BTC Posts 17% Decline in April, Accumulation Reaches 7-month High, Network Difficulty Hits All-time High
April was a forgettable month, not just for crypto but for the equities markets as well. BTC posted five consecutive red weekly candles, plummeting 17% to record its worst-ever performance in April, a month that has historically been a green month.
BTC still finds itself above its YTD low of $33,000 indicating there’s demand in the mid-$30,000s. However, historical precedent suggests Bitcoin could see further downside this year. The halving model – an analysis of performance post a halving event – suggests BTC could bottom out at $24,000 by the end of the year.
This hasn’t fazed investors – data on Glassnode shows Bitcoin held by whales (wallets with balances above 1,000 BTC) has risen to its highest level since September 2021. On the fundamental side, the network difficulty recorded a new all-time high of 29.794 trillion last week.
FUN/BNB Pair Lists on Binance, New Video Slots Added to the dPlay Roster
Binance added the FUN/BNB pair to its platform last week, opening a new trading avenue for FUNToken users. The pair is available alongside the FUN/ETH and FUN/USDT pairs in the spot trading section. Click here to access the FUN/BNB pair at Binance.
Meanwhile, on the gaming front, dPlay Casino added five video slots by Spearhead Studios to its roster. New titles include Valley of the Muses, Blue Diamond Book, Book of the Princess, Madame Clues, and Dragon Dreams.
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CRYPTO NEWS WEEKLY ROUNDUP:
Brazil Senate Passes Bill Regulating Cryptocurrencies
Last week, Brazil’s Senate passed a bill that will help create a regulatory framework for the cryptocurrency industry in the country. The bill must be approved by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law.
The Senate confirmed that the government’s executive branch would be responsible for formulating rules for crypto assets. During a lengthy deliberation, Senators also discussed the possibility of incentivizing miners to open up shop in Brazil, with the bill providing for a complete tax exemption on ASIC miner imports.
Goldman Sachs Offers First BTC-backed Loan
In a significant step forward for institutional adoption, Goldman Sachs offered its first Bitcoin-backed loan last week. The financial giant allowed a borrower to use BTC as collateral for a cash loan.
The underlying volatility of BTC makes these loans risky – if the Bitcoin price drops too far, the borrower may be required to increase their collateral. To manage this, Goldman Sachs is supposed to have crafted the deal in a unique structure with 24-hour risk management.
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