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Federal Reserve Withdraws 95% of Its Anti-Crypto Guidance, But There’s Still One Major Obstacle Left

Lele Jima
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Federal Reserve Withdraws 95% of Its Anti-Crypto Guidance, But There’s Still One Major Obstacle Left

The Federal Reserve has rolled back most of its anti-crypto guidance restricting U.S. banks from engaging in crypto-related activities. 

The Fed disclosed in an April 24 statement that it had rescinded its 2022 and 2023 supervisory letters, which restricted banks’ support for crypto assets. 

Fed Rescinds Its 2022 and 2023 Anti-Crypto Guidance 

For context, the Fed 2022 supervisory letter required state member banks to notify the Fed before engaging in crypto activities, including trading and custody. On the other hand, the 2023 letter established a ‘supervisory non-objection’ process for banks’ engagement in dollar-pegged stablecoins. 

In its latest press release, the Fed noted that it has rescinded both the 2022 and 2023 supervisory letters. As a result, U.S. banks no longer need to send special notices to the Fed before engaging in crypto activities. Hence, the Fed will only monitor banks’ crypto activity as part of its routine supervisory process. 

Further, the Fed withdrew two statements it made in 2023 in collaboration with the OCC and FDIC, in which the agencies jointly clarified how banks should manage crypto activity and exposure. 

Following this move, the Federal Reserve Board will coordinate with the OCC and FDIC to ascertain whether it is appropriate to establish additional guidance to drive innovation in crypto. 

Strategy Chairman Reacts 

The Fed’s move to rescind most of its anti-crypto guidance has triggered positive reactions among crypto stakeholders. In a statement, Michael Saylor, the executive chairman of Strategy, highlighted the significance of the Fed’s latest policy. According to him, the Fed’s withdrawal of its anti-crypto guidance now gives U.S. banks the freedom to support Bitcoin. 

One Major Obstacle Remains

Meanwhile, Eleanor Terrett, the host of Crypto in America, emphasized that while the Fed has rolled back 95% of its anti-crypto guidance, one major obstacle remains. 

Terrett called the public’s attention to a statement from Caitlin Long, the founder and CEO of Custodia Bank, which highlighted the Fed’s refusal to rescind a major anti-crypto guidance. 

According to Long, the Fed withdrew all other anti-crypto guidance it issued without a board vote. However, it failed to withdraw its anti-crypto guidance issued on January 27, 2023, which was fully approved by the board in a 7 – 0 vote. 

It bears mentioning that the guidance relates to the Fed’s concerns about banks issuing tokens on a blockchain. The Fed suggested that the practice was inconsistent with safe and sound banking practices. 

With the guidance still in effect, Long suggested that Fed-regulated banks are disadvantaged compared to financial institutions regulated by the OCC and FDIC when engaging in crypto activity. 

However, she expects the upcoming stablecoin bill to resolve the Fed’s anti-crypto guidance. Notably, Long asserted that the Fed has not complied with Donald Trump’s crypto executive order, which aims to drive the industry’s growth. 

You Don’t Need $300,000 to Participate in Trump Dinner Event: Organizers Clarify as Justin Sun Joins Race

Elendu Benedict
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You Don’t Need $300,000 to Participate in Trump Dinner Event: Organizers Clarify as Justin Sun Joins Race

With the leaderboard shaping up nicely, the Trump Meme team has clarified emerging misconceptions about participating in the draws.

The organizers took to X on Thursday to clear the air amid growing backlash from market observers. Some of them include the amount of the TRUMP token one needs to hold to participate and skepticism about token unlock.

Trump Meme Team Clarifies Backlash

On Wednesday, the Official Trump Meme token announced an event at the Trump National Golf Club in Washington, DC, for 220 top TRUMP holders. The event, slated for late May, will see users compete for a place in the gala dinner between April 24 and May 12, with the top 25 holders receiving extra perks.

Meanwhile, the Trump Meme team has identified some misconceptions circulating on X and in the media about the event. One of them is that users must hold at least $300,000 worth of the token to participate in the draws.

The organizers clarified that this was wrong, citing the current leaderboard standings. According to the tweet, the highest-ranked is an address, identified as “Sun,” which holds 1,176,803 TRUMP ($14 million). However, the 220th-ranked user on the leaderboard holds just 35.3 TRUMP ($420), suggesting that participation is open to everyone.

Furthermore, the team stressed that the speculation that #220 on the blockchain explorer is the cutoff for participation is also false. This is because the ranking includes exchanges, market makers, and people who are not necessarily participating in the event.

Additionally, the project paused its daily token unlock, which started this week, for 90 days. The extension would ensure that locked tokens remain locked throughout the dinner meeting with Donald Trump.

Justin Sun Joins Race

Meanwhile, Tron founder and advisor to the Trump-inspired World Liberty Financials (WLFI), Justin Sun, seems to have joined the race to meet with the 47th US president, further adding to the frenzy. Arkham shared that someone has registered HTX’s cold wallet for the dinner, with Lookonchain suggesting it may be Sun.

The wallet becomes the largest registered for the event and currently ranks as the 25th-largest holder of the TRUMP token, according to Solscan. Meanwhile, the top three on the leaderboard are Sun with 1.17 million TRUMP, “CASE” with 400,005 TRUMP, and “MeCo” with 665,166 TRUMP.

Leadeership Ranking as at 613 UTC
Leaderboard Ranking as of 6:13 (UTC)

Notably, the organizers update the table every hour.

Bloomberg ETF Analyst Shares Only Way BlackRock’s IBIT Could Overtake $559B VOO as Largest ETF Globally

Albert Brown
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Bloomberg ETF Analyst Shares Only Way BlackRock’s IBIT Could Overtake $559B VOO as Largest ETF Globally

Following Strategy Chairman Michael Saylor’s prediction, Bloomberg’s Balchunas shares the only way BlackRock’s IBIT could overtake VOO as the largest ETF globally.

Saylor Predicts IBIT to Become Largest ETF Globally

At a recent Bitcoin-focused conference hosted by Bitwise, Strategy Chairman Michael Saylor made an audacious prediction regarding the ETF market. Specifically, Saylor projected that within the next decade, BlackRock’s iShares Bitcoin Trust ETF (IBIT) could surpass all competitors to become the largest exchange-traded fund (ETF) in the world. 

Currently, Vanguard’s S&P 500 ETF (VOO), which boasts an impressive $559 billion in assets under management (AUM), holds the top spot in the global ETF market. Since its launch in September 2010, VOO has become a staple for long-term equity investors. 

In contrast, IBIT, BlackRock’s spot Bitcoin ETF, launched just over a year ago and has already ascended to the 34th-largest ETF globally. It manages $54.8 billion in AUM, roughly one-tenth the size of VOO. Despite its relatively recent debut, IBIT has shattered numerous ETF launch records and continues to capture institutional interest at a rapid pace.

Bloomberg ETF Analyst Reacts

Reacting to Saylor’s forecast, Bloomberg Senior ETF Analyst Eric Balchunas presented his opinion on X. While he acknowledged that IBIT’s first year has defied expectations by setting record inflows, he pointed out the massive gap between IBIT and VOO’s scale. 

Balchunas stressed that VOO is ten times larger than IBIT in AUM and currently attracts five times more capital inflows on a daily basis.

Particularly, Balchunas noted that for IBIT to catch up, it would need to consistently draw in over $1 billion per day, potentially as high as $3 billion to $4 billion daily, to outpace VOO’s momentum. 

He added that such an extraordinary change would demand an unprecedented combination of market conditions. Notably, these conditions would involve a potential stagnation or downturn in U.S. equities alongside a significant surge in Bitcoin’s value and adoption.

IBIT Netflows Compared to VOO Netflows

Recent netflows show the challenge ahead for IBIT. On April 22, IBIT recorded a positive netflow of $193.4 million. That figure rose sharply to $643.1 million on April 23, the highest single-day inflow for IBIT since January 21. On April 24, IBIT attracted another $327.3 million. 

By comparison, VOO saw $317.5 million in net inflows on April 21 and an even higher $832.79 million on April 22. Interestingly, VOO’s largest daily netflow this month was $4 billion on April 7 alone. Meanwhile, IBIT’s total netflows for this month currently total $998 million. 

Balchunas concluded that while Saylor’s prediction isn’t entirely out of the question, it will depend on a dramatic change in the financial ecosystem—one where Bitcoin experiences exponential growth and investor behavior changes substantially. 

Here’s When Holding 1 Billion Shiba Inu Could Be Worth $500,000

Albert Brown
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Here’s When Holding 1 Billion Shiba Inu Could Be Worth $500,000

Shiba Inu investors holding 1 billion SHIB tokens could rake in substantial returns over the next few years if the asset maintains an upward trend.

The broader crypto market has staged a recovery push, and Shiba Inu appears to be benefiting from this rebound. This comes after weeks of intense bearish pressure amid macroeconomic headwinds such as trade tensions triggered by the United States.

Shiba Inu Addresses with 1B to 1T Tokens Actively Distributing

Notably, amid the broader market downtrend, which began in February 2025, Shiba Inu investor sentiment has dropped. As a result, shrimp and shark addresses have been distributing their holdings, albeit at a slow pace. 

Specifically, data from IntoTheBlock shows that investors holding between 1 billion and 1 trillion SHIB tokens now have a cumulative balance of 241.27 trillion SHIB. As of Feb. 1, these investors held 244.23 trillion, with the latest figure confirming that they distributed or sold 2.96 trillion tokens within this period.

Shiba Inu Holders IntoTheBlock
Shiba Inu Holders | IntoTheBlock

Notably, this intense selloff has contributed to Shiba Inu’s downward pressure. However, some investors within this tier have held onto their stash. These resolute investors continue to hold onto the hope that SHIB will rebound to greater heights. However, the extent of this rebound remains uncertain.

As a result, The Crypto Basic recently spotlighted timelines for one of the ambitious Shiba Inu price predictions made by bullish analysts, particularly the one that could push an investment of 1 billion SHIB tokens to $500,000. 

For context, 1 billion SHIB today is worth $14,000 at Shiba Inu’s current price of $0.000014. For these tokens to hit $500,000, SHIB would need to trade at $0.0005, a lofty target. To put this into perspective, Shiba Inu would have to spike by a massive 3,471% from the current position to reach $0.0005.

When Could 1B SHIB Tokens Hit $500,000?

Interestingly, experts at Changelly expect Shiba Inu to reach this price level over the next eight years, specifically in 2033. According to Changelly analysts, SHIB would begin 2033 with a minimum price of $0.000308 in January. However, they expect the asset to hit $0.000505 as its maximum price in November 2033, transforming 1 billion tokens to $505,000.

Shiba Inu Price Prediction Changelly 3
Shiba Inu Price Prediction | Changelly

However, analysts at Telegaon are more bullish regarding the timeline for this audacious target. While Changelly analysts believe Shiba Inu would reach $0.0005 in November 2033, those at Telegaon expect the price to materialize sooner, specifically in 2029, when they see SHIB hitting $0.000588.

Shiba Inu Price Prediction Telegaon 2
Shiba Inu Price Prediction | Telegaon

Notably, to get additional insights, we also sought opinions from AI models. In its response, OpenAI’s ChatGPT suggested that SHIB could realistically reach $0.00005 to $0.0001 this year if bullish prospects persist. However, it is expected that $0.0005 will materialize between 2026 and 2027, but only on the condition of an 80% reduction in circulating supply.

Shiba Inu Price Prediction ChatGPT 2
Shiba Inu Price Prediction | ChatGPT

Meanwhile, Grok’s predictions align closely with what Telegaon analysts believe. Particularly, the xAI model sees Shiba Inu reaching a price range of $0.000102 to $0.0007 between 2028 and 2030. Nonetheless, it believes this will only happen if SHIB supply reduces by at least 50%, Shibarium becomes a top L2 network and the broader crypto market hits a $10 trillion valuation.

Shiba Inu Price Prediction Grok AI
Shiba Inu Price Prediction | Grok AI

Here’s the Latest Predicted Timeline for Shiba Inu to Rally to $0.0001971

Lele Jima
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0
Here’s the Latest Predicted Timeline for Shiba Inu to Rally to $0.0001971

Crypto industry experts are confident that Shiba Inu would eliminate a zero from its price and hit a target of $0.0001971 in the next few years. 

Shiba Inu has been struggling to stage another major rally like it did in March 2024, when its price soared to a multi-year peak of $0.000045. Since then, SHIB has slumped by over 76% to $0.00001080. 

Meanwhile, SHIB participated in the relief rally led by Bitcoin this week, with its price soaring to a multi-week high of $0.00001384 per token. However, this rally was short-lived as the bears took charge to prevent further surges. 

26 Panelists Envision SHIB Hitting $0.0001971 By 2030 

Despite this, investors continue to rely on bullish predictions from top industry experts to keep believing in SHIB’s prospects. One of such predictions came from a group of 26 crypto specialists polled by Finder. They projected that SHIB could rise to $0.0001971 by the end of 2030, approximately five years from now. 

This represents a surge of 1,389% from the current price of $0.00001323 and 122% from SHIB’s all-time high of $0.00008845, registered in October 2021. 

The significance of this monumental surge cannot be overstated, with early investors expected to benefit from it. For instance, an investment of $2,000 in SHIB today would rise to $29,795 if SHIB clinches the $0.0001971 target by 2030. This represents an ROI of over $27,000.  

Other Experts Set Different Timeline 

Meanwhile, other crypto analysts have set different timelines regarding when SHIB will rise to the $0.0001971 mark. For instance, analysts at Changelly project that the $0.00001971 target will materialize by May 2031, six years from now. These experts believe that SHIB will reach a maximum target of $0.000199 by then. 

Interestingly, popular prediction platform Telegaon speculates that SHIB will clinch the $0.0001971 target sooner. According to Telegaon, SHIB will surpass the target by 2027, two years from now. 

Meanwhile, the Shiba Inu ecosystem team also believes SHIB is capable of rising by 1,000% within three days. Based on our analysis at the time, a 1,000% surge would take SHIB’s price to around the $0.00019 territory. 

Further, renowned AI chatbot ChatGPT predicted that SHIB would trade around the $0.00019 mark after the 2028 Bitcoin Halving. ChatGPT expects that the 2028 Bitcoin Halving event, which is usually accompanied by a bull run, would drive SHIB’s price to a bullish target of $0.0001954. 

Can SHIB Rise to $0.0001971? 

If SHIB soars to $0.0001971, its market cap would also increase to $116.14 billion, assuming Shiba Inu’s circulating supply remains unchanged. However, these crypto experts’ opinions do not guarantee that SHIB will achieve the milestone within the next few years. 

Despite the uncertainty, several factors can support SHIB’s potential increase to the $0.0001971 target. They include massive adoption among retail and institutional clients, drastic reduction of SHIB’s supply via burns, and major technological advancements that would enhance the token’s real-world use case. 

US Residents Lost Over $9B in Crypto Scams in 2024: FBI

Lele Jima
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0
US Residents Lost Over $9B in Crypto Scams in 2024: FBI

The FBI’s Internet Crime Complaint Center (IC3) released its 2024 report, detailing the amount scammers stole via crypto-related scams over the past year. 

The IC3 marked its 25th anniversary by releasing the 2024 Internet Crime Report yesterday. According to the report, the FBI’s IC3 received a total of 859,532 complaints in 2024, with losses reaching a whopping $16.6 billion. The losses recorded in cyber-enabled crimes in 2024 marked a 33% increase from the figure registered in the previous year. 

Crypto-Related Losses 

Out of the total $16.6 billion in losses, $9.32 billion were lost to crypto-related scams in 2024, up 66% from 2023. Overall, victims submitted 149,686 crypto-related complaints to the IC3 in 2024.  

Individuals aged 60+ were the major victims of crypto fraud. According to the report, these older victims submitted around 33,369 complaints, up 96% from last year’s 16,968 count. Notably, these 60+ victims reported a total loss of $2.84 billion, marking a 71% increase from 2023 losses. 

Other age groups also suffered significant losses in crypto scams. According to the report, the IC3 received 1,819 complaints from victims under 20, with losses totaling $7.77 million. 

The 20 – 29, 30 – 39, 40 – 49, and 50 – 59 age groups submitted 13,591, 22,218, 22,555, and 19,317 complaints, respectively. The reported losses for these groups were $370.44 million, $1 billion, $1.46 billion, and $1.18 billion, respectively.

FBI report on cryto losses
FBI report on crypto losses

Crypto-Related Fraud Trends 

In terms of fraud trends, the report noted that victims submitted 41,557 complaints relating to crypto investment scams. This investment scam led to a total loss of $5.81 billion, marking an increase of 47% from the previous year. 

The IC3 also received 10,956 complaints linked to crypto ATM/Kiosks use, with losses reaching $246.7 million. In addition, other trends like extortion and s*xtortion saw around 54,936 complaints, with $33.5 million in losses registered in 2024.  

Other tactics within the crypto nexus, such as tech support, employment, romance, government impersonation, and ransomware, saw complaints and losses of 11,129 ($962 million), 6,533 ($197.22 million), 3,811 ($237.15 million), 3,585 ($146.05 million), and 389 ($1.07 million), respectively. 

IC3 Saves Victims from $285M in Losses 

The report highlighted how the agency’s Operation Level Up initiative helped save thousands of individuals from crypto investment fraud. This scheme notified 4,323 victims that they were being targeted by scammers. 

Notably, 76% of the total victims did not know that they were being targeted. Following this effort, the IC3 saved the victims from incurring losses of $285.64 million.

Bitcoin Price Driven by ETF Flow and Open Interest, Not Network Activity: Analyst

Albert Brown
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Bitcoin Price Driven by ETF Flow and Open Interest, Not Network Activity: Analyst

An analyst has argued that the recent Bitcoin price pump was driven by ETF flows and open interest rather than network activity.

Notably, despite the recent impressive price surge in the crypto market, the spotlight has quickly shifted from Bitcoin’s performance to an unexpected catalyst.

The U.S. President’s team announced that the top holders of the Trump (TRUMP) meme coin would attend a special dinner with President Trump, igniting a frenzy of buying activity for the coin. However, as the frenzy cooled, Bitcoin and top altcoin momentum cooled with it.

As the markets cooled, crypto influencer DonAlt took to X to critique the market’s behavior. He pointed out that the recent rally in Trump coin coincided with a sudden cooling in the market’s momentum, suggesting that there is still insufficient buying power to support multiple narratives simultaneously.

In response, a CryptoQuant analyst emphasized this point by citing data that showed the Bitcoin network is essentially a “ghost town.”

Bitcoin Network Is a Ghost Town

Specifically, analyst Maartunn from CryptoQuant argued that the current Bitcoin price surge was driven mainly by institutional factors rather than on-chain demand. 

He suggested that while Bitcoin’s price has risen sharply, the network activity index has not followed suit. According to Maartunn, this indicates that external forces, such as ETF flows and open interest in futures markets, are propelling the price rather than an increase in on-chain activities.

In his analysis, Maartunn uses a 365-day Moving Average to smooth out the network activity index, allowing for a clearer view of longer-term trends. From 2015 onward, the chart shows a steady increase in network activity, which generally aligned with Bitcoin’s price growth. 

However, a noticeable divergence begins around 2025. While Bitcoin’s price continues to rise, the growth rate of network activity slows significantly, with more fluctuations to the downside. This indicates that the rise in Bitcoin’s price is not matched by a similar increase in network activity, suggesting that external factors, rather than organic demand, drive the price movements.

Bitcoin ETF and OI Data

Data from Farside confirmed that Bitcoin ETFs saw a sharp rise in inflows starting April 17, with inflows reaching $381 million by April 21. By April 23, the total inflows had surged to $917 million, continuing the bullish momentum.

Notably, these inflows coincided with a surge in Bitcoin price, which peaked above $94,000 on April 23.

Since inception, U.S. Bitcoin ETFs have seen a cumulative $37.7 billion in net inflows, indicating that institutional players continue to drive much of the demand for Bitcoin.

In parallel to the ETF flows, open interest in Bitcoin futures has also surged. Open interest increased from approximately $24 billion on April 20 to over $27 billion by April 24, according to data from Coinalyze.

This uptick in open interest suggests growing institutional participation, further supporting that Bitcoin’s recent price surge is linked to external market factors.

Contrasting On-chain Data

On the on-chain end, data from IntoTheBlock shows a decline in key metrics such as network activity and active addresses. Over the past week, network activity decreased by 0.94%, while the number of active addresses dropped by 1.51%. 

Bitcoin Daily Active Addresses
Bitcoin Daily Active Addresses

Moreover, zero-balance addresses declined significantly by 12.59%, indicating that inactive addresses are on the rise. This decrease in active user engagement suggests that the market rally is fueled by factors outside the core network’s usage.

Coinbase and PayPal Expand Partnership to Promote Stablecoin Payments

Mark Brennan
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Coinbase and PayPal Expand Partnership to Promote Stablecoin Payments

Coinbase has announced an expanded partnership with PayPal to focus on increasing the adoption and utility of PayPal USD (PYUSD), a stablecoin backed by the U.S. dollar.

As part of the updated partnership, Coinbase will now allow users to buy, sell, and trade PYUSD without fees. Additionally, PYUSD holders will be able to redeem the stablecoin 1:1 for U.S. dollars directly on Coinbase.

The introduction of zero-fee conversions seeks to simplify transactions for consumers and businesses, providing easy access to digital currency markets. This move is particularly important for both novice crypto users and larger institutional clients who are increasingly looking for ways to incorporate stablecoins into their operations.

Per Paypal’s blog post, Brian Armstrong, CEO of Coinbase, expressed his enthusiasm about the potential of the partnership, noting that PayPal’s extensive customer base of over 430 million users presents a unique opportunity to drive stablecoin adoption.

Expanding the Reach of Stablecoins in Commerce

One of the core goals of the partnership is to use PYUSD to facilitate payments without relying on traditional payment networks. PayPal plans to allow merchants to settle debts and complete transactions directly using PYUSD. 

This feature will streamline international transactions, making them faster and more cost-effective. Settlement in PYUSD will also be instantaneous, a key factor driving PayPal’s interest in this stablecoin technology.

Push to Integrate Crypto Payments

Elsewhere, per CNBC, Coinbase is ramping up its efforts to expand crypto payments and solidify Base as the leading platform for Ethereum-compatible applications. CEO Brian Armstrong emphasized the company’s rapid push to integrate crypto payments across its entire suite of products, believing this will become a significant revenue stream in the long run.

He also expressed strong confidence in Base, Coinbase’s self-built network, touting it as the ideal platform for startups to develop on-chain solutions.

Additionally, Armstrong highlighted the company’s strategy to foster stablecoin growth, aiming to form more global and local partnerships with companies like Stripe and Yellow Card to drive broader adoption.

Ongoing Legal Challenges for Coinbase

As all this goes on, Coinbase has also been facing some legal challenges. The Oregon Department of Justice has recently filed a lawsuit against Coinbase, alleging that the exchange offers certain cryptocurrencies, including XRP, as unregistered securities. 

This legal issue could have potential consequences for Coinbase’s operations, though the company has yet to comment in detail on the ongoing case. Tyler Winklevoss, co-founder of the crypto exchange Gemini, has criticized the actions taken by Oregon’s Attorney General, calling them detrimental to the broader crypto market.

Bitcoin Whales Holding Over 10K BTC Fuel Rally With Near-Perfect Accumulation Trend

Elendu Benedict
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0
Bitcoin Whales Holding Over 10K BTC Fuel Rally With Near-Perfect Accumulation Trend

Bitcoin whales are fueling the recent bullish rally, with on-chain data showing massive accumulation trends among large Bitcoin holders.

The prominent on-chain analytics firm Glassnode highlighted this trend in an X post on Thursday. According to the firm, different calibers of large Bitcoin holders have been on a buying spree and have contributed immensely to the recent uptick.

For context, Bitcoin has surged by over 8% since the start of this week and is on track for its largest single-week bullish candle since November. The uptick has contributed to the broader market rebound, with the global crypto market cap nearing $2.9 trillion at press time.

Bitcoin Whales Accumulating More Tokens

Glassnode noted that Bitcoin whales are back in full force. Its data indicate a strong accumulation trend across different whale cadres, spurring the price rebound.

Notably, Glassnode cited the Bitcoin Trend Accumulation score to support its claims. For context, the indicator tracks market investor sentiment, revealing whether users are buying or selling Bitcoin over a period of time. 

Specifically, the analysis highlights the scores among different Bitcoin holders over the past week. Note that a score above 0.5 signals accumulation, while a score below suggests distribution.

For perspective, holders of between 100 and 1,000 BTC have a score of 0.5, indicating a neutral distribution and accumulation trend among this caliber of whales. Further, whales holding between 1,000 and 10,000 BTC accumulated Bitcoin considerably in the past week, with a score of 0.7.

Meanwhile, large whales holding 10,000 BTC or more displayed the highest level of interest in the premier asset. Holders in this category have a near-perfect score of 0.9, depicting an aggressive accumulation trend among them.

Bitcoin Whales Accumulation Scores | Glassnode

Net Taker Volume Confirms Buying Spree

Interestingly, the Bitcoin net taker volume also supports the recent accumulation trend. Data from Ali Martinez shows that the metric, which tracks the difference in buying and selling volume in the derivative market, highlights an aggressive buying pressure.

Bitcoin Net Taker | Ali Martinez

Particularly, the indicator hit a new monthly high of nearly $62 million on Binance, as buying aggression continues to mount. This derivative bullish disposition, coupled with the accumulation trend, suggests that bulls are solidly behind the recent market rally.

In the meantime, Bitcoin trades at $93,229, retracing slightly from this week’s high of $94,662.

Japan’s Largest Resale Platform Now Supports XRP

Mark Brennan
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Japan’s Largest Resale Platform Now Supports XRP

Mercoin, the crypto trading subsidiary of Japanese e-commerce firm Mercari Inc., has announced the addition of XRP to its platform.

Starting today, April 24, XRP is now available on Mercoin. This addition marks the third crypto asset available for trading on the platform, following Bitcoin (BTC) and Ethereum (ETH).

XRP will be available for purchase starting from just 1 yen (about $0.007). Users can use various payment methods, including bank recharge balances, Mercari sales, and Mercari points, making it easier for first-time traders to get started with small amounts.

The introduction of XRP aligns with Mercoin’s mission to provide more trading options and enhance accessibility for its growing user base.

Continued Growth and Success Among Inexperienced Traders

Since its launch in March 2023, Mercoin has focused on attracting new crypto users, with a significant emphasis on simplicity and security. The firm started by offering only Bitcoin at launch and later added Ethereum 14 months after its launch.

The company’s service is showing success, surpassing 3 million users by December 2024, just under two years after its debut. Notably, 90% of users on the platform are newcomers to crypto trading.

Now, Mercoin is introducing XRP, the fourth biggest crypto asset, as its beginner users become more familiar with BTC and ETH. The official announcement emphasized that XRP is one of the most traded assets in the global crypto market. Indeed, XRP boasts a 24-hour trading volume of $4.3 billion, the sixth largest in the market.

Interestingly, Mercoin noted that it plans to explore various avenues to further promote XRP awareness in Japan, expanding the pool of XRP enthusiasts.

Industry Reaction to XRP Listing on Mercoin

The recent announcement from Mercoin has caught the attention of the crypto community, particularly due to the influence of its parent company, Mercari Inc. 

Emi Yoshikawa, former Ripple VP of Strategic Initiatives, highlighted the importance of Mercoin’s decision to list XRP. Yoshikawa pointed out that Mercari is Japan’s leading marketplace app and the country’s largest resale platform, with millions of users who maintain a balance from selling unused items (MAU: 20+ million).

She also mentioned that users can now convert their balances or Mercari points into XRP starting from just ¥1. Additionally, Yoshikawa emphasized that almost all users purchasing crypto through Mercari are newcomers, making this a strong example of crypto reaching mainstream audiences beyond the typical crypto crowd.

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