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Market Moves: Dogecoin Miners Revenue Surges by 4,500%
Technician's Take:

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests:

Cynthia Lummis, United States Senator (R-Wyoming)
Michael Moro, Genesis Global CEO
Sébastien Derivaux, MakerDAO Head of Real-World Finance

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Aave (AAVE): +7.6%
Yearn Finance (YFI): +6.5%
NuCypher (NU): +3.9%

Losers:

Stellar (XLM): -5.7%
XRP (XPR): -5.1%
Tezos (XTZ): -4.3%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Dogecoin Miners Revenue Up 4,500% This Year

The dogecoin (DOGE) army is not the only one making a killing this year. Miners responsible for generating the Shiba Inu-themed cryptocurrency may also be laughing their way to the bank.

The daily revenue of dogecoin (DOGE) miners rose to a record high of $3.6 million on April 26, marking a 4,575% rise from the New Year's day tally of $77,000, blockchain data provided by ByteTree shows.
Revenue estimates assume miners, who operate predominantly on cash, sell their coins immediately.
Miners receive newly created coins and transaction processing fees as a reward for mining blocks and processing transactions on the distributed ledger.

Dogecoin daily miner revenue (Source: ByteTree)

The price of dogecoin has rallied by 7,000% this year, sending miner revenue skywards.
The meme-based cryptocurrency reached a record high of 45 cents on April 18 and was last seen changing hands near 32 cents, up nearly 20% rise on a 24-hour basis.
Data provided by Coin Metrics shows a 60-fold increase in daily transaction fees this year alongside several brief spikes in the number of daily transactions.
However, transaction fees brought in just $23,200 or 0.64% of the total miner revenue of $3.6 million on April 26.

Dogecoin: Daily transaction fees and transaction count (Source: Coin Metrics)

Some observers fear the ongoing price rally is a bubble that can burst easily as 98 wallets are holding nearly 65% of all coins. Besides, the cryptocurrency is heavily influenced by Tesla and SpaceX CEO Elon Musk’s usually humorous tweets.
Bitcoin bull and CEO of Galaxy Digital Mike Novogratz recently called dogecoin's rally a sign of speculative retail frenzy.
However, DOGE's real-world adoption is gaining traction with basketball team Dallas Mavericks, medical supplier CovCare, and several others adopting the cryptocurrency as a payments alternative.

Read the original story here:

Dogecoin Miners Revenue Up 4,500% This Year

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Bitcoin Stalls at $56K Resistance; Support Within Reach

Bitcoin (BTC) has traded in a tight range over the past two days after rallying nearly 18% from the April 25 low around $47,000. The cryptocurrency was trading around immediate support at $54,700 at the time of writing and has nearly retraced 50% of the prior two-week downtrend. Lower support is around $52,000.

Hourly BTC chart shows recent trading range with support and resistance levels alongside RSI (Source: TradingView)

BTC stalled just below $56,000 resistance after the relative strength index (RSI) reached overbought levels on intraday charts.
Lower highs on the hourly RSI indicates slowing upside momentum after the 18% price rally. Typically slowing momentum suggests profit taking as buyers look to establish positions at lower support levels.
BTC is trading just above the 50-period volume weighted moving average on the hourly chart, which could provide immediate short-term support.
BTC will need to return above $56,000 to sustain the recovery from last week’s sell-off.

Original story found here:

Bitcoin Stalls at $56K Resistance; Support Within Reach

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A message from CoinDesk

CoinDesk's Quarterly Review Webinar Series

The suits are here to stay, but retail isn’t going away. While Q1 saw the emergence of retail investors as a market driver, crypto caught explosive interest through non-fungible tokens from investors, celebrities and the general public.

Every Monday at 11:30 a.m. ET, crypto analysts Noelle Acheson and Christine Kim will discuss the performance and milestones of bitcoin and ether compared to macro and other crypto assets, along with important developments in the emerging DeFi and NFT sectors.

Each episode in this four-part series will reference key findings from the latest CoinDesk Quarterly Review report and a live Q&A.

Sign up for CoinDesk's Quarterly Review Webinar Series, every Monday from April 12.

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

Will Bitcoin’s Momentum Continue as It Breaks $55K? Crypto Industry’s Response to India’s Covid Crisis

"First Mover" goes to India to speak with Neeraj Khandelwal, CEO of CoinDCX. How is India's largest crypto exchange responding to that country's Covid crisis? Is the regulatory environment affecting crypto relief efforts, and what is the state of the crypto industry generally in India right now? Also, Daniel Lacalle of Tressis Gestión joins today's markets discussion, and Hong Fang of OKCoin on what it's like being the only woman CEO of a U.S. crypto exchange.

Introducing CoinDesk Indexes

TradeBlock, the leader in providing crypto asset indexes to financial institutions, will now assume the CoinDesk name.

Introducing CoinDesk Indexes: the industry standard for institutional-grade digital currency price references with billions of dollars in monthly trading volume quoted against them.

Underlying new brand names, TradeBlock's index methodology will continue to adhere to the standards of integrity and reliability that have always differentiated its indexes.

Read more about CoinDesk Indexes, the industry standard in crypto benchmarks.

Turkish Government Plans Central Custodian Bank to Manage Crypto Risk: Report
Authorities are also contemplating a capital threshold for crypto exchanges and education requirements for the executives at the firms, Bloomberg said, citing an unnamed official.
Square Adds Bitcoin Policy Lead From US Chamber of Commerce

Julie Stitzel was at the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness prior to joining Square.
US Officials Arrest Alleged Operator of $336M Bitcoin Mixing Service

Roman Sterlingov faces three charges: unlicensed money transmission, money laundering and money laundering without a license.
Asian Video Game Publisher Nexon Buys $100M in Bitcoin

The purchase represent less than 2% of Nexon's total cash and cash equivalents on hand, the firm says.
BitMEX Launches New Program to Reward Partners, Drive Platform Traffic

The program is an attempt to spur new user growth and reinvent the platform's image.
Coinbase Pro Delays Rollout of Tether Trading Citing API Issues

Coinbase has said it is continuing to work on the backend while it resolves the issue.
Dogecoin Spikes on Elon Musk’s SNL Tweet

The Tesla CEO referred to himself as “The Dogefather” ahead of his SNL appearance on May 8.
DBS, JPMorgan and Temasek to Create Blockchain-Based Payments Joint Venture

The platform, to be dubbed “Partior,” will seek to disrupt the traditional payments model and the common pain points that come with it.
Malaysian Delivery App Bungkusit to Use Blockchain to Avoid Customer Disputes

A delivery photo, as well as other details such as the order, location and drop off are recorded and stored on a blockchain.

CoinDesk Research: Does Bitcoin Have an Energy Problem?

Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production.
Download the free report.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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