Bitcoin could be setting up for a multimonth price decline, after a rally in April driven mainly by futures traders while spot demand declined, according to the crypto analytics firm CryptoQuant.Bitcoin gained around 20% in April, rising from $66,000 to a peak of $79,000 in a rally “driven entirely by growth in perpetual futures demand,” CryptoQuant said in a report on Thursday. Meanwhile, spot demand for Bitcoin contracted throughout the rally, “indicating that the market’s marginal buyer was speculative, not fundamental,” it said.“The divergence between rising price and contracting spot demand is one of the clearest on-chain signals that price gains…

In brief The U.S. Senate unanimously passed S. Res. 708, banning senators from trading on prediction markets. Republican Senator Bernie Moreno of Ohio introduced the resolution targeting potential advantages from non-public government information. The ban represents the first major regulatory action specifically prohibiting government officials from prediction market participation. The U.S. Senate has banned senators from trading on prediction markets, with the chamber passing a resolution targeting potential insider trading advantages from non-public government information.The Senate resolution prohibits senators and their staff from participating in prediction markets where users can bet on political outcomes, policy decisions, and other events that…

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