hodler

22 Apr 2026, 11:45

Bybit Launches Bybit Card Welcome Campaign Offering Up to 120 USDT in Rewards for New Users and First-Time Cardholders

22 Apr 2026, 11:40

Coinbase: Don't Enter Just Yet

Summary Coinbase Global, Inc. still depends heavily on crypto sentiment, and I expect more short-term weakness if Bitcoin continues its post-Q4 2025 downtrend. Even after dropping more than 50% from its highs, COIN does not yet look cheap enough to offer the kind of asymmetric upside I want. The business is improving underneath that, with 12 products already above $100M in annualized revenue and subscription revenue now above 40% of net revenue. That is why my view is Hold: near-term downside risk still matters, but long-term optionality in stablecoins, product expansion, and diversification remains very real. Introduction My previous coverage on Coinbase Global Inc. ( COIN ) started in April of 2025, where I rated the stock a Strong Buy. Until today, Coinbase has underperformed the S&P 500 index ( SPX ), but in the meantime, especially until my latest writeup in June 2025, in which I issued a more cautious stance and a Hold rating, it was up around 150%. Since then, the stock has dropped almost 50% until today. SA Regulation has become more favorable for Coinbase, but it is not fully resolved. The company recently received conditional OCC approval for a national trust charter, which would strengthen its institutional positioning if finalized, and broader U.S. crypto regulation is moving toward more clarity. Still, today’s New York lawsuit against Coinbase Financial Markets shows that meaningful legal and regulatory friction remains. I believe in Coinbase in the long run. It has strong product innovation upside, and exposure to crypto markets is a plus in years where crypto does well, which I am convinced we will see again in the future. In 2026, however, I do see more weakness for crypto, and even though Coinbase will ultimately reduce the share that its crypto activities take in its business, for now that is still significant and will affect Coinbase stock. Since I cannot perfectly predict timing, I am assigning a Hold rating at this point in time. Developments Crypto is set for lower lows in H2 2026, and Coinbase will ultimately follow. Historically, crypto performs poorly in midterm years, as does the stock market, and they are correlated. So far, crypto has followed the exact pattern of topping out in Q4 2025 (post-halving year) and dropping from there on. Price action remains within one standard deviation of the average of typical midterm year performance. Therefore, I believe it is better to listen to the signals than bluntly invest against them. The ongoing Iran war could be (one of) the catalyst(s) to enable further weakness. The Strait of Hormuz remains disrupted. Iran might not send delegates for negotiation if the blockage persists. Trump has said he does not want to extend the ceasefire, while both Washington and Tehran have accused the other side of violating it. That does not sound like de-escalation at all, yet markets are at all-time highs, despite potential negative impacts on the economy. There are currently no interest rate cuts expected until mid-2027, which could be far too late considering recent labor market weakness . Since crypto lacks fundamentals, technicals play an important role in valuing them. Price has been in a downtrend starting in late 2025. There was one rebound into the 50-week moving average, which got rejected and sold off significantly from there, forming lower lows around $60k. Now we are in such a rebound again, and I expect the same to occur. We might overshoot the current trading zone again, indicated by the two blue trend lines, or even tap the 50-week MA again, but after that, it seems like price will drop again. Historically, Bitcoin (BTC-USD) drops around 80% in bear markets, and even assuming some normalization, let's say a drawdown of 60%; that will bring us down to at least $50k. TradingView The reason why Coinbase will be affected by a weak crypto market stems from the following: Transaction revenues will decline as there is much less euphoria and thereby trading volume in the crypto space. Assets on the balance sheet will be marked down to reflect fallen crypto prices This also affects other income and thereby EPS, which might turn out below analysts' estimates The stock could project these results further into the future, and multiple compression may occur (that could then become a buying opportunity). I do want to make it clear, however, that I am not a bear on COIN at all. There is significant long-term upside optionality behind this stock, and I do recognize that. It is no secret that Coinbase has continuously been expanding their product offerings, which helps reduce crypto cycle dependence. 12 of these products already produce annualized revenues of over $100M, and four of them have been launched in 2025 and another four in 2024, indicating strong innovation momentum. COIN IR Subscription revenues continue to trend higher and now make up over 40% of net revenues as of FY2025. This highlights COIN's ongoing diversification efforts and provides them with stickier and more predictable sales. In theory, that should make the equity more valuable because future cash flows would need to be discounted less. COIN IR One of the most promising business lines is stablecoins. Average USDC held in Coinbase products is at an all-time high. Coinbase makes money from USDC primarily through reserve income shared with Circle, so rising balances directly support revenue. More broadly, stablecoins are increasingly being used for payments and settlement, with Visa reporting a $3.5B annualized stablecoin settlement run rate and the overall stablecoin market now above $320B . COIN IR Altogether, this can help create a strong flywheel for Coinbase, where they leverage their trust, causing higher AOP and product innovation, from which they can monetize better. COIN IR Valuation In my view, analysts' estimates can be largely disregarded for Coinbase, considering earnings surprise history . The combination of low trailing multiples and personal conviction for crypto and Coinbase as a business to perform well sooner rather than later is a better strategy. A long investment time horizon can work for Coinbase, but it is likely to include massive volatility swings. I would therefore rather buy during low sentiment and low multiples while having high conviction, just like in April of 2025. Despite not being historically high, COIN's P/S ratio does not reflect pessimism like in the previous cycle's midterm year, 2022. Instead, it is somewhat in between euphoric highs and depressed lows, making it neither particularly compelling to buy nor to sell here. COIN's weekly chart is neither particularly bullish nor very bearish. We can see price bouncing off strong support around $145, which has provided a base multiple times before. Since the low in early February, it seems like price is in an uptrend, though not a very clear one. RSI is creating higher highs and lower lows, which is bullish. Since early March, however, price has struggled in the $200-$215 region, creating significant upside wicks. This is also where the 200-week exponential moving average lies, potentially indicating a long-term zone price cannot convincingly close above for now. Throughout 2024 and 2025 (Bitcoin bull market years), trading Coinbase would have worked particularly well when trading weekly breakouts, as portrayed below. That setup offered a great risk-to-reward ratio. We could be working our way to breaking out of the most recent trend line this year, so that could be an idea to keep watching. TradingView Conclusion In my view, Coinbase has great next-cycle and long-term prospects. However, it is highly volatile and remains largely dependent on crypto markets, which themselves depend mostly on Bitcoin. I do see more weakness this year for Bitcoin, where one could get a better entry point into the stock, one with true asymmetrical upside. Still, selling now may be a little late. It's important to mention that this is a temporary thesis. I do think Coinbase will fare well in the long run, but I believe it could have to endure a bit more adversity this year, as opposed to many analysts who believe the bottom is already in. Since there are valid arguments for the latter as well, however, I am rating the stock a Hold instead of a Sell, so investors that already have exposure can benefit from potential near-term upside.

22 Apr 2026, 11:21

Zondacrypto faces criminal probe as CEO vanishes, funds frozen

Zondacrypto, one of Poland's largest cryptocurrency exchanges, is facing a full-scale criminal investigation after Polish authorities alleged the platform’s involvement in fraudulent activities, money laundering, and political interference. This latest development comes after growing concerns about the exchange’s mismanagement, political connections, and its inability to access over 4,500 Bitcoin (BTC) worth millions of dollars. A growing political scandal According to a report by The Insider , Poland’s Prime Minister, Donald Tusk, has linked Zondacrypto to attempts to influence the country's legislative process, particularly regarding crypto regulation. The platform is accused of attempting to sway the upcoming elections by secretly funding political campaigns, using funds potentially derived from illegal operations. The investigation follows reports from the Polish National Prosecutor's Office, which stated that hundreds of individuals could be affected by the exchange’s alleged fraudulent actions. Authorities are focusing on potential victims and financial losses related to the company’s collapse. Zondacrypto’s failure to process customer withdrawals has only fueled speculation about the exchange’s solvency, with some questioning whether it can recover from the ongoing financial crisis. Zondacrypto unable to access some of its Bitcoin holdings One of the most pressing issues in the case revolves around Zondacrypto's inability to access a significant portion of its Bitcoin holdings. Despite having a reported stash of 4,500 BTC, valued at over $140 million, the exchange has claimed it is unable to move or liquidate these assets due to a single point of failure in its internal governance. Zondacrypto’s founder, Przemysław Kral, who has not been seen publicly in weeks, has been implicated in the crisis. According to sources close to the investigation, Kral has not provided any clear explanation regarding the frozen assets, and authorities are now questioning whether he fled the country with millions in misappropriated funds. Amid the ongoing crisis, Zondacrypto has failed to reassure its customers, as thousands of users have been unable to withdraw funds for several weeks. The founder framed the situation as part of a broader campaign against the company, according to an AI translation of his Polish video. https://twitter.com/przemyslaw_kral/status/2044763900541854094?s=20 He pointed to supposed political pressure, regulatory interference, and coordinated media coverage that contributed to a surge in withdrawal requests. Analysis conducted by blockchain intelligence firm Recoveris and cited by local news outlets found that bitcoin balances in hot wallets tied to Zonda have declined by 99% since mid-2024. At one point, the founder threatened legal action against Polish news outlets covering the situation. Polish authorities have taken a particular interest in Zondacrypto’s political ties, especially as the company allegedly funneled money into campaigns ahead of the national elections. PM Tusk has warned that political corruption linked to cryptocurrency platforms could undermine trust in Poland’s financial institutions and electoral process. While there is no concrete evidence yet to confirm these claims, the allegations have raised questions about the oversight of digital currencies in Poland. In the wake of the ongoing probe, Polish law enforcement has reportedly begun investigating the platform’s connections to foreign criminal organizations. The post Zondacrypto faces criminal probe as CEO vanishes, funds frozen appeared first on Invezz

22 Apr 2026, 10:17

Flexline: put your crypto to work without selling it

You shouldn’t have to sell your crypto to access capital. That’s the problem Flexline was built to solve. This is the first in a three-part series. Each post goes deeper into the mechanics, the trade-offs, and the decisions worth thinking through depending on your situation. TL;DR Flexline is a fixed-rate, crypto loan – not margin trading, not DeFi Three distinct profiles benefit most: long-term holders who need liquidity, traders who need liquidity without closing their positions, and builders or businesses with crypto on their balance sheet In every case, the logic is the same: keep your position intact, access the capital you need, know your costs up front Rates: 7–25% APR (fixed). Terms: two days to two years. Off-platform withdrawals supported. 1. The long-term holder who needs liquidity Meet Marcus. He’s been holding BTC and ETH since 2019. He’s not a day trader. He checks the charts, knows his cost basis, and has strong conviction about where things are going over the next few years. By any measure, he’s built something real. Then a property deal appears. Significant deposit required. Two-week window. The instinct is to sell. But selling means triggering a taxable event, crystallizing gains he’d rather let run, and permanently exiting positions he still believes in. He’s looked at DeFi lending too. He found it technically complicated and, after the events of the last few years, not somewhere he wants to put serious collateral. What Marcus needs is a loan against what he already holds, from a platform he already trusts, at a rate he can plan around. Not a complicated structure. Not a long process. Just capital on a defined timeline, with costs he can see from the start. “I didn’t spend five years building this position to sell it at the first moment I needed cash.” With Flexline , Marcus’s BTC and ETH on Kraken are automatically considered valid collateral. He takes out a loan and withdraws the funds off-platform. His position stays open. His capital is available.The rate is fixed for the full term. The timeline is his to choose, from two days to two years. He’s not giving up what he built. He’s making it work. This is a common profile among Flexline users: significant long-term holdings, a real-world capital need, and a strong preference not to sell. In the first week of Flexline’s launch, users were selecting loan terms of up to 672 days. That’s not a bridge. That’s a long-term liquidity strategy. Why Flexline fits: Off-platform withdrawals – funds can go wherever they’re needed Terms up to two years – built for long-term planning, not just short-term gaps Fixed rate – the cost is known from day one, not subject to market movements Multi-asset collateral – BTC, ETH, and more across 48 supported assets 2. The rate-sensitive trader Priya has been trading crypto with leverage for three years. She understands margin mechanics, she tracks her liquidation price, and she’s built a risk management process that most retail traders don’t bother with. She’s careful. She’s also been getting frustrated. Spot margin rates are fixed once a position is open, but the rate that applies is whatever is prevailing at the moment you enter. During periods of high demand, that rate can spike significantly. For a trader building a thesis around a multi-week position, opening into an elevated rate environment can make the numbers not work before the market has even moved. She wants to know her borrowing cost before she commits, not discover it at the moment of execution. “The market doesn’t wait for rates to calm down. Flexline means I don’t have to either.” Flexline gives Priya a rate agreed upfront, for the full term, regardless of what margin demand looks like when she’s ready to trade. She can build her cost of borrowing into the thesis before she enters, keep her core long-term holdings intact as collateral, and deploy capital without the risk of opening into a rate spike she didn’t see coming. For positions where timing and cost certainty matter, Flexline changes the math. Here’s what that rate range means in practice: at 7–25% APR fixed, shorter terms come with lower rates. A two-day loan looks very different to a two-year loan. The structure rewards traders who can be specific about their timeline, and Priya is exactly that kind of trader. Why Flexline fits: Positions stay open – borrow against your holdings without closing what’s already working Customizable LTV – leverage is a choice, not a default Core holdings preserved as collateral – long-term positions stay intact Capital stays deployed – access liquidity without unwinding a position mid-thesis 3. The builder with crypto on the balance sheet David co-founded a crypto-native project in 2021. The team has grown. The product is live. The treasury is predominantly crypto. That’s how the business was built, and it’s where the value sits. Right now, the business needs working capital. Not speculatively. Just operationally: payroll, infrastructure, a short-term funding gap ahead of the next raise closing. Traditional lenders don’t recognize crypto assets as collateral in any practical way. The ones that do come with long processes, high minimums, or both. Selling from the treasury is a last resort. It disrupts the cap table, signals the wrong things, and liquidates assets the team would rather hold through the next cycle. David needs capital that treats the balance sheet as it actually exists. “We built this business in crypto. It shouldn’t take three months and a law firm to borrow against it .” Flexline offers secured borrowing capacity against multi-asset collateral, with off-platform withdrawals and terms long enough to function as genuine working capital rather than a bridge. Two-year terms mean it can sit on the business’s financial plan like a facility, not a fire drill. Fixed rates mean the cost of capital is predictable, which matters for anything going into a financial model or board presentation. For businesses and builders operating in crypto, the credibility of the lender matters too. Kraken’s Proof of Reserves , regulatory standing, and custody infrastructure aren’t just marketing. They’re operational requirements for any serious commercial relationship. When you’re borrowing against a business treasury, you need to know who holds your collateral and that they’ll still be there when the term ends. Flexline is designed to answer both questions before you need to ask them. Why Flexline fits: Large borrowing capacity – multi-asset collateral accepted across 48 supported crypto assets Off-platform withdrawals – funds can go to bank accounts, investment vehicles, or wherever the business needs them Fixed rates – predictable cost of capital for financial planning and modeling Terms up to two years – genuine working capital, not a short-term patch Three profiles. One underlying idea. The long-term holder The rate-sensitive trader The builder Core need Liquidity without a forced sale Liquidity without closing positions Working capital from crypto holdings What they want to avoid Taxable event, lost upside Closing a working position to raise capital Slow traditional lending, treasury liquidation Key Flexline features Off-platform withdrawals, 2-year terms, multi-asset collateral Positions stay open, fixed rate, terms from 2 days to 2 years Scale, off-platform, long terms, institutional credibility The situations are different. The underlying logic isn’t: you’ve built something, and you shouldn’t have to give it up to access what you need. Flexline is already live. Deep-dive blogs on the long-term holder, the rate-sensitive trader, and the builder are coming. Check your Flexline borrowing power Using Kraken Flexline involves risk, may have tax implications, and may result in the loss of capital. Borrowed assets subject to withdrawal limits. Availability of Kraken Flexline is subject to certain limitations and eligibility criteria. The post Flexline: put your crypto to work without selling it appeared first on Kraken Blog .

22 Apr 2026, 10:10

Upbit MANTRA Suspension: Critical Network Upgrade Halts Deposits and Withdrawals

BitcoinWorld Upbit MANTRA Suspension: Critical Network Upgrade Halts Deposits and Withdrawals Upbit, a leading South Korean cryptocurrency exchange, will temporarily suspend all deposits and withdrawals for Mantra (MANTRA) starting at 8:00 a.m. UTC on April 29. This action supports a scheduled network upgrade. Traders and investors must prepare for this service interruption. Understanding the Upbit MANTRA Suspension Upbit announced this suspension to facilitate a critical network upgrade for MANTRA. Network upgrades often introduce new features, improve security, or enhance scalability. Exchanges typically pause services during these events to prevent transaction errors or asset loss. This proactive measure protects user funds and ensures a smooth transition. The suspension will affect all MANTRA trading pairs on Upbit. Users cannot deposit or withdraw MANTRA tokens during this period. Trading on the spot market may continue, but with reduced liquidity. The exchange will resume services after confirming network stability. Timeline and Key Dates The suspension begins at 8:00 a.m. UTC on April 29. Upbit has not announced a specific end time. The duration depends on the upgrade’s complexity and network confirmation. Typically, such suspensions last from a few hours to a full day. Users should monitor Upbit’s official announcements for updates. Here is a quick timeline: April 29, 8:00 AM UTC: Deposits and withdrawals stop. During upgrade: Network upgrade executes on the MANTRA blockchain. Post-upgrade: Upbit verifies network stability and resumes services. What Is the MANTRA Network Upgrade? The MANTRA blockchain regularly undergoes upgrades to improve performance and security. This specific upgrade may introduce protocol changes or new functionalities. Network upgrades are common in the crypto space. They require node operators and exchanges to update their software. Without proper coordination, transactions could fail or lead to forked chains. Upbit’s decision aligns with industry best practices. Major exchanges like Binance and Coinbase follow similar procedures. This ensures asset safety and network integrity. Users should not attempt to send MANTRA tokens during the suspension. Such transactions may get lost or delayed. Impact on MANTRA Traders and Investors The suspension creates temporary inconvenience for active traders. Those who rely on arbitrage or quick transfers must plan ahead. Deposits and withdrawals will halt, but spot trading may remain active. However, reduced liquidity could cause price volatility. Investors holding MANTRA on Upbit should review their positions. If they need to move tokens to another exchange or wallet, they must do so before the deadline. After the suspension, no transfers are possible until the upgrade completes. Potential Price Effects Network upgrades often influence token prices. Positive upgrades can boost investor confidence and drive demand. Conversely, technical issues during upgrades may create uncertainty. Traders should watch for announcements from the MANTRA team. Clear communication can stabilize markets. Historically, similar suspensions have led to short-term price fluctuations. For example, when Upbit suspended another token for a network upgrade, the price dropped 3% before recovering. Past performance does not guarantee future results, but it offers context. How to Prepare for the Suspension Users should take these steps before the deadline: Complete pending transactions: Finalize any MANTRA deposits or withdrawals before April 29, 8:00 AM UTC. Check wallet addresses: Ensure external wallet addresses are correct to avoid errors. Monitor official channels: Follow Upbit and MANTRA on social media for real-time updates. Avoid panic selling: The suspension is temporary and standard procedure. Expert Insights on Exchange Suspensions Crypto exchange suspensions are routine but require careful handling. Industry experts emphasize the importance of user communication. Upbit’s advance notice allows users to adjust their strategies. This transparency builds trust and reduces confusion. Blockchain analyst Kim Min-ji notes: ‘Network upgrades are essential for long-term network health. Exchanges that coordinate well minimize user disruption. Upbit’s approach follows global standards.’ Her comment reflects the consensus among industry professionals. Comparing Upbit’s Policy with Other Exchanges Different exchanges handle network upgrades differently. Some pause all services, including trading. Others only halt deposits and withdrawals. Upbit’s decision to suspend only deposits and withdrawals is common. This allows users to continue trading if they choose. Here is a comparison: Exchange Action During Network Upgrade Upbit Suspend deposits and withdrawals; trading may continue Binance Suspend deposits, withdrawals, and trading for the specific token Coinbase Suspend deposits and withdrawals; trading may pause briefly This variation shows that no single approach is universal. Users must check each exchange’s policy. What Happens After the Upgrade? Once the network upgrade completes successfully, Upbit will verify the blockchain’s stability. This involves checking for new blocks, transaction finality, and node synchronization. After confirmation, Upbit will reopen deposits and withdrawals. The exchange typically announces the resumption via its official channels. Users should not rush to send tokens immediately after resumption. Wait for at least one confirmation from Upbit. This ensures the network is fully operational. Conclusion Upbit’s temporary suspension of MANTRA deposits and withdrawals on April 29 supports a necessary network upgrade. This standard procedure protects user assets and ensures a smooth transition. Traders and investors should prepare by completing transactions before the deadline. The suspension highlights the importance of network maintenance in the crypto ecosystem. Stay informed through official channels to avoid disruptions. The MANTRA suspension is a routine event, but proper planning minimizes its impact. FAQs Q1: When does the Upbit MANTRA suspension start? The suspension begins at 8:00 a.m. UTC on April 29. Q2: Will MANTRA trading stop during the suspension? Trading may continue, but deposits and withdrawals will halt. Check Upbit’s announcement for specifics. Q3: How long will the suspension last? The duration is not fixed. It depends on the network upgrade. Typically, it lasts a few hours to a day. Q4: Can I send MANTRA to another wallet after the suspension? No. Deposits and withdrawals are suspended. Wait until Upbit resumes services. Q5: What should I do if I have pending transactions? Complete all MANTRA deposits or withdrawals before the April 29 deadline. This post Upbit MANTRA Suspension: Critical Network Upgrade Halts Deposits and Withdrawals first appeared on BitcoinWorld .

22 Apr 2026, 10:06

Can Ethereum hit $2,746 as whales accumulate 700K tokens this week?

The cryptocurrency market has switched bullish once again after a bearish start to the week. Following the crypto market recovery over the past week, several Ethereum (ETH) onchain metrics are demonstrating notable changes. Bitcoin hit the $78,100 level earlier on Wednesday, while Ethereum is now approaching $2,400 once again. The rally comes after President Donald Trump announced that he would extend the Iran ceasefire indefinitely. However, he added that the US would hold off on fresh attacks while keeping its Strait of Hormuz blockade in place. Whales acquire more Ether tokens Whales are taking advantage of the bullish narrative in the market to purchase more Ether tokens. On-chain data revealed that wallets with a balance >10,000 ETH, also known as whales, accumulated nearly 700,000 ETH between Thursday and Monday. Part of that figure stems from Ethereum treasury firm BitMine Immersion Technologies (BMNR), which acquired over 101,000 ETH last week. Smart money tracker Lookonchain revealed that there were several whale buying activities over the past week. Notably, a newly created wallet withdrew 35,000 ETH from crypto exchange Binance in the early American session on Tuesday and transferred it to digital asset custodian BitGo. However, retailers or investors holding 100-10,000 ETH largely held steady, adding minimal amounts to their holdings over the past week. This is in contrast to their behavior since early March, when they resumed distribution. The bullish sentiment is also evident in Ethereum exchange reserves, which have fallen by roughly 458,000 ETH since Thursday. The decline indicates increasing buying pressure, which could push ETH’s price higher in the near term. Institutional and traditional investors also continued to show a return of risk appetite for the top altcoin. Spot ETH exchange-traded funds (ETFs) recorded eight consecutive days of net inflows totaling $493.7 million. Ethereum price forecast Similar to Bitcoin, the ETH/USD 4-hour chart remains bearish and efficient. However, it has outperformed the broader crypto market in the last seven days. Ether is trading above the 20, 50, and 100-period Exponential Moving Averages (EMAs), which are clustered between roughly $2,323 and $2,268. This stack of EMAs offers layered dynamic support, suggesting dips may continue to attract buyers. The momentum indicators also suggest a bullish narrative. The Relative Strength Index (RSI) is hovering at 62, above the neutral 50 mark, but still below the overbought region. The MACD lines are also within the positive territory, indicating that the bulls are currently in charge of the market. If the rally persists, initial resistance emerges at the horizontal barrier near $2,388. A daily candle close above this level could expose the next major resistance at $2,746. On the downside, the 100-period EMA at $2,267 and the prior trendline reference around $2,263 would provide immediate support for the buyers. A deeper slide would expose the broader structural supports at $2,211, $2,107, and $1,909. The post Can Ethereum hit $2,746 as whales accumulate 700K tokens this week? appeared first on Invezz