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🔔 MARKET MOVING NEWS! (08/04/24)
1️⃣ dYdX Experiences Chain Halt During Upgrade, Engineers Are Investigating 🔽
According to a report by The Block, decentralised derivatives exchange dYdX experienced a chain halt during a scheduled upgrade. dYdX engineers are currently debugging the issue.
The outage has been ongoing since 6:50 a.m. UTC. Notably, the incident represents the first major outage for the protocol since dYdX version 4 and its standalone Cosmos blockchain launched on mainnet in October. In a status update at 9:21 a.m. UTC, dYdX said the issue continues to be investigated and it has been agreed for network validators to reconvene at 3 p.m. UTC.
Source
2️⃣ HashKey’s Crypto Exchange Goes Live After Winning License in Bermuda ⚡️
Asia-based digital asset financial services firm HashKey Group has announced the launch of ‘HashKey Global’ after obtaining a relevant license in Bermuda. HashKey Global is a global cryptocurrency exchange that forms part of the company’s international expansion. The new exchange will reportedly not provide services to mainland China, HK and the US, and will instead focus on other overseas Chinese and Southeast Asian countries.
Livio Weng, chief operating officer of HashKey Group stated,
HashKey Group aims to establish one of the world's largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges. The Bermuda license marks another license obtained by HashKey Group following those in Japan, Hong Kong, and Singapore, issued by regulatory authorities in yet another jurisdiction, demonstrating global recognition of our past efforts.
The (ParaSwap) Foundation will cover the remaining costs linked to the vulnerability, including the refunds, the engagement of security analysts, conducting thorough contract re-audits, communication with authorities, and the formulation and execution of the refund process.
🔔 MARKET MOVING NEWS! (07/04/24)
1️⃣ South Korean Party Pledges Access to US Bitcoin ETFs in Race for Votes 💸
According to a recent Bloomberg report, leading political parties in South Korea are promising crypto-related incentives ahead of the country’s upcoming parliamentary elections in order to win the favour of voters.
Notably, the country’s opposition Democratic Party has vowed to remove restrictions on domestic and international ETFs directly holding crypto tokens – this includes the United States Bitcoin ETFs. President Yoon Suk Yeol’s People Power Party also pledged to delay taxes on digital assets’ profits, scheduled to take effect in 2025.
Source
2️⃣ Aave Contemplates Fee Distribution In DeFi Shake-Up ☄️
According to a recent tweet posted by Aave Chan Initiative founder Marc Zeller, the decentralised lending platform might soon vote on whether or not to turn on a 'fee switch' and distribute fees to holders. Zeller also noted that Aave DAO's current net profits sum to about $60 million per year, reflecting five years of operational costs.
Source
3️⃣ Federal Watchdog Takes Aim at Crypto Gaming 🤔
The U.S. Consumer Financial Protection Bureau (CFPB) is reportedly keeping an eye on online gaming, specifically financial transactions taking place on game platforms. The CFPB labels such financial transactions as “banking in video games and virtual worlds.” This reportedly includes activities such as buying extra lives or special powers in a casual game or earning “virtual currencies” or tokens in a play-to-earn game. The agency said its oversight is part of its broad mandate to protect consumers in financial markets wherever those markets exist.
The CFPB stated,
In some of the most popular video games today, players generally earn or buy in-game currency, essentially converting fiat currency to in-game currency. In-game currency is then used to buy goods and services as a part of gameplay, including virtual items […] If gaming assets are a medium of exchange for goods and services or peer-to-peer transfers, they are comparable to banks and payment services.
🔔 MARKET MOVING NEWS! (06/04/24)
1️⃣ Terra Founder Do Kwon Found Liable for Fraud in SEC Lawsuit ⚡️
A New York jury has reportedly found Terraform Labs and its founder, Do Kwon liable for defrauding investors in its civil case with the United States Securities and Exchange Commission.
SEC Enforcement Director Gurbir Grewal stated,
We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud. Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform’s blockchain to process and settle payments.
With these new services, we’re directly addressing the unique challenges faced by stablecoin issuers, ultimately promoting growth and stability within the Web3 economy. Generally, for stablecoins to maintain their value, the issuer will need to securely store an equivalent amount of fiat currency, such as dollars, in fiat reserves. This ensures that holders can always redeem their stablecoins for the equivalent amount of the underlying fiat currency.
Specifically, the regulator seeks to prohibit the listing of digital assets with hacking incidents on domestic exchanges until the root cause is thoroughly determined. It also states that foreign digital assets can be listed on domestic exchanges only if a white paper or technical manual is published for the South Korean market. However, these new rules will reportedly not apply to tokens already listed on a licensed exchange for over two years.
Source
🔥 Rally Report 🔥
PENDLE
The price of PENDLE has rallied by 13% in the past 24 hours.
WHY?!
📈 Pendle reaches $4 billion in TVL and $10 billion in trading volume.
✨ Notably, the spike in TVL on Pendle is due to the ongoing ether restaking boom as well as an increase in popularity due to Pendle's point farming strategies that was launched this year.
If you want to buy or trade PENDLE, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?!
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
BITCOIN CASH
The price of BCH has rallied by 8% in the past 24 hours.
WHY?!
✨ Bitcoin Cash underwent its halving event at block height 840000, 22:45 UTC on April 3rd.
‼ Notably, the halving reduced Bitcoin Cash miners’ rewards from 6.25 BCH to 3.125 BCH.
If you want to buy or trade BCH, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?!
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
If you’ve been paying any attention to crypto lately, you’ll know that one narrative drawing a lot of hype is Real World Assets, or RWAs.
So, when we saw that a report was published about RWAs by none other than CoinGecko, we knew we had to take a closer look. As one of crypto’s leading tracking sites, it's safe to say that CoinGecko will have a better insight into the market than most.
There are many different aspects to the RWA niche. As time goes on, more and more things are being tokenised and finding their way onto the blockchain, including treasuries, real estate, fashion items, and much more. CoinGecko’s report looks into each of these, giving their insights into one of crypto’s hottest narratives.
This is a video you’ll want to watch until the end!
🔥 Rally Report 🔥
ETHENA
The price of ENA has rallied by 62% in the past 24 hours.
WHY?!
✨ The rally comes as a result of the large interest in the yield-farming protocol following the launch of its native governance token ENA.
‼ Notably, this demand has been further fueled by a proposed MakerDAO investment of $600 million in DAI into USDe and staked USDe (sUSDe) via the DeFi lending protocol, Morpho Labs.
If you want to buy or trade ENA, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?!
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
CRYPTO CHRONICLES 🚀
We are dropping our first album! Out this Bull Run 🔥
🚨 New Video Alert!! 🚨
It’s been a whole seven days. That means it’s time for another weekly crypto review! In this week’s edition we look at how high BTC could go, and whether ETH will ever catch up.
We also analyse what’s been going on with memecoins and which blockchains the memecoin mania could move to next – our Coin Bureau Club members already know.
Last but not least, we assess the impacts that rising oil prices could have on the markets, and where last week’s top performing cryptos could be headed next (spoiler, it’s looking good).
Enjoy!
🔥 Rally Report 🔥
PENDLE
The price of PENDLE has rallied by 11% in the past 24 hours.
WHY?!
‼ The Pendle team confirmed yesterday that they had regained access to their X (formerly Twitter) account after being logged out of the account for over 2 hours.
🔍 Another possible factor is that investors are looking at PENDLE as a beta play on Eigenlayer points.
If you want to buy or trade PENDLE, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?!
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
It’s hard to think of a single person more bullish on Bitcoin than former Microstrategy CEO, Michael Saylor.
Since the company’s first purchase of BTC back in 2020, Saylor has quickly become one of the most influential figureheads for its adoption. In fact, Microstrategy has been raking in so much BTC lately that today it owns more than 1% of the 21 million BTC supply that will ever exist.
This could be a scary thought at first, until you realise just how much Saylor values the promise of Bitcoin. Put simply, he never plans to sell any of it, and only wants more.
That’s why today’s video will take a look at Microstrategy, how Michael Saylor’s bullishness is helping to prop up BTC, and what could happen next.
This is a video you cannot miss!
🚨 New Video Alert!! 🚨
Another Monday, another weekly crypto review. On the menu we’ve got last week’s crypto recovery and the possibility that BTC could go as high as 100k in the coming days.
Then we take a closer look at the ETH FUD and why it could be marking a local bottom for the second largest crypto. Of course, we also look at the congestion issues Solana has been experiencing.
As the main course we’ve got a strong economy and rising inflation which could make it harder for the Fed to ease. And for dessert, the top performing cryptos and where they’re headed next.
Bon Appetit!
🔥 Rally Report 🔥
TONCOIN
The price of TON has rallied by 8% in the past 24 hours.
WHY?!
🔍 The price of TON is likely influenced by the presentation of TON ecosystem projects at the Web3 Festival in Hong Kong earlier today.
‼️ The event saw presentations from projects such as TON Space, the TON Foundation, Tonkeeper, Notcoin, Tonplay, Pluto, and STON.fi
If you want to buy or trade TON, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Here at the Coin Bureau, we talk a lot about the factors that drive crypto’s price action, namely supply, demand, and macro factors. A recent report by K33 basically put all of these factors together.
Not only that, but the researchers at K33 managed to put together a comprehensive framework that you can use to get an edge in the crypto market both in the short term and the long term.
That’s why we decided to summarise this report, and why you need to watch until the end!
🔥 Rally Report 🔥
ORDI
The price of ORDI has rallied by 8% in the past 24 hours.
WHY?!
📈 The price of ORDI is likely influenced by anticipation surrounding the upcoming BTC halving event.
⚡️ Assets on the BTC meta-layer have also recently captured the attention of “more serious” investors, including Franklin Templeton who recently wrote a report on Bitcoin Ordinals.
If you want to buy or trade ORDI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
The Coin Bureau is known for having some of the highest quality altcoin reviews out there. What’s our secret? Research. In today’s video, we tell you exactly how we research coin and tokens.
As with most of our other operations, our research has evolved over the years. The biggest change has been a greater focus on interviews, which have yielded unparalleled altcoin alpha.
We’ve also narrowed down exactly what it is about our research process that we (and you) need to pay extra attention to. By the end of this video, you’ll have everything you need to succeed in crypto.
Enjoy!
🔥 Rally Report 🔥
ETHENA
The price of ENA has rallied by 19% in the past 24 hours.
WHY?!
💸 Ethena Labs has announced that it will start purchasing and shorting BTC as part of a cash-and-carry trade to help create a “safer” USDe synthetic dollar product for users.
‼️ Ethena developers expect this strategy to increase the capacity for USDe to scale by more than 2.5x. B
If you want to buy or trade ENA, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔔 MARKET MOVING NEWS! (05/04/24)
1️⃣ Bitcoin Mining Ban Proposed in Paraguay Over Power Problems 💸
A group of Paraguay lawmakers have reportedly proposed a bill to temporarily ban crypto mining and related activities in the South American nation. Specifically, the bill seeks to ban the “creation, conservation, storage and commercialization” of cryptocurrencies and the “installation of crypto-mining farms in Paraguayan territory.”
The ban is expected to last 180 days or until a full law is enacted and power grid operator the National Electricity Administration (ANDE) guarantees it can supply enough energy to crypto miners “without affecting other users of Paraguay’s electrical system.”
Source
2️⃣ Ethena Onboards Bitcoin as Backing Asset to Make USDe 'Safer' ‼️
Ethena Labs will reportedly start purchasing and shorting BTC as part of a cash-and-carry trade to help create a “safer” USDe synthetic dollar product for users.
Ethena developers stated,
After the unprecedented growth of USDe since launch, Ethena hedges represent ~20% of ETH open interest as of today. With $25bn of BTC open interest readily available for Ethena to delta hedge, the capacity for USDe to scale has increased >2.5x. BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity. As Ethena scales closer to $10bn this provides a more robust backing, and ultimately a safer product for users.
We think we're uniquely positioned to have a competitive entry in that market. We have our presence both on the institutional side with our payments product, and on the XRP Ledger side, we have some entry into the DeFi section of the space. Those are kind of the two big buckets in which stablecoins are being used today.
🔔 MARKET MOVING NEWS! (04/04/24)
1️⃣ Nigeria 'Working With' Interpol to Extradite Binance Exec Who Escaped Detention: Report ‼️
According to local media reports, Nigeria's federal government is "working with" the International Criminal Police Organization (Interpol), the FBI and the British and Kenyan governments to secure the arrest and extradition of Nadeem Anjarwalla.
Notably, Nadeem Anjarwalla is Binance’s Regional Manager for Africa who was detained along with Binance's Head of Financial Crime Compliance Tigran Gambaryan last month. However, Anjarwalla was reported to have escaped custody shortly thereafter. Around the same time, Nigeria's tax authority filed charges of tax evasion against Binance and the two executives.
Source
2️⃣ Cathie Wood Attributes Bitcoin's Rise to National Currency Devaluations 💸
In an interview with CNBC shared online on April 3, ARK Invest CEO Cathie Wood has said bitcoin's rise to a record high this year has been in part due to national currency devaluations around the world.
Wood stated,
There is something else going on around the world. There are currency devaluations taking place that people are not talking about. The Nigerian naira is down 50, 60% in the last nine months. Egypt just devalued by 40%. Argentina, continuing to devalue. I think it is a flight to safety taking place, a hedge against devaluation, a hedge against a loss of purchasing power and wealth.
🔔 MARKET MOVING NEWS! (03/04/24)
1️⃣ U.S Government Moves Bitcoin From Seized Silk Road Wallet Holding $2 Billion in Funds 💸
On-chain data reveals that a wallet tagged as belonging to the United States Department of Justice has started moving some of the $2 billion worth of BTC it holds. According to pseudonymous blockchain analyst ZachXBT the funds were moved to a Coinbase deposit address.Specifically, around 2,000 BTC were moved to a wallet tagged as belonging to Coinbase while the remainder were moved to a wallet Arkham identified as belonging to the government.
Source
2️⃣ Argentine Government Passes Registration Requirements For Crypto Firms 🔍
The Argentine government has reportedly begun implementing requirements for cryptocurrency exchanges to operate legally in the country. Specifically, Argentina’s Comisión Nacional de Valores (CNV) made an announcement on March 25 stating that virtual asset service providers would be operating in accordance with recommendations from the Financial Action Task Force (FATF).
In response to the announcement, Max Kieser, a longtime Bitcoin maxi and an advisor to El Salvador President Nayib Bukele, tweeted,
Javier Milei makes his first major mistake. He never took the time to understand #Bitcoin, now he’ll suffer the consequences.
The creation of these indices allows our customers to not only monitor but actually trade the implied volatility of Bitcoin and Ether in a simple perpetual format [...] Tracking the 30-day implied volatility in Bitcoin and Ether options contracts without the need to roll — i.e. dated futures — opens up the product to both retail and institutional investors alike.
🔔 MARKET MOVING NEWS! (02/04/24)
1️⃣ Singapore Enacts Licencing Requirements for Crypto Custody Services and Others ☄️
The Monetary Authority of Singapore (MAS) has reportedly expanded the scope of what cryptocurrency-related activities it regulates to include custodial services. The change in scope also includes cross-border money transfers even when the money is not accepted or received in the city-state, and the facilitation of the transmission of crypto between accounts and exchanges.
Notably, the legislation to do the same was passed in 2021 with amendments to the Payment Services Act. While it was supposed to be enacted in the fourth quarter of 2021, the MAS made the changes live only on Tuesday. Any entity that is currently conducting crypto-related activities under the Payment Services Act will need to start a transition process within 30 days and submit a license application within six months from April 4, 2024, to continue activities temporarily till their application is reviewed.
Source
2️⃣ ZachXBT Onboarded As Custodian For Return Of Funds In $63M Munchables Exploit 🔴
Blockchain sleuth ZachXBT has reportedly been onboarded as one of four custodians to a multisig wallet holding GameFi protocol Munchables’ hacked user funds. The other custodians are Manifold Trading, Selini Capital and Munchables.
The Munchables developers’ announcement reads,
ZachXBT will be joining as the 4th signer on the multisig at this stage, completing the safe return of user funds. We will also be onboarding Nethermind to audit all our refreshed contracts before going live again.
It’s most of what I think about each day. I never thought that what I was doing was illegal. But I tried to hold myself to a high standard, and I certainly didn’t meet that standard. I’ve heard and seen the despair, frustration and sense of betrayal from thousands of customers; they deserve to be paid in full at the current price.
🔔 MARKET MOVING NEWS! (01/04/24)
1️⃣ SEC’s Spot Ether ETF Concerns Unfounded, Consensys Asserts 🎙
In a comment letter submitted to the United States Securities and Exchange Commission (SEC), Consensys addressed the regulator’s inquiry about potential fraud and manipulation risks related to Ethereum’s proof-of-stake system by calling them “baseless.”
Consensys highlighted that Ethereum boasts a larger developer community than Bitcoin and operates on a fully transparent and public blockchain. Consensys urged the SEC to acknowledge Ethereum’s superior security features, surpassing those of Bitcoin-based ETPs previously approved by the SEC.
Source
2️⃣ Bitwise CIO Wants The SEC To Delay Approvals Until December 🔴
According to a recent Forbes report, Bitwise Asset Management wants the U.S. SEC to delay Ethereum spot ETF approval until December. Notably, Bitwise chief investment officer Matt Hougan believes that the asset management industry is too focused on Bitcoin products to provide the necessary attention for the development of an Ethereum ETF. Bitwise had just recently filed S-1 and 19-b4 forms with the Securities and Exchange Commission (SEC) to list a spot Ethereum ETF.
Source
3️⃣ FTX Bankruptcy Estate Aiming to Begin Repaying Creditors by The End Of 2024 🔍
According to notes from a meeting of FTX Digital's Joint Official Liquidators in the Bahamas, the defunct crypto exchange’s bankruptcy estate is planning to begin repaying customers by the end of 2024.
Notably, FTX's bankruptcy is made up of two separate processes running in parallel: the Chapter 11 bankruptcy being adjudicated in a Delaware court in the United States and the official liquidation process of FTX Digital, FTX's subsidy based in the Bahamas. However, both sides of the estate have agreed to work together such that creditors may submit their claim to either entity. Currently, the deadline for creditors to submit claims on FTX's claims portal is May 15. However, the deadline "is now expected to be extended to at least June 2024 based on recent developments."
Source
4️⃣ First Deal Closes On Crypto Angel Investing Platform Echo, Raising $300,000 For Ethena 💵
Echo, a new angel investment platform currently in beta, has reportedly closed its first deal. Notably, Echo was created by crypto trader Jordan Fish, best known by his alias Cobie. Echo’s first deal, which only took three hours for its users to close, was a $300,000 investment in "synthetic dollar" protocol Ethena. Interestingly, deal participants were able to buy in at Ethena's previous $300 million valuation, minus a 5% carry fee for the Echo platform. This is half the value of a recent private sale which valued Ethena at $600 million in Fully Diluted Value (FDV).
Source
5️⃣ Thailand’s Biggest Crypto Exchange Hiring Advisers for 2025 IPO ‼️
According to a Bloomberg report, Bitkub Capital Group Holdings, the owner of Thailand’s largest cryptocurrency exchange Bitkub, is hiring financial advisers to facilitate its planned initial public offering (IPO) listing. Bitkub CEO Jirayut Srupsrisopa told Bloomberg that the IPO is expected to value the exchange at around 6 billion baht ($165 million). Jirayut also revealed that Bitkub aims to go public on the Stock Exchange of Thailand (SET) in 2025.
Source
6️⃣ Tether Boosts Bitcoin Reserves With Latest Acquisition 💸
Stablecoin issuer Tether reportedly acquired 8,888 BTC (worth $618 million) on March 31. Notably, this brings Tether’s BTC balance to 75,354 BTC. Tether’s BTC holdings were bought at an average price of $30,305, worth around $5.2 billion at the time of writing. According to CoinStats data, the wallet is up over 128%, with a current unrealised profit of $2.94 billion.
Source
🔔 MARKET MOVING NEWS! (31/03/24)
1️⃣ Sphere 3D’s Legal Issues Escalate As Gryphon Seeks To Block $10M ⚡️
Bitcoin Miner Gryphon Digital Mining has reportedly filed a pre-motion letter in its lawsuit against Bitcoin miner Sphere 3D before the United States District Court for the Southern District of New York.
Specifically, Gryphon is requesting permission to file a motion for prejudgment attachment, seeking to secure $10 million in equity proceeds that Sphere recently received from a settlement related to Core Scientific’s bankruptcy exit. Gryphon reportedly wants to ensure that the funds are available to satisfy any judgment it may receive due to Sphere’s alleged breach of contract, which has damages amounting to at least $30 million.
Source
2️⃣ Tornado Cash Dev Roman Storm Moves to Dismiss Indictment Over Crypto-Laundering Allegations 🔍
Tornado Cash developer Roman Storm's legal team has reportedly filed a motion to dismiss a criminal indictment that alleges he operated a money laundering business and violated the International Emergency Economic Powers Act. The motion argues that building Tornado Cash, a tool that can be used to obscure the origin and destination of cryptocurrency transfers, is not the same as laundering money.
The filing reads,
Storm is a developer, and his only agreement, together with the members of his U.S-based company, was to build software solutions to provide financial privacy to legitimate cryptocurrency users. This is not a crime.
I hope this would help ppl be more careful participating in defi, the teams would be more responsible, and everyone would change their minds about things like this. After it happens, the amount I would keep, and the amount that I can send to you would be discussed (stay assured, most of it would be returned).