Toncoin soars after Telegram’s IPO announcement
Toncoin (COIN:TONCOINUSD), the cryptocurrency of the TON
Network, saw its price surge over 70% in just two days following an
announcement by Pavel Durov, founder of Telegram, about plans for
an Initial Public Offering (IPO) for the app. Despite the
separation of the entities in 2020 due to legal challenges with the
SEC, Telegram continues to support TON as its blockchain of choice
for Web3 infrastructure. This news boosted TON’s market value from
$9.5 billion to $15.5 billion, approaching its all-time high.
Coinbase raises $1 billion with convertible bonds, avoiding share
dilution
Coinbase Global (NASDAQ:COIN) plans to capitalize on the crypto
market’s resurgence by raising $1 billion through convertible
bonds, a strategy that preserves its share value by avoiding the
issuance of new shares. Inspired by Michael Saylor’s MicroStrategy
(NASDAQ:MSTR) approach, the exchange opted for a private offering
of convertible senior notes, allowing conversion into shares or
cash by 2030, an alternative to selling shares that could dilute
current shareholders’ participation.
Bitcoin halving: impacts and expectations for 2024
On Wednesday morning, Bitcoin (COIN:BTCUSD) briefly hit
$73,406.1 before retreating to $72,556.50 at the time of writing.
Ethereum (COIN:ETHUSD) climbed to $4,054.47 before falling back to
$3,970.60.
The scheduled Bitcoin halving event in April 2024 will cut the
block rewards for miners in half, from 6.25 BTC to 3.125 BTC. This
pre-programmed occurrence in the Bitcoin network generates a lot of
uncertainty, including potential bankruptcies of miners, changes in
hash rate, and fluctuations in Bitcoin’s price.
“We are almost 1 month away from the halving, and along with
it, I believe a market correction may appear. Historically during
the halving, we have a quick, yet not so subtle correction. Don’t
be alarmed if BTC drops approximately 30% close to the halving
before starting to rise again,” commented analyst Fernando
Pereira from Bitget.
The introduction of Bitcoin ETFs in the spot market, which
pushed Bitcoin’s price to new highs, adds a new layer of complexity
to the upcoming halving. Experts debate whether the halving will
accelerate institutional interest in Bitcoin, considering its
unique monetary policy and its effect on supply. While some see the
halving as a transformative event, others believe its impacts may
be mitigated by factors such as the adoption of layer 2
technologies and the growth of Bitcoin ETFs.
BlackRock’s Bitcoin ETF reaches $15 billion in assets
The BlackRock ETF (NASDAQ:IBIT) saw its assets under management
soar to $15 billion on March 12, after receiving record inflows
since its launch two months earlier. This growth reflects a
significant increase in Bitcoin asset management, with IBIT leading
with over 212,000 bitcoins. In contrast, the Grayscale ETF
(AMEX:GBTC) experienced a 38% drop in its assets. This movement
highlights a strong investor preference for new spot Bitcoin ETFs,
totaling over 422,000 bitcoins ($31 billion) in assets, while
global Bitcoin investment vehicle management surpassed 1 million
bitcoins ($78 billion).
OKX gets green light from Singapore for payment operations
OKX, a subsidiary of the global exchange in Singapore, received
preliminary approval from the Monetary Authority of Singapore (MAS)
to act as a payment institution, expanding its capabilities to
include cryptocurrency and international remittance services. This
Major Payment Institution (MPI) license represents a strategic
advance for OKX in a key market. The approval emphasizes OKX’s
commitment to regulatory compliance and signals its support for
Singapore’s regulatory environment, positioning it for future
expansion in local banking services and integrations.
Nigeria pressures Binance for user data and detains executives
Nigeria is requesting data from Binance on its top 100 Nigerian
users and a full transaction record for the past six months,
according to the Financial Times. This demand comes as two Binance
executives, Tigran Gambaryan and Nadeem Anjarwalla, remain detained
in Nigeria for three weeks, staying at a National Security Agency
facility following a government invitation. The detention is linked
to a dispute over $26 billion in untraceable funds, with the
Nigerian government considering Binance a barrier to efforts to
stabilize the local currency, in addition to pending tax issues.
Binance is cooperating with authorities to resolve the
situation.
Goldman Sachs and partners complete tests on Canton blockchain
network
Goldman Sachs (NYSE:GS), BNY Mellon (NYSE:BK), Cboe Global
Markets, and other entities have completed tests on the Canton
Network of Digital Asset Holdings, a pioneering project that
interconnects various financial sector institutions. During the
pilot phase, over 350 simulated transactions involving tokenized
assets and other financial operations were conducted, aiming to
explore the benefits of blockchain in risk reduction and process
optimization.
Sei Labs reinvents Ethereum with parallel processing technology
Sei Labs, founded by former Robinhood (NASDAQ:HOOD) and Coatue
professionals, introduced The Parallel Stack, a free project aimed
at accelerating and reducing the cost of Ethereum usage for
developers. This effort stands out for applying parallel processing
to enhance the efficiency of Ethereum blockchain transactions,
promising to transform the network’s performance and scalability.
Additionally, the startup plans to expand its innovations with Sei
V2, a parallelized EVM that processes multiple transactions
simultaneously, making the technology more accessible to global
developers.
Strategic partnership between Astroport and Osmosis revolutionizes
liquidity in Cosmos
Astroport, an innovative decentralized exchange from Cosmos, has
teamed up with Osmosis, the leading DEX by volume in this
ecosystem, to launch passive concentrated liquidity pools (PCL).
This collaboration between two of Cosmos’s most dynamic platforms
aims to enhance the trading experience and optimize capital usage.
The PCL pools will offer efficient and automated liquidity
management, minimizing losses and maximizing profits without
constant intervention. The integration benefits both protocols,
expanding reach and liquidity, while providing complementary pool
options to cater to various investor profiles, from professionals
to casual users seeking simplicity. This advance promises to
significantly increase trading volume and efficiency in the Cosmos
ecosystem (COIN:ATOMUSD).
Innovation and efficiency in PancakeSwap V4 DEX
PancakeSwap, a leading decentralized exchange platform,
announced the launch of its fourth version, promising to
revolutionize on-chain swaps with new features aimed at reducing
costs and improving efficiency for users. According to Chef Mochi,
the lead developer, the update will address critical issues of
current automated market makers, such as rigidity in price
formation, high gas fees, impermanent losses, and a lack of
advanced execution features. With innovative features like hooks
for custom add-ons, custom pool types, pool merging for cost
savings, and flash accounting for gas fee reduction, V4 aims to
optimize the trading experience. Initially available on Ethereum
and BNB Chain networks, the new version aims to solidify
PancakeSwap’s market position, maintaining its relevance with over
$2.4 billion in assets under management.
TRON and AWS collaborate to simplify node deployment
TRON DAO announced a significant partnership with Amazon Web
Services (AWS) (NASDAQ:AMZN), making it easier to quickly and
effectively launch a TRON Full Node on AWS. This collaboration
lowers technical barriers, allowing both users and developers to
contribute to a stronger, more decentralized blockchain ecosystem.
Using the latest version of TRON, GreatVoyage-v4.7.3(Chilon),
ensures access to cutting-edge features and security. The
integration highlights TRON’s commitment to advancing the
decentralized internet, providing developers with the necessary
tools to create innovative DApps with AWS’s robust
infrastructure.
EU sets guidelines for multi-currency stablecoins under MiCA
regulation
The European Banking Authority (EBA) unveiled new guidelines for
stablecoins linked to multiple currencies, part of the innovative
Markets in Crypto-Assets (MiCA) regulation of the European Union.
In collaboration with the European Securities and Markets Authority
(ESMA), the EBA developed rules within MiCA, including a recent set
of Regulatory Technical Standards (RTS) focused on asset reference
tokens (ARTs), differentiating from single-currency-linked
stablecoins. Set to be implemented in phases, MiCA will bring new
regulatory obligations for stablecoin issuers starting in the third
quarter of 2024.
Indonesia sets rules for crypto and financial innovation
The Financial Services Authority of Indonesia (OJK) established
new regulations to foster technological innovation in the financial
sector, applicable to cryptocurrency starting in January 2025.
These guidelines guide institutions like banks and insurers in the
safe adoption of new technologies, including the establishment of
sandboxes and consumer protection. The measure paves the way for
OJK’s regulatory supervision of cryptography, in collaboration with
local and international regulators, to strengthen crypto
policy.
Thailand exempts crypto gains from double taxation
On Tuesday, the Thai government approved a measure that
eliminates double taxation on cryptocurrency profits, removing the
need to declare capital gains from investment tokens on income tax.
This decision, aimed at stimulating financing through digital
tokens, follows other recent tax incentives in the country,
including a VAT exemption on crypto profits until 2023 and tax
benefits for token-issuing companies, applicable from January 1,
2024.
Spirit Blockchain and Vesta Equity form strategic partnership in
real estate tokenization
Spirit Blockchain Capital Inc. and Vesta Equity Inc. announced a
strategic partnership to innovate in the real estate market through
Spirit’s investment in Vesta. This collaboration aims to expand
real estate investment options and introduce new opportunities
through residential equity tokenization, allowing homeowners to
unlock capital without incurring debt and investors to acquire
fractions of properties. The partnership promises to transform the
real estate sector, combining the expertise of both companies in
blockchain and digital investments.
Cleartoken raises $10 million for crypto clearing services
Cleartoken, an innovative crypto clearinghouse, announced on
Wednesday that it raised over $10 million in an initial investment
round from prominent names like Nomura’s Laser Digital, as well as
Flow Traders, GSR, LMAX Digital, and Zodia Custody. The company
focuses on providing an efficient clearing and settlement platform
for the digital asset market, promising security and reduced
counterparty risks. Cleartoken, seeking full regulation in the UK,
plans to introduce settlement and clearing services in the next 18
months, aiming to position the UK as a global leader in this
emerging sector.
SEC orders First Trust and SkyBridge to withdraw ETF application
The SEC instructed First Trust Advisors and SkyBridge Capital,
led by former White House Communications Director Anthony
Scaramucci, to withdraw their Bitcoin ETF application, due to a
lack of response to previous agency communications. The original
application, made in March 2021 and rejected in January 2022, was
not resubmitted after the SEC approved other Bitcoin ETFs.
Judge approves Dentons’ hiring by Terraform Labs in litigation with
the SEC
A US judge authorized Terraform Labs to hire the renowned law
firm Dentons for its defense in a lawsuit filed by the SEC and
co-founder Do Kwon, despite opposition from creditors and
regulatory bodies. The controversy arose after Terraform directed
$166 million in legal fees, limiting the availability of funds for
creditors. However, Dentons agreed to return $48 million to
Terraform and accept greater future judicial oversight, following
the company’s bankruptcy in January 2024, triggered by the collapse
of the Terra platform and its LUNA tokens in May 2022.
MakerDAO initiates Endgame phase with new tokens in 2024
MakerDAO, the entity behind the Dai stablecoin, plans to
introduce the initial phase of the Endgame in the summer of 2024,
revealed founder Rune Christensen. This launch will introduce two
new tokens, NewStable and NewGovToken, while maintaining the
current operations of Dai and the governance token. The update will
allow users to migrate to the new tokens, which will bring
innovative features like staking and digital farming. The Endgame
transition will begin with a new brand identity, followed by the
launch of the new tokens, targeting the diversification of use
between crypto and widespread adoption.
Yuga Labs seeks sanctions against Ryder Ripps for destroying NFT
keys
Yuga Labs, creator of the Bored Ape Yacht Club NFTs, requested a
US court to sanction Ryder Ripps for deliberately erasing the
private keys of his RR/BAYC NFTs, alleging obstruction of justice.
Ripps responded, denying the accusations and stating he complied
with the court order except for lost access to wallets. The dispute
intensifies after court decisions favorable to Yuga Labs, demanding
the destruction or delivery of infringing NFTs.
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