Trending crypto Pepe (PEPE) has captured investors’ attention with an impressive 6% rally today. The popular memecoin defiled the broader crypto market downturn to record significant gains on April 17. Consequently, enthusiasts and investors are concerned about a potential sell-off triggered by cashing out.

At the time of writing, the total memecoin market cap has slumped by 1.76% in the last 24 hours to $47.2 billion with a trading volume of $5.4 billion representing a 35% decrease over the last day. Other top memecoins including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have witnessed 0.95%, 0.12%, and 1.11% increases respectively in the last 24 hours.

PEPE Rallies Amid Market Downtrend

As the global cryptocurrency market continues to undergo major price corrections, Pepe (PEPE) the fourth-largest memecoin has turned heads as it rallied about 6% earlier today. Even though the token has shed some of its earlier gains, the bullish sentiment surrounding it remains. Investor optimism is indicated by the fact that a sizable 69% of Pepe Coin holders are currently profitable, according to data from IntoTheBlock. Nevertheless, the question of whether profit-taking will cause a sell-off in the upcoming days remains in the balance, with only 27% of investors still in the red and 4% in the neutral zone.

It is important to note that, profit-booking, the practice of investors selling their shares to profit on price increases, occurs frequently in volatile markets. Because of this, PEPE holders are speculating about booking profits amid market volatility in response to the recent spike in the price of PEPE. This means that, worries about whether holders will take advantage of the rally or hang onto their positions surface, indicating a cautious attitude within the cryptocurrency community.

Meanwhile, in hindsight, Pepe coin alongside the majority of tokens in the market has seen significant losses. According to CoinMarketCap data, PEPE has declined by 24.8% in the last seven days and by a significant 33.5% over the last month.

Pepe coin (PEPE) price today

CoinMarketCap paints a clear picture of the PEPE price movements today. At the time of writing, PEPE is trading at $0.000005045, signifying a 2.5% increase in the last 24 hours. However, its trading volume over the last day has dipped significantly by 26% to $621.6 million. Additionally, PEPE now occupies the #47 position on the global crypto chart with a live market cap of $2.12 billion.

Pepe Coin’s Open Interest (OI) increased significantly by 7.53% to $42.94 million, as reported by CoinGlass data, indicating a favorable market environment. However, according to the aforementioned tracker, the meme coin has seen a liquidation of about $2.01 million in the last day.

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Since its trading debut in January, Grayscale Bitcoin Trust ETF (GBTC) has experienced a notable decrease in its holdings, dropping by 50%. 

On April 16, GBTC held 309,871 BTC, marking a stark reduction from the 619,220 BTC it had on its first day of trading on January 11. This decrease, often referred to as a “halving,” coincided closely with the much-anticipated Bitcoin halving event, where the mining reward was reduced by 50% from 6.25 BTC to 3.125 BTC.

GBTC has officially halved ahead of the halving.

Grayscale has seen net outflows of 310,611 BTC in the 66 trading days since its conversion. That's a 50.16% reduction in Bitcoins Under Management since January 10. pic.twitter.com/zghV2fiasf

— Vetle Lunde (@VetleLunde) April 17, 2024

The decline in GBTC holdings, occurring just before the Bitcoin halving, adds another layer of significance to the chronology of Bitcoin-related events. However, it’s essential to note that the two events do not directly correlate.

The outflows from GBTC have been attributed primarily to high trading fees. GBTC initially started with the highest fees among the 10 spot Bitcoin ETFs in the United States, at 1.5% on the first day of trading. 

In contrast, competitors were offering lower fees, ranging from 0.2% to 0.4%. This disparity in fees prompted investors to seek alternatives with more competitive fee structures, leading to substantial outflows from GBTC.

Rivalry with BlackRock’s iShares Bitcoin Trust (IBIT)

In contrast to GBTC’s decline, BlackRock’s iShares Bitcoin Trust (IBIT) has experienced significant inflows, with its holdings surging by over 10,000% since its trading debut. IBIT started with a 0.25% fee, coupled with a 0.12% discount for the first $5 billion of traded assets during the waiver period, making it an attractive alternative for investors seeking lower fees. As of April 16, IBIT held 272,548 BTC, positioning itself just 13% behind GBTC in terms of holdings.

Apart from GBTC and IBIT, other spot Bitcoin ETF providers have also witnessed substantial accumulations of BTC since their trading launch. Collectively, the 10 spot Bitcoin ETFs held approximately 862,162 BTC as of April 16, 2024, amounting to $54.7 billion. While GBTC’s decrease in holdings has been significant, the overall accumulation by various ETF providers indicates continued investor interest in Bitcoin despite market fluctuations.

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Some XRP whales have caught the crypto community’s attention with series or transfers carrying almost 300 million tokens from wallets and centralized exchanges. These movements have sparked speculations among investors and enthusiasts with expectations of a potential price impact in the short term. As the XRP community continues to eye an eventual price shoot to the $0.6 level, the series of XRP transfers has ignited hope for the outcome.

Almost 300 Million XRP Moved Between Wallets

In recent events, XRP whales have made headlines today as they moved substantial amounts of tokens in the last 24 hours. WhaleAlert, a large blockchain transaction tracker, has reported several movements nearing 300 million tokens between unknown wallets and crypto exchanges.

At approximately 18 hours ago, the first transaction was spotted moving exactly 158,473,000 XRP from a wallet labeled ‘unknown’ to the Binance cryptocurrency exchange. The transfer is worth about $77.3 million at the current market price. Asset transfers from wallets to exchanges sometimes signify sell-offs which can, in turn, force the price of the asset to crash more.

158,473,000 #XRP (77,333,753 USD) transferred from unknown wallet to #Binancehttps://t.co/LfuKq07FZp

— Whale Alert (@whale_alert) April 16, 2024

Shortly after, three consecutive transfers carrying similar amounts of 33.3 million XRP tokens (valued at $16.2 million each) were made from the Binance exchange to other anonymous wallets. Transfers from crypto exchanges often signify bullish sentiment as they show holding behavior rather than sell-off, potentially boosting the price of the asset.

The transactions continued. About six hours later, WhaleAlert spotted another transfer of 28,940,000 XRP tokens from another unknown wallet to the Bitstamp exchange. In recent months, the Luxembourg-based crypto exchange has received substantial amounts of XRP tokens from unidentified wallets following Ripple’s acquisition of an undisclosed stake in the company.

XRP to $0.6 possible?

As the question of XRP price movement to the $0.6 zone remains in the balance, crypto experts have shared their views on the possibility in the short term. Notably, Andrew Griffiths, a crypto analyst has commented on the situation.

According to him, XRP needs to close above the $0.6 mark to remain bullish. He pointed out that since 2017, XRP has been accumulating in a triangle pattern, suggesting a period of price stability preceding a potentially dramatic breakout.

Source: Andrew Griffiths/X

“XRP Support and resistance zones are the key in trading. As long as we can stay above 0.60, XRP remains bullish. We are coiling up for a big move. Last week we were just ranging, the price doesn’t move much so prepare for the move…” he said.

Furthermore, he added that XRP can see an all-time high if it breaks the triangle formation and moves past the $1.20 mark while expressing concerns about the possibility of XRP traders continuing the pattern for the following months.

Meanwhile, at the time of writing, XRP is changing hands at $0.5007 representing a 0.56% increase in the last 24 hours according to CoinMarketCap data. What is more, XRP’s 24-hour trading volume has dropped significantly by 24% to $1.7 billion over the last day. Finally, its market cap has spiked by 0.29% to $27 billion within the recorded time.

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John Deaton, a vocal supporter of XRP, is reportedly contemplating joining Coinbase’s legal confrontation with the Securities and Exchange Commission (SEC). 

Fox Business reporter Eleanor Terrett first brought attention to this development, citing Deaton’s potential involvement on social media platform X. Deaton, who has previously served as amicus counsel in significant crypto-related cases, including those involving Ripple and LBRY, may bring his expertise to bear in the ongoing lawsuit between Coinbase and the SEC.

Is U.S. Senate candidate @JohnEDeaton1 planning to get involved in the @coinbase case?

Deaton served as amicus counsel in both the @Ripple & @LBRYcom cases.

I’ll be interviewing John this week to get that question answered. https://t.co/JqHv9uSjar

— Eleanor Terrett (@EleanorTerrett) April 15, 2024

Background of the Coinbase vs. SEC Lawsuit

Coinbase is currently seeking an interlocutory appeal to the 2nd Circuit Court of Appeals, a move indicative of the escalating legal dispute with the SEC. The case stems from the SEC’s broader scrutiny of cryptocurrency platforms and assets, which many in the crypto community view as overreach. 

Deaton has been forthright in his criticism of the SEC, especially of SEC Chairman Gary Gensler, whom he has labeled as a “bad faith regulator” with a politically driven agenda. His previous engagements as amicus counsel suggest that his participation could influence the dynamics of the Coinbase lawsuit.

In his various public statements and social media postings, Deaton has emphasized the need for clearer regulatory frameworks for cryptocurrencies. He argues that judicial intervention is crucial to establish these frameworks, given the SEC’s failure to provide necessary guidance for the industry. 

Before his candidacy for the US Senate in Massachusetts, Deaton rallied around 5,000 Coinbase customers to form a putative class aimed at voicing their concerns independent of both the SEC and large cryptocurrency platforms like Coinbase. This move mirrored his earlier efforts in the Ripple case, where he represented over 75,000 XRP holders.

Deaton’s recent activities include creating platforms for Coinbase users to express their concerns about the SEC’s regulatory actions. He argues that while Coinbase’s legal team focuses on the interests of its employees and shareholders, the broader base of platform users lacks representation. By potentially joining the Coinbase lawsuit, Deaton aims to extend his advocacy to these users, ensuring their voices are heard in the judicial process.

Market and Community Reaction

The cryptocurrency community closely watches developments in the Coinbase vs. SEC lawsuit, as outcomes could set important precedents for the regulation of digital assets in the United States. Deaton’s potential involvement is particularly noteworthy given his past successes in representing cryptocurrency users in court. 

Meanwhile, at press time, the value of XRP remains stable at $0.4932, per CoinMarketCap data, reflecting investors’ wait-and-see approach regarding the ongoing legal proceedings.

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The World Economic Forum, in collaboration with Accenture, released a detailed report concerning CBDCs entitled “Modernizing Financial Markets with Wholesale Central Bank Digital Currency”. The report offers a thorough exploration of the worldwide movement toward adopting Central Bank Digital Currencies (CBDCs) by the year 2030.

Additionally, it emphasizes the initiatives of central banks around the globe to launch 24 operational CBDCs, which are expected to significantly enhance the security, efficiency, and accessibility of financial markets.

The Impact of CBDCs on Global Financial Markets

In an era marked by rapid technological innovation, central banks worldwide are making significant strides toward the adoption of Central Bank Digital Currencies. By 2030, it is projected that 24 live CBDCs will be operational, potentially transforming the landscape of global financial markets through enhanced security, efficiency, and accessibility.

The integration of CBDCs into the financial ecosystem addresses both current and emerging challenges within the sector, including the need for more secure and efficient transaction mechanisms and the demand for broader financial inclusion. CBDCs are designed to modernize the capabilities of and improve access to central bank money, which is crucial for fostering stable and efficient economic environments.

A primary motivation for the development of CBDCs is their potential to improve systemically important payment systems between financial institutions. These digital currencies are not just theoretical constructs but are being piloted and tested in real-world scenarios across various continents.

Real Case Scenarios Where CBDCs Are Already In Practice

For instance, in Switzerland, a live wCBDC (wholesale CBDC) was recently used to settle a digital bond transaction, marking a significant milestone in the practical application of CBDCs in mainstream financial operations.

Also, the ongoing projects extend beyond single-nation applications. In Asia and the Middle East, initiatives like Project mBridge are redefining cross-border payments, expanding their observing members to include 25 central banks and institutions. This reflects a growing trend towards multilateral cooperation in the development and deployment of CBDCs, highlighting their role in facilitating international trade and economic integration.

Moreover, the European Central Bank and other major financial entities are exploring the use of distributed ledger technology (DLT) for CBDCs to enhance securities and foreign exchange transactions. These advancements highlight the dual potential of CBDCs to innovate payment systems and reinforce financial stability across jurisdictions.

How Wholesale CBDCs Would Address The Current Challenges?

Interestingly, most real-time gross settlement (RTGS) systems that facilitate cross-border securities settlement operate within restricted hours. The Bank for International Settlements (BIS) notes that there is a maximum overlap during a five-hour window from 6 to 11 AM GMT.

However, to establish such a global settlement window comprehensively, significant modifications to the operating hours of RTGS systems are necessary. Accenture has proposed that a wholesale CBDC could complement RTGS systems by functioning nearly around the clock.

Moreover, the industry faces a growing problem with settlement failures, especially as securities settlement periods decrease from T+2 to T+1. Implementing a shared distributed ledger technology (DLT) infrastructure as a unified source of truth could mitigate these failures. A wholesale CBDC could then serve as the settlement asset.

Source: WEF, Accenture

One of the highly praised advantages of DLT is the provision of atomic settlement in securities transactions, which removes counterparty risk. However, when traditional finance sectors began to explore DLT about six to seven years ago, they recognized a critical issue: atomic settlements demand high liquidity at specific times during the day. This requirement contrasts with traditional systems that facilitate liquidity through mechanisms such as netting, queuing, and offsetting.

Thus, it remains uncertain whether a wholesale CBDC can effectively tackle these liquidity risk challenges.

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On April 16, Bitcoin mining company Hut 8 Corp, which is publicly traded, declared the kick-off of its self-mining activities at the newly established Salt Creek facility. This initiative began just 78 days after construction started on the site.

Located in Texas, the Salt Creek facility features an advantageous energy profile that is anticipated to lower mining expenses by 30% relative to the company’s existing hosting facilities.

In Just 4 Days, Fewer Bitcoin Mining Companies Will Remain Profitable

The energization of the new site accounts for only one-third of the total facility, which now operates with 63 megawatts (MW) of power.

Hut 8 CEO Asher Genoot, in a press release, emphasized the strategic advantage of Salt Creek, highlighting its significance in managing the company’s miner fleet and operational costs as the Bitcoin halving approaches. He further noted that the energy cost projections at Salt Creek are anticipated to align with the previously estimated 30% reduction in mining costs compared to their Kearney and Granbury locations.

The Bitcoin halving, an event that occurs every four years, reduces the rate at which new coins are generated by the Bitcoin network by half. This reduction is scheduled to happen within the next four days, slashing the daily production of new BTC from 900 to 450.

Although the halving is generally considered to have a positive impact on Bitcoin’s value over time, it initially poses significant challenges for the mining sector by drastically reducing their revenue. In this environment, only the most efficient mining operations, which can achieve the highest hash rates while using minimal energy, will remain profitable.

Hut 8’s Efficiency Efforts

Earlier this month, Hut 8 announced the strategic relocation of its most efficient mining machines from its Kearney and Granbury sites to boost the operation of its Salt Creek fleet and optimize its hash rate in preparation for the upcoming halving. Last month, the company also shut down one of its mining facilities in Alberta, Canada, due to disruptions in power supply and high energy costs.

Furthermore, Hut 8 has implemented Reactor, an automated energy management software designed to keep miners operational only during profitable conditions.

Genroot, speaking on the company’s financial strategy, highlighted that Hut 8 is on course to achieve a highly cost-effective buildout. The projected all-in cost is expected to be $275,000 per megawatt or less, which translates to a 40% cost reduction compared to recent acquisitions in the same region.

Less than three months after breaking ground, we’ve officially energized one third of our 63 MW Salt Creek site in Culberson County, Texas.

Our team made rapid energization possible by removing more than 25,000 miners on 20 loaded transports from our hosted facilities in just… pic.twitter.com/BzpikS7ABS

— Hut 8 (@Hut8Corp) April 16, 2024

After these developments were made public, Hut 8’s stock (HUT) saw a rise of 0.9% since Monday, performing well despite a slight decline in BTC, other miners, and Bitcoin-associated stocks on Tuesday.

Genoot also expressed immense pride in his team for their exemplary performance at Salt Creek, highlighting their remarkable achievement of removing over 25,000 miners from Kearney and Granbury within just eight days. He emphasized the company’s progress in maintaining a highly cost-effective buildout, with an anticipated all-in cost of $275,000 per megawatt or less, which represents a 40% savings compared to recent acquisitions in the area.

Genoot affirmed that, as demonstrated at Salt Creek, the company will persist in taking decisive actions to enhance and expand its self-mining operations.

A Little Bit About Bitcoin Mining Company Hut 8

Hut 8 Corp., based in Miami, Florida, operates as an energy infrastructure provider and Bitcoin mining company, offering self-mining, hosting, managed services, and conventional data center operations throughout North America.

The company’s extensive portfolio includes eighteen locations: nine dedicated to Bitcoin mining, hosting, and managed services across Alberta, New York, Nebraska, and Texas; five high-performance computing data centers in British Columbia and Ontario; and four power generation facilities located in Ontario.

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Offchain Labs has revealed that Arbitrum BOLD (Bounded Liquidity Delay) is now operational on a public testnet, representing a notable advancement within the Arbitrum ecosystem.

The newly introduced protocol is designed to improve security by implementing interactive fraud proofs in optimistic rollups. Additionally, it facilitates a transition to completely permissionless validation across Arbitrum chains.

Arbitrum is recognized as one of the most prominent Ethereum Layer 2 networks in terms of active wallet usage, as previously reported by The Block. In August 2021, Offchain Labs secured $120 million in funding led by Lightspeed Venture Partners.

Arbitrum Intends To Involve The Community In Validating And Refining The Protocol

Arbitrum BOLD has launched a new dispute resolution system that allows a single, capable entity to handle multiple challenges effectively, thereby reducing the need for separate disputes. This method is designed to enhance the validation process and fortify the network against potential attacks.

Deploying BOLD on the Ethereum Sepolia testnet signifies a deliberate effort to engage the community in the protocol’s testing and enhancement. Offchain Labs emphasizes the critical role of community input during this stage to guarantee the system’s robustness and its readiness for broader deployment.

Fraud Proofs took us to a Stage 1 rollup.

Today, with BOLD, we’re on our way to becoming a Stage 2 rollup!

BOLD, permissionless validation on Arbitrum, is now live on testnet! https://t.co/XUj663h0Gf pic.twitter.com/42FLSwJ4ry

— Arbitrum (,) (@arbitrum) April 15, 2024

A distinctive aspect of the BOLD protocol is its permissionless validation feature, which permits any individual to become a validator. This significant development aids in decentralizing the network by eliminating the need for a predetermined list of validators, enhancing network security and fostering a more diverse validator community.

Offchain Labs has articulated that this feature enables anyone globally to validate or contest statements about Arbitrum’s state on Ethereum. Consequently, this ensures that withdrawals from Arbitrum to Ethereum are accurate, maintaining the integrity of the historical record.

Offchain Labs also explained in its introduction of BOLD in August 2023 that the current validation process on Arbitrum One and Nova through fraud proofs is permissioned. This is due to the dispute protocols being susceptible to denial-of-service attacks, where a malevolent validator could misuse funds to block confirmations, thus prolonging the transfer of assets from Layer 2 to Layer 1 indefinitely.

Apart From The New Protocol, Arbitrum Token ARB Might See A Price Decline

Arbitrum (ARB) faces the potential for a substantial price drop with the scheduled release of its tokens on April 16. Such token unlock events often lead to high market volatility due to possible subsequent actions. According to TokenUnlock, 92.65 million Arbitrum tokens, representing 3.49% of its circulating supply, will be released on that date. Of these, 56.13 million tokens, valued at $65.10 million, will go to the team, future team members, and advisors, while 36.52 million tokens, worth $42.36 million, will be allocated to investors.

These unlocks typically trigger large sell-offs by those who receive the tokens, leading to a decline in the token’s price. Arbitrum may experience a similar downturn, as it did during its last unlock event on March 16, when its price fell from just over $2 to $1.8. However, the scale of the upcoming unlock is much smaller compared to the previous event, which saw 1.11 billion tokens—or 41.89% of the circulating supply—released.

While the potential market impact may be less drastic than before, Arbitrum still faces the risk of falling below the $1 support level for the first time in a considerable period, with prices currently hovering around this range.

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The price of the Bored Ape NFT has suffered a dramatic 90% drop, falling from a historic high of 120 ETH to just 10 ETH currently.

During the cryptocurrency boom of 2021, NFTs from the Bored Apes Yacht Club (BAYC) emerged as one of the most sought-after collections but have since seen a sharp decrease in demand affecting the entire NFT market.

Despite early enthusiasm and endorsements by celebrities, the value of BAYC NFTs, along with other Ethereum-based NFT collections, has decreased due to diminishing interest from retail investors and the emergence of new collections on the Bitcoin and Solana blockchains.

Source: CoinGecko

In May 2022, each BAYC NFT was valued at $400,000 in Ether, with Ether’s price at $3,000. Currently, the value of each Bored Ape NFT has plunged to just above $30,000.

According to CoinGecko, there was a stability in the market around the $1 million mark in 2022, with ten individual wallets controlling nearly 20% of this value.

Google search trends also indicate declining interest in Ethereum-based NFT collections as investors shift their focus towards NFTs on the Solana and Bitcoin platforms.

Despite 90% Drop, Bored Ape NFT Still Leads The NFT Collection

In the bullish NFT market of 2021, Bored Ape Yacht Club (BAYC) NFTs surged in popularity, attracting several high-profile celebrities who paid upwards of $300,000 for individual pieces. Notably, Justin Bieber acquired a Bored Ape valued at over $1.2 million, described as “rare.”

Reports by Google indicate that Moonpay may have given Bored Apes to various individuals and celebrities to boost investor confidence.

Despite a downturn in NFT prices, BAYC has sustained its status, boasting a market capitalization of $340 million as of Tuesday (April 16).

Bored Apes consists of 10,000 distinctive digital monkey cartoon figures on the Ethereum blockchain.

Ownership of a BAYC NFT offers several privileges, including access to exclusive in-person gatherings and a private online club, additionally serving as a digital symbol of wealth.

A Few Bored Ape NFTs Are Still Selling High

It is important to recognize that certain BAYC NFTs are still achieving sales well above their baseline price, which represents the minimum price of any NFT within the collection.

Recently, BAYC #830 fetched a price of 504.3 ETH, equivalent to $1.92 million, while other scarce pieces in the collection have surpassed the 30 ETH mark in the past few days.

Meanwhile, CryptoPunks, the most valuable NFT collection in terms of market capitalization, has experienced a decline from its highest floor price of 113.9 ETH, dropping by 64%.

According To Expert, Digital Art NFTs Were Never Meant To Exist On Their Own

As industry experts continue to speculate on the potential resurgence of digital art NFTs, Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, shared insights in an interview. Wei emphasized that digital art NFTs were not designed to function independently within the market. Instead, he suggested that the success of these projects could be enhanced by integrating them with other sectors of the blockchain industry to increase their utility.

Wei pointed out the challenges of garnering support for projects lacking a well-defined brand and concrete products. Nonetheless, he also highlighted the potential advantages of NFTs when combined with blockchain projects that incorporate in-game economies and NFT ownership. According to Wei, projects with a clear vision, such as a defined game, infrastructure, blockchain, marketplace, and a dedicated early adopter community, find it considerably easier to succeed.

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The Bitcoin halving event is set for around April 20, 2024, and Kris Marszalek, the CEO of Crypto.com, forecasts constant selling pressure in the market.

In a recent interview conducted by Bloomberg, Marszalek outlined the potential market movements before this crucial date in the cryptocurrency calendar. The event, which halves the reward for mining Bitcoin transactions, historically affects the value of the cryptocurrency and mining community.

Marszalek expects that the short-term market reactions could be chaotic, although he is positive about the long-term Bitcoin value gains. The price surged during the Asian trading hours at the start of the week due to the approval of spot Bitcoin ETFs in Hong Kong; however, the price fell afterward. This volatility highlights the market’s reaction to the global financial events and speculative trading activities that build up to the halving.

Bitcoin Miners and Market Dynamics Impact

The next halving will reduce mining rewards by half and will be a huge challenge for Bitcoin miners. It is estimated that miners may have to offload around $5 billion worth of Bitcoin to cover higher operational costs after halving. This substantial dumping could lend to the pricing pressures envisaged by Marszalek. For readiness, miners have reported that they accumulate Bitcoin and upgrade their equipment to cope with anticipated distortion in computational requirements.

Moreover, this preparatory action by miners indicates a strategic approach to the forthcoming challenges. Historically, such halvings have led to increased mining costs and a revaluation of miners’ economic models. How miners adapt to these changes can significantly influence market dynamics, affecting both the supply side and overall market sentiment.

Bitcoin’s Market Dominance and ETF Influence

In the broader cryptocurrency market, Bitcoin continues to assert its dominance, achieving a three-year high with 55% market dominance. This rise is partially attributed to the substantial capital inflows into newly launched spot Bitcoin ETFs, which have garnered about $56 billion in assets within just three months. The performance of these ETFs reflects growing investor interest and confidence in Bitcoin, bolstering its market position despite recent price volatility.

#Bitcoin ETF demand has stagnated for 4 weeks, yet on-chain accumulation remains very active, even when excluding ETF settlement transactions. pic.twitter.com/PqMTzJrAym

— Ki Young Ju (@ki_young_ju) April 16, 2024

However, after several weeks of robust inflows, the growth rate of these Bitcoin ETFs has tempered, marking a period of stabilization after their initial surge. Despite this slowdown in ETF activity, substantial on-chain accumulation by large-scale Bitcoin holders, or ‘whales,’ continues to be robust. This ongoing accumulation activity could play a crucial role in stabilizing Bitcoin’s price in the face of selling pressure from other market participants.

With only a few days left until the halving, the market will be keeping an eye on the possibility of sellers going up, as Marszalek put forward. The speculation of these events usually results in trading strategies such as ‘buy-the-rumor, sell-the-news’ behaviors, which could explain some of the recent price movements in the Bitcoin market.

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The Shiba Inu community has resumed the week with a significant amount of burn as its rate surged by almost 500% according to recent data. Despite the market downtrend, the member remains resilient in their quest to reduce the number of tokens in circulation. The drastic reduction of SHIB circulating supply can potentially impact the price of the coin, lifting it to impressive heights by creating scarcity.

Millions of SHIB sent to burn Wallets

In a significant turn of events, the Shiba Inu community has destroyed a substantial amount of SHIB tokens over the last 24 hours. According to data from Shibburn, a dedicated Shiba Inu burn tracker, about 19,345,086 (19.3 million) SHIB tokens have been removed from circulation. As a result, the burn rate has surged by a massive 489.87% per the aforementioned tracker.

The number of SHIBs was destroyed across ten transactions. Some notable transactions include one carrying over 9 million SHIB tokens from a wallet labeled “0x8a40” to a burn address. Another wallet “0xb233” destroyed 6.6 million tokens approximately 22 hours ago.

Source: Shibburn

In hindsight, the Shiba Inu community has comfortably burned 774 million SHIB tokens in the last seven days with an average burn rate of 200% increase. The consistency and major increase in the burn rate have raised speculations across the community over the short and long-term effects on the value of the memecoin.

A total of 410.72 trillion SHIB have been burned from the original supply since Shiba Inu’s launch, demonstrating the community’s continued dedication to limiting token circulation. As a result, SHIB now has a circulating supply of 582 trillion tokens.

Meanwhile, Shiba Inu layer 2 blockchain solution Shibarium, has skyrocketed in daily transactions reaching 958.4k according to Shibariumscan, a dedicated Shibarium transaction tracker. According to the data, more than 4.2 million blocks have been mined with total transactions now above 416 million. Additionally, the number of wallets connected to the network has surged to 1.7 million.

The growth signifies investors’ confidence in the Shiba Inu ecosystem and room for growth and adoption in the future. Shiba Inu’s future looks bright, providing investors and enthusiasts with an engaging story in an unpredictable market, since both burn rates and Shibarium transactions are increasing.

According to CoinMarketCap data, SHIB is currently changing hands at $0.00002175 representing a 7.45% increase in the last 24 hours. Additionally, its trading volume has dropped by a significant 21.4% to $870.7 million with a live market cap of $12.7 billion.

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Recent findings from blockchain intelligence company Arkham reveal that about $1.2 billion of digital currency held by the top five crypto whales is now locked up.

Meanwhile, the unveiling was done through the modern dashboard that follows the assets of the world’s richest crypto holders with verified on-chain data.

High-profile characters in the dashboard include Justin Sun of Tron and Vitalik Buterin of Ethereum. Although the holdings are quite broad, almost 35% of the assets are inaccessible as a result of lost passwords and private keys.

Our team created a dashboard of 10 of the richest individuals with crypto holdings tagged on Arkham.

The top 5:

Justin Sun ($1.1B)Rain Lohmus ($793M – inaccessible)Vitalik Buterin ($782M)Stefan Thomas ($452M – inaccessible)James Fickel ($446M) pic.twitter.com/efOTys9PMo

— Arkham (@ArkhamIntel) April 15, 2024

Top Crypto Whales’ Profile

Justin Sun, the initiator of the Tron network, tops Arkham’s list with assets worth $1.06 billion. His wallet has a large holding of Decentralized USD (USDD), his network’s stablecoin, and Tron’s token. Rain Lõhmus, the person behind Estonian-based LHV Bank, has the second largest investment in Ether with $769 million, but it is presently not accounted for, as access was lost to his private keys.

The third position is occupied by Vitalik Buterin, co-founder of Ethereum, who has a wallet of $757 million, mostly in Ethereum tokens. The top five also include Stefan Thomas, formerly of Ripple and now an independent technology developer, and James Fickel, who is a crypto venture capitalist with holdings in Bitcoin and various digital assets respectively.

The problem of accounts being inaccessible because of lost keys is a common challenge in the cryptocurrency space. The case of Stefan Thomas serves as an example; he lost access to an encrypted hard drive containing information for more than 7,000 Bitcoin in 2011. In October, a crypto recovery firm provided services to try and unlock the IronKey hard drive that holds Thomas’s assets.

This case highlights the dangers of digital money management: One may lose access to a large sum, die due to forgotten passwords, or die due to failed hardware. It further illuminates the need for better security systems and recovery methods in the crypto industry.

Other Notable Crypto Wallets

While Arkham’s dashboard is below the top five, it also presents other players in the cryptocurrency market. An early adopter, Patricio Worthalter, owns $219 million, primarily in Ether. According to reports, Winslow Strong, the General Partner at Cluster Capital, owns a portfolio of digital assets worth $27.5 million.

The accounts, along with others tagged and monitored by Arkham, provide a total portfolio breakdown of their holdings across different blockchains, presenting a complete view of their investment operations and historical balance modifications.

However, the list is limited to wallets linked to identifiable individuals. It does not include anonymous or pseudonymous holders like Satoshi Nakamoto, whose estimated worth in Bitcoin runs into tens of billions.

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The global crypto market has been experiencing heavy volatility over the last weeks due to several factors like pre-halving correction and global crisis. The majority of the tokens in the market are trading in the red as depicted in the crypto heat map. Bitcoin previously spiked to reach $67k on Monday before crashing below $62,000 in the early hours of Tuesday.

Source: CoinMarketCap

Consequently, the general crypto market cap has taken a hit. According to data from CoinMarketCap, the total crypto market capitalization has dropped by a notable 5.15% to $2.29 trillion over the last day. Nevertheless, the total trading volume across the market has grown by 1.53% to reach $116.8 billion within the observed timeframe. Also, it is important to note that the volume of all stablecoins is now $109.1 billion, representing over 93% of the total crypto market trading volume in the last day.

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

Major Cryptocurrency Price Update Today

At the forefront of the crypto market is Bitcoin, the largest cryptocurrency by market cap. The Bitcoin (BTC) price has dropped by a significant 4.19% in the last 24 hours to trade at $63,640. What is more, BTC trading volume over the last day has spiked by 1.40% to $44 billion. BTC now has a live market cap of $1.24 trillion representing a 4.54% drop in the last 24 hours.

Ethereum, the second-largest cryptocurrency in the world has also witnessed a dip. The Ethereum (ETH) price over the last day has dropped by 4.67% to $3,100. Furthermore, ETH has a 24-hour trading volume of $21.8 billion signifying a 3.70% drop within the time. Finally, the Ethereum market cap rests at $372 billion.

Other altcoins like BNB (Binance Coin) also join in the bloodbath. The BNB price has been reduced by 4% to trade at $548. Similarly, its trade volume has dropped significantly by over 6% to reach $1.4 billion.

After fixing its congestion issue with a recent update, the Solana price has taken the most notable hit among the coins in the top ten list. SOL has dipped by 11% within the last 24 hours to trade at $136.9. Also, its trading volume has plummeted by 12% to $5.4 billion within that time. Solana (SOL) now has a market cap of $61.1 billion.

Toncoin (TON) previously overtook Dogecoin (DOGE) to become the 8th-largest cryptocurrency in the market, however, with the recent price crash, the token has fallen one step to the #9 spot. The TON price in the last 24 hours has suffered a hit of 12% to trade at $6.25. In addition, TON now has a 24-hour trading volume of $516 million representing a 21.18% drop within the observed time.

Top Gainers Today

Despite the downtrend in the global crypto market, some tokens have exhibited resilience and surged significantly. The top gainers today include;

Kittenwifhat (KITTENWIF): Memecoins are known to skyrocket in value within a short time. According to CoinMarketCap data, the Kittenwifhat (KITTENWIF) price has surged by 38% in the last 24 hours to trade at $0.006052. Its market cap now rests at $6 million with a 24-hour trading volume of $3.8 million.

Core (CORE): Still on that list is Core (CORE). The CORE price has surged exponentially by 36% in the last 24 hours with a live market cap of $2 billion. Furthermore, the trading volume of the token has skyrocketed by 225% over the last day to $706.2 million. Core is a layer 1 blockchain that is compatible with Ethereum Virtual Machine (EVM). The Core network is powered by the “Satoshi Plus” consensus mechanism.

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Ignoring the high market volatility in recent days, Bitcoin whales have continued to amass a huge number of BTC tokens in anticipation of the coming halving event. This move underscores investors’ confidence in the asset, creating positive sentiment across the market and hoping for an imminent price surge. Meanwhile, the move coincides with the reduced inflows into Bitcoin spot ETF in the last few weeks.

Bitcoin’s price has fluctuated greatly since last weekend, rising and dropping sharply. At the beginning of the week, the tokens’ price increased to $67,000 before crashing back to the $62k zone. Despite this, whales continue to buy the dip, expecting an upward trajectory soon.

Bitcoin Whales Bet Large

In an exciting development, Bitcoin, the largest cryptocurrency by trade volume, has enjoyed massive investments from whales (large investors) over the last month. Recent data shows that these entities have accumulated significant tokens ahead of the halving event scheduled to take place between April 19 and April 20.

According to Santiment, a cryptocurrency intelligence tool, wallets holding between 100 to 100k BTC have acquired additional tokens in their thousands compared to previous months. The tool breaks down the transactions clearly to show how much each category has acquired.

Source: Santiment

Per the data, wallets holding between 100 to 1,000 BTC have bought a total of 43,489 tokens (worth approximately $2.75 billion). Additionally, wallets holding between 1,000 to 10,000 Bitcoins have accumulated about 80,544 tokens (worth $5.10 billion). Finally, wallets with BTC tokens between 10,000 to 100,000 have bought 91,732 coins, valued at approximately $5.80 billion. The behavior of the above group has shown resilience against the FUD spreading across the crypto market over the last few weeks.

Meanwhile, since the third week of April, investor interest in Bitcoin ETFs has dropped, with net negative outflows. The demand for Bitcoin ETFs hasn’t increased for the past four weeks. Still, even without taking into account transactions relating to ETF settlements, there is a noticeable amount of on-chain accumulating activity.

Bitcoin (BTC) price today

According to data from CoinMarketCap, Bitcoin has dropped by a significant 5% over the last 24 hours, trading at $63,409. Additionally, its market cap has been reduced by a similar amount to $1,24 trillion. However, the activities surrounding the token as shown in its 24-hours trading volume have spiked by 1.74% to $43.9 billion within this time.

As a result, the positive sentiment surrounding the crypto market, portrayed in the crypto fear & greed index, has dropped by almost ten points to ’65’ according to Alternative data. Ultimately, the global crypto market cap has declined by 5.15% to $2.29 trillion in the last 24 hours.

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Former Binance CEO Changpeng Zhao, commonly known as “CZ,” is set to appear before a federal judge, over 160 days after he admitted guilt to a felony charge under a plea agreement with U.S. authorities.

On April 30, United States District Court for the Western District of Washington, under Judge Richard Jones, will conduct a hearing involving statements from both the prosecution and CZ’s defense team. This session ranks among the most closely watched legal events in the cryptocurrency industry following the conviction and sentencing of ex-FTX CEO Sam Bankman-Fried.

Although Zhao’s sentencing was previously postponed, it is scheduled to proceed by the end of the month according to the latest report.

Former Binance CEO Could Get Up To 10 Years In Federal Prison

In November 2023, Zhao admitted guilty to a single charge of failing to maintain an effective Anti-Money Laundering (AML) program at Binance, thereby breaching the Bank Secrecy Act. As part of the plea agreement, he stepped down from his role as CEO, and together with the cryptocurrency exchange, agreed to a $4.3 billion settlement to resolve civil regulatory enforcement actions in the United States, excluding any legal action by the Securities and Exchange Commission (SEC).

According to U.S. sentencing guidelines, Judge Jones has the authority to sentence Zhao to a maximum of 10 years in federal prison, although the guideline range for his offense is 12 to 18 months. In comparison, Bankman-Fried was sentenced to 25 years on March 28 under different circumstances, despite both individuals being prominent figures in the cryptocurrency sector. Observers have noted that Zhao’s cooperative stance and guilty plea might allow him to avoid prison time altogether.

Moe Vela, a former Director of Administration for then-Vice President Joe Biden, explained that while the charges in these cases differ, they are alike in demonstrating the U.S. Justice Department, SEC, and federal government’s commitment to not tolerating wrongful acts. Vela suggested that U.S. officials might be attempting to deter criminal activities within the cryptocurrency field, and speculated that Zhao might receive leniency from the judge due to his cooperation and acknowledgment of wrongdoing.

Terrorism Surrounding Hamas Could Affect Former Binance CEO Sentencing

Mark Bini, a former Assistant U.S. Attorney from the Eastern District of New York, informed that CZ’s legal issues appeared more regulatory in nature compared to the criminal case against Bankman-Fried. However, Bini noted that the recent Hamas attack on Israel could potentially sway the sentencing judge in CZ’s case.

Following the attack by Hamas, numerous reports have linked cryptocurrency to the financing of terrorist groups. These reports may be indirectly connected to the charges faced by the ex-Binance CEO, including his failure to establish an adequate anti-money laundering (AML) program, alongside the civil lawsuit against the exchange.

Bini pointed out that public perception and government stance might converge due to allegations against Binance for laundering funds linked to Hamas. This perspective could be used to demonstrate the severe implications of what might otherwise seem like a mere regulatory violation, possibly influencing the prosecution’s arguments for harsher penalties.

Bini also mentioned that the gravity of the facts could lead the judge to consider a more severe sentence for CZ. Since his guilty plea, Zhao has been largely allowed to travel within certain U.S. regions on a $175 million bond, although requests for him to visit family in the United Arab Emirates before his hearing have been consistently denied by the judge.

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Following reports that the protocol’s deployer created millions of new tokens, Grand Base’s token value plummeted nearly 100%, sparking fears of a potential rug pull.

The tokenization protocol of real-world assets, Grand Base (GB), which operates on Coinbase’s native layer-2 blockchain, incurred losses amounting to $1.7 million due to a compromise of a private key.

An admin of the protocol conveyed in a Telegram chat that an exploit occurred in their contracts at 03:01:27 AM +UTC on April 15, advising all community members to avoid the compromised contract as it was no longer secure.

An Excess Number Of Grand Base Tokens Were Minted Without Authorization

Blockchain analytics firm PeckShield reported that a leak of a private key led to the theft of $1.7 million in tokens from its liquidity pools. The stolen tokens were exchanged on-chain for Ether (ETH) and then transferred to an external address. In the aftermath of this security breach, the protocol’s native token plummeted by 99% in value within 24 hours.

An administrator from the Grand Base Telegram channel warned users that the token contract was no longer secure and advised against swapping or interacting with it. They assured users that updates on further actions would be provided promptly.

Further examination by blockchain analytics firm CertiK revealed that the hacker had accessed Grand Base deployer contracts, illegally minted an excessive number of GB tokens, and subsequently withdrew them.

Grand Base staff later stated that they had identified all wallet addresses associated with the hacker and were coordinating with centralized exchanges (CEXs) to potentially freeze any transferred funds, indicating ongoing efforts to mitigate the fallout from the hack.

User Comments On The Hectic Situation

In the Grand Base Telegram chat, a user expressed deep regret for those affected by the hack and advised against further investments, urging people not to deposit more money into the platform under any circumstances.

Another user pointed out potential security vulnerabilities within the contract, noting that despite the discrepancies, the total balance appeared unchanged, raising questions about whether these issues were an oversight by the developers or intentional.

Before the incident, the Grand Base protocol, which was introduced less than five months ago, had a limit of 50 million GB tokens. The protocol allowed participants to use collateral to mint real-world assets as ERC-20 tokens and provided opportunities to earn rewards through liquidity provision for these tokenized assets.

Grand Base Team Says That Losing Control Of The Developer Wallet Was The Main Point Of Attack

Analysts from the AI Web3 security firm Cyvers underscored the critical nature of the recent security breach. They pointed out that the attacker’s capacity to mint new tokens not only escalated the financial impact but also revealed significant security vulnerabilities.

The loss of access control by the compromised deployer’s wallet was particularly alarming, with Cyvers analysts stressing the need for stronger security measures and continuous monitoring to prevent such substantial future losses.

The breach was further highlighted by two major unauthorized transactions that were recorded from the compromised wallets, transferring 206 and 319 ETH to external addresses, respectively.

In reaction to this security issue, Grand Base communicated the breach via its Telegram channel, reassuring users of their proactive efforts to resolve the security issues. The team specifically noted that losing control of their developer wallet was a critical aspect of the security breach.

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Landesbank Baden-Württemberg (LBBW), the largest state-owned bank in Germany, has disclosed its intention to introduce crypto custody services later this year. The bank has partnered with Austrian-based Bitpanda to initiate these services, which will initially concentrate on Bitcoin and Ethereum, the two leading cryptocurrencies by market value.

The two companies have formed a strategic alliance that will equip LBBW with Investment-as-a-Service infrastructure for the storage and procurement of cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

The Bank Will Offer Crypto Custody To Corporate Clients While Ensuring Security

Landesbank Baden-Württemberg (LBBW), the largest state-backed Landesbank lender in Germany, has declared its plans to introduce cryptocurrency services alongside its traditional lending and commercial banking products. LBBW is set to launch its crypto custody service in partnership with Bitpanda by the second half of 2024. The bank’s leadership has observed an increasing interest in crypto assets and believes that these will become a permanent part of the financial landscape.

Dr. Jürgen Harengel, COO of the Corporate Bank at LBBW, expressed that there is growing demand from corporate clients for digital assets, and the bank is committed to integrating crypto assets as essential components of future business models. Through this partnership, the bank is proactively establishing the necessary technical and regulatory framework to effectively support the diverse cryptocurrency strategies of its corporate clients.

New partnership alert: Bitpanda x LBBW

Landesbank Baden-Württemberg, Germany's largest federal state bank will enhance their digital asset offering in partnership with Bitpanda!

Bitpanda Technology Solutions provides LBBW with an "Investment-as-a-Service" infrastructure in… pic.twitter.com/hIwNXp9Wp4

— Bitpanda (@Bitpanda_global) April 15, 2024

Furthermore, Bitpanda has specified that its Bitpanda Technology Solutions division will provide LBBW with an “Investment-as-a-Service” infrastructure. This will enable the bank to offer cryptocurrency solutions to its corporate customers. Stefanie Münz, a member of the LBBW Board of Directors, emphasized on Monday that by providing crypto-asset custody, LBBW aims to deliver significant added value to its corporate clients while adhering to the highest security standards.

LBBW Is No Stranger To The Blockchain Technology

LBBW has been leveraging distributed ledger technology (DLT) for an extended period. In 2017, the bank participated in a promissory note transaction, issuing a €100 million corporate Schuldschein for Daimler. Among its significant projects was its involvement in the Marco Polo trade finance platform, which is now discontinued.

More recently, LBBW has supported DekaBank’s SWIAT tokenization platform. Additionally, it was one of the early adopters of Deutsche Börse’s D7 digital securities platform, which, although initially centralized, operates on a blockchain basis.

Crypto Custody Services Are Now Promoting Internal Competition In Germany

Apart from LBBW, Bitpanda serves notable clients including the Austrian community bank Raiffeisenlandesbank NÖ-Wien and the German neobank N26. Additionally, Bayern Munich, the German football club, announced a multi-year partnership with Bitpanda, as reported by Finance Magnates. Bitpanda has become the club’s platinum partner and official crypto trading sponsor. The partnership was revealed at Bayern’s home stadium, the Allianz Arena, during a match against TSG Hoffenheim on January 12 this year.

Several major German banks have unveiled plans for cryptocurrency custody and trading. Deutsche Bank has formed a partnership with Taurus, while Commerzbank obtained a crypto custody license from BaFin towards the end of last year. Additionally, DZ Bank is developing a cryptocurrency solution for its network of 737 community banks (Raiffeisenbank).

However, the competition extends beyond traditional banks. Deutsche Börse has introduced its DBDX cryptocurrency trading platform. Its subsidiary, Crypto Finance, handles settlement and custody services. Furthermore, Börse Stuttgart has long provided retail cryptocurrency services and offers institutional custody solutions.

German Banks Are Now Structuring Themselves For The New Crypto Regulations In Europe

Several major banks in Germany have begun preparations for the implementation of the Markets in Crypto-Assets (MiCA) regulatory framework, which is set to become the inaugural comprehensive legal structure for the crypto industry in Europe by the end of December 2024.

With the enactment of MiCA, cryptocurrency exchanges will be officially recognized as legal entities. The MiCA legislation is nearing completion, with the second consultation package concerning reverse solicitation guidelines due to end on April 29. The outcomes of this consultation will have a substantial influence on the final application of MiCA in December.

It will specifically address how exchanges and other crypto-asset service providers (CASPs) from non-EU countries can offer services to EU citizens without a license and the appropriate methods for marketing these services in Europe. These results will play a crucial role in the effective deployment of MiCA.

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Vitalik Buterin, the co-founder of Ethereum, has officially supported RailGun, a DeFi protocol that aims to improve the anonymity of cryptocurrency transactions. He praised the protocol for its ability to safeguard user privacy while maintaining security, which subsequently led to a surge in RailGun’s token value.

Furthermore, Buterin has been involved in a series of transactions that have sparked curiosity. He utilized the Railgun privacy protocol to move 100 ETH, worth roughly $325,000, though the purpose of these transfers remains undisclosed.

Vitalik Buterin (vitalik.eth) transferred 100 ETH (approximately $325,000) to Railgun at 17:40 UTC+8 today. Railgun is a EVM privacy protocol that enables DeFi private transactions. Over the past six months, Vitalik Buterin has been interacting with the Railgun using small…

— Wu Blockchain (@WuBlockchain) April 15, 2024

Buterin Praised RailGun For Its Advanced Privacy Pool Technology

Buterin has highlighted the essential need for privacy in cryptocurrency transactions, particularly after it was revealed that he has used the privacy-centric tool RailGun to hide his transaction details.

Buterin praised RailGun for its advanced privacy pool technology, noting that privacy should be considered a standard expectation. This technology significantly bolsters security by complicating the infiltration process for malicious actors without compromising the privacy of legitimate users.

Following Buterin’s endorsement, RailGun, which is listed under the ticker RAIL, experienced a significant price increase, soaring by +250%. This rise reflects the broader positive trend in the cryptocurrency market, which has seen a 3% increase in its total market capitalization over the past 24 hours.

Source: TradingView

This isn’t the first instance of an Ethereum-based token experiencing a price surge following Vitalik Buterin’s endorsement of its protocol either on platform X or through a blog post. In January, when Buterin highlighted the Ethereum Name Service as a proponent of trustless, Merkle-proof-based solutions, the value of its native cryptocurrency, ENS, climbed by nearly 40% soon thereafter.

Buterin’s support arrives at an important moment as privacy tools face heightened scrutiny from regulators worldwide. Last week, a U.S. Treasury Deputy Secretary pointed out the potential for misuse of privacy-enhancing technologies by harmful entities. Consequently, major cryptocurrency exchanges like Binance and OKX have started to delist such assets, moving towards compliance with stricter regulatory standards.

What Makes RailGun So Interesting For Buterin?

Railgun’s security network provides a mechanism for users to execute fully private cryptocurrency transactions by concealing four essential pieces of identifying information: the identity of the sender, the recipient, the type of asset transferred, and the transaction amount.

The network ensures this privacy by using private balances, which are an anonymous collective of funds that seem to be the source of the transactions. These private balances create an anonymity set, implying that any transaction could ostensibly be conducted by any contributor to the fund pool, making it indistinguishable to external observers.

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The UK plans to roll out new legislation targeting crypto staking and stablecoins by July, as declared by Economic Secretary Bim Afolami at the Innovate Finance Global Summit in London. Afolami emphasized the government’s swift efforts to finalize and implement the regulatory framework.

He highlighted that the forthcoming legislation would, for the first time, bring a variety of crypto asset activities under regulation. These activities include operating cryptocurrency exchanges and managing the custody of customers’ assets, among others.

Afolami Intends To Put Forward Stablecoins Legislation “as soon as possible.”

The UK government’s announcement of nearly completed legislation follows its revised stablecoins regulations in October 2023. The regulations aim to reduce the risk of harm to consumers and address the conduct, prudential, and financial stability risks associated with stablecoins.

With an election anticipated later this year, the current Conservative government may encounter challenges in implementing its long-term financial regulatory plans for the cryptocurrency sector.

Presently, the Labour Party holds a significant lead over the Conservative Party, with polls from April 2024 indicating a 65% disapproval rating for Prime Minister Rishi Sunak. A staunch advocate for cryptocurrencies and a former analyst at Goldman Sachs, Sunak has been vocal about his ambitions to position the UK as a central hub for the cryptocurrency industry.

At a cryptocurrency event in February 2024, Afolami had previously indicated the government’s urgency in introducing stablecoins legislation, emphasizing the need to act swiftly.

The FCA Plans To Combat Market Abuse In The Cryptocurrency Sector

The UK government has quickly implemented several policies affecting the cryptocurrency industry, culminating in the passage of the Financial Services and Markets Bill (FMSB) in June 2023.

The UK’s Payment Service Regulator (PSR), an independent subsidiary of the Financial Conduct Authority (FCA), clarified that the act explicitly allows for the regulation of payment systems that handle stablecoins.

In March, the FCA announced its intention to tackle market abuse in the cryptocurrency sector by enhancing its market surveillance and developing sophisticated analytical tools.

𝗟𝗢𝗡𝗗𝗢𝗡 𝗜𝗦 𝗥𝗘𝗔𝗗𝗬

@BimAfolami, MP and Economic Secretary to HM Treasury outlines that legislation is being developed to regulate #stablecoins and #staking, with plans to finalize proposals by their summer recess ( July 24)

Upon… pic.twitter.com/GAkBLWAbn4

— Subjective Views (@subjectiveviews) April 15, 2024

This recent regulation on digital assets by the UK coincides with efforts by US lawmakers to enact similar legislation concerning stablecoins.

US Representatives Maxine Waters (D-CA) and Patrick McHenry (R-NC) are leading these efforts. They are considering attaching stablecoins regulations to a larger, mostly unrelated legislative bill to garner bipartisan support.

However, it remains uncertain whether this legislative strategy will succeed before the US presidential election in November.

FATF Shows That Under 30% Of The World’s Jurisdictions Are Regulating The Crypto Industry

In February, the U.K. treasury outlined new regulations for the cryptocurrency industry, proposing that digital asset companies be regulated in the same manner as traditional financial institutions. The government aims to regulate the burgeoning sector while positioning Great Britain as a major global center for cryptocurrency.

The treasury highlighted in its announcement that its stringent regulatory approach reduces significant risks and capitalizes on the benefits of crypto technologies. This strategy is designed to allow the emerging sector to prosper safely, thus stimulating job creation and investment.

Despite these efforts, a significant portion of the cryptocurrency sector remains largely unregulated. A recent Financial Action Task Force (FATF) report indicated that fewer than 30% of global jurisdictions have implemented regulations for the industry.

T. Raja Kumar, head of the FATF, expressed that virtual assets tend to migrate towards less regulated areas, which can be exploited by criminals and terrorists for regulatory arbitrage. He emphasized the critical need for a strong regulatory framework across all jurisdictions to prevent such misuse.

Furthermore, a report last month from the FBI’s Internet Crime Complaint Center (IC3) revealed that in 2023, over 43,000 complaints were filed by Americans regarding cryptocurrency scams, with financial losses from such frauds and scams amounting to $3.9 billion, marking a 53% increase from the previous year.

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The government of Norway has announced its intention to propose new laws governing the country’s data centers.

According to a local news report, Ministers of Digitalization Karianne Tung and Energy Terje Aasland stated that these measures are mainly aimed at reducing energy-consuming activities such as cryptocurrency mining, which they believe does not meet Norway’s environmental targets. The bill would oblige data centers to register with the local authorities and provide them with extensive operational data.

JUST IN: Norway becomes the first country in Europe to introduce regulations for data centers aimed at controlling which projects are permitted.

They state #Bitcoin mining “is an example of a type of business we do not want in Norway” pic.twitter.com/NjmiCdkhc1

— Bitcoin News (@BitcoinNewsCom) April 15, 2024

The ministers raised concerns about the environmental impact of unregulated industries, especially issues related to cryptocurrency mining. Minister Aasland also said that these activities are a significant source of greenhouse gas emissions and thus should not be conducted in the country to pursue sustainability objectives. Norway, being a country with a lot of renewable energy resources, made it a natural choice for these industries and, hence, this legislative response.

Registration and Disclosure Requirements

Under the new regulations, all data centers in Norway will have to register and supply full details on their operations, including details on ownership and management. This registration process aims to improve the transparency and government control of the data center industry. Minister Tung stressed that these regulations are aimed at eliminating projects that do not align with Norway’s infrastructure objectives.

The legislation is not only to regulate but also to steer what kind of data centers shall be beneficial to the country’s infrastructure. Minister Aasland indicated the government’s favoring of data centers that provide services for social infrastructure, whereby he was able to distinguish between utility-driven and purely profit-driven initiatives.

The Response to Crypto Mining

The Norwegian government’s stance on cryptocurrency mining has been clear, with both ministers Tung and Aasland indicating a firm opposition to the industry. Despite the economic opportunities presented by the relatively low cost of electricity in regions like Northern Norway, the environmental costs have raised significant concerns. Reports from local media indicate that certain Bitcoin mining operations in the region consume electricity at rates comparable to small municipalities.

This legislative action is expected to empower local authorities to make informed decisions about allowing or rejecting data center projects in their jurisdictions. By mandating detailed reporting from these centers, local policymakers will be better equipped to assess the potential benefits and drawbacks of proposed data center projects, ensuring alignment with regional and national objectives.

Norway’s approach to regulating data centers could serve as a model for other countries grappling with similar issues around technology, energy consumption, and environmental responsibility. The Norwegian government’s proactive measures reflect a commitment to maintaining control over the growth of digital infrastructure while fostering a sustainable and environmentally friendly approach.

The legislation is anticipated to reshape the landscape of data center operations in Norway, potentially discouraging the establishment of new cryptocurrency mining facilities that do not meet the latest regulatory standards. This shift not only affects the crypto mining sector but also sets a precedent for how Norway intends to integrate technological advancements with its robust environmental policies.

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Hong Kong has authorized the launch of several spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs).

This decision makes Hong Kong one of the growing leaders in the crypto financial sector, which is part of the city’s general plan to position itself as a regional hub for virtual assets. The approvals, which included the ETFs from China Asset Management, Harvest Global Investments, and a partnership between Bosera Asset Management and HashKey Capital, were made public on Monday.

BREAKING: Hong Kong just approved the first batch of spot #Bitcoin ETFs. pic.twitter.com/TbjXPgZyH8

— Bitcoin Magazine (@BitcoinMagazine) April 15, 2024

These approvals were granted by the Hong Kong Securities and Futures Commission (SFC), which indicated a positive approach towards the integration of digital currencies. In contrast to its neighboring Chinese mainland, which has looked dimly on cryptocurrency operations, Hong Kong has embraced a friendly atmosphere for crypto enterprises, as confirmed by the crypto licensing regime that was launched in June 2023.

Collaborations to Enhance ETF Offerings

According to China Asset Management, its Hong Kong unit obtained the in-principal approval from the SFC to offer retail asset management services related to these spot crypto ETFs. The firm has partnered with OSL and BOCI International to launch the ETFs, with OSL acting as the lead trading and sub-custodian partner. This partnership is meant to use OSL’s strong infrastructure to provide the safety of trading and accurate asset management.

Similarly, Harvest Global Investments has partnered with OSL to roll out its two spot crypto ETFs after the SFC provided provisional approval for them. These ETFs are structured to resolve the issue of excessive margin requirements, making it easier for cryptocurrency market participants to invest.

Potential Market Forces and Investor Focus

The timing of the approval of these ETFs is crucial for the cryptocurrency markets. Traditionally, the launch of similar financial instruments has caused market activity to grow and price surges. For example, the introduction of spot BTC ETFs in the United States this year significantly affected Bitcoin’s further rise by 73,737 dollars in March. Now that Hong Kong has come to this game, market analysts are expecting a possible surge in BTC and ETH prices driven by fresh flows to these newly approved funds.

In addition, what makes the Bosera HashKey partnership unique is its intention to let investors purchase their ETF shares using Bitcoin and Ether directly, which can be a very attractive feature. This is critical for the Bitcoin halving event due to the typical revaluing of the Bitcoin based on the reduced influx of supply.

Hong Kong’s strategic moves to approve these ETFs not only enhance its portfolio of financial services but also reinforce its status as a global financial center open to innovation in digital asset management. The region’s distinct regulatory environment, compared to the stricter measures seen on the Chinese mainland, offers a favorable landscape for crypto enterprises and investors alike.

The recent regulatory approvals are part of Hong Kong’s broader initiative to attract crypto-related businesses. The licensing regime for crypto trading platforms, which began last year, has already granted licenses to two major platforms, HashKey and OSL. This sets a regulatory framework that supports safe and regulated growth in crypto trading activities.

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