Texas Senator Ted Cruz has affirmed his bullish stance on Bitcoin (BTC) and continues to buy it every Monday despite its volatility. He sees Bitcoin as an inflation hedge and an important check against money printing and government control. Cruz supports the flaring of waste gas to power crypto mining and owns about 2 BTC as a long-term investor. Meanwhile, cryptocurrency analyst and trader Dave the Wave believes that Bitcoin is still in the Logarithmic Growth Curve buy zone, presenting a compelling alternative to trend lines in capturing Bitcoin’s logarithmic growth and cyclic volatility. The buy zone is a narrow band at the base of the converging channel and will continue as long as the logarithmic track converges, irrespective of macroeconomic forces.

Bitcoin (BTC) returned to trading near $29,000 on April 27 after fears over alleged Mt. Gox and US government transactions subsided. The volatility had caused the cryptocurrency to initially drop 7% before recovering to $29,500 and then consolidating. Traders are cautious about short-term price movements, with Crypto Tony waiting for further cues before entering the market and Muro focusing on $29,500 as the make-or-break zone for Bitcoin. Analysts are urging investors to filter out short-timeframe volatility and focus on the bigger picture. Monitoring resource Coinglass showed the extent of the panic among market participants during the recent BTC price downmove.

Bitcoin's estimated leverage ratio, which measures the degree of leverage employed in the market to magnify returns, has continued to decline, reaching its lowest level since December 20, 2021. The ratio, calculated by dividing the dollar value locked in active open perpetual futures contracts by the total number of coins held by derivatives exchanges, has halved since October, signaling low price volatility in the future. A reduced bitcoin price volatility may attract more mainstream participation in the crypto market. The declining ratio suggests that bitcoin's year-to-date rally of 75% has been driven by the spot market rather than institutions and sophisticated traders/speculators who use derivatives.

Bitcoin (BTC) experienced an 8% drop on Wednesday after rumors spread that wallets associated with the defunct crypto exchange Mt. Gox and the U.S. government are making transactions, according to a report by crypto-services provider Matrixport. Although Matrixport believes that the potential market impact of the Mt. Gox haul would have limited effect on the bitcoin price, investors should be aware of the eventual distribution of those bitcoins. The Mt. Gox hack resulted in the theft of 850,000 bitcoins, valued at $500 million at the time and now worth $17.8 billion. Only 200,000 have been recovered so far, and creditors will receive a base payment with four options to receive the remainder of their funds by the September 30 deadline. The options include early lump-sum repayment, repayment by bank remittance, repayment for a portion of crypto rehabilitation claims in crypto, or repayment through a fund transfer service provider.

On April 26, the crypto market experienced panic selling, with more than $200 million liquidated in less than an hour and Bitcoin prices crashing 8%. The selling was caused by fake alerts from blockchain analytics firm, Arkham Intelligence, claiming that Bitcoin wallets linked to the U.S. government and seizures from the Mt. Gox hack had been revived. However, the news turned out to be a false alarm. The crypto market rebounded, with more than $50 billion returning to the markets, pushing the total cap back to $1.25 trillion. The event highlights the impact fake news or alerts on social media can have on crypto markets.

Binance has lifted certain restrictions on Russian users, according to local crypto media.

Bitcoin (BTC) experienced sudden volatility in the past 24 hours, resulting in the liquidation of $175 million worth of positions and effectively wiping out $1 billion in open interest. The largest liquidation order happened on BitMEX, a bitcoin/tether trade valued at $6 million. Rumours of bitcoin sales from the US government and beleaguered crypto exchange Mt. Gox may have further impacted prices, but such data alerts were later confirmed to be misclassified by on-chain firm Arkham Intelligence. Bitcoin has since recovered to regain the $29,000 level, with $200 million in open interest added. Ether (ETH), dogecoin (DOGE), and Cardano (ADA) have also followed bitcoin's slight recovery. (Coindesk)

The majority of the deposit, $23.7 million, was sent to Binance, while $2.18 million was sent to OKX and $720,000 to Bybit.

The price of Bitcoin (BTC) nosedived roughly 7% in just one hour, falling from $29,850 to $27,789, which media outlets reported was due to blockchain analytics firm Arkham Intelligence incorrectly sending out an alert that wallets linked to Mt. Gox and the U.S. government had begun shifting large sums of Bitcoin. 

The Bitcoin Legal Defense Fund (BLDF) is offering support to 13 Bitcoin Core developers targeted by a lawsuit filed by Craig Wright and his firm, Tulip Trading. BLDF, a non-profit co-founded by Block CEO Jack Dorsey, claims that the lawsuit initiated by Wright or his companies is an attack on the fundamental principles of freedom, and that it is supporting the legal defense of the developers to defend the right to build free open-source software without fear.