Trump’s Golden Rule Moves Markets
Donald Trump’s statement that “He who has gold, sets the rules” created a strong reaction in the markets. While the price of gold rose by 2% to break a record at $3,385, Bitcoin also rose by 3% to $87,500. The statement, combined with increasing US-China tensions and economic uncertainty, directed investors to safe havens. The dollar index falling to its lowest level in 3 years also reinforced this trend.
Analysts interpret the simultaneous rise in Bitcoin and gold as a sign of “a weakening dollar and increasing uncertainty.” Bitcoin’s rise in value despite the decline in the dollar this time hints that the asset may be differentiating itself from risky technology stocks. However, historical data shows that Bitcoin still has a higher correlation with tech stocks than gold.
Vitalik Buterin Proposes Switching to RISC-V Instead of Ethereum EVM
Ethereum co-founder Vitalik Buterin has proposed using the open-source RISC-V architecture instead of the Ethereum Virtual Machine (EVM) in order to increase the scalability of Ethereum’s execution layer. According to Buterin, this “radical” and “ambitious” proposal may be the “only viable way” to seriously increase the network’s transaction efficiency. Emphasizing that RISC-V offers a much more efficient proof-of-proof process than EVM, Buterin suggested that in some cases, it could provide a reduction in on-chain transaction costs by up to 100 times.
EVM-based smart contracts will continue to work in the new system and will be fully two-way compatible with RISC-V contracts. Buterin brought up an interpreter that would allow two systems to run in parallel or convert EVM contracts to RISC-V versions. Previously, projects like Polkadot have tried a similar structure and developed virtual machines compatible with RISC-V. Ethereum’s short-term roadmap includes the “Pectra” update, which will take place on May 7. This update will improve the user experience, as well as offer more scalability for rollups and an increase in validator stake limits.
First TRX-Based ETF Application Filed
Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) for a TRX-focused exchange-traded fund (ETF). The application, made on April 18, stands out as the first TRX ETF initiative to include a staking feature. The fund will hold TRX tokens directly and the custodian service will be provided by BitGo Trust. While the application is awaiting SEC approval, it is noteworthy that TRX is represented in the ETF format for the first time in the field of investment products.
However, ETFs that include staking in the US still face regulatory uncertainties. The SEC had previously removed staking components from Ethereum ETF applications. Issues such as the impact of staking on the T+1 settlement cycle, the tax regime, and the potential securities status of staking services are at the forefront of regulatory concerns. In February, both representatives from the crypto industry and Senator Cynthia Lummis pressured the SEC on the integration of staking into ETFs. The decision process was postponed to June 2025.
Coinbase Faces a New Securities Lawsuit in Oregon
After winning the case it filed with the SEC, Coinbase is now on the agenda with a securities lawsuit filed by the state of Oregon. The state’s attorney general alleged that Coinbase earned millions of dollars in commissions from investors by selling unregistered securities.
Coinbase, on the other hand, called the lawsuit a “desperate attempt,” arguing that the process was a repetition of a regulatory approach that had ended at the federal level. The company’s legal chief stated that the lawsuit was without merit and said “we will do whatever is necessary.” Since states have the right to file lawsuits under their own laws, this development could create a new battleground for crypto companies.
Metaplanet Buys Another 330 BTC
Japanese investment company Metaplanet continues to buy Bitcoin without slowing down despite the uncertainty in the markets. The company announced today that it bought another 330 BTC at an average price of $ 85,605, bringing its total Bitcoin holdings to 4,855 BTC. This was its third major purchase in April. Metaplanet is targeting 10,000 BTC by the end of 2024, making it Asia’s largest and the world’s tenth largest institutional Bitcoin investor.
Similarly, Strategy, the company behind MicroStrategy, bought 3,459 BTC this month, bringing its total assets to 531,644 BTC. Michael Saylor emphasized that they did not deviate from their strategy despite the volatility in the markets. Metaplanet’s stance was also echoed in the Japanese stock market, with its shares up 1,086% in the past year.
170-Year Prison Sentence in Brazil for Crypto Ponzi Scandal
Three people in Brazil were sentenced to a total of 170 years in prison for a $190 million Bitcoin Ponzi scheme that defrauded nearly 20,000 investors. It turned out that the company, Braiscompany, raised money by promising high returns to investors and was actually a pyramid scheme. The company’s founder, Joel Ferreira de Souza, was sentenced to 128 years in prison alone.
Authorities stated that the scam was one of the largest crypto asset scams in the country’s history. The defendants were given $6.2 million in compensation to be paid back to investors and their assets were seized. In Brazil, where crypto is showing great interest, this incident may bring regulatory authorities to the agenda to take a stricter approach to the crypto market.
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BITCOIN (BTC)
BTC is trading at $87,400 with a 2.61% increase in value as of the morning hours. Bitcoin broke through the 86,100 USDT resistance with a strong green candle and rose to 87,391 USDT. This move confirms the upward momentum. For now, the next resistance is watched at 88,500 USDT. In case of possible pullbacks, 86,100 and 83,051 levels may act as support. If the price stays above 88,500, targets above 90,000 may be on the agenda.
ETHEREUM (ETH)
ETH is priced at $ 1,640 as of the morning hours, losing 3.32%. The Ethereum price has re-entered the resistance zone in the 1660 – 1720 USDT range, which it has been trading below for a long time. This blue area had previously worked as a supply zone where sharp sales came. If the price breaks this zone upwards, the 1768 and 1853 USDT levels may be potential targets. However, caution should be exercised against the risk of rejection within the region. In case of persistence below it, a pullback to 1550 levels can be seen.
RIPPLE (XRP)
XRP is traded at $ 2.1188 as of the morning hours with a 1.90% gain. The XRP price is approaching the horizontal resistance zone at 2.11 USDT. If this level is broken upwards, the 2.23 and 2.25 USDT levels may come to the agenda. Otherwise, in case of a rejection from the current level, 1.92 and 1.72 USDT levels should be followed as possible pullback points.
AVALANCHE (AVAX)
AVAX is trading at $ 19.99 as of the morning hours, losing 2.51%. The AVAX price rose to 19.95 USDT levels again with the reaction it received from the 17.74 USDT support. If it exceeds this region, 21.65 USDT and then 23.46 USDT levels can be targeted. However, since the price has not yet made a clear break, a horizontal and uncertain structure prevails. In possible pullbacks, 17.74 and 16.47 USDT support levels should be monitored.
SOLANA (SOL)
SOL is trading at $ 140.98 levels with a 2.26% increase in value as of the morning hours. The Solana price broke the 136 – 140 USDT region, which previously worked as a strong resistance area, with volume. This region can now work as a potential support. If the price maintains its persistence above this level, levels of 145 USDT and above can be targeted. However, falling below this green area in pullbacks may increase the risk of falling to 124 USDT levels again. The overall outlook is positive in the short term.
