aarav (@bnb00) • Hey

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Despite these significant AUM figures, the asset inflows for Hong Kong’s Bitcoin and Ethereum ETFs amounted to less than $ 14 million during their first launch week. This figure pales compared to the billions of dollars that flowed into U.S. spot Bitcoin ETFs back in January.
According to Farside data, the China AMC Bitcoin ETF saw an outflow of $ 4.9 million on Monday. In contrast, the other Bitcoin and Ethereum ETFs in Hong Kong reported “zero” flows apart from Bosera Ethereum ETF, which saw 3.2 million in inflow on Monday. Following their launch last week, the three Hong Kong’s Bitcoin ETFs amassed $ 262 million in assets under management (AUM) within their first week.
BitMEX co-founder Arthur Hayes has made a bold prediction regarding ENA, the governance token of Ethena, suggesting it could reach $ 10. This forecast aligns with the recent declaration that Bybit, a cryptocurrency exchange, will adopt USDe, the synthetic dollar produced by Ethena Labs, as a collateral asset. The integration involves adding Bitcoin and Ether spot trading pairs, which could have a meaningful influence on its market dynamics and adoption.
Guy Young, CEO and founder of Ethena Labs, showed great optimism about this development, seeing it as a crucial step in UDE utility and further growth. He pointed out that this alliance will allow the synthetic dollar to open new doors for traders looking for yield while trading on one of the top crypto exchanges. This initiative seeks to disrupt the current stablecoin monopoly with a custom-made product intended for crypto consumers. Young had been teasing this collaboration on an episode of the Unchained podcast.Given the considerable market size of traders utilizing stablecoins like USDT on centralized exchanges, he emphasized the importance of collateralized stablecoins in trading.
the news was released, the market reacted positively, with ENA recording a significant price appreciation. According to real-time data from CoinMarketCap, ENA’s price today is $ 0.935793, with a 24-hour trading volume of $ 436,359,986. Ethena’s token is up 4.08% in the last 24 hours, and it holds the 63rd position in market capitalization rankings, currently valued at $ 1,422,697,071. The collaboration, as well as Hayes’ prediction, has generated a lot of attention from both investors and speculators regarding the potential growth of the value of ENA. The integration of USDe with Bybit improves the visibility of USDe and its use. It makes it a strong competitor in the stablecoin market that has been dominated by other currencies like USDT.
The buying pressure on LTC from whales might have played a role in LTC’s trend reversal as the market turned bullish. The coin’s price increased by 1.5% in the last 24 hours. At the time of writing, LTC was trading at $ 82.17 with a market capitalization of over $ 6.1 billion. The coin’s Fear and Greed Index indicated that the market was in a “fear” phase.
Apart from that, AMBCrypto also found that long-term holders were reluctant to sell LTC, as its Hodler Net Position Change chart remained green. Tthe Hodler Net Position Change shows the monthly position change of long-term investors (HODLers). The green chart gave a long-term bullish notion, as it suggested that the whales and LTHs expect LTC’s price to rise in the coming weeks or months.
Litecoin [LTC] bears dominated the coin’s price action last month as it shed a substantial amount of its market capitalization. The drop pushed LTC to the 20th spot on the list of top cryptos by market cap. However, whales have now started to accumulate LTC.
Dogecoin’s price dipped to $ 0.12 on the 1st of May, but soon after that, it gained bullish momentum. The uptrend allowed the meme coin to push its price up by 15% in the last seven days. According to [CoinMarketCap](https://coinmarketcap.com/currencies/dogecoin/) at the time of writing, $ 0.1635 has a market capitalization of over $ 23 billion. A possible reason behind this surge could have been Elon Musk. AMBCrypto [reported](https://ambcrypto.com/dogecoin-doge-decouples-does-elon-musk-have-a-role-to-play/) earlier how Tesla updated the FAQ section on its website, stating that DOGE may now be used to purchase even more Tesla products. It was interesting to note that despite the daily price uptick, sentiment around DOGE remained bearish, as evident from the dip in its Weighted Sentiment. Its Social Volume also declined after spiking on the 4th of May.
Though the macro-uptrend has begun, it would be ambitious to hope DOGE touches an all-time high anytime soon. Therefore, AMBCrypto analyzed DOGE’s metrics to find which way it was headed this week. Our analysis of Santiment’s data revealed that the meme coin’s MVRV ratio turned positive. This meant that more investors were in profit. Its velocity also shot up, indicating that DOGE was used more often in transactions within a set time frame.
The Elliot Wave is a technical theory that looks at recurrent price patterns. This way, traders can catch the tops and bottoms of a cycle. However, More Crypto Online mentioned that ADA’s breakdown below the $ 0.48 support implied that any bullish bias has been invalidated. Therefore, the price could slide down Wave 5 which could signal a large degree of downswing. Should this happen, the price of the Cardano native token might slide to $ 0.42. As of this writing, ADA’s price was $ 0.45. This was a 2% decrease in the last 24 hours. Previously, AMBCrypto [reported](https://ambcrypto.com/is-cardanos-price-action-set-to-repeat-its-2019-market-trend-metrics-say/) how the token was showing signs that mirrored its incredible rally in the last 24 bull market.
More Crypto Online, a crypto channel, disclosed that Cardano’s \[ADA] bottom was not yet in, and another decline could be close. According to the session [posted on YouTube](https://www.youtube.com/watch?v=W25bvjvcXdw), the anchor noted that the Elliot Wave confirmed the signal. Explaining the thesis, the channel mentioned that, “We have seen only a 3-wave corrective rally. These are typically not bullish and ADA might break down or movie sideways.”
BlockDAG is revolutionizing cryptocurrency presales with its innovative approaches and enhanced access. The release of the DAGpaper offers investors and crypto enthusiasts detailed insights into the coin’s functionalities, increasing transparency and confidence. Moreover, a recent lunar keynote has spiked further interest in BlockDAG, marking a strategic effort to attract and grow its investor base. To cater to a varied group of potential investors, BlockDAG has rolled out new payment methods, significantly widening accessibility. Investors can now acquire BDAG Coins using a variety of cryptocurrencies, including Bitcoin, USDT, Kaspa, Doge, SHIB, Solana, XRP, Polygon, Fantom, and Cardano. This diversification of payment methods makes transactions easier for investors and positions BlockDAG as a dynamic contender in the crypto market, poised to serve a broad spectrum of investor preferences.
The setup appears when Bitcoin’s price forms three troughs below a so-called neckline resistance, with the middle trough — otherwise known as the head — deeper than the left and right shoulder. Bitcoin’s price has slightly rebounded from the “head" at $ 58,614 on May 1, and if the pattern continues as Hyland’s model suggests, it will find support around its second shoulder, at $ 60,000 — a key support level. The decline would represent a 5% from its current price of $ 63,350, as per CoinMarketCap data. Dropping to this level would liquidate $ 530 million in long positions, according to CoinGlass data.
Meanwhile, some traders expect Bitcoin's price to remain stagnant in the near term, but they don't necessarily view this as a bearish signal. “The longer the Bitcoin consolidation takes, the higher its price will meet the trendline,” added pseudonymous crypto trader Titan of Crypto. “Bitcoin’s previous cycle all-time highs tend to slow down price and make Bitcoin stall for some weeks,” pseudonymous crypto trader Daan Crypto Traders told his X followers in a May 4 post.
In a significant gust of developments witnessed this week, the Hong Kong spot BTC and ETH ETFs finally started trading, with the nation seeing three service providers. Notably, Harvest Global Investments Ltd., the local unit of China Asset Management, and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., are the firms offering crypto ETF services in Hong Kong. Whereas, following a sluggish start with only $ 12 million in trading volume recorded, the Asian crypto ETF landscape gradually gained traction surging to unprecedented levels. Intriguingly, amidst the turbulent shift brought upon by the U.S. FOMC meeting, Hong Kong overtook the U.S. in weekly inflows surrounding crypto ETFs, marking a monumental achievement.
The dynamic realm of cryptocurrencies closes another week, with the broader crypto market primarily witnessing turbulent shifts attributed to a stockpile of attention-grabbing events. Bitcoin and Ethereum ETFs finally commenced their trading journey in Hong Kong this week while the U.S. FOMC meeting took place, turning heads across the crypto space. Additionally, Shiba Inu garnered considerable attention, further advancing with its cryptographic developments. Here’s a collective overview of some of this week’s top headlines, which appear to have gained significant attention across the global crypto realm.
Ovata Capital Management has invested a total of $ 75.53 million in four U.S.-listed spot Bitcoin ETFs, as per an SEC filing. This makes the investment manager the biggest buyer of spot Bitcoin ETF yet, said Bloomberg senior ETF Eric Balchunas.
Experts issue advice to the users to be careful of fraudulent activity, as well as use effective layers of security to secure their digital resources. With the authorities trying to trace and recover the stolen funds, this attack is a vivid depiction of the inbuilt risks linked with cryptocurrency payments and the need to adopt stronger security measures as protection in the future.
Who can predict what will happen next in the crypto world? Now, big players or “whales” are causing a stir, leading to a surge in the market over the past day. On May 3, the total market value rocketed to $ 2.18 trillion, marking a significant 2.80% increase. But what’s really turning heads is Bitcoin’s resilience, seemingly poised for a comeback, fueled by a massive accumulation of over $ 2.8 billion worth of BTC in just 24 hours.
Adding weight to the optimism, market intelligence leader IntoTheBlock (ITB) highlighted Bitcoin’s recent drop to around $ 56,000, aligning with historical patterns in terms of holder losses. ITB identified the $ 58,000 range as a crucial support zone, cautioning of potential selling pressure around $ 62,000 if the market climbs higher, bolstering hopes for a short-term breather. As of the latest data, Bitcoin has shown signs of resilience, currently trading at $ 61,721, marking a robust 5% gain from the previous day’s $ 58,000 level. However, the stakes remain high; failure to rebound above $ 59.7K before closing could signal a descent to $ 48K.
Digging into the numbers, CryptoQuant expert Dan has analyzed Bitcoin’s Spent Output Profit Ratio (SOPR) and the Bollinger Bands technical indicator, signaling a potential short-term turnaround. According to him, when the SOPR hits the bottom of the band, bull markets tend to rally, which seems to be unfolding now. Dan also noted a dip in general buyer optimism amid the market correction, hinting at a potential rebound.
Bitcoin surpassed $ 61,800 on Friday after gaining approximately 5% over the past 24 hours, showing signs of recovery from a midweek decline that pushed its price below $ 57,000. The recent uptick in price and recovery suggests that bitcoin is attempting to regain its footing after a period of volatility and downward pressure. However, experts believe that the asset would trade sideways.
Pantera Capital announced its investment in TON and expressed confidence in TON’s ability to introduce cryptocurrencies to the masses due to its widespread use on the Telegram network, telegram is the only major platform that can incorporate Web3 into an open blockchain network without regulatory hurdles
Shedding further light on the recent market activity, Hayes said bitcoin hit a local low at around $ 56,500 earlier this week and he even expects a rally for the asset that could drive its price above $ 60,000 once again. This has indeed been the case in the past few hours as BTC jumped above $ 60,000. Following this surge, Hayes anticipates that there could be a period of range-bound price action between $ 60,000 and $ 70,000 until August.
Experts now suggest that bitcoin may have reached a local bottom and will gradually recover over the coming months. BitMEX founder Arthur Hayes, for one, noted that the leading cryptocurrency might see a surge in value if, as he predicts, liquidity increases in the economy next week due to Janet Yellen’s policies.
The significant volatility of the most well-known cryptocurrencies, such as Bitcoin (BTC), has rendered cryptocurrency investments less appropriate for everyday transactions. Stablecoins seek to offer an alternative. Stablecoins that are fiat-collateralized keep a reserve of a fiat currency, like the US dollar, as collateral to guarantee the worth of the stablecoin. Although commodities like crude oil and precious metals like gold or silver can also be used as collateral, most fiat-collateralized stablecoins have USD reserves. They work based on the blockchains, and different types of cryptocurrencies are created based on them. USDT, USDC, DAI, and FDUSD are the top 4 examples of stablecoins cryptocurrency types with the highest market value.
Since Layer-2 network blockchains operate independently of Layer-1 blockchains for transaction execution, they are also considered off-chain scaling options. This implies that the Layer-2 network need not be a distinct blockchain; rather, it could be a centralized network where users decide to trust one another rather than depending on code to uphold trust, or it could just be a payment channel for sending money between two or more users via smart contacts. Polygon (MATIC), Stacks (STX), Mantle (MNT), and Immutable (IMX) are examples of layer-2 cryptocurrency types with the highest market cap value.
Although this article rests on the premise of ETFSwap (ETFS) being a great pick for revenue share, the emerging platform is more than just that. ETFSwap (ETFS) is a new blockchain-based platform for trading tokenized ETFs, market-making, perpetual trading with up to 10x leverage, and other DeFi use cases. The platform combines traditional finance assets with cryptocurrencies, allowing users to explore a wide range of profit opportunities available in the crypto market with the backing of their ETF assets. As a result, ETFSwap (ETFS) allows global access to ETFs from various industries and facilitates quick conversion to cryptocurrencies of various types and quick settlement. This marriage of ETFs and crypto assets also provides access to liquidity, decentralized, permissionless trading, lower trading costs, etc.
Moreover, Internet Computer (ICP) exhibits a great price outlook, while the cryptocurrency is up over 100% in the past year. ICP trades at $ 13.31 as of this writing, and the positive price trend is attributed to the launch of AI trials on the Internet Computer network. Artificial Intelligence is one of the stronger narratives as the bull run forms, especially as AI-focused companies like Nvidia and Broadcom have surged. The integration of AI on the ICP blockchain solidifies the token as a pick for most investors.
The Avalanche foundation, the developer of the Avalanche chain, started making strategic investments in memecoins, seeing their upside potential. Apart from COQ, some of the other coins selected for investments were Kimbo (KIMBO) and Gecko (GEC).
The most popular among the meme tokens was Coq Inu [COQ], a chicken-themed coin. It has maintained a 40%-60% share of all meme currency transactions on the network. In fact, at the peak of the frenzy in March, it had pumped more than 4x in a span of two weeks, AMBCrypto noted using CoinMarketCap data. At press time though, the token was nursing losses.
According to on-chain analyst Alex, Avalanche [AVAX] witnessed significant speculation around these community coins in the last two months. The Dune Analytics dashboard prepared by him showed daily transaction count topping 10,000 twice in March, with substantial volumes also seen in early April.
To combat crypto-related crimes, U.K. law enforcement agencies have taken significant steps. In October 2022, the National Police Chiefs’ Council reported the deployment of crypto tactical advisors across the country. These advisors play a crucial role in seizing digital assets tied to criminal activities. According to reports, law enforcement has successfully confiscated hundreds of millions in cryptocurrency derived from criminal enterprises.
In the 2022-2023 period, the FCA allocated the equivalent of 52.8 full-time employees dedicated to anti-money laundering, with 15.8 focused specifically on crypto businesses. This initiative underscores the regulatory body’s commitment to overseeing and curbing illegal financial flows within the crypto space.
Concerns have arisen over potential downward pressure on XRP’s price, exacerbated by significant transactions by an unknown whale transferring large amounts of XRP to exchanges like Bitstamp. As a result, today, the XRP price has experienced a downturn, down 2.74% to $ 0.4995, with heightened trading volume reflecting the highly volatile market conditions. XRP fell 20% in January and rose 16.6% in February due to a few favorable trade days. March started well but fell 17% until March 20 after a sell-off on March 13.
Bitcoin recently faced rejection from the downward-sloping resistance line, marking the fourth consecutive rejection. Breaking this downtrend would signify a significant turning point for the market, likely propelling Bitcoin higher. Attention is now focused on this resistance line, with a breakthrough expected to fuel upward momentum.
If the Fed sticks to its current stance, favoring potential rate cuts, Altrichter believes this could prevent a stock sell-off and boost market confidence. The market’s anticipation of a forthcoming cut serves as a cushion, preventing a more severe downturn. In such a scenario, stocks might see a modest rise, while Treasury yields could dip slightly, creating a stable environment for certain stocks.
Kurt S. Altrichter predicts tomorrow’s Federal Open Market Committee (FOMC) meeting as a pivotal moment that could steer financial markets significantly. Despite a significant reduction in expected rate cuts since the year began, markets have remained resilient, with expectations shifting from six cuts to just one by December.
Funding rates remain negative, indicating low market euphoria and ample liquidity. The impending launch of the Hong Kong ETF could influence market sentiment, although Bitcoin is currently in a consolidation phase. While there are concerns, such as Bitcoin’s recent break below the daily EMA ribbon and a bearish crossover on the weekly MACD, historical precedents suggest that these signals may not necessarily indicate a prolonged downturn.
Tokenization has become a prominent narrative in the crypto space, with blockchain technology finding its main use case in this area. The raised capital will accelerate the company’s private tokenization offerings, helping bring asset managers onto blockchain infrastructure.
Backed Finance AG, a leading issuer of tokenized real-world assets and tokenization services, announced a successful Series A funding round, having secured $ 9.5 million. Led by Gnosis, the funding round attracted both existing and new investors including Exor Seeds, Cyber Fund, Mindset Ventures, Stake Capital Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.
Former Goldman Sachs executive Raoul Pal believes two digital asset subsectors could witness absurd valuations when the market hits crypto summer. Pal tells his one million followers on the social media platform X that during the “crypto summer” phase of the current market cycle,
Referring to historical data, the analyst pointed out that if the 80% decline is statistically consistent, Bitcoin’s recent record high of $ 73,835 on March 14, 2024, aligns with historical exponential declines. This analysis also relies on the observed diminishing return model in successive bull markets. Brandt’s analysis also references Bitcoin’s past performance, including its rise to record levels above $ 73,000 in March, which corresponds to a significant rise from the lowest level of the bear market at $ 15,473 in November 2022 following the collapse and bankruptcy of the cryptocurrency exchange **FTX**.
In Canada, cryptocurrency is taxed as either business income or capital gain and classified as a commodity. Canadian taxpayers are not required to pay taxes to purchase or hold crypto. However, taxes apply to capital gains or business income from cryptocurrency sales, mining activities, or other crypto-related transactions. Individual crypto holders are subject to tax on 50% of their total capital gains, while professional (day) traders are taxed on 100% of their profits.
The price of KangaMoon in stage 5 of the presale, which is 76% sold out, is $ 0.0196. This marks a significant increase in the KANG presale price in stage 1 where it stood at $ 0.005. The increase suggests KangaMoon’s early bird investors are looking at a ROI of 290% when this stage concludes. At this stage, it might appear buying KANG does not offer much in way of early gains. However, a 20% bonus is a great opportunity to get the token at the price of $ 0.0196. KangaMoon’s appeal lies in its likely dominance in the meme coin space, and the resurgence of GameFi. The two segments could benefit from a broader market buoyance, with KANG exploding amid factors such as staking and gaming rewards. Investors looking to capitalise on this potential might want to buy KANG before the presale ends.
However, as analysts at market intelligence platform Santiment noted earlier Tuesday, there’s a potential reversal in the making amid massive whale activity. According to Santiment, Cardano has recorded the highest level of whale transactions above $ 100,000 since November 8, last year. “*These spikes in whale activity historically correlate with potential price reversals*,” the analysts noted. Bulls preventing fresh losses from current price levels could help buoy this outlook.
Among the key revisions is the raising of the legal gambling age from 18 to 21, aligning various forms of gambling with age restrictions already in place at land-based casinos. This measure aims to curb underage gambling and promote responsible gaming practices, reflecting a commitment to protecting vulnerable segments of the population.
Belgium’s gambling industry boasts a rich history dating back to the 1300s, offering a diverse range of legal gambling options, including casinos and sports betting. However, the industry faces many challenges and the government is taking a proactive stance towards regulating the industry and safeguarding players by implementing sweeping changes to the country’s gambling laws.
As Belgium gears up for significant changes to its gambling laws, scheduled to take effect in September, a notable shift is underway in the country’s gambling landscape. The impending revisions, aimed at enhancing player protection and tightening regulations,