• Bitcoin bounced off the local bottom of $38.5K and is currently testing the 20 day moving average of $43,000. Breaking this resistance suggest further upside as Bitcoin rallies towards its 200D moving average (see chart below).
  • April 18th was tax day in the US. As we wrote last week, the combination of rising rates and forced liquidation was putting pressure on markets. Check out last week’s edition for our insights on both catalysts.
  • According to data from glassnode, Bitcoin supply on exchanges has fallen to a 3.5-year low of 2.44M tokens. The heavy accumulation coincides with inactive Bitcoin supply reaching a record high of 63.9%. Check out the quantitative section for more on this.
  • According to Russian news outlet Kommersant, Russia is finalizing a bill to legalize crypto as a form of payment.
  • Economist and bond investor Mohamed A. El-Erian believes that crypto and gold will rise if the Fed raises its inflation target from 2% to 3%. Check out his interview with CNBC here.
  • According to data from CryptoQuant, sell side pressure is driven by short-term traders with significant holdings. 88.4% of the on-chain sell pressure is initiated by investors with an average token age of 0-1 week.