Warren Buffett, one of the world’s richest men, is again going after Bitcoin.The Berkshire Hathaway CEO and chairman labelled bitcoin a “gambling token” that possesses no intrinsic value.

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Argentina’s National Securities Commission (CNV) authorized the launch of a bitcoin index-based futures contract on Tuesday, according to a statement.

Bitcoin (BTC) hung precariously around $30,000 Wednesday afternoon after the latest Consumer Price Index (CPI) report showed inflation cooling slightly, but not as much as economists had expected.

Binance CEO Changpeng Zhao has said that regulation, rather than lack of clarity, is a better option for the crypto industry. However, he added that regulation by enforcement is bad.

The US Bureau of Labor Statistics has released the Consumer Price Index data for March 2023, which shows a rise of 0.1% on a seasonally adjusted basis, compared to an increase of 0.4% in February. The index for shelter contributed the most to the overall CPI rise, offsetting the decline in the energy index. The inflation data is important for the US Federal Reserve as it aims to contain the rise in prices. The crypto market initially showed little response to the data, but later saw a 1% jump. The Bitcoin price continues to trade at $30,337 after crossing the crucial $30,000 milestone on Tuesday for the first time in around 10 months.

QCP Capital, a Singapore-based crypto options trading firm, expects a deeper decline in the ether-bitcoin (ETH/BTC) ratio following the upcoming Shapella hard fork, dubbed the Shanghai upgrade. The ETH/BTC ratio has declined 13.7% this year amid fears that investors will rush to liquidate coins after Shapella opens withdrawals of staked ether. QCP Capital predicts that selling pressure will lead to further bearish price action on ETH and a decline in the ratio to 0.0553. While some analysts suggest the selling pressure will be distributed over several days, QCP Capital sees no bullish case for the event and expects continued and sustained spot selling pressure in thin markets.

Open interest in bitcoin (BTC) has surged to $10 billion, a five-month high, according to data from Coinalyze. A rise in open interest alongside an increase in price is often used to confirm the legitimacy of a move. Bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday. Futures open interest has been moving up vertically, showing more participation from crypto traders and a bullish market sentiment, according to Woorton. However, an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse. A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000.

Crypto prices dipped ahead of the release of key U.S. inflation data for March, which is one of the key metrics the U.S. Federal Reserve is tracking ahead of its next interest rate decision on May 3. Nomura estimates put core inflation (less food and energy) up 5.7% year-on-year, slightly higher than consensus estimates of 5.6% and above last month's 5.5%. The probability of another 25 basis point increase in May might rise if inflation increases, but financial stress in the banking sector could negate the need for this. If inflation comes in lower than expected, it will likely take off the hike expectations and "lead to a risk-asset rally," according to crypto trading firm QCP Digital. Meanwhile, bitcoin and the broader crypto market rallied over the weekend and into Monday, with ether reaching its highest point in nine months, but bitcoin struggled to hold much above $30,000 in the early hours.