formal decisions yet,” the spokesperson told Cointelegraph.

Coinbase in-office photo. Source: Coinbase

The comments follow recent reports suggesting that Coinbase and multiple other major crypto firms were planning to apply for US banking licenses. Coinbase, stablecoin issuers Circle and Paxos, and crypto custodian BitGo were the other firms mentioned.

Coinbase did not clarify to Cointelegraph why it is considering pursuing a bank charter. Still, a license could potentially allow crypto firms to operate like traditional lenders, taking deposits and making loans. Cointelegraph also reached out to the other firms reportedly considering applying for a charter.

Still, firms that obtain banking charters are subject to stricter reporting and regulatory oversight. One example is Anchorage Digital, a crypto firm holding a federal bank charter.

Despite the firm obtaining the license, recent reports indicate that the US Department of Homeland Security’s El Dorado Task Force has launched an investigation into Anchorage Digital Bank.

Related: Crypto companies seeking bank charters under Trump admin — Report

Many crypto firms are likely to apply

The reports also follow the US Office of the Comptroller of the Currency granting a preliminary conditional approval for a US bank charter to Paxos back in 2021. Firms may now be considering applying as US regulators take a softer stance on crypto regulation and integrating stablecoins in the broader financial system.

The change in stance is visible at multiple levels of the US federal government. Federal Reserve Chair Jerome Powell recently said that as digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea.” He also recognized that the crypto space delivered a consumer use case that “could have wide appeal.”

Related: ECB flags risk of financial contagion from US crypto push

Evolving US stablecoin regulation

The US House Financial Services Committee passed a Republican-backed stablecoin framework bill earlier in April — the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.

Another bill that is moving through the US legislative process is the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The STABLE and GENIUS bills differ in how they regulate the stablecoin industry in their current form.

The GENIUS Act was introduced first and passed the US Senate Banking Committee in mid-March. The STABLE Act, on the other hand, emphasizes federal oversight, while the GENIUS Act seeks a more flexible path that considers both state and federal regulations.

The STABLE Act would enforce a two-year moratorium on issuing collateralized stablecoins that are backed by self-issued digital assets. The bill would also require that stablecoin reserves be held separate from business funds.

The GENIUS Act would establish a legal framework for stablecoin payments and leverage US-based stablecoin issuers in an attempt to reinforce the dollar’s global dominance. The bill would also enhance Anti-Money Laundering (AML) safeguards, reserve and liquidity standards and sanctions checks. It classifies stablecoin issuers as financial institutions.

Magazine: Coinbase and Base: Is crypto just becoming traditional finance 2.0?