Toncoin escalates in the market with innovations in the TON network
and partnership with Telegram
Toncoin (COIN:TONCOINUSD), the cryptocurrency of The Open
Network, has advanced in the digital asset rankings, propelled by
network innovations and collaboration with Telegram. TON,
associated with the messaging app, announced a partnership with
HumanCode for palm-reading identification. This development,
coupled with the integration of Toncoin payments in Telegram,
raised TON’s market value, surpassing giants like Cardano and
Dogecoin with a weekly price increase of 28%.
Mango Markets fraud trial set to start on Tuesday
A federal court in New York is set to begin the trial of
criminal charges against Avraham Eisenberg on Tuesday. The case,
involving the alleged exploitation of $116 million from the DeFi
exchange Mango Markets, is expected to last two weeks. Eisenberg
confessed to orchestrating the attack, inflating the Mango token,
and manipulating the price oracle. He faces serious charges that
could lead to up to 20 years in prison in the US.
Decline in Ether and Bitcoin prices; Ethereum might continue to
gain value relative to BTC
On Tuesday morning, the prices of Ether (COIN:ETHUSD) and
Bitcoin (COIN:BTCUSD) are slightly down by up to 2%, with Ethereum
above $3,600, and Bitcoin just below $71,000. The current ETH price
may be tied to continued interest in the DeFi protocol Ethena, with
its TVL surpassing $2.2 billion, recently boosted by including
Bitcoin as collateral in Ethena’s stablecoin USDe. According to
Fernando Pereira from Bitget, “the ETH/BTC chart is at a
crucial historical support which might lead Ethereum to continue
gaining value over BTC, as seen earlier this week. It might be a
good time to swap your bitcoins for ethereum.” Over the last 7
days, Ethereum has appreciated by 3.7%, while Bitcoin has increased
by 1.70%.
Analysts predict the impact of Bitcoin halving on the market
As the Bitcoin halving (COIN:BTCUSD) approaches on April 20,
analysts highlight potential repercussions. Arthur Hayes warns of a
slowdown due to the widely accepted bullish outlook around the
event. Benjamin Cowen points out similarities with previous
corrections, while Peter Brandt acknowledges recurring patterns.
Moreover, recent ETF flow data indicate market hesitation.
Following the halving, miners might face additional pressure,
possibly selling part of their reserves to cover operational
expenses.
Ether ETF faces hurdles in SEC approval
Issuers of Bitcoin exchange-traded funds (ETFs) predict that the
US Securities and Exchange Commission (SEC) is unlikely to approve
a similar product for Ethereum. The deadline for reviewing the
Ether ETF ends in May, after the SEC postponed its original
decision. Companies like BlackRock and Fidelity anticipate
approval, but the SEC has expressed caution, considering most
crypto assets subject to securities laws. VanEck’s CEO, Jan Van
Eck, anticipates an imminent rejection.
Bitcoin ETFs report net outflows after four days of inflows
On April 8, Bitcoin exchange-traded funds (ETFs) in the United
States experienced net outflows, mainly due to the Grayscale’s spot
GBTC ETF, which saw an outflow of over $303 million in a single
day. While other ETFs had net inflows, led by Bitwise Bitcoin
(AMEX:BITB) and BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT). In
total, the net outflows among Bitcoin ETFs amounted to nearly $224
million. The Fidelity’s spot Bitcoin ETF (AMEX:FBTC) surpassed
150,000 BTC in assets under management, worth about $10.1 billion.
Meanwhile, Grayscale’s fund (AMEX:GBTC) saw a 48% drop in its
assets. BlackRock’s IBIT is leading with 263,937 BTC (equivalent to
$18.5 billion), followed by the Ark 21Shares ETF (AMEX:ARKB) in
third place, with 43,726 BTC (about $3.1 billion), according to
data provided by CoinGlass.
Fantom Foundation enhances security in the meme coin universe
Trading of meme coins, a billion-dollar and vibrant niche within
the cryptocurrency universe, has been yielding substantial profits,
especially on the Solana and Base networks. However, this trend is
not without risks, such as market manipulation through social
media, massive sell-offs by early investors, and technical
vulnerabilities. To mitigate these risks, the Fantom Foundation
(COIN:FTMUSD) proposed a new model for token and liquidity
management, promoting transparency and security. This model
includes stricter controls over the release and management of
tokens, with the foundation acting as a crucial guardian to prevent
harmful practices and ensure the sector’s integrity.
Crypto.com obtains full approval in Dubai and plans expansion
Crypto.com, a leading digital asset platform from Singapore, has
achieved definitive authorization from the Dubai Virtual Asset
Regulatory Authority (VARA) to operate locally. This approval
initially allows institutional investors from the United Arab
Emirates to use its services. The company highlights this
achievement as a pioneer for local currency operations in the
country and signals future expansions, including new products for
regular consumers.
HashKey Group announces Ethereum Layer-2 network at Hong Kong Web3
Festival
The Hong Kong-based HashKey Group unveiled the upcoming launch
of its Ethereum Layer-2 network during the 2024 Hong Kong Web3
Festival. The new network, based on zero-knowledge proof
technology, aims to expand HashKey’s Web3 ecosystem, offering
efficient and accessible on-chain services. A testnet launch is
expected within the next six months, followed by the mainnet in a
year. Security will be ensured through code audits and community
testing. The subsidiary HashKey Cloud, specializing in web3
infrastructure, will power the HashKey Chain. The company recently
launched HashKey Global, a cryptocurrency exchange, and plans a new
funding round following a successful Series A in January.
STFIL protocol team based on Filecoin under police investigation in
China
Key members of the team behind the STFIL liquid staking
protocol, built on Filecoin, are being investigated by Chinese
police for unknown reasons, according to a statement shared by the
team. Filecoin tokens (COIN:FILUSD) worth $22 million were moved to
an external address during the team members’ detention, raising
concerns. The protocol, which allows earning staking rewards while
utilizing in DeFi, saw its locked value drop almost 60% since
April.
How South Korean elections reflect the influence of
cryptocurrencies
In March 2022, the South Korean presidential election was the
closest in history, won by Yoon Suk Yeol by a narrow margin.
Shortly after, the collapse of the Terra stablecoin resulted in $60
billion losses, affecting about 280,000 South Koreans. With over
280,000 cryptocurrency investors in the country, the role of
technology in the 2024 legislative elections is debated, especially
amid crypto-related political promises. Tax and regulatory policies
around cryptocurrencies have become a central point of electoral
platforms, indicating the growing importance of this sector in
South Korean politics.
Crypto regulation in Argentina sparks debate on Milei’s direction
The expectation that Argentine President Javier Milei, a Bitcoin
proponent, would stimulate cryptocurrency use seems to be in
question after the revelation of new regulation requiring
registration for digital activities. The measure is seen by some as
contradictory to Milei’s rhetoric, raising uncertainties about the
country’s crypto direction. Despite speculation, experts warn of
potential hurdles in reversing the regulation.
Bernstein study reveals growing adoption of stablecoins; US
Treasury official expresses concern over Russia’s use of stablecoin
According to a report by brokerage Bernstein released on
Tuesday, stablecoins are gaining prominence in cross-border
settlements, with payment companies, fintechs, and consumer
platforms leading their adoption. The total supply of stablecoins
currently stands at $150 billion, with Tether (COIN:USDTUSD) and
USD Coin (COIN:USDCUSD) dominating about 97% of the market. The
increasing use of these stablecoins indicates strong acceptance of
the digital dollar and drives cross-border transactions worth $6.8
trillion in the first quarter of 2024. Despite Solana’s leadership
in blockchain payments, the report highlights scalability
challenges that may limit its application in conventional
payments.
Adewale Adeyemo, Deputy Secretary of the US Treasury, testified
that Russia is increasingly using alternative payment methods, such
as Tether’s stablecoin, to bypass economic sanctions. This comes
amid reports of malicious actors exploiting Tether for illicit
activities. Adeyemo also highlighted terrorist organizations like
Al Qaeda and PIJ leveraging cryptocurrencies to circumvent
traditional financial systems. He emphasized the need for
regulatory reforms to combat terrorism financing and ensure
national security in the evolving digital asset landscape.
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