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🔔 MARKET MOVING NEWS! (01/05/24)
1️⃣ Former Binance CEO Changpeng Zhao Sentenced To Four Months In Prison ▶️
Changpeng Zhao (CZ), the former CEO of crypto exchange Binance, was sentenced to four months in prison on Tuesday in Seattle. While prosecutors sought 36 months of imprisonment for CZ, Judge Richard Jones disagreed with that recommendation and said Zhao was never informed of illegal activity.
CZ also made a heartfelt plea for forgiveness and a second chance in a letter submitted to the court on April 24. The letter reads,
I apologize for my poor decisions and accept full responsibility. Rest assured that [this] will never happen again. Please accept my assurance that this will be my only encounter with the criminal justice system…
There are a couple of considerations that we had in mind when determining the best way to add Lighting support. The first thing is that we decided to use a non-custodial integration partner, because when you look at Lightning’s design, it does have this optimization component. The second thing is that when we think about distribution of duties, it makes sense for Coinbase to focus on the security, and the user experience portion, it makes sense to outsource that.
Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware has reportedly granted a motion authorising debtors for defunct cryptocurrency exchange FTX to enter a $450-million settlement agreement with bankrupt firm Voyager Digital. This will allow both parties to agree that $5 million held in escrow by Voyager and an additional $445 million involved in a loan repayment lawsuit from Alameda Research will be released to the firm’s debtors. FTX will also “relinquish any and all rights” to the funds.
Source
🔔 MARKET MOVING NEWS! (29/04/24)
1️⃣ Friend.tech V2 Goes Live as Hype Builds for 100% Airdrop of FRIEND Token ☄️
The team behind blockchain-based social app friend.tech have reportedly taken a snapshot for the much-anticipated 100% airdrop of its FRIEND token. Notably, the announcement comes as the project prepares to launch its much-anticipated version 2.
Version 2 of the platform introduces several new features, including Money Club - a feature which will allow communities to manage shared treasuries and mint tradable onchain collectibles, like NFTs, meme coins, and other kinds of media. The platform is also rolling out its new point system and custom curves, which enable users to create their own engagement metrics.
Source
2️⃣ Bitcoin ETF Bandwagon Heads to Australia After $53 Billion Haul in US ✨
According to a Bloomberg report, Australia’s Australian Securities Exchange (ASX) is expected to approve the first batch of spot bitcoin ETFs before the end of 2024. Specifically, anonymous sources reportedly stated that spot Bitcoin ETF applications from VanEck Australia and local ETF-focused fund manager BetaShares are set to be approved before the year is through.
Source
3️⃣ Mango Markets Exploiter Charged with Possession of Child Pornography ‼️
Mango markets exploiter Avraham Eisenberg has reportedly been charged with the possession of child pornography. Court documents dated April 3, but released on April 26, allege that some of the images in his possession were of prepubescent minors who were under the age of 12. However, these allegations have yet to be proved in court. A prior court document filed in August revealed that the material was first discovered on Eisenberg’s cell phones and laptops during an initial search of them related to the charges of market manipulation and fraud.
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4️⃣ Solo Bitcoin Miner Wins The 3.125 BTC Lottery, Solving Valid Block 💸
According to a tweet by Con Kolivas, a software engineer and administrator from the solo mining pool ckpool, a single Bitcoin miner has defied the odds by solving a Bitcoin block alone, netting them the full 3.125 BTC block reward. Notaby, this marks the 282nd solo block in Bitcoin’s history. The solo miner reportedly had a large hash rate of around 120 petahashes per second (PH/s) at the time, equal to around 0.12 exahashes per second (EH/s), with an average of around 12 PH/s over a week, which is roughly 0.02% of the total network hash rate.
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5️⃣ Sam Altman’s OpenAI Reportedly In Partnership Talks With His Other Firm, Worldcoin 🔍
Sam Altman’s artificial intelligence company OpenAI is reportedly in partnership talks with Tools For Humanity’s Worldcoin, a cryptocurrency-based universal basic income and identity verification firm also co-founded by Sam Altman. The partnership would reportedly see OpenAI providing AI solutions and services to Worldcoin with the possibility for further synergy down the road.
Source
🚨 New Video Alert!! 🚨
Ever since the spot Bitcoin ETFs have been approved, it seems that everyone in crypto is suddenly a fan of Blackrock. This is a bit strange considering that Blackrock was once staunchly opposed to crypto.
Why the narrative change? Well, it appears that Blackrock is taking advantage of the crypto industry to advance its agenda, which is to tokenise every single asset on the planet, including you.
These plans have been made public, and have been blindly applauded by many in the crypto industry. Make no mistake, this won’t be bullish for crypto. It will be bearish for crypto, and for freedom.
Today’s video explains why!
🔥 Rally Report 🔥
OPTIMISM
The price of OP has rallied by 16% in the past 24 hours.
WHY?!
📈 Part of a broader rally seen among Ethereum layer-2 networks.
🔍 One possible factor behind this bullishness is the listing of asset management firm Franklin Templeton’s spot Ether ETF on the Depository Trust and Clearing Corporation (DTCC) website.
If you want to buy or trade OP, 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!! 🚨
Can you imagine earning thousands of dollars for doing minimal-effort tasks?
Well, that’s exactly what’s been happening with airdrops. Some of the luckiest people have even been sent enough free crypto for it to be life changing.
Naturally, this has led to people searching high and low for that next big opportunity - those mad gains crypto gains that they didn’t even have to buy tokens for.
Of course, nothing in life is truly free, and the currency you’ll be paying in here (aside from gas fees) is time. Airdrop farming is a bit of a science, and finding those diamonds in the rough can be tricky.
Well fear not, because today’s video gives you a complete beginner’s guide to airdrop farming. By the end of the video, you’ll have enough know-how to find your very own airdrop gem, so be sure to watch all the way through!
🔔 MARKET MOVING NEWS! (27/04/24)
1️⃣ Pantera Capital Buys Another Trove of Solana Tokens From FTX Auction 💰
According to a Bloomberg report, Pantera Capital successfully bought another batch of Solana tokens from the bankrupt FTX estate. While it remains unclear just how much Pantera managed to buy this time, anonymous sources state that roughly 2,000 SOL tokens were sold at the auction this week.
Source
2️⃣ Custodia Files Appeal After Judge Rules Bank Is Not Entitled To Fed Master Account ☄️
Digital asset bank Custodia has reportedly filed a notice of appeal against a court ruling that affirmed the Federal Reserve's rejection of its bid for a master account. Specifically, in a judgment filed in March, Judge Scott Skavdahl said Federal Reserve Banks have discretion in whether or not to grant master accounts.
He stated,
Unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system. And in that scenario, one can readily foresee a 'race to the bottom' among states and politicians to attract business by reducing state chartering burdens through lax legislation, allowing minimally regulated institutions to gain ready access to the central bank's balances and Federal Reserve services.
I owe everyone a frank and honest explanation of what led to this decision. To put it simply: Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile, and crypto-native team. A team that does fewer things but does them brilliantly. […] The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.
🔥 Rally Report 🔥
WORMHOLE
The price of W has rallied by 11% in the past 24 hours.
WHY?!
🎙 Wormhole has announced the NTT (Native Token Transfer) framework.
⚡️ The NTT framework makes W natively multichain in SPL format on Solana and ERC20 format on Ethereum, Arbitrum, Optimism and Base.
If you want to buy or trade W, 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! (24/04/24)
1️⃣ Tether Will Freeze Wallets Evading Venezuelan Sanctions 🥶
Stablecoin issuer Tether has announced that it will freeze wallets using USDT to evade sanctions on oil exports in Venezuela. Notably, the announcement comes after Reuters reported that Venezuela’s state-run oil company PDVSA its use of the stablecoin to bypass sanctions.
A spokesperson from Tether stated,
Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen promptly.
The sentence in this case will not just send a message to Zhao but also to the world. Zhao reaped vast rewards for his violation of U.S. law, and the price of that violation must be significant to effectively punish Zhao for his criminal acts and to deter others who are tempted to build fortunes and business empires by breaking U.S. law.
This time I am bringing you the code that is inside the Bitcoin Chivo Wallet ATMs in El Salvador, remember that it is a government wallet, and as you know, we do not sell, we publish everything for free for you.
🔔 MARKET MOVING NEWS! (23/04/24)
1️⃣ PayPal Wants to Give Green Bitcoin Miners Extra BTC Rewards 💸
The blockchain research division of international payments giant PayPal has proposed a fix that seeks to "accelerate the clean energy transition for Bitcoin mining." This will reportedly involve encouraging Bitcoin miners to use low-carbon energy sources in exchange for incentives layered on top of the Bitcoin network.
The firm hopes that the experimental incentive contributes to further discussion and innovation around Bitcoin and is seeking industry feedback on potential improvements. Under the proposal, “green miners” that use sustainable energy sources would be accredited with special “green keys,” which are associated with their public keys. Bitcoin transactions would be preferentially routed to these green miners by attaching lower fees but with an additional locked BTC reward in a multi-sig payout address that only the green miners can claim.
Source
2️⃣ Two SEC Lawyers Resign After Agency Censured for Abuse of Power in Crypto Case 🧐
According to a Bloomberg report, two Securities and Exchange Commission lawyers - Michael Welsh and Joseph Watkins, were forced to resign after a federal judge sanctioned the agency last month for committing “gross abuse of power.” Notably, the sanctions were passed in a case where the SEC was attempting to secure a temporary restraining order against Utah-based crypto company Debt Box. In the case, Michael Welsh served as the former lead attorney and Joseph Watkins was the investigative attorney whose declaration served as the foundation for the SEC’s case against Debt Box.
Source
3️⃣ NYSE Gauges Interest In 24/7 Stock Trading Like Crypto 🔍
The New York Stock Exchange is reportedly polling market participants on the merits of trading stocks around the clock as regulators scrutinise an application for the first 24/7 bourse. To test market sentiment, NYSE’s data analytics team put out a survey asking market participants whether they would support 24/7 or 24-hour weekday trading and if so, what systems should be put in place to protect traders from overnight price swings. Notably, the survey comes as start-up 24 Exchange, backed by Steve Cohen’s Point72 Ventures fund, is seeking SEC approval to launch the first round-the-clock exchange.
Source
4️⃣ Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment 💰
In a recent filing, cross-border payment protocol Ripple contested the United States Securities and Exchange Commission’s (SEC) request to impose a $2 billion fine against the blockchain company, saying the penalty should not exceed $10 million.
The filing reads,
The Court should deny the SEC’s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million. The SEC’s remedial requests are more evidence of the administrative overreach that has beset this case. The agency acts as though it had prevailed entirely and had proved reckless conduct. It has done neither. The agency also seeks disgorgement barred by controlling Supreme Court and Circuit precedent and a separate penalty that exceeds by more than 20 times what it has obtained from any other defendant or respondent in a digital-asset case.
🔔 MARKET MOVING NEWS! (22/04/24)
1️⃣ Biden Signs ‘Terrifying’ Bill Giving US Agencies More Spying Power 🥶
United States President Joe Biden has reportedly signed off on passing legislation that reauthorises, extends and amends Section 702 of the Foreign Intelligence Surveillance Act (FISA) for an additional two years. In other words, this controversial bill expands the surveillance powers granted to U.S. government agencies, severely impacting the privacy of American citizens.
Notably, Biden’s signature comes a day after the U.S. Senate voted 60–34 in favour of passing the legislation. President Biden and supporters state that the bill was essential in aiding counter-terrorism efforts and preserving the national security interests of the United States. The bill’s critics, however, state that the reauthorisation and amendment of FISA would usher in a new era of surveillance and vastly expand spying powers afforded to government agencies, including the National Security Agency (NSA), Federal Bureau of Investigation (FBI) and the Central Intelligence Agency (CIA).
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2️⃣ Bitcoin Transaction Fees Come Crashing Down Post Halving ☄️
Transaction fees on the Bitcoin network have significantly fallen after the halving. On-chain data from Mempool.space shows that medium-priority transactions are now costing $8.48 while high-priority transactions cost $9.32. On the day of the halving, these fees spiked to over $146 for a medium-priority transaction and $170 for a high-priority transaction.
Source
3️⃣ Bitcoin Experiencing 'Defi Summer' Moment As Miners Rake In Record $100 Million Post-Halving: Bernstein 🔍
According to analysts at research and brokerage firm Bernstein, Bitcoin is currently experiencing a “DeFi summer” moment as the new Runes token standard helps spark record daily miner rewards and transaction fees. Bitcoin miners had reportedly been earning a total of $60 to $70 million in daily subsidy and transaction fee rewards in the lead-up to the halving. However, this spiked to $107.75 million on halving day, despite miners earning half the subsidy reward per block. According to Glassnode data, around 75% of this ($80 million) came from transaction fees alone.
In a note sent to clients on Monday, analysts Gautam Chhugani and Mahika Sapra wrote,
Bitcoin is no longer a ‘plain vanilla’ blockchain anymore, where nothing happens other than holders simply ‘HODL’ BTC. Bitcoin is experiencing a ‘Defi summer’ like moment that Ethereum did back in 2020, where multiple decentralised apps and tokens were launched on the Ethereum blockchain, leading to a splurge of liquidity and transaction fees.
🚨 New Video Alert!! 🚨
In recent years, Tether has undoubtably become one of the most important entities in the crypto industry. But what is next for Tether and USDT?
This week, Jessica had an interview with Paolo Ardoino, CEO of Tether, where they spoke about the stablecoin sector, Tether’s competitors, regulations and policies.
Will the EU's upcoming stablecoin restrictions impact USDT? How is Tether going to maintain its market dominance? What is Tether planning for the future?
All this and more in today’s video!
🔥 Rally Report 🔥
STARKNET
The price of STRK has rallied by 6% in the past 24 hours.
WHY?!
‼️ Chinese police have captured a person suspected of identity forgery related to the STRK airdrop.
🔍 According to the report, the suspect assumed other people’s identities and submitted over 40 false Early Community Member Program (ECMP) airdrop forms, claiming over 40,000 STRK tokens that initially belonged to the victims.
If you want to buy or trade STRK, 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! (30/04/24)
1️⃣ Ethereum Restaking Protocol EigenLayer Reveals Token and Airdrop Plans ‼️
The Eigen Foundation, which supports the Ethereum restaking protocol EigenLayer, released a white paper on Monday confirming plans for an EIGEN token. The token will reportedly be used for apps that rely on intersubjective agreement, such as prediction markets, storage services, and gaming virtual machines.
Based on a snapshot of eligible wallets taken last month, the Eigen Foundation said the EIGEN token airdrop will take place between May 10 and September 7. The initial "stakedrop" allocates 5% of the total token supply to users who engaged in staking activities as of March 15. However, several jurisdictions, including the United States and Canada, have been excluded from the upcoming airdrop.
Source
2️⃣ SEC Has Secretly Considered Ethereum a Security Since 2023, Says Consensys in Unredacted Lawsuit 🤔
According to recently unredacted portions of an SEC lawsuit filed by software giant Consensys, the SEC and its chair, Gary Gensler, have internally considered Ether to be a security for at least a year.
Specifically, Consensys’ complaint states that Gurbir Grewal, the Commission’s Director of the Division of Enforcement had issued an internal Formal Order on March 28, 2023, announcing an investigation into “Ethereum 2.0.” This order authorised SEC employees to investigate and subpoena parties involved in the buying and selling of ETH.
Source
3️⃣ Bitcoin Slips Under $62K as Hong Kong ETFs Disappoint 🕯
The day one performance of the recently launched Bitcoin and Ethereum exchange-traded funds (ETFs) in the Hong Kong markets has reportedly disappointed market analysts. Notably, the six new crypto ETFs' total trading volume at the closing bell on day one in Hong Kong was 87.58 million Hong Kong dollars ($12 million). This number is a fraction of the expected $100 million and also pales in comparison to the first-day trading volume of U.S. Bitcoin ETFs, which was valued at $4.6 billion. Specifically, Bitcoin ETFs accounted for $8.5 million of the tally, while ether ETFs contributed the rest.
Source
4️⃣ Tether Stablecoin Firm Tether Invests $200M In Neurotech Company 💰
Stablecoin issuer Tether has announced a strategic investment of $200 million into Blackrock Neurotech, becoming the majority stakeholder in the neural implant company. Notably, the investment follows the recent restructuring of its business. The investment was carried out through Tether Evo, a brand-new division at Tether focused on the intersection of human potential and technology.
To be clear, Blackrock Neurotech is not related to the asset management giant BlackRock. Blackrock Neurotech is a global pioneer of human brain-computer-interface (BCI) technology, known for its advanced brain-computer interfaces. The firm is committed to helping millions of people around the world afflicted with paralysis, lost function and neurological disorders that prevent them from walking, seeing, hearing, feeling or talking.
Source
5️⃣ Samourai Wallet's Keonne Rodriguez Pleads Not Guilty To Money Laundering, Transmitting Charges 🔍
Samourai Wallet co-founder Keonne Rodriguez has reportedly pleaded not guilty to two criminal charges relating to his creation of a tool that makes crypto transactions difficult to trace. The two charges Rodriguez faces are ‘Conspiracy to commit money laundering’ and ‘conspiracy to operate an unlicensed money transmitting business,’ carrying a combined maximum prison sentence of 25 years.
Source
6️⃣ Bankruptcy Judge Signs Off On $450M FTX-Voyager Settlement ☄️
🚨 New Video Alert!! 🚨
It’s been a week, and that means it’s time for another weekly crypto review! Spot Bitcoin ETFs seem to be slowing, but we haven’t seen any big outflows just yet, and a recovery rally could be coming.
On the Ethereum front, there’s renewed speculation that the spot Ethereum ETFs could pass. At the same time, there are big moves in stablecoin regulations that could give ETH a big boost.
For macro, the collapse of the yen is the biggest, and it could have a profound effect on the crypto market. Stick around until the end to find out where last week’s top performing tokens are headed next!
🔔 MARKET MOVING NEWS! (28/04/24)
1️⃣ Phoenix And Wasabi Exit US Market Amid Self-Custody Wallet Crackdown ⚡️
Two self-custodial Bitcoin wallet providers - ACINQ's Phoenix Wallet and zkSNACKs’ Wasabi Wallet, have announced that they are discontinuing services for United States customers in response to the recent crackdown on two major self-custodial crypto wallet providers (Metamask and Samourai Wallet). Phoenix Wallet users have until May 2 to adjust to the upcoming changes, while the new policy at Wasabi Wallet was implemented “effective immediately.”
Both ACINQ and zkSNACKs raised concerns about self-custodial wallet providers being seen as legitimate money service businesses. ACINQ explained,
Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.
The defendant cannot obtain dismissal of the Indictment by simply making factual assertions about his own contested view as to how the Tornado Cash service operated and based on his own self-serving version of his intent or lack thereof when taking certain acts.
🔔 MARKET MOVING NEWS! (26/04/24)
1️⃣ Consensys Sues SEC Over ‘Unlawful Seizure Of Authority’ Over Ethereum 🔍
Ethereum developer Consensys has reportedly filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) alleging that the regulator had orchestrated a campaign “to seize control over the future of cryptocurrency” with enforcement actions aimed at regulating Ether (ETH) as a security.
Consensys also revealed that it had received a Wells notice from the SEC on April 10, indicating its intention to bring an enforcement action against the company for violating securities laws via its MetaMask wallet product. Consensys has denied that it acts as a broker, stating that the wallet is “simply and interface” and “neither holds customers’ digital assets nor carries out any transaction functions.” It now seeks a federal court declaration that ETH is not a security and alleges that any investigation of ConsenSys based on the idea that ETH is a security "would violate" the company's fifth amendment rights and the Administrative Procedures Act.
Source
2️⃣ Bitcoin 'Epic Sat' From the Halving Sells for $2.1 Million 💸
ViaBTC, the mining pool that mined the first block after the Bitcoin halving on April 20, has reportedly sold the "epic" sat it mined for 33.3 BTC ($2.13 million). An epic sat refers to the first satoshi mined in the first new Bitcoin halving block. Given there’s been four halvings, only four of these rare sats exist. The auction of “epic sat” 1,968,750,000,000,000 was hosted on the crypto exchange CoinEX.
CoinEX stated,
CoinEx's partner, the ViaBTC mining pool, has officially mined the 840,000th block. This milestone not only signifies Bitcoin's fourth halving but also includes a block identified as an epic 'Rare Satoshi' by the Ordinals numbering system. The general public has a keen interest in collecting valuable items. Given that satoshis are assigned unique identifiers, they inherently possess higher collectible value. As periodic events occur within the Bitcoin network, some more frequently than others, scarcity is naturally promoted.
🔔 MARKET MOVING NEWS! (25/04/24)
1️⃣ Renzo Restaked ETH Suffers a Brief Crash on Uniswap 🥶
Liquid restaking token Renzo restaked ETH (ezETH) reportedly experienced a brief crash early Wednesday, with the price of ezETH falling as low as $750 on Ethereum-based DEX Uniswap at around 02:45 UTC. In terms of ETH, the token deviated from its 1:1 peg with WETH, falling to a low of 0.27.
Notably, the crash and de-peg of ezETH coincides with the end of its first season of rewards on April 26th. Hitesh Malviya, founder of the crypto analytics platform DYOR stated,
People sold ezETH on Uniswap, and they had lower liquidity, so the slippage caused the price to drop to below $700, which caused massive liquidation on [generalized leverage protocol] Gearbox and [lending protocol] Morpho.
🚨 New Video Alert!! 🚨
If you think about it, the crypto market is a game where most people lose and a few people win big. This begs the question of how to become the winner. Today’s video has all the answers.
It contains a step by step guide that will help you increase your chances of winning in the crypto market. At the end of the video, we also tell you about a secret method that guarantees you win every time.
This is one you can’t miss!
🔥 Rally Report 🔥
HEDERA
The price of HBAR has rallied by 46% in the past 24 hours.
WHY?!
⚡️ Hedera announced that BlackRock’s ICS U.S. Treasury money market fund had been tokenised on the Hedera blockchain in collaboration with Archax.
🕯 The announcement led to a massive spike in the price of HBAR as many Hedera supporters began claiming that BlackRock was the entity behind the decision to tokenise the fund. However, HBAR later saw a small correction after the project clarified that it was Archax and not Blackrock behind the move.
If you want to buy or trade HBAR, 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 🔥
AKASH NETWORK
The price of AKT has rallied by 54% in the past 24 hours.
WHY?!
📈 South Korea’s largest crypto exchange UpBit announced that it is now supporting deposits and withdrawals for Akash Network's AKT token.
‼ Akash Network also recently announced that its chat supports Llama 3, the newest open source model from Meta AI..
If you want to buy or trade AKT, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
📹 https://www.coinbureau.com/deals/trading/kucoin/
🚨 New Video Alert!! 🚨
It’s been a crazy week in the crypto market, and we’re here, as always, to explain why. For starters, there were lots of conflicting macro and crypto factors that caused a roller coaster for BTC.
The focus around BTC left ETH in the dark, but it looks like the second largest crypto could be on the brink of a massive revenge rally. At the same time, Toncoin could become a top Solana competitor.
And in the middle of all this chaos, many cryptos managed to have impressive rallies, including memecoins. All this and more in today’s weekly crypto review – watch until the end!
🔔 MARKET MOVING NEWS! (21/04/24)
1️⃣ Grayscale's Planned Mini Bitcoin ETF Will Have a 0.15% Fee, the Lowest Among Spot Bitcoin ETFs ⚡️
According to recent filings, Grayscale’s new ETF product, the Bitcoin Mini Trust, will be listed on NYSE Arca under the ticker BTC and charge a competitive fee rate of 0.15%. Notably, this would make Grayscale’s Bitcoin Mini Trust the cheapest of them all. This starkly contrasts the existing Grayscale Bitcoin Trust (GBTC) which has a 1.5% fee.
The filing also states that Grayscale will contribute 10% of the assets in GBTC to the BTC Trust. Shares of the BTC trust are to be issued and distributed automatically to holders of GBTC shares. The Grayscale spinoff is also considered a non-taxable event for GBTC’s existing shareholders, so those investors will not be expected to pay capital gains tax to automatically transfer into the new fund.
Source
2️⃣ Binance Tax Evasion Trial Moved To May 17 In Nigeria 🤔
Crypto exchange Binance’s tax evasion trial in a Nigerian court has reportedly been adjourned to May 17. The reason for the delay appears to be the Federal Inland Revenue Service’s (FIRS) failure to formally serve the exchange with the charges.
For context, Binance and its executives, including Tigran Gambaryan, a 39-year-old U.S. citizen serving as head of financial crime compliance, and Nadeem Anjarwalla, a 37-year-old British-Kenyan regional manager for Africa, were arrested on Feb. 28, and charged with four counts of tax evasion during a visit to Nigeria.
Source
3️⃣ Hong Kong Investment Firm Victory Securities Reveals Bitcoin And Ether ETF Fees ☄️
Hong Kong-based investment firm Victory Securities has reportedly disclosed its proposed fees to investors for Bitcoin and Ethereum exchange-traded funds (ETFs). Notably, the announcement comes even though the Hong Kong Securities and Futures Commission (SFC) has not yet published the list of approved ETF issuers.
If approved by the SFC, the proposed fees for Ethereum and Bitcoin ETF shares of Victory Securities are set at 0.5% to 1% of the total transaction, with a minimum fee of $850. For investors interested in buying and selling existing ETF shares on the secondary market, the fees will be 0.15% for online transactions and 0.25% for telephone transactions.
Source
4️⃣ Former A16z Partner Kathryn Haun To Retire From Coinbase Board, Focus On Venture Portfolio 🔍
Former Assistant U.S. Attorney and Andreesen-Horowitz partner Kathryn Haun has posted a tweet announcing her upcoming resignation from Coinbase's board following seven years of service. Haun stated that while Coinbase is "well-positioned to thrive," the "remarkable expansion state" of crypto has made her decide to double down on venture investing through her company Haun Ventures. The resignation will take effect at Coinbase's Annual Meeting of Shareholders expected later this summer.
Source
5️⃣ FTX Investors Move To Settle With SBF In Exchange For Information To Go After Celebrity Boosters ‼️
Sam Bankman-Fried, the jailed former CEO of defunct crypto exchange FTX, has reportedly agreed to settle with investors who will drop their civil liability claims against him in exchange for his cooperation in a class-action lawsuit against celebrities who promoted the crypto exchange. Notably, the list of celebrities being targeted by the class-action lawsuit include sports stars Tom Brady, Shaquille O’Neal, Stephen Curry and Shohei Ohtani, model Gisele Bundchen and actor Larry David.
The filing reads,
[Bankman-Fried] has knowledge and other information that Class Representatives and Class Counsel believe will be valuable to Class Representatives’ cases against other defendants in the FTX MDL [multidistrict litigation], particularly relating to the underlying actions and their connection to Miami, Florida, where FTX’s U.S. headquarters were based, as well as each MDL Defendants’ knowledge of and assistance with the actions and connections to other states in which jurisdictions over those Defendants is asserted.