Bitcoin holds price above $70,000 despite US inflation instability
Bitcoin (COIN:BTCUSD) records a modest decrease of 0.43% at the
time of writing, yet remains resilient above the $70,000 mark amid
volatility triggered by a US inflation report for March that
exceeded expectations. Despite the initial market reaction, the
cryptocurrency displayed stability compared to other assets, which
experienced greater drops, highlighting the crypto market’s
sensitivity to global economic movements. Analysts point to the
consistent demand for Bitcoin, considering it a safe-haven asset in
times of financial uncertainty.
Coinbase boosts PEPE with futures and potential spot listing
The meme coin Pepe (COIN:PEPEUSD) gained attention with the
announcement by Coinbase International Exchange (NASDAQ:COIN) that
a perpetual futures market for the token will soon open. This move,
scheduled for April 18 at 9:30 AM UTC, spurred PEPE’s value,
raising expectations for a future direct listing. Following the
reveal, PEPE rose 10%, though it later receded, maintaining a 3.1%
gain over 24 hours.
Kraken to cease Monero operations in Ireland and Belgium
Kraken announced it will discontinue activities involving the
privacy-focused cryptocurrency, Monero (COIN:XMRUSD), for its users
in Ireland and Belgium starting June 10. From May 10, the platform
will halt XMR trades and deposits, and users must close their
margin positions by this date to prevent automatic liquidations.
After June 10, any remaining XMR balance will be converted to
Bitcoin. This move follows similar actions by other exchanges like
Binance and OKX, occurring in a context of stricter EU regulations
against money laundering, which include restrictions on privacy
coins.
Uniswap faces SEC action and a drop in UNI token value
Uniswap (COIN:UNIUSD), the decentralized cryptocurrency exchange
platform, was notified by the US SEC about potential legal actions.
Following the announcement, its token’s value plummeted by up to
18%, though at the time of writing the token is down -9.9% over the
last 24 hours. Hayden Adams, CEO of Uniswap, expressed frustration
and determination in facing the charges, which include operating as
an unregistered broker and exchange. The nature of the UNI token in
the SEC’s accusations remains unclear.
Chainlink launches “Transporter,” a tool for inter-blockchain
transfers
Chainlink introduced “Transporter,” its new blockchain bridge,
enabling secure transfers of crypto assets and data across various
networks. Aimed at both regular users and institutions, the
Transporter promises to be an economical solution for large-value
movements. Initially, it will support networks like Arbitrum and
Ethereum, aiming to set a new standard for blockchain
interoperability.
EMURGO and Huawei Cloud boost Cardano with new partnership
EMURGO, a foundational entity of the Cardano network
(COIN:ADAUSD), joins forces with Huawei Cloud to enhance and expand
Cardano’s blockchain capabilities, utilizing Huawei’s cloud
infrastructure. Announced on April 11, 2024, this agreement aims to
accelerate the adoption of Web3 technology by integrating a Cardano
Validator Node into Huawei’s extensive cloud infrastructure to
optimize performance and interoperability in Asia.
Circle introduces instant BUIDL-USDC exchange via smart contract
Circle (COIN:USDCUSD) announced a smart contract innovation for
BlackRock’s BUIDL fund (NYSE:BLK), allowing investors to directly
convert their shares into USDC. This mechanism provides an
efficient and transparent exit from the digital fund at any time,
highlighting the agility and security of traditional financial
asset tokenization.
SHIB partners with CDSA to innovate in blockchain for media
SHIB, the ecosystem behind the Shiba Inu cryptocurrency
(COIN:SHIBUSD), announced a partnership with the Content
Distribution and Security Association (CDSA) to develop blockchain
solutions for the media and entertainment sector. This
collaboration aims to enhance content security and distribution,
with the CDSA, a global nonprofit entity, providing a stage for
SHIB to introduce blockchain and AI innovations in the
industry.
Polkadot considers promotion at Paris Olympics with electric bikes
The Polkadot (COIN:DOTUSD) governance forum is evaluating a
$160,000 project to promote the network through a fleet of branded
electric bikes during the Paris Olympics. The proposal by Oribiky
aims to place 100 Polkadot-branded bikes at key locations,
complemented by a mobile app for bike rentals and cryptocurrency
payments. Despite the innovation, the community initially showed
resistance, with a majority of votes against the initiative so
far.
JPMorgan assesses low probability of Ether ETF approval in May
JPMorgan (NYSE:JPM) highlights that due to SEC investigations
into entities associated with the Ethereum Foundation
(COIN:ETHUSD), an Ether ETF’s approval next month is unlikely.
Despite the recent authorization of bitcoin ETFs, the bank foresees
ongoing regulatory challenges for ether, with possible litigation
against the SEC after May, though it anticipates eventual victory
against the regulatory agency. The setup of Ether options for the
end of May reflects skepticism, anticipating sharp price
fluctuations. The uncertainty translates to expectations of high
market volatility, especially around the $3,600 mark.
Grayscale ETF records lowest outflow since launch
On Wednesday, Grayscale’s Bitcoin ETF (AMEX:GBTC) achieved a
positive milestone with the lowest fund outflow recorded, about $18
million, since its inception in January. This improvement follows
Grayscale CEO Michael Sonnenshein’s prediction of an outflow
balance, indicating overcoming the sales associated with crypto
firm bankruptcies like FTX. The notable decrease in outflows
suggests a relief in Bitcoin selling pressure, countering
expectations of a continuous withdrawal trend.
Bitcoin mining difficulty reaches new record ahead of halving
Bitcoin’s mining difficulty increased by 3.9% to a historical
peak, gearing up for the halving expected on April 20. This rise
occurred in the most recent adjustment, indicating a strengthening
in hash rate by miners before the block reward is halved. With the
halving imminent, the mining community is ramping up efforts,
reflected in the continuous growth of Bitcoin’s difficulty and hash
rate since the year’s start, despite the prospect of lower block
rewards.
Bitfinex launches unprecedented tokenized debt offering in El
Salvador for hotel
Bitfinex Securities announces El Salvador’s first tokenized debt
offering to fund a Hampton by Hilton hotel at the country’s
airport, aiming to raise $6.25 million. With a minimum investment
of $1,000 and a 10% rate over five years, the project promises to
create thousands of jobs and boost the local economy, marking a
significant advance in the tokenization of Salvadoran digital
assets.
London mayoral candidate plans universal cryptocurrency for
residents
Brian Rose, a candidate for London’s mayor, proposes
distributing £100 in a new cryptographic token to every Londoner,
funded by a tax on financial institutions’ profits. The token,
provisionally named LONDRES, would be accepted for payments in the
transport network and other municipal fees, aiming to integrate
cryptocurrency into the city’s daily life and promote financial
education among citizens.
South Africa begins issuing licenses to cryptocurrency companies
South Africa’s financial regulatory body granted the country’s
first cryptocurrency licenses, with Luno and Zignaly among the
first recipients. Luno received recognition as a financial service
provider under the FAIS Act of 2002, while Zignaly was approved as
a Category 2 – Discretionary Financial Services Provider. This
initiative marks a significant step towards regulating the crypto
sector in South Africa, promising compliance and security for users
and paving the way for more companies in the industry.
Uplink raises $10 million for decentralized internet expansion
Uplink, committed to democratizing internet access, raised $10
million in investments led by Framework Ventures. Operating as a
Decentralized Physical Infrastructure Network (DePIN), Uplink aims
to reshape global connectivity by encouraging collective
contributions to its infrastructure through token rewards. The
DePIN sector, potentially worth $3.5 trillion by 2028, promotes the
intersection of blockchain technology and physical systems, driving
a new era of internet accessibility.
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