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💰 Bitcoin's Bullish Trajectory Should Resume After the Halving, Analysts Say
Global asset management firm Alliance Bernstein’s analysts Gautam Chhugani and Mahika Sapra shared their perspectives on the Bitcoin halving in a note to clients on Wednesday. Bernstein predicted in November last year that the price of bitcoin could reach $150,000 by 2025. Chhugani stated at the time that this prediction is driven by optimism of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
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💰 GBTC outflows overpower other spot bitcoin ETF inflows for third consecutive day
Spot bitcoin exchange-traded funds in the United States have experienced net outflows for the third consecutive day. Just over $58 million left the products yesterday, lowering the cumulative total net inflow to approximately $12.43 billion. Grayscales converted bitcoin trust, GBTC, was largely responsible for the net outflows — per usual. Nearly $79.4 million left the ETF yesterday, according to data from SoSoValue. The Ark 21Shares Bitcoin ETF also saw net outflows, with some $12.88 million leaving the fund.
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💰 Bitcoin Could Surge to $120K on 'Doomsday Rally,' Trader Says
International politics and the search for an investment hedge could fuel a bitcoin (BTC) surge in the coming months, even after confidence in the largest cryptocurrency was dented by a 10% weekly drop, some traders say. Bitcoin has long been considered a possible hedge against geopolitical events and was originally created in the wake of the 2008 financial crisis. Some traders say the hedging narrative remains viable despite BTC being highly correlated with traditional market assets for several years.
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🇻🇳 Cryptocurrencies Not Banned, Vietnam Requires Legal Framework for Regulation — Govt Official
A government official from Vietnam has stated that cryptocurrencies are not prohibited. However, the country urgently needs to establish a legal framework to regulate their use, the official said. The Finance Ministry has been tasked with drafting a framework to govern crypto assets, which is due for completion by May 2025.
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🪙 Uniswap Labs hikes swap fee to .25% from .15% on trades through interface
Uniswap Labs has hiked the fee it charges to users for using its interface to trade on the Uniswap protocol from .15% to .25% for most swaps. The change in policy was made on Apr. 10, blockchain data shows, mere hours after Uniswap founder Hayden Adams revealed that the SEC had sent a Wells Notice warning of an incoming lawsuit to the company.
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💰 Bitcoin and Ethereum ETFs could launch in Hong Kong before halving
Hong Kong is poised to approve the launch of new exchange-traded funds (ETFs) that will directly invest in Bitcoin and Ether potentially as soon as Monday. This key development, as reported by Bloomberg, involves key financial players, including an international branch of China’s Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.
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💰 Bitcoin mining difficulty hits fresh all-time high in final pre-halving adjustment
Bitcoin mining difficulty rose 3.9% late Wednesday to hit a new all-time high in the final adjustment before the halving, estimated to occur on April 20. The difficulty adjustment came at block height 838,656, reaching a record of 86.39 trillion, according to blockchain explorer Mempool. Bitcoin miners appear to be ramping up their hash rate in preparation for block subsidy rewards dropping from 6.25 BTC to 3.125 BTC next week.
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🇪🇺 EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says
The European Union's crypto asset regulation, which became law in 2023 and starts to take effect at year-end, has yet to spur any increase in euro-denominated crypto transactions, the bloc's securities regulator said. The 27-nation trading bloc was one of the first regulatory regimes to introduce a comprehensive rulebook for crypto assets, the Markets in Crypto-Assets law. The rules cover crypto assets and stablecoins, with stablecoin provisions set to kick in six months after the others.
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🇺🇸 SEC delays decision on spot 💰 bitcoin ETF options
The Securities and Exchange Commission published a notice Monday saying that it "designates May 29, 2024 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove," allowing the New York Stock Exchange to start listing options on spot bitcoin ETFs. Two spot bitcoin ETFs named specifically were Bitwise Bitcoin ETF and the Grayscale Bitcoin Trust, but the proposal also opened the door to "any trust that holds Bitcoin."
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🪙 Ether options point to bullish market sentiment for end of April
The options market seems to have taken on more bullish positions in the largest cohort of ether options open interest by expiration date, contracts for the end-of-April expiry. Some $3.3 billion of notional ether options set to expire, according to Deribit data, and roughly two-thirds of that amount have been placed on calls, or bullish bets on price. "Call strikes are clustered between $3,700 - $4,000, showing an upside bias and underlying bullish sentiment in the market," Wintermute OTC Trader Jake Ostrovskis told The Block.
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💰 Bug in Discontinued Lido Staking Service Blocks User Access to Tokens Valued at $24.4 Million
A bug in the smart contract of Lido’s discontinued Solana staking service is reportedly preventing users from withdrawing digital assets valued at more than $24 million. Lido attributes this issue to “a problem with the maintainer bot and the recent update of rent-exempt terms for Solana staking accounts.”. A report said the staking service’s financial unsustainability and low fee revenue were some of the reasons why Lido ended the service more than five months ago. Before that, 92.7% of the Lido community voted in favor of discontinuing the service rather than funding it.
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💰 Bitcoin's Path to Halving — Anticipated Increase in Difficulty Sets Stage
In April, bitcoin (BTC) miners face two significant events: the upcoming difficulty adjustment and the subsequent halving. During the last adjustment on March 28, at block height 836,640, the difficulty decreased by a modest 0.98%. However, this reduction may be erased in the next adjustment, which is projected to increase by anywhere from 1.2% to 2.16%. The upcoming difficulty adjustment is anticipated to happen at block height 838,656, providing miners with 1,344 blocks to mine until block 840,000.
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🇧🇷 Brazil Eyes Crypto Taxation Changes in New Bill
Brazil is planning to change the way how cryptocurrencies are being taxed. A new bill that deals with investment taxation for individuals will propose to change how crypto is considered, allowing it to be taxed similarly as shared and capital instruments with a variable exchange rate. According to the proposal to be presented in the coming days to the National Congress, crypto investors will have to pay 15% of the income of the operations made with cryptocurrency.
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🔵 JPMorgan says Ethereum could avoid 'security' label amid decreasing Lido share
The declining market share of Lido, Ethereum's largest liquid staking protocol, indicates that Ethereum would likely avoid being classified as a security in the future, according to JPMorgan analysts. "The share of Lido in staked ETH has decreased further from around one third a year ago to around a quarter at the moment," JPMorgan analysts, led by Nikolaos Panigirtzoglou, wrote in a report on Wednesday.
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🟠 Binance Says Compliance Chief Detained in Nigeria Has No Decision-Making Power at Firm
Binance's Head of Financial Crime Compliance Tigran Gambaryan, detained in Nigeria by local authorities, has no decision-making power at the company and should not be held responsible in ongoing discussions between the exchange and government officials, the crypto exchange said in a Wednesday statement. Nigerian authorities invited, then detained, Gambaryan and the exchange's Regional Manager for Africa, Nadeem Anjarwalla, in February.
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♦️ Polkadot parachain Polimec aims to transform Web3 fundraising via decentralized platform
Polkadot’s parachain Polimec wants to revolutionize fundraising for Web3 projects through an innovative approach that sets it apart from rivals. Co-founder Kasper Mai Jørgensen further explained that Polimec enables fundraising directly on-chain without intermediaries in a transparent, fully decentralized, and regulatory-compliant manner. The project was conceptualized in 2020 by the team behind KILT Protocol and later became an independent project with its own non-profit organization in June 2022.
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💰 Umoja Partners With Merlin Chain to Launch Bitcoin's First High-Yield Synthetic Dollar
The smart money protocol Umoja has joined forces with the Bitcoin layer two (L2) initiative, Merlin Chain, to roll out a Bitcoin-based high-yield synthetic dollar. The newly introduced stablecoin is engineered to uphold a self-sustaining peg via transparent, onchain trading techniques developed by Umoja.
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🇬🇧 UK to legislate ‘whole host’ of crypto activities starting in the summer
UK Economic Secretary to the Treasury Bim Afolami said the country is working on legislation for crypto regulations permitting several activities. Speaking at the Innovate Finance Global Summit (IFGS) 2024 on April 15, Afolami emphasized the regulatory regime’s far-reaching nature and said the change would bring a “whole host” of crypto activities within regulatory bounds.
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📈Bitget’s Futures Trading Hits $1.4 Trillion in Q1 2024: Report
February’s strong market recovery, particularly with Bitcoin reaching an all-time high aided Bitget’s exchange volume in Q1. Bitget experienced significant growth across its trading volumes and user base in the first quarter of 2024, riding the wave of widespread market resurgence. The Seychelles-headquartered exchange revealed that its futures trading volume soared to around $1.4 trillion, marking a 146% increase, while spot trading volume surged by 113% to exceed $160 billion.
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💰 Bitcoin Plunges to $66K 📉 , Altcoins Tumble 10-15% on Ugly Day for Risk Assets
Cryptocurrencies tumbled Friday as risk-off sentiment in traditional markets amid flared-up geopolitical risks spread over to digital assets. In fast downward afternoon action during U.S. trading, bitcoin (BTC) plunged below $66,000 after having challenged the $71,000 level just hours earlier. At press time, bitcoin had bounced back to $66,700, down more than 5% over the past 24 hours.
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🪙 43 Bitcoin Projects Secure Key Funding in 2024 Attracting Over $127 Million
A fresh wave of capital is finding its way into the crypto world, with a laser focus on Bitcoin. On April 10, the crypto analytics team from Coin98 Analytics unveiled an infographic illustrating that 43 projects dedicated to the Bitcoin ecosystem have successfully attracted funding from prominent investors. The data was sourced from crypto-fundraising.info, an online portal that highlights fundraising activities in the crypto space.
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💰 Hong Kong's Incoming Spot Bitcoin ETFs Could Be 'Big Deal.'
Heightened anticipation for spot-based bitcoin ETFs in the U.S. and the eventual inflows supercharged bitcoin's run-up to new all-time highs, and now Hong Kong regulators reportedly are inching closer to approving similar funds, news that thus far has been mostly unnoticed in crypto circles. These vehicles, however, could open the floodgates for Chinese investors looking for a new haven next to gold and overseas real estate and stocks in which to store their wealth.
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🪙 Vaneck CEO Expects SEC to Reject Spot Ethereum ETF Applications in May
The U.S. Securities and Exchange Commission (SEC) faces a May deadline to decide on the approval of spot Ethereum exchange-traded funds (ETFs), including applications from asset managers Vaneck and Ark Invest led by Cathie Wood. Several spot bitcoin ETF issuers, including Blackrock, the world’s largest asset manager, and Fidelity, have also filed to launch a spot ether ETF.
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📣 Crypto Market Cap to Double to $5 Trillion by Year-End: Ripple CEO
The value of the cryptocurrency market could almost double to $5 trillion by the end of the year, propelled by the January approval of spot bitcoin exchange-traded funds in the U.S. and the mining-reward halving due later this month, according to Ripple CEO Brad Garlinghouse. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving, for the first time, real institutional money,” Garlinghouse said in an interview with CNBC.
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🇭🇰 Cathie Wood calls on US regulators to emulate Hong Kong’s cryptocurrency policies
ARK Invest CEO and chief investment officer Cathie Wood is urging the U.S. to follow Hong Kong’s example in regulating cryptocurrencies. Wood expressed the sentiment in a dialogue at the latest edition of the Hong Kong Web3 Festival, where she spoke on several key topics shaping the future of the blockchain and crypto industries. Wood acknowledged Hong Kong’s rapid development compared to the U.S., particularly in terms of policy leadership and support for innovative technology and entrepreneurship.
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💰 Miners Offload Bitcoin in Anticipation of Reward Halving, Says Cryptoquant
Currently, at a block height of 837,984, there are precisely 2,016 blocks remaining until the forthcoming Bitcoin block halving event, which will reduce the reward from 6.25 BTC to 3.125 BTC. Cryptoquant, in a report shared on the social media platform X last Friday, shed light on how bitcoin (BTC) miners will need to “innovate [and] improve” post-halving. In examining revenue against hashprice, Cryptoquant’s analysts observed that despite daily revenues reaching new peaks, the miner hashprice has plummeted by 30% compared to levels before the last halving, indicating a decline in earnings per unit of computational work.
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🏦 Coinbase stands strong in consumer lawsuit as case is revived post-appeal
An appellate court has revived a civil lawsuit against Coinbase due to a clerical error despite ruling that the initial dismissal was appropriate. The current ruling largely supported a federal court’s dismissal of the case, noting that the district court “properly dismissed” the plaintiffs’ Section 29(b) complaints. Coinbase chief legal officer Paul Grewal responded to the legal development on April 5, saying that crypto exchanges have no private liability for secondary trading of crypto tokens because “contracts matter.”
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🟠 Binance executive remains detained as 🇳🇬 Nigerian court postpones case
Crypto exchange Binance, currently facing criminal charges in Nigeria, notably lacked legal representation at its April 4 court hearing in the African nation. Instead, the hearing was only attended by its compliance chief, Tigran Gambaryan, who the Nigerian government has detained since the end of February. However, despite expectations for the proceedings to advance, the Nigerian High Court postponed the case until April 19.
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🇳🇬 Nigeria and Interpol collaborate to extradite Binance executive amid money laundering charges
The Nigerian Government has engaged the International Criminal Police Organization, Interpol, to facilitate the extradition of Binance executive Nadeem Anjarwalla, who is currently on the run, as reported by local media outlet Punch. According to reports, the Nigerian government has enlisted Interpol’s assistance in the extradition of Anjarwalla, a British-Kenyan citizen who recently evaded custody of the Nigerian authorities. Anjarwalla and Gambaryan were detained in February following their firm’s issues with the authorities.
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📊 Crypto Venture Capital Fundraising Jumped Over 50% in March Amid Rally
Venture capitalists increased their investments into crypto projects by over 52% in March, spurred by a new all-time high for bitcoin and continued success from the spot bitcoin exchange-traded funds (ETFs). Investors allocated more than $1.16 billion into the industry in March, the second-highest amount in the past 12 months, according to data released by RootData.
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