Despite short-term bearish bets from a successful Hyperliquid whale, a growing US Fed balance sheet and rising inflation support Bitcoin in the long term. Key takeaways: Bitcoin (BTC) failed to sustain bullish momentum on Wednesday, retreating below the psychological $80,000 level. Traders grew anxious as persistently high oil prices applied pressure to inflation and consumer spending. A Hyperliquid whale with $42 million in historical profits flipped bearish, leaving investors to question whether the recent rally is losing its foundation. Read more
Prediction markets trading volume had been tracking monthly gains as the sector gains popularity among short-term traders, but competition is also increasing. Monthly trading volume on the Polymarket prediction market fell by about 8.9% in April, the first decline in month-to-month activity since August as rivals like Kalshi increased their market share. Polymarket and its US-based trading application collectively generated more than $10.2 billion in volume in April, compared to more than $11.2 billion in March, according to data from Dune Analytics. However, rival Kalshi’s April trading volume surged by about 13%, climbing to about $14.8 billion, Dune data shows. Read more
Bitcoin traders eye a possible move higher as short-term selling pressure fades and the CLARITY Act vote boosts crypto market focus. Bitcoin (BTC) traders expected a quick move toward $90,000 after the upcoming CLARITY Act vote on Thursday, as improving market conditions and easing short-term sell pressure support an upside move. Bitcoin has traded around the $80,000 level over the past week, while the 200-day exponential moving average (EMA) remains key overhead resistance. More than $3 billion in leveraged long positions are clustered between $79,000 and $78,000, suggesting BTC could briefly retest that range before attempting another breakout above the 200-day EMA. Read more
Bitcoin’s pullback is expected to find support near $79,000, but every recovery attempt is likely to be sold into. Key points: Bitcoin (BTC) extended its pullback on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term. Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the previous bear market, and when it did, a new bull market started. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle. Read more
France's SocGen plans to use its EURCV and USDCV stablecoins for tokenized collateral, repo financing and institutional settlement activity on the Canton blockchain network. Societe Generale said its digital assets subsidiary Societe Generale-FORGE will deploy EUR and USD CoinVertible stablecoins on the Canton Network and support tokenized collateral and repo financing activity on the network. The Paris-based bank said it plans to use the network for collateral management and short-term financing transactions tied to tokenized assets. It added that Canton’s infrastructure could be used for collateral mobility, margin management and risk management workflows tied to tokenized assets. SG-FORGE said its EURCV and USDCV stablecoins will be used for settlement, financing and cash management activity on the network in permitted jurisdictions. The stablecoins are restricted to non-US permitted participants and are not registered under the US Securities Act, according to the announcement. Read more
Former Celsius chief revenue officer Roni Cohen-Pavon, scheduled to be sentenced on Thursday after a guilty plea, agreed to a judgment of $1 million that he obtained as a result of his crimes. Roni Cohen-Pavon, the former chief revenue officer of defunct cryptocurrency lending platform Celsius, will likely turn over more than $1 million as part of a forfeiture order by US authorities ahead of his sentencing hearing. In a Tuesday court filing, US Attorney for the Southern District of New York Jay Clayton said that Cohen-Pavon had consented to a $1,070,000 judgment “representing the amount of proceeds traceable” to the former Celsius executive’s crimes. Clayton said that Cohen-Pavon would receive credit for any funds, in cash or crypto that he had on Celsius, paid as part of the platform’s bankruptcy case. Source: PACER Read more