Bitcoin halving may create significant supply-demand disparity

Bitfinex analysts predict that the recent halving of Bitcoin mining rewards could result in demand up to five times greater than supply. The block reward has decreased from 6.25 BTC to 3.125 BTC, reducing the number of new coins available daily. With a potential daily supply of $30 million and an estimated demand of over $150 million from spot ETFs in the US, the market may face significantly constrained supply.

Recent movements in Bitcoin ETF market

On April 22, exchange-traded funds (ETFs) experienced a net inflow of $62.2 million, marking the first series of inflows since April 11. Conversely, the Grayscale ETF (AMEX:GBTC) saw a decrease in outflows to $35 million, the lowest value since April 10, possibly due to plans to launch a new ETF with reduced fees of 0.15%. Other data show that the ETF from BlackRock (NASDAQ:IBIT) had an inflow of $19.7 million, maintaining its position among the top ten ETFs with the highest inflows in the US for 70 consecutive days. Overall, 7 out of 11 ETFs recorded net inflows, totaling $12.388 billion in inflows.

Fidelity maintains neutral outlook for Bitcoin despite price recovery

Fidelity Digital Assets (AMEX:FBTC) updated its medium-term outlook for Bitcoin from “Positive” to “Neutral,” despite a significant price recovery for Bitcoin (COIN:BTCUSD), which rose to over $66,000 after dropping below $60,000. Fidelity’s analysis suggests that Bitcoin is trading at a fair price, based on metrics such as the Hashrate Yardstick, which compares to the traditional stock market price/earnings ratio. With selling pressure increasing and most addresses in profit, Fidelity sees Bitcoin as no longer “cheap.” However, the short-term outlook remains positive, with signs of strong accumulation by small investors and a continued trend of self-custody reducing selling pressure.

Akash Network token surges after listing on Upbit

The native token of Akash Network (COIN:AKTUSD), a decentralized cloud computing platform, saw a significant increase of nearly 50%, reaching almost $7, after being listed on Upbit, South Korea’s largest cryptocurrency exchange. Prior to the listing, AKT was trading at around $4. At the time of writing, the token was up 34.07% at $5.47, possessing a market capitalization of $1.252 billion. Akash Network, operating on the Cosmos blockchain, allows the buying and selling of computational resources in its decentralized marketplace.

Security flaw in Cosmos fixed before malicious exploitation

Aesthetic Research revealed it had identified and secretly reported a critical vulnerability in the Cosmos blockchain ecosystem (COIN:ATOMUSD), which could have compromised over $150 million in assets. The flaw, known as a “reentrancy vulnerability,” was reported to the Cosmos development team through the HackerOne Bug Bounty program and fixed before any exploitation could occur.

Injective update elevates INJ to deflationary status

The Injective network (COIN:INJUSD) community approved significant changes to the tokenomics system for its version 3.0, aiming to make INJ one of the most deflationary assets in the cryptocurrency market. The update, which includes a reduction in token minting properties and adjustments to inflationary parameters, aims to strengthen INJ compared to even Bitcoin. The near-unanimous approval (99.99%) reflects strong community support for the proposal.

OP and YGG tokens drop ahead of scheduled unlocks

The native tokens of Optimism (COIN:OPUSD) and Yield Guild Games (COIN:YGGUSD) briefly fell 3.5% and 3%, respectively, due to scheduled unlocks for the end of this week. In digital asset markets, unlocks refer to the controlled release of tokens that were previously restricted to increase liquidity and prevent immediate massive sales by project teams. Generally interpreted as a negative sign, although it may also reinforce the existing market trend. At the time of writing, OP was slightly down 0.39% over the last 24 hours while YGG recovered to a high of 0.52%.

More than $1 million of Vitalik Buterin’s crypto potentially stuck in cryptocurrency bridge

A cryptocurrency wallet linked to Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), apparently has over $1 million stuck in the Optimism bridge, revealed an analysis by Arkham, a blockchain intelligence company. This situation is part of a larger issue faced by many wallets that have significant assets stuck in bridge contracts between different blockchain networks.

EigenLayer raises TVL to $15 billion with new updates

The Ethereum staking protocol, EigenLayer, saw its total value locked (TVL) exceed $15 billion after implementing an increase in its staking limits. The project, which allows staking of both native Ether and liquid Ether for the security of other protocols, experienced a significant increase in its TVL since its early launch on April 9. Recently, EigenLayer reduced the minimum stake from 320 to 96 ETH and introduced new actively validated services, increasing functionality and security within the Ethereum ecosystem.

Ripple Labs contests $2 billion fine proposed by SEC

Ripple Labs (COIN:XRPUSD) filed a document on Monday opposing the SEC’s request for a New York judge to impose a fine of nearly $2 billion on the company for violations related to XRP Ledger sales. The SEC sought $1.95 billion in fines and restitution, including restitution of $876 million, pre-judgment interest of $198 million, and an equivalent civil penalty. Ripple argued for a maximum penalty of only $10 million, criticizing the SEC’s demands as an example of regulatory overreach.

Blockchain associations challenge SEC rule in court

Blockchain groups, including the Blockchain Association and the Crypto Freedom Alliance of Texas, filed a lawsuit against a new SEC regulation that expands the definition of “dealer” to include certain participants in the digital asset market. They allege that the rule improperly covers traders who do not act as traditional dealers and that the SEC ignored public feedback and failed to conduct the necessary economic analysis. The lawsuit, filed in the Northern District Court of Texas, seeks to prevent the SEC from enforcing the rule, arguing that it is arbitrary and exceeds the legal authority of the agency.

Binance launches copy trading services while facing regulatory challenges in the Philippines

Binance, a leading cryptocurrency trading platform, announced the launch of a new spot copy trading feature, allowing users to automatically copy trades from top-performing traders on the platform. Inspired by user feedback, the service aims to facilitate access to advanced trading strategies and risk management. Leading traders can now register their portfolios for copy trading starting today, with the feature gradually being rolled out in May. In other news, the Securities and Exchange Commission of the Philippines (SEC) is collaborating with Google (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL) to remove the Binance app from their respective app stores in the country as part of measures against unregulated activities. The SEC argues that Binance offers unregistered securities and operates without authorization, violating local laws. The move follows similar actions to block online access and halt targeted advertising to Filipinos amid global regulatory challenges faced by the platform.

Crypto.com postpones launch in Korea after money laundering inspection

Crypto.com delayed the launch of its service in South Korea, initially scheduled for April 29, following reports of an emergency inspection by the South Korean Financial Intelligence Unit (FIU) due to money laundering concerns. The exchange, which already had approval from local regulators, stated it would use this time to ensure that authorities fully understand its anti-money laundering policies and systems, considered gold standard in various global jurisdictions.

PDVSA considers Tether use to bypass US sanctions

PDVSA, Venezuela’s state-owned oil company, is exploring the use of the Tether stablecoin (COIN:USDTUSD), the largest dollar-pegged stablecoin, to circumvent recent US sanctions, according to Reuters. The company seeks to adopt USDT to shield its operations from account freezes abroad. Reports indicate that PDVSA utilizes intermediaries in cryptocurrency transactions to maintain anonymity.

PayPal promotes eco-friendly Bitcoin mining with cryptocurrency rewards

PayPal (NASDAQ:PYPL) is encouraging bitcoin miners to adopt more sustainable practices through a new clean energy validation platform developed in partnership with EnergyWeb. The platform monitors and rewards miners using low-carbon methods in their operations, offering rewards in bitcoin. The initiative aims to mitigate the environmental impact of bitcoin mining, which is notoriously energy-intensive and has been criticized for contributing significantly to global carbon emissions.

Canaan executives plan stock purchase

Two executives of Canaan (NASDAQ:CAN), a major Bitcoin mining hardware manufacturer, announced plans to acquire at least $2 million in company stock. Nangeng Zhang, CEO, and James Jin Cheng, CFO, believe Canaan is “deeply undervalued.” They view the acquisition as an attractive investment opportunity, especially after the recent Bitcoin halving, which they believe will bring new opportunities to the sector. Canaan also reported significant advancements in the production of its new mining platforms.

Lisbon Blockchain Conference launches startup competition with renowned judges

The Lisbon Blockchain Conference is gearing up to be a crucial stage for cryptocurrency startups, featuring an exclusive competition where founders can showcase their innovations to influential investors. At the event, which includes figures like Subvisual CEO Robert Machado and AgileGTM partner Fillipo Chisari, startups will have the chance to gain visibility and potentially attract funding. Additionally, the event will offer various networking activities, providing a rich experience for all participants.

Turnkey raises $15 million to develop blockchain wallet infrastructure

Turnkey, a startup specializing in wallet infrastructure for blockchain developers, raised $15 million in a Series A funding round. The round was led by Lightspeed Faction and Galaxy Ventures, with participation from Sequoia and other notable investors. Co-founded by former Coinbase (NASDAQ:COIN) employees, the company aims to make it easier for developers to create secure and user-friendly blockchain wallets.

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