Coinbase announced that it is delisting MOVE, which subsequently plunged over 16%. The exchange did not describe any specific reasoning for this action, leading community speculation to flourish.
New evidence alleges that Movement Labs was directly or indirectly involved in a market maker dumping 66 million MOVE tokens. Coinbase may have lost confidence in the project between those rumors and a delayed airdrop.
In addition to this 16% price drop, MOVE’s daily trading volume surged 130%. This suggests that MOVE holders are selling their assets after Coinbase’s delisting announcement.
MOVE Price Crashes After Coinbase Delisting. Source: TradingView
This is a serious blow to Movement Network’s credibility and reputation. The project showed significant potential and even outperformed Bitcoin and Ethereum during the Q1 2025 cycle. It also raised $100 million in VC funding earlier this year, backed by notable investors.
However, Coinbase’s delisting is not unfounded. Earlier today, Movement Labs announced that a planned airdrop was being delayed, helping spark frustration. That may have been the final straw for Coinbase, on top of pre-existing problems.
From a perspective of someone who’s been building on Movement since day one — before mainnet, before the hype, before the community we have today even existed:
Specifically, Movement Labs claimed it would investigate an instance of potential fraud in mid-March. A market maker dumped 66 million MOVE tokens, triggering a sharp price drop.
New evidence has come to light, leading users to allege that Movement Labs was directly or indirectly complicit in these dealings. The company allegedly loaned 50% of MOVE’s supply to investment platform Web3Port, which proceeded to dump a large volume of tokens.
Based on these incidents, the community fears a repeat of MANTRA’s historic OM crash. Meanwhile, Movement Labs is backed by the Trump Family’s World Liberty Financial. The DeFi project holds more than 7 million MOVE tokens.
Bitcoin may face three potential trend scenarios in the future, with the most optimistic one forecasting a surge to $150,000 to $175,000 within the next 12 months.
This prediction is supported by factors such as a strong influx of institutional capital and positive investor sentiment following the Trump administration’s plans to establish a national Bitcoin reserve.
Positive Forecasts from Experts and Market Signals
The Bitcoin Composite Index currently stands at ≈ 0.8 (80%). Based on this indicator, AxelAdlerJr outlined three possible scenarios.
In the most optimistic scenario, BTC’s price could reach $150,000 to $175,000, following the cyclical logic of 2017 and 2021. This would occur if the Bitcoin Composite Index surpasses 1.0 and remains above that level.
If the ratio stays within the 0.8–1.0 range, the market would likely consolidate in a broad corridor between $90,000 and $110,000, indicating that participants are maintaining positions without increasing exposure.
Alternatively, if the ratio drops to 0.75 or below, short-term holders may start taking profits, potentially leading to a price correction to $70,000–$85,000. However, AxelAdlerJr notes that this scenario is less likely than the other two.
The return of YoY True MVRV to positive territory means that the average purchase price of all coins acquired over the past year is now below the current market price. The pressure from panic sellers is decreasing – many are now in profit and don’t need to lock in losses. Holder… pic.twitter.com/6AgvVVTn9h
On-chain signals further bolster the bullish outlook. According to Coinglass, over the past 7 days, approximately 42,525.89 Bitcoins were withdrawn from centralized exchanges (CEX), reducing the supply on exchanges to a 7-year low of about 2.48 million BTC.
The trend of Bitcoin withdrawals from exchanges is often seen as a positive sign, as it indicates investor accumulation and reduced selling pressure, paving the way for price growth.
Bitcoin’s 7-day volatility has also hit its lowest level in 563 days. Low volatility typically signals a period of accumulation before a price breakout, as observed during past major rallies, such as in 2020 before Bitcoin peaked at $69,000.
Technical analysis also supports Bitcoin’s bullish scenario. According to a post on X by Ali, Bitcoin’s key support levels are at $93,198 and $83,444, indicating strong consolidation above these thresholds.
If Bitcoin sustains above $93,198, the likelihood of continuing its upward trend to reach the $150,000 target becomes highly feasible.
“The most critical support levels for #Bitcoin $BTC are $93,198 and $83,444. Key zones to watch if momentum shifts,” Ali shared.
Moreover, Breedlove22, a well-known analyst, shared on X about three indicators signaling optimism for Bitcoin. The first is the Average Miner Cost of Production. According to Breedlove22, this metric is at a bottom, suggesting a significant bull market may be on the horizon.
Average Miner Cost of Production. Source: Breedlove22
The second indicator is the supply held by long-term holders, which measures Bitcoin unmoved on-chain for at least 155 days. Breedlove22 noted that over the past 30 days, long-term holders have acquired an additional ~150,000 BTC.
“Bitcoin is running out of sellers in the $80,000 to $100,000 range,” Breedlove22 stated.
Lastly, and most importantly, is USD liquidity, which effectively represents the “demand” side of the equation. More dollars in the system mean more potential bidders.
“And it’s not just USD liquidity that’s increasing – liquidity of all fiat currencies is on the rise, and Bitcoin is a global asset,” Breedlove22 added.
Echoing Breedlove22’s perspective, another X user shared that BTC’s valuation based on hash rate is at a support level, suggesting that a local bottom may have been reached.
In the optimistic scenario, Bitcoin is poised for a significant opportunity to reach $150,000 to $175,000. However, investors should also prepare for risks such as short-term price corrections.
With strong support levels at $93,198 and $83,444, Bitcoin has a solid foundation for continued growth, but caution remains essential.
China’s recent directive for its state-owned banks to decrease reliance on the US dollar has amplified a growing trend among countries seeking alternatives to the dominant reserve assets. In some instances, Bitcoin has emerged as a viable competitor.
BeInCrypto spoke with experts from VanEck, CoinGecko, Gate.io, HashKey Research, and Humanity Protocol to understand Bitcoin’s rise as an alternative to the US dollar and its potential for greater influence in global geopolitics.
The Push for De-Dollarization
Since the 2008 global financial crisis, China has gradually reduced its reliance on the US dollar. The People’s Bank of China (PBOC) has now instructed state-owned banks to reduce dollar purchases amid the heightened trade war with US President Donald Trump.
China is among many nations seeking to lessen its dependence on the dollar. Russia, like its southern neighbor, has received an increasing number of Western sanctions– especially following its invasion of Ukraine.
Furthermore, Rosneft, a major Russian commodities producer, has issued RMB-denominated bonds, indicating a shift towards RBM, the Chinese currency, and a move away from Western currencies due to sanctions.
This global shift away from predominant reserve currencies is not limited to countries affected by Western sanctions. Aiming to increase the Rupee’s international use, India has secured agreements for oil purchases in Indian Rupee (INR) and trade with Malaysia in INR.
The country has also pursued creating a local currency settlement system with nine other central banks.
As more nations consider alternatives to the US dollar’s dominance, Bitcoin has emerged as a functional monetary tool that can serve as an alternative reserve asset.
Why Nations Are Turning to Bitcoin for Trade Independence
Interest in using cryptocurrency for purposes beyond international trade has also grown. In a notable development, China and Russia have reportedly settled some energy transactions using Bitcoin and other digital assets.
“Sovereign adoption of Bitcoin is accelerating this year as demand grows for neutral payments rails that can circumvent USD sanctions,” Matthew Sigel, Head of Digital Assets Research at VanEck, told BeInCrypto.
Two weeks ago, France’s Minister of Digital Affairs proposed using the surplus production of EDF, the country’s state-owned energy giant, to mine Bitcoin.
Last week, Pakistan announced similar plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, by a 192-179 vote, sending it to the Senate. This development makes New Hampshire the fourth state, after Arizona, Texas, and Oklahoma, to have such a bill pass a legislative chamber.
If HB302 is approved by the Senate and signed into law, the state treasurer could invest up to 10% of the general fund and other authorized funds in precious metals and specific digital assets like Bitcoin.
According to industry experts, this is only the beginning.
VanEck Predicts Bitcoin to Become a Future Reserve Asset
Sigel predicts Bitcoin will become a key medium of exchange by 2025 and, ultimately, one of the world’s reserve currencies.
His forecasts suggest Bitcoin could settle 10% of global international trade and 5% of global domestic trade. This scenario would lead to central banks holding 2.5% of their assets in BTC.
According to him, China’s recent de-dollarization will prompt other nations to follow suit and lessen their reliance on the US dollar.
“China’s de-dollarization efforts are already having second- and third-order effects that create opportunities for alternative assets like Bitcoin. When the world’s second-largest economy actively reduces its exposure to US Treasuries and promotes cross-border trade in yuan or through mechanisms like the mBridge project, it signals to other nations—especially those with strained ties to the West—that the dollar is no longer the only game in town,” Sigel said.
For Zhong Yang Chan, Head of Research at CoinGecko, these efforts could prove catastrophic for the United States’ dominance.
“Broader de-dollarization efforts by China, or other major economies, will threaten the status of the dollar’s global reserve currency status. This could have [a] profound impact on the US and its economy, as this would lead to nations reducing their holdings of US treasuries, which the US relies on to finance its national debt,” he told BeInCrypto.
However, the strength of the US dollar and other dominant currencies has already shown signs of weakening.
A General Wave of Currency Decline
Sigel’s research shows that the four strongest global currencies—the US dollar, Japanese yen, British pound, and European euro—have lost value over time, particularly in cross-border payments.
The decline of these currencies creates a void where Bitcoin can gain traction as a key alternative for international trade settlements.
“This shift isn’t purely about promoting the yuan. It’s also about minimizing vulnerability to US sanctions and the politicization of payment rails like SWIFT. That opens the door for neutral, non-sovereign assets—especially those that are digitally native, decentralized, and liquid,” Sigel added.
This lack of national allegiance also sets Bitcoin apart from traditional currencies.
Bitcoin’s Appeal: A Non-Sovereign Alternative
Unlike fiat money or central bank digital currencies (CBDCs), Bitcoin doesn’t respond to any one nation, which makes it appealing to some countries.
For Terence Kwok, CEO and Founder of Humanity Protocol, recent geopolitical tensions have heightened this belief.
For these same reasons, experts don’t expect Bitcoin to replace fiat currencies fully but rather provide a vital alternative for certain cases.
A Replacement or an Alternative?
While Bitcoin offers several advantages over traditional currencies, Gate.io’s Kevin Lee doesn’t foresee its eventual adoption causing a complete overhaul of the currency reserve system.
Recent data confirms this. The number of Bitcoin transactions has fallen significantly since the last quarter of 2024. Bitcoin registered over 610,684 transactions in November, but that number dropped to 376,369 in April, according to Glassnode data.
The number of Bitcoin active addresses paints a similar picture. In December, the network had nearly 891,623 addresses. Today, that number stands at 609,614.
Bitcoin number of active addresses. Source: Glassnode.
This decline suggests reduced demand for its blockchain in terms of transactions, usage, and adoption, meaning fewer people are actively using it for transfers, business, or Bitcoin-based applications.
Meanwhile, the Bitcoin network must also ensure its infrastructure is efficient enough to meet global demand.
Can Bitcoin Scale for Global Use?
In 2018, Lightning Labs launched the Lightning Network to reduce the cost and time required for cryptocurrency transactions. Currently, the Bitcoin network can only handle around seven transactions per second, while Visa, for example, handles around 65,000.
“If expansion solutions (such as the Lightning Network) fail to become popular, Bitcoin’s ability to process only about 7 transactions per second will be difficult to support global demand. At the same time, as Bitcoin block rewards are gradually halved, the decline in miners’ income may threaten the long-term security of the network,” Guo, Director of HashKey Research explained.
While the confluence of geopolitical shifts and Bitcoin’s inherent characteristics undeniably create a space for its increased adoption as an alternative to the US dollar and even a potential reserve asset, significant hurdles remain.
Achieving mainstream Bitcoin adoption hinges on overcoming scalability, volatility, regulatory hurdles, stablecoin competition, and ensuring network security.
The unfolding panorama suggests Bitcoin will carve out an important role in the global financial system, though a complete overhaul of established norms seems unlikely in the immediate future.
Traders and investors are gearing up for a big week, with many crypto events in the pipeline. Accordingly, heightened volatility is expected, but crypto airdrops provide a gateway worth considering.
Crypto airdrops offer investors a chance to join promising projects at their early stages with little to no initial investment. The following airdrop opportunities may be worth considering for the first week of May.
Miden
Boasting up to $25 million in funding, Miden presents the first crypto airdrop to consider this week. The project enjoys backing from notable investors such as Andreessen Horowitz (a16z), 1kx, Hack VC, and Symbolic Capital.
“Today, we announce our $25 million seed fundraise and spinout from Polygon,” Miden announced recently.
Miden is a ZK-rollup L2 blockchain built on Ethereum and spun from Polygon Labs. It enables private, scalable smart contracts. The project plans to airdrop 10% of its native tokens to Polygon (POL) stakers.
This initiative aims to reward Polygon’s ecosystem and incentivize participation in Miden’s zero-knowledge-powered network. By shifting execution to client devices, this enhances privacy and scalability.
“…Miden can support potentially infinite TPS by supporting client-side proving. It also supports opt-in privacy,” wrote Polygon executive Sandeep Nailwal.
The airdrop aligns with Miden’s integration into Polygon’s AggLayer, boosting cross-chain liquidity. Snapshots for eligibility began shortly after the announcement on April 29, with the mainnet launch scheduled for Q4 2025.
In the meantime, Miden is already planning a testnet, and airdrop farmers can perform the first activities to get a chance to become early users.
Camp Network
Another crypto airdrop to watch is on the Camp Network, which has raised up to $29 million. Investors such as Blockchain Capital, OKX Ventures, HTX Ventures, 1kx, and Maven 11 Capital, among others, back the project.
Camp Network is a Layer-1 blockchain focused on intellectual property (IP) management and AI agent integration. The project launched an incentivized testnet, allowing airdrop farmers to participate by completing simple social tasks to earn points.
“Freaky incentivized testnet update engage with our big steaming hot network of ecosystem partners to climb the leaderboard and win succulent rewards,” Camp Network shared.
Notably, if a token is launched, these points will be converted into project tokens in the future. The points, referred to as “Acorns,” require users to complete tasks like daily check-ins, social media engagement, and interacting with the ecosystem via the testnet faucet.
Mezo
Mezo is the third crypto airdrop to watch for the first week of May. It has raised up to $28.5 million. Backers include Pantera Capital, Multicoin Capital, Ledger, Mantle Network, GSR, Hack VC, and Bybit Exchange.
It is a Bitcoin Layer-2 network focused on enhancing Bitcoin’s utility through borrowing, spending, and earning without selling BTC. It launched a campaign on Galxe where airdrop farmers can complete quests to earn points.
“Complete quests and claim mats! We’ve joined forces with Galxe, so you can earn mats and more—alongside our partners ZeroLend, Velar, Blend, and Pamp Land,” Mezo Network announced.
After completing all the quests, participants can also grab the Galxe Questooor role, with most quests being free. However, for some, airdrop farmers will need to borrow MUSD.
Notably, after opening Galxe tasks on April 24, the Mezo airdrop will remain open until May 27, 2025. Meanwhile, users can also stake to earn points, a function that remains open without a specific deadline.