Read in the Digest:
- Bitcoin exchange balance drops to 43% down from its ATH; Goldman Sachs offers Bitcoin-backed loans.
- Coinbase to combat fraud, while Binance blocks accounts tied to the Kremlin.
- Panama’s National Assembly approves bill to permit use of crypto assets.
- Ethereum whales buy $48 million worth of Shiba Inu, ‘Bitcoin Jesus’ praises Dogecoin.
Bitcoin Exchange Balance Drops to 43% Down From Its ATH; Goldman Sachs Offers Bitcoin-Backed Loans
The 3-month price chart for Bitcoin (BTC). Source: Tradingview
Despite drawn-out losses, Bitcoin continues to show bullish signals. On-chain data shows that the Bitcoin exchange balance has hit negative levels only seen a few times in the last 2 years. As the amount of illiquid BTC rises, so too does the possibility of a rally.
With Bitcoin holding out above the $38k support, Glassnode analysts have reported that both the 28-day and 90-day NVT models are “starting to bottom out and potentially reverse.”
The big banks are now warming up to Bitcoin, as Goldman Sachs began offering its first bitcoin-backed loan. The global investment bank has already allowed a borrower to use Bitcoin as collateral for a cash loan.
- On-chain data, now more than ever, is demonstrating a spike in the level of large entity Bitcoin adoption.
Coinbase to Mitigate Fraud, Binance Blocks Accounts Tied to the Kremlin
After repeated accusations of facilitating insider trading and information leaks from within the company, Coinbase has launched a new initiative to stay up to speed with global crypto regulations and prevent illegal transactions on the exchange.
According to Brian Armstrong, the CEO of Coinbase, the newly implemented procedures will make it impossible for people to guess the next token being listed by the exchange.
As the world continues to impose sanctions on Russia for its invasion of Ukraine, Binance has blocked several accounts linked to relatives of senior Kremlin officials.
Elizaveta Peskova – the daughter of Russian President Vladimir Putin’s spokesperson, Polina Kovaleva – the stepdaughter of the Foreign Minister, and Kirill Malofeyev – the son of Konstantin, himself the son of a Russian oligarch, are some of the accounts to be blocked by Binance.
The measures adopted by the world’s largest exchange mirror the moves of international agencies looking to prevent the Russian government from mitigating the impact of sanctions through the use of crypto.
- The government of Finland is reportedly considering donating 1981 bitcoins, which were seized by its customs officials in connection with criminal operations, to Ukraine.
Why You Should Care
Panama’s National Assembly Approves Bill to Permit the Use of Crypto Assets
Panama has joined the growing number of countries moving forward with crypto. On Thursday, April 28th, the Panamanian legislative assembly approved a bill to legalize the country’s commercialization and use of crypto assets.
The National Assembly said that if the bill is signed into law by President Laurentino Cortizoit, Panamanians will be able to use crypto assets both personally and publicly. Additionally, the bill will allow people to pay their taxes using cryptocurrencies.
Gabriel Silva, an independent lawmaker, clarified that Panama’s law does not mandate businesses to adopt crypto payments. It dows, however, allow them to buy, hold, accept, issue, and trade in digital currencies.
Silva adds that, unlike El Salvador’s rules, which made only Bitcoin a legal tender, Panamanians will be free to use any kind of cryptocurrency.
- Experts have warned that legalizing crypto could worsen Panama’s reputation of defaulting on financial transparency.
Why You Should Care
The legalization of crypto in Panama is expected to help the population, of whom only one in four people own bank accounts, to gain access to decentralized financial services.
Ethereum Whales Buy $48 Million Worth of Shiba Inu, ‘Bitcoin Jesus’ Praises Dogecoin
Data from Whalestat, the popular blockchain wallet tracker, reveals that Ethereum whales are showing renewed interest in accumulating Shiba Inu (SHIB). A transaction alert from WhaleStats showed one ETH whale purchasing 2 trillion SHIB valued at $48.4 million on Tuesday.
After acquiring the SHIB, the Ethereum whale in question holds a cumulative 19.3 trillion SHIB tokens, worth $449 million at the time of writing. Data shows this to be more than twice the balance in the Crypto.com wallet, which holds 8 trillion SHIB, valued at $197 million.
- Roger Ver, the co-founder of Bitcoin Cash, popularly known as ‘Bitcoin Jesus,’ tweeted for the first time in a year to vocalize his newfound love for Shiba Inu’s competitor, Dogecoin (DOGE).
- In an interview, Ver expressed his support for Musk’s appreciation of DOGE, saying that is cheaper and more reliable than Bitcoin.
- Ver added that if he had to pick three competitors for the world’s dominant cryptocurrency, they would be DOGE, Litecoin, and Bitcoin Cash.
Why You Should Care
Whales have a habit of accumulating tokens in anticipation of a big event, such as a rally, or in Shiba Inu’s case, the launch of its metaverse.