The Grayscale Bitcoin Trust (GBTC) has been experiencing a steady stream of capital outflows despite previous comments from Grayscale CEO Michael Sonnenshein suggesting a potential stabilization. 

Recent data shows that on a single day, April 12, GBTC saw more than $166 million and over 2,500 Bitcoins withdrawn from its holdings. The outflow situation is consistent with the trend observed from the beginning of the year, with total outflows of more than $16.2 billion since January, according to Farside Investors data.

With GBTC struggling with fund outflows, minimal inflows have been reported by some of the bitcoin exchange-traded funds (ETFs), pointing to generally less investor interest in these products. Just this week, GBTC recorded outflows of $767 million, which mirrors the general negative flow into Bitcoin ETFs, as per data from Farside Investors.

Inflows to the 9 new bitcoin ETFs, ex. GBTC, were just $572 million this week, the worst week to date. pic.twitter.com/pMzS5gH26I

— Joe Consorti (@JoeConsorti) April 13, 2024

Competition and Fee Structures

The competition from other players in the market, notably BlaBlackRock’sIT Bitcoin ETF, is one of the most significant challenges that GBTC needs to contend with. Despite outflow problems with GBTC, IBIT has witnessed its assets under management skyrocket beyond the $15 billion mark. This expansion is probably supported by the migration of investments from GBTC, where elevated fees may dissuade investors. GBTC has an annual management fee of 1.5%, which is much higher than the average of 0.30% that its competitors charge.

Though competitive pressure has been mounting, GraGrayscale’snagement has been hesitant to lower its fee structure. This trend is part of a larger market trend where initial enthusiasm for new financial products is replaced by concentration on a few products with relative fees and strong management.

Markets Dynamics and Prospects

The volatility of the cryptocurrency investing environment is demonstrated via the daily changes in outflows from GBTC. Records of the previous week indicated outflows of $17.5 million on April 10, down massively from that of $154.9 million in the day before. However, this variability highlights the unstable investor sentiment regarding Bitcoin ETFs at the moment.

GBTC itself underwent a major change at the beginning of the year and became an ETF in January 2023. The change came after a long-drawn legal tussle with the Securities and Exchange Commission, which was decided in favor of Grayscale by the court. A number of new Bitcoin ETFs are now part of the market, which makes it competitive.

GBTC, which started in 2015 and is now an ETF, is a big player in the cryptocurrency investment space. Nonetheless, the recent bankruptcy of the crypto lending company Genesis is another factor to consider. Genesis dumped around 36 million GBTC shares, getting 32,041 Bitcoin in the process. These kinds of actions affect the overall market and invinvestors’nfidence in GBTGBTC’sability and attractiveness.

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While the Bitcoin market expects the forthcoming halving event, the significant on-chain metric that can indicate changes in the cryptocurrency’s price trajectory is being focused on. The Mean Dollar Invested Age (MDIA) metric has started to play an important role in Bitcoin investment statistics.

The MDIA calculates the dollar age of dollars invested in Bitcoin, and this figure remains stationary within wallets. Growth in this metric means that investments are aging, and hence, periods of inactivity when coins are not traded are suffering. On the other hand, a reduction indicates that older coins are being transferred, which might mean increased trade and potential price increases.

Recent Market Trends and MDIA’s Role

The last weeks have seen the price of Bitcoin struggling to touch its earlier maximum with a sudden value drop witnessed on April 12, where it fell from $70,000 to below $67,000. Such a decrease is indicative of the general ambiguity in the cryptocurrency market, as even Bitcoin had earlier gone up to $73,737 in the middle of March. The MDIA metric stability in the last weeks has not helped in making any predictions, as it has neither gone up nor down, which cannot be considered to show signs of the market.

The upcoming Bitcoin halving, set to happen next week, will decrease the mining reward from 6.25 BTC to 3.125 BTC. Similar halvings have traditionally been positively linked to cryptocurrency because they suggest a reduction in the new supply. Tracking the MDIA as the halving approaches, investors and market analysts are keeping a close eye on this cryptocurrency in search of any movement that could indicate a new bull run.

According to Santiment reports, there is a correlation between the movement of MDIA and the performance of Bitcoin prices. In previous bull runs, a falling MDIA was quite common before price hikes, indicating a bullish market where long-time-held coins went into circulation once more.

With many traders waiting for the #crypto #bullrun to resume following a month of price chopping, one of the primary signals to watch is Mean Dollar Invested Age. This metric tracks the average age of investments in an asset that have sat in the same wallet.

Rising line =… pic.twitter.com/Cc1MbCTvNk

— Santiment (@santimentfeed) April 12, 2024

At the moment, the neutrality of this metric indicates the hesitation created in the minds of the investors; most probably, they are waiting for the post-halving market reaction to make the next step.

This metric is important to the firm because it has historically proven to be an accurate measure of the arrival of active trading periods. A renewed drop in the MDIA might signify that whales are shifting their positions to take advantage of or react to the halving. This action could revive market dynamics and help Bitcoin recover its price.

Outlook of the Market and Trading Activity

According to CoinMarketCap data, Bitcoin was trading at $67,402 as of writing, having declined by 5.17% over the last twenty-four hours at press time. This price movement highlights the market’s response to outside economic forces and internal events, including the halving.

Investors should closely watch the MDIA. A reduction would indicate a comeback of lively trading activity and a possible start of a bull run. Nevertheless, a horizontal movement of the metric might suggest that the market would be cautious and low-key for a while.

The post Bitcoin Halving Nears, Market Eyes Key Investment Age Metric appeared first on Coinfomania.

Coinbase has formally requested a United States court to examine a central legal issue in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). 

This request follows a recent denial by U.S. District Judge Katherine Failla to dismiss the SEC’s allegations against Coinbase, which accuses it of operating as an unregistered exchange, broker, and clearing agency. The legal question at the heart of Coinbase’s request concerns the necessity of post-sale obligations in defining an investment contract.

Coinbase argued in an April 12 filing with the U.S. District Court for the Southern District of New York that this legal question is devoid of factual disputes and thus ripe for immediate review. The exchange contends that the determination of this question could greatly influence the conduct of the lawsuit, potentially disposing of the SEC’s principal claims.

Legal Arguments Presented

On April 12, Paul Grewal, Coinbase’s chief legal officer, posted on X about the “controlling question” in the case. He claimed that the latter depends on whether an investment contract pursuant to securities law calls for some form of contractual obligation post-sale.

Today @Coinbase filed a brief asking the Court’s permission to seek an interlocutory appeal in our @SECGov case on this controlling question: whether an “investment contract” requires something contractual – we think it does, the SEC disagrees. 1/5 https://t.co/M5HgMQxCLF

— paulgrewal.eth (@iampaulgrewal) April 13, 2024

According to Coinbase’s argument, an investment contract cannot exist without post-sale duties, which is in contrast to the SEC’s point of view that such duties are unnecessary.

Coinbase’s request for an interlocutory appeal seeks to resolve this issue quickly, highlighting its immediacy in view of its broader significance for the digital asset sector. The company argues that speed is important not only for Coinbase but for the entire U.S. digital asset sector, which suffers from regulatory unpredictability.

New Developments and Industry Situation

This judicial demand comes soon after a big legal win for Coinbase. On April 6, a civil lawsuit in which Coinbase was sued was ruled on by the United States Court of Appeals for the Second Circuit, and the decision was that secondary sales of cryptocurrencies on its platform were not a violation of the Securities Exchange Act. This ruling is especially important since it deals with similar legal matters of the character of digital assets and securities law.

Furthermore, Grewal pointed out that Coinbase’s appeal request was somewhat proactive, being filed a mere 17 days after the motion to dismiss was denied. This quick reaction indicates the strategic value that Coinbase gives to prompt resolution of these legal issues.

The legal battle between the SEC and Coinbase is closely monitored by the cryptocurrency industry, which is experiencing a complex and changing regulatory environment. This case will have an important and defining effect on the legal precedents concerning the classification of digital assets and the regulatory requirements of cryptocurrency exchanges in the United States.

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The global crypto market has experienced a sharp crash today April 13 with the majority of the tokens trading in the red zone. A look at the broad market looks like a bloodbath. Investors were already optimistic about the market recovery 24 hours ago when Bitcoin traded above $70k, but has now taken a nose dive.

This development has created tension among participants as investors hurriedly sell off their holdings across several crypto exchanges leaving members of the community with speculations about the cause of the fast decline. Consequently, the global crypto market cap has dropped by a significant 7% to $2.45 trillion in the last 24 hours. However, the total trading volume has witnessed an upsurge of 77% to $140.25 billion.

The confidence of investors has dropped drastically as seen in the crypto fear & greed index, a stat used to measure the sentiment of the crypto market. According to Alternative data, the metric now points to 72, representing a 6-point drop from yesterday’s 79. A slide from ‘extreme greed,’ to ‘greed.’

Source: Alternative The global crypto market ends the week in the red

According to CoinMarketCap data, Bitcoin, the most popular cryptocurrency in the world has lost 4.7% of its value over the last day, now trading at $67,380. Additionally, its market cap has slid by almost 5% within the time to $1.32 trillion. The trading volume of BTC has witnessed a spike to $48.2 billion, signifying a 61.4% increase over the last day.

The price of Ethereum (ETH) has also suffered greater loss per data from the aforementioned tracker. In the last 24 hours, ETH has declined by 7.3% to trade at $3,259. What is more, its market cap has dropped by 8% to $391 billion. However, the activities involving ETH as measured in its trading volume have surged by 88% to $25.2 billion.

Other altcoins on the top ten list like Solana (SOL), XRP, and Dogecoin (DOGE) have lost 12.5%, 11.11%, and 13.13% of their values respectively. At the time of writing, they are changing hands at $151, $0.5, and $0.17 respectively.

Trending tokens like Ethena (ENA) and Dogwifhat (WIF) are not left out of the catastrophe. CoinMarketCap data shows that Ethena (ENA) is now trading at $1.30 which signifies a notable 10% decline in the last day. Similarly, memecoin Dogwifhat has dropped by a massive 21.86% within the observed time to trade at $2.67.

With these price updates, investors are wondering why the market took a sharp U-turn. Let us take a look.

Why did the market fall today?

According to observations, increased economic uncertainty and geopolitical concerns contributed to the market’s collapse. So, cryptocurrencies joined the fall without any delay as traditional markets trembled. In response to fresh inflation statistics showing a third consecutive month of acceleration, U.S. stock markets saw a decline at the same time as this market collapse. Any lingering hope for immediate Federal Reserve interest rate cuts has been dashed by this hotter-than-expected Consumer Price Index (CPI) data, casting doubt on the notion that inflation was almost under control.

Meanwhile, as the crypto market eagerly waits for the next Bitcoin halving which is scheduled to take place between April 19th and April 20th, the hopes of a rebound continue to loom. Experts predict that the price of Bitcoin will shoot above $80,000 following the halving event. Some investors see this as an opportunity to buy cryptocurrencies at discounted prices, while others lose confidence and leave their positions.

Ultimately, the crypto market collapse today was caused by major economic uncertainties, a shift in investors’ confidence, and a pre-market collapse ahead of the coming Bitcoin halving event.

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On Friday (April 12), Bitcoin (BTC) and other cryptocurrencies experienced a sharp decline as negative sentiment from traditional markets, heightened by increased geopolitical tensions, spilled into the digital asset space.

During a rapid sell-off in the U.S. trading session, Bitcoin dropped below $66,000, having neared the $71,000 mark just a few hours earlier. By the time of reporting, Bitcoin had recovered slightly to $66,700, representing a drop of over 5% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, saw a decrease of up to 12% to $3,100, although a subsequent recovery reduced the loss to 8%.

Smaller Cryptos Followed Bitcoin And Suffered Losses Of 15-20%

During this volatile market episode, smaller cryptocurrencies were impacted by even steeper declines. The CoinDesk 20 Index, which tracks major digital assets, fell by nearly 10%. Notably, Cardano’s ADA, Avalanche’s AVAX, Bitcoin Cash (BCH), Filecoin (FIL), and Aptos (APT) experienced sharp drops ranging from 15-20%.

This downturn led to the most significant leverage liquidation event in a month, with approximately $850 million worth of leveraged derivatives positions across all cryptocurrencies being wiped out, according to CoinGlass data. Of these, $770 million were long positions that had anticipated price increases but were abruptly liquidated due to the sudden market drop.

The market downturn coincided with a decline in U.S. stock markets, driven by escalating concerns of an expanding conflict in the Middle East following warnings from U.S. officials that Iran might be preparing a significant assault on Israel.

Risky Scenario Made Treasury Bonds And The US Dollar Surge

As traders sought out protective investments, Treasury bonds and the U.S. dollar index (DXY) experienced a significant increase, while major U.S. stock indices, including the S&P 500 and Nasdaq 100, declined by 1.7% shortly before the market closed. Gold, traditionally viewed as a safe-haven asset, reached a new record high above $2,400 before reducing its gains, and oil prices edged up by 1%.

The digital asset investment firm Ryze Labs, previously known as Sino Global Capital, indicated in a commentary released on Friday that it expects some “short-term market softness” for cryptocurrencies during the impending tax season. Despite this near-term caution, Ryze Labs remains optimistic about the long-term prospects, projecting that a slowdown in quantitative tightening and possible adjustments in monetary policy to support U.S. government debt rollovers will bring some relief to the asset class.

According To Most Halving Predictions, Bitcoin Will Most Likely Bounce Back To The $70K Mark

Despite all action, there is no definitive reason for Bitcoin’s downturn today, but it appears to be a normal market correction, given that trading volumes have increased by 15% in the last day. It is expected that the cryptocurrency may rebound within the next day. However, the upcoming Bitcoin halving is likely to stabilize its price, preventing significant declines unless an exceptionally major event occurs.

Predictions related to the Bitcoin halving suggest a swift recovery, potentially pushing its value above $70,000 soon. The recent decline might simply represent a brief lull before more dramatic market activity. It is anticipated that Bitcoin will reach new record highs this month following the halving, alleviating current concerns about its stability.

This event is expected to influence not only the cryptocurrency market but also the market for precious metals. As Bitcoin gains popularity, the price of gold could decrease as investors increasingly view Bitcoin as a superior investment option. This makes the upcoming halving event particularly important in shaping alternatives to the US dollar.

The post Bitcoin (BTC) Takes A Hard Hit And Drops Back To $66,000 — Altcoins Plummet Even More appeared first on Coinfomania.

During the first quarter of 2024, the crypto bull market triggered a significant rise in the demand for sophisticated cryptocurrency products, as indicated by data from multiple exchanges.

According to Bitget’s Q1 2024 Report, there was a dramatic 100% increase in both spot and futures trading volumes, reaching $1.4 trillion and $160 billion respectively.

This growth marks a substantial escalation compared to the previous year, where futures trading volume was $658 billion and spot trading volume stood at $59 billion during the first quarter of 2023.

Crypto Bull Market Made Bitget Add 186 New Tokens To Its Exchange

During the first quarter, Bitget expanded its user base to over 25 million through its web3 wallet and trading platform.

The Bitget report highlighted a strong market recovery in February, with Bitcoin reaching new highs. The report also noted increased interest in Solana and significant developments in the artificial intelligence sector, illustrating the crypto bull market activity.

In Q1 2024, Bitget added 186 new tokens to its exchange. Notable among these were Dogwifhat (WIF), a Solana-based meme coin, and Altayler (ALT), a rollup utility token that saw its value surge by over 1,000% following its listing.

However, the exchange’s own token, BGB, has achieved a market capitalization of $2.6 billion.

Research indicated that among the top 12 derivatives exchanges, Binance dominated with a 47.0% market share of total volumes in March. OKX was second with a 21.8% share, and Bitget held a 12.8% share of the market.

How The Crypto Bull Market Is Affecting The CEXs

CCData has reported a surge in open interest for derivatives and futures contracts, highlighting Binance at 37.7%, Bitget at 34.7%, and OKX at 10.4%.

Furthermore, CCData observed that the market share for derivatives increased by 2.5% in March, marking the highest rise among centralized exchanges (CEX).

Meanwhile, Bitget’s native BGB token has been trading at $1.34, having increased by 5.51% over the last 24 hours. Since the start of 2024, the token has experienced a dramatic rise of 434%, significantly outperforming Bitcoin and other cryptocurrencies on centralized exchanges.

Bitget’s Future Plans And Expansions

Bitget Wallet has announced the launch of its own ecosystem token, BWB, complemented by an innovative BWB Points airdrop event. The token has a capped supply of 1 billion, with a significant 5% reserved for community airdrops. This initiative marks an effort by Bitget to activate its user community and promote greater involvement. The introduction of BWB also translates into an important shift towards enhancing user empowerment, ecosystem growth, and community-led governance.

Additionally, Bitget Wallet has introduced a new ‘Smart Money’ feature that leverages sophisticated AI technology to analyze on-chain data and monitor high-performing Ethereum addresses. This feature aims to refine trading strategies by providing real-time insights. Alongside this, Bitget has rolled out GetScribe, a cutting-edge full-stack management tool designed for omnichain inscriptions. Supporting more than 19 blockchains, GetScribe offers functionalities like batch inscriptions, a market leaderboard, and analytical tools.

Further updates from Bitget Wallet include the integration of ARC-20 inscription support and the Bitcoin Lightning Network, which improve compatibility with the Bitcoin ecosystem and expand inscription capabilities. These strategic updates are intended to ease user engagement with new tokens and inscriptions while lowering the barriers to entry.

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Fraud victims of an investment scheme have urged China’s Ministry of Foreign Affairs to engage in discussions with the UK government to reclaim 61,000 Bitcoin, which were confiscated during a money laundering probe and valued at $4.3 billion at the time of reporting.

These Bitcoins originated from a $6.2 billion wealth management scam that occurred from 2014 to 2017, orchestrated by the Chinese company Tianjin Lantian Gerui Electronic Technology, defrauding over 128,000 individuals.

The Masterminds Behind The Scheme Involving The Fraud Victims

The UK government was alerted to suspicious activities when former restaurant employee Jian Wen tried to buy a $30 million property using Bitcoin, but the deal fell through because Wen could not account for the origins of the funds.

This led to an investigation that resulted in a raid on a property leased by Wen, who was acting as a nominal figurehead, and her employer Zhimin Qian, who was believed to be the orchestrator behind the scheme. During the raid, authorities confiscated 61,000 Bitcoins, valued at $1.7 billion at that time.

Faced with the incriminating evidence, Wen initially insisted the Bitcoins were mined. Later, she altered her explanation, claiming the Bitcoins were a gift from Qian, who escaped abroad following the raid.

Jian Wen was eventually tried for aiding Qian in laundering the cryptocurrency into cash, jewelry, and real estate. Despite her denials, Southwark Crown Court found her guilty on three counts of money laundering on March 20th.

Fraud Victims Now Want It All Back

Following the conviction of the fraud perpetrators, a representative group of the fraud victims is making efforts to recover the Bitcoin, now valued at $4.3 billion, that was bought with their funds.

This group has formally approached China’s Ministry of Foreign Affairs through a letter, pressing for diplomatic talks with the UK to retrieve the substantial amount of Bitcoin that was confiscated. They have also reached out to China’s Ministry of Public Security, supported by nearly 2,500 victim signatures, to present their case to both Chinese ministries.

Following a five-year operation, Met detectives secured justice as part of the largest Bitcoin seizure in UK history.

Read press release here: https://t.co/ahHKDUbJH5 pic.twitter.com/bhwcdul2o3

— Metropolitan Police (@metpoliceuk) March 22, 2024

In their letter, the fraud victims advocate for a cooperative effort between the Chinese government and UK judicial authorities to present proof affirming their rightful ownership of the Bitcoin. They expressed their clear refusal to accept any scenario where the Bitcoin remains in UK custody without being returned to them.

As of now, the UK government has not responded regarding its plans for the seized Bitcoin, and the individual named Qian remains free.

Should the UK authorities conclude that no other claims to the Bitcoin are valid, the proceeds are typically allocated between the police and the Home Office.

Compensations Were Distributed To A Few Sufferers

Despite enduring severe financial hardships that led to family disruptions, debts, and inability to afford medical care, the fraud victims have received some relief.

Four victims disclosed that since last May, those registered with Chinese police have obtained two compensations from a task force led by authorities in Tianjin, recovering 8% and 5% of their invested funds from assets seized from Lantian Gerui and its ex-employees.

Moreover, the Industrial and Commercial Bank of China, the nation’s leading bank, has pledged support in facilitating the return process and reported that 207,000 individuals had invested in the scam.

The post Fraud Victims Who Lost 61,000 Bitcoins Are Now Trying To Recover Them From The UK Police appeared first on Coinfomania.

Bitcoin is approaching its fourth mining reward halving in just eight days, an event that automatically cuts the rate of new supply expansion by 50%. This event, which occurs every four years, has traditionally signaled the start of extended bull markets.

However, before this critical milestone, Bitcoin Cash (BCH), a derivative of Bitcoin (BTC), is signaling caution, urging traders to temper their expectations for an immediate price surge following the halving.

Perpetual Futures Contracts Tied To Bitcoin Cash Has Plummeted By 70%

The surge in Bitcoin Cash, a cryptocurrency born in 2017 from a hard fork of the original Bitcoin blockchain, lost momentum after reaching a peak of over $715, coinciding with its parent blockchain reducing its per block coin emission to 3.125 BCH on April 4. Following this event, BCH prices have fallen by 15% to $604, according to CoinDesk.

The notional open interest, or the total dollar value of active perpetual futures contracts tied to Bitcoin Cash, has plummeted by 70% to $376 million within a week, as reported by CoinGecko. Additionally, at the start of this week, the annualized perpetual funding rates on major exchanges shifted to negative, reflecting a reduction in bullish positions. A negative funding rate suggests that perpetuals are trading below the spot price of the underlying asset.

Source: CoinGecko

Algorithmic trading firm Wintermute has observed that Bitcoin Cash is often used as a stand-in for BTC in anticipation of Bitcoin’s upcoming halving, which could lead to selling pressure on the leading cryptocurrency after April 20. Wintermute noted in a newsletter that there has been brisk trading in Bitcoin Cash as a speculative proxy for Bitcoin’s halving, highlighting an intriguing trend in funding rates with perpetuals trading below spot.

Multiple analysts have cautioned that BTC may have already factored in the expected slowdown in supply growth and might experience a drop in a typical “sell the news” scenario after the halving. JPMorgan, the investment banking giant, predicts a sell-off to $42,000 once the excitement over the halving wanes.

Post-Halving Sales By Miner Could Overpower Market Bulls

Bitcoin is currently trading at $70,700, marking a 67% increase since the beginning of the year, by the time of writing. The cryptocurrency recently exceeded its 2021 high, setting a new record above $73,000 well before the anticipated halving event. Historically, Bitcoin has reached new highs several months following a halving.

10X Research has indicated that post-halving sales by miners could pose challenges for market bulls attempting to drive prices higher in the upcoming summer. Markus Thielen, founder of 10X Research, stated that miners are expected to sell approximately $5 billion worth of Bitcoin following the halving. This expected sell-off could extend for four to six months, potentially leading Bitcoin’s price to stabilize or move sideways as it has in similar past scenarios.

Bitcoin miners are responsible for solving complex mathematical problems to verify transactions and add new blocks to the blockchain, earning BTC as rewards. The upcoming halving will slash these rewards by half, reducing the incentive per block.

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This week, the security markets are looking at the impact that a large Bitcoin options expiry could have with $1.5 billion in contracts to be settled.

With the expiry date set for April 12, market participants are evaluating the possible effect that the event might have on the price of Bitcoin, which is currently above its weekly resistance level of $69,000. The “max pain point” at $69,000 is the level at which most options would expire unfun, and it is a very important point for traders.

Pseudonymous trader Greeks highlighted on X that with a put-to-call ratio of 0.62, there’s a skew towards calls, indicating that many traders might have bet on prices higher than $69,000. While the max pain point provides an insight into trader positioning, it does not necessarily dictate the future movement of Bitcoin’s market price.

Despite the near halving of Bitcoin and a significant increase in BTC volatility this week, the downward trend in IV across all major terms is very clear, with BTC Dvol falling to 69% and ETH Dvol falling to 71%.Margin released from quarterly delivery is gradually turning into… pic.twitter.com/ju40gdSZDl

— Greeks.live (@GreeksLive) April 11, 2024

Market Dynamics and Bitcoin Stability

Despite the expiration of the nearing options, experts like Hao Yang from the Bybit exchange suggest that the actual impact on Bitcoin’s price might be limited. According to Yang, the size of the options market, though substantial, still represents only a fraction of the broader crypto derivatives market, which may mitigate any significant volatility. 

Yang explained, 

“The max pain point refers to an option strategy outcome and not to the direct market dynamics.” 

According to CoinMarketCap data, Bitcoin was trading at $70,441 at press time, maintaining a steady position above the speculated max pain threshold. The stability comes despite the expiration of impending options, suggesting that external market factors and trader sentiment are also at play, maintaining Bitcoin’s price above critical levels.

BTC/USD 1-day price chart (Source: CoinMarketCap)

External Economic Factors

However, the options expiry is a very important indicator, and other major economic indicators are influencing the price dynamics of Bitcoin. The latest U.S. Consumer Price Index (CPI) data showed a 3.5% y/y raise, beating forecasts and pointing to the intensification of inflationary pressures. The above economic conditions usually cause more interest in alternative assets, with Bitcoin being considered by some as an inflation hedge.

Furthermore, the market’s response to macroeconomic changes was very clear earlier in the week, when the price of bitcoin went below $70,000 for a minute and then recovered very quickly as many investors took advantage of the lower prices. Andrey Stoychev of Nexo pointed out that although the options expiry is important, 

“market sentiment and macroeconomic factors such as inflation are more determinative in driving the price of Bitcoin.”

ETFs and the Market of Bitcoin

The upcoming Bitcoin halving has had a noticeable effect on investment flows, mostly in exchange-traded funds (ETFs). The decelerating speed of ETF inflows as the halving is near shows that investors are rather cautious. Per Dune analytics data, the previous week saw spot Bitcoin ETFs in the United States receive $220 million in net inflows, in sharp contrast to previous weeks when the inflows were significantly higher.

Moreover, this pattern reflects the overall mood of the crypto markets as investors navigate various economic indicators and market situations. The aggregate on-chain holdings of Bitcoin ETFs are now at 839,000 BTC, which is equal to 4.26% of the total supply, showing the considerable impact these funds make on market dynamics.

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Ethereum is set to implement the Ethereum Improvement Proposal (EIP) 3074 in its forthcoming Pectra hard fork, an update that focuses on the recovery of lost private keys through a new social recovery feature. 

Meanwhile, this development is part of Ethereum’s continuous effort to innovate and enhance the security and functionality of its network.

The Pectra hard fork will introduce tools that significantly enhance the user experience by enabling the recovery of digital assets in cases where private keys are lost. Ethereum’s lead developer, Tim Beiko, confirmed the inclusion of EIP 3074, marking a critical update aimed at reducing the risks associated with lost access credentials.

EIP-3074 is coming in the next Ethereum hard fork.

This is a big deal. Wallet UX will 10x.

Congratulations to Ethereum and the EIP-3074 sponsors.

Reth has already implemented and tested it. We are fans.

Let's go. https://t.co/lUiK2kb3UT

— Georgios Konstantopoulos (@gakonst) April 11, 2024

Key Features of EIP 3074

EIP 3074 introduces two new opcodes, “AUTH” and “AUTHCALL,” which are central to the new functionalities. The AUTH opcode allows the network to validate a user’s signature and confirm the correctness of the intended actions. Subsequently, AUTHCALL enables the execution of transactions, designating the original user as the caller rather than the invoker contract.

Moreover, this update will empower Ethereum wallets with advanced smart contract capabilities. Users will be able to delegate the management of their assets to an invoker contract through a secure digital signature. This contract will then manage transactions on behalf of the user, enhancing the ability to execute actions even if the original private keys are compromised.

Safety Measures and User Responsibilities

While EIP 3074 provides powerful tools for asset recovery and transaction management, it also necessitates increased user responsibility. According to Ethereum Foundation researcher Domothy, users must be cautious when selecting an invoker address, as delegating assets to a malicious contract could lead to significant losses.

The update will include several formally verified and fully audited invoker contracts to ensure safety and reliability. These measures are designed to mitigate risks and provide users with secure options for utilizing the new features.

Market Anticipation and Future Applications

The market response to the announcement of EIP 3074 has been notably positive, with expectations high for the Pectra hard fork scheduled for late 2024 or early 2025. Analysts suggest that the ability to recover assets without the original private keys could lead to broader retail adoption of Ethereum.

Furthermore, Cygaar highlighted that EIP 3074 will streamline processes such as token swaps on platforms like Uniswap. Currently, these actions require multiple steps, but with the new update, users will be able to consolidate actions into a single transaction, enhancing efficiency and user experience.

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Binance, the largest crypto exchange in the world by trade volume has introduced the Omni Network (OMNI) into its Launchpool marking a major shift in the project milestone. The latest addition has triggered conversations among the crypto community with many wondering about the potential impact of the move on the crypto community.

Binance adds Omni Network (OMNI) as the 52nd project on its Launchpool

The crypto exchange giant made this announcement earlier today on its official website. According to the statement, Binance has introduced Omni Network (OMNI) as its 52nd addition to its Launchpool. For context, Omni Network is a layer 1 blockchain solution that is designed to incorporate Ethereum’s rollup ecosystem into a single system. It is a low-latency interoperability network that integrates Ethereum rollups through restaking.

Binance further disclosed that the webpage will be available about 5 hours before the start of the Launchpool. Once live, users will be able to farm OMNI tokens by staking their BNB and FDUSD into separate pools. Additionally, users will be able to stake for over four days as the farming will start from  2024-04-13 00:00 (UTC).

Binance Launchpool is a platform that enables users to store their tokens in a liquidity pool. The platform allows members to stake their crypto assets to earn new tokens from new projects. So far, it has introduced 52 projects to this platform.

Binance to list OMNI in coming days

Meanwhile, Binance has said that it will list the OMNI token as a tradable asset on April 17 at 12:00 (UTC). The exchange warned users to disregard any claims to offer the token before the stated time. Upon listing, investors will be able to trade OMNI against other assets like BTC, USDT, BNB, FDUSD, and TRY.

According to tokenomics, OMNI has a maximum supply of one hundred million tokens with 3.5% or 3.5 million tokens allocated to Binance Launchpool rewards. The initial circulating supply is set at 10.39% or 10,391,492 OMNI tokens.

As Binance gears up to list OMNI on its platform, investors keenly keep an eye on the price movement of the token as several projects have exhibited exponential movements following listing on major exchanges.

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American payment protocol company, Ripple Labs has made a major move today as it unlocks a heft 500 million XRP tokens from its escrow. The play has sparked speculations across the crypto community with members wondering why such a huge amount was withdrawn.

The transfer comes amid its ongoing court battle with the Securities and Exchange Commission (SEC) about whether the native token XRP should be classified as a security. The SEC has accused Ripple of selling XRP to investors without registering it as securities.

The unlocking of the massive amount of tokens from escrow coincides with the XRP price downtrend today April 12 raising concerns among investors and members of the crypto community.

Ripple shifts 500 million XRP between wallets

In a significant update, Ripple Labs, the issuer of the XRP token, has unlocked a huge amount of the cryptocurrency from its escrow wallet. According to reports from WhaleAlert, a large blockchain transaction tracker, the company release was done in two consecutive transactions. Per the update, the first transaction released 200 million XRP valued at $122,636,247 ($122.6 million), and the second one carried 3oo million XRP tokens worth $183.9 million.

Source: WhaleAlert/X

Moreover, it is important to note that the move aligns with Ripple’s monthly strategy of releasing 1 billion XRP tokens into the market to maintain liquidity and ease its use as a cross-border payment system. Nevertheless, community members have reacted, by dropping their comments on social media. They ask why the blockchain firm has released such an amount when it is not yet the beginning of May. Notably, another user claimed that the amount is to pay the lawyer fees in their ongoing case with the SEC.

To guarantee that XRP is available for a variety of use cases, Ripple is steadfast in its commitment to its strategy of frequent escrow releases, even in the face of short-term price swings. This strategy is in line with Ripple’s long-term goal of making XRP a dependable asset for smooth international trade.

Meanwhile, at the beginning of April Ripple had already unlocked 500 million XRP tokens, adding to the recent one to complete its 1 billion release plan. Additionally, to preserve price movements, Ripple has been observed to lock a sizeable chunk of the 1 billion issued XRP following the unlocking.

XRP price today

According to data from CoinMarketCap, the price of XRP today is $0.6108 representing a 1.01% drop in the last 24 hours. What is more, XRP’s 24-hour trading volume has dropped by a massive 20% within the recorded time to $1.2 billion. XRP maintains its position as the sixth-largest cryptocurrency with a live market cap of $33.6 billion. In hindsight, XRP has gained 4.82% in the last week and dipped by 11% over the last month.

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It’s the weekend, and the crypto market looks to be recovering from the previous price corrections during the week. After kicking off the week with momentum that shot the price of BTC above $72,000, the market took a step back remitting accrued gains by mid-week. However, the weekend looks promising as the majority of the tokens are trading in the green zone.

At the time of writing, data from CoinMarketCap show that the global crypto market cap is up by 0.24% to $2.64 trillion over the last day. What is more, the same statistics reveal that there was a significant drop of 18.39% in the total crypto market volume to $78.94 billion within the time. Additionally, the volume of all stablecoin is $72.37 billion representing 91.68% of the total crypto market 24-hour volume.

Let us take a look at the price update of some major cryptocurrencies in the market.

Major cryptocurrency prices today

Bitcoin has led the general crypto market on a slight rally today. The largest cryptocurrency by market cap is currently trading at $70,899 signifying a 0.19% increase in the last 24 hours. Also, its trading volume over the last day has reduced by 19% to $30.2 billion with a live market cap of $1.39 trillion. Additionally, BTC dominance is currently 52.96%, showing an increase of 0.20% over the day.

On the altcoin front, Ethereum, the second-largest crypto by market cap is changing hands at $3,534. ETH has dropped by a mild 0.85% in the last 24 hours. The coin managed to reach the $3,600 mark earlier this week but has shed its gains to trade mid-way. What is more, Ethereum has a 24-hour training volume of $13.6 billion representing a 16.7% decrease in the day. Its live market cap now rests at $424.4 billion.

One of the cryptocurrencies with the strongest community in the market, XRP has dipped in the last day. The idea of XRP losing its zero and trading above $1 still hangs in the balance. According to data, the token is currently selling at $0.609 at the time of writing. XRP has a 24-hour trading volume of $1.19 billion showing a massive 50% drop in the last 24 hours. Ultimately, XRP occupies the #6 position on the crypto chart with a live market cap of $33.5 billion.

The Solana (SOL) price continues to trade below the revered $180 mark. The price has increased by 0.28% over the last day to trade at $174.36. Conversely, its trade volume has dropped by a notable 16.2% to $2.7 billion in the last day. Additionally, Solana now has a live market cap of $77.7 billion.

Ethena (ENA) one of the trending cryptocurrencies in the market has exhibited momentum as its price records a 4% increase in the last 24 hours to trade at $1.47. The Ethereum-based synthetic dollar protocol, launched earlier this month has shown resilience, surging by a dramatic 113% ever since. ENA has a 24-hour trading volume of $927 million with a live market cap of $2.09 billion.

Top gainers today

On the top gainers and trending list, we have;

Serenity Shield (SERSH): The price of SERSH has surged dramatically over the last 24 hours by 31% to trade at $0.83. Serenity Shield is a DeFi platform that offers an innovative approach to cryptocurrency inheritance and a secure storage solution for sensitive data. SERSH has a 24-hour trading volume of $4.3 million representing a 38% increase in the last day. Additionally, its market cap rests at $3.63 million.

Ondo (ONDO): Ondo rests at the #6 position on the top trending list. The price of ONDO has grown by 5% in the last day to $0.82. Also, ONDO has a 24-hour trading volume of $230.7 million surging exponentially by 47%.

Pepe (PEPE): Pepe leads the memecoin rally with an impressive 5% increase in the last 24 hours. The PEEP price is currently at $0.00000733. What is more, PEPE has a 24-hour trading volume of $755 million signifying a 45% increase in the last day. Finally, PEPE has a market cap of $3.08 billion.

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  Recent 13F filings submitted to the Securities and Exchange Commission (SEC) show that prominent institutional investors have initiated purchases of shares in the newly launched Spot Bitcoin ETFs (Exchange-Traded Funds) this quarter.

Entities managing assets exceeding $100 million must report their stock holdings every quarter via 13F filings. The Bitcoin investment community has been highly anticipative of these disclosures to discover which institutions are investing in the much-anticipated Spot Bitcoin ETFs.

The 13F filings for the first quarter of 2024, released this month, offer an initial look at the institutional engagement with Spot Bitcoin ETFs. Although the investments are currently modest, they indicate an increasing belief in the investment potential of Bitcoin.

Fund Managers Are Nibbling On Spot Bitcoin ETFs Exposure

Park Avenue Securities LLC, with assets under management (AUM) worth $9.9 billion, and Inscription Capital LLC, holding $1.3 billion in AUM, have made significant investments in Grayscale’s Bitcoin Trust (GBTC).

Additionally, entities such as American National Bank and Wedmont Private Capital have taken positions in Spot Bitcoin ETFs that track the cryptocurrency’s price directly, with their investments varying from a modest few thousand to substantial hundreds of thousands of dollars.

Despite the well-known volatility of Bitcoin, its acceptance continues to grow among key financial institutions, including major wealth managers, family offices, banks, and investment funds, which are gradually increasing their exposure to Spot Bitcoin ETFs. This trend indicates Bitcoin’s success in meeting the rigorous standards of institutional due diligence.

Moreover, the 13F filings, which serve as periodic reports, reveal these investment trends. The upcoming second-quarter filings, expected in August, will provide additional insights into this evolving landscape. The increasing comfort level of Wall Street with Bitcoin underscores a broader trend of steady adoption by financial behemoths, a movement that is likely to continue.

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A recent study conducted by the Reserve Bank of Australia (RBA) revealed minimal public interest in adopting a retail Central Bank Digital Currency (CBDC) for its privacy or safety features.

According to the study, the goal was to assess how much the Australian public values a hypothetical CBDC and their readiness to shift from traditional banking systems to a digital currency model proposed by the RBA.

Public Skepticism Towards CBDC

The RBA study of a possible introduction of CBDC revealed that the majority of Australians would like to keep their financial transactions through commercial banks and not through the central bank’s digital currency system. This is because many customers do not want to reveal their data to the RBA. However, the privacy and security of their financial information are of higher priority for them.

Australia inching closer to dystopia with a move to a cashless economy.

I remember the days of Croc Dundee. What happened to the bad ass Aussies?

Globalists maneuvers:– Assign #DigitalID via Vax Pass and mass immigration– Assign carbon allocation to ID (#CarbonWallet)-… pic.twitter.com/D3RoZHdP0a

— Resist CBDC (@Resist_CBDC) April 9, 2024

The study employed a discrete choice approach to assess the public’s valuation of the CBDC, including hypothetical fees for extra safety and privacy features. Nevertheless, with the introduction of a digital currency that would provide even greater protection than commercial bank deposits, the willingness to pay for the features was rather low. 

The study indicates that the perceived security and privacy offered by current traditional banking institutions, together with the availability of physical cash, effectively reduce the value of a CBDC.

Privacy and Safety Valuations

The RBA’s study went on to investigate the value of privacy and safety to society when a CBDC was in context. The conclusions revealed a complicated interaction between individuals’ privacy value and their behavior in adopting ensuring measures. It should be noted that a clear preference was in favor of supplying personal information to the commercial banks and the Australian Transaction Reports and Analysis Centre and not to the RBA.

This tendency mirrors larger issues concerning privacy and information safety in the digital era, with most Australians appearing to prefer the status quo offered by commercial banks. The study’s findings suggest that the creation of a CBDC with improved privacy and security mechanisms would not attract the public’s support.

Retail CBDC with limited Support

The RBA’s studies generally demonstrate a very low public acceptance of a retail CBDC implementation in Australia. Although earlier research by the RBA has pointed out beneficial use cases for CBDCs, especially wholesale, the retail aspect seems to be met with considerable public opposition. This reluctance is based on issues of privacy, data protection, and the trustworthiness of the current banking services.

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Sam Bankman-Fried, the founder of the now-defunct FTX cryptocurrency exchange, has initiated an appeal against his conviction and the 25-year prison sentence handed down to him. 

The appeal, lodged in the Manhattan-based 2nd U.S. Circuit Court of Appeals, comes in the wake of Bankman-Fried’s sentencing on March 28, 2024, marking a pivotal moment in one of the most notable financial fraud cases in U.S. history.

FTX co-founder Sam Bankman-Fried will appeal his conviction and 25-year prison sentence for committing a multibillion dollar fraud at his once-thriving cryptocurrency exchange. https://t.co/nMpVyX9Q8f

— Bloomberg Markets (@markets) April 11, 2024

The Conviction and Sentence

Sam Bankman-Fried was previously a crypto wunderkind lauded for his swift rise in the digital asset sector. Still, he fell exploited as he was found guilty in November on seven counts of fraud and conspiracy. He was accused of defrauding the FTX customers of $8 billion, selling the case as one of the biggest financial frauds ever prosecuted in America. The conviction of the 32-year-old highlighted the risky nature of the cryptocurrency markets and the necessity of the regulatory factor.

Sentence The sentencing was conducted by U.S. District Judge Lewis Kaplan, who imposed a 25-year prison term that was, though shorter than the 40- to 50-year range sought by prosecutors, far greater than the defense’s recommendation of no more than 5-1/4 years. The sentence was designed to illustrate the severity of Bankman-Fried’s actions and their consequences for FTX customers and investors.

The Appeal Process

Bankman-Fried’s legal team is now at a critical stage in the appeal process, which is expected to last several years. His counsel must overcome significant judicial errors that may have prejudiced the trial. The defense contends that such mistakes have deprived Bankman-Fried of his legal rights, making the trial unfair.

It is a crucial stage of the legal matter not only for Bankman-Fried but also for the whole cryptocurrency industry. It brings out the complexity and legal considerations associated with the workings of digital asset exchanges. The result of the appeal might have broader consequences for regulatory practices in applying financial fraud laws in the sector.

Bankman-Fried’s Tragedy and Surrounding Contexts

Sam Bankman-Fried’s rise from an MIT graduate to a billionaire crypto tycoon is a perfect example of how the cryptocurrency market operates. The Bitcoin price hike and the spur in other cryptocurrencies turned him into a billionaire with an estimated net worth of $26 billion by Forbes.

Nevertheless, he lost his wealth and status almost instantly when FTX went bankrupt in November 2022. This was after a client flight caused by the commingling of assets with Alameda Research, a hedge fund set up by Bankman-Fried as well.

The subsequent arrest and extradition of Bankman-Fried from the Bahamas marked a significant milestone in the U.S. government’s crackdown on malpractices in the cryptocurrency space. The case brought to light the vulnerabilities and regulatory gaps in an industry that has been at the forefront of financial innovation but has also been marred by instances of fraud and mismanagement.

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The Cardano (ADA) community is electrified with the recent announcement from Emurgo, one of Cardano blockchain’s founding partners, about their new partnership aimed at integrating Huawei’s cloud infrastructure into the Cardano ecosystem.

This development has been met with great enthusiasm within the cryptocurrency community, generating a highly positive outlook. Many are expecting this to significantly boost Cardano’s adoption and utility. A prominent Cardano-focused account on X, known as Cardano Whale, expressed excitement about this new collaboration.

“This partnership will bring Huawei’s cloud infrastructure into the Cardano ecosystem” https://t.co/ANDboLfMKs

— ADA whale (@cardano_whale) April 11, 2024

Developers Will Be Able To Use Web3 Solutions On The Cardano Ecosystem

The collaboration between Emurgo and Huawei Cloud, a leading global cloud computing company, will bring significant advancements to the Cardano ecosystem by integrating Huawei’s cloud infrastructure. This integration will enable developers to create Web3 solutions on Cardano, enhancing its growth and adoption across the Asia-Pacific and Africa regions.

Additionally, the partnership is set to enhance the scalability and interoperability of Cardano’s cloud services. Access to Huawei’s Marketplace, which is accessed by numerous prominent organizations, will further expand Cardano’s Web3 outreach.

Crypto Analysts Think Cardano’s Price Is Exactly Where It Should Be

This achievement marks the initial step towards an expanded partnership between Emurgo and Huawei, aimed at fostering commercial adoption through various means such as validator nodes, events, and technological collaborations.

As anticipation grows within the Cardano community for more specifics and developments regarding the integration with Huawei’s cloud infrastructure, there is increasing enthusiasm about the potential advantages and prospects this collaboration could yield.

Currently, ADA has seen a 1.23% increase in its value over the past 24 hours, reaching $0.584. According to crypto analysts, Cardano’s price dynamics remain stable, with ADA continuing to consolidate within the $0.55–$0.80 range, positioning it for a potential breakout to $1.70.

Emurgo’s CEO Talks About The Future Of Web3

Ken Kodama, CEO of EMURGO, underscored the importance of their new partnership, stating that it aligns with the goal of expediting Web3 adoption and enhancing transparency and trust within the cloud ecosystem.

He stated that the collaboration embodies their collective aim to fast-track Web3 integration, promoting transparency and reliability in the cloud environment.

Rex Lei Yang, Managing Director of Huawei Cloud Singapore, echoed Kodama’s views, emphasizing that the alliance could link Huawei Cloud to a broad network of Web3 developers through the Cardano.

As a key founding member of the Cardano protocol, EMURGO is instrumental in driving commercial opportunities within the Cardano ecosystem. Founded in Japan in 2015, EMURGO supports the growth and achievement of Cardano’s full potential through strategic alliances, educational efforts, investments, and infrastructure enhancements.

Industry experts believe that the new collaboration between EMURGO and Huawei Cloud will significantly contribute to broadening Cardano’s influence in crucial regional markets across the Asia Pacific and Africa. This expansion is vital for Cardano’s mission to transform the Web3 domain.

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The AI cryptos space is witnessing a strong revival again. This resurgence is propelling notable increases in value for projects that are pioneers in incorporating AI technology, with Bittensor (TAO) and Toncoin (TON) taking the lead. As of April 11, 2024, both the TAO and TON tokens saw impressive price jumps during trading hours in Asia.

The momentum for AI cryptos in the digital assets world has been building since 2023, with this trend gaining even more traction in 2024. Furthermore, a recent analysis by CoinGecko highlights AI as one of the cryptocurrency market’s most lucrative themes in the first quarter of the year, boasting a return of 222%.

AI Cryptos Impact Both Digital And Physical Worlds

The adaptability of AI has paved the way for its adoption across various sectors, including stablecoin giant Tether, which is delving into AI integration. Paolo Ardoino, Tether’s CEO, shared the company’s ambition to make AI technology widely accessible, aiming to stimulate innovation and expand its reach. Ardoino emphasized AI’s significant role across both digital and physical realms.

He announced the creation of a new division within Tether aimed at pushing the limits of AI, promoting the use of privacy-centric open AI technology, and establishing new standards in innovation, functionality, and openness.

Despite the general enthusiasm for AI cryptos, not everyone is convinced of its future impact. Analyst Gary Shilling has expressed reservations about AI’s ability to fundamentally change industries, questioning the efficacy of devoting vast amounts of computational resources to pattern identification.

This skepticism stands in stark contrast to the rising share prices of technology behemoths like Nvidia and Microsoft, which are benefiting from the anticipated role of AI in enhancing productivity and driving economic expansion.

The narrative of AI’s integration with blockchain technology is evolving, demonstrated by the accomplishments of Bittensor and Toncoin, which illustrate the transformative potential of these technologies in reshaping financial concepts. With its tradition of pioneering innovation, the cryptocurrency sector seems ready for another breakthrough, driven by the merging of AI and blockchain technology.

Toncoin (TON) And Bittensor (TAO) Leading The AI Cryptos

TAO, the native token of Bittensor, experienced a significant price surge after it was announced that it would be listed on the major cryptocurrency exchange, Binance.

Binance is set to launch spot trading for TAO with several currency pairs including TAO/BTC, TAO/USDT, TAO/FDUSD, and TAO/TRY, effective from April 11, 2024, at 12.00 UTC. The exchange has also assigned a “Seed Tag” to TAO, signaling a warning of potential higher volatility and risks for traders.

Following the listing announcement, TAO’s value spiked by about 16%, reaching a high of $690 within an hour before settling back to $626 at the time of this report, reflecting strong market interest.

Bittensor, known for its innovative integration of AI and blockchain technology, is a P2P machine learning protocol that facilitates the distributed training and operation of AI models, positioning itself alongside other cutting-edge projects like Fetch.ai.

Meanwhile, Toncoin set a new record by reaching an all-time high of $7.63, surpassing its previous records for two days straight. BeInCrypto noted that on April 10, 2024, TON’s market cap exceeded that of Cardano after breaking the $7 threshold.

The growth of Toncoin is partly driven by its venture into AI-centric projects, including a palm-scanning initiative developed with Human Code. Additionally, a $5 million incentive scheme for AI developers is enhancing Toncoin’s appeal to investors.

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Chainlink, a prominent provider of data feeds for blockchain-based smart contracts, has launched a new application known as the Transporter to facilitate and monitor cross-chain transactions. According to Chainlink’s announcement, the Transporter is developed utilizing its Cross-Chain Interoperability Protocol (CCIP), which serves as the benchmark for cross-chain interactions.

The company highlighted that the Transporter, designed as an exceptionally secure bridging app, leverages the Chainlink CCIP to offer unmatched security for users looking to transfer tokens between different blockchains.

Chainlink Also Came Up With A New Token Transfer Mechanism

The Transporter app facilitates the transfer of tokens across multiple blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX. Sergey Nazarov, co-founder of Chainlink, highlighted in a press release that Transporter leverages the security features of Chainlink CCIP to enable the transfer of substantial token values and essential messages between chains.

Nazarov also expressed enthusiasm about the ability of Transporter to make the movement of both value and data across chains more accessible, a capability he noted has been needed in the blockchain industry for years.

Additionally, Chainlink introduced a new token transfer method within CCIP that supports the cross-chain transfer of native ETH using WETH token pools. The firm noted that this implementation represents the first use of a lock and unlock mechanism in CCIP.

The Transporter App Enables Users To Monitor Their Assets And Communications

Chainlink has announced the launch of the Transporter application to ensure user confidence through its easy-to-use interface and round-the-clock support worldwide. The app features a visual tracking system that allows for the real-time monitoring of cross-chain transaction statuses.

The Transporter app enables users to monitor their assets and communications at every phase of the transaction process, accessible both directly within the Transporter application and via the Chainlink CCIP Explorer.

Chainlink notes that the application introduces no extra charges beyond the standard fees associated with using CCIP. These fees encompass the gas costs required for completing transactions on the target blockchain and the payments made to CCIP service providers.

Among the early adopters of the Transporter application are venture capital entities Fourth Revolution Capital and Moonrock Capital, according to Chainlink.

Chainlink App Transporter Also Aims To Reduce Cross-Chain Vulnerabilities

Since its inception in 2016, the decentralized finance (DeFi) sector has seen cryptocurrencies valued at a total of $5.85 billion lost to hacks, with over 48% of this, amounting to $2.83 billion, attributed to breaches in cross-chain bridges. This data, provided by DeFiLlama, highlights the significant risks associated with these platforms.

Source: DeFiLlama

In response to these security challenges, Transporter introduces a solution aimed at making cross-chain transactions safer for both institutional and individual users. The platform addresses the prevalent issue of bridge vulnerabilities, which have historically led to nearly half of the total value compromised in Web3. Utilizing the security features of Chainlink CCIP, including a dedicated Risk Management Network that offers continuous monitoring and validation of cross-chain transactions, Transporter seeks to mitigate these risks.

Despite a reduction in cross-chain hacking incidents since the start of the year, the threat remains high, with hackers continuing to target vulnerabilities in blockchain bridges. For instance, in early January, the Orbit Chain experienced a security breach that resulted in the loss of $81 million in digital assets, underscoring the ongoing challenge of securing cross-chain transfers.

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In 2024, Bitcoin ETF inflows have seen substantial capital coming in, yet the involvement of traditional banking sectors and institutional investors remains absent.

During Paris Blockchain Week, in an interview, Jan van Eck, CEO of VanEck, highlighted that the surge in investments into the U.S.’s spot Bitcoin ETFs has predominantly come from the retail sector.

Van Eck expressed that the ETFs’ performance, marked by days when the Bitcoin ETF inflows reached billions of dollars since their inception, has exceeded his initial projections. Nevertheless, he pointed out that these significant capital injections have not been contributed by players from the traditional finance (TradFi) sector.

Bitcoin ETF Inflows Are Still In Its Infancy

Van Eck expressed surprise at the current market composition, noting that despite a diversification in investment sources, the majority, around 90%, still comes from retail investors. While there have been notable movements from Bitcoin whales and some institutions, which were already familiar with Bitcoin, he observed that traditional investors have not yet made a significant entry into the market.

He further mentioned that to this point, no U.S. banks have granted permission or advised their financial consultants to endorse Bitcoin to their clients.

Looking ahead, van Eck anticipates the potential influx of substantial institutional investments from banks and conventional entities in the coming month. However, he underscored that the Bitcoin ETF inflows are still picking up, suggesting substantial growth and development opportunities lie ahead, particularly in on-chain technology enhancements.

When queried on the advantages of investing in Bitcoin ETFs over direct purchases and management of Bitcoin, van Eck highlighted the convenience factor. He pointed out that investors often prefer the simplicity and security provided by fund managers overseeing their portfolios.

Van Eck detailed the benefits of ETFs, including their convenience, safety, and cost-effectiveness, citing the narrower spreads compared to those found on centralized exchanges like Coinbase, alongside minimal or non-existent fees. This, he believes, makes investing through ETFs significantly more straightforward for the average investor.

According To VanEck, Bitcoin Might Be A Better Store Of Value Than Gold

Founded in 1955 by John van Eck, VanEck distinguished itself early on by launching the United States’ first gold fund in 1968 during a period when gold prices were pegged to the dollar.

The success of this fund was notably amplified by the inflation surge of the 1970s, according to Van Eck, who attributes his vigilance in business to a self-described “paranoid” mindset. This vigilance led him to recognize the potential of emerging assets like Bitcoin, which, despite not being seen as a replacement for gold, was acknowledged in 2017 as a valuable addition to investment portfolios for its complementary qualities.

Under Van Eck’s leadership, the firm adopts a “big picture” investment strategy, premised on the belief that shifts in politics, economy, and technology are key drivers of financial markets. It wasn’t until the 2010s, with the ascent of Bitcoin, that Van Eck saw another asset emerge with significant potential.

Despite not being a fervent advocate for Bitcoin, Van Eck appreciates its value as a portfolio diversifier, especially as a store of value, a quality he prioritizes for safeguarding investment savings.

Bitcoin ETF Inflows Might Be Overstated

Van Eck, serving as CEO, also highlighted the contemporary debate on Bitcoin’s efficacy as a store of value compared to gold, especially in light of the U.S.’s pressing budget deficit issues. He suggests that these economic challenges are already being factored into market dynamics.

Regarding the buzz around Bitcoin ETF inflows and their perceived influence on the cryptocurrency’s value in 2024, Van Eck offers a perspective that tempers some of the excitement. He suggests that the significance of ETFs may be overstated, pointing out the global and profound nature of the Bitcoin market, which transcends ETF influence.

This is evidenced by a notable price surge in early April, occurring outside U.S. trading hours, hinting at the strong impact of Asian markets on Bitcoin.

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