The cryptocurrency platform Bitbns plans to open a systematic investor plan (SIP), in digital assets, for Indian athletes who have won medals at the ongoing Tokyo Olympics. The exchange will reportedly grant around $2,700 in crypto for gold medal winners.
‘Faster, Higher, Stronger’ And Earn Crypto
The Economic Times reported that Indian athletes at the Olympic Games could receive cryptocurrencies as a gift if they manage to win a medal at the tournament in Tokyo.
Bitbns is the trading platform that will provide this offer. Mirabai Chanu, PV Sindhu are the first to get cryptocurrency exposure. The former won a silver medal in 49 kg women’s weightlifting while the latter acquired bronze in the women’s singles badminton at the Tokyo Olympics.
Bitbns plans to roll out a SIP account and grant nearly $2,700 in digital assets for Olympic champions, $1,350 for silver medal winners, and $675 for bronze medalists. After completing the Know Your Customer norms, it will transfer the amount to their accounts. The athletes will then have access to cryptocurrencies such as Bitcoin (BTC), and Ethereum (ETH) after they complete the Know Your Customer (KYC).
The trading venue explained that the SIP would be structured for a period of 3-5 years, so medal winners will have the opportunity to make long-term profits through Bitbns. Gaurav Dahake, the Chief Executive Officer of the platform, noted:
“Bitcoin and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”
Indians Love Cryptocurrencies
According to a recent research, Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly.
What’s even more remarkable is the fact that Indians, well-known for their love of gold, switched to virtual currencies in their investment strategies. An investor in the area explained:
” I would rather invest in crypto than gold. Crypto is more transparent than gold or assets and yields higher returns in a shorter period of time.”
The survey added that the number of people who trade cryptocurrencies in India is 15 million. This is significantly more than a country like the UK where 2.3 million people have entered the market. The co-founder of ZebPay, Sandeep Goenka, revealed the reasons for the massive growth in the country’s second-most populous:
They find investing in crypto easier than investing in gold, because it is so simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”
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Crypto Price Analysis April-18: ETH, XRP, ADA, SOL, and HYPE
This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
It was a quiet week for Ethereum that only managed a small 1% price increase. This is because, lately, it has been moving sideways around $1,600. This lack of momentum shows indecision with market participants unsure if the ETH downtrend will resume or not.
The current price action is similar to early March, when Ethereum hovered around $1,900 for about a week before sellers returned. If nothing changes, ETH may fall to its key support at $1,400.
Looking ahead, this cryptocurrency continues to show weakness. The lack of momentum is concerning, and buyers have to break the resistance at $1,800 to bring back optimism.
Chart by TradingView
Ripple (XRP)
This week, XRP managed to defend its key support at $2 and booked a 2% price increase. This is a positive sign that shows buyers are serious about keeping this cryptocurrency above $2.
While the bullish momentum is not there yet, the current price level can serve as a great pivot point for higher levels in the future, with $2.3 and $2.6 as key targets before the major resistance at $3.
Looking ahead, XRP has a good chance to return on a sustained uptrend in the medium term and aim for $3. To achieve that, buy volume has to increase considerably in the future.
Chart by TradingView
Cardano (ADA)
While XRP has found good support, the same cannot be said about ADA. It failed to reclaim its previous support at $0.64, which is now acting as a resistance, with sellers having an advantage on the chart.
If buyers remain absent, then the next key support levels will be found at $0.5 and $0.45. While the daily MACD turned bullish, the buy volume is simply not there to challenge the resistance at $0.64.
Looking ahead, Cardano is found in a flat trend with buyers unable to make their presence felt. For this reason, it is unlikely to see any major moves from this cryptocurrency at this time.
Chart by TradingView
Solana (SOL)
Solana increased by 13% this week, making it the best performer on our list. This comes after the price broke above $118, which used to act as resistance.
This uptrend may continue uninterrupted until $150 where sellers returned in the past, most recently in late March. While the path is clear for higher levels, buyers will need to turn $150 into a key support if they want to sustain this rally.
Looking ahead, SOL is experiencing a relief rally after its most recent drop. While sellers are absent right now, they can return once the price approaches the key resistance at $150. Best to be cautious there.
Chart by TradingView
HYPE is the second-best performer on our list this week with a 10% price increase. This comes after it entered a sustained rally since touching $9. Considering it reached $17 recently, that means it jumped by over 80% within a relatively short period of time.
While its rally in early April was quite strong, sellers have started to make their presence felt more in the past week with each new high being met by increased sell pressure. This can also be seen on the daily sell volume which is making higher highs.
Looking ahead, HYPE had a fantastic run, but this is starting to show some weakness with buyers becoming exhausted. This is why a pullback becomes more likely at these levels since sellers are returning.
Chart by TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Ethereum Sees 77K ETH Moved to Derivatives – Market Prepping for Another Drop?
Although Ethereum has shown a slight rebound recently, its overall 2025 performance remains underwhelming. So far this year, the altcoin has shed over 50% of its value.
Current on-chain data indicates that ETH could be heading for yet another downward price move.
ETH Price at Risk
According to CryptoQuant’s latest macro and on-chain analysis, derivative exchange inflows surged by over 77,000 ETH on April 16th – the largest single-day net inflow observed in recent months. The sharp uptick follows two previous inflow events on March 26 and April 3, both of which coincided with painful declines in Ethereum’s price.
The pattern, validated by historical data, points toward increased hedging or short-selling activity as large players move ETH onto derivative platforms.
Interestingly, the inflow spike aligns with growing global macroeconomic tensions, notably escalating trade friction between the US and China. Beijing’s latest retaliatory tariffs on US agricultural and tech goods have unsettled risk markets across the world.
In past episodes, similar geopolitical stressors have prompted a shift away from riskier assets like cryptocurrencies and into safe-haven investments such as US Treasuries and the dollar, compounding bearish sentiment across digital assets.
Ethereum, already trading near multi-month lows around $1,500, could face additional pressure if the inflow-driven trend continues. CryptoQuant’s data highlighted the significance of these derivative exchange moves, and focused on three key inflection points – March 26, April 3, and now April 16 – each followed by visible price weakness.
Analysts suggest that the size and timing of the latest inflow likely indicate institutional entities positioning for further downside. As both macro headwinds and on-chain signals flash red, Ethereum’s near-term trajectory appears increasingly precarious.
Amidst this macroeconomic uncertainty and increased ETH inflows to derivative exchanges, Ethereum whales have offloaded approximately 143,000 ETH over the past week. The sell-off trend may indicate a broader bearish sentiment, which could trigger further selling pressure in the coming days.
Low ETH Fees Signal Opportunity?
Despite ongoing macro and on-chain pressures, Santiment pointed to one contrarian signal worth noting – Ethereum transaction fees have fallen to a five-year low, averaging just $0.168. This drop reflected lower network activity, as fewer users are transacting or interacting with smart contracts like DeFi and NFTs. Since fees are based on network demand, low usage leads to cheaper transactions.
Santiment noted that from a trading perspective, historically low fees like these often precede price rebounds, which makes current levels generally considered lower risk for buyers. While not a guaranteed signal, fee levels under $1 typically suggest decreased crowd interest – an environment where past trends have sometimes marked price turning points.
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