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While CZ recently got sentenced to 4 months in prison, 54% of our Telo Poll respondents did not anticipate CZ serving time in jail.

Notably, opinion varied significantly across regions:

⚫️Russians were the most likely to anticipate CZ’s sentencing
⚫️Italians showed the greatest skepticism about CZ’s sentencing

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Since April, Jack Dorsey’s payments firm Block began using 10% of its monthly Bitcoin-related gross profit to buy additional Bitcoin. Block plans to do this each month for the remainder of 2024.

Block already has substantial Bitcoin holdings, having purchased 4,709 BTC in October 2020 and another 3,318 BTC in early 2021, now worth roughly $4.7bn.

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BlackRock sees sovereign wealth funds, pension funds and endowments coming to Bitcoin ETFs.

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Tether's Q1 2024 report details significant financial growth and increased transparency:

⚫A record Q1 net profit of $4.52bn, mainly from US Treasury holdings and gains in Bitcoin and Gold
⚫For the first time, Tether disclosed a net equity of $11.37bn, showcasing enhanced transparency
⚫90% of Tether-issued tokens are backed by cash and cash equivalents, ensuring robust liquidity
⚫Its strategic investments exceed $5bn in areas like AI and renewable energy

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🔴🔴🔴 FED’s FOMC meeting notes will be updated below:

1. Inflation is still high

2. There is a slowdown in inflation reduction progress

3. It is not feasible to reduce interest rates until there is confidence in a stable low inflation

4. Labor market demand still exceeds the supply

5. It is unlikely that the Fed's next step will be to raise rates

6. Interest rates reduction will take longer

7. Last year growth of ~3.5% will not sustain, but we are not in stagflation

8. USA and other economies are not experiencing the growth rates everyone was expecting

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Price Milestones
🔻Bitcoin drops below $57,000.
🔻Ethereum drops below $2,900.

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CZ expressed his gratitude to his supporters and added:

“I will do my time, conclude this phase and focus on the next chapter of my life (education)…”

“I will remain a passive investor (and holder) in crypto.”

“And funds are SAFU.”

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CZ’s lawyer noted that since CZ is a non-US citizen, he is ineligible for a minimum security facility. And because CZ is well-known as a wealthy man, and because Binance is cooperating with the government, there’s a real risk in being in certain facilities.

During the hearing, Judge remarked that CZ prioritized "Binance's growth and profits over compliance with US laws and regulations."

Meanwhile, CZ's defense team is requesting that he be designated to SeaTac prison Washington.

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10. CZ begins by saying, “I’m sorry,” and says he wants to take responsibility for his “mistakes.”

11. Judge:

“Everything I see about your history and characteristics are of a mitigating nature and a positive nature”

12. Judge thinks CZ is unlikely to reoffend. The letters sent to the court on his behalf will play a significant role in the sentencing.

13. Judge again rejects 36 month request by DOJ.

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🤨 Will CZ go to jail? Vote!
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Coinbase rolls out Lightning Network support from today. In collaboration with Lightspark, the integration enables a faster and cheaper way for its users to send, receive or pay with Bitcoin.

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Hong Kong’s six new Bitcoin and Ether ETFs had a soft debut today, with trading volume dramatically lower than expected, at roughly HK$87.58m ($11m):

⚫️BTC ETFs: $8.5m
⚫️ETH ETFs: $2.5m

ChinaAMC’s spot Bitcoin ETF led in trading volume, logging HK$37.16m on the day, and its AUM reached $121.7m.

Issuers expected the initial volume to be over $100m. In comparison, the first-day volume for the 11 spot Bitcoin ETFs in the US in January reached $4.6bn.

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A bankruptcy judge has approved a $450m settlement between FTX and Voyager Digital.

The settlement is part of Voyager's plan to repay creditors, which includes releasing $5m held in escrow and $445m from a loan repayment dispute involving Alameda Research. FTX will also “relinquish any and all rights” to the funds.

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Three Bitcoin and Ethereum spot ETFs have begun trading in Hong Kong.

ChinaAMC reported initial offerings of HK$950m ($122m) for its Bitcoin ETF and HK$160m ($20m) for its Ethereum ETF, totaling around $142m. The Bitcoin ETF's size is six times that of the Ethereum ETF.

Non-residents can invest if they meet local regulatory criteria, including customer due diligence.

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Samourai Wallet co-founder Keonne Rodriguez, who was arrested last week, pleaded not guilty to two criminal charges (conspiracy to commit money laundering; conspiracy to operate an unlicensed money transmitting business) and was released on a $1m bond.

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The Russian Parliament proposed to ban the organization of cryptocurrency circulation in Russia from September 1, 2024, making an exception only for miners and projects approved by the Central Bank.

It also proposed to ban advertisement of cryptocurrencies.

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Apple’s revenue declined for the fifth time due to ailing iPhone sales and competition in China. It plans to buy back up to $110bn in stock.

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Coinbase reports Q1 revenue of $1.64bn, beating expectations of $1.34bn.

The shares are up roughly 30% this year after soaring almost fivefold in 2023.

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The US spot Bitcoin ETFs recorded $563.7m outflows on Wednesday, largest daily net outflows ever.

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Bitcoin and a handful of altcoins were down around 7%-10% over the last 24 hours. Here are several factors:

1. Several macro data is being released this week and had investors spooked. Particularly, there is a declining probability of US interest rate cuts this month, and rumors of possible rate hike considerations

2. Over the last 24 hours, 115,804 traders were liquidated for a whopping $387.91m.

3. US Spot BTC ETFs saw an outflow of $161m yesterday

4. Hong Kong’s Bitcoin and Ether ETFs failed to meet expectations

5. RSI divergence indicators suggest a bearish trend, as it was in the "overbought" area during the US BTC ETFs launch

6. More BTC miners approach shutdown levels amid price drop below $57,000

It is important to note that during the 2015-2017 bull market, over 13 different 20% pullbacks occured. Price swings are quite normal and sometimes good for the markets.

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Jack Dorsey’s fintech firm Block’s Square and Cash App units are being examined by federal prosecutors.

Internal documents indicate Block processed crypto transactions for terrorist groups and Square processed transactions involving nations subject to economic sanctions.

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Bitcoin goes below $59,000.

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The US DOJ has charged Roger Ver, also known as the Bitcoin Jesus, with mail fraud, tax evasion, and filing false tax returns. He was arrested this weekend in Spain based on the US criminal charges. He was a major supporter of Bitcoin Cash and an early investor in Bitcoin.

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CZ, the founder of Binance has been sentenced to 4 months in prison.

⚫CZ's lawyers were asking for house arrest or probation period
⚫DOJ attorneys were asking for 3 years
⚫US Probation Department was recommending 5 months

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🔴🔴🔴CZ’s sentencing hearing details will be updated below:

1. CZ just walked in, wearing what looks like a deep blue suit and sporting his trademark buzzcut. Both teams of attorneys are also present.

2. Hearing delayed to 9:30am PT.

3. Judge doesn’t agree with DOJ's request for an enhancement to the sentencing guidelines that would push the sentence from 18 months to 3 years:

“There’s no evidence that the defendant was ever informed [of illegal activity]."

4. DOJ attorney suggested that court could make inference about CZ's knowledge of illegal activities.

5. Judge mostly agrees with Probation Office and their recommendation of a total level 12 offense, which would lead to 10-16 month prison term and 1-3 years of supervised release.

6. DOJ attorney said CZ deliberately tried to tap US financial system:

"Violating the law was integral to that endeavor; we're not guessing here, Mr Zhao said that himself - ask for forgiveness, not permission."

7. Judge noted DOJ is asking for 2x of sentencing guidelines; DOJ responded no single defendant has been responsible for so much.

8. Probation department recommends custodial sentence of 5 months, which they feel is enough to deter defendant and others “without being unnecessarily harsh.”

9. CZ’s lawyer: There is some secret “compelling factor” the court should consider (which is sealed).

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🤨 Will CZ go to jail? Vote!
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Cryptocurrency trading volumes are at their lowest since January, indicating trader indecision.

Since late February, Bitcoin's trading volume has dropped by 60-65%.

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Lawyers for Terraform and Do Kwon say fines should be closer to $1m, not the SEC's proposed $5.3bn.

Their ask comes a week after the SEC said Kwon and Terraform should pay about $4.7bn in disgorgement and prejudgment interest and said Terraform and Kwon should pay $420m and $100m, respectively, in civil penalties.

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Angry clients are protesting at Moscow's Beribit crypto exchange, demanding their frozen funds totaling 400m rubles ($4.3m).

Owned by fugitive Ukrainian oligarch Sergey Kurchenko, Beribit ceased operations on April 27th, after an FSB (Russian Federal Security Service) raid allegedly linked to terrorism financing.

Unverified reports suggested the FSB knew the accusations were unfounded, adding to the controversy.

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The cryptocurrency industry could reach its first billion users by the end of 2025, according to Bitcoin analyst Willy Woo.

More conservative estimates from the likes of the Boston Consulting Group predict that the crypto industry will reach its first billion users by 2030.

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The X (Twitter) account of Dune Analytics has reportedly been compromised. It is advised to avoid all interactions with posts from the account.

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The issuer of Hong Kong ETFs expressed confidence that the issuance sale will exceed that of the US in the first day, as many investors in Singapore and the Middle East have expressed interest in the product.

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