Concerns and defenses around Ethena’s Bitcoin strategy for USDe

Just seven weeks after its launch, Ethena’s USDe, known as the “internet bond” and “synthetic dollar,” surpassed a market capitalization of $2 billion, becoming the fifth largest stablecoin. Now occupying 1.25% of the total $160 billion stablecoin market, USDe stands out for not directly relying on fiat currency or collateral, but rather on an innovative hedging and arbitrage mechanism to maintain parity with the US dollar. Ki Young Ju, CEO of CryptoQuant, expressed concerns about Ethena using Bitcoin to support its USDe stablecoin, fearing risks to the Bitcoin market. Ethena seeks to reinforce USDe, whose popularity grew with a 37% annual yield. Critics question the strategy’s safety in volatile markets, while Ethena’s defenders highlight fundamental differences in their approach compared to previous stablecoin failures.

Sony Bank starts tests with its own stablecoin on the Polygon blockchain

Sony Bank, part of the Japanese giant Sony Group Corporation (NYSE:SONY), began testing the issuance of its own fiat-linked stablecoin, according to Nikkei. The pilot project will be conducted on the Polygon blockchain network and aims to explore stablecoin applications in gaming and sports, seeking to leverage the benefits of lower payment and remittance fees. This test, which will examine legal issues related to the circulation of yen-backed stablecoins, is being developed by SettleMint and is part of a broader Sony expansion into the Web3 space.

Flare and Hypernative join forces for Web3 security

The Flare Network (COIN:FLRUSD) announced a partnership with Hypernative to strengthen security within its Web3 ecosystem. Hypernative, a specialist in proactive Web3 security, will extend its services to protect Flare against a range of cyber threats, including unexplored critical vulnerabilities. Hypernative emphasized the importance of raising security standards in Web3, while Flare seeks to implement active measures to protect its network and users, including dApps and financial entities, from emerging attacks.

Investors bet on Avalanche despite price drop

The price of Avalanche (COIN:AVAXUSD) recently fell to under $50, but growing optimism among a significant group of investors suggests potential for recovery. Crypto whales, holders of large amounts of AVAX, have accumulated about 52 million AVAX, valued at over $2.1 billion, reinforcing confidence in the asset. Moreover, Avalanche’s low correlation with Bitcoin indicates possible independence in price movements, paving the way for future gains.

Solana in ongoing effort to solve network issues

Solana (COIN:SOLUSD) is racing against time, working non-stop to address issues like the increase in uncompleted transactions on its platform. Raj Gokal, co-founder, shared that dedicated teams are focused on enhancing transaction efficiency. Anatoly Yakovenko, also a co-founder, highlights the complexity of resolving congestion, unlike total failures. Recently, the network observed a rise in transaction failures, with many pointing to trading bots as a significant cause of this issue.

Link between Bitcoin value and blockchain job opportunities grows

As the value of Bitcoin (COIN:BTCUSD) rises, the blockchain sector sees a parallel increase in job offerings and demand for positions, according to CryptoJobsList. March 2024 stood out with a significant spike in both vacancies and applications. The question remains: can this job growth continue in line with optimistic Bitcoin projections? The relationship between Bitcoin’s performance and the blockchain job market shows interdependence, with high Bitcoin values boosting confidence and expanding hiring in the sector.

Bitcoin maintains stability despite volatility, according to Fernando Pereira

Analyst Fernando Pereira, from Bitget, observes that Bitcoin (COIN:BTCUSD) is forming a triangle at the top, indicating a consolidation phase that could last several days. According to him, “we will unlikely be below 66K or above 70K this week. I expect at least 3 days of consolidation.” Meanwhile, bulls are balancing selling pressure, maintaining BTC’s price after a 10% drop. Despite a pullback to about $66,000, most sales are being absorbed, with declines remaining contained. The digital currency may find temporary support at $60,000. However, a decrease in Bitcoin ETF inflows and warning signs in network indicators suggest caution, anticipating a possible decline before a recovery. On April 5, options equivalent to 18,000 Bitcoins and 270,000 Ethereums are scheduled to expire, totaling a notional value of $1.2 billion and $890 million, respectively. With an environment dominated by selling positions, the points of maximum financial pain are identified at $68,000 for Bitcoin and $3,400 for Ethereum (COIN:ETHUSD), suggesting possible losses for many holders at these levels.

Bitcoin ETFs attract considerable investments

On April 4, Bitcoin ETFs witnessed cumulative inflows of $106.8 million, marking the third consecutive wave of positive investments. While the Grayscale ETF (AMEX:GBTC) saw withdrawals, those from BlackRock (NASDAQ:IBIT) and Ark Invest (AMEX:ARKB) recorded robust net inflows, with IBIT adding $144 million to its coffers and ARKB adding $12.0 million.

BlackRock expands access to Bitcoin ETF with new authorized participants

BlackRock (NASDAQ:IBIT) added five new entities as Authorized Participants to its spot Bitcoin ETF, bringing the total to nine. Launched on January 11, 2024, IBIT facilitates investment in Bitcoin without the need for direct ownership. The additions include notable names such as ABN AMRO Clearing and Goldman Sachs (NYSE:GS), broadening the fund’s access and liquidity.

Morgan Stanley and UBS in the race to launch Bitcoin ETFs

Morgan Stanley (NYSE:MS) and UBS Group AG (NYSE:UBS) are competing to be the first major banks to offer spot Bitcoin ETFs to their clients. Morgan Stanley aims to lead the race, planning to announce its service before UBS, which is scheduled for launch the week of April 8. UBS already offers Bitcoin ETFs in its wealth management division for high-value investors on a limited basis. The competition shows signs of increasing integration of cryptocurrencies into the traditional financial sector, promising to rejuvenate interest and activity in Bitcoin ETFs.

Ark Invest conducts significant sales of Coinbase shares

On Thursday, Ark Invest adjusted its portfolios by selling 25,662 shares of Coinbase Global (NASDAQ:COIN), distributed between its ETFs Ark Innovation (AMEX:ARKK) and Ark Next Generation Internet (AMEX:ARKW), totaling $6.4 million. This action marks one of the first major sales since the $21 million stock liquidation in March. Cathie Wood, CEO of Ark, clarified that the sale is part of active management to maintain portfolio diversification, especially after Coinbase’s significant appreciation. The company continues to be a dominant position in Ark’s ETFs, reflecting a balancing strategy in the face of the asset’s growth.

Impact of the Fed and perspectives of gold and bitcoin in the cryptocurrency market

After the Federal Reserve indicated caution in interest rate cuts, cryptocurrencies and other risk assets experienced declines. Meanwhile, gold, which performed well, may favor bitcoin (COIN:BTCUSD), according to a Coinbase Global (NASDAQ:COIN) report. The analysis suggests that gold’s appreciation reflects concerns about inflation and Fed rates, potentially enhancing bitcoin as “digital gold”. New investors may be attracted by this view, while bitcoin ETFs and the upcoming halving promise to stabilize and encourage the crypto market.

Bhutan expands Bitcoin mining ahead of the next halving

Bhutan, a Himalayan country, plans to quintuple its Bitcoin mining capacity, increasing from 100 to 600 megawatts, in anticipation of the next halving event in April. In partnership with Bitdeer, the country’s sovereign fund seeks to strengthen its position in the cryptocurrency market, continuing to buy BTC since the price was around $5,000. The investment aims to take advantage of Bhutan’s hydropower reserves for sustainable mining and mitigate the financial impact of the halving on mining.

Hut 8 transformed after merger with US Bitcoin Corp, according to Canaccord Genuity

Canaccord Genuity (TSX:CF) highlights that Hut 8 (NASDAQ:HUT), after its merger with US Bitcoin Corp, has significantly diversified its income sources, becoming a company with multiple revenue streams. The miner now has about 7 exahashes per second of capacity, and 68% of its revenues come from direct mining. The rest is derived from managed services, hosting, and high-performance computing. Although Canaccord reduced Hut 8’s price target, it maintained a buy recommendation, noting restructuring efforts and energy efficiency in mining.

FTX CEO charges $1,575 per hour in bankruptcy restructuring

John J. Ray III, CEO of FTX, was compensated at $1,575 per hour in March for leading the restructuring efforts of the bankrupt cryptocurrency exchange, totaling $363,825 for 231 hours of work. His responsibilities included restructuring management, communications, and asset control. The complexity of FTX’s bankruptcy, which left a debt of over $8 billion to its customers, was compared by Ray to that of Enron, highlighting the severity of the situation.

OneCoin executive sentenced for aiding in money laundering

Irina Dilkinska, a former OneCoin executive, was sentenced in the US after collaborating in laundering illicit gains from the scheme, assisting in transferring $400 million to the Cayman Islands with American lawyer Mark Scott. Scott had previously been sentenced to 10 years in prison for his involvement. Dilkinska faces charges for conspiracy to commit fraud and money laundering, with a forfeiture order of $111.4 million. She is the latest to be punished in the OneCoin scandal, which deceived millions with a nonexistent cryptocurrency.

Today elevates social simulation with AI and raises $5 million

Today, an innovative web3 social game, raised $5 million to expand its AI-powered NPCs and intuitive creation tools. Led by Sfermion and Big Brain, with support from entities like GSR and Goldman Sachs, the round aims to enrich in-game interaction. Through intelligent NPCs, the game promises a more authentic experience, mimicking real dialogues. This capital injection accelerates Today’s ambition to redefine simulation games with a dynamic narrative and deep emotional connections.

Ellipsis Labs raises $20 million to boost DeFi technology

Ellipsis Labs, focused on developing DeFi solutions, raised $20 million in its Series A, led by Paradigm and with participation from Electric Capital. The round also saw contributions from prominent industry figures, such as members of the Ethereum Foundation and Solana Labs. The funds will be used to evolve its DeFi platform, Phoenix, an on-chain DEX on the Solana network aiming to combine the efficiency of order books with the accessibility of DeFi.

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