The cryptocurrency market has recently started experiencing a downturn, with the price of the flagship cryptocurrency Bitcoin dropping to $64,100 and the native token of the XRP Ledger, $XRP , dropping to $0.52 while a popular analyst suggests a surge to the $4 mark is “feasible.”

In a post shared on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Egrag Crypto weighed in on the price movements of the cryptocurrency, noting that its “current trajectory suggests a possible reach of $1.4 by June-July,” representing a significant increase from its current levels, with a surge to the $1.8 mark being “plausible.”

The analyst added that aiming for the $4 mark is “feasible” for XRP if the cryptocurrency follows a path similar to the one seen back in 2021, when it surged from around $0.3 per token to $1.8 before enduring a correction.

#XRP Imitating 2021 – Move:🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ

— EGRAG CRYPTO (@egragcrypto) April 25, 2024

However, Egrag Crypto cautions against unbridled optimism. The analyst acknowledges that a scenario mirroring 2021’s meteoric rise could propel XRP to a new all-time high of $4, but they emphasize that this projection hinges entirely on replicating past performance, something any analyst will say isn’t indicative of future results.

As reported, the total value locked (TVL) in on the XRP Ledger’s recently launched automated market makr (AMMs) has surpassed 7 million XRP, according to data from DeFi analytics platform DeXfi.

The figure represents a significant increase in just a few weeks, as noted by dUNL validator Vet, who co-founded the non-fungible token (NFT) marketplace xrpcafe on the microblogging platform X (formerly known as Twitter). According to him, more trading pairs with XRP are “contributing a lot to it as well as more inflows in larger pools.”

The locked assets, which include XRP, Sologenic ($SOLO), USD Coin ($USDC), Bitcoin ($BTC), and Coreum ($CORE), are currently valued at around $4 million.  Of the total locked value, the 3.7 million XRP tokens are worth approximately $2 million.

This marks a 66% increase from the 2.2 million XRP reported on April 17, with the SOLO/XRP AMM pool holding the largest share of locked assets, with a TVL of 1.5 million XRP, followed by the USDC/XRP pool.

Featured image via Unsplash.

CCData, an FCA-authorized benchmark administrator and a leading figure in digital asset data, offers institutional-grade insights into the digital asset landscape. By harnessing tick data from globally recognized exchanges and integrating various datasets seamlessly, CCData provides a comprehensive view of the market, covering trade, derivatives, order books, historical, social, and blockchain data.

In recent times, the stablecoin sector has witnessed significant growth and garnered increased attention. Serving as a vital tool for trading digital assets, stablecoins facilitate the transition of fiat-pegged funds into blockchain applications. However, recent events such as Tether’s collateral concerns and TerraUSD’s collapse have sparked apprehension among investors and regulators alike.

CCData’s Stablecoins Report aims to capture pivotal developments within the stablecoin domain. The report delves into market capitalization and trading volume, segmented by collateral type and pegged asset. Conducted on a monthly basis, the report caters to a broad audience, including crypto enthusiasts seeking an overview of the stablecoin landscape and stakeholders such as investors, analysts, and regulators seeking detailed analysis.

The April 2024 edition of this report highlighted a remarkable 4.76% increase in the total market capitalization of stablecoins, reaching an impressive $158 billion. This surge marked the seventh consecutive monthly increase, culminating in the highest end-of-month market cap since May 2022. Notably, the stablecoin market added $27.1 billion since the beginning of the year, mirroring the recent surge in trading activity and overall market performance.

Source: CCData

One standout from the report was the exceptional performance of FDUSD, which experienced a staggering 77.6% increase in market capitalization, soaring to a new all-time high of $3.89 billion. As the fourth-largest stablecoin, FDUSD continued to solidify its position in the market, with trading pairs registering nearly $388 billion in March alone. The stablecoin maintained its status as the second most popular choice among traders on centralized exchanges (CEXs).

The report also unveiled unprecedented trading volume highs for stablecoins, driven by increased market volatility and positive sentiment following Bitcoin’s surpassing of its previous all-time high in March. Trading volume on CEXs surged by an astounding 98.9% to reach $2.18 trillion in March, marking an all-time high for stablecoin trading volume on centralized exchanges. USDT dominated the landscape, accounting for a significant 77.8% share of the volumes.

In April, major gold-pegged stablecoins, including Tether Gold (XAUT) and Pax Gold (PAXG), witnessed substantial growth in market capitalization, rising by 4.20% and 4.77%, respectively. This increase, totaling $573 million for XAUT and $425 million for PAXG, coincided with a surge in gold prices driven by geopolitical tensions in the Middle East. The heightened demand for gold-backed stablecoins led to premium trading prices on centralized exchanges, with PAXG peaking at $3014 on April 13th.

Source: CCData

Shiba Inu, the popular meme coin project, has announced the successful closure of a $12 million funding round aimed at financing the creation of a new Layer-3 (L3) blockchain that prioritizes privacy. The announcement follows a series of notable achievements for the project, including a strong market performance and strategic partnerships designed to enhance convenience and utility for its dedicated community, affectionately known as the Shib Army.

The funding round, which involved the sale of the $TREAT utility token, attracted investments from a roster of prominent investors, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, Animoca Brands, Foresight Ventures, Comma3 Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, STIX, and Spirit Dao. Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, emphasized the significance of this investment, stating, “What we did is that we made sure that some of the most powerful people in the world have skin in our game, so to speak.”

According to the article in The Shib Daily, the upcoming L3 network will place a strong emphasis on privacy, utilizing $TREAT as its governance and utility token, akin to the role of $BONE as the gas fee token on the Shibarium L2 chain. By incorporating privacy-focused enhancements, Shiba Inu aims to expand its reach beyond its current crypto user base, capitalizing on the rapid evolution of blockchain technology and the increasing competition for onboarding new users from outside the crypto ecosystem.

Earlier this year, Shiba Inu formed a strategic partnership with Zama, a Paris-based company, to integrate its encryption tools that leverage Fully Homomorphic Encryption (FHE). This collaboration seeks to enhance privacy across the chain, ensuring transactional confidentiality, user interactions, and data privacy. Additionally, the project partnered with D3 to offer *shib domain names to users, facilitating a seamless integration between Web2 and Web3 environments.

Commenting on these developments, Shiba Inu marketing lead, known by the X handle @LucieSHIB, expressed enthusiasm, stating, “It’s wonderful to see that we are stepping closer and innovating more. Shib will never stop growing as we will see more people utilize Shibarium. The impact of TREAT will be bigger than many realize, benefiting the whole Shibarmy. Layer 3 will enhance and put Shibarium in a new spotlight.”

Although not yet released, the $ TREAT token will be minted by Shiba Inu Mint S.A., a Panama-based corporation. In addition to funding the development of the L3 blockchain, the raised capital will be allocated to bolstering security measures and ensuring regulatory compliance, laying the foundation for the long-term growth and sustainability of the Shiba Inu ecosystem.

Featured Image via Unsplash

A Solana-based trader has recently realized substantial profits from trading various meme-themed tokens on the Solana blockchain, as reported by blockchain analysis firm Lookonchain on April 26. The trader, identified by their Solana Name Service account “paulo.sol,” made strategic investments in several memecoins, including Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK), resulting in a cumulative profit of over $22.83 million.

The trader’s involvement with BONK dates back to 11 November 2023, when they recognized the token’s potential and began accumulating positions. By employing a swing trading strategy, buying at low points and selling at highs, the trader managed to generate approximately $6.28 million in profits from BONK alone.

In addition to BONK, the trader also demonstrated an astute sense of timing when investing in WIF and BODEN. Rather than immediately investing in these tokens upon their initial listing, the trader waited for the first signs of upward momentum before establishing significant positions. Commencing WIF trades on 4 December 2023, and BODEN trades on March 6, the trader realized profits of $9.51 million and $7.04 million, respectively.

As of the time of writing, the trader continues to hold substantial positions in these memecoins, with $7.6 million in BODEN tokens and $5.7 million in WIF. Furthermore, the trader has expanded their portfolio to include other emerging memecoins, such as PUPS and POPCAT. The trader has invested $1.77 million in POPCAT and nearly $6 million in PUPS, solidifying their position as the largest PUPS holder on the Solana blockchain.

The crypto community has expressed admiration for the trader’s impressive performance, with one X user attributing their success to their strong conviction rather than mere luck. Another user described the trader as having “diamond hands,” a term used to describe investors who maintain their positions even in the face of market pressure.

What a legend!😱paulo.sol has realized profits of $9.51M on $WIF , $7.04M on $boden and $6.28M on $BONK .1/ Let's dig into his trades to see what he's buying.👇 pic.twitter.com/2axUwHb3el

— Lookonchain (@lookonchain) April 26, 2024

As the popularity of memecoins continues to grow, it remains to be seen how long this trend will persist and whether more traders will emerge with similarly impressive profits. However, it is crucial to approach such investments with caution, as the volatility and speculative nature of memecoins can also lead to substantial losses for those who fail to time their trades effectively or fall victim to market manipulations.

On April 24, a debate on social media platform X revolved around the adverse impact of memecoins in the cryptocurrency investment community, initiated by Michael Dempsey of Compound. Eddy Lazzarin, CTO at a16z, emphasized memecoins’ lack of technical depth and their undermining of the industry’s long-term vision. He critiqued their appeal to a niche, casino-like user base, suggesting they hinder the development of more substantial blockchain networks. Lazzarin highlighted the contrast between memecoins and projects falsely claiming groundbreaking technology, noting memecoins’ straightforward offering of volatility and entertainment. He criticized the industry’s defense of memecoins amidst broader struggles, advocating for a focus on addressing deceptive practices in tech-centric crypto projects instead.

Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.It shouldn't be a surprise that they're not attractive to builders.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Featured Image via Unsplash

In a recent interview with David Lin, Jack Mallers, the CEO of Strike, shared profound insights into Bitcoin’s potential trajectory and its broader implications for the financial world.

Jack Mallers began the interview with a bold forecast, suggesting that Bitcoin’s price could surge to $1 million. He bases this prediction on the financial instabilities within the bond markets, which heavily involve banks. According to Mallers, the potential bailout required to stabilize these markets could lead to massive liquidity injections, thus inflating asset prices, including Bitcoin. He emphasized the scarcity of Bitcoin and its fixed supply, which, combined with increased demand amidst financial instability, supports its dramatic appreciation.

Mallers described Bitcoin as the “hardest” money ever created, attributing this to its capped supply — a stark contrast to fiat currencies, which are subject to inflation. This intrinsic hardness makes Bitcoin an attractive store of value, superior even to traditional assets like gold, whose quantity can still be increased.

One of the pivotal topics discussed was the Lightning Network and its role in enhancing Bitcoin’s utility as a currency. Mallers explained that the Lightning Network addresses Bitcoin’s scalability issues by enabling faster and cheaper transactions. Strike leverages this technology to facilitate real-time, global Bitcoin transactions, emphasizing the network’s ability to handle up to a million transactions per second. This capability, Mallers argued, is transforming Bitcoin into a more practical medium for daily transactions, not just an investment asset.

A significant portion of the conversation revolved around central banking systems and their influence on economies. Mallers criticized central banks for their ability to debase currency, effectively diminishing people’s wealth. He posited Bitcoin as a revolutionary tool that could return power to individuals by offering a decentralized and stable alternative to fiat currencies.

Mallers expressed skepticism about altcoins, including Ethereum, questioning their viability as true money. He argued that many altcoins are primarily technological plays rather than genuine monetary instruments, often designed to capitalize on trends rather than offer substantive monetary solutions. He was particularly critical of Ethereum’s shift to proof-of-stake, which he viewed as a move away from being a neutral, immutable monetary system.

Looking forward, Mallers shared ambitious plans for Strike, aiming to make it a leading financial service for Bitcoin, which he believes will become the world’s reserve currency. He discussed Strike’s expansion into new markets, particularly in Europe, and underscored the company’s focus on treating Bitcoin as actual money — a tool for financial empowerment rather than just speculative investment.

Interestingly, Mallers shared his personal financial strategy, which involves exclusively owning Bitcoin and spending through credit, thus maintaining exposure only to an appreciating asset. This approach, he noted, is a practical application of his confidence in Bitcoin’s future.

At the time of writing (

Source: TradingView

Featured Image via Pixabay

In a blog post published on April 25, Joseph Lubin, co-founder of Ethereum, as well as Founder and CEO of ConsenSys, outlined his company’s motivations for initiating legal action against the U.S. Securities and Exchange Commission (SEC).

ConsenSys is a leading blockchain software technology company with a core focus on the Ethereum ecosystem. They develop a comprehensive suite of tools, products, and infrastructure designed to empower developers, businesses, and individuals harnessing the potential of Ethereum. Consider ConsenSys a pivotal player in constructing the foundation for the decentralized web.

Lubin’s discussion centered on ConsenSys’ commitment to ensuring widespread access to blockchain technologies, which he believes are crucial for reshaping various global systems such as economic, financial, and technological frameworks, ultimately contributing to a more equitable and innovative world.

Lubin explained that ConsenSys sued the SEC to challenge its authority over regulating the internet’s future and the Ethereum blockchain. He argued that the SEC’s actions are disruptive and create uncertainty for developers and entities that use Ethereum to operate significant applications. By taking this legal route, Lubin aims to affirm that the SEC should only regulate securities, pointing out that the commission previously indicated that Ethereum’s native token, ether, is not a security.

Furthermore, Lubin criticized the SEC’s attempt to extend its regulatory reach to include all technological advancements associated with the internet, emphasizing that ether, while tradeable like a commodity, is integral to the development of both financial and non-financial applications on Ethereum. This includes sectors like healthcare and agriculture, where applications have substantial non-financial utility.

Lubin also defended the functionality of applications like MetaMask, a product developed by ConsenSys, which facilitates the buying, selling, and transferring of ether. He stressed that treating such platforms as securities brokers would severely restrict the ability of web3 developers to innovate and create new applications.

Throughout his blog post, Lubin expressed concern over the SEC’s inconsistent policies and its failure to understand the transformative nature of blockchain technology. He conveyed his belief in blockchain’s potential to revolutionize the world, drawing parallels with the internet’s evolution and the unforeseen technological advancements it enabled, such as smartphones and smart devices.

Lubin emphasized the importance of allowing Ethereum to continue developing so that individuals can contribute to and benefit from a transparent, secure, and accountable digital world. He stated that the lawsuit was not initiated lightly but was necessary to protect the Ethereum ecosystem and the broader decentralized protocol ecosystem, advocating for a world where innovation and human ingenuity are unrestricted.

In conclusion, Lubin called for support from others who share his vision for Ethereum and encouraged them to express their support and learn more about the issue, underscoring his message that Ethereum is meant to be accessible to everyone.

Featured Image via Pixabay

CoinShares, a prominent European alternative asset manager with a focus on digital assets, released its latest Digital Asset Fund Manager Survey on April 24, 2024. This edition is particularly notable as it follows the recent approval of U.S. spot Bitcoin ETFs, providing fresh insights into investor attitudes and allocations within the digital asset space.

The survey gathered data from 64 respondents who collectively manage $600 billion in assets, offering a substantial look into the trends and shifts in digital asset investment strategies among institutional players.

Key Findings from the CoinShares Digital Asset Fund Manager Survey Bitcoin Retains Its Leading Position

Bitcoin continues to be the most favored digital asset among the surveyed investors. According to the survey, 41% of respondents believe Bitcoin offers the most compelling growth outlook.

Increased Digital Asset Weightings in Portfolios

The survey indicated a significant rise in the allocation of digital assets in investor portfolios, increasing from 1.3% to 3%. This is the highest level since the survey’s inception in 2021, with the previous peak being 1.7% in November 2021. The increase is largely attributed to institutional investors who have begun incorporating Bitcoin into their portfolios through the newly available U.S. ETFs.

Diversifying into Altcoins

Investors are not just sticking to Bitcoin and Ethereum; there’s a notable shift towards diversifying into altcoins. Solana, in particular, has seen a remarkable increase in allocations, likely driven by large investments from a few key players.

In contrast to the growing interest in some altcoins, XRP has experienced a significant downturn, with none of the respondents currently holding this asset. This shift could reflect broader market sentiments or reactions to regulatory uncertainties surrounding XRP.

The Draw of DeFi and Distributed Ledger Technology

When asked about their reasons for adding digital assets to their portfolios, many investors cited the appeal of distributed ledger technology. Despite the price increases since January, an increasing number of investors view digital assets as good value, driven by client demand and positive price momentum. However, the focus on investing solely for diversification purposes has seen a decline.

Barriers and Risks in Digital Asset Investment

Despite the growing interest and increased allocations, significant barriers remain for certain investor cohorts, especially within the wealth management and institutional spaces. Regulatory concerns continue to be a major hurdle, as corporate restrictions and the interpretation of regulatory guidelines restrict broader adoption.

Moreover, while issues like volatility and custody concerns are decreasing, regulatory and political risks still dominate the landscape, posing challenges for both potential and current investors.

Featured Image via Pixabay

Stripe Inc. is set to reintroduce cryptocurrency payments, enabling merchants on its platform to receive stablecoins as payment for online purchases. John Collison, the co-founder and president of Stripe, announced this development during the company’s annual conference, Stripe Sessions, in San Francisco on Thursday. He mentioned that users could expect this feature to roll out in the upcoming summer.

Collison highlighted the significant advances in crypto technology, including faster transaction speeds and reduced fees, which have enhanced its practical utility. He emphasized the increasing stability of stablecoins—cryptocurrencies tied to stable assets like the dollar—and showcased a transaction using Circle’s USDC token during his talk. This move comes as stablecoins gain broader acceptance, underscored by PayPal Holdings Inc.’s launch of its own stablecoin, PYUSD, last year.

Reflecting on Stripe’s history with cryptocurrencies, Collison recalled that about a decade ago, the company facilitated Bitcoin payments. However, this service was discontinued in 2018 due to low customer interest and a subpar user experience at the time.

Furthermore, Stripe has been exploring various crypto-related services. The company has tested payment methods allowing creators on Twitter to receive earnings in cryptocurrencies and, in 2022, launched a crypto on-ramp service that enables businesses to offer their customers methods for converting fiat money into cryptocurrencies. Clients such as Blockchain.com, digital wallet MetaMask, and NFT marketplace Magic Eden are part of Stripe’s growing crypto portfolio.

Moving onchain payments forward 🫡

— Solana (@solana) April 25, 2024

As Bloomberg News reported, additionally, a significant policy change was announced at the conference on Wednesday: companies using Stripe’s products are no longer required to process payments through Stripe. This new flexibility allows businesses to choose the services that best meet their needs without being tied to Stripe’s payment processing solutions.

Featured Image via YouTube (Stripe Channel)

On April 24, an exciting debate unfolded on social media platform X involving several leading figures in the cryptocurrency investment community. The discussion, initiated by Michael Dempsey of Compound, centered on the problematic nature of memecoins within the cryptocurrency sector.

Michael Dempsey expressed concerns that memecoins were causing more harm than the recent bear market by driving away serious cryptocurrency developers. He questioned the alignment of venture capitalists who support memecoins while claiming to care about the fulfillment of crypto’s long-term promises.

Eddy Lazzarin, CTO at venture firm a16z, responded by highlighting the trivial nature of memecoins from a technological perspective and their detrimental effect on the industry’s long-term vision. According to Lazzarin, memecoins fail to attract builders due to their lack of technical depth and undermine the foundational goals that keep many dedicated to the crypto space.

Contrasting these views, Mike Dudas, Founder and Managing Partner at 6MV, argued that memecoins were captivating to users, as shown by their widespread adoption across various blockchain platforms like Base, Blast, and Solana. He emphasized that engagement with memecoins does not prevent users from participating in other blockchain applications such as decentralized finance, gaming, and social networks.

In a retort, Lazzarin questioned the type of audience memecoins attract, describing them as catering to a niche, casino-like user base which might be perceived negatively on a broader scale. He stressed his commitment to developing new networks that could empower a more robust internet, highlighting a divergence in vision from the memecoin phenomenon.

Dudas defended the role of memecoins by stating that they represent just one of many activities available on blockchain networks, and they engage a significant portion of the current users in the blockchain space. He advocated for supporting diverse blockchain uses, including memecoins.

Lazzarin further criticized memecoins for distorting public and regulatory perception of the cryptocurrency industry, likening them to a “risky casino” or “false promises.” He lamented the negative impact this has on the adoption, regulation, and behavior of builders in the crypto space.

Adding another layer to the discussion, Jesse Walden of Variant Fund challenged Lazzarin’s viewpoint by contrasting memecoins with projects that falsely claim to offer groundbreaking technology merely to facilitate token liquidity schemes. He argued that unlike these deceptive projects, memecoins are straightforward about offering volatility and entertainment, making them more defensible.

Lazzarin countered by pointing out the lack of serious defenses for projects that disguise token liquidity schemes as innovative technology, whereas memecoins continue to be advocated for despite the broader struggles within the industry.

Walden concluded by suggesting that the industry should concentrate more on addressing deceptive practices in tech-centric crypto projects rather than focusing solely on the drawbacks of memecoins.

Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.It shouldn't be a surprise that they're not attractive to builders.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Featured Image via Unsplash

On 24 April 2024, Meta Platforms Inc (NASDAQ: META) Reported its First Quarter 2024 Results.

According to Meta’s press release, Mark Zuckerberg, Meta founder and CEO, had this to say:

“It’s been a good start to the year. The new version of Meta AI with Llama 3 is another step towards building the world’s leading AI. We’re seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.“

As for the Meta CFO, Susan Li, she said:

“We expect second quarter 2024 total revenue to be in the range of $36.5-39 billion. Our guidance assumes foreign currency is a 1% headwind to year-over-year total revenue growth, based on current exchange rates.

“We expect full-year 2024 total expenses to be in the range of $96-99 billion, updated from our prior outlook of $94-99 billion due to higher infrastructure and legal costs. For Reality Labs, we continue to expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and our investments to further scale our ecosystem.“

The next day, Sarah Kunst, Managing Director at Cleo Capital, appeared on CNBC’s “Worldwide Exchange” to discuss Meta’s earnings report

Here’s a detailed breakdown of her comments:

Stock Performance and Capex Guidance:

Kunst noted the significant drop in Meta’s stock price due to the company raising its capital expenditure (capex) guidance while also providing soft revenue guidance. She suggested that this investor reaction is partly fueled by prior experiences with CEO Mark Zuckerberg’s ambitious projects, which haven’t always panned out, referencing his foray into the metaverse as an example.

AI Investments:

Despite the costliness of AI, Kunst argued that investing in this technology makes sense for Meta. She emphasized that AI is a substantial and real opportunity, given Meta’s technological capabilities and wealth of data. Kunst expressed confidence that Meta’s bet on AI would be profitable for those investors who remain unshaken by short-term uncertainties.

Metaverse Skepticism:

Kunst was critical of Zuckerberg’s continued investment in the metaverse, particularly highlighted by the substantial losses ($3.85 billion) reported by Meta’s Reality Labs segment. She compared this unfavorably with competitors like Apple, who are also venturing into augmented reality technologies. Kunst implied that the market had not embraced the metaverse technology, regardless of the promoter.

Digital Ads Business:

Meta’s primary revenue source, digital advertising, missed estimates by 6%, which Kunst attributed to a broader global shift in advertising dynamics rather than a specific issue at Meta. She discussed how the current geopolitical and domestic unrest affects brand-safe advertising, suggesting that these factors are causing companies to reconsider where their ads are placed.

Comparison with Other Tech Giants:

She highlighted that while digital ads are a significant revenue stream for other tech companies like Alphabet, Microsoft, and Amazon, Amazon might be better positioned in the current market. This is due to Amazon’s focus on product listing ads, which are considered more brand-safe compared to the social content-based ads prevalent on platforms like Meta.

At the time of writing (5:46 p.m. UTC on April 25), META is trading at $437.88, down 11.27% on the day.

Source: Google Finance

Featured Image via YouTube (Meta’s Channel)

A recent Bloomberg News article suggests that optimistic Bitcoin traders are dialing back their bets on the leading cryptocurrency as two significant driving forces – robust inflows into U.S. spot Bitcoin ETFs and the hype surrounding the Bitcoin halving event – lose steam.

As reported by Bloomberg, the Bitcoin funding rate, which represents the premium traders pay to open new long positions in the perpetual futures market, dipped into negative territory on April 19, marking the first such occurrence since October 2023. This shift implies a cooling of demand for Bitcoin following a period of all-time highs propelled by the launch of ten US-listed spot Bitcoin ETFs on January 11.

Source: Coinalyze

The article notes that net inflows into these ETFs have decreased in recent weeks, while the long-awaited Bitcoin halving event, which took place last week and cut the supply of new coins, had a limited effect on the cryptocurrency’s price.

Bloomberg says that Bitcoin hit a peak of $73,798 in March but has since experienced a nearly 13% correction, trading at $64,214 as of Thursday morning in London.

Source: TradingView

The waning enthusiasm for Bitcoin among buyers is partly attributed to increasing risk aversion stemming from tensions in the Middle East and expected delays in Federal Reserve rate cuts, according to the article. Julio Moreno, Head of Research at CryptoQuant, is quoted saying that the negative funding rate indicates a decreased desire among traders to open long positions.

Bloomberg also cites Vetle Lunde, an analyst at K33 Research, who pointed out that the current 11-day streak of neutral-to-below-neutral funding rates is uncommon, as previous dips were quickly followed by an influx of leveraged bets. Lunde suggests that this prolonged period of discounted perpetual futures could signal further price consolidation.

The article highlights that the decrease in the Bitcoin funding rate coincides with a decline in daily inflows into the US-based spot Bitcoin ETFs. Bloomberg’s data shows that these ETFs have attracted a net inflow of $170 million so far this month, a significant drop compared to the $4 billion they garnered during the same number of trading days in March.

Source: Farside Investors

Moreover, Bloomberg reports that open interest in Bitcoin futures at the Chicago-based CME Group has fallen 18% from its record high, signaling a diminishing interest in crypto-related exposure and hedging among U.S. institutions. As the crypto market looks for new driving forces, the article states that attention is turning to Hong Kong, which is set to launch its own batch of spot Bitcoin ETFs and spot Ethereum ETFs on April 30. However, it is uncertain whether these new products can attract even a small portion of the demand seen by U.S. issuers.

Featured Image via Pixabay

Morgan Stanley, one of the leading financial giants on Wall Street, is set to empower its 15,000 brokers with the ability to actively recommend Bitcoin exchange-traded funds (ETFs) to their clients, according to a report by AdvisorHub, cited by an article in CoinDesk. This decision marks a significant shift from the bank’s previous policy, which allowed the purchase of spot Bitcoin ETFs only on an unsolicited basis—meaning brokers could execute transactions only if clients requested them first.

The change comes in response to the rising demand for spot Bitcoin ETFs, which Morgan Stanley executives believe could usher additional capital into these funds. These ETFs provide an attractive proposition for investors looking to gain exposure to Bitcoin without the complexities and risks associated with direct cryptocurrency ownership.

An executive from Morgan Stanley emphasized the cautious approach the bank intends to maintain, stating, “We’re going to make sure that we’re very careful about it…we are going to make sure everybody has access to it. We just want to do it in a controlled way.” This statement highlights the bank’s strategy to integrate more cryptocurrency options into its offerings while ensuring that both the financial advisors and their clients are well informed and prepared for this type of investment.

The backdrop to this strategic shift is the Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin ETFs in January. Notable investment giants like BlackRock, Fidelity, and Invesco received the green light, leading to a surge in fund inflows, which significantly bolstered Bitcoin’s market position. However, despite the initial enthusiasm, these inflows have shown signs of tapering off recently. For instance, BlackRock iShares Bitcoin Trust (IBIT) reported its first day of zero inflows since the launch of tn spot Bitcoin ETFs in the United States on January 11, despite having attracted consistent investments previously, accumulating nearly $15.5 billion in just 71 days.

To date, the spot Bitcoin ETF market in the U.S. has amassed a considerable $12.3 billion in Bitcoin, reflecting the growing investor interest and confidence in cryptocurrency as a viable investment asset.

Source: Farside Investors

Morgan Stanley’s move to enable direct recommendations by its brokers could potentially revive the inflow momentum and further integrate cryptocurrency into mainstream investment portfolios.

Featured Image via YouTube

The total value locked (TVL) in on the XRP Ledger’s recently launched automated market makr (AMMs) has surpassed 7 million $XRP , according to data from DeFi analytics platform DeXfi.

The figure represents a significant increase in just a few weeks,as noted by dUNL validator Vet, who co-founded the non-fungible token (NFT) marketplace xrpcafe on the microblogging platform X (formerly known as Twitter). According to him, more trading pairs with XRP are “contributing a lot to it as well as more inflows in larger pools.”

Missed to pay attention past couple days, but we were below 5M XRP in TVL in the XRPL AMM while we now get closer to 10M XRP in TVL !More pairs, usually with XRP on one side, are contributing a lot to it as well as more inflows in larger pools. pic.twitter.com/nDHsQFBjUP

— Vet 🏴‍☠️ (@Vet_X0) April 24, 2024

The locked assets, which include XRP, Sologenic ($SOLO), USD Coin ($USDC), Bitcoin ($BTC), and Coreum ($CORE), are currently valued at around $4 million.  Of the total locked value, the 3.7 million XRP tokens are worth approximately $2 million.

This marks a 66% increase from the 2.2 million XRP reported on April 17, with the SOLO/XRP AMM pool holding the largest share of locked assets, with a TVL of 1.5 million XRP, followed by the USDC/XRP pool.

The new platform allows XRP token holders to trade in a permissionless way using liquidity pools rather than traditional order books. These pools are made of two or more tokens supplied by liquidity providers, and are used to settle trades, with the prices of tokens within them being determined through the use of blockchain oracles.

Those who provide liquidity to the pools will receive revenue every time a trade is conducted using that pool, but the revenue comes with the risk of impermanent loss. Impermanent loss occurs when price fluctuations alter the ratio of the tokens within the pool, meaning token providers could be better off if they simply held the tokens in their wallets.

The loss is considered to be impermanent because the ratio of tokens can be restored, in which case the token provider would be gaining the fees collected over time.

Notably, a popular cryptocurrency analyst has recently stood by their bullish price prediction for XRP, predicting the cryptocurrency’s price will explode to over $200 per token, an over 30,000% rise from its current level.

Per his words, XRP has seen a “full logarithmic follow through” which means XRP “may be more than poised for $200+.” He noted that XRP’s price surged over 100,000% during the 2017-2018 bull run, and suggested that a 33,000% run from its current level “can be more than possible and developing.”

As reported the XRP Ledger has been progressing over time, with the total amount of XRP locked onto the XRP Ledger’s recently launched automated market maker (AMM) platform recently surging from around 330,000 XRP tokens to over 715,000 XRP, worth over $400,000, at a time in which the AMM platform is set to get key bug fix.

The rise in locked XRP also comes shortly after Ripple, a leading provider of enterprise blockchain and crypto solutions, announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). The stablecoin would be fully backed by a reserve of US dollar deposits, short-term US government treasuries, and other cash equivalents.

As CryptoGlobe reported, the firm expects the stablecoin market to exceed $2.8 trillion by 2028, and its own stablecoin will be launched both on the XRP Ledger and on Ethereum.

Featured image via Pixabay.

Popular meme-inspired cryptocurrency Shiba Inu ($SHIB ) has seen its value surge over 15% over the past week while the cryptocurrency market recovers, at a time in which analysts are becoming more optimistic about the cryptocurrency’s future.

Data from leading blockchain analytics firm CryptoQuant reveals that SHIB reserves on centralized cryptocurrency exchanges have dropped to their lowest level since February 2022, and are currently at around 150 trillion tokens, as CryptoPotato first reported.

This decline indicates a decrease in the number of SHIB available for trading, potentially leading to scarcity and future price increases, assuming demand remains steady or rises.

CryptoQuant’s data also shows a predominantly negative SHIB exchange netflow over the past week, showing a large movement of tokens from centralized exchanges to self-custody wallets that suggests a decrease in immediate selling pressure, which is generally considered a bullish signal.

Beyond these exchange-related metrics, other developments within the Shiba Inu ecosystem also hint at a potential price rise, with a growing SHIB burning rate helping remove tokens from circulation and reduce circulating supply.

SHIB’s cryptocurrency community has helped it maintain a strong social activity, with social intelligence firm Lunar Crush noting earlier this month SHIB is “signaling bullish” as it has been seeing increasing social activity paired with accelerating market volume and rising price action.

As CryptoGlobe reported, the meme-inspired cryptocurrency could, according to an analyst, surge in the near future based on technical analysis, as the analyst suggested its chart shows a symmetrical triangle pattern, often interpreted by traders as a bullish signal.

A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.

Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.

Notably, last month, Shiba Inu’s layer-2 scaling solution, Shibarium, started hitting new milestones. The network topped the 400 million transaction mark earlier this week as SHIB’s adoption grows. Shibarium hit the 300 million transaction mark back in January of this year.

Featured image via Unsplash.

Investors seeking exposure to the second-largest cryptocurrency, Ethereum ($ETH ), via exchange-traded funds (ETFs) may face a longer wait than anticipated, but despite this delay, investment bank Standard Chartered remains bullish on the cryptocurrency market.

The bank recently revised its previous timeline for U.S. approval of spot Ether ETFs, originally expected in May, according to a report from CoinDesk. Prediction markets like Polymarket currently assign only a 14% chance of such approval by the end of next month, despite the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission in January of this year.

Standard Chartered analyst Geoff Kendrick, who previously predicted a May 23 launch for spot Ether ETFs, identified several challenges currently impacting the digital asset market, which include the U.S. Securities and Exchange Commission’s recent lawsuit against decentralized finance (DeFi) platform Uniswap, rising U.S. Treasury yields, delayed Federal Reserve rate cuts, and the negative impact of escalating Middle Eastern conflict on risk assets like Bitcoin and Ethereum.

This confluence of factors has tempered expectations for Ethereum’s swift integration into mainstream financial products. Standard Chartered, however, remains confident in the long-term trajectory of digital assets.

The bank revealed believes the recent downturn reflects a temporary setback, believing bad news is already priced in for both BTC and ETH, and “positive structural drivers” are expected to take over.

Standard Chartered remains bullish, reiterating its year-end price targets of $150,000 for Bitcoin and $8,000 for ETH, seeing the latter surging to $14,000 by 2025. Bitcoin is, at the time of writing, trading at $66,600, while Ethereum is trading at $3,280, according to CryptoCompare data.

The report also highlighted significant market adjustments. One key indicator is the largest daily liquidation of leveraged long positions in the Bitcoin futures market since October 2023, triggered by geopolitical tensions in mid-April, that removed $261 million from the market.

The bank, as CryptoGlobe reported, has projected Bitcoin could reach the $200,000 mark by the end of 2025 based on the assumption that between 437,000 and 1.32 million new bitcoins will be held in U.S. spot ETFs by the end of 2024, translating to an inflow of approximately $50-100 billion.

Featured image via Unsplash.

Major cryptocurrency investors, colloquially known as “whales,” have been accumulating the second-largest cryptocurrency by market capitalization, Ethereum ($ETH ), adding nearly $500 million worth of it to their stashes over the last few weeks.

According to data shared by popular on-chain analysis service Lookonchain, large cryptocurrency whales have been accumulating the second-largest cryptocurrency over the last few weeks through a series of withdrawals from leading cryptocurrency exchange Binance.

The data shows that a whale wallet that could potentially belong to TRON founder Justin Sun withdrew 4,666 ETH from Binance, worth around $14.9 million, after withdrawing 132,054 ETH from the exchange since April 8, accumulating over $430 million worth of it.

Another whale, identified by its wallet’s initials “0x9EB0,” withdrew 7,182 ETH from the exchange, while another whale identified by “0x4446” withdrew 11,892 ETH from Binance, worth around $37.7 million, to long the cryptocurrency by depositing it on decentralized lending protocol Compound to borrow USDT.

Whales are bullish and accumulating $ETH !0x4359 (possibly #JustinSun) withdrew 4,666 $ETH ($14.91M) from #Binance again 6 hours ago and he had bought 132,054 $ETH ($420M) at $3,173 since Apr 8. https://t.co/ET5sqAhv9XFresh wallet"0x9EB0" withdrew 7,182 $ETH ($23.06M) from… pic.twitter.com/NRakiuqNbp

— Lookonchain (@lookonchain) April 23, 2024

Lookonchain pointed to an additional whale, “0x1958,” that withdrew 5,1818 ETH worth $16.28 million from the leading cryptocurrency exchange before staking the funds with non-custodial liquid restaking protocol Bedrock and DeFi protocol Pendle.

Notably, as reported, a large cryptocurrency whale has lost over $4.5 million after attempting to leverage their long position on Ethereum twice, having had to repay their debt on a decentralized protocol as the price dropped.

The whale’s loss occurred earlier this month, after it first took out a USDT loan on decentralized lending protocol Compound, having to repay later on the funds that it used to purchase more ETH.

The trader then made a second attempt, withdrawing funds from leading cryptocurrency exchange Binance to deposit ETH onto the protocol, which they used to borrow USDT and then subsequently buy more ETH, effectively leveraging their position on the cryptocurrency.

Details of the whale’s strategy reveal that they sold their entire holding of 10,701 ETH (valued at approximately $33 million at the time) on the Binance exchange to cover the debt incurred from their failed long position. This final move resulted in an additional loss of over $4 million.

On Compound, loans are over-collateralized, which means that to take out a loan, users have to put down collateral whose value is superior to the value of the loan itself. In the cryptocurrency space, however, there are several risks as the volatility of cryptocurrency prices could see loans easily become under-collateralized. This could trigger a liquidation.

Featured image via Unsplash.

Blockchain Association is a trade association based in Washington, D.C. that represents various stakeholders in the cryptocurrency and blockchain industry, including technology startups, investors, and developers. The organization aims to advocate for policy and regulatory solutions that foster innovation and ensure the sustainability of the crypto and blockchain sector. Their efforts include lobbying for favorable legislation, providing educational resources to policymakers, and promoting a better understanding of blockchain technology among the public and government officials.

On April 23, Kristin Smith, CEO of Blockchain Association, detailed the reasons for their lawsuit against the U.S. SEC during an interview with Sonali Basak and Tim Stenovec on “Bloomberg Crypto.”

Background of the Lawsuit

Earlier that day, Crypto Freedom Alliance of Texas and Blockchain Association filed a complaint in the District Court for the Northern District of Texas, that challenges the SEC’s new dealer rule, which they argue expansively redefines who qualifies as a dealer. This rule, they argue, is particularly problematic for the cryptocurrency space, especially decentralized finance (DeFi), where intermediaries are replaced by software code, eliminating the traditional customer-client relationship. The association believes this redefinition could unjustly encompass individuals who trade on their own account.

Issues with the SEC’s Dealer Rule

Smith criticizes the SEC’s approach as vague and asserts that the rulemaking process ignored the crypto industry’s concerns. The association contends that the SEC’s actions violate the Administrative Procedure Act (APA), suggesting that the rule was enacted in an arbitrary and capricious manner. The lack of clarity and failure to address industry concerns during the comment period are central to their legal challenge.

Potential Consequences of the SEC’s Rule

Smith painted a grim picture of the potential impact of the SEC’s rule on the cryptocurrency market. She noted that the uncertainty created by the rule has led companies within the Blockchain Association to halt hiring and delay launching new products in the U.S. She believes that this environment stifles innovation and creates significant compliance challenges for market participants, many of whom, she argues, may not be able to meet the new requirements.

The Broader Impact on Innovation

The Blockchain Association hopes that their lawsuit, alongside another led by the Managed Funds Association on behalf of hedge funds, will slow the SEC’s enforcement of this new rule. They aim to compel the SEC to reconsider the rule’s impact on the unique aspects of cryptocurrency technologies and trading.

Final Remarks

Throughout the interview, Smith emphasized the need for regulatory clarity that accommodates the technological innovations within the cryptocurrency space. She expressed hope that the lawsuit would lead to a more favorable regulatory environment that supports innovation and growth within the industry.

Featured Image via Pixabay

While Bitcoin has gained greater institutional acceptance with the recent ETF launches in the US, it is still not a pure institutional asset, and it is not a pure commodity like gold. It is so much more: secure, decentralized, and programmable value. Zulu Network believes that Bitcoin can be so much more.

The Bitcoin Ecosystem is ready to evolve by adding BitFi (Bitcoin Native DeFi), integrating existing infrastructure, and advanced programmability to take Bitcoin from a store of value into a new economy with native yield, exciting innovations and sophisticated DeFi applications. 

Zulu Network is the first Bitcoin Layer 2 with a Dual-Layer architecture (L2+L3). ZuluPrime L2 is EVM compatible, for Bitcoin scaling and BitFi (Bitcoin DeFi); ZuluNexus L3 offers UTXO programmability, a unique solution to continuously support Bitcoin native innovation making transactions cheaper, fast, extendable, and programmable. Zulu’s other innovations also include the first Bitcoin decentralized bridge (with a working demo coming in the next couple of weeks) and its unique hybrid PoS / PoW mining design.

BitFi has the potential to reshape the financial industry and offer individuals greater control over their financial assets. However, it is currently limited in its scalability capacity. There is clearly massive demand, but poor infrastructure and limitations for mass adoption like scalability issues to foster new Bitcoin native format innovations. 

Zulu Network is building a new infrastructure to solve these limitations, with a programmable, extendable, and innovative new approach for the Bitcoin Ecosystem. Zulu wants to unlock the Bitcoin Economy for all developers and users. 

Zulu Network’s Ground-Breaking Architecture

Zulu Network’s unique Two-Tier architecture (L2+L3), aims to move the Bitcoin Network forward with a new infrastructure that solves the limitations of the current Bitcoin ecosystem, such as big demand but poor infrastructure, scalability issues, and lack of native innovations that limit the potential for mass adoption. 

Zulu’s Bitcoin Layer 2 solution offers a unique two-tiered architecture, supporting both EVM and UTXO, paving the way for revolutionary advancements within the Bitcoin ecosystem:

ZuluPrime L2 is EVM compatible, for Bitcoin scaling and BitFi (Bitcoin DeFi).

ZuluNexus L3 offers UTXO programmability to support Bitcoin native innovation, making transactions cheaper, fast, extendable, and programmable. 

Zulu’s other innovations also include the first trust-minimized Bitcoin bridge (with a working demo coming soon) and its unique hybrid PoS / PoW mining design.

Zulu Lwazi Alpha Testnet Highlights

ZGP Points Campaign: https://medium.com/@zulu_network/earn-zulu-genesis-points-zgp-now-phase-1-lwazi-c69323fd3ea1 

25k+ users and 52k+ transactions in first 48 hours.

40k+ users and 287k+ transactions in first week.

Currently 140k+ registered users and 1M+ transactions!

Social Media: 40k+ Twitter followers, 35k+ Discord members, 56k+ Telegram members.

Zulu Network Architecture

With a dual-layer architecture on Bitcoin (L2 & L3), Zulu Network offers: 

ZuluPrime (EVM): EVM-compatible L2 platform aimed at building a new BitFi (Bitcoin DeFi) ecosystem through smart contracts and decentralized applications (dApps).

ZuluNexus (UTXO): L3 integrates scalability of UTXO and focuses on innovation of Bitcoin’s original ecosystem and native assets. 

The Bitcoin Network is used as a L1 finality for Zulu.

Zulu Network is also building the first trust-minimized Bitcoin bridge to connect all Bitcoin Layer 2s and the entire crypto ecosystem to the Bitcoin ecosystem.

Like most of the blockchain world, the Zulu team was captivated by the immense possibilities that Robin Linus put forth in the white paper for BitVM. Zulu believes in the ethos brought forth by Satoshi of true decentralization.

That is why to fully realize the vision of Zulu in its entirety, a trust-minimized bridge with both inflows and outflows to and from the Bitcoin Network and Ethereum ecosystem is necessary.

Therefore, in the interest of further advancement of the Bitcoin ecosystem, Zulu has taken it upon themselves to implement the first trust-minimized Bitcoin bridge.

Zulu uniquely enhances the Bitcoin network by integrating a dual-layer architecture that supports both traditional UTXO and advanced programmable features, allowing for the development of sophisticated decentralized applications (DApps), expanding Bitcoin’s capabilities while maintaining its foundational principles of security and reliability.

For a more in-depth look at the Zulu Network architecture, click here: https://medium.com/@zulu_network/architecture-deep-dive-how-zulu-will-move-bitcoin-forward-837d2492c234 

Zulu Network Key Achievements

First Dual-Layer Architecture on Bitcoin (L2+L3).

First implementation of a decentralized Bitcoin bridge. 

Unique PoW + PoS mining

First Bitcoin Layer 3 (ZuluNexus)

Solving UTXO and BitFi (Bitcoin Native DeFi) limitations through programmability, extendibility, and advanced capabilities.

$3m raised in Pre-Seed Funding from top VCs

Launch of Zulu Lwazi Alpha Testnet and Zulu Genesis Points

Moving the Bitcoin Economy Forward

Zulu invites everyone to move Bitcoin forward with them. Explore, innovate, and contribute to the evolution of blockchain technology with Zulu.

Learn More About Zulu Network

Website: https://zulunetwork.io/   

Whitepaper: https://zulunetwork.io/whitepaper.pdf 

Gitbook: https://docs.zulunetwork.io/ 

Github: https://github.com/zulu-network/ 

Zulu Lwazi Testnet: https://testnet.zulunetwork.io/lwazi  

Testnet Points Guide: https://medium.com/@zulu_network/earn-zulu-genesis-points-zgp-now-phase-1-lwazi-c69323fd3ea1   

ZuluScan: https://testnet.zuluscan.io/ 

Bridge: https://testnet.zulunetwork.io/bridge/ 

In a recent article, Bloomberg News highlighted a growing trend in the hedge fund world: the increasing interest in memecoins. According to the report, the allure of these highly speculative tokens has become irresistible for some hedge funds as they seek to capitalize on the potential for quick and substantial returns.

Bloomberg cites the example of Stratos, which launched a liquid fund holding Dogwifhat, a memecoin that experienced a price appreciation of more than 300 times at one point. The fund, whose limited partners reportedly include venture capitalists Marc Andreessen and Chris Dixon, posted a 137% return in the first quarter, outperforming the overall crypto market.

The article also mentions that Brevan Howard has made a “tiny” investment in the memecoin sector, according to an anonymous source familiar with the matter. Additionally, Pantera Capital has acknowledged that “memecoins are here to stay” and that “memecoin trading creates gigantic” opportunities.

Bloomberg reports that memecoins are currently registering the highest trading volume on decentralized exchanges, with the overall market value of memes currently being around $54.7 billion.

Despite the growing interest from hedge funds, many crypto participants remain skeptical of memecoins, according to the Bloomberg article. Unlike more conventional cryptocurrencies, memes are not typically tied to specific projects and are often inspired by internet memes, characters, or trends. The article cites Quinn Thompson, founder of the hedge fund Lekker Capital, who compares the memecoin frenzy to the GameStop and meme stock phenomenon in traditional markets, calling it “the tip of the spear for speculation” and “gambling.”

However, the Bloomberg report also highlights the evolution of memecoins, with Cosmo Jiang, a portfolio manager at Pantera, suggesting that they have become more than just a joke. “People have started to call some memecoins as culture coins, they are a membership into a culture or a group of people with a shared believe system,” Jiang is quoted as saying.

The article further notes that the infrastructure surrounding memecoins has become more robust since the last crypto cycle, with improvements in liquidity and the development of sophisticated futures markets on centralized exchanges. This has enabled hedge funds to capitalize on the volatile movements of memecoins and effectively hedge their exposure, according to Josh de Vos, research lead at CCData.

As more hedge funds become comfortable with the concept of memecoins, Palley of Stratos expects the focus on these highly speculative tokens to increase. “I wouldn’t be surprised with firms creating meme-only funds, just as they created NFT-only funds,” he is quoted as saying in the Bloomberg article.

In an investor note released last month, Franklin Templeton, the American multinational investment firm, highlighted meme coins, stating that although these cryptocurrencies lack inherent value or utility, they could potentially offer quick financial returns.

Franklin Templeton has gone full degen. https://t.co/uXAaMFuU1b

— The Wolf Of All Streets (@scottmelker) March 13, 2024

Featured Image via Dogwifhat

On 15 October 2021, Jack Dorsey, the Co-Founder, Chairperson, and CEO of Block, Inc (NYSE: SE), formerly known as Square, initiated a Twitter conversation about the possibility of developing a Bitcoin mining system. This system would be based on custom silicon and open-source technology, aimed at both individual users and businesses globally. Dorsey proposed a model similar to the company’s hardware wallet strategy, which would involve an open development process in collaboration with the community.

Dorsey outlined several key considerations and questions surrounding the project through a series of tweets:

Decentralization of Mining: Dorsey emphasized the importance of distributing the mining process. He argued that decentralization is crucial for the resilience of the Bitcoin network, especially after the last Bitcoin has been mined. According to him, the main role of miners in securing transactions without relying on trusted third parties remains vital indefinitely.

Efficiency of Mining: He pointed out the need for more efficient mining practices, suggesting that advancements in clean and efficient energy usage are not only beneficial for Bitcoin’s economics but also for its environmental impact and scalability. Dorsey called for innovation across silicon, software, and integration, querying the community about the largest opportunities in this area.

Concentration in Silicon Design: Dorsey highlighted concerns over the concentration of silicon design within a few companies, which might lead to supply constraints. He noted that silicon development is costly, demands long-term investment, and benefits significantly from close integration with software and system design. He questioned why more companies are not involved in this sector.

Need for Vertical Integration: The thread also touched on the lack of focus on vertical integration in the industry. Dorsey suggested that considering hardware, software, productization, and distribution as a single system could enhance accountability and improve accessibility to end users.

Accessibility of Mining: Finally, Dorsey addressed the accessibility of Bitcoin mining, advocating for a system where setting up a mining rig would be as simple as plugging it into a power source. He pointed out the current lack of incentive for individuals to engage in mining due to its complexity and asked for input on the biggest barriers faced by people interested in running miners.

Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.

— jack (@jack) October 15, 2021

In an announcement on April 23, the Bitcoin mining division of Block shared exciting updates on its ongoing Bitcoin mining project. The company revealed that it had completed the development of its advanced three-nanometer (3nm) Bitcoin mining chip and is in the process of finalizing a full tape-out of the design with a leading global semiconductor foundry.

Block’s mining division emphasized that this milestone marks an important step in its pursuit of decentralizing both the supply of Bitcoin mining hardware and the distribution of hash rate. The company had previously shared its progress on manufacturing a five-nanometer (5nm) mining chip prototype, which met its design targets and validated its architecture and design approach.

According to Block, their 3nm mining chip will utilize the most advanced semiconductor process currently available, ensuring that it delivers the performance required for mining operators of all types to thrive in the fifth mining epoch (the period following the recent 4th halving of the block subsidy) and beyond.

Alongside the completion of their chip design, Block’s mining division announced that they are developing a full Bitcoin mining system. The company has been actively engaging with the mining community, listening closely to the feedback and insights provided by a wide variety of Bitcoin miners to identify the challenges faced by mining operators.

Block stated that building on these insights and in line with their goal of supporting mining decentralization, they plan to offer both a standalone mining chip and a full mining system of their own design. The company highlighted that they will be the only large, well-capitalized mining hardware vendor with a standalone mining chip solution, which they hope will help unlock mining system innovation and support the much-needed development of new mining system form factors and use cases.

Regarding their bitcoin mining system, Block’s mining division intends to leverage their extensive experience in product and software development, system engineering competency, supply chain management, and aftermarket support. The company says it has shipped tens of millions of devices and plans to use this expertise to bring a compelling and differentiated mining solution to the market.

Featured Image via Pixabay