Illinois Senate has advanced a bill to establish comprehensive regulations for crypto businesses operating in the state and address concerns about digital assets-related fraud cases, which saw over $160 million in losses in 2023. Illinois Advances Crypto Consumer Protection Bill On Thursday, Illinois’ Senate Executive Committee passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, introduced by State Senator Mark Walker in February. The bill, co-sponsored by State Senators Karina Villa, Rachel Ventura, and Mike Porfirio, aims to “crackdown on more than $163 million lost to cryptocurrency fraud in Illinois in 2023” by tightening the state’s regulations . If passed, SB1797 would enable the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee the guidelines that crypto companies must adhere to, making it the primary regulatory agency in the state. “The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud, and deceptive practices,” the Democratic Senator stated, “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.” Bitcoin Laws explains that “the legislation aims to provide consumer safeguards while promoting responsible innovation in the digital asset space, with a phased implementation approach allowing businesses until January 2027 to fully comply with all provisions. The bill grants the Department significant oversight and enforcement powers, including the ability to investigate, levy fines, and take action against non-compliant businesses.” Under the proposed legislation, the IDFPR could adopt rules to protect consumer assets and investors. Moreover, crypto companies must register with the IDFPR, provide disclosures, and prove they can satisfy payouts. Another provision requires companies to notify consumers of any charges or transfers of their digital assets and to build programs to reduce consumer fraud. After Thursday’s vote, the bill moves to the full Senate. Illinois’ Strategic Bitcoin Reserve In January, Illinois joined the Strategic Bitcoin Reserve (SBR) race after State Representative John Cabello introduced House Bill 1844 (HB1844), or Strategic Bitcoin Reserve Act, to integrate Bitcoin (BTC) into the state’s financial framework. The bill seeks to create a state-owned strategic BTC reserve managed by the Illinois State Treasurer, developing “a special fund in the state treasury” to hold BTC as a financial asset. The legislation would allow the State Treasurer to receive Bitcoin gifts, grants, and donations from Illinois residents and governmental entities for the Fund . Additionally, it stipulates that all BTC deposits into the funds must be held for at least 5 years, starting when the asset enters the State’s custody. It also mandates biennial reporting of the Fund’s status, detailing the total amount of BTC and its equivalent in USD, the Fund’s growth, and any transaction updates since the previous report. However, data from the Illinois General Assembly shows that the bill hasn’t advanced in the legislative process since the first reading, waiting to be considered by the House Rules Committee.
With Bitcoin (BTC) reclaiming momentum and XRP gaining fresh support, crypto communities are now fixated on a potential breakout token—MAGACOINFINANCE. Whales and retail traders alike are speculating that even a small investment, such as $100, could turn into $10,000 as the token heads toward its listing. The hype is real, and the numbers back it up. PRE-SALE SELLING OUT – CLICK HERE TO SECURE A SPOT NOW Early Entry Window Closing Fast on MAGACOINFINANCE Unprecedented Growth Potential MAGACOINFINANCE has now raised over $4.8 million, with only 100 billion tokens in circulation. With momentum intensifying and exchange announcements expected, crypto insiders are calling this the hottest opportunity of early 2025. Supply is tightening, and the smart money is moving quickly. LIMITED TIME OFFER-GET 50% EXTRA BONUS WITH CODE MAGA50X Invest Smarter: Use MAGA50X to Amplify ROI Instantly At a current price of $0.0002704, and a confirmed listing at $0.007, MAGACOINFINANCE offers an ROI of 2,488% (or 25.88x).But with the MAGA50X bonus, your effective price drops to $0.0001802, lifting your ROI to 3,784%, or a powerful 37.84x.That means a $100 investment could grow to $3,884, and with market momentum—possibly much more. SOL, ADA, ETH, HBAR: Big Players, New Pressure Solana (SOL) – Around $125.77, leading in speed and scalability.Cardano (ADA) – At $0.61, continuing to refine its contract architecture.Ethereum (ETH) – Trading at $3,460, still the largest platform by volume.Hedera (HBAR) – At $0.109, gaining traction through enterprise integration. CLICK HERE TO JOIN THE NEXT BIG BILLION DOLLAR PROJECT Conclusion As the cryptocurrency market continues to evolve, both established and emerging digital assets present unique opportunities. While Bitcoin (BTC), Ripple (XRP), and Solana (SOL) pursue growth strategies, MAGACOINFINANCE distinguishes itself with its innovative approach and attractive pre-sale incentives. Investors are encouraged to conduct thorough research, stay informed about market trends, and consider diversifying their portfolios to navigate this dynamic landscape effectively. For more information on MAGACOINFINANCE and to participate in the pre-sale, visit: Website: magacoinfinance.com Twitter/X: https://x.com/magacoinfinance Continue Reading: $100 in MAGACOINFINANCE? XRP Holders Say It Could Hit $10,000
The Bitcoin (BTC) market continues to remain in consolidation following another trading week with no convincing price breakout. As multiple analysts continue to speculate on the asset’s next movement, prominent market expert Ali Martinez has identified two resistance zones that could be pivotal to reigniting a crypto bull run. Related Reading: Bitcoin’s Safe, Saylor Says, While Trump Waves The Tariff Sword Bitcoin Must Break Past $85,470 And $92,950 – Here’s Why Over the past month, Bitcoin has struggled to maintain a sustained uptrend, with investor uncertainty dominating the market. During this period, the leading cryptocurrency has faced multiple rejections, most notably at the $85,000 and $88,000 resistance levels. However, in an X post on Friday, Martinez identified the two resistance zones critical to a Bitcoin bull rally using on-chain data from IntoTheBlock. According to the crypto analyst, the first resistance lies at $85,470 which marks the upper boundary of a price barrier that begins at $83,023. Notably, 1.13 million wallet addresses have traded 607,200 BTC within this price range suggesting a strong historical activity that backs potential heavy selling pressure at these levels. If Bitcoin bulls can push past this initial threshold, the next resistance zone lies at $92,950 – the lower boundary of another price ceiling that extends to $95,514. Compared to the initial resistance, this zone has seen lower investor participation, with 795,830 active wallet addresses. However, its potential market impact is more significant, as approximately 627,410 BTC have been traded within this range. If Bitcoin can successfully clear both resistance zones, Ali Martinez postulates the premier cryptocurrency could enter a prolonged uptrend and resume its bull rally. However, Bitcoin bulls must avoid any price fall below a crucial support zone at the $80,450 price level. According to the on-chain data presented, the $80,450 level represents the lower boundary of a key support zone, which extends up to $82,907. Within this range, approximately 516,770 BTC have been transacted, involving around 738,580 active wallet addresses. This data indicates substantial buying activity that could serve as a buffer in the advent of a price fall. Related Reading: Is Korea Propping Up The XRP Price? Pundit Explains What’s Happening Bitcoin Fees Fall By 57% In other developments, IntoThe Block also reports that Bitcoin network fees dropped by 57.3% in the past week indicating a decline in user engagement and general investor activity. Albeit, the premier cryptocurrency has shown only a minor 0.11% decline in price during this period. Following the recent announcement of new US tariffs on imports, Bitcoin and the broader crypto market have responded more positively compared to previous tariff-related news. Ryan Rasmussen, Head of Research at Bitwise Invest, notes that Bitcoin has risen by 2.2% since the announcement on April 2. In contrast, traditional stock markets have seen notable losses, with the “Magnificent Seven” falling by an average of 12.18%. Featured image from Forbes, chart from Tradingview
A widely followed cryptocurrency analyst and trader is leaning bullish on an altcoin built in the Solana ( SOL ) ecosystem. The trader, pseudonymously known as Altcoin Sherpa, tells his 243,700 followers on the social media platform X that the utility token of the decentralized bandwidth crypto project Grass ( GRASS ) is looking “extremely strong” following a 25% rally in just a day that effectively reversed a rout that came amid a crypto market-wide slump. According to the pseudonymous analyst, GRASS is likely to experience a pullback before resuming the rally. Based on Sherpa’s chart on the four-hour time frame, it appears the widely followed trader is suggesting that GRASS could correct by around 15% before rallying by over 20% in a matter of days. “Holy s**t what a reversal. Cream rises to the top, this is one of the best coins still.” Source: Altcoin Sherpa/X GRASS is trading at $1.89 at time of writing. The pseudonymous trader says that altcoins are yet to bottom out and are likely to enjoy a consolidation period of up to two months before a rally ensues. “Wouldn’t be surprised to see another month or two of chop. That doesn’t mean we’re not going to see big moves up or down, we already have. But the real meat of this move comes in the early parts of the summer, in my opinion, guessing May/June.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post ‘Cream Rises to the Top’: Trader Says Solana-Based Altcoin One of the Best Crypto Assets After Massive Reversal appeared first on The Daily Hodl .
In a stunning development, US Treasury Secretary Scott Bessent hailed Bitcoin as an “emerging store of value.” Comparing BTC with gold, Bessent highlighted the latter’s resilience to the broader financial market debacle. Notably, the US Treasury Secretary’s statement comes in response to Bitcoin’s recent decoupling from traditional markets. Let’s discuss how Bessent evaluated the cryptocurrency’s rebound. Scott Bessent Compares Bitcoin To Gold, Calls It a Store of Value In an interview with podcaster Tucker Carlson, US Treasury Secretary Scott Bessent has shared his view on the recent rebound of Bitcoin. As Bitcoin remains stable around the $83k level despite the stock market’s largest collapse since 2020, Bessent hails it an “emerging store of value.” In addition, the Treasury Secretary presented an analogy between Bitcoin and gold, emphasizing the assets’ potential. He stated, “Bitcoin is becoming a store of value, gold’s has historically been a store of value, a lot of different stores of value over time.” Stock Market Falls, Bitcoin Remains Strong Scott Bessent’s optimistic comments on Bitcoin comes in response to its recent stability despite the broader negative trend. Following Donald Trump’s tariff announcement, the stock market around the world fell sharply. Bucking the trend, BTC remains stable around a significant point of $83,000. Recently, Matrixport, a financial services platform, spotted a strong correlation between Bitcoin and the stock market. Though BTC remained resilient to the previous equity market crash, Matrixport predicted that the cryptocurrency would follow stock market trends following tariff announcement. In its latest analysis, Matrixport identified a different sentiment , with BTC poised for a significant upsurge, defying the correlation. Tariffs May Lead to Long-Term Negotiation, Says Scott Bessent In response to the market volatility after Trump’s tariff announcement, Scott Bessent opined that this could lead to a longer negotiation process. While this prolonged period could include multiple discussions between nations, it could result in market volatility, economic uncertainty, and potentially even inflation. In such a scenario, investors could look for alternative assets like Bitcoin as a hedge. Commenting on this potential market shift, David Hernandez, crypto investment specialist at 21Shares, stated, As risk assets continue to sell off, investors may increasingly rotate into traditional hedges like bonds and gold—or into bitcoin, which has shown notable resilience relative to equities in recent days. Gold, a traditional safe haven asset, is up around 15% so far this year as traders and central banks buy it to hedge against economic and geopolitical uncertainties…Bitcoin’s price action this week has been a true testament to its investment case as an emerging store of value and potential for uncorrelated returns. As of press time, Bitcoin trades at $83, 403, up 1.17% in a day. Despite a 0.11% hike over the last seven days, BTC dropped by nearly 8% in a month. The post US Treasury Secretary Scott Bessent Hails Bitcoin a Store of Value appeared first on CoinGape .
The predominant belief is that the cryptocurrency market is in a bull market state that started somewhere around the US elections. Although the past few months didn’t go all that well for most cryptocurrencies, many analysts believe this is just a traditional correction in the broader bull cycle. But is that true for all digital assets? Let’s check out ETH. 4 Red in a Row The overall landscape around Ethereum is not all that promising. The largest PoS blockchain faces a substantial revenue decline in terms of fees, while the network itself saw a delay in implementing the next big update, Pectra. In addition, the network activity has slumped to new lows, which ultimately increases the production of ETH and thus raises the token’s inflation rates. Something that the Merge was supposed to prevent. Whether these reasons are to blame or there’s more, the undeniable fact is that ETH has underperformed in the past year, and especially since the start of the aforementioned bull market. Back then, the second-largest cryptocurrency stood at $2,400. In the following months, it exploded to over $4,000 on a couple of occasions but couldn’t maintain its momentum and was stopped there. Not only did it fail to chart a new all-time high, unlike its main rival Solana or even Bitcoin, but the subsequent correction (or end of bull market if you wish) pushed it south so hard that it plunged below $2,000. Its crash went further, driving it down to $1,800 as of now. This means that ETH has erased all the post-election gains and more, as it currently trades 25% lower than it did on November 5. The monthly charts paint a clear and painful picture. After the explosive November, when ETH closed with a 47% surge, the following four months ended in the red. February and March were particularly violent, with monthly declines of 32% and 18.7%, respectively. Ethereum Monthly Returns. Source: CoinGlass As the graph by CoinGlass shows, ETH’s monthly closures were in the red in nine out of the last 12 months. What’s Ahead? With ETH also marking its worst quarterly performance since 2018 with the end of Q1, the focus now goes to – what’s next? Obviously, making predictions about any asset’s future performance is nothing short of speculation. However, we can check what history tells us. While some analysts believe the current Ethereum prices are a gift for long-term holders, ETH’s Q2s are supporting this view, with one big, massive exception. The asset has registered gains in all but two second quarters since 2016. In fact, it was on a roll of six consecutive ones until that streak came to a screeching end in 2022 with a whopping 67% decline. Q2 2023 was back in the green, while last year’s ended with a minor decline. So, yes, history is no indication of future price performances, but desperate ETH bulls will certainly hope to reignite the 2016-2021 streak, especially given the triple-digit surge in 2017. Ethereum Quarterly Returns. Source: CoinGlass The post What Bull Run? Ethereum (ETH) Posted 4 Straight Months of Losses appeared first on CryptoPotato .
Fintech giant PayPal has expanded its US crypto offerings by adding support for Solana (SOL) and Chainlink (LINK). The move reflects growing user demand for diverse crypto options and strengthens
The most successful cryptocurrency traders are still chasing quick profits in memecoins, despite signs that the broader “supercycle” for the speculative assets may be winding down. The shift follows recent disappointment tied to memecoin launches associated with US President Donald Trump. The industry’s most successful cryptocurrency traders by returns — tracked as “smart money” traders on Nansen’s blockchain intelligence platform — continue hunting for quick memecoin returns. While growing stablecoin holdings show increased caution, smart money remains open to speculative plays, according to Nicolai Sondergaard, a research analyst at Nansen. “There was the recent meme surge and smart money is always happy to capitulate on that. But they’re also happy to rotate out of these quickly as well,” he said during Cointelegraph’s Chainreaction live show on X. “The recent meme frenzy was just a fun play they worked on, while the broader market is sorting out the direction because memecoins aren’t necessarily affected by the same macroeconomy as Bitcoin and Ethereum,” he added. Related: Bitcoin holds firm as stocks lose $5T in record Trump tariff sell-off The analyst’s insights came a week after a savvy trader turned an initial investment of just $2,000 into $43 million with the popular Pepe ( PEPE ) cryptocurrency, Cointelegraph reported on March 30. Savvy Pepe trader, transactions. Source: Lookonchain However, the trader didn’t manage to sell the top but still made a realized profit of over $10 million, despite Pepe’s over 70% decline from its all-time high. Related: Trump family memecoins may trigger increased SEC scrutiny on crypto Trump token launch may have ended memecoin “supercycle” The launch of the Official Trump (TRUMP) memecoin on Jan. 18 may have signaled the end of the memecoin “supercycle.” “Pump.fun has been synonymous with the “memecoin supercycle,” as it accounts for over 70% of tokens launched on Solana, according to a Binance research report shared with Cointelegraph. Pump.fun usage metrics. Source: Binance research report The memecoin launchpad’s weekly usage metrics peaked on the week of Trump’s inauguration and have since declined. Total active wallets on Pump.fun fell from 2.85 million on the week of Jan. 20 to just 1.44 million as of March 31. The decline is mainly attributed to a decay in investor sentiment, a Binance spokesperson told Cointelegraph, adding: “Market sentiment also appears to have shifted amid unverified reports of insider trading linked to subsequent high-profile tokens such as $MELANIA and $LIBRA.” “Broader macroeconomic uncertainty, including volatility driven by global tariff policies, may have further dampened speculative appetite for memecoins more generally,” the spokesperson said. TRUMP/USD, all-time chart. Source: CoinMarketCap Meanwhile, the TRUMP token is down more than 87% from its peak of $75.35, reached on Jan. 19. The token fell over 8% in the past week, CoinMarketCap data shows . Magazine: BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12–18
Cryptocurrency exchange giant Binance has captured significant investor attention with its latest announcement on the Bitcoin staking protocol, Babylon (BABY). On Saturday, April 5, the exchange revealed in an official announcement that users remain poised to partake in BABYUSDT perpetual contract trading shortly ahead. Mentioned below are some vital details market participants should know as they look to capitalize on such emerging market opportunities. Binance Announces Futures Listing For Babylon An official release by the crypto exchange revealed that its ‘Futures’ division is adding a BABYUSDT perpetual contract to its stockpile of offerings. Starting today at 13:30 UTC, the platform’s colossal user base can avail of this trade offering with up to 5x leverage. Moving on to other details, the capped funding rate for this project was at +2.00% / -2.00%. Babylon is a Bitcoin staking protocol that permits users to stake their BTC in exchange for earning rewards. Why Did Binance Add BABYUSDT? According to the CEX’s announcement, this decision comes primarily to expand the list of trading choices offered to users on the platform. The crypto exchange titan continues to cement its global ranking by tapping into emerging markets across the globe. What’s More? Binance added that it will apply the ‘Mark Price’ methodology for the asset’s pre-market futures trading period. Notably, the BABYUSDT perpetual contract is a pre-market futures contract where the price is calculated strategically. Traders can move on to the official announcement to know more about ‘Mark Price.’ “Pre-market perpetual futures contracts will be converted to standard perpetual futures contracts when a stable index price can be derived from the spot market,” the top exchange clarified. Further, the pre-market trading end will be announced separately to avoid user misunderstanding. Altogether, the enhanced market support for the Bitcoin staking protocol has captured noteworthy attention towards the project as one of the top crypto exchanges supports it. Recent Listings On Binance Gain Traction Simultaneously, it’s worth pointing out some other recent listings on the leading crypto exchange. CoinGape recently reported that the exchange listed Broccoli , TUT, and other 4 crypto and offered support to their market dynamics. On the other hand, the CEX again sidelined the Pi Network listing despite the crypto’s burgeoning popularity. Crypto market watchers extensively eye the exchange’s trade offering updates in order to capitalize on emerging market opportunities. Some other new and upcoming listings on Binance include Hyperliquid, Mantle, and Kaspa, among many others. The post Binance Unveils Major Backing For Bitcoin Staking Protocol Babylon, Here’s All appeared first on CoinGape .
Cryptocurrencies, including certain altcoins, outperformed global stocks this week as the fear and greed index dropped to its lowest level in years. Bitcoin ( BTC ) is holding firm while the stock market melts down, with several altcoins soaring as global markets reel from President Trump’s newly announced tariffs on Chinese imports. The world’s leading cryptocurrency has officially outperformed the tech-heavy Nasdaq 100 on a year-to-date basis, despite staying relatively flat this week. Meanwhile, U.S. equities took a historic tumble. The Dow Jones Industrial Average lost a staggering 2,200 points on Friday alone, following a 1,200-point drop the day prior—wiping out $5.4 trillion in value across American stocks in just two days. Since February, the Dow has dropped from $45,000 to $38,200, while the Nasdaq 100 has fallen from $22,220 to $13,400, and the S&P 500 slipped from $6,145 to $5,000. This turmoil followed Trump’s imposition of a sweeping 34% tariff on all Chinese imports, a move that triggered immediate retaliation from Beijing. The fear and greed index—a widely watched sentiment gauge—plunged to 6, its lowest reading in years, as investors scrambled for safety. Oddly enough, that safe haven may have included crypto. Altcoins outpaced both Bitcoin and traditional assets. Fear and greed index chart | Source: CNN Money You might also like: Forget Bitcoin, analysts say this tiny AI memecoin could 1000x by year-end EOS, Pendle, Fartcoin, ATOM rose as stocks sunk EOS ( EOS ) led the rally, jumping 41% after rebranding to Vaulta and announcing a pivot toward blockchain banking and asset tokenization. As part of its rebrand , the project also launched VirgoPay in partnership with VirgoCX Global, enabling cross-border payments via stablecoins. EOS, Pendle, Fartcoin, Cosmos were the top weekly gainers | Source: CoinMarketCap Other standout performers included Pendle ( PENDLE ), which surged 22% as yield-hungry investors flocked to its DeFi platform offering annual returns upwards of 7.5% on synthetic stable assets. The other top-performing altcoins during the week were Fartcoin ( FARTCOIN ) and Cosmos ( ATOM ), which jumped by 15% and 9.5%, respectively. Zcash, OKB, and Raydium were other top movers. Still, it is too early to conclude whether Bitcoin and these altcoins can be considered safe-haven assets. After all, cryptocurrencies are highly speculative. Also, while some altcoins did well throughout the week, many others tumbled. Berachain ( BERA ) crashed by 27%, while Pi Network ( PI ), Immutable X, and Movement ( MOVE ) tumbled by over 15%. Read more: Chart of the week: ATOM gears for double-digit gains with staking support