Crypto has a regulatory capture problem in Washington — Or does it?
The crypto industry’s sway in Washington DC has made it more likely that the industry will get beneficial legislation, but it’s also creating problems. Concerns of regulatory capture — a situation in which regulators or lawmakers are co-opted to serve the interests of a small constituency — have grown as crypto lobbying gains influence in Washington.The risks of regulatory capture are twofold: First, the public interest is shut out from policy-making in favor of a single industry or company, and second, it can make regulators blind to or paralyzed by economic risks. Now, not even three months into Trump’s presidency, American lawmakers and industry crypto observers have voiced concerns that this regulatory capture could not only negatively affect the country but curb competition within the crypto industry as well. Regulatory capture in the battle for crypto policyIn a March 28 letter, prominent members of the US Senate Banking Committee and Committee on Finance addressed Acting Comptroller Rodney Hood and Michelle Bowman, Chair of the Federal Reserve Board of Governor’s Committee on Supervision and Regulation.The letter specifically addresses the launch of USD1, a stablecoin project from the Trump family’s decentralized finance project World Liberty Financial (WLFI), as Congress considers GENIUS Act legislation on stablecoins. Related: Trump’s crypto project launches stablecoin on BNB Chain, EthereumThe senators suggest there are opportunities for regulatory capture and conflict of interest. “President Trump may review any actions the OCC takes with regard to USD1’s stablecoin application. He would be positioned to intervene in and deny the OCC from promulgating stablecoin safeguards, or force the agency to refrain from initiating any enforcement actions against WLF.”Son Eric Trump pumps his father’s memecoin ahead of the inauguration. Source: Eric TrumpThey added that he could attempt to intervene or deny assistance to USD1’s competitors and that the GENIUS Act provides no provisions to prevent such conduct. Crypto industry observers have also echoed concern over a single entity’s undue influence over policy when it comes to Coinbase’s influence in Washington’s development of stablecoin policy.In January, Coinbase CEO Brian Armstrong signaled that his firm would be willing to delist Tether (USDT), the world’s largest stablecoin, if the version of the stablecoin bill under consideration in Congress became law.Under those terms, USDC, in which Coinbase is a major shareholder, would essentially be fencing out its largest competitor from the US market. Castle Island Ventures partner Nic Carter cried foul, stating that “Regulatory capture is poison. Reminds me of what SBF used to do.”Related: SBF always played both sides of the aisle despite new Republican pleaAt the time, Vance Spencer, founder of crypto venture firm Framework Ventures, said that it was “a blatant attempt at regulatory capture by US players done at the expense of US national interest.”“The future of stablecoins can be US dollar-based only if we allow a broader competitive set of stablecoin issuers to flourish and deny gatekeeping/gaslighting by those interested in regulatory capture,” he concluded.George Selgin, senior fellow and director emeritus of the Cato Institute’s Center for Monetary and Financial Alternatives, told Cointelegraph that the Bitcoin reserve is another clear example of the crypto lobby’s influence over the regulatory process. Trump signs the Bitcoin reserve executive order. Source: David Sacks“It’s unlikely that anyone would have considered it desirable, let alone necessary, for the US government to maintain digital asset stashes — in fact, there’s no good reason for its doing so — had it not been for intense pressure from cryptocurrency enthusiasts,” he said.Regulatory capture is old hat in Washington lawmakingDifferent lobbies influencing policymaking in Washington are nothing new, so much so that “regulatory capture” to the layman would seem to describe business as usual. Selgin said that the Biden administration’s approach to crypto was equally an example of regulatory capture, just in favor of traditional financial firms that, with their lobbying efforts, wished to limit competition from industry upstarts. “Regulators’ relatively hostile stance toward crypto [under Biden] was no less evidence of regulatory capture than their more indulgent stance toward it today. The main difference was in who did the capturing,” he said. “Financial regulatory capture is an old story; only some new players are now proving to be adept hunters.”When asked how one would differentiate between legitimate industry advocacy and regulatory capture, Selgin said, “I don’t think you need to. First of all, the line between them is very thin.”Industries rarely take complete control of regulators due in part to the fact that individual firms within an industry have different ideas about what ideal regulation looks like, said Selgin. Furthermore, any kind of successful advocacy “‘captures’ regulators to some extent” if only by virtue of the fact that it makes them change their beliefs about how best to regulate.What is to be done?The question remains then: is regulatory capture just to be accepted as a natural part of the policymaking process?Some academics have suggested creating entirely new government bodies to deal with the problem. Gerard Caprio, William Brough professor of economics, emeritus at Williams College, proposed the creation of an expert panel dubbed a “Sentinel” to oversee regulator behavior. But such proposals face nearly impossible headwinds, not only because of their technical complexity, but due to the simple fact that lawmakers have no incentive to set up an organization that oversees them. Related: Trump’s CFTC pick Brian Quintenz gets crypto’s foot in the revolving doorAccording to Selgin, the ultimate determination is not “whether or how the industry manages to influence regulators. It’s whether the resulting regulatory regime serves the public interest […] If a regulation is harmful, it’s harmful whether it was lobbied for or not.”And the public’s interest in crypto is getting harder to see. Polls about crypto sentiment, trust and ownership vary wildly, and the Trump administration’s personal interest has done little to endear it to skeptics or middle-of-the-road voters. Some industry surveys claim that a whopping 70% of Americans own crypto. Source: NFT EveningEven crypto lobbyists admit that the (barely) bi-partisan drive for crypto is driven by a desire to appease the crypto industry’s deep pockets ahead of the 2026 midterms. Dave Grimaldi, executive vice president of government relations at Blockchain Association, said, “There are […] pro-crypto candidates who won and were funded by our industry and had votes coming to them from crypto users in their district. […] And then there were also incumbent, sitting members of Congress who lost their seats because they were so negative for completely unnecessary and illogical reasons.”Little can be done until lawmakers and regulators agree there is a problem to solve and exert the political will to solve it. Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder
How many US dollars does XRP transfer per day?
XRP (XRP), the native cryptocurrency of the XRP Ledger (XRPL), has been touted by proponents as a high-speed, low-cost solution for cross-border payments. But just how much value flows through the network on a daily basis? Let’s examine.XRP volumes have risen since Trump’s reelectionBased on recent data from Glassnode, XRP’s daily transfer volume settled on its blockchain in US dollars frequently ranges between $300 million and $1 billion. However, since November 2024, when Donald Trump won the US presidential election, XRP has settled an average of $2.28 billion per day, signifying heightened network activity likely fueled by XRP’s price boom in the same period.XRP total transfer volume. Source: GlassnodeThat said, these spikes don’t necessarily reflect steady adoption or payment activity; instead, they could further be tied to speculative behavior, Ripple-related transfers, whale moves, and reshuffling between exchanges. Ripple is behind many big XRP transfersOne important factor behind the spikes in XRP’s daily transfer volume is large token sales by Ripple and its co-founder, Chris Larsen.Chris Larsen’s XRP sales (2024–2025):On Sept. 18, he transferred 50 million XRP (~$29 million) from a wallet inactive for 11+ years.🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM— Whale Alert (@whale_alert) September 16, 2024By early 2025, Larsen had sold over $116 million worth of XRP.These sales reduced XRP reserves on one of his wallets from 500 million to 410 million XRP.Previously, the SEC estimated Larsen sold ~$453.69 million worth of XRP between 2017 and 2020.The 2024–2025 sales stand out for their scale and timing during XRP’s rally past $3.Ripple’s XRP escrow sales (2017–2025):Ripple started selling XRP from escrow in 2017, releasing up to 1 billion XRP/month, often returning unsold tokens.It sold $91.6 million during the cryptocurrency’s 30,000% rally in Q4 2017In Q3 2018, Ripple sold $163 million during volatile markets.In Q2 2019, the firm sold $251 million in XRP, one of its largest sales.Sales dropped to $1.75M in Q1 2020, likely due to regulatory pressure from the SEC.Across 2021, around $1.5B were sold, per Ripple’s reports.This suggests that Ripple tends to ramp up sales during bullish periods and scale back during XRP price downtrends.Related: Ripple ‘should act in its own interest’ when selling XRP — Ripple CTOIn 2017, Ripple locked 55 billion XRP—the majority of the total supply—into a series of escrow contracts. Each contract held 1 billion XRP, set to be released monthly over 55 months.However, any unused portion is returned to escrow, with a new contract pushed to the back of the queue, i.e., re-locked for 55 months.During active sale periods, these movements could result in noticeable spikes in total transfer volume, especially when paired with high speculative interest.🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 370,000,000 #XRP (778,259,699 USD) locked in escrow at #Ripplehttps://t.co/Rk079yzgNf— Whale Alert (@whale_alert) April 2, 2025Bitcoin and Ethereum outperform XRP overallBitcoin and Ethereum continue to dominate XRP in terms of daily transfer volume, highlighting broader adoption and greater trust in these ecosystems.The overall average daily transfer volume for Bitcoin across the full data set is approximately $23.26 billion, according to Glassnode. Bitcoin total transfer volume. Source: GlassnodeIn recent years, the network has settled an average of $64.03 billion per day over the past 30 days, likely due to strong institutional flows, ETF-driven activity, and speculative trading.Meanwhile, Ethereum’s overall daily transfer volume is approximately $2.53 billion. But its recent 30-day average of the same comes to be at around $5.67 billion.Ethereum total transfer volume. Source: GlassnodeTotal transfer volume reflects real-life usageTransfer volume is a key onchain metric, showing how much real value is settled daily via blockchain. High volumes, especially when sustained, indicate greater user activity in moving money onchain. Bitcoin and Ethereum see consistent activity from custodians, ETFs, and DeFi apps.In XRP’s case, however, usage appears concentrated around trading cycles. Despite Ripple’s efforts to promote XRP in cross-border settlements via On-Demand Liquidity (ODL), onchain volumes suggest limited adoption among enterprise users.However, XRPL has recently introduced tools for stablecoin issuance, tokenization, and EVM compatibility. Related: Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growthIn Q4 2024, for instance, the ledger’s Automated Market Maker (AMM) volume increased by 3,100%, reflecting exponential growth in usage.XRP Ledger Key Metrics as of Dec. 31, 2024. Source: MessariHowever, these innovations have yet to generate volume levels comparable to Ethereum and Bitcoin.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.
Nakamoto coefficient explained: Measuring decentralization in blockchain networks
Measuring decentralization in blockchain Decentralization involves spreading control and decision-making across a network instead of a single authority. Unlike centralized systems, where one entity controls everything, decentralized blockchains distribute data among participants (nodes). Each node holds a copy of the ledger, ensuring transparency and reducing the risk of manipulation or system failure.In blockchain, a decentralized network provides significant advantages:Security: Decentralization reduces vulnerabilities associated with central points of attack. Without a single controlling entity, malicious actors find it more challenging to compromise the network. Transparency: All transactions are recorded on a public ledger accessible to all participants, fostering trust through transparency. This openness ensures that no single entity can manipulate data without consensus. Fault tolerance: Decentralized networks are more resilient to failures. Data distribution across multiple nodes ensures that the system remains operational even if some nodes fail. So, decentralization is good, but it’s not a fixed state. It’s more of a spectrum, constantly shifting as network participation, governance structures and consensus mechanisms evolve.And yes, there’s a ruler for that. It’s called the Nakamoto coefficient. What is the Nakamoto coefficient? The Nakamoto coefficient is a metric used to quantify the decentralization of a blockchain network. It represents the minimum number of independent entities — such as validators, miners or node operators — that would need to collude to disrupt or compromise the network’s normal operation. This concept was introduced in 2017 by former Coinbase chief technology officer Balaji Srinivasan and was named after Bitcoin’s creator, Satoshi Nakamoto. A higher Nakamoto coefficient indicates greater decentralization and security within the blockchain network. In such networks, control is more widely distributed among participants, making it more challenging for any small group to manipulate or attack the system. Conversely, a lower Nakamoto coefficient suggests fewer entities hold significant control, increasing the risk of centralization and potential vulnerabilities. For example, a blockchain with a Nakamoto coefficient of 1 would be highly centralized, as a single entity could control the network. In contrast, a network with a coefficient of 10 would require at least 10 independent entities to collude to exert control, reflecting a more decentralized and secure structure.Did you know? Polkadot’s high score on the Nakamoto coefficient is largely due to Polkadot’s nominated proof-of-stake (NPoS) consensus mechanism, which promotes an even distribution of stakes among a large number of validators. Calculating the Nakamoto coefficient Calculating this coefficient involves several key steps:Identification of key entities: First, determine the primary actors within the network, such as mining pools, validators, node operators or stakeholders. These entities play significant roles in maintaining the network’s operations and security.Assessment of each entity’s control: Next, evaluate the extent of control each identified entity has over the network’s resources. For instance, in proof-of-work (PoW) blockchains like Bitcoin, this involves analyzing the hashrate distribution among mining pools. In proof-of-stake (PoS) systems it requires examining the stake distribution among validators.Summation to determine the 51% threshold: After assessing individual controls, rank the entities from highest to lowest based on their influence. Then, cumulatively add their control percentages until the combined total exceeds 51%. The number of entities required to reach this threshold represents the Nakamoto coefficient.Consider a PoW blockchain with the following mining pool distribution:Mining pool A: 25% (of the total hashrate)Mining pool B: 20%Mining pool C: 15%Mining pool D: 10%Others: 30%To determine the Nakamoto coefficient:Start with mining pool A (25%).Add mining pool B (25% 20% = 45%).Add mining pool C (45% 15% = 60%).In this scenario, the combined hashrate of mining pools A, B and C reaches 60%, surpassing the 51% threshold. Therefore, the Nakamoto coefficient is 3, indicating that collusion among these three entities could compromise the network’s integrity. Did you know? Despite Bitcoin’s reputation for decentralization, its mining subsystem is notably centralized. The Nakamoto coefficient is currently 2 for Bitcoin. This means that just two mining pools control most of Bitcoin’s mining power. Limitations of the Nakamoto coefficient While the Nakamoto coefficient serves as a valuable metric for assessing blockchain decentralization, it possesses certain limitations that warrant careful consideration. For example: Static snapshotThe Nakamoto coefficient provides a static snapshot of decentralization, reflecting the minimum number of entities required to compromise a network at a specific point in time. However, blockchain networks are dynamic, with participant roles and influence evolving due to factors like staking, mining power shifts or node participation changes. Consequently, the coefficient may not accurately capture these temporal fluctuations, potentially leading to outdated or misleading assessments. Subsystem focusThis metric typically focuses on specific subsystems, such as validators or mining pools, potentially overlooking other critical aspects of decentralization. Factors like client software diversity, geographical distribution of nodes and token ownership concentration also significantly impact a network’s decentralization and security. Relying solely on the Nakamoto coefficient might result in an incomplete evaluation.Consensus mechanism variationsDifferent blockchain networks employ various consensus mechanisms, each influencing decentralization differently. The Nakamoto coefficient may not uniformly apply across these diverse systems, necessitating tailored approaches for accurate measurement. External InfluencesExternal factors, including regulatory actions, technological advancements or market dynamics, can influence decentralization over time. For example, regulatory policies in specific regions might affect the operation of nodes or mining facilities, thereby altering the network’s decentralization landscape. The Nakamoto coefficient may not account for such externalities, limiting its comprehensiveness.To sum up, the Nakamoto coefficient is useful for assessing certain aspects of blockchain decentralization. It should be used alongside other metrics and qualitative assessments to gain a comprehensive understanding of a network’s decentralization and security.
SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’
The US Securities and Exchange Commission (SEC) and popular cryptocurrency exchange Gemini have recently requested a pause in the regulator’s lawsuit over the exchange’s Gemini Earn program. In a joint letter to New York federal court judge Edgardo Ramos, the SEC and Gemini’s lawyers have asked for a 60-day hold on the case to explore a potential resolution.
The SEC initially filed the lawsuit against Gemini and crypto lending firm Genesis Global Capital in January 2023, alleging that they offered unregistered securities through the Gemini Earn program. While Genesis has already agreed to pay $21 million to settle the charges, the case against Gemini remains ongoing.
The recent request for a pause in the lawsuit suggests that both parties are open to finding a resolution outside of court. The lawyers representing the SEC and Gemini stated that a stay would be in the best interest of all parties involved and would also conserve judicial resources. They have proposed submitting a joint status report within 60 days after the stay is granted.
It is unclear what a potential resolution would entail, but the SEC has dropped several lawsuits against crypto companies under the Biden administration, including those against Coinbase, Ripple, and Kraken. This could be a sign of a more lenient approach towards the crypto industry from the SEC.
In February, Gemini announced that the SEC had closed a separate investigation into the firm, as the regulator winds back its crypto enforcement under President Donald Trump. This news was met with relief from Gemini co-founder Cameron Winklevoss, who stated that the SEC’s actions had cost the company millions of dollars in legal fees and lost productivity.
Other crypto companies, such as OpenSea, Crypto.com, and Uniswap, have also reported that the SEC has closed similar probes into their businesses. This trend suggests that the SEC may be shifting its focus away from strict enforcement of securities laws in the crypto space.
In the meantime, the crypto community eagerly awaits the outcome of the SEC’s lawsuit against Gemini. Will the two parties be able to reach a resolution, or will the case continue to play out in court? Only time will tell. Stay tuned for updates on this developing story.
Blockchain Association CEO will move to Solana advocacy group
Kristin Smith, CEO of the US-based Blockchain Association, will be leaving the cryptocurrency advocacy group for the recently launched Solana Policy Institute.In an April 1 notice, the Blockchain Association (BA) said Smith would be stepping down from her role as CEO on May 16. According to the association, the soon-to-be former CEO will become president of the Solana Policy Institute on May 19.The association’s notice did not provide an apparent reason for the move to the Solana advocacy organization nor say who would lead the group after Smith’s departure. Cointelegraph reached out to the Blockchain Association for comment but did not receive a response at the time of publication.Blockchain Association CEO Kristin Smith’s April 1 announcement. Source: LinkedInSmith, who has worked at the BA since 2018 and was deputy chief of staff for former Montana Representative Denny Rehberg, will follow DeFi Education Fund CEO Miller Whitehouse-Levine, leaving his position to join the Solana Policy Institute as CEO. According to Whitehouse-Levine, the organization plans to educate US policymakers on Solana.This is a developing story, and further information will be added as it becomes available.
Bitcoin mining using coal energy down 43% since 2011 — Report
The use of hydrocarbon fuels in Bitcoin mining has seen a sharp decline over the past 13 years, with the use of coal energy dropping significantly. The share of coal energy use in Bitcoin (BTC) mining has dropped from 63% in 2011 to 20% in 2024, according to a new report released by the industry organization MiCA Crypto Alliance in collaboration with the risk metrics data platform Nodiens.In parallel, the share of renewable energy used in Bitcoin mining has steadily increased, growing at an average rate of 5.8% per year.Bitcoin absolute energy consumption trends and share of renewable and coal energy. Source: MiCA Crypto AllianceThe data reflects a steady shift of Bitcoin mining to cleaner and more sustainable energy solutions, with the study forecasting further decarbonization and mitigation of BTC’s environmental footprint in the coming years.Global coal energy use surged to new highs in 2024While Bitcoin mining’s coal energy consumption reportedly has been dropping at an average annual 8%, global coal consumption has been rising.According to the International Energy Agency (IEA), a Paris-based intergovernmental policy organization, global coal use surged to a new record in 2024, estimated at 8.8 billion tons.Global coal consumption from 2000 to 2026. Source: IEAAccording to the IEA, global demand for coal energy is set to stay close to record levels through 2027 as emerging economies like India, Indonesia and Vietnam are expected to see increased coal consumption in the coming years.Five scenarios for Bitcoin’s energy path to 2030The report outlines five future scenarios for Bitcoin’s carbon footprint, ranging from a bearish $10,000 BTC price to an ultra-bullish $1 million scenario.The study specifically included five BTC price scenarios, with $10,000 considered as a low price scenario, a base price scenario at $110,000, a medium price scenario at $250,000, a high price scenario at $500,000 and a “very bullish” price scenario at $1 million per BTC.Peak annual carbon footprint estimations for Bitcoin price scenarios and IEA’s energy transition scenarios. Source: MiCA Crypto AllianceIn a medium-price scenario, renewable energy is estimated to constitute between 59.3% and 74.3% of Bitcoin’s total electricity usage, depending on the policy scenario, excluding nuclear energy use, the report stated.Related: Crusoe to sell Bitcoin mining business to NYDIG to focus on AIThe report also mentioned an expected peak in Bitcoin mining energy consumption around 2030, echoing a similar forecast in a study by the digital asset platform NYDIG released in September 2021.According to NYDIG’s estimations, even in a high-price scenario, Bitcoin’s electricity consumption will peak at 11 times its 2020 level, accounting for 0.4% of global primary energy consumption and 2% of global electricity generation.Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Bitcoin whale accumulation trend mirrors 2020-era bullish activity after BTC price bounces off $81K
Bitcoin (BTC) price dipped below its ascending channel pattern over the weekend, dropping to $81,222 on March 31. The top cryptocurrency is set to register its worst quarterly return since 2018, but a group of whale entities are mirroring a 2020-era bull run signal. Bitcoin 1-day chart. Source: Cointelegraph/TradingViewIn a recent quick take post, onchain analyst Mignolet explained that “market-leading” whale addresses holding between 1,000 to 10,000 BTC exhibited a high correlation with Bitcoin price. The analyst said that these entities are resilient to market volatility and show accumulation behavior, mirroring patterns of the 2020 bull cycle.Bitcoin whale accumulation analysis. Source: CryptoQuantIn the current bull market, this distinct pattern emerged three times and is marked by Bitcoin whales’ rapid BTC accumulation, even as retail investors doubted a positive directional bias. These periods were riddled with bearish market sentiment and preceded substantial price surges, suggesting that whales were positioning themselves ahead of the recovery. While BTC currently exhibited a price decline, the analyst said, “There are no signs yet that the market-leading whales are exiting.”As shown in the chart above, “Pattern No. 3” witnessed a similar rate of accumulation, but BTC price remained sideways. Related: Bitcoin trader issues’ overbought’ warning as BTC price eyes $84KCan Bitcoin flip $84,000 after the CME gap?As the New York trading session started on March 31, BTC rallied to close the CME futures gap that formed over the weekend. The CME gap highlights the difference between the closing price of the BTC futures on Friday and the opening price on Sunday evening. Bitcoin CME gap analysis. Source: Cointelegraph/TradingViewWhile Bitcoin started this week out on a bullish tip, there are a handful of US economic events that could have an impact on the price. April. 1, JOLTS Job Openings: A metric reflecting labor market demand; a decline might signal weakness.April 2, US tariff rollout: termed “Liberation Day,” with 20% and larger tariffs coming on for up to 25 countries. April 4, Non-farm payrolls (NFP), Unemployment rate and Federal Reserve Chair Jerome Powell’s speech.Bitcoin 4-hour chart. Source: Cointelegraph/TradingViewBTC’s immediate point of interest is to flip the $84,000 level into support for a bullish continuation. Reclaiming $84,000 could push BTC prices above the 50-day exponential moving average, which might bolster a short-term rally to the supply zone between $86,700 and $88,700. On the contrary, prolonged consolidation under $84,000 strengthens its resistance characteristics, which might eventually lead to further corrections to downside liquidity areas in the $78,200 to $76,560 zone. Related: Bitcoin’s ‘digital gold’ claim challenged as traders move into bonds and gold hits new highsThis 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.
Price analysis 3/31: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON
Bitcoin (BTC) fell 4.29% last week, but the bulls started a recovery by pushing the price back above $83,500 on March 31. However, traders are likely to remain on edge until April 2, when new US trade tariffs are set to kick in. The event could trigger a sharp, knee-jerk reaction on either side of the market.Traders remain cautious in the near term, but a minor positive is that lower levels are attracting buyers. Cryptocurrency exchange-traded products (ETPs) witnessed modest inflows of $226 million last week, CoinShares reported on March 31. Daily cryptocurrency market performance. Source: Coin360Strategy took advantage of the pullback in Bitcoin by adding 22,048 Bitcoin for $1.92 billion at an average price of $86,969. After the latest purchase, the company holds 528,185 Bitcoin bought for roughly $35.63 billion.Could Bitcoin break above the stiff overhead resistance, pulling select altcoins higher? Let’s analyze the charts to find out.S&P 500 Index price analysisThe S&P 500 Index (SPX) broke above the 20-day exponential moving average (5,706) on March 24, but that proved to be a bull trap.SPX daily chart. Source: Cointelegraph/TradingViewThe price turned down sharply on March 26 and broke below the 5,600 support. Both moving averages are sloping down, and the relative strength index (RSI) is in the negative territory, indicating an advantage to sellers. There is solid support at 5,500, but if the level breaks down, the index could tumble to 5,400 and subsequently to 5,100.This negative view will be invalidated if the price turns up from the current level and breaks above 5,800. Such a move suggests that the index may have bottomed out in the near term.US Dollar Index price analysisThe US Dollar Index (DXY) has been trading below the 20-day EMA (104.46), indicating that the sentiment remains negative.DXY daily chart. Source: Cointelegraph/TradingViewThe bears will try to sink the index to 103.37, which is a critical level to watch out for. Buyers are expected to defend the 103.37 level with all their might because if they fail in their endeavor, the index could plunge to 101.Contrarily, a break and close above the 20-day EMA suggests that the bulls are trying to make a comeback. The index may rise to 105.42 and then to the 50-day simple moving average (106.09).Bitcoin price analysisBitcoin remains under pressure as bears are trying to sink the price to the critical support at $80,000. A minor positive in favor of the bulls is that they are attempting to arrest the decline at $81,100.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to push the price to the resistance line, which is likely to attract strong selling by the bears. If the price turns down from the resistance line, the likelihood of a break below $80,000 increases. The BTC/USDT pair could slump to $76,606 and eventually to $73,777.On the contrary, a break and close above the resistance line suggests that the bears are losing their grip. The pair could pick up momentum above $89,000 and rally toward $95,000.Ether price analysisEther (ETH) has reached the vital support at $1,754, from where the bulls are trying to start a relief rally.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to halt the recovery attempt at the 20-day EMA ($1,980). If the price turns down sharply from the 20-day EMA, it increases the possibility of a break below $1,754. That could sink the ETH/USDT pair to $1,550.The first sign of strength will be a break and close above the breakdown level of $2,111. The pair will then complete a bullish double-bottom pattern, which has a target objective of $2,468.XRP price analysisXRP (XRP) has dropped to the critical $2 support, which is likely to attract solid buying by the bulls. XRP/USDT daily chart. Source: Cointelegraph/TradingViewAny bounce is expected to face selling at the moving averages. If the price turns down from the moving averages, it heightens the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but if the level gets taken out, the pair could collapse to $1.27.Time is running out for the bulls. If they want to prevent the downside, they will have to quickly drive the price above the moving averages. The pair may then travel to the resistance line.BNB price analysisBNB’s (BNB) narrow range resolved to the downside with a break and close below the moving averages on March 29.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe BNB/USDT pair has support at the 38.2% Fibonacci retracement level of $591 and then at the 50% retracement level of $575. If the price rebounds off the support, the bulls will try to propel the pair above the moving averages and the $644 resistance. If they manage to do that, the pair could rally to $686.Contrarily, a break and close below $575 could sink the pair to the 61.8% retracement level of $559. A deeper pullback is likely to delay the next leg of the up move.Solana price analysisSolana (SOL) is finding support near $120, indicating that the buyers are fiercely defending the level.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe first sign of strength will be a break and close above the 20-day EMA ($133). That opens the doors for a rise to the 50-day SMA ($148), which may again act as a stiff resistance. However, if buyers pierce the resistance, the SOL/USDT pair could rally to $180.If sellers want to strengthen their position, they will have to pull the price below the $120 to $110 support zone. If they manage to do that, the pair could start the next leg of the downtrend toward $80.Related: XRP bulls in ‘denial’ as price trend mirrors previous 75-90% crashesDogecoin price analysisDogecoin (DOGE) is trying to take support at the $0.16 support, but a weak bounce suggests a lack of demand from the bulls.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe DOGE/USDT pair could skid to $0.14, where the buyers are expected to step in. Any bounce-off of $0.14 is expected to face selling at the moving averages. If the price turns down from the moving averages, it increases the possibility of a break below $0.14. If that happens, the pair could plummet to $0.10.Buyers will have to push and maintain the price above $0.20 to suggest that the pair may have formed a floor at $0.14. The pair may then ascend to $0.24.Cardano price analysisCardano (ADA) has slipped to the uptrend line, which is an important near-term support to watch out for.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping 20-day EMA ($0.71) and the RSI in the negative territory signal a slight advantage to the bears. A close below the uptrend line could start a downward move toward $0.50.On the other hand, a bounce off the uptrend line could push the ADA/USDT pair toward the moving averages. Buyers will be back in control after they propel and maintain the price above the 50-day SMA ($0.75).Toncoin price analysisToncoin (TON) is getting squeezed between the 20-day EMA ($3.63) and the overhead resistance at $4.14.TON/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day EMA and the RSI in the positive territory suggest the path of least resistance is to the upside. If buyers drive the price above $4.14, the TON/USDT pair is likely to pick up momentum and climb to $5 and later to $5.65.This positive view will be invalidated in the near term if the price turns down from the overhead resistance and breaks below the 50-day SMA ($3.46). That could sink the pair to $3.30 and later to $2.81.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.
XRP funding rate flips negative — Will smart traders flip long or short?
On March 19, Ripple CEO Brad Garlinghouse announced that the company had been cleared by the US Securities and Exchange Commission regarding an alleged $1.3 billion unregistered securities offering. Following the news, XRP (XRP) surged to $2.59, but the gains gradually faded as the cryptocurrency experienced a 22% correction, dropping to $2.02 by March 31.Investors worry that a deeper price correction is imminent, as XRP is trading 39% below its all-time high of $3.40 from Jan. 16. Additionally, XRP perpetual futures (inverse swaps) indicate strong demand for leveraged bearish bets. Demand for bearish bets increased amid XRP’s declineThe funding rate turns positive when longs (buyers) seek more leverage and negative when demand for shorts (sellers) dominates. In neutral markets, it typically fluctuates between 0.1% and 0.3% per seven days to offset exchange risks and capital costs. Conversely, negative funding rates are considered strong bearish signals.XRP futures 8-hour funding rate. Source: Laevitas.chCurrently, the XRP funding rate stands at -0.14% per eight hours, translating to a 0.3% weekly cost. This indicates that bearish traders are paying for leverage, reflecting weak investor confidence in XRP. However, traders should also assess XRP margin demand to determine whether the bearish sentiment extends beyond futures markets.Unlike derivative contracts, which always require both a buyer and a seller, margin markets let traders borrow stablecoins to buy spot XRP. Likewise, bearish traders can borrow XRP to open short positions, anticipating a price drop.XRP margin long-to-short ratio at OKX. Source: OKXThe XRP long-to-short margin ratio at OKX stands at 2x in favor of longs (buyers), near its lowest level in over six months. Historically, extreme confidence has pushed this metric above 40x, while readings below 5x favoring longs are typically seen as bearish signals.President Trump boosted XRP awareness, paving the way for future price gainsBoth XRP derivatives and margin markets signal bearish momentum, even as the cryptocurrency gains mainstream media attention. Notably, on March 2, US President Donald Trump mentioned XRP, along with Solana (SOL) and Cardano (ADA), as potential candidates for the country’s digital asset strategic reserves.Google search trends for XRP and BTC. Source: GoogleTrends / CointelegraphFor a brief period, Google search trends for XRP outpaced those of BTC between March 2 and March 3. A similar spike occurred on March 19 following Ripple CEO Garlinghouse’s comments on the anticipated SEC ruling. As the third-largest cryptocurrency by market capitalization (excluding stablecoins), XRP benefits from its early adoption and high liquidity.Related: Is XRP price around $2 an opportunity or the bull market’s end? Analysts weigh inInteractive Brokers, a global traditional finance brokerage, announced on March 26 its expansion of cryptocurrency offerings to include SOL, ADA, XRP, and Dogecoin (DOGE). Since 2021, the platform has supported trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) pairs.The wider adoption by traditional intermediaries, combined with rising Google search trends, further reinforces XRP’s position as a leading altcoin. It also sets the stage for increased inflows once macroeconomic conditions improve and retail investors actively seek altcoins with strong marketing appeal as alternatives to traditional finance, such as Ripple.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.
Japanese firm Metaplanet issues $13.3M in bonds to buy more Bitcoin
Metaplanet — a Japanese firm following in Strategy’s footsteps by focusing on accumulating Bitcoin — issued 2 billion Japanese yen ($13.3 million) of bonds to buy more BTC.According to a March 31 filing, Metaplanet issued the zero-interest bonds by allocating them via its Evo Fund to fuel its Bitcoin purchases. Investors will be allowed to redeem the newly-issued securities at full face value by Sept. 30.The firm’s CEO, Simon Gerovich, wrote in an X post that the company was taking advantage of the recent downturn in Bitcoin prices. The announcement comes as Bitcoin changed hands for about $82,000 at the time of writing, down 25% from its all-time high of over $109,000.Related: Metaplanet share price rises 4,800% as company stacks BTCSource: Simon GerovichMetaplanet is Asia’s top corporate Bitcoin holder and the 10th in the world, according to BitcoinTrasuries data. Currently, the firm owns about 3,200 Bitcoin worth about $1.23 billion.Following in the footsteps of giantsMetaplanet is often called “Asia’s MicroStrategy,” as its corporate plan closely mirrors that of Strategy (formerly MicroStrategy), the US-based market intelligence firm that shifted its primary focus to accumulating Bitcoin (BTC). Metaplanet’s US-based older brother is the top corporate Bitcoin holder with over 500,000 BTC in its coffers, worth nearly $82 billion, more than 2% of the 21 million Bitcoin supply limit.Related: Metaplanet tips first operating profit in 7 years, boosted by BitcoinEarlier this month, Metaplanet purchased 150 Bitcoin, chipping away at its objective of accumulating 21,000 BTC by 2026. At the beginning of March, the firm’s stock jumped 19% in less than a day after it splurged $44 million to add Bitcoin to its coffers.Also, this month, Metaplanet started exploring a potential US listing as the company acquired another 156 BTC. Gerovich said at the time:“We are considering the best way to make Metaplanet shares more accessible to investors around the world.”An increasingly influential companyMetaplanet is making powerful friends in the US political landscape. Earlier in March, the company appointed US President Donald Trump’s son Eric to its newly established strategic board of advisers to further Metaplanet’s mission to become a “global leader in the Bitcoin economy.” Company representatives said at the time:“Eric Trump brings a wealth of experience in real estate, finance, brand development, and strategic business growth and has become a leading voice and advocate of digital asset adoption worldwide.“Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29