Bitcoin (BTC) has surged past $64,000, with altcoins also showing signs of recovery. After a weekly low of $62,400, BTC managed to maintain higher ground, hovering around $63,500. The total altcoin market cap also rose by around 1%. Some traders are predicting a full-fledged "altseason" that could rival the market's 2017 all-time highs. Despite remaining below previous cycle all-time highs, Bitcoin's price structure is still considered "very bullish" by some, with consolidation seen as a necessary step for a solid future bull run.

The US Department of Justice (DOJ) has opposed a motion to dismiss charges against Tornado Cash co-founder Roman Semenov. The charges include conspiracy and money laundering. The DOJ argues that Tornado Cash, introduced in 2019, was used by entities like North Korea's Lazarus Group to launder funds. Semenov's legal team maintains that Tornado Cash does not operate as a custodial mixing service and does not meet the criteria for a "financial institution." This comes amid the US government's ongoing crackdown on crypto-mixing services.

Google Cloud has launched a new Web3 portal offering resources for blockchain developers, including datasets and tutorials for creating non-fungible tokens (NFTs). The portal, which has received a mixed response from the crypto community, allows developers to access various products and testnet tokens for deploying and testing decentralized applications on Ethereum testnets. It also offers a learning program with tutorials on developing NFTs, implementing Web3 loyalty programs, and securing digital assets. This follows Google's recent expansion of features enabling users to search wallet balances across multiple blockchains.

In response to recent US regulatory crackdowns on self-custodial cryptocurrency wallet providers, Bitcoin wallet Phoenix Wallet and Wasabi Wallet are discontinuing services for US customers. The decision follows actions taken by US authorities against Metamask creator Consensys and crypto mixer Samourai Wallet, raising questions about the legitimacy of self-custodial wallet providers as money service businesses. Phoenix Wallet users have until May 2 to adjust, while Wasabi Wallet's policy change is effective immediately. Meanwhile, European regulators have relaxed potential regulations concerning self-custody wallets.

Apple is reportedly seeking a tech partner to boost its artificial intelligence (AI) capabilities, with OpenAI and Google being potential collaborators. The tech giant's AI ambitions have waned over the years, with its flagship product, the iPhone, showing signs of lagging behind AI-first competitors. This shift towards external partnerships was hinted at in 2022 when Ian Goodfellow, a key figure in AI, left Apple. Despite this, Apple has continued to work in the AI sector, recently releasing eight open-source large language models. However, these models are unlikely to compete with closed models like OpenAI’s ChatGPT and Google’s Gemini. Apple's potential AI partnerships could be finalized ahead of its Worldwide Developers Conference in June.

Taiwanese prosecutors are seeking a minimum 20-year prison term for four key suspects in a fraud and money laundering case involving ACE Exchange, a cryptocurrency trading platform. The Taipei District Prosecutors’ Office has indicted 32 people, including ACE Exchange founder David Pan, on fraud and money laundering charges. The estimated total loss from the scam, which affected over 1,200 individuals, is now believed to be around US$24.56 million, a significant increase from the previously estimated $10.6 million. ACE Exchange, which trades around $14 million per day, has been labeled a "high-risk cryptocurrency exchange" by Traders Union.

Franklin Templeton, a $1.5 trillion asset management firm, has launched its Ethereum exchange-traded fund (ETF) named "Franklin Ethereum TR Ethereum ETF" or EZET. The ETF is listed on the Depository Trust and Clearing Corporation (DTCC) website, a key platform for US securities transactions. However, this doesn't necessarily mean that the S-1 filing submitted to the US Securities and Exchange Commission (SEC) for a spot Ether ETF has been approved. The SEC has postponed a decision on Franklin Templeton's Ethereum spot ETF application until June 11, allowing an additional 45 days for evaluation.

Liquid staking is transforming the cryptocurrency world by allowing stakers to maintain liquidity of their staked tokens. This innovative approach, introduced by projects like Lido, offers a tokenized representation of staked assets, enabling users to participate in staking without losing control over their holdings. It also allows stakers to earn additional yield through DeFi protocols. The process differs from delegated staking, as it reduces the threshold for investing and avoids the issue of locked tokens. Staking-as-a-service platforms are also emerging, predicted to expand to a $40 billion sector by 2025. However, like any crypto service, liquid staking carries technical and market risks.

DTCC, a financial services heavyweight, has announced it won't assign any collateral to ETFs with Bitcoin or other cryptocurrency exposure, nor extend loans against them. This change will take effect from April 30, 2024, and could impact position values in the Collateral Monitor. However, this will only apply to inter-entity settlement within the Line of Credit (LOC) system. Cryptocurrency ETFs can still be used for lending and as collateral in brokerage activities, depending on individual brokers' risk tolerance. Meanwhile, traditional players like Goldman Sachs are reentering the crypto market, spurred by the approval of spot Bitcoin ETFs.

Nvidia's share price has bounced back by 15% this week, sparking speculation that AI crypto tokens may follow suit. Despite recent price drops, analysts are optimistic that Nvidia's strong performance could positively impact AI tokens, as was the case in the previous market cycle. Nvidia's Q1 2024 earnings report is eagerly awaited on May 22. Meanwhile, AI crypto tokens such as Render, Fetch.AI, and SingularityNET have seen declines over the past 24 hours. Nvidia's strong Q4 2023 earnings report previously triggered price jumps in AI crypto tokens.

US regulators have shut down Philadelphia's Republic First Bank, marking the first banking failure of 2024. The news has stirred up the crypto community, with some seeing it as a reason to favor cryptocurrencies over traditional banking. The Pennsylvania Department of Banking and Securities seized Republic First, and the Federal Deposit Insurance Corporation (FDIC) will take over nearly all deposits and acquire all assets. The bank, which had around $6 billion in assets and $4 billion in deposits, will reopen under Fulton Bank. The news has slightly impacted Bitcoin, Ether, and several altcoins.

In a major crypto scam, Chinese national Yadi Zhang is accused of defrauding over 130,000 investors of $5.94 billion and using Bitcoin to launder the money. Zhang, who was apprehended in the UK, pleaded not guilty to two charges of criminal possession of cryptocurrency. The scam was operated through the company Blue Sky Grid, which is believed to be one of the biggest Ponzi schemes in mainland China. In other news, Hong Kong regulators have barred mainland Chinese residents from accessing Hong Kong spot Bitcoin and Ethereum ETFs after their April 30 launch. Lastly, the Philippines Securities and Exchange Commission has urged Google and Apple to remove crypto exchange Binance's apps from the country, following allegations of offering unregistered securities and operating an unlicensed exchange.

Yuga Labs, the company behind NFT collectibles, is undergoing a major shakeup. CEO Greg Solano announced layoffs and a shift in focus after admitting the company had lost its way. Solano said the company's creative spirit had been overshadowed by corporate processes. The reorganization has already begun, with game developer Faraway acquiring HV-MTL and Legends of the Mara. Yuga will now focus on its Otherside metaverse project. Meanwhile, Won Kim, co-founder of Bored Room Ventures NFT fund, has been appointed as Yuga's head of brand partnerships. The crypto community's reaction to the news has been mixed.

Social media platform X is planning to morph into a financial hub, offering services similar to Venmo and Apple Pay. Meanwhile, Jack Dorsey's Block is developing a Bitcoin mining ecosystem, aiming to decentralize the process. In other news, the NYSE is considering a shift to 24-hour trading, mimicking the crypto markets. This could increase liquidity but also volatility. In investment news, crypto funds saw outflows for the second week in a row, with Bitcoin ETFs hit the hardest. This trend is attributed to rising US interest rates, making traditional financial instruments more appealing.

Crypto lawyer and Senate candidate John Deaton has filed a brief supporting Coinbase's appeal in its ongoing case against the US Securities and Exchange Commission (SEC). Deaton, who is running against Elizabeth Warren, filed the document on behalf of 4,701 Coinbase customers, arguing that the SEC does not represent the interests of digital asset users and investors. The brief also criticizes the SEC's previous enforcement actions and lack of regulatory guidance. The legal issue at stake is whether the term "investment contract" requires contractual obligations after a sale, a key point in the SEC's case against Coinbase.

Upcoming regulations for decentralized finance (DeFi) protocols in Europe could pose challenges for crypto-native projects while inviting traditional financial institutions to join the crypto space, says Marina Markezic of the European Crypto Initiative. The European Commission's DeFi report, due in December 2024, will explore potential regulations for the DeFi ecosystem. The report may provide initial definitions of decentralization for regulators. Legal experts are advocating for clear standards rather than rigid rules. The DeFi market in Europe is expected to generate around $6.69 billion in revenue in 2024, growing to $9.68 billion by 2028.

The U.S. Department of Homeland Security (DHS) has formed an Artificial Intelligence Safety and Security Board, featuring top tech CEOs, academics, and business leaders. The board, created under President Biden, will advise on AI-related matters, developing recommendations for critical infrastructure stakeholders and preparing for AI-related disruptions. The board includes CEOs from Adobe, Alphabet, AMD, AWS, Cisco, IBM, Microsoft, Nvidia, and more, as well as academics and civil rights institutions. Notably, Meta's Mark Zuckerberg and Tesla's Elon Musk are absent from the list. The board's primary function is to advance responsible AI development and deployment.

Big news in the DeFi world! BNB Chain is introducing native liquid staking on its BNB Smart Chain (BSC), aiming to enhance network security while maintaining asset liquidity. Meanwhile, Chainlink has launched a cross-chain protocol to boost interoperability across nine blockchain networks.

In a twist, Arkham Research has flagged several DeFi wallets with millions of dollars stuck in bridge contracts. Among these, one is linked to Ethereum co-founder Vitalik Buterin, with over $1 million in assets stuck for over seven months!

On a cautionary note, EigenLayer, Ethereum's largest restaking protocol, is potentially facing a yield crisis due to rapid growth.

Lastly, the total value locked in DeFi protocols has dipped below $100 billion. Stay tuned for more updates next week!

Despite facing negative influences such as significant outflows from spot Bitcoin ETFs, increased regulatory scrutiny, and global economic downturns, Bitcoin (BTC) managed to stay above $63,000 on April 26. The U.S. Senators Elizabeth Warren and Bill Cassidy have called for more stringent measures to tackle the issue of pseudonymity in cryptocurrency payments. However, Bitcoin investors remain optimistic, drawing hope from the deteriorating global macroeconomic conditions. Some analysts believe that the weaker global economic conditions may lead to additional stimulus measures by central banks, which could benefit Bitcoin.

Bitcoin (BTC) is currently trading within a large range, with a recent $1.3 billion transfer of USD Coin (USDC) to Coinbase sparking speculation of a potential BTC and Ether (ETH) purchase. Meanwhile, a survey of 64 institutional investors revealed a 15% investment in Solana (SOL), a coin none held in January. Morgan Creek Capital CEO, Mark Yusko, predicts around $300 billion of baby boomer wealth will enter digital assets within a year, potentially boosting the crypto market cap to $6 trillion. However, Bitcoin and altcoins are facing potential deepening corrections.