Cryptocurrency Aptos’ performance declines ahead of major token
release
The layer-1 blockchain cryptocurrency Aptos (COIN:APTUSD)
underperformed the general cryptocurrency market this week, falling
nearly 20% ahead of a significant token unlocking event. Scheduled
for April 12, the event will release 24.84 million APT tokens that
were previously locked, representing about 6% of the circulating
supply and nearly double the daily trading volume. These tokens
will be distributed among key contributors, investors, and
community members.
Hong Kong set to approve Bitcoin and Ether ETFs
Hong Kong is reportedly close to authorizing exchange-traded
funds (ETFs) that directly invest in Bitcoin and Ether, the leading
cryptocurrencies in the market. According to sources, Harvest Fund
Management Co. and the partnership between Bosera Asset Management
and HashKey Capital are among the first likely to receive approval.
Approvals could happen as soon as next Monday, although subject to
possible last-minute changes. Both managers plan to launch their
ETFs by the end of the month after finalizing procedures at the
Hong Kong Exchanges & Clearing Ltd.
Bitcoin hovers above $69,300 as ETFs show mixed flows
Bitcoin (COIN:BTCUSD) records a loss of -0.94% at the time of
writing just above $69,300, while bitcoin exchange-traded funds
(ETFs) show mixed flows. The BlackRock iShares Bitcoin ETF
(NASDAQ:IBIT) achieved notable $15 billion in total entries just
three months after its launch, a growth that more than doubles any
of its other 421 ETFs. According to Bloomberg analyst Eric
Balchunas, IBIT saw an increase above 50% and dominated the entries
of spot bitcoin ETFs in the US on Thursday, adding $192.1 million.
Meanwhile, the Grayscale fund (AMEX:GBTC) registered outflows of
$124.9 million yesterday. By the end of the week, the net outflow
from bitcoin ETFs totaled $227.9 million. The ongoing withdrawals
from GBTC are seen by some as a selling pressure on BTC, while
others adopt a wait-and-see attitude, attributing the outflows to
its higher fee structure.
Caution before the halving: Bitcoin and Bitcoin Cash alert
investors
The fourth halving of Bitcoin mining rewards, scheduled for
eight days from now, promises a 50% reduction in the creation of
new coins, an event that occurs every four years and often precedes
major market rallies. However, Bitcoin Cash (COIN:BCHUSD), a
derivative of Bitcoin, warns of the possibility that prices might
not immediately rise post-halving. After the recent BCH halving,
its price significantly dropped, with a 70% reduction in value
locked in perpetual futures. This trend could signal similar
selling pressure for Bitcoin after its own halving, as some predict
intense selling by miners and a subsequent drop in Bitcoin’s
value.
Anticipations and strategies for the next Bitcoin halving
Block Scholes, an institutional data provider on Bitcoin
(COIN:BTCUSD), anticipates a significant impact of the upcoming
halving on the Bitcoin network, estimating an initial 25% drop in
hash rate. According to Eamonn Gashier, CEO of the company, this
event will bring unique adjustments in mining difficulty, with the
shortest wait for these adjustments ever recorded. Meanwhile,
CleanSpark Inc. (NASDAQ:CLSK) has bolstered its mining
infrastructure by acquiring 100,000 Bitmain S21 Pro miners, aiming
for energy efficiency and strengthening its market position ahead
of the halving.
Venture capital investment in cryptocurrencies remains timid, says
JPMorgan
Despite the recent recovery in the cryptocurrency market,
venture capital funding for the sector continues to lag
expectations, according to analysts from JPMorgan (NYSE:JPM).
Nikolaos Panigirtzoglou and his team note that the investment
volume remains modest compared to previous years, with just $3.2
billion raised so far, versus $4 billion in the same period last
year. This lukewarm recovery in investments is seen as a risk for
the sustainability of the cryptocurrency market rally.
Australian court freezes $41 million in digital assets of a mining
company
The Federal Court of Australia supported a move by the
Australian Securities and Investments Commission (ASIC) to freeze
about $41 million in digital assets from over 450 investors,
controlled by the NGS group. The assets will be managed by experts
from McGrathNicol. The action follows ASIC’s accusations that NGS
and its directors operated without proper financial licenses, using
investments in blockchain mining schemes.
Akanda advances with blockchain and AI technology in the cannabis
industry
Akanda Corp. (NASDAQ:AKAN), a leading international medical
cannabis company, announced plans to incorporate blockchain and
artificial intelligence (AI) technology in the sector. Aiming to
enhance transparency and effectiveness in the global supply chain
of cannabis, the company intends to use blockchain to authenticate
the genetics and origin of plants. Additionally, AI will be applied
to improve accessibility and customization of medical cannabis
products. Interim CEO, Katie Field, emphasized the importance of
this technology in ensuring the authenticity of products from
production to the end consumer.
World App reaches 10 million users in less than a year
The World App, the native wallet of Worldcoin (COIN:WLDUSD) and
the first to be compatible with World ID, has reached 10 million
users in less than 12 months since its launch. Launched in May
2023, the app now records an average of 7.1 transactions per second
and is a global leader in self-custody wallets. Daily, 2 million
people use the app, which has facilitated more than 70 million
transactions across over 160 countries. Tiago Sada, Head of Product
at TFH, highlighted that the World App makes Ethereum technologies
accessible and easy to use, reinforcing Worldcoin’s vision of
decentralization and accessibility.
Strategic partnership between TON and HashKey aims to expand crypto
services in Asia-Pacific
The managers of the TON blockchain have joined forces with
HashKey Group, a licensed cryptocurrency exchange in Hong Kong, to
facilitate transactions between cryptocurrencies and fiat
currencies in the Telegram messaging app for users in the
Asia-Pacific region. Initially focused on Hong Kong, the
collaboration could extend to other markets in the region if
successful. The TON project (COIN:TONCOINUSD), which started on
Telegram in 2018, was resumed by the TON Foundation after being
discontinued due to legal issues with the SEC.
Ondo Finance token undergoes USDC stablecoin conversion test
Ondo Finance platform conducted a test conversion between the
Circle’s stablecoin USDC and the new BlackRock token BUIDL. An Ondo
wallet on Ethereum carried out a redemption of $250,000 in BUIDL
tokens in exchange for USDC, according to Etherscan data. CEO
Nathan Allman revealed that the new functionality aims to
facilitate instant redemptions of the OUSG token in USDC, available
24/7.
Configuration error in DeFi Pac Finance protocol results in $26
million losses
Pac Finance, a DeFi lending protocol on the Ethereum layer 2
network, faced a significant issue when its liquidation limit was
changed without warning, causing $26 million in losses to users.
This incident highlights ongoing challenges in the DeFi sector,
especially following a similar attack that affected the web3 game
Munchables on the same network. The unannounced change of the
liquidation parameter resulted in several instant liquidations,
with one user losing nearly $24 million. The Pac Finance team is
now communicating with those affected to develop a solution and
prevent future issues, emphasizing the importance of prior notice
in critical parameter changes.
Uniswap investigation by the SEC stirs DeFi market
Uniswap (COIN:UNIUSD), one of the leading decentralized finance
(DeFi) platforms, is under investigation by the U.S. Securities and
Exchange Commission (SEC), which issued a notice to CEO Hayden
Adams. This move is seen as a sign of impending regulatory storms
for the DeFi sector. The SEC’s accusation that Uniswap operated as
an unregistered broker and exchange increases uncertainty about the
future of DeFi. Moreover, the classification of its native token,
UNI, as a potential security adds complexity to the case. Analysts
predict that this case will set critical precedents for the
enforcement of financial regulations on DeFi platforms in the
United States.
Craig Wright withdraws appeal in legal battle against Hodlonaut in
Norway
Craig Wright has withdrawn his appeal against Norwegian
bitcoiner Hodlonaut, ending a legal dispute that lasted nearly five
years. The controversy began with Hodlonaut’s Twitter posts calling
Wright a “fraudster” for claiming to be Satoshi Nakamoto, the
creator of Bitcoin. A Norwegian judge had previously ruled in favor
of Hodlonaut in 2022, and now Wright has given up the appeal
shortly after losing another significant case in the United Kingdom
related to his claims about the authorship of Bitcoin.
Sam Bankman-Fried appeals conviction for fraud and conspiracy
Sam Bankman-Fried, founder of FTX, has appealed his conviction
and sentence for fraud and conspiracy, submitting the request hours
before the deadline. Convicted in November after a month-long
trial, he faced charges linked to frauds against FTX clients and
investors of Alameda Research. Recently, he received a 25-year
federal prison sentence. Judge Lewis Kaplan highlighted
Bankman-Fried’s lack of remorse and the need to prevent future
crimes.
Montenegro court re-approves extradition of Do Kwon
A court in Montenegro has approved the extradition of Do Kwon,
co-founder of Terraform Labs, to South Korea or the United States,
as determined by the Superior Court of Podgorica. This decision
comes after a reevaluation ordered by the Supreme Court due to
previous procedural flaws. The Minister of Justice of Montenegro,
Andrei Milovic, who prefers to extradite him to the US, will now
decide Kwon’s final destination. Kwon became an international
fugitive following the collapse of the stablecoin UST, which led to
a loss of more than $40 billion in the market.
Bitkub plans IPO with valuation up to $3 billion
Jirayut Srupsrisopa, CEO of Bitkub Capital Group, announced that
the Thai cryptocurrency exchange Bitkub Online, which he leads,
could reach a valuation of up to $3 billion in its planned IPO next
year. The company, which dominates the crypto market in Thailand,
is already in the process of hiring financial consultants for the
IPO, as revealed in a recent update to shareholders and in an
interview with Bloomberg.
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