Bitcoin Could Consolidate for Months After Halving, According to Bitfinex Analysts, and other News
The macroeconomic environment could be part of the explanation for such consolidation, by showing greater resilience compared to previous years.
Bitcoin could be entering a period of consolidation that could last up to two months after the recent halving. According to the latest Bitfinex Alpha market report. The report suggests that Bitcoin will continue to be a key benchmark for the crypto market during May. And it will probably play an important role in the evolution of the total cryptocurrency market capitalization.
One of the reasons why this period of consolidation is expected is the macroeconomic environment. Besides, the odds of short-term interest rate cuts appear low, which could affect the price behavior of Bitcoin and other crypto assets.
The report also highlights that both consumers and businesses are more informed about the current state of the economy than in previous cycles. This could result in a more stable market and less susceptible to sudden movements.
Indian Authorities Seize $10.5 Million from Online Scam with Help from Cryptocurrency Exchanges
Indian law enforcement agency Enforcement Directorate (ED) has seized Rs 90 million (approximately $10.5 million) from an online scam app called E-Nuggets. For this operation, the agency had the collaboration of cryptocurrency exchanges such as Binance, ZebPay and WazirX.
According to a report published by The Hindu newspaper, E-Nuggets, an online gaming application, stored cryptocurrencies worth close to $10 million in 70 cryptocurrency wallet accounts distributed among the three aforementioned exchanges. The ED contacted these exchanges to block the wallet addresses associated with the scam app. And, ensure that the crypto assets were transferred to the agency’s wallet.
The ED alleges that the E-Nuggets app presented itself as an online gaming platform that promised huge returns to its users. Through a series of attractive and highly lucrative games, the app encouraged customers to invest and gamble large sums of money, only to subsequently disappear, leaving investors with no way to recover their funds.
Bitcoin Transaction Fees Drop Following Runes Protocol Craze
Bitcoin transaction fees are returning to normal levels following the frenzy sparked by the Runes protocol and the recent halving. In late April, the seven-day moving average for daily Bitcoin fees hit an all-time high of $25.8 million, more than five times the level of Ethereum. However, the following Wednesday, the figure plummeted to 4.1 million, matching Ethereum.
Enthusiasm for the Runes protocol, which had boosted transaction fees, began to fade after the halving at block 840,000. This block generated $2.4 million in fees, far exceeding the approximate $200,000 value of the block subsidy, according to data from The Block.
Former Regulator Launches $5.10 Million Crypto Fund with Support from Winklevoss Twins and Robert Leshner
Matthew Homer, who was a prominent regulator at the New York Department of Financial Services (DFS), has launched his own crypto fund called “Department of XYZ,” managing to raise $5.10 million in an initial financing round. Lead investors include high-profile figures such as the Winklevoss twins and Robert Leshner, bringing visibility and credibility to the project in the competitive cryptocurrency market.
With prior experience overseeing regulations at DFS, Homer brings a unique approach that combines regulatory experience and business acumen. His transition from regulator to entrepreneur gives him valuable perspective in an industry where regulatory compliance is a growing concern. The Department of XYZ fund will focus on investing in startups that strengthen financial infrastructure and comply with existing and future regulations.
By Leonardo Perez