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• Bearish sentiment and high volatility expected for ahead of Fed meeting – BTC indicator at historic low.

• To combat crypto-related crimes, the SEC is close to doubling its crypto division.

• Goldman Sachs (NYSE 🙂 and Coinbase collaborate to provide the first Bitcoin-backed loans.

• (AXS) all-time sales surpass $4 billion.

Bearish Sentiment and High Volatility Expected for Bitcoin Ahead of Fed Meeting – BTC Indicator at Historical Low

Bitcoin bulls feel that the bearish pressure has held for what seems like an interminable time. Bitcoin traded sideways for the past week. It opened the week at $39300 and is currently trading at $39554.

This is the one-week price chart of Bitcoin. Source: Tradingview

The Fed is expected to raise interest rates 50 basis points (0.5% points), which would mark the first-ever half-point increase in rate since 22 years. However, the sentiment toward Bitcoin and other markets continues to be bearish.

Bitcoin traders call for new hype as Bitcoin moves sideways. Experts think that Bitcoin could continue to move sideways until there is something new around the leading asset.

Flipsider:

• While Bitcoin’s price is down, Stochastic indicators has fallen to a level that is unprecedented since 2015 bear market bottom. After the last instance, Bitcoin’s price soared from $200 up to $20,000.
• CoinShares was also responsible for the highest Bitcoin outflows ever since June 2021. Investment products experienced net outflows between April 23rd-29th of $120 Million, which brought total outflows for the four week period to $339M.

Bitcoin’s price across a 3-day timeframe: Source: Tradingview

What You Need to Care About

Bitcoin’s rising bullish signal could lead to a bottom and short-term highs of over $40k.

To Fight Crypto-Related Crime, the SEC almost doubles its Crypto Division

On Tuesday, the U.S. Security and Exchange Commission stated that they will increase the staff of its Crypto Assets and Cyber Unit in order to provide better protection for crypto investors from fraud and other cybercrime.

This expansion will result in the Crypto Assets and Cyber Unit, which is a division within the SEC, increasing by 20 to reach 50. It is intended to counter the growing threats from modern digital currencies.

Reports claim that among the new 20 hires will be fraud analysts, trial attorneys and investigative staff lawyers. The team will be tasked with cracking down on threats to crypto investors to ensure “fair and orderly markets despite critical challenges.”

Flipsider:

• Hester Perce has criticised the decision, and asked why any regulatory agency would want to be at the forefront of crypto enforcement.

What You Need to Care About

With nearly two-thirds of its current size, The SEC is hoping to take a more effective position in order to reduce crime in the new crypto market.

Coinbase and Goldman Sachs collaborate on the first Bitcoin-backed loan

A recent report has revealed Coinbase, the United States’ largest cryptocurrency exchange, as the mystery firm taking on Goldman Sachs’ first Bitcoin-backed loan, announced in late April.

Speaking on the partnership with Goldman Sachs, The head of Coinbase Institutional, Brett Tejpaul, stated that: “Coinbase’s work with Goldman is a first step in the recognition of crypto as collateral which deepens the bridge between the fiat and crypto economies.”

Coinbase, which holds 4,487 Bitcoin, worth around $170 million as of today’s prices, took out a loan of an undisclosed amount from the Wall Street bank. The loan was collateralized by Coinbase’s Bitcoin holdings.

Goldman Sachs will offer Bitcoin-backed loans to help it further its goal of increasing crypto adoption. Although Bitcoin and cryptobacked loans aren’t new to Wall Street, these are growing in popularity among Wall Street investment bankers.

Flipsider:

• Brian Armstrong, Coinbase’s CEO, predicts that cryptocurrency adoption will surpass 1 billion within 10 years.

What You Need to Care About

Goldman Sachs has issued a Bitcoin-backed Loan that will strengthen the connections between the crypto world and the trading community.

Axie Infinity, AXS: All-Time Revenues Exceed $4 Billillion

Moving on from last March’s hack, Axie Infinity, the popular play-to-earn blockchain game and digital collectibles platform created by Sky Mavis, has reached a new milestone in the non-fungible token (NFT) space.

On-chain data shows that Axie Infinity has attained a total sales volume of roughly $4.07 billion as of April 30th, 2022–the highest sales of any NFT collection. In addition to this, weekly statistics show that Axie Infinity has processed $19,815,670 in sales through the ‘Ronin’ blockchain alone.

NFT collection ranked according to all-time volume. Source: Cryptoslam

In terms of sales, Axie Infinity, which launched in 2018, is the largest NFT platform on the market, ranked ahead of CryptoPunks and Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

Axie Infinity’s records continue as it reportedly has over 2.5 million unique owners – more than any other NFT collection. The game’s native token, AXS, has increased by in value some 2,500% over the last year.

Flipsider:

• Axie Infinity’s (AXS), has dropped by over 30% in the week since gamers abandoned the platform en masse during the month.

What You Need to Care About

Axie Infinity began the process to reimburse users and launch a brand new Axie standalone game in recompense for the Ronin Bridge attack.

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