The Digest contains the following:

• Exchange balance falls to 43% below its ATH. Goldman Sachs (NYSE) provides Bitcoin-backed loans.

• To combat fraud, Coinbase (NASDAQ 🙂 blocks Binance accounts linked to the Kremlin.

• Panama’s National Assembly approves bill to permit use of crypto assets.

• whales buy $48 million worth of , ‘Bitcoin Jesus’ praises .

Bitcoin Exchange Balance drops to 43% below its ATH. Goldman Sachs offers Bitcoin-backed loans

Macroeconomic factors and sustained bearish pressure have seen Bitcoin, the world’s largest cryptocurrency, lose 43% of its November 2021 all-time high.

This 3-month chart shows the price of Bitcoin (BTC) over time. Source: Tradingview

Bitcoin’s bullish signal continues to be despite the long-term losses. According to blockchain data, the Bitcoin balance only has fallen below zero a few times during the last two years. There is a possibility that Bitcoin will rally as the volume of BTC becomes more liquid.

With Bitcoin holding out above the $38k support, Glassnode analysts have reported that both the 28-day and 90-day NVT models are “starting to bottom out and potentially reverse.”

Goldman Sachs started offering its first Bitcoin-backed loans. A borrower can already use Bitcoin to secure a loan.

Flipsider:

• The rise in large-entity Bitcoin adoption is evident now, more than ever.

Coinbase helps to combat fraud, Binance blocks accounts tied to the Kremlin

Coinbase is facing repeated accusations that it facilitates insider trading.

Brian Armstrong, Coinbase’s CEO, stated that the new procedures make it difficult for anyone to guess which token will be listed next.

Binance has frozen several accounts that are linked to family members of high-ranking Kremlin officials, as sanctions continue to be imposed on Russia.

Elizaveta Peskova – the daughter of Russian President Vladimir Putin’s spokesperson, Polina Kovaleva – the stepdaughter of the Foreign Minister, and Kirill Malofeyev – the son of Konstantin, himself the son of a Russian oligarch, are some of the accounts to be blocked by Binance.

The measures adopted by the world’s largest exchange mirror the moves of international agencies looking to prevent the Russian government from mitigating the impact of sanctions through the use of crypto.

Flipsider:

• According to reports, the government of Finland may donate 1981 bitcoins that were taken by customs officers in connection with criminal activities, to Ukraine.

What You Need to Care About

Coinbase is focusing on transparency and has increased its efforts to accelerate the listing of cryptocurrency on the exchange.

Panama’s National Assembly Approves Bill to Permit the Use of Crypto Assets

Panama joins the growing list of countries taking crypto seriously. On Thursday, April 28th, the Panamanian legislative assembly approved a bill to legalize the country’s commercialization and use of crypto assets.

National Assembly stated that Panamanians would be able use their crypto assets privately and publicly if President Laurentino cortizoit signs into law the bill. People will also be able to use cryptocurrency for their tax payments.

Gabriel Silva, an independent lawmaker, clarified that Panama’s law does not mandate businesses to adopt crypto payments. However, it allows them to purchase, hold, accept and issue digital currency.

Silva adds that, unlike El Salvador’s rules, which made only Bitcoin a legal tender, Panamanians will be free to use any kind of cryptocurrency.

Flipsider:

• Experts have warned that legalizing crypto could worsen Panama’s reputation of defaulting on financial transparency.

What You Need to Care About

It is anticipated that the legalization of cryptocurrency in Panama will allow people, who only 14% of Panama’s population have bank accounts to be able to access decentralized financial services.

Ethereum Whales Buy $48 Million Worth of Shiba Inu, ‘Bitcoin Jesus’ Praises Dogecoin

Whalestat’s popular wallet tracker for blockchain, Whalestat, has revealed that Ethereum whales show renewed interest to accumulate Shiba Inu. WhaleStats alerted that one Ethereum whale purchased 2 trillion SHIB on Tuesday. The transaction was valued at $48.4million.

Following the acquisition of SHIB, the Ethereum Whale in question now has a total 19.3 trillion SHIB coins, valued at $449 millions as of this writing. This is more than double the amount in Crypto.com’s wallet which contains 8 trillion SHIB tokens, worth $197 million.

Flipsider:

• Roger Ver, the co-founder of , popularly known as ‘Bitcoin Jesus,’ tweeted for the first time in a year to vocalize his newfound love for Shiba Inu’s competitor, Dogecoin, (DOGE)..

• In an interview, Ver expressed his support for Musk’s appreciation of DOGE, saying that is cheaper and more reliable than Bitcoin.

• Ver added that if he had to pick three competitors for the world’s dominant cryptocurrency, they would be DOGE, , and Bitcoin Cash.

What You Need to Care About

Whales have a habit of accumulating tokens in anticipation of a big event, such as a rally, or in Shiba Inu’s case, the launch of its metaverse.

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