Blockchain Explained

💰 MicroStrategy’s Implied Premium to Bitcoin Settling Into New Norm, BTIG Says MicroStrategy has a track record of creating value for shareholders, broker BTIG said in a research report on Friday, raising its price target for the software company and bitcoin (BTC) acquirer. BTIG reiterated its buy rating on the stock and increased its price target to $1,800 from $780. MicroStrategy shares were trading little changed on the day at about $1,617 at publication time. Source https://t.me/Blockchain_Explained

💰 Paraguayan Lawmakers Introduce Bill to Temporarily Pull the Plug on Bitcoin Mining Operations Paraguay is shifting its view on cryptocurrency and cryptocurrency mining. A group of Paraguayan lawmakers introduced a bill that seeks to temporarily ban cryptocurrency mining operations in the country due to its intensive use of electric energy. The bill, introduced to the National Congress on April 3, proposes enacting a 180-day ban on the operation and installation of cryptocurrency mining farms and other operations involving cryptocurrency assets. This ban could be extended until a law that regulates these activities is enacted. Source https://t.me/Blockchain_Explained

📣 Crypto VC investments increased 38% in first quarter breaking 2 year trend Crypto venture capital (VC) investments increased in the first quarter of 2024, according to a survey published by Crypto Koryo on April 4. The analyst measured growth across two distinct metrics. VCs invested nearly $2 billion in crypto projects, marking an increase of 38% from Q4 2023. VCs also invested in 250 crypto projects, representing an increase of 49% from the previous quarter. The results are some of the best since investments peaked sevenfold at $14 billion in Q4 2021. Source https://t.me/Blockchain_Explained

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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. Source https://t.me/Blockchain_Explained

📣 OneCoin legal chief sentenced to four years for role in crypto pyramid scheme: report The Southern District of New York court has handed down a four-year prison sentence to Bulgarian national Irina Dilkinska for involvement in the web3 initiative OneCoin and its cryptocurrency of the same name. Dilkinska must also forfeit $111,440,000 and submit to one month of supervised release, according to a statement from the United States Department of Justice. Source https://t.me/Blockchain_Explained

📊 Crypto Exchange Bitget Joins Meme Coin Hype, Issues Token That Rises 14,000% A meme coin issued by cryptocurrency exchange Bitget has surged by more than 14,000% to a $31 million market cap hours after being released. The ticker for the token, which was issued on Base network, is MOEW, and it is currently trading at $0.0028 on the back of $34 million worth of trading volume, CoinMarketCap data shows. 11,700 individual wallets currently hold MOEW, according to Basescan. "Just for funsies, nothing too serious. We wanna see what the power of memes can do," Bitget wrote on social media platform X. Source https://t.me/Blockchain_Explained

📊 Grayscale falls behind in ETF outflows first time since launch as ARKB loses $87.5 million Grayscale Bitcoin Trust (GBTC) recorded lower outflows for the first time since the launch of spot Bitcoin ETFs on April 2, after ARK 21Shares (ARKB) posted outflows amounting to $87.5 million, according to Coinglass data. Comparatively, GBTC recorded the lowest outflows since March 12 at $82 million. The data for the other ETFs, including IBIT and FBTC, was not public as of press time. GBTC’s currently low outflows are notable because the fund consistently sees high outflows. Source https://t.me/Blockchain_Explained

🇰🇷 Crypto.com to launch platform in South Korea following local exchange acquisition Global digital asset exchange Crypto.com is launching its retail trading services in South Korea on April 29, according to its announcement on Tuesday. “We are incredibly excited to be launching the Crypto.com App for retail users in South Korea — a market of tremendous importance to the growth of our business, and one in which consumers are very interested in crypto,” said Eric Anziani, president and chief operating officer of Crypto.com, in the announcement. Source https://t.me/Blockchain_Explained

🪙 Coinbase CFO believe Ethereum is unlikely to be classified as a security Coinbase CFO Alesia Haas believes that “Ethereum (ETH) is not a security,” and regulators are unlikely to label it as such. Haas shared her view on the matter during an interview with Fortune and pointed to the fact that both the SEC and the CFTC have said the same thing in the past. Some companies in the US have reportedly received subpoenas in which the SEC identifies ETH as a security based on its shift to proof-of-stake, according to three anonymous sources. Source https://t.me/Blockchain_Explained

🪙 FTX bankruptcy estate aiming to begin repaying creditors by the end of 2024 The FTX bankruptcy estate has set a goal to begin repaying customers by the end of 2024, according to notes from a meeting of FTX Digital's Joint Official Liquidators in the Bahamas. To that end, both the Chapter 11 Debtors and the Joint Official Liquidators "have a shared goal to make the first interim distribution by the end of 2024 to creditors with admitted claims and satisfactory KYC documentation," the notes, from the meeting on Mar. 15, read. Source https://t.me/Blockchain_Explained

📣 Grayscale introduces crypto investment fund that prioritizes staking rewards Grayscale Investments has announced an investment fund tailored to sophisticated clients eager to expose their portfolios to income generated from staking cryptocurrency tokens. According to a recent statement, the Grayscale Dynamic Income Fund is only available to clients with more than $1.1 million assets under management or a net worth of more than $2.2 million. Source https://t.me/Blockchain_Explained

🔵 Base network TVL exceeds $3 billion, with daily users surpassing 5 million The Ethereum layer-2 network, Base, has witnessed a remarkable surge in assets locked, soaring by approximately 200% over the last month to over $3 billion, according to L2beat data. Furthermore, on-chain data shows that the increased TVL is matched with an ever-expanding user base. According to the Dune analytics dashboard curated by Watermeloncrypto, Base’s daily active users have surpassed 5 million this week, with the network’s total revenue already exceeding $36 million. Source https://t.me/Blockchain_Explained

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🪙 Ethereum nears 1 million active validators as network surge strengthens security The Ethereum network has witnessed a surge in validator numbers, with the count nearing one million. On-chain data from Beacon Chain and Ethereum’s Validator Queue show an active validator count of 979,686. However, a Dune Analytics dashboard curated by Dragonfly analyst Hildobby places the total number on the network above the one million mark. Source https://t.me/Blockchain_Explained

🪙 USDT stablecoin issuer Tether hiring for AI division USDT issuer Tether Operations Limited said it is trying to expand its AI capabilities by building up its AI division. Tether announced Tuesday that it is looking to hire "top talent" in AI. The goal is "to pioneer the development of open-source, multimodal AI models to set new industry standards, driving innovation and accessibility within AI technology," the company's announcement said. Source https://t.me/Blockchain_Explained

🇵🇭 Phillipines regulators take steps to block 🟠 Binance Regulators in the Philippines are taking steps toward blocking local traders’ access to Binance. The Philippines Securities and Exchange Commission (SEC) said Monday in a statement that it has worked on obstructing access to the world’s largest crypto exchange by daily trading volumes because the platform does not have the required regulatory license to operate within its jurisdiction. The agency two weeks ago asked the National Telecommunications Commission (NTC) to help block Binance-linked web pages. Source https://t.me/Blockchain_Explained

💰 JPMorgan: Bitcoin Still Overbought Despite Price Drop Global investment bank JPMorgan has cautioned that bitcoin is still overbought despite the crypto’s recent price decline. JPMorgan’s analysts expect continued selling pressure on bitcoin as the halving approaches, “particularly against a positioning backdrop that still looks overbought despite the past week’s correction.” Source https://t.me/Blockchain_Explained

🪙 Ethereum ICO Whale Awakens, Moves 2000 ETH Amid Ongoing Recovery An Ethereum (ETH) Initial Coin Offering (ICO) participant has woken up after more than 8.7 years of staying dormant, a move that has sparked speculations in the broader digital currency ecosystem. The first action orchestrated by the whale according to data from the crypto analytics platform Lookonchain is to transfer the sum of 2000 ETH worth as much as $6.7 million based on the current market price of the digital currency at $3,350 level. Source https://t.me/Blockchain_Explained

💰 Polygon zkEVM down due to issues with blockchain sequencer Ethereum scaling protocol Polygon has announced that its zero-knowledge Ethereum Virtual Machine (zkEVM) is currently experiencing downtime due to an issue with its blockchain sequencer. In a post on X, Polygon reassured its two million followers that the issue is confined to the zkEVM specifically and does not impact any other chain deployed using the Polygon chain development kit (CDK). Source https://t.me/Blockchain_Explained

💰 JPMorgan Expects Bitcoin Pullback, Bernstein Ups Forecast to $90K The market seems confused, as predictions for bitcoin price after halving have started to wildly fluctuate. Bitcoin (BTC), the leading digital asset, has encountered a pullback of over 10% from its all-time high, signaling a potential shift in market sentiment. Notably, Bloomberg reported on Friday that the demand for spot Bitcoin Exchange-Traded Funds (ETFs) has shown signs of moderation, adding to concerns about the BTC’s short-term outlook. Source https://t.me/Blockchain_Explained

🪙 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. Source https://t.me/Blockchain_Explained

🏦 Coinbase Is More Than Just a Crypto Exchange: JMP Securities Coinbase (COIN) is more than just a crypto exchange, and momentum is continuing to build in its ancillary businesses, JMP Securities said in a research report Thursday. JMP notes that Coinbase’s daily spot trading volume in the first quarter is averaging about $3.3 billion, which has more than doubled from the fourth quarter last year. The newly launched derivatives platform is also “scaling at a tremendous pace.” Source https://t.me/Blockchain_Explained

💰 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. Source https://t.me/Blockchain_Explained

💰 FTX estate faces estimated $3 to $5 billion in US government claims amid bankruptcy proceedings, court filing shows U.S. government claims against the bankrupt crypto exchange FTX are expected to total between $3 and $5 billion, according to a court filing on Wednesday, subject to change and negotiations with applicable authorities. However, it is important to note that in accordance with Chapter 11 priorities for the estate, FTX customers, Alameda Research lenders, administrative expenses, and non-governmental creditor claims will be paid out before any government and tax claims. Source https://t.me/Blockchain_Explained

💰 Bitcoin rebounds to $68k after Fed decides to maintain rates as expected The US Federal Reserve announced on March 20 that it would keep interest rates steady at 5.25% to 5.5% — aligning with market expectations and easing concerns of a more aggressive tightening of monetary policy. Additionally, the Federal Open Market Committee (FOMC) maintained its projection for a rate cut within this year, signaling a cautious but optimistic outlook for the economy. Source https://t.me/Blockchain_Explained

🪙 Grayscale Ethereum Trust discount drops to -20% as hope dwindles for spot ETF in May The Grayscale Ethereum Trust discount has dropped to -20%, its lowest level since November 2023. This comes on the back of falling optimism for a spot Ethereum ETF approval by May. If a spot Ethereum ETF were approved, Grayscale’s Trust would be converted into one — as happened with its Bitcoin Trust. This would allow holders to redeem the underlying ether and practically eliminate the discount. Source https://t.me/Blockchain_Explained

🇺🇸 SEC delays lower expectations of Ethereum ETF approval by May despite staking additions The US SEC has delayed the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs), recent regulatory filings show. The delays affect proposals from investment firms, including VanEck, Ark Invest, Hashdex, and Grayscale — which has added a staking component to its ETH ETF application along with Fidelity — sparking discussions about the future of crypto ETFs in the US. Source https://t.me/Blockchain_Explained

🟠 Binance seeks prime brokers’ help to skim off US investors from platform: Bloomberg Global cryptocurrency exchange Binance has requested prime brokers, such as FalconX and Hidden Road, to ramp up their screening processes of clients to prevent having U.S. investors on the exchange, Bloomberg reported on Tuesday, citing people familiar with the matter. The crypto exchange has been asking prime brokers to require additional information for their clients since around the time Binance pleaded guilty to U.S. charges in November, the report said. Source https://t.me/Blockchain_Explained

⚪️ Worldcoin clarifies legality issues following 🇪🇸 Spain’s 3-month ban on its operations Worldcoin has publicly recently reaffirmed the legality of its operations across the globe amid rising regulatory concerns that have led some countries to halt its operations in their jurisdictions. Despite these hurdles, Worldcoin said it maintains a steadfast commitment to adhering to local and international laws, ensuring its innovative approach to identity verification remains accessible and compliant globally. Source https://t.me/Blockchain_Explained

🪙 Ethereum activity drops ether supply to lowest levels since August 2022 Ethereum's latest upgrade, Dencun, was activated on March 13 — but the previous high-profile upgrade has helped decrease the total supply of ether substantially. As of mid-week, the total supply of ether declined to its lowest level since August 2022, according to data from CryptoQuant cited by CNBC. It was shortly after that date that Ethereum made its most significant upgrade in history by changing from proof-of-work to proof-of-stake — an upgrade known as The Merge. Source https://t.me/Blockchain_Explained

💰 Bitcoin Is a Top 10 Financial Asset by Market Cap Bitcoin’s progress as the asset entered the top 10 financial assets in February by surpassing Warren Buffett’s Berkshire Hathaway. A few weeks down the line, BTC’s market cap exceeded $1.4 trillion and surpassed that of Meta and silver, becoming the 8th largest financial asset. The latest declines, though, have halted some of its progress, and BTC is now behind the metal. Source https://t.me/Blockchain_Explained

💰 Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ Says U.S. prosecutors recommended that a federal judge sentence FTX founder and former CEO Sam Bankman-Fried to 40-50 years in prison for his conviction on fraud and conspiracy charges tied to the collapse of what was once one of the world's largest crypto exchanges. Prosecutors called their request for a $11 billion judgment "a particularly conservative sum" and noted that more than a billion dollars had already been seized. Source https://t.me/Blockchain_Explained

💰 Galaxy Digital CEO: Bitcoin Unlikely to Fall Below $55,000 — 'That's the New Floor' Galaxy Digital CEO Michael Novogratz says he doesn’t believe the price of bitcoin will fall back down to the $50K-$55K level. “I think that’s the new floor unless something dramatic happens,” he described. “This has been a wild ride of an asset,” he added, noting that we’re in price discovery mode and if you look at the charts, $100,000 could be a bitcoin price target. Source https://t.me/Blockchain_Explained

🪙 Ether Could Be a Meaningful Earnings Driver for Coinbase, JPMorgan Says America’s largest bank, JPMorgan (JPM), said the Ethereum network and its token ether (ETH) could be a notable contributor to the wider cryptocurrency ecosystem and a positive driver of Coinbase (COIN) earnings. JPMorgan, while maintaining its neutral rating, raised its price target for Coinbase to $150 from $95 to reflect the crypto market rally and the positive impact that ether has had on the exchange’s revenue. Source https://t.me/Blockchain_Explained

🇺🇸 SEC charges 17 people in $300 million crypto Ponzi scheme targeting Latino investors The Securities and Exchange Commission charged 17 people for their roles in an alleged $300 million crypto-related Ponzi scheme that targeted tens of thousands of predominantly Latino investors. The scheme involved Texas-based CryptoFX LLC and affected 40,000 investors in ten U.S. states and two other countries, the SEC said on Thursday in a statement. Source https://t.me/Blockchain_Explained

🪙 'Wolf of All Streets' Expects Mainstream Crypto FOMO to Return When DOGE Hits New All-Time High Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs). Source https://t.me/Blockchain_Explained

🟠 BNB Chain introduces rollup-as-a-service solution to expand its Layer 2 ecosystem BNB Chain has unveiled a rollup-as-a-service (RaaS) solution to enable the expansion of custom Layer 2 networks in its ecosystem. The RaaS will provide dapp projects with the infrastructure required to build cost-effective dedicated rollups on the BNB Smart Chain (BSC), including no-code deployment options. BSC is the third-largest blockchain by total value locked, with $6.1 billion in TVL compared to Ethereum’s $56.7 billion and Tron’s $10.5 billion, according to DeFiLlama data. Source https://t.me/Blockchain_Explained

💰 Bitcoin maintains price resilience despite increased miner selling Miners play a pivotal role in dictating Bitcoin's supply dynamics and their decision to sell or hold is a strong indicator of the overall health of the crypto market. A deep dive into Glassnode's latest data reveals a fascinating trend: a gradual yet noteworthy reduction in BTC held in miner wallets, signaling consistent sell pressure. But what's driving this sell-off, and more intriguingly, how have recent monumental market events. Source https://t.me/Blockchain_Explained