A fresh wave of excitement among retail traders has been triggered by Bitcoin&#8217;s rise above $94,000, but there are fears of a possible retracement. According to on-chain analytics firm Santiment, fear of missing out among smaller traders spiked soon after…

Santiment flags retail FOMO surge after Bitcoin tops $94K. Is a BTC price correction incoming?

While there have been positive developments regarding the loosening of the 
U.S. tariffs on Chinese imports, the state of negotiations to finally solve 
this trade war is still uncertain. President Trump stated that there were 
meetings addressing the issue, but China has outright denied that these ever 
happened. China Denies Having Trade War Negotiation Meetings, […]

Trade War Watch: China and the US Contradict on State of Negotiations

Bitcoin is changing hands at prices almost 40% below its modeled “energy 
value,” yet an unusual confluence of technical, fundamental and policy signals 
suggests the market may be turning, according to Charles Edwards, founder of 
the quantitative crypto hedge fund Capriole Investments. In his latest 
newsletter, Edwards argues that a newly-formed “Triple Put”—simultaneous 
backstops from the White House, the Federal Reserve and the US Treasury—has 
altered the risk profile for all risk assets just as on-chain and macro 
indicators for Bitcoin flip decisively higher. Bitcoin Flips Bullish Edwards 
begins with sentiment, describing it as “in the pits.” The American 
Association of Individual Investors’ bull–bear spread, he notes, is “as 
bearish as 2009 and the 2022 lows, and significantly worse than the 2020 Covid 
crash,” even though both Bitcoin and the S&amp;P 500 have fallen less than fifteen 
percent from their recent peaks. The CNN Fear &amp; Greed Index has registered its 
bleakest reading “in years,” while Capriole’s own Active Manager Sentiment 
gauge shows equity managers at near-record under-exposure. “Simply put, 
investors are panicking today,” he writes, warning that such extreme readings 
“typically coincide at the mid-late stage of a major price bottom.” The 
combination leaves what Edwards calls “blood (and fear) on the street,” 
echoing the Rothschild maxim he cites in full: “the time to buy is ‘when 
there’s blood on the streets, even if the blood is your own.’” Related 
Reading: Déjà Boom—Arthur Hayes Says Bitcoin’s 2022 Rally Setup Is Back 
Technically, Bitcoin staged a sharp reversal just days ago. A breakout candle 
to $94,000 reclaimed the entire $91,000–$100,000 range that had capped the 
market since February. Edwards classifies the move as a “significant range 
reclaim,” adding that “for Bitcoin, such bullish range reclaims rarely see 
price look back.” Unless the market delivers “a daily close under $91K,” he 
writes, “it’s hard to get a technical chart more bullish than this.” The 
breakout coincides with his firm’s machine-learning fundamentals model, the 
Bitcoin Macro Index, turning positive after months in neutral territory. The 
index blends more than seventy on-chain, macro-economic and equity-market 
variables; price is deliberately excluded to avoid feedback effects. Last week 
the model “reset to ‘fair value’ and then resumed a bullish trend,” a shift 
Edwards calls “a very promising fundamental data reading.” The &#8216;Triple Put&#8217; 
Policy developments provide the third leg of the story. On April 2—the so- 
called “Liberation Day”—the United States imposed sweeping global tariffs, 
only to halve them and add a 90-day pause once equities sold off by roughly 
fifteen percent, the VIX jumped above 30, and credit spreads widened. Edwards 
describes the rapid reversal as the inaugural “Trump Put,” evidence that “if 
markets decline too much, Trump will step in, enact policy and backstop them.” 
One day earlier, on April 1, the Federal Reserve began slashing the pace of 
quantitative tightening by 95% (the “Fed Put”), effectively ending a four-year 
balance-sheet contraction; derivatives traders on the CME FedWatch tool now 
assign the base-case to three rate cuts before year-end. Related Reading: 
Bitcoin Surpasses Realized Price Of Recent Buyers — Rally Incoming Or Double 
Top? Meanwhile, Treasury Secretary Scott Bessent told reporters that the swoon 
in Treasuries was driven by deleveraging rather than foreign selling and that 
the department “had tools to mitigate the situation, including scaling up 
buybacks if necessary” (“Treasury Put”). Edwards concludes that “we now have 
three major financial market puts in place, all ready to backstop financial 
markets. Together the US President, Federal Reserve and US Treasury represent 
the Triple Put,” a volatility backstop unprecedented in its breadth. Is BTC 
Undervalued? Capriole’s own “Chart of the Week” underscores the valuation 
argument. The Bitcoin Energy Value—an in-house metric that prices the network 
using aggregate miner electricity consumption—surged above $130,000 for the 
first time this month. With the spot market trading near $94,000, Bitcoin 
therefore sits at an “almost 40% discount to fair value,” a depth of 
undervaluation that Edwards calls “quite rare” in the first year after a 
halving and “a very welcome sight.” Historically, the energy value has acted 
as a gravitational pull on price; gaps of this size have narrowed in every 
prior cycle. Edwards tempers the bullish picture with caveats. “Political and 
volatility risk remain, and new policy changes are the greatest risk to 
derailing markets at present,” he writes, adding that Capriole will watch for 
Bitcoin to defend $91,000 on a weekly close and for the Macro Index to remain 
in expansion. Yet his overall tone is unmistakably optimistic: “As it sits 
today, the outlook for Bitcoin is very bullish with confluence across 
technicals, fundamentals and sentiment,” he concludes. If the week ends above 
current levels, Edwards “suspect[s] we will be pushing new all-time highs on 
Bitcoin quite soon.” At press time, BTC traded at $93,723. Featured image 
created with DALL.E, chart from TradingView.com

Bitcoin Trades At 40% Discount As ‘Triple Put’ Unfolds: Hedge Fund Founder

Ronin, the blockchain for gaming, has migrated its Ronin Bridge to Chainlink’s 
cross-chain interoperability protocol. The Ronin Network (RON), whose web3 
gaming platform was created by the Sky Mavis team behind Axie Infitnity (AXS) 
game, announced the completion of the…

Ronin migrates its legacy bridge to Chainlink CCIP

TRUMP coin has rallied 73% on gala dinner excitement, but once supply starts 
unlocking in July, will holders face steeper risks than they realize? TRUMP 
coin stages a stunning comeback The Trump-themed meme coin, Official Trump 
(TRUMP), has captured the…

TRUMP coin soars 73% on dinner hype — but July’s unlocks could tell a very different story

_**Opinion by: Daniel Ahmed, co-founder of Fasset and founding member of the 
Own Foundation**_
Crypto was born from a vision to decentralize power, democratize finance and 
build systems where equity prevails over exploitation. Somewhere along the 
way, however, the movement lost its moral compass. As speculation surged, 
purpose dwindled.
We must return crypto to its decentralized roots, a technological revolution 
built on long-term value, inclusivity and ethics rather than cyclical, 
speculative gains. The industry should take inspiration from emerging regions 
and how ethical financial investing can help to repair some of the ways our 
industry has often fallen short.
## The rise of layer 2
When Vitalik wrote a blog post on layer 2s as a cultural extension of 
Ethereum, he brought up a critical point not only in business and technology 
but humanity &#8212; what we build in this life should be more significant than 
ourselves. Citing blockchains, he described how layer 2s, which he framed as 
subcultures of Ethereum, don&#8217;t merely differ in their technical benefits but 
how their positioning and intricacies trickle down into the culture of their 
communities.
In a space where new layer 2s are emerging rapidly, Vitalik&#8217;s insights are 
accurate and inspiring. When we build in a vacuum of echo chambers and 
monocultures, we miss out on the actual value of community in Web3.
What really brings communities together? Too often in crypto, that answer has 
been making people rich. What it should be is shared ideals that solve real 
issues. If done with purpose and conviction, this can still make people money.
While the rapid rise of layer 2 and layer 3 solutions promises scalability and 
efficiency, they are too often motivated by speculative gains rather than 
lasting value creation. If there&#8217;s any doubt, the numbers speak for 
themselves.
Layer-2 fatigue aside, the sheer scope of this data raises the question: Is 
our industry innovating just because it can, or is it creating a real-world 
utility that improves the lives of fellow humans? There&#8217;s nothing wrong with 
building something to make money, but if that&#8217;s the only reason we&#8217;re building 
something, that&#8217;s a problem.
_**Recent:**__**Islamic finance and Web3 take stage at Istanbul Blockchain 
Week**_
We need to shift the narrative and look at how Web3 is solving actual, 
fundamental issues in emerging markets &#8212; particularly in regions like the 
Middle East, Southeast Asia and Africa &#8212; as a north star for how to ethically 
build the future of our space.
## What does innovation indeed mean?
If crypto projects think innovation in Web3 is only about VC-led fundraising 
rounds, comparing transactions per second, or building the next great 
decentralized application to trade cat coins, they have probably never existed 
in a place where even the simplest of financial transactions is cumbersome.
In emerging markets, where people grapple with inflation, high remittance fees 
and limited access to financial services, we&#8217;ve witnessed how meaningful 
effects can transform the daily lives of millions. These are not abstract 
issues. They affect business owners, families, students, creators and more.
From stablecoins to secure and user-friendly payment applications, Web3 offers 
a unique opportunity to address these problems by creating decentralized 
financial systems that bypass the inefficiencies and inequities of traditional 
banking. For Web3 to truly make a difference in these regions, it must be 
designed with a focus on ethics, accessibility and long-term utility. We must 
lead by example.
In these markets, if innovation doesn&#8217;t create a meaningful disruption that 
improves people&#8217;s lives and addresses real-world problems, it&#8217;s nothing more 
than a buzzword. The most powerful solutions in technology are those that 
solve the world&#8217;s greatest problems.
## Ethical finance &#8212; Web3&#8217;s future?
If you want inspiration, pay attention to those doing something different. If 
you want to inspire others, lead by example.
Ethical finance, particularly Islamic finance, offers valuable lessons for 
Web3. Dating back to the 1960s and 70s in the Middle East and North Africa 
(and even further to around 620 AD), this sector is built on risk-sharing, 
ethical investment and a focus on tangible assets.
Islamic finance has endured for centuries because it rejects speculation in 
favor of real, meaningful value. For example, we&#8217;ve seen the rise of ethical 
finance institutions like Al Rajhi Bank, one of the most prominent Islamic 
banks globally, known for its investments in tangible assets and community- 
oriented financial products.
This model, which strives to build based on morals, substance and necessity 
versus mere financial opportunity, can guide Web3 as it moves beyond hype- 
driven growth.
## Build by example
As we look toward the next few years with the wind and a bull market beneath 
our wings, the time has come for Web3 to take a hard look in the mirror and 
redefine what success and innovation genuinely look like. The answer to this 
won&#8217;t be the same for everyone &#8212; that would be pretty boring if it were.
We must find a common ground of shared values that extends beyond technical 
achievements, market capitalization, total value locked or X followers but 
strives to innovate something more significant than any layer 2 or token.
When gearing up to launch something new, our industry must ask itself 
something that lives at the heart of Islamic finance: How will this product 
improve people&#8217;s lives? Is it true to the ethos of creating decentralized 
systems that are transparent, fair and built for the benefit of all?
If we can&#8217;t answer that, perhaps we should step back and ask why. Then, get 
back to work.
_**Opinion by: Daniel Ahmed, co-founder of Fasset and founding member of the 
Own Foundation.**_
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&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.