Cynthia Lummis, an American attorney and senator from the state of Wyoming, recently called attention to the growing interest in Bitcoin (BTC) among young Americans. In a recent tweet, Sen. Lummis opined that this trend is because Bitcoin is “sound money.”

Analysts are weighing the potential impact of the recent House Republican bill to increase the US debt ceiling on the price of Bitcoin (BTC). Some believe that raising the debt ceiling would prompt the Federal Reserve to print more money, boosting capital inflows into "risky" assets like Bitcoin, while others argue that extending the debt ceiling would ensure that the Fed continues contracting its balance sheet through the ongoing quantitative tightening, leading to lower liquidity and more downside pressure for Bitcoin. The outcome may ultimately depend on the credibility of the US dollar and the potential for a default on US government debt, which could boost Bitcoin prices.

Berenberg has initiated coverage of MicroStrategy with a buy rating and a $430 price target, citing the company's position as the largest corporate holder of bitcoin as a balance sheet treasury asset. MicroStrategy, founded by Michael Saylor, owns around 140,000 BTC at an average cost of $29,800, worth about $4.1 billion at current prices. Berenberg believes that MicroStrategy shares offer an attractive way for investors to gain exposure to bitcoin and to navigate the digital asset space amidst the ongoing regulatory crackdown. The fourth bitcoin halving, scheduled for May 2024, may serve as a positive catalyst for the BTC price and, by extension, for MicroStrategy shares. The company is due to report Q1 earnings after market close on May 1.

Although ordinals are a recent development, they have already amassed over one million inscriptions within a mere four months, even during a bear market.

According to Glassnode data, the United States government is one of the largest Bitcoin (BTC) holders in the world, with 205,514 BTC worth $6 billion, acquired through seizures such as those connected to the 2016 Bitfinex hack and the Silk Road. The government's substantial BTC holding places it ahead of whales like MicroStrategy. The U.S. government has a history of selling off digital assets it has seized, with a memo filed in March revealing that it sold 9,861.17 BTC for $215.5 million. Many industry players have criticized the government's selling strategy, pointing out that it could have made more money by holding onto the assets.

On-chain monitoring resource Coinglass has reported that tens of thousands of Bitcoin (BTC) are moving to exchanges, indicating that traders may be gearing up for a sell-off as the temptation to sell for both long-term and short-term holders has increased. Global trading volume leader Binance's BTC balance has risen by over 50,000 BTC ($1.5 billion) in the past 30 days, and the balance tally is up 22,000 BTC in the past seven days alone. However, other major exchanges have lost BTC or seen insignificant balance increases. Investor habits witnessed in recent weeks increase the pressure on bulls to flip $30,000 to support and continue rising. The current state of liquidity across exchanges tracked by trading suite Decentrader shows that $35,000 is a key zone for liquidating leveraged BTC short positions.

Blockchain data shows that long-term holders of bitcoin (BTC) are profitable for the first time in almost a year, which has historically presaged major market rallies. The seven-day average of bitcoin's long-term holder spent output profit ratio (LTH-SOPR) has crossed above 1 for the first time since May 2022, indicating that coins moved on average are being sold at a profit. However, the LTH cohort consists of many 2021-22 cycle holders who are likely to create resistance throughout the market recovery, according to James Check of Glassnode. South Korea-based analytics firm CryptoQuant also said a return to profitability might inject selling pressure to the market.<br>(By&nbsp;Omkar Godbole)

Gary James Harmon, brother of the operator of the crypto mixing service Helix, has been sentenced to four years and three months in prison for stealing over 712 Bitcoin, valued at around $4.8 million, which were subject to forfeiture in a criminal case. Gary transferred the Bitcoins to a wallet he controlled to prevent law enforcement from forfeiting them, then used them to finance large purchases and other expenses. The Bitcoins were linked to Helix, an online Bitcoin mixer run by Larry Harmon, who was arrested in 2020 for laundering over 350,000 Bitcoin for his customers. Gary has agreed to the forfeiture of cryptocurrencies and other properties derived from the fraudulently taken proceeds, including over 647.41 Bitcoin, 2.14 Ethereum, and 17,404,400.64 Dogecoin, now valued at over $20 million due to a surge in market prices. The crackdown on crypto mixers continues, with authorities in the US and other countries taking down several illegal crypto-mixing facilities in recent years.

An Ohio man photographed lounging in a bathtub full of dollar bills must serve four years in prison for stealing 713 Bitcoin from a computer device seized by the government in a case against his older brother.

April 28 (Cointime) - According to new data released by Glassnode, the US government and the Mt. Gox trustee hold a significant amount of Bitcoin (BTC), with the US government owning 205,514 BTC and the Mt. Gox trustee owning 137,890 BTC, respectively.