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Altcoin prices have crumbled since BTC’s sharp pullback, but BNB, ADA, XMR and TON could be the first to bottom.

Bitcoin (BTC) is on target to finish the week with a sharp fall of around 9%. This suggests that some traders may be booking profits in fear of a resumption of the downtrend. Analysts expect Bitcoin to reach the $26,600 to $25,000 zone where buying interest may pick up.

When an asset emerges from a bear market, it tries to form higher lows on the way up. These levels act as strong supports during subsequent corrections. The current pullback could end up forming a higher floor for Bitcoin, which may act as a launch pad for the next rally.

Crypto market data daily view. Source: Coin360

If long-term investors believe that a bottom has been made, then panicking and selling on every corrective phase is not a good strategy. Rather, every dip could be an opportunity to build a portfolio.

The correction in Bitcoin has pulled several altcoins lower. Only a handful of major cryptocurrencies are holding out and looking strong on the charts. Let’s study the charts of five cryptocurrencies that may outperform on the way up.

Bitcoin price analysis

Buyers are trying to arrest Bitcoin’s correction at the 50-day simple moving average ($26,983) but the shallow bounce suggests that the bears are not willing to give up.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($28,606) has started to turn down and the relative strength index (RSI) is in the negative zone signaling that bears have a slight edge. The selling could pick up further if the 50-day SMA cracks.

The BTC/USDT pair could then tumble to the breakout level of $25,250. This is an important level to keep an eye on because if this support crumbles, the pair may plunge to $20,000.

Buyers will have to push and sustain the price above the 20-day EMA to signal a comeback. That could attract buying and push the price toward the $31,000 to $32,500 resistance zone.

BTC/USDT 4-hour chart. Source: TradingView

The pair bounced off $27,125 and reached the 20-EMA. This is the first hurdle that the bulls need to cross to start a strong recovery. The pair may then reach the 50-SMA where the bears will again try to mount a strong defense.

If the price turns down from the current level and slides below $27,125, it will suggest that the sentiment remains negative and traders are selling on every minor rally. That will increase the likelihood of a fall to $26,500 and eventually to $25,250.

BNB price analysis

BNB (BNB) is witnessing a tough battle between the bulls and the bears. Sellers are active above $338 while the bulls are fiercely defending the 50-day SMA ($316).

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair rebounded off the 50-day SMA on April 21 and the bulls are attempting to clear the hurdle at $338. If they succeed, it will enhance the prospects of a rally above $346. The pair may then soar toward $400. The gradually upsloping 20-day EMA ($325) and the RSI in the positive territory indicate that bulls have a slight edge.

If bears want to prevent the up-move, they will have to yank the price back below the 50-day SMA. That could accelerate selling and sink the pair to $300 and thereafter toward $280.

BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price rebounded off the support near $316 and has reached the 50-SMA. If bulls overcome this obstacle, the pair will try to rise to $338 and subsequently to $346. A break above this level could witness a pick-up in bullish momentum.

The first support to watch on the downside is the 20-EMA. If this support gives way, it will suggest that the pair may consolidate between $315 and $335 for some time. The advantage will tilt in favor of the bears if the $315 support gives way.

Cardano price analysis

Cardano (ADA) turned down and plunged back below the neckline of the inverse H&S pattern on April 20. This indicates that the bears are trying to trap the aggressive bulls. A minor positive in favor of the buyers is that they are trying to guard the 50-day SMA ($0.37).

ADA/USDT daily chart. Source: TradingView

The 20-day EMA ($0.40) has turned down and the RSI is just below the midpoint, indicating that sellers are trying to seize control. If the price plummets below the 50-day SMA, it will suggest that the bears are in the driver’s seat. The ADA/USDT pair could then collapse to $0.30.

Conversely, if buyers want to retain their supremacy, they will have to quickly thrust the price back above the neckline. If they manage to do that, the pair could witness solid buying. The pair may then surge to $0.46.

ADA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears pulled the price below the uptrend line and are trying to flip the level into resistance on a retest. The downsloping 20-EMA and the RSI in the negative territory indicate that bears have the upper hand. If the price slips below $0.38, the selling could intensify and the pair may plunge to $0.34.

This negative view will invalidate in the near term if buyers propel the price back above the uptrend line. Such a move will suggest that the recent breakdown may have been a bear trap. The recovery is likely to pick up momentum after buyers push the price above the 50-SMA.

Related: Chinese city public servants to receive digital yuan salaries starting May

Monero price analysis

Monero (XMR) turned down from the neckline of the developing inverse H&S pattern but the sharp recovery from lower levels indicates aggressive buying on dips.

XMR/USDT daily chart. Source: TradingView

Buyers have pushed the price back above the 20-day EMA ($157) and will again try to challenge the neckline. If this level is scaled, it will complete the bullish setup, clearing the path for a potential rise to $185 and thereafter to the pattern target of $199.

If the price turns down from the current level or the neckline, it will signal that bears are selling on rallies. A break and close below $149 will signal that bears have seized control. The XMR/USDT pair may then slump to $145 and later to $140.

XMR/USDT 4-hour chart. Source: TradingView

The pair is trading inside a descending channel pattern on the 4-hour chart. The snapback from the support line of the channel shows solid buying at lower levels. If buyers sustain the price above the 50-SMA, the pair could rally to the resistance line of the channel.

Contrarily, if the price continues lower and slides below the 20-EMA, it will suggest that the pair may remain stuck inside the channel for some more time. The bears will gain the upper hand on a break below the channel.

Toncoin price analysis

Toncoin (TON) has formed a bearish descending triangle pattern but a positive sign in favor of the buyers is that the price has been trading near the resistance line of the triangle for the past few days.

TON/USDT daily chart. Source: TradingView

The bulls will try to drive and sustain the price above the resistance line, which will invalidate the bearish setup. A breakdown of a negative pattern usually results in an up-move because aggressive traders who may have gone short in anticipation of a decline cover their positions.

Additionally, bullish traders who have been sitting on the sidelines due to the negative setup jump in to buy. Above the resistance line, the TON/USDT pair could rally to $2.64 and thereafter to $2.90.

This positive view will invalidate in the near term if the price turns down and breaks below $2.20.

TON/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is rising inside an ascending channel pattern. In the near term, the bears are trying to protect the $2.33 level but the bulls continue to attack the level with vigor.

If the $2.33 level gives way, the pair may start its journey toward the resistance line of the channel near $2.45. Alternatively, if the price once again turns down from $2.33, the bears will try to sink the pair to the support line of the channel.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The Reserve Bank of Zimbabwe plans to introduce a gold-backed digital currency as legal tender in a bid to stabilize its local currency.

The Reserve Bank of Zimbabwe is set to introduce a gold-backed digital currency to serve as a legal tender in the country. The move is a government initiative to stabilize the local currency from its depreciation against the United States dollar. 

According to a report from local media Sunday Mail, the move will allow small amounts of Zimbabwe dollars to be exchanged to the digital gold token, enabling more Zimbabweans to hedge against the currency volatility. Central bank governor John Mangudya said the plan intends to “leave no one and no place behind.”

Zimbabwe’s currency trades nearly Z$1,001 against $1 dollar, but is normally exchanged for Z$1,750 on the streets of Harare, the country’s capital, according to Bloomberg. Zimbabwe’s annual consumer price inflation reached one-year low in March at 87.6%, from 92% in February.

Zimbabwe inflation rate. Source: Trading Economics l Reserve Bank of Zimbabwe

According to Mangudya, the exchange rate in the parallel market is expected to stabilize after tobacco farmers receive their United States dollar payments in the coming weeks. The authority said the current exchange rate volatility was caused by “expectations of increased foreign currency supply” on the market due to the tobacco season. 

The monetary dysfunction in Zimbabwe led to a lack of small changes in the country, according to a Wall Street Journal report from March. Businesses have started printing their “own money”, often on handwritten scraps of paper, so users can pay for future purchases.

Zimbabwe has been fighting against currency volatility and inflation for over a decade. In 2009, the country adopted the US dollar as its currency after an episode of hyperinflation. In 2019, the Zimbabwe dollar was reintroduced in an effort to revive the country’s struggling economy. Last year, the government decided to use the US dollar again in a bid to curb surging prices in the country.

Crypto adoption has grown in many African countries as a result of the economic challenges. According to Chainalysis, the Middle East and North Africa region is the fastest growing region for crypto adoption in the world thanks to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48% from the previous year.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

A “horrendous bearish engulfing” risks defining the weekly close, but all may not be lost, insist Bitcoin price analysts.

Bitcoin (BTC) sought to snatch back lost ground on April 23 as 10-day lows remained in place.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$26,600 becomes popular BTC price target

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700 at the time of writing.

Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.

“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on April 23.

“It is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.”BTC/USD annotated chart. Source: Crypto Tony/Twitter

That target would mark a new bottom for Bitcoin, which lost 10% over the week to turn its April performance negative overall.

Analyst Mark Cullen eyed the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close.

“Lots of bids sitting at 26.5k, but not sure they get tapped just yet,” he added in accompanying commentary, offering a target similar to Crypto Tony.

BTC/USD annotated chart. Source: Mark Cullen/Twitter

A further tweet noted increased spot market selling on Binance, the largest exchange, potentially adding downside pressure in an otherwise less-liquid weekend trading environment.

GM #Crypto!

Looks like the @binance spot selling is still trying to push price lower. They took a break as markets closed on Friday, but the algos seem to be kicking back in. pic.twitter.com/VQCROCYOnU

— AlphaBTC (@mark_cullen) April 23, 2023

“Horrendous bearish engulfing” looms

Market participants appeared to share the same consensus over BTC price action more broadly, suggesting that short-term bearish moves were not yet apt to change the overall bullish trend for 2023.

Related: Forget BTC price: The Bitcoin mining boom is quietly going parabolic

Among them was Michaël van de Poppe, founder and CEO of trading firm Eight, who likewise shared the popular downside targets.

The weekly chart, he added, was still on track to print a higher low (HL), thus preserving the uptrend.

“I don’t see the entire bearish perspective,” he argued.

“Weekly timeframe we’re seeking for a HL, which seems as a possible case around $26,500-27,000 (perhaps $25,000). Breaking back above $27,800 is probably a strong upwards reaction to $29,000 for #Bitcoin and continuation of the uptrend.”BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Popular trader CryptoBullet sounded more nervous — even while acknowledging that a weekly candle eclipsing a full month’s progress would not necessarily spell the end of the bull run.

#Bitcoin $BTC 1W

Even if we close the weekly candle as a horrendous Bearish Engulfing, it’s not over yet

Let me remind you what we had back in 2019 during the same Echo Bubble rally:

1 – Bear Market Low
2 – First Bounce
3 – Higher Low
4 – Weeks of sideways consolidation after… pic.twitter.com/MI4yYTAKBe

— CryptoBullet (@CryptoBullet1) April 22, 2023

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Personnel in public service, public institutions and state-owned units at all levels in the city will be compensated with the digital yuan.

The Chinese city of Changshu has stated that all civil servants in its jurisdiction will be paid their full salaries in digital yuan starting May 2023, according to local reports.

According to a notice issued by financial authorities in the city, civil servants — including those in public service, public institutions and state-owned units at all levels — will be compensated in digital yuan

An on-site staff member of a local hospital reportedly confirmed that the workforce would receive payments in digital yuan starting next month. In addition, reporters were told that employees can opt for digital yuan settlements through self-service terminals.

A QR code (blurred) for paying with digital yuan is displayed at a Chinese convenience store. Users can scan the code and use the digital yuan to pay for goods. Source: Wikimedia Commons

On Feb. 6, multiple Chinese city governments gave away over 180 million yuan ($26.5 million) worth of the central bank digital currency (CBDC) during Lunar New Year celebrations to boost adoption.

The Jiangsu province, where Changshu is located, previously initiated a pilot program for the digital yuan in Q1 2023. The objective, according to a local report, is to establish an efficient, convenient operation and management system by 2025.

Related: China’s central bank includes digital yuan in report on currency circulation

The Chinese government’s push for CBDC adoption has not been well received by Hong Kong residents. In the first four days of the digital yuan wallet’s hard launch, only 625 residents had signed up.

The lack of adoption was evident, despite a 20% discount on purchases from 1,400 local vendors — subsidized by the government for CBDC holders.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

The new unit, Google DeepMind, was formed by merging the Brain team from Google Research and DeepMind, a London-based AI company Google purchased in 2014.

Google and Alphabet CEO Sundar Pichai has announced that two entities within the company have merged to form a new business unit dedicated to developing the next generation of artificial intelligence (AI) breakthroughs and products.

The new unit, Google DeepMind, was formed by merging the Brain team from Google Research and DeepMind, a London-based AI company Google purchased in 2014. The newly formed business unit aims to accelerate the company’s progress in developing AI in a safe, responsible manner.

We’re proud to announce that DeepMind and the Brain team from @Google Research will become a new unit: .

Together, we’ll accelerate progress towards a world where AI can help solve the biggest challenges facing humanity. → https://t.co/2pkooMzUvD

— DeepMind (@DeepMind) April 20, 2023

Pichai’s goal in combining Google’s AI talent into one focused team is to “significantly accelerate our progress in AI.” Jeff Dean, the chief scientist for Google Research and Google DeepMind — who will directly report to Pichai — has been tasked with building a series of powerful, multimodal AI models.

“A.I. has the potential of civilizational destruction.”

— Elon Musk @elonmusk

pic.twitter.com/uphVmAfnoG

— DogeDesigner (@cb_doge) April 15, 2023

With people like Tesla CEO Elon Musk claiming AI has the potential to destroy civilization, Pichai clarified the intent behind creating the unit:

“To ensure the bold and responsible development of general AI, we’re creating a unit that will help us build more capable systems more safely and responsibly.”

While Pichai said the unit’s resulting developments will be used to enhance Google products, specific details remain unknown at the time of writing.

Related: Elon Musk reportedly plans AI startup to rival ChatGPT-maker OpenAI

Meanwhile, a recent survey of 11,004 United States citizens revealed there are major fears of an AI takeover in the workplace.

While 62% of Americans believe AI will have a major impact on workers generally, just 28% believe its use in the workplace will have a major effect on them personally. https://t.co/ExpDNlOsWl pic.twitter.com/biMSX1AUln

— Pew Research Center (@pewresearch) April 20, 2023

56% of the respondents believed AI would have a major impact on the U.S. economy, while only 13% believed “AI will help more than hurt” American workers.

CryptoKitties is a blockchain-based game where players can buy, sell and breed digital cats with unique attributes.

Reminiscent of Tamagotchi and Pokémon, the wildly popular digital pets and creatures of the 1990s, CryptoKitties is a blockchain-based game where players can collect, trade and breed digital virtual cats. CryptoKitties was the first Ethereum-based game, and its popularity underscored many of the network’s scaling issues.

This digital cat-breeding blockchain game caused quite a bit of congestion on the Ethereum blockchain, peaking in 2020. However, the game’s creators were able to address these issues.

What is CryptoKitties?

Launched in 2017, CryptoKitties was built by Dapper Labs, the company that uses blockchain technology to bring nonfungible tokens (NFTs) and new forms of digital engagement to fans around the world. CryptoKitties is also considered one of the world’s first-ever blockchain games.

In the game, each one of the digital collectible cats possesses a unique genome that determines its physical traits. Cats can be bred to create new virtual kittens and unlock rare “cattributes” or in-game cat features.

Is CryptoKitties an NFT game? Yes, CryptoKitties are unique, one-of-a-kind assets backed by NFTs, making them rare and valuable. They were built on Ethereum using the ERC-721 token standard, which allowed for the creation of unique NFTs.

CryptoKitties can be sold and traded, and cats with rare traits can fetch high prices. The rarest CryptoKitty of all time is the genesis cat, aptly named “Genesis” because it was the very first CryptoKitty hatched by the game’s creators. Genesis was sold in 2017 for 246.926 Ether (ETH), or around $119,328 at the time of selling. Ether has since appreciated, and so has the genesis cat.

How does CryptoKitties work?

Blockchain technology remains at the core of this game, but the unique CryptoKitties gameplay can be credited to its Genetic Algorithm (GA). The GA aims to mimic real genetic principles by structuring the smart contract code of each kitten like the DNA of actual living creatures.

Each kitty possesses its own digital genetic pattern, which in turn determines what type of offspring it will produce, in addition to its unique physical traits. This genome is stored in a smart contract, which is self-executing lines of code dependent on predetermined conditions.

Any two CryptoKitties can be bred together and produce offspring with their own distinctive cattributes. The immutable genotype stored in the smart contract likewise determines this new kitty’s phenotype. The GA mixes the code from both CryptoKitties to create new kittens, with the split between the parents varying every time they mate. This allows for unique kittens to be produced each time.

The game’s main premise is that players have to breed and sell their cats, which will allow them to earn ETH, especially for rarer cats. Generation and Cooldown are two crucial features of the game — both are necessary to understand which cats to purchase and breed during the selection process.

First, Generation determines how many generations a kitty is from its original parent. New Generation 0 kitties were released every 15 minutes during the first year of CryptoKitties. These kitties have no offspring yet, so if two Generation 0 kitties breed, they will produce Generation 1 offspring.

The Generation of each offspring is always one number higher than that of its parent from a higher generation. For instance, if a Generation 3 and a Generation 9 breed, their offspring will be Generation 10. This information can be found below each kitty’s photo, abbreviated as “Gen.”

Cooldown refers to a kitty’s breeding pace, such that a kitty with a lower cooldown will have a shorter breeding time. Kitties from higher generations will also have high cooldown rates. Both Generation and Cooldown affect the price of CryptoKitties, as these will determine how desirable they are on the market.

Can you play CryptoKitties on mobile?

Those looking to explore CryptoKitties gameplay on mobile can do so through an HTC mobile phone, which exclusively carries the United States mobile app of CryptoKitties.

Technically, however, players looking for information on how to play CryptoKitties on Android or iOS devices can simply access the mobile version of the website through a mobile browser. However, serious players looking for a dedicated app can currently only do so via an HTC phone.

How to get started with CryptoKitties

Here is a step-by-step guide on how to set up a CryptoKitties account to get started:

1. Create a MetaMask wallet

Players must first have an existing MetaMask wallet or create one. MetaMask will allow users to buy, sell and breed CryptoKitties. Once a wallet has been created, new users can proceed to the CyrptoKitties homepage, where they will be asked to link their MetaMask wallet upon clicking “Start” on the upper right-hand side of the screen.

2. Purchase Ether (ETH)

CryptoKitties can be purchased using Ether, which can, in turn, be bought from cryptocurrency exchanges, such as Binance and Coinbase. Ether can then be transferred to MetaMask to ensure that players have enough funds to purchase their CryptoKitties.

3. Create a CryptoKitties account

After connecting a user’s MetaMask wallet with CryptoKitties, they will be asked to provide their email address for important updates and key in a nickname they wish to use in-game. Players have the option to go through a basic “Kitten Class” tutorial where they will learn how to breed CryptoKitties.

How to play and earn in CryptoKitties

Once a player has successfully set up their CryptoKitties account, they can start playing the game. Below is a step-by-step guide on how to earn money playing CryptoKitties:

1. Buy CryptoKitties

Players can now view CryptoKitties for sale through the website or secondary NFT marketplaces like OpenSea. Offers can also be made to other players, allowing others to bid on cats even if they aren’t for sale. The owner can choose to decline or accept the offer. Each offer expires after three days.

New players have the option to purchase just one kitty to get started or buy a pair right away. If a player decides to purchase just one CryptoKitty, they can begin breeding it with a Sire from another player. If they purchase two CryptoKitties immediately, they can breed their cats for a much lower fee.

How much are CryptoKitties? Prices vary, but kitties may sell for as low as 0.001 ETH or as high as 600 ETH, maybe even more. Factors such as how rare a particular kitty is and how sought-after its cattributes are can affect the price it will fetch in the market.

2. Breed CryptoKitties

As mentioned, players can breed two of their own kitties together or breed them with a public Sire. It is best to breed kitties coming from the same generation to produce a kitty with a relatively low Generation as well.

To breed one’s own Kitties together, a player simply has to click on a kitty they want to assign as the “Sire” or the father. Then, click the “Breed” button and select “Sire with my Kitties.” Next, the “Dame” or mother cat can be selected to complete the breeding pair. To proceed, click “OK, give them some privacy” to allow the kitties to breed in peace.

To breed one’s Kitty with a public Sire, a player has to select a Sire from the marketplace and select the “Breed Now” option. They can then select a Dame from their own litter to form a breeding pair and then proceed with the option to give the Kitties privacy to breed. As previously mentioned, both options cost minimal fees in ETH, which goes to community-run bots and smart contracts.

3. Sell or Sire CryptoKitties

Once a player has produced new breeds of CryptoKitties, they can be put up for sale or Sired to the public. Each kitty in a litter will have “Sell” and “Breed” options, which will lead to auction pages.

Players can create a Siring auction by clicking “Breed,” which will put their Kitty up for Siring via the Siring market. “Sell” likewise creates an auction, setting the kitty up for sale on the marketplace. The player can select the starting price, ending price and auction duration.

Decentralized exchange Uniswap and venture capital firm Andressen Horowitz were revealed as former clients of LaBolt in a recently published public financial disclosure report.

United States President Joe Biden will reportedly ban his communications director from handling matters related to any crypto or technology firms he has previously worked with, while still allowing him to advise on crypto regulation.

According to an April 21 Bloomberg Law report, White House Communications Director Ben LaBolt will be barred from “participating in legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented.”

Decentralized exchange Uniswap and venture capital firm Andressen Horowitz — an early investor in Coinbase — were both former clients of Bully Pulpit Interactive (BPI), where LaBolt was previously a partner, according to a public financial disclosure report published on April 21.

Both firms were among a list of 23 clients paying fees exceeding $5,000 in a year to BPI.

Ben LaBolt’s Public Financial Disclosure Report. Source: Bloomberg Law

Meta Platforms, Shopify and West Street — the family office of Meta CEO Mark Zuckerburg and his wife, Priscilla Chan — were also included in the list of 23 clients exceeding $5,000 in a year.

Meanwhile, in the assets and income section, LaBolt disclosed that he holds $50,001–$100,000 in Bitcoin (BTC) and $15,001–$50,000 in Ethereum 2 (ETH2).

Ben LaBolt‘s Public Financial Disclosure Report. Source: Bloomberg Law

“LaBolt’s restrictions are in line with ethics rules followed by other senior White House staff,” the report states.

Despite the restrictions expected to be put in place, it was reported that LaBolt would be allowed to advise on the president’s approach to regulating cryptocurrency and social media companies.

This comes after President Biden signed an executive order on digital assets on March 9.

While the executive order didn’t specify any regulatory actions, it outlined an interagency process that will involve 16 high officials, initially starting with the task of producing an elaborate series of reports.

These reports are due at intervals ranging from 90 days to over a year from the publication of the executive order.

Related: Stress test? What Biden’s bank bailout means for stablecoins

The executive order attracted attention from government officials and industry leaders alike.

Republican “Crypto Senator” Cynthia Loomis of Wyoming commented on the executive order, saying, “It’s great to see the Biden administration’s growing interest in digital assets.”

Meanwhile, Ari Redborn, head of legal and government affairs for blockchain-based intelligence firm TRM Labs, said he was “expecting certain things and the positive tone was not necessarily one of them.”

Magazine: Musk hints at suing Microsoft, US Rep. wants Gensler fired, and more: Hodler’s Digest, April 16-22

China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

Major Asian economies China and Singapore have set up a task force to deepen bilateral cooperation in green and transition finance. The move is aimed at facilitating greater public-private sector collaboration for a low-carbon future in the region.

The Monetary Authority of Singapore (MAS) announced it was collaborating with the People’s Bank of China (PBoC) to establish the China-Singapore Green Finance Taskforce (GFTF). With the GFTF, the duo aims to co-develop a set of financial standards, products, technologies and definitions to lower carbon footprints.

According to the MAS’ assistant managing director and chief sustainability officer, Gillian Tan, public-private participants from China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

For starters, the GFTF will allow the MAS and PBoC to find common ground for taxonomies and definitions with respect to each other’s existing transition activities. The task force will also enable the countries to strengthen sustainability bond market connectivity, which includes two-way access to green and transition bond products.

The GFTF’s technology initiative will involve MetaVerse Green Exchange, a licensed crypto exchange from Singapore, and Beijing Green Exchange, a Beijing municipal government-approved company, to help facilitate sustainable finance adoption. The two companies are also tasked with piloting digital green bonds with carbon credits.

Related: Crypto lender Babel gets extended creditor protection in Singapore

Chinese banks are reportedly opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms.

While Chinese state-owned Bank of Communications is in talks to open accounts for regulated companies, ZA Bank, Hong Kong’s largest virtual bank, will act as the settlement bank for the crypto companies, according to Wall Street Journal report.

Magazine: Crypto audits and bug bounties are broken: Here’s how to fix them

The new cell phones purchased for Bankman-Fried’s parents cannot “automatically photograph the device’s users every five minutes as required by the Order,” according to a recent court filing.

Former FTX CEO Sam Bankman-Fried’s legal team has requested a third extension on the enforcement of his revised bail conditions, citing difficulties in installing monitoring software on his parents’ cell phones, which must capture a photo of the user “every five minutes.”

In an April 19 court filing in the Southern District of New York, Bankman-Fried’s lawyers, Mark Cohen and Christian Everdell, stated that they had successfully implemented “all of the bail conditions set forth in the Order,” with the exception of monitoring the usage of Bankman-Fried’s parents’ cell phones. It was noted:

“We learned recently that the monitoring software installed on the new cellphones we purchased for Mr Bankman-Fried’s parents cannot, in fact, automatically photograph the device’s user every five minutes as required by the Order.”

Cohen and Everdell stated they were “optimistic” they had found a solution to monitor the cell phones but needed the extra time to “conduct further tests on the monitoring software to confirm its capabilities.”

April 19 court filing in the United States District Court for the Southern District of New York. Source: Court Listener

The legal team requested until April 21 to find a solution; however, at the time of writing, there has been no evidence to suggest one has been found.

In the meantime, the lawyers requested that Bankman-Fried’s parents be allowed to continue using “their existing cellphones” until a resolution is reached.

Related: Sam Bankman-Fried’s lawyers request extension for bail condition proposal

Speaking to Cointelegraph, Ken Gamble, executive chairman of private intelligence firm IFW Global, said he believes there is a conflict between the choice of phone model and the monitoring software being implemented.

He noted that certain newer phone models are unable to “install the latest monitoring software” due to inherent security measures on the devices.

Gamble emphasized that the latest iPhones, for example, cannot have monitoring software implemented without actually “jailbreaking the device” first.

He suggested the solution may involve exploring alternative cell phones for Bankman-Fried’s parents that are compatible with the installation of the monitoring software, stating:

“This will take time. They have to get to the root of the technical issue, find the solution and potentially even make another application to the court for more time while they find the preferred phone.”

There have recently been significant concerns raised over Bankman-Fried’s access to cell phones.

Judge Kaplan highlighted that Bankman-Fried had a “garden of electronic devices” with access to the internet at his parents’ home.

The judge warned that there was “probable cause” to believe that Bankman-Fried was involved in attempted witness tampering.

It was reported on March 28 that Bankman-Fried’s parents consented to limit his access to their devices while also signing affidavits agreeing not to bring prohibited electronic devices into their home.

Kaplan previously proposed on March 4, that Bankman-Fried be prohibited from using smartphones, tablets, computers, and any video game platforms or devices that allow chat and voice communication.

The proposal said that Bankman-Fried’s communication should be limited to a “flip phone or other non-smartphone with either no internet capabilities or internet capabilities disabled.”

Magazine: FTX considers reboot, Ethereum’s fork goes live and OpenAI news: Hodler’s Digest, April 9-15

Elon Musk suggests suing Microsoft, congressman plans bill to remove Gary Gensler, and Societe Generale launches euro-pegged stablecoin.

Top Stories This Week

Elon Musk threatens Microsoft with lawsuit, claims AI trained on Twitter data

Microsoft has been threatened with a lawsuit from Twitter CEO Elon Musk, who claimed the Big Tech firm illegally trained its artificial intelligence on Twitter data. The entrepreneur suggested that Microsoft mined user tweets to train its AI-powered applications. Musk tweeted that it was lawsuit time after reports that Microsoft would cease supporting Twitter across its online social advertising tools. Musk and Microsoft are believed to be at odds over artificial intelligence. The tech billionaire is developing a ChatGPT rival known as TruthGPT. Microsoft owns a 49% stake in OpenAI, the company behind ChatGPT.

Rep. Davidson to introduce legislation to fire SEC boss Gensler for crypto overreach

U.S. Representative Warren Davidson announced plans to introduce legislation to fire Securities and Exchange Commission Chair Gary Gensler. According to the lawmaker, the upcoming bill is meant to “correct a long series of abuses.” Davidson disclosed the plan after the SEC’s latest attempt to revisit the definition of “exchange.” The week wasn’t the best for Gensler. During an oversight hearing, Gensler was heavily criticized for his approach on crypto assets.

Australia installs more Bitcoin ATMs than whole of Asia

Australia surpassed the continent of Asia in terms of the total number of crypto ATMs installed. Since the beginning of 2023, the country has been on a crypto ATM installation spree, climbing from fifth to third position in the rank in January alone. Data from Coin ATM Radar confirms that Australia has kept up the effort to install avenues for fiat-to-crypto conversions, reaching 364 crypto ATMs across the country, behind the United States and Canada.

Societe Generale subsidiary launches euro-pegged stablecoin on Ethereum

Societe Generale-Forge, a regulated subsidiary of French banking firm Societe Generale, has launched a euro-pegged stablecoin for qualified institutional clients. Dubbed EUR CoinVertible, the stablecoin was designed in response to the growing demand for a new settlement asset for on-chain transactions, said Societe Generale-Forge. The stablecoin will offer new solutions for corporate treasury; cash management and cash pooling; on-chain liquidity funding and refinancing solutions.

Intel will stop manufacturing chips for Bitcoin miners

Intel has reportedly announced plans to discontinue its line of Blockscale Bitcoin mining chips in an effort to reduce costs. The decision comes nearly one year after the company announced the hardware line. The chip-manufacturing company will stop taking orders for the Blockscale 1000 Series ASICs by October and is estimated to end shipping in April 2024. Mining firms Argo Blockchain, Block, Hive Blockchain Technologies and Griid Infrastructure were among the first companies to integrate the technology into their operations.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $27,331, Ether (ETH) at $1,845 and XRP at $0.44. The total market cap is at $1.15 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 3.51%, OKB (OKB) at 3.33% and UNUS SED LEO (LEO) at 2.06%.   

The top three altcoin losers of the week are SingularityNET (AGIX) at -23.73%, Immutable (IMX) at -23.28% and Stacks (STX) at -22.94%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Crypto is not a new financial product, but an evolution or fundamental change in the way individuals and organizations exchange value.

Gabby Kusz, CEO of the Global Digital Asset & Cryptocurrency Association

When I am asked to consult or advise for [stablecoin] projects […], my first advice has now become to avoid US operations and a US domicile. The jobs are going elsewhere.

Austin Campbell, adjunct professor at the Columbia Business School

I think were at the end of the era where its going to be these, like, giant, giant models. Well make them better in other ways.

Sam Altman, CEO of OpenAI

Im going to start something which I call TruthGPT, or a maximum truth-seeking AI that tries to understand the nature of the universe.

Elon Musk, tech entrepreneur

I think were going to have to actually end up going to court [against the SEC] to get the clarity we need and create the case law.

Brian Armstrong, CEO of Coinbase

To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides).

Warren Davidson, United States representative

Prediction of the Week 

Bitcoin pulls back from recent highs and loses support

Bitcoin and a number of altcoins have fallen below their respective support levels, in a worrying sign that the bulls could be losing their grip. On April 21, Bitcoin and most major cryptocurrencies pulled back from their recent local highs, signaling profit-booking by traders.

Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank, near its breakout level. He said it was a logical place and advised traders to pay attention.

The BTC/USDT pair may next slip to $26,500 and, thereafter, to the neckline of the inverse head-and-shoulders pattern at $25,250. If the price rebounds off $25,250, it will indicate that the neckline is acting as a higher floor, according to Cointelegraph’s price analysis.

FUD of the Week 

MetaMask denies claims of wallet exploit in massive $10M hack

MetaMask has denied claims that an exploit of its wallet is the cause of a massive wallet draining operation that claimed over $10.5 million in NFTs and coins since December 2022, including 5,000 Ether. According to MetaMask, the digital assets were stolen from various addresses across 11 blockchains. How the attack occurred is unclear. Experts speculate that there had been some sort of private key or seed phrase leak.

Tornado Cash dev Alex Pertsev set to be released from prison under surveillance

After nearly nine months in prison, Tornado Cash developer Alex Pertsev will be released from jail. Dutch authorities arrested Pertsev in August last year on suspicion of money laundering through the crypto mixing service Tornado Cash. Pertsev should be back home by April 26, which also happens to be his birthday. His suspended release under surveillance means the developer can await trial from home.

SafeMoon hacker agrees to return 80% of stolen funds, says development team

The attacker who drained $8.9 million of Binance Coin from SafeMoon has agreed to return 80% of the funds. As per the agreement between the DeFi protocol and the hacker, the remaining 20% will be kept as a bounty. SafeMoon has further agreed not to file any legal actions against them, claiming the decision is in the best interest of SafeMoon and its community. Boosting bug bounties and paying them more diligently could motivate hackers to report bugs instead of exploit them, according to some Web3 developers.

Best Cointelegraph Features

Crypto regulation: Does SEC Chair Gary Gensler have the final say?

The chairman of the SEC recently said that almost all cryptocurrencies will be regulated as securities. Questions remain whether thats an accurate statement and if the agency is regulating tokens by enforcement.

Heres how Ethereums ZK-rollups can become interoperable

A single ZK-rollup cant scale Ethereum. But by working together in an interoperable ecosystem, ZK-rollups and ETH can take on the world.

From SNL and The Tonight Show to Sothebys: NFT Creator Bryan Brinkman

Bryan Brinkman took a journey from working on SNL and The Tonight Show to becoming a full-time NFT animation artist.