Bitcoin has reached a nearly seven-week high, with the total cryptocurrency market cap rising to $2.915 trillion.
On April 22nd, based on CoinGecko data, with Bitcoin reclaiming the $90,000 level and reaching a nearly seven-week high, the total market capitalization of cryptocurrencies rose to $2.915 trillion, showing a 0.9% increase in the past 24 hours.
However, as of the day when Trump began his second term in office (January 20th), when the total market capitalization of cryptocurrencies was $3.621 trillion, it still needs to increase by 24.2% in total to recover from the decline.
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The Federal Court of Australia Overturns Previous Adverse Ruling Against Crypto Lending Platform Block Earner
On April 22nd, according to TheBlock, the Federal Court of Australia has reversed a previous unfavorable ruling against the cryptocurrency lending platform Block Earner. The court determined that its cryptocurrency-backed Earner product did not violate local financial regulations. It was ruled that Block Earner's blockchain lending product is a fixed-term loan agreement and not a regulated financial investment product that requires a license.
The court not only dismissed all the charges brought by the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to bear all the litigation costs of the trial and the appeal. This three-year legal dispute started in November 2022 when ASIC accused Block Earner of violating Australian financial services law. Despite this legal victory, it has been reported that Block Earner currently has no intention of relaunching the Earner product in the Australian market.
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Cross-Chain Interoperability Project Analog Completes $15 Million Token Sale Fundraise, Subscribed by Bolts Capital
On April 22nd, according to CoinDesk, the cross-chain interoperability project Analog successfully completed a token sale financing worth $15 million, with Bolts Capital making a subscription. As a result, Analog's total financing has reached $36 million.
Analog intends to utilize this funding to develop interoperability tools, including the Omnichain Analog Token Standard (OATS) and the RWA market Firestarter.
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Trader Eugene: Bearish Bias Rejected, Will Look for Long Opportunities in Altcoins
On April 22nd, top trader Eugene Ng Ah Sio made a post on his personal channel, saying, "Bitcoin has broken through $90,000, and the price has now reached my level of concern. Basically, my bearish view has been negated. If this can be sustained, I will look for long opportunities in alternative cryptocurrencies. The frenzied market sentiment will reappear among a wide range of alternative coins, and I will once again conduct in-depth research."
Recently, Eugene had posted, "I have closed my short position on Bitcoin at the break-even point. The market has once again demonstrated strong momentum and effectively regained the previous trading range. I have to face my bearish view, especially during the tariff panic period when alternative coins seem to have bottomed out. Currently, I am in a contradictory state: logically, I believe there is a lack of momentum to continue the uptrend, but the price trend continues to go against this assessment. Eventually, I need to confront this deeply
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Elon Musk Expected to Reveal When He Will Step Down from Department of Government Efficiency (DOGE)
On April 22nd, as per Fox reporter Charles Gasparino, it is anticipated that Musk will make an announcement today during the Tesla investor call that takes place after the U.S. market closes regarding when he will resign from the Department of Government Efficiency (DOGE). Investors have signaled that Musk's definite exit date will have a positive impact on Tesla's stock price. However, when considering the necessity of reducing government waste, it may not be advantageous for the United States.
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