gm 04/11

Summary
gm, Bitcoin dropped below $106,000 after losing a key support level, while major altcoins experienced even steeper declines. The Federal Reserve's injection of $29.4 billion in liquidity through its standing repo facility, the largest since the 2020 pandemic, may provide some support for risk assets like Bitcoin. Meanwhile, Balancer, a major DeFi protocol with over $750 million locked, suffered a substantial security breach with approximately $70.9 million in digital assets drained. On the institutional front, Swiss Crypto Bank AMINA received a MiCA license from Austria's Financial Market Authority, strengthening regulated crypto services in Europe, while Stripe's development of Tempo, a high-throughput blockchain designed for payments and stablecoins, continues to advance with support from major companies like OpenAI and Shopify.

News Headlines
🌊 Stream Finance Reports $93 Million Loss, Launches Investigation

• Stream Finance has suffered a $93 million loss following disclosure by an external fund manager, prompting the platform to engage Perkins Coie LLP for a legal investigation while suspending all deposits and withdrawals.
• The impact extends beyond direct users, as Stream's tokens like xUSD serve as collateral in various lending markets across multiple blockchain networks, with outstanding loans secured by Stream-related collateral likely exceeding $280 million.

📱 Hong Kong Stablecoin Initiative Backed by Standard Chartered CEO

• Standard Chartered CEO Bill Winters emphasized at Hong Kong FinTech Week that the region's advancements in tokenized money and HKD-backed stablecoins could transform digital trade settlement by providing an efficient cross-border medium of exchange.
• Standard Chartered is collaborating with Animoca Brands and HKT to issue an HKD-backed stablecoin under Hong Kong's new regulatory framework, which allows local exchanges to access global liquidity through shared order books.

📉 Solana Breaks Key Uptrend Line, Technical Analysis Shows Bearish Shift

• Solana's SOL token has broken below a crucial upward trendline established since April, falling to its lowest point since August and signaling a shift toward bearish market sentiment with lower highs and lower lows.
• Key support now rests at $155 (the 61.8% Fibonacci retracement level), with a potential drop to $129 if breached, while a recovery above $180 would be necessary to invalidate the current bearish trend.

🐕 Dogecoin Forms "Death Cross" Pattern as Whales Sell 440M DOGE

• Dogecoin has declined 2.3% to $0.1827, breaking below key support levels as large wallet holders sold over 440 million DOGE in 72 hours, indicating a shift from accumulation to liquidation among long-term investors.
• Technical indicators have turned bearish with a "death-cross" pattern forming, and analysts are closely monitoring the $0.1830-$0.1850 range, with a failure to defend $0.177 potentially leading to a drop toward $0.14.

📊 Bitcoin Shows Indecision at Record Highs as Monthly Charts Signal Caution

• Bitcoin's monthly candlestick chart reveals significant market indecision at record highs, with October's volatile trading range ending in just a 3.8% decline despite price swings between $103,600 and $126,000.
• Bearish divergence in the monthly MACD histogram and the dollar index's potential turnaround suggest Bitcoin might retest lower support around $100,000 before any significant upward movement.

Market Metrics

Fundraising & VC
1. Donut (Seed, $15M) - Agentic crypto browser on Solana
2. KapKap (Seed, $10M) - AI-driven Web3 attention economy platform
3. Standard Money (Strategic, $8M) - Stablecoin developer and financial infrastructure company behind USDsd

Regulatory
🔐 US Seeks Maximum Sentence for Samourai Wallet Developers

• Federal prosecutors are pushing for the maximum five-year prison sentence for Samourai Wallet founders who pled guilty to operating an unlicensed money transmitter, claiming they promoted their service as "money laundering for bitcoin."
• Authorities linked at least $237 million in illicit funds processed through the wallet, marking one of the most aggressive enforcement actions against crypto developers to date.

🤝 Trump Distances Himself from Binance's CZ After Pardon

• President Trump claimed in a CBS interview he has "no personal knowledge" of Changpeng Zhao despite pardoning the Binance founder, characterizing Zhao as a victim of the Biden administration's persecution of crypto.
• The controversial pardon has raised questions about potential connections to a $2 billion transaction involving Trump's family crypto venture, World Liberty Financial, with lawmakers raising corruption concerns.

⚠️ Berachain Halts Network to Address Security Exploit

• Berachain validators halted the entire blockchain network to implement an emergency hard fork in response to a Balancer V2-linked vulnerability that compromised an estimated $12 million in user funds.
• The exploit affected the network's largest DEX, which holds over $50 million in various tokens, raising questions about the governance powers of validators to intervene in emergency situations.

🔍 Australia Arrests 55 Suspects Using Encrypted App Evidence

• South Australia Police arrested 55 suspects in Operation Ironside after the High Court confirmed that evidence from intercepted AN0M encrypted messages could be legally used in prosecutions.
• Approximately A$58 million (US$37.9 million) in cryptocurrency has been seized in connection with the probe, highlighting increasing sophistication of crypto-related financial crimes.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has marginally broken down through support at points 107000. An established break predicts a further decline. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum is in a falling trend channel in the short term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency. The currency gave a negative signal from the rectangle formation by the break down through the support at 3777. Further fall to 3189 or lower is signaled. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3830 points. Volume has previously been low at price tops and high at price bottoms. This confirms the trend. The currency is overall assessed as technically negative for the short term.