The CFTC has filed suit to block New York from enforcing gambling laws on prediction platforms, arguing federal regulators have sole authority over event-based contracts. The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against New York to stop the state from applying its gambling laws to federally regulated prediction market platforms, escalating a growing clash over who has authority to oversee these products. In a complaint lodged in the US District Court for the Southern District of New York, the CFTC argued that federal law gives it exclusive authority over these markets, asking the court for a declaratory judgment and a permanent injunction against New York’s enforcement actions. “CFTC-registered exchanges have faced an onslaught of state lawsuits seeking to limit Americans’ access to event contracts and undermine the CFTC’s sole regulatory jurisdiction over prediction markets,” CFTC Chair Michael Selig said. Read more
Bitcoin market participants favored a short-term return to $73,000 as resistance stayed in place, with some analysis seeing even lower levels. Bitcoin (BTC) risked a return to $73,000 as the weekend began after bulls failed to reclaim a key trend line. Key points: Bitcoin price analysis increasingly sees $73,000 getting retested in the short term. Read more
Brazil has blocked 27 prediction market platforms, including Kalshi and Polymarket, as new rules classify many contracts as gambling. Brazilian authorities have moved to shut down 27 prediction market platforms, including Kalshi and Polymarket. The decision, announced Friday, follows a directive from the Ministry of Finance and enforcement by the National Telecommunications Agency (Anatel), according to state-owned news outlet Agência Brasil. Authorities claimed that such services fall outside Brazil’s current legal framework and therefore operate illegally. “We have been monitoring the evolution of this sector in Brazil, which suffered a period of anarchy because there were no rules, no oversight, from 2018 to 2022,” Finance Ministry executive secretary Dario Durigan reportedly said during a press conference at the Palácio do Planalto. Read more
Recent XRP outflow spikes have often come before short-term price rallies, signaling a potential move higher in May if the pattern repeats. XRP (XRP) has rallied more than 30% in the last three months, and fresh technical and on-chain signals suggest the XRP/USD pair may have more upside ahead. Key takeaways: Exchange outflows, positive whale flows and strong ETF demand raise XRP’s bullish outlook. Read more
US spot Bitcoin ETFs recorded $2.12 billion in inflows over nine days, signaling growing conviction among investors. US spot Bitcoin exchange-traded funds (ETFs) have extended their inflow momentum through late April, notching a nine-day streak amid growing investor conviction. During the period, which spanned April 14 and April 24, total net inflows reached roughly $2.12 billion, with the strongest single-day performance on April 17, when funds attracted $663.91 million. April 14 and April 22 also posted robust gains of $411.50 million and $335.82 million, respectively. The weakest day came on Friday, with a more modest $14.45 million in net inflows. BlackRock’s IBIT led the day with $22.88 million in inflows. In contrast, Fidelity’s FBTC recorded outflows of $1.69 million, while Bitwise’s BITB and ARK 21Shares’ ARKB saw withdrawals of $8.85 million and $9.02 million, respectively. Other funds, including Grayscale’s GBTC and smaller products, reported largely flat flows. Read more
A Hyperliquid whale holds large short positions against Bitcoin and several altcoins. Does the position provide any signal on the markets’ future outcomes? Key takeaways: A whale linked to asset manager Fasanara Capital holds a $38 million crypto short position, but will it impact Bitcoin’s price? Negative futures funding rates at Binance and Bybit point to unusual demand for bearish positioning despite BTC’s recent price gains. Read more
The announced crypto freeze came just one day after Tether said it had frozen $344 million of its USDt stablecoin in response to a request from US law enforcement. US Treasury Secretary Scott Bessent announced that the department’s Office of Foreign Assets Control (OFAC) Treasury’s Office of Foreign Assets Control sanctioned several wallets tied to Iran, resulting in authorities freezing $344 million in cryptocurrency. In a Friday X post, Bessent said that the move by OFAC was part of the US’ efforts to “systematically degrade Tehran’s ability to generate, move, and repatriate funds.” The US and Israel launched joint airstrikes on Iran in late February. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” said Bessent. Read more