GBTC Grayscale Bitcoin Trust BTC

Bitcoin dropping to $62,000 doesn’t shake optimistic projections, while altcoins suffer significant losses

Bitcoin (COIN:BTCUSD) retreated to just above $62,000, while Ether held just above $3,000 in the last 24 hours. LMAX Digital indicates that, by staying above $59,000, Bitcoin still has a promising outlook, with the potential to reach new historical peaks. However, several altcoins faced steep declines: Toncoin (COIN:TONCOINUSD) plunged over 8%, Dogecoin (COIN:DOGEUSD) over 7%, Immutable X (COIN:IMXUSD) about 9%, Solana (COIN:SOLUSD) over 6%, and Avalanche (COIN:AVAXUSD) over 5%. Avalanche’s drop totals 31.80% in the last week and -44.24% in the last 30 days.

GBTC holdings decline following Bitcoin ETF launches

Since the launch of spot Bitcoin ETFs in the US on January 11, holdings in Bitcoin from the Grayscale Bitcoin Trust (AMEX:GBTC) have halved in about three months, from 619,220 BTC to 311,621 BTC. In contrast, new ETFs from BlackRock (NASDAQ:IBIT) and Fidelity (AMEX:FBTC) have gained significant market share. Despite the 50% drop in holdings, the dollar value of assets under GBTC management decreased by only 31%, due to the simultaneous increase in the price of Bitcoin (COIN:BTCUSD).

Analysis of the correlation between Ethereum and Bitcoin

Ethereum (COIN:ETHBTC) reached its three-year low against Bitcoin following a sharp decline in Bitcoin from $70,000. On April 13, the ETH-BTC exchange rate plummeted to 0.0462 BTC, marking a 24% fall from the annual high of 0.085 BTC. Ethereum’s price path has been marked by significant volatility since reaching its all-time high of 0.16 BTC in 2017, experiencing both substantial lows and notable recoveries in subsequent years. The support level of 0.05 BTC was recently breached, with Ethereum continuing to struggle to regain its footing as the broader cryptocurrency market remains volatile, primarily influenced by Bitcoin’s performance.

Bitcoin mining CEOs remain optimistic despite performance decline

Despite Bitcoin mining (COIN:BTCUSD) companies’ underperformance compared to the cryptocurrency itself this year, CEOs maintain an optimistic view, especially with the halving approaching, an event that will halve miner rewards between April 19 and 20. According to a Bernstein report, this scenario does not discourage leaders of major miners like Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), and Marathon Digital (NASDAQ:MARA), who anticipate offsetting financial impacts through industry consolidation and capacity expansion, supported by robust revenues and low debt.

Arkansas imposes fees on cryptocurrency miners for high energy consumption

The Arkansas Senate passed a resolution to regulate cryptocurrency mining with fees based on energy usage, as reported by the Arkansas Times on April 15. The legislation aims to impose progressive costs, ranging from $25,000 for consumption between 1 MW and 2.49 MW, up to $100,000 for over 10 MW. The fees collected will finance state agencies responsible for industry oversight. Senator Bryan King leads the initiative, reflecting global concerns about the energy impact of digital mining.

Drift announces token airdrop and expansion to multi-branch DAO

Drift has revealed plans to distribute 100 million DRIFT tokens, 10% of its total supply, through an airdrop to 180,000 active users. The specific date for token generation and claiming will be announced in the future. After distribution, Drift will evolve into a multi-branch DAO structure, focusing on protocol development, security, and technical project funding. Launched in 2021 on Solana, Drift has already facilitated over $20 billion in trading volume.

Toncoin grows on Telegram, driving crypto economy on the platform

Toncoin (COIN:TONCOINUSD), the native cryptocurrency of The Open Network (TON), is gaining traction on Telegram, contributing to its superior performance in the crypto market. This month, Toncoin rose 15%, reaching new highs above $7, while Bitcoin fell 11%. Telegram, with 800 million users, now pays 50% of advertising revenue in Toncoin to channels with over 1,000 subscribers. This payment model reinforces the use of Toncoin, encouraging adoption into the TON ecosystem and promoting the decentralization of token supply.

OKX launches X Layer to expand Ethereum’s capacity

Cryptocurrency exchange OKX (COIN:OKBUSD) has launched its Layer-2 network, X Layer, to the public on April 15, following successful tests since November 2023. Built with Polygon’s (COIN:MATICUSD) CDK, this network aims to expand Ethereum without directly competing with it, integrating zero-knowledge (ZK) technology. The network already supports over 200 decentralized applications and uses the OKB token for transaction fees.

Binance.US strengthens board with former NY Fed director, Martin Grant

Binance.US announced the inclusion of Martin Grant, former Director of Compliance and Ethics at the Federal Reserve Bank of New York, to its board of directors. Grant, who also leads regulatory affairs at JST Digital, joins the company at a critical time, following Changpeng Zhao’s departure and legal agreements faced by Binance globally with US regulators on money laundering and sanctions issues.

Polkadot proposes $8.8 million sponsorship with Lionel Messi’s Inter Miami

Polkadot (COIN:DOTUSD) plans to invest $8.8 million in sponsorship with Inter Miami, a football club led by Lionel Messi, to expand the visibility of its blockchain network. The partnership, which also includes brand presence on training kits, aims to use the club’s global fame to promote Polkadot beyond the crypto sector. The community already shows strong support for the initiative.

Buenos Aires accuses Worldcoin of violating consumer laws with abusive clauses

The government of Buenos Aires has formulated formal accusations against Worldcoin (COIN:WLDUSD) for alleged violations of consumer laws, including abusive clauses that allow service interruption without repair or refund. Additionally, the company imposes laws from the Cayman Islands and requires arbitration in California, contradicting Argentina’s Civil and Commercial Code. Additional concerns include lack of notice about age restrictions and contradictions in the treatment of Argentine biometric data stored in Brazil. If convicted, Worldcoin faces a fine of up to 1 billion Argentine pesos, approximately equivalent to 1.2 million US dollars.

Stacks prepares Nakamoto update to accelerate Bitcoin transactions

Layer 2 network Stacks, focused on Bitcoin development, has announced the Nakamoto update to increase the speed and efficiency of its transactions. This improvement, in development for years and scheduled to begin on April 16, is part of efforts to integrate Bitcoin more deeply into daily transactions and Ethereum-like programmability, while maintaining its robust security.

Senators demand transparency from CFTC on contacts with Sam Bankman-Fried

Senators Elizabeth Warren and Chuck Grassley are pressuring Rostin Behnam, chairman of the US Commodity Futures Trading Commission (CFTC), for greater transparency about his interactions with Sam Bankman-Fried, former CEO of FTX. In a recent letter, they requested details of all meetings and correspondence between Behnam and Bankman-Fried during his tenure. This comes after revelations of multiple meetings and message exchanges before FTX’s collapse, resulting in a 25-year prison sentence for Bankman-Fried for fraud.

Microex launches Web3.0 financial trading platform in the UAE

Financial technology company Microex, based in the United Arab Emirates, has announced the launch of its innovative Web3.0 trading platform. Since its founding in August 2022, Microex has been dedicated to revolutionizing derivatives trading, using Web3 technology to offer a more accessible and efficient trading experience. The platform stands out for its mini-trading strategies, AI-based smart trading bots, and advanced security measures, consolidating its role in the global financial market.

PV01 completes first sale of tokenized bonds under UK law

PV01, led by the founders of B2C2, has announced the completion of the first sale of tokenized bonds under English law, with a US Treasury note of $5 million on the Ethereum blockchain. The project aims to integrate corporate debt into blockchain for more efficient and transparent transactions, and the first issuance attracted investors like B2C2 and BlockTower Capital.

Homium introduces tokenized mortgage loans on Avalanche blockchain

Homium, a platform for mortgage loans and real estate securitization, has launched its first tokenized real estate loans on the Avalanche network (COIN:AVAXUSD). The initiative comes at a time when the tokenization of real assets is gaining popularity, designed to reach a market of up to $10 trillion this decade. The company, which already operates in Colorado, plans to expand to other states, offering investors digital assets backed by real estate.

Puffer Finance raises $18 million to advance Ethereum development

Puffer Finance, an Ethereum protocol focused on liquid staking, has raised $18 million in a Series A financing round, led by Brevan Howard Digital and Electric Capital. With the goal of strengthening security and decentralization on the Ethereum network, the round also included investments from major players like Coinbase Ventures and Franklin Templeton, raising Puffer’s valuation to $200 million.

Crypto Valley raises $7 million for mainnet launch

Crypto Valley Exchange (CVEX) has raised $7 million in pre-seed and seed funding rounds, co-led by Fabric Ventures and Kyber Capital Crypto Fund, with support from various investment firms. The funds will be used to launch the mainnet of its decentralized exchange (DEX) this summer. According to James Davies, product director at CVEX, the goal is to radically transform derivatives trading. The mainnet will be hosted on Arbitrum (COIN:ARBUSD), supporting multiple blockchains, and will not charge funding fees for leveraged futures.