Crypto News
Betting markets’ Q1 US GDP forecast flips negative amid tariff turmoil
Bettors on prediction platforms Polymarket and Kalshi are flipping bearish on the US economy. As of April 29, both platforms are predicting that the US will log an economic contraction during the first quarter of 2025 in an upcoming economic data release. The US has logged positive growth figures every quarter since 2022, and a reversal in that trend could mark the start of a recession.The pessimistic outlook marks a stark sentiment shift for prediction markets, which had recently anticipated a positive US growth report. On April 29, consensus Q1 US growth estimates on Kalshi, a US derivatives exchange, plunged from around 0.5% to -0.4% in less than 24 hours. Meanwhile, Polymarket bettors are setting the odds of a US economic contraction in Q1 at around 70%. On April 28, they still had a mostly favorable outlook.The shift comes one day after Canada, America’s second-largest trading partner, elected Liberal Mark Carney as prime minister. Carney has vowed to take a more hawkish stance in Canada’s ongoing trade war with the US. Bettors on Kalshi now expect a negative US GDP print. Source: KalshiRelated: Analysts brace for Bitcoin slide on gloomy US manufacturing dataThe markets are pegged to the outcome of an April 30 report by the US Bureau of Economic Analysis, which issues official measures of America’s gross domestic product (GDP).The report will provide the clearest view yet into the impact of US President Donald Trump’s controversial trade policies.Prediction markets work by letting users trade contracts tied to specific events, with prices fluctuating dynamically based on expected outcomes. In 2024, event contracts proved to be as reliable as traditional polling, forecasting not only Trump’s election win but also his party’s sweep of the US House and Senate.Polymarket’s US GDP growth wagers. Source: PolymarketTariff turmoilOn April 2, Trump announced plans to place sweeping tariffs on US imports. The president has since paused the rollout of tariffs on certain countries, but the prospect of a global trade war still looms. The macroeconomic uncertainty has already weighed on US economic data. In April, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in activity since 2020. Analysts said factories are bracing for the impact of Trump’s tariff plans, which could potentially raise production costs for manufacturers.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Published Date: 2025-04-29 22:58:00Creator: Cointelegraph by Alex O’Donnell
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US Senate majority leader expects stablecoin vote before May 26 — Report
US Senate Majority Leader John Thune reportedly told Republican lawmakers that the chamber would address a bill on stablecoin regulation before the May 26 Memorial Day holiday.According to an April 29 Politico report, Thune made the comments in a closed-door meeting with Republican senators, who hold a slim majority in the chamber. The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed the Senate Banking Committee in March.Thune did not mention any crypto or blockchain-related bills in his public comments on US President Donald Trump’s first 100 days in office. Since his Jan. 20 inauguration, Trump has signed several executive orders with the potential to affect US crypto policy, including one affecting stablecoins. Still, many of the actions do not carry the force of law without an act of Congress.Related: $649B stablecoin transfers linked to illicit activity in 2024: ReportThe proposed GENIUS bill could essentially restrict any entity other than a “permitted payment stablecoin issuer” from issuing a payment stablecoin in the United States. The House of Representatives, also controlled by Republicans, has proposed a companion bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act.Trump accused of conflicts of interest over stablecoins, crypto venturesThe president’s executive order, signed on Jan. 23, established a working group to study the potential creation and maintenance of a national crypto stockpile and a regulatory framework for stablecoins. Republican lawmakers followed by introducing the STABLE and GENIUS acts.Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its US-dollar pegged USD1 stablecoin. Many Democratic lawmakers said that Trump’s ties to the firm, coupled with his political influence and position, could present an “extraordinary conflict of interest that could create unprecedented risks to our financial system” as Congress considers the two stablecoin bills.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published Date: 2025-04-29 22:32:42Creator: Cointelegraph by Turner Wright
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Bitcoin price still in bargain zone as US jobs report sparks rate cut hopes
Key Takeaways:Fidelity Digital Assets says Bitcoin is undervalued and the firm holds an optimistic mid-term outlook.The JOLTS report shows a sharp drop in open US jobs, raising investors’ hope for Fed interest rate cuts. According to Fidelity Digital Assets, Bitcoin’s (BTC) mid-term outlook dropped to an “optimism” zone, as the investment firm noted that BTC is trending toward “undervaluation.” As proof, the firm cited the ‘Bitcoin Yardstick’ metric, which measures BTC’s market cap divided by its hashrate. A lower ratio suggests that Bitcoin is “cheaper” relative to the energy security of its network. In Q1 2025, the metric stayed between -1 and 3 standard deviations, cooling from its Q4 2024 overheated levels. The number of days above 2-standard deviations dropped from 22 to 15, with none above 3, indicating that Bitcoin is less expensive compared to its network strength. Bitcoin Yardstick chart. Source: Fidelity Digital Assets ReportThe investment firm mentioned that Bitcoin is in an “acceleration phase,” where rallies to new highs aren’t uncommon, though they caution a blow-off top could take place. Illiquid supply rose from 61.50% to 63.49%, while liquid supply fell by 4%, indicating holders are increasingly committed to long-term positions. The Illiquid Supply Shock Ratio, currently 16% below its 2017 peak.Bitcoin Liquid and Illiquid supply. Source: Fidelity Digital Asset Signals ReportIn line with this view, Cointelegraph reported that BlackRock’s iShares Bitcoin Trust (IBIT) ETF recorded a significant inflow of $970.9 million on April 28, 2025, marking its second-largest daily inflow since its January 2024 launch.Since April 22, IBIT has amassed over $4.5 billion in net inflows, defying broader market trends where competitors like Fidelity’s FBTC and ARK’s ARKB faced outflows. With over $54 billion in assets under management, IBIT holds a 51% share of the US spot Bitcoin ETF market.Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost marketBitcoin gets a boost from US JOLTS data The March 2025 US Job Openings and Labor Turnover Summary (JOLTS) report showed a plunge to 7.19 million from February’s 7.57 million, below the 7.48 million forecast. A lower-than-expected JOLTS number signals a cooling labor market, raising expectations for Federal Reserve rate cuts, which weakens the dollar and lifts risk assets like Bitcoin. Conversely, a higher-than-expected figure suggests economic strength, potentially delaying cuts and pressuring crypto prices. With federal layoffs at a 2020 peak, market expectations are leaning slightly dovish.Economist and Bitcoin commentator Alex Kruger identified the JOLTS data as a short-term win for Bitcoin, as a “risk/gold hybrid” poised to gain from tariff de-escalation after Trump’s 90-day pause (ending July 8). In an X post, the analyst predicted that markets may focus on earnings guidance from firms like Caterpillar and tech stocks, while keeping an eye on next week’s Federal Open Market Committee (FOMC) meet, where Powell might signal earlier rate cuts. Kruger warned of a Q3 economic slowdown where the markets may be volatile, but he also said that Bitcoin’s unique risk-reward would outperform altcoins, which the analyst pointed out as overbought.Related: Bitcoin 'hot supply' nears $40B as new investors flood in at $95KThis 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.
Published Date: 2025-04-29 22:22:45Creator: Cointelegraph by Biraajmaan Tamuly
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Growth of crypto poses risks to investors, financial stability — Bank of Italy
The Bank of Italy identified Bitcoin and other digital assets as emerging risk factors in a recent report, citing concerns for both investors and the financial system.In its April 2025 Financial Stability Report, the Bank of Italy flags crypto volatility and rising integration with the broader economy, singling out stablecoins and non-financial firms’ crypto exposure as key concerns."The strong growth of Bitcoin and of other crypto-assets with high price volatility means risks not only for investors but also potentially for financial stability, given the growing interconnections between the digital asset ecosystem, the traditional financial sector and the real economy,” the report notes. Excerpt from the Bank of Italy’s Financial Stability Report. Source: Bank of ItalyThe Bank of Italy’s report also addressed the trend of non-financial corporations holding Bitcoin, stating that it exposes them to “marked price volatility” driven by “the belief that Bitcoin can support their share prices.”Strategy (formerly MicroStrategy) helped popularize the corporate purchase of Bitcoin, beginning its acquisitions in August 2020. Since then, several companies have followed its lead, including Metaplanet, Semler Scientific, and GameStop.The Bank of Italy also addressed stablecoins in its report, noting potential risks if dollar-pegged tokens were to become systemic. It suggested that increased reliance on US government bonds to back these assets could introduce broader financial vulnerabilities. According to the report, disruptions in either the stablecoins or the underlying bonds could have “repercussions for other parts of the global financial system.”The report comes just a few days after Giancarlo Giorgetti, the country’s minister of economy and finance, warned that the appeal of US dollar stablecoins should not be underestimated. According to Giorgetti, US stablecoin policies are more dangerous than US President Donald Trump’s tariffs.Related: Italy scales back plans to hike crypto tax rate: ReportGiorgetti, in his speech, highlighted the need to enhance the euro’s position on the global stage, noting that the development of the Digital Euro will play a crucial role in reducing reliance on foreign digital solutions.Related: Italy’s largest bank enters crypto market with $1M Bitcoin investment
Published Date: 2025-04-29 21:50:49Creator: Cointelegraph by Christopher Tepedino
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Indian high court orders steps to block Proton Mail
A court in India has ordered the encrypted email service Proton Mail blocked in the country for refusing to share information with authorities.In an April 29 hearing of the High Court of Karnataka, Justice M Nagaprasanna ordered the government to “block forthwith” domain names associated with Proton Mail, citing authority under the country’s Information Technology Act of 2008. The order stemmed from a complaint filed in January by a New Delhi-based design firm, alleging that some of its employees received offensive emails through the service. It’s unclear whether the ban will take effect or face other possible challenges in court. The Proton team reported in March 2024 that Indian authorities had similarly proposed ordering the service blocked in response to alleged “hoax bomb threats,” but it continued to operate in the country.The crackdown on Proton Mail appeared to be part of a larger global trend to pursue action against platforms based on users’ activities, such as the arrest of Telegram founder Pavel Durov in France in part for allegedly failing to moderate illicit content. Cointelegraph reached out to Proton for comment but did not receive any response at the time of publication.Related: Crypto projects prepare to battle for privacy in SwitzerlandIn Spain, Proton AG — the Swiss company behind the platform — provided information to the authorities about one of its users in 2024. The move had many privacy advocates questioning the security of their data with the centralized service.Vying for market share in the world’s most populous countryCryptocurrency exchanges are no stranger to legally sanctioned crackdowns attempting to curtail their activities in a country, or in some cases, face blocks or bans. US authorities imposed sanctions on crypto mixing services like Tornado Cash in 2022, facing swift backlash from the industry and legal challenges, while South Korea reportedly blocked 14 exchanges on the Apple store for allegedly operating without the proper registration.In India, users face a 30% tax on profits from crypto trading, which has been in effect since April 2022. Though crypto firms operating in the country endure increasing regulatory oversight, India is estimated to have more than 100 million digital asset holders out of its roughly 1.4 billion people.Magazine: Pokémon on Sui rumors, Polymarket bets on Filipino Pope: Asia Express
Published Date: 2025-04-29 21:13:00Creator: Cointelegraph by Turner Wright
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SEC punts decisions on XRP, DOGE ETFs
The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show. The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph. The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively. They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF. Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows. The SEC has delayed its deadline for reviewing Franklin's XRP Fund. Source: SECRelated: Institutions break up with Ethereum but keep ETH on the hookDeluge of filingsIn 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review. Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies. However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). “Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said. “Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Published Date: 2025-04-29 20:51:38Creator: Cointelegraph by Alex O’Donnell
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Bitget, Avalanche form crypto partnership in India
Bitget, a cryptocurrency exchange with 100 million users, has announced a partnership with Avalanche to support community initiatives across India, one of the fastest-growing areas for crypto and Web3 developers.The partnership will see at least $10 million doled out in mini-grants, scholarships, hackathons, and workshops to the Web3 community in the country. The initial focus will be in Delhi and Bangalore. Delhi is the most populous city in India, and Bangalore is known as the local “Silicon Valley.”Cryptocurrency activity in India has surged over the past two years. According to CoinSwitch, a local exchange, crypto investment across the country accelerated in 2024, with the highest concentrations in Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%). Youth 18- to 35-years-old now account for nearly 75% of the country's crypto investors. While Bitcoin (BTC) and Ether (ETH) remained popular choices, Dogecoin (DOGE) attracted the most investment in 2024, with other memecoins like Shiba Inu (SHIB) and Pepe (PEPE) also gaining significant traction.Related: India has no plans to regulate crypto sales and purchasesIndia's tech marketThe growth of India’s crypto ecosystem coincides with a wave of global exchanges either reentering the market or actively exploring a return. In February 2025, Bybit registered with local authorities and restored services in the country. In the same month, Coinbase began discussions with regulators seeking a comeback in the Indian market.India is expected to be among the first countries to finalize a bilateral trade agreement with the United States, aiming to avoid the imposition of reciprocal tariffs by President Donald Trump. In addition, the country is reportedly seeking a pact with the US to gain access to certain technologies and exports.According to Web3 venture capital firm Hashed Emergent, India already accounts for 12% of Web3 developers worldwide and contributed 17% of all new developers entering the crypto space in 2024.Related: Indian authorities arrest alleged Garantex founder for US extradition
Published Date: 2025-04-29 19:20:00Creator: Cointelegraph by Christopher Tepedino
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Bitcoin price always rallies at least 50% after these two patterns emerge
Key takeaways:Bitcoin tends to rally significantly when low leverage meets stronger-than-expected retail sales and hawkish Federal Reserve signals.In three separate 7-week periods, Bitcoin rose 50% to 84%.Upcoming speeches from Fed Chair Jerome Powell could benefit Bitcoin price.Bitcoin (BTC) price rallies are frequently linked to investors’ inflation concerns or data that surpasses expectations for economic growth, yet clear signals of an impending rally are rare. However, a combination of three independent events has historically coincided with BTC price surges of 50% or more.Bitcoin/USD, log scale. Source: TradingView / CointelegraphSignificant Bitcoin rallies occur when US Federal Reserve policy expectations ease, crypto market leverage is low, and strong retail data supports bullish momentum. The last occurrence of these three events saw Bitcoin’s price climb from $40,000 to $73,500 in seven weeks in early 2024.Comparable gains were recorded in early 2023, when the same three drivers aligned, propelling Bitcoin from $16,700 to $25,100 over seven weeks. A third example dates back to July 2021, culminating in a 76% price increase.Bitcoin gained 84% from Jan. 25, 2024, to March 13, 2024After stagnating near $43,000 in December 2023, Bitcoin’s price tested the $48,000 level in early January 2024. The failed breakout was followed by a sharp drop to $37,800 by late January, just as a seven-week bullish trend began. A crucial factor at this stage was the exceptionally low perpetual futures funding rate, sitting at 4% per year.Binance BTC perpetual futures funding rate, annualized. Source: TradingView / CointelegraphOther factors impacting the price reversal was US retail sales data for December 2023, released on Jan. 17, 2024, exceeded expectations, rising 0.6% month-over-month compared to the 0.4% forecast and US Federal Reserve Chair Jerome Powell’s Jan. 31, 2024 press conference that, signaled a tighter monetary stance, with no immediate interest rate cuts in sight.Bitcoin gained 50% from Jan. 3, 2023, to Feb. 20, 2023Prior to this rally, Bitcoin had consolidated below $18,000 for two months, resulting in minimal demand for leveraged long positions, as reflected by a near-zero perpetual futures funding rate.Binance BTC perpetual futures funding rate, annualized. Source: TradingView / CointelegraphThe landscape shifted on Jan. 3, 2023, when the funding rate on Binance surged to 50% within four days. This coincided with stronger-than-expected retail sales data for January 2023, which rose 3% month-over-month, outpacing the 1.9% consensus. Notably, Fed Chair Powell also suggested a tighter monetary policy to combat inflation during his speech at Sveriges Riksbank on Jan. 10, 2023.Bitcoin 76% rally: July 20, 2021 – Sept. 7, 2021From July 20, 2021, to Sept. 7, 2021, Bitcoin gained 76%. Bitcoin’s price had dropped from $40,000 to below $30,000 over the preceding month, dampening market sentiment. Suddenly, the annualized Bitcoin funding rate jumped from 0% to 37% in two weeks, while US retail sales data for June 2021 surprised economists by increasing 0.6%, even though consensus had predicted a 0.4% decline.During this period, Powell’s remarks at the Jackson Hole Economic Symposium on Aug. 27, 2021, indicated a potential reduction in central bank asset purchases, which was a move aimed at curbing inflation.Related: Ray Dalio says global monetary order ‘on the brink’ of breakdownBitcoin’s next potential upswingThe common thread linking these significant rallies is a reduction in expectations for expansionary Federal Reserve policy and initially low leverage demand from Bitcoin bulls. When these factors coincide with robust retail data, they create ideal conditions for a Bitcoin bull run, as traders tend to remain cautious ahead of possible economic downturns.Looking ahead, Fed Chair Powell is set to speak on June 18 following the central bank’s interest rate decision. Additional key dates include the Beige Book release on July 16 and the Jackson Hole Economic Symposium starting Aug. 21. Monitoring US retail sales data for May, due June 17, and for June, due July 15, will also be important.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.
Published Date: 2025-04-29 19:15:00Creator: Cointelegraph by Marcel Pechman
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Bunq, Europe’s second-largest neobank, expands into crypto
Update (April 29 at 8:54 pm UTC): This article has been updated to include comments from Bunq's CEO to Cointelegraph. Europe’s second-largest neobank, Bunq, is expanding into cryptocurrency, citing growing retail investor demand for digital assets worldwide.The Amsterdam-based neobank announced the launch of Bunq Crypto on April 29, a new offering enabling its users to invest in over 300 cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL).Starting April 29, Bunq users in the Netherlands, France, Spain, Ireland, Italy and Belgium will be able to access cryptocurrencies directly through the Bunq app, according to an announcement.Bunq CEO Ali Niknam told Cointelegraph that the move was driven by growing client demand for digital assets. "We believe that now many, many people, the large majority, are interested in crypto, and we believe that they're interested in buying crypto through an environment that they can trust, and they can relate to and they can recognize," he said. Bunq's update event. Source: Bunq/CointelegraphMoreover, a friendlier regulatory landscape helped clear the path for the bank’s expansion into crypto. "I think for a long time, the future of crypto from a regulatory perspective was a bit unclear. And we have seen a lot of that change over the course of the past couple of months. And so we felt sufficiently assured as a regulated entity to now offer this to the general public," Niknam said.The crypto offering is powered in partnership with Kraken, the 14th-largest centralized cryptocurrency exchange globally by trading volume.Related: Coinbase to launch yield-bearing Bitcoin fund for institutionsAll-in-one financial platforms in focusThis marks the first phase of Bunq’s global crypto expansion, with plans to gradually roll out trading across the entire European Economic Area, as well as in the United States and the United Kingdom. As of June 2024, Bunq reported more than 12.5 million users, up from nine million users a year earlier. Bunq’s move reflects a broader trend among financial institutions seeking to consolidate services — banking, savings and investing — into single digital platforms. In a February post on X, Coinbase CEO Brian Armstrong said he expects future financial systems to be anchored by “a single primary financial account” where users manage all their financial activities.Related: Bitcoin treasury firms driving $200T hyperbitcoinization — Adam BackDemand for simplified crypto accessResearch commissioned by Bunq indicates a significant gap between available crypto offerings and user expectations in Europe. An estimated 65% of European consumers are seeking a unified platform to manage banking, savings and cryptocurrency investments, according to the study. Over 50% of surveyed investors want crypto exposure but said the existing platforms don’t meet their requirements, particularly regarding simplicity and security for new investors.“Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets,” said Ali Niknam, founder and CEO of Bunq. “Now, everything they will ever need to save, spend and invest — including crypto — is on one platform.”Bunq’s crypto expansion follows Revolut’s move in November 2024 to expand its crypto exchange services across 30 European Economic Area markets. Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Published Date: 2025-04-29 19:00:00Creator: Cointelegraph by Zoltan Vardai
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Ethereum’s ‘capitulation’ suggests ETH price is undervalued: Fidelity report
Key Takeaways: Fidelity Digital Assets’ report said that multiple Ethereum onchain metrics suggest ETH trades at a discount.The BTC/ETH market cap ratio is at mid-2020 levels. Ethereum's layer-2 active addresses hit new highs at 13.6 million. Fresh data from Fidelity Digital Assets hints at a cautiously optimistic outlook for Ethereum, suggesting its dismal Q1 performance could be an opportunity. According to their latest Signals Report, Ether (ETH) dipped 45% during Q1, wiping out it post-US election gains after peaking at $3,579 in January.The altcoin posted a death cross in March, with the 50-day simple moving average (SMA) dipping 21% below the 200-day SMA, reflecting bearish momentum. Yet, Fidelity noted that the short-term pain may swing in the altcoin’s favor. The investment firm pointed out that the MVRV Z-Score, which compares market value to realized value, dropped to -0.18, entering the "undervalued" zone on March 9. Historically, such levels have marked market bottoms, indicating that Ether “was looking cheap” compared to its “fair value.” The Net Unrealized Profit/Loss (NUPL) ratio also fell to 0, indicating "capitulation," where unrealized profits equal losses, citing a neutral spot for holders. Ethereum MVRV Z-score. Source: Fidelity Digital Assets Signal reportETH’s realized price, averaging $2,020, sits 10% above its current value, showing holders face unrealized losses. While this trend is bearish, the firm noted that a minor 3% drop in realized price versus a 45% decline suggests short-term holders sold off, while long-term holders held firm, possibly stabilizing the base price. However, the company highlighted that in 2022, despite ETH price dipping below the realized price, it continued to decline further before recovery. Fidelity also cited Ethereum’s market cap ratio to Bitcoin at 0.13, sitting at mid-2020 levels, and in a decline for 30 months.Ethereum/Bitcoin market cap ratio. Source: Fidelity Digital Assets Signals reportRelated: Ethereum price has several reasons to break $2,000 nextEthereum ecosystem engagement records fresh highsData from growthepie.xyz indicated that the number of unique addresses interacting with one or two layer 2 networks in the Ethereum ecosystem reached a new all-time high of 13.6 million active addresses. The rate of active addresses is up 74% over the past week, implying the network’s scalability prowess and growing adoption. Ethereum’s weekly engagement with layer 2 networks. Source: growthepie.xyzUnichain, a new layer-2 protocol by Uniswap, led the charge with over 5.82 million weekly active addresses, surpassing Base and Arbitrum. The collective increase in active addresses improved Ethereum’s layer-2 dominance by 58.74% in the past seven days. Anonymous crypto trader CRG noted that ETH price recovered a position above the 12-hour Ichimoku cloud indicator for the first time since December 2024. The Ichimoku Cloud indicates an uptrend when the price is above the cloud and the cloud turns green, indicating bullish sentiment.Ethereum 12-hour analysis by CRG. Source: X.comRelated: Global central bank gold rush could spark Bitcoin price run to new all-time 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.
Published Date: 2025-04-29 18:17:53Creator: Cointelegraph by Biraajmaan Tamuly
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