Why Bitcoin Price Could Struggle Above $57.5k
The Bitcoin price extended its decline and tested support at $55,500 against the U.S. dollar.

Bitcoin tried to resume an upward move above the $58,000 zone, which led to a bearish move. There was also a break below a key shrinking triangle with support of around $57,450 on the hourly chart of the BTC/USD pair. The pair broke below the $56,000 level and tested the next key support near the $55,500 area.

PARSIQ announces new lending and borrowing protocol.
PARSIQ launched its revolutionary IQ protocol on a test network

PARSIQ has launched its revolutionary IQ protocol on the test network, a decentralized financial solution for the SaaS market. The IQ Protocol is the world’s first risk-free and collateral-free DeFi protocol for tokenizing SaaS subscriptions in the DeFi space with a circular economy. The IQ Protocol includes several standard DeFi services, including stacking, lending, and borrowing.
The IQ Protocol breaks new ground for DeFi solutions in the core environment. Not only is the protocol’s network maintenance completely unreliable, but the protocol itself is open source. In addition, the PARSIQ team is considering running the core network on several other networks, including Binance Smart Chain and Solana, with which PARSIQ is already integrated. IQ Protocol is also taking an innovative approach to the use of tokens through the introduction of Power Tokens.
Power tokens are housed in “Power Enterprise,” a series of smart contracts that combine several features of the IQ Protocol, including management, funding and the ability to mint new Power tokens.
PARSIQ announces new protocol

Ethereum Dips Below $2K, Here’s What Could Trigger A Fresh Increase
Ethereum extended its decline below $2,000 support against the U.S. dollar.

After another failure above $2,100, Ethereum began a downward correction. ETH traded below $2,050 and $2,010 support levels. It even broke through the $2,000 level and positioned below the 100-hour simple moving average, similar to bitcoin.

Ripple Charges Past $1.00 and Becomes the Fourth-Largest
For the first time since March 2018, the altcoin has surpassed $1.00.

According to CoinMarketCap, Ripple overtook Stablecoin Tether to become the fourth-largest cryptocurrency currently with a market cap.
XRP is up 87.81% for the week.

Crypto market downturn eliminates $1.4 billion from the trading board.
In the past 24 hours, nearly 300,000 traders’ positions were liquidated as the crypto market experienced a downturn.

About $1.4 billion in trading positions were liquidated as the crypto market dived into the red zone, according to crypto-metrics platform ByBt.
“The liquidation of long positions in the last four hours was $946.71 million,” ByBt previously tweeted.
Since then, the total amount of positions liquidated – long and short – has risen to $1.38 billion. Notably, 90.85% of these were long positions and only $128.41 million were short positions.

Mining firm Hut 8 mines nearly $400 million in Canada.
Bitcoin mining firm Hut 8 aims to raise $500 million Canadian in Canada.

A brief prospectus dated April 7 indicates that the offering will take place on the Toronto Stock Exchange, where the firm’s shares are already traded. The Ontario Securities Commission’s decision document was issued April 7.

Hedge Fund Behemoth Millennium Management Dips Its Toes into Bitcoin
New York-based Millennium Management has taken a stake in Grayscale’s Bitcoin Trust.
According to a report published April 7 by TheStreet financial agency, New York-based Millennium Management is trading shares of Grayscale’s Bitcoin Trust.

Bitmain is suing MicroBT over a dispute over the IP addresses of bitcoin mining equipment – again.
The mining giant is again trying to press charges of intellectual property theft.

Chinese media IPEconomy reported that Bitmain filed a lawsuit April 7 with the Beijing Intellectual Property Court against MicroBT, accusing Shenzhen-based bitcoin maker and founder Yang Zuoxing, Bitmain’s former chief chip designer, of stealing corporate secrets.

Bitcoin Mining Company Riot Blockchain Purchases 42,000 Bitmain
Nasdaq-Listed Riot Blockchain announced its purchase of S19j Antminers for $138 million.

Nasdaq-listed Bitcoin mining company Riot Blockchain has struck a $138 million deal with Chinese ASIC maker Bitmain to buy 42,000 S19j Antminers.