Good morning. Here’s what’s happening:

Prices Bitcoin prices and Ether are down because of BRC-20 meme coin congestion. A possible solution is to shift profits to Ethereum and altcoins.

Insights Bitcoin’s path is “not straight”, Paul Eisma told CoinDesk TV.


Bitcoin Cracks Under the Pressure of Network Congestion Chaos


Bitcoin Falls

Good morning Asia.

Bitcoin has fallen 2.6% to $27,715, and Ether is down by 1.4% at $1,850.

Binance’s suspension of withdrawals over the weekend was due to the Ordinal-induced congency on Bitcoin’s network.

What’s happening in bitcoin right now is unprecedented. We haven’t seen anything like this in many, many years,” 21Co CEO Hany Rashwan told CoinDesk TV during a recent interview.

Rashwan, like others, blamed BRC-20 mesocoins, but said we shouldn’t confuse these with altcoins.

He said: “I would not categorize memes in the same league with altcoins such as Ethereum or Solana.” “These altcoins, which are smart contract platforms, facilitate a wide range of functions including meme coins and NFTs.

Rashwan believes that there is a way to avoid the congestion, and this involves meme coin holders moving their profits to Ethereum and altcoins. This could also lead to an increase in the value of those coins.

This move will not happen until there is another major macroeconomic event. For now, Bitcoin NFTs are the only way to go.

The Biggest Gainers

Today, CoinDesk has no winners.

Biggest Losers


Bitcoin: A Not-So-Simple Path

Paul Eisma is the head of trading at XBTO Group and he told CoinDesk’s “All About Bitcoin’ program that the congestion caused by the meme pool on Binance, as well as bitcoin’s steep decline, are both “growing pains.” But the biggest cryptocurrency in terms of market capitalization will be “fine on the long term,” he said.

Eisma explained that the Bitcoin protocol is “almost like a deer caught in the headlights.” He attributed the new technical issues to the upgrade of 2021 Taproot, which among other improvements, increased bitcoin’s privacy.

Eisma, however, said that bitcoin’s price has been roughly in the range of $25,000 to $30,000 throughout this year. He explained that crypto was still in its early stages, and therefore subject to the same challenges as other technologies at this stage.

Eisma stated that “this is part of the evolution and growth of the network, and it’s not straight.” “This is a part of the evolution and growth of the network and the path has not been straight.

Eisma stated that he would be watching Wednesday’s Consumer Price Index release (CPI) to get a feel for the next privacy move by the U.S. Central Bank. The Federal Reserve raised interest rates by 25 basis points three times in a row, but those who are critical of its hawkishness hope that the Fed will stop being so aggressive.

He said that if the asset markets see something in between, such as, I don’t remember, plus or minus…, you know, a decent, low standard error of what is expected, it’s still too early to pause rate reductions. He added that inflation is still higher than “the 2% target the Fed seeks.” They’re still concerned about the PCE core level. Powell has made it clear that he will keep rates at the current level for a longer period than what the market suggests.


Important events.

11:00a.m. HKT/SGT (3:00 UTC), China Trade Balance USD, April

5:30 pm HKT/SGT (9:30 UTC). Australia budget release


CoinDesk TV

If you haven’t seen it yet, here is the latest episode of First Mover on CoinDesk TV.

Binance resumed bitcoin withdrawals (BTC) after a second break, due to unprecedented congestion on the Bitcoin network. Pepecoin holders are likely to be profiting from their positions after one of the biggest rises ever seen in alternative currencies. Hany Rashwan, CEO and co-founder of 21.co, shared his analysis on the crypto markets. Revolut Brazil CEO Glauber Mota, and Delta Blockchain Fund founder Kavita Gupta joined the conversation.

Long Term Bitcoin Holders Increase Their Holdings Despite Prices Retracing As the longer term bitcoin supply grows, the CoinDesk BTI (Bitcoin Trend Indicator) indicates a market that is in an uptrend despite recent price drops.

It is a fraud (but it’s genius) : Modern financial systems are built on banks putting customer deposits at risk – the U.S. Government has blocked safer alternatives.

Ripple CEO Garlinghouse says that the firm’s battle with the SEC will cost $200M.

As Bitcoin-based meme coins flourish, block demand leads to a fee spike : Data shows that over 11,000 tokens were issued and traded in the Bitcoin network.

James Rubin is the editor.