Ernst & Young launched EY OpsChain Contract Manager, a blockchain-based solution starting on Polygon, planning to migrate to Ethereum and eventually to Layer3 blockchains.

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Binance receives full Dubai permit after CZ cedes control and voting rights in Dubai unit.

This full VASP (Virtual Asset Service Provider) permit would be a rare regulatory win for Binance.

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Senators Gillibrand and Lummis reportedly introduced a bill requiring stablecoins to be fully cash-backed, banning algorithmic types, and setting up both federal and state regulatory frameworks, including FDIC support for insolvent issuers.

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According to 21Shares, spurred by Hong Kong's recent approval of Bitcoin ETFs, South Korea, Singapore and Japan will also reportedly introduce BTC ETFs, as Asian nations compete to lead in financial innovation.

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Bitcoin price is below $60,000.

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Since the beginning of April, sales volume for Anonymous Telegram Numbers has reportedly exceeded $2.5m from 3,700 different transactions.

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Cyprus' CySEC has extended the suspension of FTX’s CIF license until September 30, 2024, preventing FTX EU from offering services, accepting new clients, or executing orders.

FTX EU must also close all client positions and return funds by their due dates.

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Bloomberg analyst Eric Balchunas predicted Hong Kong's spot Bitcoin ETF may draw only $500m due to its smaller market and higher fees compared to the US.

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Coinbase has launched a commercial focusing on the upcoming Bitcoin halving.

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Markus Thielen of 10x Research reportedly predicted Bitcoin miners might liquidate $5bn worth of BTC post-halving, potentially stalling price movements for four to six months as seen in past cycles.

This sell-off could lead to daily sales of up to $104m, reversing the pre-halving supply-demand imbalance.

Thielen also suggested a delayed response in altcoin markets, with significant rallies starting about six months after the halving.

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Adidas is reportedly partnering with the fitness app Stepn to release a collection of 1,000 NFTs, alongside physical merchandise.

The NFTs will launch on April 17 on Stepn's marketplace, Mooar, marking the start of their collaborative efforts.

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Lee Hsien Loong has stepped down as Singapore's Prime Minister, with Lawrence Wong set to succeed him.

Wong has expressed cautious views on digital assets, stating in a Bloomberg interview that Singapore is open to digital innovation but “not open to crypto speculation”.

Additionally, in a South China Morning Post (SCMP) report, Wong emphasized that:

“Singapore has no aspirations to become a crypto hub and seeks to be a responsible and innovative digital asset player”

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Germany's largest federal bank, Landesbank Baden-Württemberg (LBBW), in partnership with Bitpanda exchange, will begin offering cryptocurrency custody services to institutional and corporate clients in the second half of 2024.

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Hong Kong's OTC licensing consultation reportedly ended on April 12, covering only Bitcoin and Ethereum.

Industry calls for USDT and USDC exemptions and opposes strict KYC for HK$8,000 ($1,000) transfers.

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President Biden has communicated to Israeli Prime Minister Netanyahu that the US opposes any Israeli counterattack against Iran and will not participate in or support offensive operations.

This stance comes amid heightened market volatility, driven by geopolitical tensions which have notably impacted Bitcoin. The cryptocurrency, often used as a hedge, experienced a sharp decline.

This was evidenced on April 14 when over $585m was liquidated in just one hour, with total liquidations exceeding $814m over 24 hours.

Consequently, Bitcoin's price plummeted an additional 7.7%, hitting a daily low of $61,384 and triggering a significant wave of leveraged liquidations.

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Binance has converted its entire pool of assets held in an emergency 'SAFU' fund into USDC. Previously, the fund held assets comprising TUSD, BNB, Bitcoin, and Tether’s USDT.

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The Total Value Locked (TVL) on TON Blockchain is approaching $450m, placing it among the top 10 coins by market cap.

Its rising popularity is bolstered by an upcoming appearance of Pavel Durov at the TOKEN2049 blockchain conference on April 19th.

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Bernstein analysts reportedly anticipate Bitcoin's price to resume its upward trend post-halving, targeting $150k by 2025.

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The Bankruptcy Court approved a settlement for Gemini and Genesis to distribute 97% of owed digital assets by early June, with further payments dependent on additional recoveries.

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Worldcoin has announced that it will launch World Chain later this summer. It will be secured by Ethereum as a Layer-2 and engineered for scalability with the Superchain ecosystem. It will be permissionless, open source, and intended to ultimately be independently governed by the community.

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Pavel Durov, founder of Telegram Messenger, shared insights during a recent interview:

⚫️Selected Dubai for its neutrality, noting the lack of governmental pressure on Telegram
⚫️Described being attacked by sportsmen in San Francisco, highlighting personal challenges
⚫️Pointed out that major pressures on Telegram come from tech giants like Apple and Google
⚫️Emphasized that Telegram doesn't spend on promotions and hires through contests, keeping a lean, efficient team
⚫️Stressed his choice of not owning property or yachts to maintain personal freedom
⚫️Noted that a Telegram-affiliated cryptocurrency project has generated revenue

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Google Trends data over the past 12 months revealed the most popular narratives in crypto, focusing on their potential to drive mass adoption by non-web3 users:

⚫️ DeFi: Most popular narrative
⚫️ RWA (Real World Assets): Significant interest from traditional finance
⚫️ Layer-2: High interest within the Ethereum ecosystem
⚫️ Meme Coins, AI, and Play-to-Earn (GameFi): Lower search interest

Despite the popularity in searches, the correlation with market performance is weak:

⚫️ Play-to-Earn: Best performance due to significant gains from specific coins
⚫️ AI: Positive performance, securing the second spot
⚫️ DePIN: Third in returns, despite low popularity
⚫️ RWA, Meme Coins, and DeFi: Mixed results, with DeFi not performing as expected
⚫️ Layer-2: Modest performance, despite high interest

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The Reserve Bank of Fiji warned against using cryptocurrencies, noting potential criminal charges for residents investing abroad.

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According to the data, in 2024, the cryptocurrency landscape has expanded dramatically, with over 2.52m cryptocurrencies existing to date, a surge from the 0.44 million at the end of 2021:

⚫️Approximately 0.54m new tokens have been created as of early April 2024, averaging 5,300 new launches daily
⚫️2024 is on pace to exceed the 0.83m new tokens recorded in 2023, indicating a continuous growth in token creation
⚫️The record for monthly new token launches was broken in March 2024 with 195,735, influenced heavily by memecoin seasons
⚫️The ease of token creation and cheaper onchain trading are contributing to spikes in new tokens, reflecting a rise in onchain speculative activity

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According to the data, digital asset investment products experienced minor outflows totaling $126m, indicating investor caution amid stalled price momentum. Here are the key takeaways:

⚫️Ethereum saw the most significant relative outflows at $29m, marking its fifth consecutive week of losses
⚫️The US registered the largest outflows of $145m, contrasting with Germany, which saw $29 million in inflows
⚫️Bitcoin outflows were $110m, but it still posted positive month-to-date inflows of $555m
⚫️Altcoins like Decentraland, Basic Attention Token, and LIDO saw inflows, suggesting continued interest in more niche cryptocurrencies

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According to the UK Economic Secretary Bim Afolami, the UK plans to introduce new crypto legislation by July, focusing on regulations for stablecoins, staking, exchanges, and custody.

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On April 19th, at the TOKEN2049 conference, Pavel Durov will reportedly present a use case for TON for Telegram users.

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Guy Ficco, IRS Director of Criminal Investigations, expects more cryptocurrency tax evasion cases this year, with the IRS set to intensify enforcement in collaboration with Chainalysis and other agencies.

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China Asset Management (Hong Kong) has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset management services to investors. It now plans to issue ETF products that can invest in spot Bitcoin and spot Ethereum.

Harvest Global Investments also announced that their product of Bitcoin and Ethereum digital asset spot ETFs have been approved in principle.

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🚀 The 3 Biggest Winners of the Week:

1. Bitcoin Ordinals

Ordinals, also known as Bitcoin NFTs, first launched back in January 2023.

⚫️Over the last week, Bitcoin had more NFT sales volume than Ethereum, Solana, Polygon, and Mythos combined.
⚫️Top 3 most traded NFT collections this week were all on Bitcoin.

2. Toncoin (TON)

Toncoin is a Layer 1 blockchain crteated by Telegram in 2018. It raised a whopping $1.7bn in its token sale, which is the second most successful ICO ever behind EOS that raised $4.1bn. After running into trouble with the SEC, the project was picked up by the The Open Network (TON) community.

⚫️Over the last week, Toncoin hit a new all-time high of $7.65 (based on CMC).
⚫️Toncoin climbed up to the 8th place by market cap, surpassing Caradno then Dogecoin.
⚫️Fees and revenue have also skyrocketed recently, with daily revenue hitting $125k on April 8, the second biggest day ever.

3. Base

⚫️ Activity on Base exploded this week, having ~3m daily transactions every day this week.
⚫️ Base had twice as many transactions as any other Layer 2 yesterday.

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