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⬜️ Ripple CEO expects crypto market cap to double by year-end: CNBC
Ripple CEO Brad Garlinghouse said the entire cryptocurrency market capitalization will likely double by the end of 2024, according to a CNBC report on Sunday. The current global crypto market cap stands at around $2.59 trillion, CoinMarketCap data showed. Garlinghouse told CNBC that he is “very optimistic” about macroeconomic trends in crypto such as the emergence of spot bitcoin exchange-traded funds (ETF), which he said has brought forth “real” institutional investments in crypto for the first time.
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💰 US Bitcoin ETFs Bounce Back With $569.4M in Net Inflows After Initial Dip
U.S. spot bitcoin ETFs experienced a streak of four days of net inflows. The influx began modestly with $39.5 million on April 2, escalated to $113.5 million the next day, and soared to $213.4 million on April 3. The week’s culmination saw Friday pulling in an impressive $203 million, as reported by coinglass.com figures. Despite overall market positivity, Grayscale‘s GBTC encountered the day’s largest outflow among the ETFs. Trading volume for the ETFs on Friday summed up to approximately $2.37 billion, marking a 31.5% decrease from Thursday’s $3.46 billion.
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🇺🇸 SEC Gains Court Victory Against Terraform Labs and Do Kwon: Report
Although the US has yet to win the extradition victory against South Korea for Do Kwon, a New York court has already ruled against the fallen former crypto mogul in a legal case launched by the Securities and Exchange Commission. Do Kwon and his crypto brainchild – Terraform Labs – were found guilty of misleading investors in the 2022 crash. The Terra collapse from two years ago was among the loudest in the cryptocurrency industry, which resulted in an investor loss of around $40 billion. This unfolded when unknown actors found a way to explore the project’s algorithmic stablecoin UST, and the other native token – LUNA.
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💰 Banks Seek to Purchase Bitcoin Directly From BTC Mining Firm Hut 8, Says CEO
Per the CEO of Hut 8, a bitcoin mining company listed on the Toronto stock exchange, major financial institutions have made inquiries to purchase bitcoin directly from the firm. Additionally, the Hut 8 executive emphasized the forthcoming halving event’s “big impact,” noting a surge in demand juxtaposed with a reduction in available bitcoins.
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🔵 VanEck predicts Ethereum Layer 2 tokens will reach $1 trillion valuation by 2030
VanEck calculated its $1 trillion base case valuation for Layer 2s by applying a free cash flow multiple of 25 to its expectations of future cash flows, assuming an Ethereum ecosystem smart contract market share of 60%. VanEck estimated the cash flows by projecting transaction revenues (inclusions of transactions on a blockchain) and maximal extractable value (revenue derived from the ordering of transactions) for the Layer 2 networks’ anticipated total addressable market.
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📊 Crypto exchange monthly spot volume doubled in March, reaching nearly $2.5 trillion for first time since 2021
Cumulative monthly spot volume on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion. Monthly spot volume had been gradually increasing since bottoming out at around $324 billion in September 2023, tracking at just over $1 trillion in December and January and reaching $1.2 trillion in February. However, it remains 40% lower than the all-time high monthly spot volume of $4.2 trillion recorded in May 2021.
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🪙 TRON Foundation, Justin Sun Ask U.S. Court to Dismiss SEC Lawsuit
The TRON Foundation and Tron founder Justin Sun asked a New York court to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), saying the regulator failed to establish that the court has jurisdiction over the foreign defendants, a March 28 filing shows. "Its efforts to leverage highly attenuated contacts to the United States, to extend U.S. securities laws to cover predominantly foreign conduct, go too far and should be rejected.".
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🪙 Tether becomes seventh largest Bitcoin holder with recent $618 million purchase
Tether (USDT) is now the seventh-largest Bitcoin holder globally, following its purchase of more than 8,000 BTC in the past day, according to Bitinfocharts data. On-chain data shows that the stablecoin issuer received approximately 8,889 BTC, valued at around $618 million, from a Bitfinex hot wallet on March 31. This purchase amplified Tether’s total Bitcoin holdings to approximately 75,354 BTC, valued at $5.23 billion. Tether now owns 0.3% of the flagship digital asset’s total circulating supply.
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🪙 Bitwise files for spot Ethereum ETF amid SEC approval uncertainty
Bitwise has filed for the right to issue a spot ether exchange-traded fund even as questions continue to swirl around when the Securities and Exchange Commission might give such products the green light. The move follows comments made earlier this month in which the firm's CIO Matt Hougan said it might be better if the SEC doesn't approve the new instruments in May, when the agency is scheduled to approve or deny the first pending applications for spot ether ETFs.
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🪙 Grayscale executive sees path to Ethereum ETF approval despite SEC silence
Craig Salm, the Chief Legal Officer at Grayscale, suggested that the US SEC’s “perceived lack of engagement” with spot Ethereum exchange-traded funds (ETFs) applicants wouldn’t be a decisive factor that would hinder the prospects of such products. In a March 25 post on X (formerly Twitter), Salm said the Ethereum ETFs would be approved because “the SEC already has engaged” with the issuers during the application process for a spot Bitcoin ETF.
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💰 BlackRock’s ETF could flip GBTC in Bitcoin holdings within 3 weeks
The amount of Bitcoin in BlackRock’s spot Bitcoin ETF could overtake crypto asset manager Grayscale’s GBTC within the next three weeks, assuming no drastic changes in current flows. As of March 22, BlackRock’s iShares Bitcoin Trust ETF held 238,500 Bitcoin on its books — worth $15.5 billion at current prices — and has seen average daily inflows of approximately $274 million, with around 4,120 in new Bitcoin entering the fund every day.
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💰 Bitcoin ETFs see full week of net outflows, record low inflows for BlackRock, Fidelity
Wall Street's spot bitcoin exchange-traded funds (ETFs) set a new record this week, but unlike in the recent past, crypto traders may be less than enthusiastic about this latest milestone: five straight days of net outflows. Over the past week, the ten ETFs saw total outflows of $888 million, led by a day of record-breaking outflows from Grayscale's GBTC on Monday, March 18 according to data from BitMEX Research.
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🪙 Spot Ethereum ETF approval in May seems 'extremely unlikely,' says Galaxy's Thorn
Approval for spot Ethereum exchange-traded funds in May now seems "extremely unlikely," according to Alex Thorn, head of firmwide research at Galaxy Digital. Recent reports that the Securities and Exchange Commission has issued subpoenas to crypto firms regarding their relationship with the Ethereum Foundation, coupled with the SEC's lack of active engagement with ETF applicants just two months before the first deadline, have cast significant doubt on the May approval, Thorn wrote in a note on Friday.
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💰 Greenpeace's Anti-Bitcoin "Mining for Power" Report Receives Fierce Backlash on X
“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information.
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💰 Bug in Discontinued Lido Staking Service Blocks User Access to Tokens Valued at $24.4 Million
A bug in the smart contract of Lido’s discontinued Solana staking service is reportedly preventing users from withdrawing digital assets valued at more than $24 million. Lido attributes this issue to “a problem with the maintainer bot and the recent update of rent-exempt terms for Solana staking accounts.”. A report said the staking service’s financial unsustainability and low fee revenue were some of the reasons why Lido ended the service more than five months ago. Before that, 92.7% of the Lido community voted in favor of discontinuing the service rather than funding it.
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💰 Bitcoin as 'digital gold' could enable continued demand as ETFs mitigate volatility: Coinbase
Hawkish views on the potential for U.S. Federal Reserve interest rate cuts have bolstered gold among traditional investors — a fact that may lead to more demand for bitcoin, in Coinbase's opinion. "In our view, bitcoin's increased acceptance as a form of "digital gold" could enable demand from a new subset of investors in this market regime," David Han, an institutional research analyst at the crypto exchange, wrote in a report published yesterday.
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🇰🇷 South Korea to tighten crypto exchange listings with upcoming guidelines: report
New guidelines imposing tighter regulations for token listings on centralized crypto exchanges will be released by South Korean financial authorities, news agency News1 reported. Additionally, the report stated that the Financial Services Commission in the country may mandate that foreign token projects develop specific whitepapers for the local market to get listed on domestic exchanges. Yet, tokens already listed on a licensed exchange for over two years may not need to meet these new criteria.
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🇺🇸 SEC asks for public comment for Grayscale, Bitwise and Fidelity spot 🪙 Ethereum ETFs
The Securities and Exchange Commission is soliciting comments for a handful of spot ether exchange-traded funds, according to filings. On Tuesday, the agency asked for public comment on three proposed ETFs: the Fidelity Ethereum Fund, Grayscale Ethereum Trust and Bitwise Ethereum Trust. "The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons," the agency said in the filing about Bitwise.
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💰 Long-Term Bitcoin Holders Begin ‘Taking Chips Off the Table’ at Record Highs, Analysis Shows
Glassnode’s 13th weekly 2024 onchain analysis indicates a strategic shift among bitcoin investors as the digital asset reached a new peak, with long-term holders beginning to realize profits. The report shows a significant $2.6 billion per day in realized profits, highlighting a common response to reaching resistance levels at new ATHs. This trend aligns with historical patterns observed in previous cycles, where similar behaviors were noted among the investor cohort.
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🟠 Binance taps board of directors for the first time: Bloomberg News
Binance Holdings Ltd. has named a board of directors for the first time, according to Bloomberg News, after a year marked by change and turmoil. The board is made up of seven members, including CEO Richard Teng and three other company executives — Heina Chen, Jinkai He, and Lilai Wang.
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🇬🇧 Court freezes Craig Wright’s assets to ensure payment of legal fees
The UK court has ordered a worldwide freeze on £6 million of Craig Wright’s assets, aiming to prevent the computer scientist from transferring funds offshore and evading court-imposed costs, according to a March 28 filing. This ruling comes in the wake of a court case brought by the Crypto Open Patent Alliance (COPA), where Judge Mellor found earlier in the month that Wright was not, contrary to his claims, the enigmatic Bitcoin creator, Satoshi Nakamoto.
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💰 MicroStrategy trades at 'unjustifiable premium' to bitcoin, says firm shorting company's stock
Investment firm Kerrisdale Capital has argued in a new research report that MicroStrategy's shares have become overvalued. "We are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value," Kerrisdale Capital said in the report. "Shares of MicroStrategy have soared amid a recent rise in the price of bitcoin but, as is often the case with crypto, things have gotten carried away."
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🇳🇬 Nigeria files tax evasion charges against 🟠 Binance as exec escapes from custody: reports
Nigeria’s federal government filed charges against crypto exchange Binance for tax evasion at the country’s High Court on Monday, local newspaper Punch reported. Nigeria’s Federal Inland Revenue Service, the country’s tax agency, accuses Binance of four tax evasion charges in the filing: the non-payment of value-added tax, the non-payment of company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.
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💰 5 institutional investors own 22% of the largest Bitcoin mining company
Marathon Digital Holdings (NASDAQ: MARA) is the world’s largest publicly traded Bitcoin (BTC) mining company. Institutional investors have gradually increased their positions in Marathon despite the block subsidy halving expected in April. In particular, institutional investors own 38.9% of Marathon’s outstanding shares, holding 104,212,740 out of the 268 million. Finbold gathered this data from Nasdaq, which also shows the top five institutional shareholders of the Bitcoin mining company.
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💰 Eric Balchunas on Bitcoin Price: “Bigger Forces at Work Beyond ETFs”
The recent approval of Bitcoin Exchange-Traded Funds (ETFs) by the United States Security and Exchange Commission (SEC) has sparked significant changes in the Bitcoin landscape. But what truly influences bitcoin price crash and surge? Analysts believe there are other major factors contributing to these price swings. Balchunas emphasizes, “There are other players controlling this market.” This suggests that the correlation between ETF flows and bitcoin’s price action might not be as direct as previously assumed.
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🇮🇳 Crypto Exchange Okx Shuts Down Services in India Due to Regulations — Advises Users to Withdraw All Funds
Cryptocurrency exchange Okx has notified its users in India that the platform is shutting down services in the country “due to local regulations.” The exchange has advised users in India to “withdraw all funds” from their accounts by the end of April. The Indian government has not regulated crypto and the country’s finance minister recently stressed that crypto assets are not currencies.
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💰 Bernstein raises year-end bitcoin price target to $90,000, expects ‘mild’ halving impact on miners
Analysts at research and brokerage firm Bernstein have raised their year-end price target for bitcoin to $90,000 from $80,000 amid improved market dynamics. Ultimately, the analysts expect bitcoin to target $150,000 as the 2024-2025 cycle high, with Bitcoin’s upcoming halving event having less impact on miners than in previous years.
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