- April 18th is TAX DAY in the U.S. which means there are only five more days for crypto investors to raise funds by selling assets (aka dumping tokens). Recent price weakness has been attributed to newbie investors not realizing that they need to have cash handy to pay big tax bills!
- There is some truth to this theory: Barry Silbert, CEO of DCG, conducted a Twitter poll last month where more than 50% of people said they didn’t have the funds to pay their tax bills.
- Bitcoin and Ethereum declined below $40,000/$3,000 (a key psychological ‘round number’) respectively ahead of the Tuesday CPI announcement. They rallied along with equities as investors digested the news which including a marked slowdown in core inflation and the possibility that ‘the worst is behind us.’
- Bitcoin’s correlation to the 10-year treasury yield has plunged to -0.87 as the asset again trades more in line with risk assets. Check out the quantitative section for an in-depth analysis.
- Bitcoin 2022, the “Coachella of Crypto” finally came to an end. Some announcements: Madeira will adopt Bitcoin as legal tender, and Shopify and Robinhood will integrate the Bitcoin lightning network. Check out the Top News section for key recaps from the event.
- According to a survey from Nasdaq, 72% of financial advisors would invest in crypto if spot ETFs were available in the US.
- Bitcoin’s relative strength index (RSI) has approached oversold levels.
- According to data from glassnode, on-chain activity remains stagnant as 58% of transaction volume is associated with realizing profits.