OKX data shows that RAVE briefly fell below $9 and is currently trading at $9.4, a drop of over 50% on the day.

Chain detective ZachXBT stated on social media that he does not recommend shorting tokens that are highly controlled by a small number of insiders.

According to Coingalss data, in the past hour, $29.3224 million in positions were liquidated across the entire network, with $24.1984 million in long positions and $5.124 million in short positions. Additionally, in the past hour, $7.6837 million in RAVE positions were liquidated and $7.2747 million in BTC positions were liquidated.

Affected by the fluctuating situation in the Middle East, the price of Bitcoin fell back to approximately $76,000. Previously, Iran's announcement of opening the Strait of Hormuz triggered a surge in risk assets and a massive short squeeze, but the subsequent re-closure of the strait caused a rapid reversal in market sentiment. Data shows that this round of price action triggered one of the largest liquidation events since 2026, with approximately 168,336 traders liquidated, totaling $762 million, of which short positions accounted for approximately $593 million, nearly three-quarters. During the upward phase, crude oil prices fell by nearly 10%, pushing Bitcoin above the key resistance level of $76,000 to $78,000; however, as the Strait of Hormuz returned to military control, several oil tankers turned back, risk aversion increased, and prices subsequently fell. Structurally, this rise was driven by a long-term negative funding rate, with short sellers continuously paying the costs of long positions, accumulating conditions for a squeeze. Despite the short-term pullback, Bitcoin still maintained a weekly gain of approximately 4.5%, while Ethereum and other mainstream assets performed relatively more steadily. Market focus is now shifting to the key support level of $76,000. A weekly close above this level could maintain the breakout structure; a break below could see the price return to the trading range that has existed since March. (CoinDesk)

Key Takeaways US-Iran negotiations remain the biggest market risk next week.Oil prices and the Strait of Hormuz situation will continue to influence risk sentiment.Markets are increasingly pricing in Fed rate cuts later this year.Investors will closely watch economic data, including retail sales, jobless claims and PMI readings.Potential Fed leadership changes could also affect expectations for monetary policy. Middle East Tensions Remain the Main Market Driver Global markets rebounded over the past week as investors priced in a lower probability of a major escalation in the Middle East. Temporary optimism emerged after Iran signaled that the Strait of Hormuz would remain open, which pushed oil prices lower and boosted risk assets including equities and crypto. However, that optimism faded after Iran later indicated that the strait remains under military control and the US maintained its blockade on Iranian shipping. Markets have shifted from pricing in immediate escalation toward pricing in a potential de-escalation path, but sentiment remains fragile. The key question next week is whether negotiations between the US and Iran continue to progress. Donald Trump indicated that discussions may continue over the weekend and warned that if no agreement is reached by next Wednesday, the ceasefire could collapse and conflict could resume. Iran remains cautious, particularly around issues related to uranium enrichment and sanctions relief. Any signs of renewed conflict could quickly push oil prices higher again and pressure equities, crypto and other risk assets. Fed Expectations Are Becoming More Important Falling oil prices over the past few sessions have reduced some inflation concerns, which has helped lift expectations for Federal Reserve rate cuts later this year. Markets are currently pricing around a 60% probability of at least one Fed rate cut in 2026. Attention will also turn to potential changes in Federal Reserve leadership. Next week, Kevin Warsh is expected to testify before the Senate. Investors will be watching closely for any dovish comments on: InflationInterest ratesEconomic growthFinancial conditions A more dovish tone could support risk assets such as Bitcoin, equities and gold. Key Economic Events Next Week Tuesday US March retail sales data Thursday US weekly initial jobless claimsPreliminary April S&P Global Manufacturing PMIPreliminary April S&P Global Services PMI Friday Final April University of Michigan Consumer Sentiment IndexFinal April one-year inflation expectations These reports will help investors assess whether the US economy remains resilient or whether higher oil prices and geopolitical uncertainty are starting to weigh on growth. What Markets Will Watch Most Closely In the near term, markets are likely to remain driven by three main themes: US-Iran negotiations and the risk of renewed conflictOil price direction and the status of the Strait of HormuzFederal Reserve policy expectations and any changes in leadership tone For crypto markets, continued stabilization in oil prices and a more dovish Fed outlook would likely remain supportive for both Bitcoin and Ethereum.

OKX market data shows that RAVE briefly fell by more than 50%, and is currently trading at 10.9 USDT.

Stablecoins are exhibiting characteristics similar to fragmented foreign exchange markets, according to Eco CEO Ryne Saxe. According to NS3.AI, Saxe highlighted that the stablecoin sector, valued at over $320 billion, is experiencing liquidity fragmentation across various chains and pools. He noted that executing larger transfers often necessitates multi-route execution. Additionally, research by Borderless revealed that pricing discrepancies at the provider level within the same corridor can surpass hundreds of basis points.

Former U.K. Prime Minister Liz Truss, who held office for 45 days in 2022, has expressed a keen interest in Bitcoin. According to NS3.AI, Truss highlighted concerns about the U.K. economy, citing issues such as currency debasement, weak growth, regulation, taxation, and increasing state control as contributing to a "very negative trajectory."

The discussion surrounding XRP's potential price target of $50 has gained momentum following a social media post that connected Ripple's projected $33 trillion stablecoin volume to future demand for XRP. According to NS3.AI, this projection has sparked debates among investors and analysts about the cryptocurrency's future valuation. Geoffrey Kendrick from Standard Chartered has forecasted XRP to reach $8 by 2026 and $28 by 2030, adding further intrigue to the ongoing conversation.

Former UK Prime Minister Liz Truss has voiced criticism of central banking practices while defending her controversial mini-budget. According to CoinDesk, Truss suggested that incorporating Bitcoin and discussions at the CPAC UK conference could serve as catalysts for economic reform. Truss's mini-budget, which faced significant backlash, aimed to stimulate economic growth through tax cuts and increased public spending. However, it was met with skepticism from financial markets and political opponents, leading to its eventual withdrawal. Truss argues that the current central banking system is flawed and that alternative financial systems, such as cryptocurrencies, could offer solutions to existing economic challenges. She believes that Bitcoin, with its decentralized nature, could play a role in reshaping financial systems and promoting economic stability. The CPAC UK conference, known for its focus on conservative policies, provides a platform for discussing such reforms. Truss's comments highlight ongoing debates about the role of traditional financial institutions and the potential of digital currencies in shaping future economic policies. Her stance reflects a growing interest in exploring innovative approaches to address economic issues, despite the controversies surrounding her previous fiscal policies.

China’s Ministry of State Security warned that some foreign crypto projects are collecting citizens’ iris data in exchange for digital tokens, raising concerns over privacy and national security. The advisory closely aligns with Worldcoin, which is under increasing global scrutiny for its biometric data practices.

Senator Elizabeth Warren has led a team of six senators to repeal Trump's decision to dissolve the National Cryptocurrency Enforcement Team (NCET).

Singapore is cracking down on illegal trading of Worldcoin accounts and tokens, with seven individuals under investigation and five already arrested. The Monetary Authority of Singapore has clarified that Worldcoin itself isn't regulated under their Payment Services Act, but trading activities may violate the law, leading to severe penalties.

Worldcoin faces global sanctions over privacy concerns, with bans in multiple countries including France, India, Hong Kong, and Brazil. Despite its ambition to offer universal financial access, questions remain about its approach and regulatory compliance.

Nigeria's EFCC froze over 1,100 crypto traders' accounts due to alleged currency manipulation and money laundering, intensifying concerns about crypto regulation. While the CBN denies a crypto ban, the EFCC's actions and regulatory uncertainties cast a shadow over Nigeria's crypto future.

Worldcoin faces an orb shortage as demand for its iris-scanning technology surges. Despite challenges, Worldcoin aims to revolutionise finance through biometric authentication and blockchain innovation.