Bitcoin approaches its fourth halving with market impact
expectations
Bitcoin (COIN:BTCUSD) is two days away from its fourth halving,
an event that occurs every four years and will halve the block
mining reward from 6.25 to 3.125 BTC. Historically, such events
have been followed by significant increases in Bitcoin’s price.
However, caution is advised this year. Goldman Sachs (NYSE:GS)
warns clients not to assume that past trends will automatically
repeat, highlighting that current macroeconomic conditions—with
high inflation and elevated interest rates—differ significantly
from those during previous halvings.
Adding to the discussion, Fernando Pereira, an analyst at
Bitget, commented on the current market behavior: “As Bitcoin’s
price falls, more players are entering long positions in the
futures market, the so-called ‘longs’. Currently, 70% of the
futures market is in long. This value is considered extremely high
and typically serves as fuel for the price to continue falling,
providing liquidity for large players to execute sales. Even at
$60k now, BTC could easily drop another 7 or 10 thousand dollars in
the coming days.”
At the time of writing, Bitcoin has seen a 5.9% depreciation
over the last 24 hours, trading at $60,090. Ethereum (COIN:ETHUSD),
the second most traded cryptocurrency globally, has fallen by 4.5%,
priced at $2,945.
Kraken launches cryptocurrency wallet focusing on privacy
The US-based exchange Kraken has unveiled its “Kraken Wallet,” a
digital wallet supporting eight blockchains, including Bitcoin and
Ethereum. This self-custody product, launched on Wednesday, is
accessible to both users and non-users of Kraken. Distinguished by
its security and privacy features, the wallet is open-source,
allowing contributions from developers and promoting a rewards
system for identifying vulnerabilities.
Worldcoin launches its own blockchain with a focus on verified
human identity
Worldcoin (COIN:WLDUSD), a cryptographic initiative by OpenAI
founder Sam Altman, is developing its own blockchain, named World
Chain. This Layer 2 network on Ethereum, scheduled for release this
summer, will offer special benefits to users who participate in its
retina scan-based identification system, providing a “World ID.”
The network aims to be a solution for verifying humanity amid
increasing bot activity, offering a more secure and reliable
ecosystem for actual transactions. The shift to its own chain seeks
to give developers more control and reduce costs for users.
Imminent launch of Bitcoin ETFs in Hong Kong promises significant
investment influx
Hong Kong is about to launch its first spot Bitcoin ETFs by the
end of April, following recent approval by the Securities and
Futures Commission of Hong Kong (SFC). These ETFs, backed by the
infrastructure of OSL for fund managers, could attract up to $25
billion from Chinese investors through the Southbound Stock Connect
program. This launch not only solidifies Hong Kong as a financial
hub for Bitcoin in Asia but also aligns with the upcoming Bitcoin
halving, potentially boosting the asset’s value.
Outflows mark presence in US Bitcoin ETFs, with GBTC leading the
reduction
On April 16, spot Bitcoin ETFs in the United States recorded net
outflows for the third consecutive day, with a withdrawal of more
than $58 million, totaling approximately $12.43 billion in
cumulative outflows. The Grayscale Bitcoin Trust (AMEX:GBTC) was
the primary contributor, with outflows of nearly $79.4 million.
Meanwhile, most other Bitcoin ETFs saw modest inflows, with the
iShares Bitcoin Trust (NASDAQ:IBIT) standing out by attracting
$25.78 million. Transaction volumes for the ETFs have stabilized in
April after earlier reductions.
Record flow of ETH to EigenLayer as competition in Ethereum staking
increases
The Ethereum-based EigenLayer protocol recorded a record inflow
of about $157 million in ETH staking, coming from Lido in the last
24 hours. This was the largest influx of assets to the platform
since February, coinciding with Lido’s market share in Ethereum
staking dropping below 30%. Competition has increased with other
staking protocols, fostering a more competitive and decentralized
environment. EigenLayer also announced the removal of limits for
all liquid staking tokens, allowing greater freedom and innovation
in the ecosystem.
Core Chain introduces Bitcoin staking with a new consensus
mechanism
The Core Chain blockchain, operating on Layer 1 and compatible
with the Ethereum Virtual Machine, now offers the possibility of
Bitcoin staking (COIN:BTCUSD), a functionality previously
unavailable due to Bitcoin’s proof-of-work nature. Core Chain’s new
consensus mechanism, called Satoshi Plus, combines Delegated Proof
of Work (DPoW) and Delegated Proof of Stake (DPoS), allowing users
to engage in Bitcoin staking in a novel and non-custodial manner.
Additionally, DeFi Technologies Inc., through its subsidiary
Valour, has launched an exchange-traded product (ETP) that provides
yields based on the block rewards from Core Chain, enhancing
investors’ interaction options with Bitcoin.
South Korean won surpasses US dollar in cryptocurrency trading
volume for the first quarter of 2024
During the first quarter of 2024, the South Korean won exceeded
the US dollar as the most traded currency on centralized
cryptocurrency platforms, as reported by the research firm Kaiko.
Transactions in won reached $456 billion, surpassing the $445
billion in the dollar. This phenomenon reflects the vibrant
cryptocurrency market in South Korea, driven by five major local
exchanges and the growing interest of major global players like
Crypto.com and Binance.
PayPal ends protections for high-value NFT transactions
PayPal Holdings (NASDAQ:PYPL) has announced a significant change
in its policy, removing buyer and seller protection for NFT
transactions exceeding $10,000 starting May 20. This update to the
terms of service reflects a more cautious approach by the company
towards the digital asset market, especially in light of
uncertainty and volatility. Transactions up to $10,000 may still
receive some protection under specific circumstances, but the
company is reducing its involvement in guarantees for the
high-value NFT market due to the challenges in proving item
delivery.
US Senators propose law to regulate stablecoins
US Senators Cynthia Lummis and Kirsten Gillibrand have
introduced bipartisan legislation, the Lummis-Gillibrand Payments
Stablecoin Act, aiming to establish clear regulation for
stablecoins used in payments. The proposal seeks to protect
consumers, encourage innovation, and strengthen the US dollar’s
position, while preserving the dual banking system. The legislation
imposes stringent reserve requirements for issuers and operational
guidelines, banning algorithmic stablecoins and establishing a
judicial settlement system with the FDIC to protect customer
assets.
Paris Blockchain Week concludes with emphasis on innovation and
global participation
The 5th edition of Paris Blockchain Week concluded successfully,
standing out as the largest blockchain and Web3 event in Europe,
with records of more than 9,000 participants and 500 speakers,
including industry leaders like Richard Teng and Denelle Dixon. The
event emphasized progress in Open Finance and other Web3 areas,
receiving praise for promoting a welcoming environment for
technological innovations.
Heavy rains cause disruptions at cryptocurrency events in Dubai
Dubai is experiencing a wave of severe weather conditions, with
record rainfall impacting the city and significant cryptocurrency
events like Blockchain Life and Token2049. The conferences had to
adjust their schedules after the rain caused significant
disruptions in traffic and at the conferences themselves on April
16. Despite the challenges, Token2049 confirmed it would proceed as
planned, while Emirates and Fly Dubai adjusted their services due
to the conditions. The government issued a red alert, advising
additional precautions.
Zignaly launches ZIGChain blockchain and $100 million fund for DeFi
development
The social investment platform Zignaly announced the launch of
its own blockchain, ZIGChain, based on Cosmos (COIN:ATOMUSD), along
with a $100 million ecosystem development fund. Revealed during the
Token2049 event in Dubai, the fund aims to facilitate the creation
of user-friendly financial infrastructure. Zignaly, which operates
as a crypto fund manager allowing users to replicate experienced
traders’ strategies, recently obtained a license to offer financial
services in South Africa.
EY launches blockchain solution for contract management on Ethereum
EY, formerly known as Ernst & Young, has introduced a new
blockchain solution, EY OpsChain Contract Manager (OCM), based on
Ethereum. Unveiled at the EY Global Blockchain Summit, the OCM is
designed to simplify the execution of complex agreements between
businesses, reducing costs and increasing security. This release
highlights EY’s expansion into using blockchain technology for more
efficient and transparent business operations.
Ore mining project on Solana suspends operations for enhancements
The Ore project, based on the Solana blockchain and operating
with a proof of work (PoW) mechanism, announced the immediate
suspension of its mining activities. The decision, disclosed by
pseudonymous founder Hardhat Chad, was driven by congestion and
instability issues on the network. Ore is working on Version 2 (v2)
of the contract, which promises to address inefficiencies and
optimize the system for future operations.
FLock.io and IO.Net partner to advance decentralized AI
FLock.io, an innovative platform for on-chain AI model
development, has partnered with IO.Net to enhance its services with
decentralized computing resources. This strategic collaboration
aims to improve the effectiveness and security of AI training
platforms, using decentralized computing technology to address
challenges such as data monopolization and privacy breaches. By
utilizing federated learning, FLock.io enables the training of AI
models directly on users’ devices, protecting privacy and using
data more effectively.
BytePlus announces partnership with Mysten Labs to explore Web3
BytePlus, the enterprise technology division of ByteDance,
parent company of TikTok, is moving towards Web3 through a
strategic partnership with Mysten Labs, creators of the Layer 1
blockchain Sui. Announced on April 17, the partnership outlines
BytePlus’s plan to apply its AI and data storage expertise to
strengthen the Sui ecosystem, focusing on Web3 gaming and SocialFi
projects. This collaboration will allow BytePlus to integrate its
ByteHouse technology, a native cloud data warehouse, with Sui’s
full-node data, promising to transform data analysis and improve
user experiences on these platforms. Following the partnership, the
price of Sui Network’s token (COIN:SUIUSD) increased by 4.10% over
the last 24 hours, bucking the trend of the declining crypto
market.
Ronin announces partnership with Web3 game “Ragnarok: Monster
World”
The EVM-based sidechain Ronin (COIN:RONNNUST), developed by Sky
Mavis, creators of Axie Infinity, has entered into a partnership
with the new Web3 strategy game “Ragnarok: Monster World.” This
game, the first Web2 title to join the Ronin network, famous for
supporting play-to-earn games, will allow players to collect and
train creatures called “Ragmons” for PvP battles. The game, set to
be released in the third quarter of this year, will also
incorporate a tokenized economy with the ZENY token, strengthening
Ronin’s position as a gaming blockchain platform.
Andreessen Horowitz raises $7.2 billion for various investment
strategies
Andreessen Horowitz (a16z) has announced the raising of $7.2
billion distributed across five different investment strategies, as
revealed by Ben Horowitz on his blog. The sectors benefited include
American Dynamism and Games, each receiving $600 million, as well
as Apps, Infrastructure, and a highlight on the Growth strategy
with $3.75 billion. The firm has shown a particular interest in
Web3 gaming innovations and remains committed to advancements in
the crypto industry.
Ord.io raises $2 million to expand its Bitcoin interaction
The Ordinals platform Ord.io, specializing in interactions with
inscriptions on the Bitcoin blockchain, announced a $2 million
pre-seed funding round. Led by the Bitcoin Frontier Fund and Sora
Ventures, with participation from various other funds and angel
investors, the investment aims to expand support for the Runes
protocol, a new standard for fungible tokens on Bitcoin. The
startup plans to increase its developer team and enhance
functionalities, focusing on providing a seamless and integrated
user experience for managing digital assets.
Usual Labs raises $7 million for the launch of stablecoin USD0
Usual Labs, the developer of the decentralized finance (DeFi)
protocol Usual, has raised $7 million and secured $75 million in
total value locked (TVL) for the launch of its stablecoin, USD0.
The funding round was led by IOSG Ventures and Kraken Ventures,
with participation from several other companies. The funds will be
used to prepare for the mainnet launch of USD0 on the Ethereum
network in the second quarter, including testing, partnerships, and
security audits. USD0 is a permissionless stablecoin backed by real
assets and will offer returns to its holders.
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