A recent dip in Bitcoin&#8217;s long-term holder supply may be flashing early warning signs of a potential market top, according to on-chain data from Glassnode. In a May 14 post on X, the analytics firm noted that LTH supply, which…

Bitcoin’s declining long-term holder supply shows signs of market top: Glassnode

After reclaiming a crucial level over the past week, Avalanche (AVAX) faces 
resistance near the $27 mark. Some analysts have suggested that reclaiming 
this area could kickstart a rally toward the next key resistance levels. 
Related Reading: Ethereum Prepares For $2,850 Rally, But Analysts Warn Of 
Potential Dip To These Levels Avalanche Targets $32 Resistance Avalanche has 
seen a nearly 40% surge over the past week, jumping from the $19 mark to a 
three-month high of $26.84 on Monday. The cryptocurrency hit an 18-month low 
of $14.66 during the early April retraces but recovered around 37% ahead of 
its recent breakout. Amid the market recovery, AVAX has broken out of its 
five-month downtrend, which saw the cryptocurrency retrace over 73% from its 
Q4 2024 high. Moreover, Avalanche formed a 2-month Cup-and-Handle pattern, 
with the neckline at the $23 resistance. Analyst Sjuul from AltCryptoGems 
pointed out that the formation had a “super clean” target and was “in 
confluence with the next resistance level,” at around the $32 mark. This area, 
lost in early February, was a crucial resistance and support zone before the 
Q4 2024 rally and the Q1 2025 market shakeouts. After the neckline breakout 
and reclaiming this level over the weekend, the analyst noted that the target 
“is clear now.” As such, Avalanche could likely see another 30% rally toward 
the $32 mark. Meanwhile, analyst CW highlighted that AVAX has a key sell wall 
near the $27 level, where it has faced resistance over the past few days. 
However, if it breaks through this barrier, it could surge to the $36 level 
before facing the next selling wall near the $38.5 area. Another wall between 
the $42.5-$46.5 levels lies ahead. On the contrary, if the cryptocurrency gets 
rejected from the first resistance, the price could revisit the breakout 
levels and the downtrend line around the $20 mark, with a selling wall below 
it that could serve as support. AVAX To Repeat BTC And SOL’s Playbook? Crypto 
Amsterdam suggested that many altcoins, including Avalanche, are forming a 
setup seen in Bitcoin’s (BTC) and Solana’s (SOL) charts. According to the 
analyst, the setup follows a Macro range, divided into five cycle stages. The 
first stage, set during the bull market, sees a cryptocurrency move quickly 
toward the highs, setting the range’s upper boundary. During the second phase, 
at the start of the bear market, the token’s price records “steep lower lows 
and highs” toward the range’s low before moving to the third stage, the 
accumulation phase. In this stage, the cryptocurrency registers a deviation 
below the range’s low. The fourth stage sees the cryptocurrency register its 
first higher high and reclaim the range lows again. Lastly, the cryptocurrency 
moves toward the past cycle’s high during the fifth stage, breaking past the 
range’s high after reclaiming the mid-zone. Crypto Amsterdam explained that 
AVAX’s chart is “another super clean mini cycle example.” After hitting its 
all-time high (ATH) of $146 in November 2021, Avalanche set its range between 
the $20-$130 levels, falling below the range’s low in mid-2022. The 
cryptocurrency reclaimed the range low in late 2023, ending the third stage 
and entering the fourth one during the early 2024 rally. Since then, it has 
retested the range lows after its deviation, recovering this level during last 
week’s breakout. Related Reading: Bitcoin Faces Key Resistance After 10% 
Weekly Rally – Confirmation Or Rejection Next? If Avalanche continues to 
follow this setup, it must reclaim the mid-range, at around the $75 mark, to 
surge to the upper boundary and potentially hit a new ATH. However, the 
analyst also suggested that falling below the local bottom would invalidate 
the setup. Featured Image from Unsplash.com, Chart from TradingView.com

Avalanche (AVAX) Eyes 30% Rally Amid Cup-And-Handle Pattern Breakout

Private credit marketplace Pareto has introduced a new synthetic dollar aimed 
at linking institutional investors with decentralized finance (DeFi) 
opportunities &#8212; a move that highlights the expanding role of stablecoins in 
global finance.
The newly launched USP synthetic dollar is fully backed by real-world private 
credit, Pareto told Cointelegraph on May 15. To mint USP, users must deposit 
stablecoins such as USDC (USDC) and USDt (USDT), which are then held as 
collateral.
&#8220;USP is backed 1:1 by the stablecoins used during the minting process,&#8221; Pareto 
co-founder Matteo Pandolfi told Cointelegraph in a written statement.
The deposited funds are placed into Pareto&#8217;s credit vaults and lent to what 
the company describes as &#8220;vetted institutional borrowers,&#8221; generating yields 
for participants.
To maintain its peg to the US dollar, Pareto uses what it calls a &#8220;native 
backing&#8221; process. Each USP token is minted only when an equivalent amount of 
USDC or USDT is deposited, ensuring full collateralization when the token is 
created. An arbitrage mechanism also supports the dollar peg&#8217;s ongoing 
stability.
In addition, Pareto has set up a protocol-funded stability reserve to act as a 
buffer in case of borrower defaults.
_**Related:**__**Coinbase invests in Canadian stablecoin issuer**_
## Institutional entry into RWA credit market
The company said the synthetic dollar gives institutional investors a 
regulated onchain entry point into real-world asset (RWA) credit markets &#8212; a 
segment of the tokenization industry that has expanded rapidly over the past 
year.
Recent examples of private credit tokenization include Tradable&#8217;s portfolio of 
30 credit positions and Apollo&#8217;s Diversified Credit Securitize Fund.
When asked about the potential risks of connecting DeFi to the often opaque 
private credit sector, Pareto acknowledged the concern but emphasized its 
approach to risk management.
&#8220;That&#8217;s a fair concern, but Pareto was specifically built to address the 
inefficiencies and opacity that have historically plagued traditional credit 
markets,&#8221; Pandolfi said, adding:
&gt; &#8220;By bringing private credit onchain, we enable real-time transparency, 
&gt; programmable risk management, and automated settlement while reducing 
&gt; counterparty risk and operational friction.&#8221;
_A chart highlighting the growth of the tokenized credit market. 
Source:__RWA.xyz_
 _**Related:**__**VanEck to launch its first RWA tokenization fund**_
## Stablecoins: From crypto niche to the mainstream
Although synthetic dollars account for a small fraction of the total 
stablecoin market, they are driving innovation by introducing new methods for 
creating and managing fiat-pegged assets.
Ethena, the largest synthetic dollar network by market capitalization, offers 
Staked USDe (sUSDe) tokenholders an annual percentage yield of 10%. Roughly 
368,000 investors were earning yield as of January, Cointelegraph reported.
Despite the success of synthetic variants, collateralized stablecoins continue 
to dominate the market &#8212; a position US regulators are keen to preserve 
through proposed legislation like the GENIUS Act and STABLE Act.
Under President Donald Trump, the US government has recognized the role of 
stablecoins as a &#8220;way to support the dollar&#8217;s worldwide use as a reserve 
currency,&#8221; Komodo Platform&#8217;s chief technology officer, Kadan Stadelmann, told 
Cointelegraph in a written statement.
&#8220;Stablecoins are the second-most adopted blockchain use case behind Bitcoin &#8212; 
more than NFTs and DeFi,&#8221; he said. &#8220;US dollar-pegged stablecoins account for a 
mind-boggling 1% of the M2 money supply.&#8221;
_The total stablecoin market is approaching $250 billion, with Tether 
accounting for roughly $150 billion. Source:__DefiLlama_
Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar Protocol, told 
Cointelegraph that US regulators have prioritized stablecoin legislation 
because they know there&#8217;s more at stake than just crypto.
&#8220;This is about setting the conditions for regulated US financial firms to lead 
on stablecoins and preserve the primacy of the US dollar, globally,&#8221; he said.
_**Related:**__**SEC approves first yield-bearing stablecoin security**_

Pareto launches synthetic dollar backed by private credit

Ethereum&#8217;s future success depends not only on its technology but also on the 
number of useful and fun apps people can actually use

Ethereum doesn’t need another rollup | Opinion

Ukraine is reportedly moving closer to adopting Bitcoin as a national reserve 
asset, a move that could bolster its financial resilience amid the ongoing war 
with Russia.
Lawmakers are reportedly working on a Bitcoin (BTC) national reserve proposal, 
with a draft bill already in its final stages, according to Yaroslav 
Zhelezniak, a member of parliament, who confirmed the plan to local media 
outlet Incrypted.
The proposal was initially announced during the CRYPTO 2025 conference in Kyiv 
on Feb. 6. &#8220;We will soon submit a draft law from the industry allowing the 
creation of crypto reserves,&#8221; Zhelezniak said at the time.
Cointelegraph reached out to Zhelezniak for comments on the status of a 
Bitcoin reserve bill in Ukraine but did not receive a response by publication.
_**Related:**__**Bitcoin treasury firms driving $200T hyperbitcoinization &#8212; 
Adam Back**_
Bitcoin has gained international attention as a national reserve asset since 
the election of US President Donald Trump in November 2024. On March 7, Trump 
signed an executive order to establish a national Bitcoin reserve seeded with 
BTC confiscated from criminal cases.
_Source:__Margo Martin_
A month later, Swedish MP Rickard Nordin issued an open letter urging Finance 
Minister Elisabeth Svantesson to consider adopting Bitcoin as a national 
reserve asset, citing Bitcoin&#8217;s growing recognition as a &#8220;hedge against 
inflation,&#8221; Cointelegraph reported on April 11.
_**Related:**__**Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve 
asset**_
## Legal challenges may delay adoption
While Ukraine&#8217;s push for a national Bitcoin reserve marks a potentially 
historic shift in crypto policy, it may require &#8220;significant legal change,&#8221; 
according to Kyrylo Khomiakov, regional head of CEE, Central Asia, and Africa 
at crypto exchange Binance.
&#8220;We commend Ukraine&#8217;s ambition to establish a strategic crypto reserve,&#8221; he 
told Cointelegraph. &#8220;Implementing such a reserve would necessitate significant 
legal changes, indicating that this process will not be swift.&#8221;
&#8220;Another positive aspect is that this initiative will likely lead to greater 
regulatory clarity in Ukraine, as the government will need to articulate its 
stance more clearly,&#8221; he added.
Ukraine was reportedly planning to legalize cryptocurrencies in early 2025 
with the finalization of a draft bill in coordination with the National Bank 
of Ukraine (NBU) and the International Monetary Fund (IMF), according to 
Daniil Getmantsev, head of the tax committee of the Verkhovna Rada.
On April 8, Ukraine&#8217;s financial regulator proposed taxing certain crypto 
transactions as personal income with a rate of up to 23%, excluding crypto-to- 
crypto transactions and stablecoins.
Not all voices in Ukraine&#8217;s crypto industry are optimistic about the timing of 
the proposal.
&#8220;The country is broke. More than 50% of the budget is in grants and loans from 
the European Union,&#8221; said Michael Chobanian, the founder of Ukraine-based Kuna 
exchange. &#8220;The population is decreasing at the fastest rate in the world. Men 
are kidnapped and sent to the army against their will.&#8221;
&#8220;What kind of BTC reserves are we talking about here? This is done only to 
divert your attention,&#8221; Chobanian claimed.
_**Magazine:**__**Helping Ukraine without donating: Laura &#8216;s DeFi staking 
plan**_

Ukraine strategic Bitcoin reserve bill reportedly in final stages

A transactional tax established in 2001 puts the Argentine crypto wallet 
ecosystem at risk, creating disadvantages compared to traditional financial 
institutions like banks. The industry expects President Milei to rectify this 
measure, but that has not happened yet. Argentine Crypto Wallet Providers in 
Disarray as Tax Puts Local Players in Checkmate The Argentine crypto industry, 
[…]