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Instruction: On-chain data — The missing link in Web3 advertising Response: On-chain wallet data promises to be a game-changer for companies looking to target Web3 users, developers and traders — but this hinges on infrastructure connecting wallets to social media profiles. The process is similar to adding filters like gender, age and geographic location in conventional advertising platforms. Source: AddressableConsidering that most Web3 wallets are alphanumeric and anonymous, many advertising platforms cannot target wallet owners. Clients can tap into data from Web3 mobile platforms and target users of these mobile applications. The partnership is touted to allow Addressable to reach a significant percentage of Web3 mobile applications.

Instruction: Top five BTC miners not selling despite Bitcoin halving Response: The five largest Bitcoin mining firms are not selling Bitcoin (BTC), despite the 50% supply issuance reduction of the upcoming Bitcoin halving. The report comes days before the 2024 Bitcoin halving, which is set to reduce Bitcoin block issuance rewards from 6.25 BTC to 3.125 BTC per mined block. Post-halving Bitcoin mining revenue declined 40% in the month after the 2020 halving, while monthly revenue declined over 51% after the 2016 Bitcoin halving. Bitcoin Halving: Total Miner Revenue. Bitcoin miners worldwide currently hold over 700,000 BTC, which accounts for 3.4% of the total Bitcoin supply.

Instruction: Web3 wellness ring lets users own their health data — and wear it too Response: A new Solana-based wellness wearable is taking health data on-chain, allowing users to own and monetize their data. The Cudis ring, developed by BeatBit Wellness Lab, is being touted as a Web3 alternative to the popular Oura ring that has recently taken the health and wellness industry by storm. It uses decentralized physical infrastructure network (DePIN) technology and allows users to monetize their anonymized health data and feed it back into the ecosystem for more informed personalized health insights. Wellness data is encrypted and anonymously stored on the InterPlanetary File System (IPFS) after indexing on the Solana blockchain. “Traditional smart ring companies operate on a centralized model where they collect and store users’ health data on their servers and analyze it to provide personal health insights through an app,” he explained.

Instruction: TikTok parent company explores on-chain possibilities for Web3 gaming Response: BytePlus — the enterprise technology arm of ByteDance, TikTok’s parent company — has announced a move into Web3 through a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain. Mysten Labs will benefit from the high-performance, low-maintenance nature of ByteHouse, which could ultimately accelerate data delivery for users on the Sui network. Evan Cheng, the co-founder and CEO of Mysten Labs, said the partnership could “revolutionize” data analytics in the Web3 sphere. Sui, on the other hand, is a newer layer-1 network introduced by Mysten Labs in March 2022. A month later, it was revealed that the Greek stock exchange, ATHEX, would deploy its new fundraising mechanism via the Sui blockchain ecosystem.

Instruction: Token2049 Dubai preview — tuxedos optional, lifejackets obligatory Response: Source: Dubai International AirportThe event itself is still scheduled to go ahead despite the inconveniences visitors are experiencing. Cointelegraph's reporter Ezra Reguerra is in Dubai to report on the event and has sent some eye-popping videos of the city after the storms. TOKEN2049 will run from April 18-19, 2024, at the Madinat Jumeirah Hotel in Dubai. And, as one would expect from the city of Dubai, the event will be accompanied by exhibitions, live DJ sets, and high-class hospitality. The second TOKEN2049 event of the year will take place in Singapore in September.

Instruction: Memecoins are making millionaires, but are they actually good for crypto? Response: The crypto bull market is back, and with it comes everyone’s favorite — or least favorite — symbol that euphoria is returning: memecoins. He argued that memecoins are a net positive for the crypto ecosystem, as they help people engage with blockchain technology and learn more about how cryptocurrencies work. When asked what more serious crypto projects can learn from meme tokens, Brekken said he admires the speed at which memecoins are able to build strong communities. Memecoin gamblingMost memecoins admittedly have no intrinsic or real-world value. As such, many people approach them as a gambling opportunity, one where there is the hope of making life-changing money.

Instruction: ‘Real opportunity’ for Bitcoin Runes will come after first wave of investor hype Response: Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network, is set to go live with the Bitcoin halving later this week. Yet, the real market opportunity for Runes may only come months after the first wave of investor hype subsides, according to the pseudonymous decentralized finance (DeFi) researcher Ignas, who wrote in an April 17 X post:“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. Ignas expects hundreds of Runes to launch on the market, diluting trader attention and inflows into particular tokens. Paired with the lack of initial utility around Runes, these aspects will make them akin to memecoin trading, according to the pseudonymous researcher, who wrote:“Finally, utility-wise runes will trade as memecoins like BRC20s. Related: Bitcoin supply to run out on exchanges in 9 months — Bybit

Instruction: New Zealand tests the water on ‘digital cash’ issuance Response: However, the central bank plans to discuss the issuance of a central bank digital currency (CBDC) in future consultations. The RBNZ has taken a four-stage approach to CBDC issuance and aims to issue an in-house digital dollar by 2023. New Zealand’s central bank is in the second stage of its digital cash initiative, which involves exploring high-level design options for digital cash and related consulting and budgeting. Source: consultations.rbnz.govt.nzOn April 17, the central bank released a consultation paper to help determine “future work on whether digital cash is right for New Zealand.” The consultation closes on July 26. Concurrently, the RBNZ is developing alternate formats for its digital cash consultation paper, which will be available in late May.

Instruction: Grayscale spot Bitcoin ETF ‘halves’ before BTC halving Response: Major Bitcoin (BTC) investor Grayscale Investments has seen its spot BTC exchange-traded fund (ETF) holdings drop 50% ahead of the anticipated Bitcoin halving event. Bitcoin holdings in the Grayscale Bitcoin Trust ETF (GBTC) shrunk by one-half from 619,220 BTC on the first day of trading on Jan. 11. The GBTC “halving” came just two days before the much anticipated Bitcoin halving, which will reduce the mining reward by 50% from 6.25 BTC to 3.125 BTC. However, with eight other issuers, the spot Bitcoin ETF providers have accumulated around 224,552 BTC, excluding GBTC, since the trading launch. As of April 16, 2024, the 10 spot Bitcoin ETFs collectively held around 862,162 BTC, worth $54.7 billion.

Instruction: Web3 investment up 55% in Q1 as crypto VC interest rebounds Response: The total investment in Web3 firms increased by 55% in the first quarter of 2024, signaling the return of venture capital (VC) interest to crypto. In addition to an increase of over 55% in total investment, the number of Web3 VC investment deals rose 36% in the first quarter of 2024 compared to the previous quarter, according to a Q1 on-chain report by QuickNode and Artemis. In particular, AI and Gaming have garnered the most resounding revival of venture capital enthusiasm among the categories.”Quarterly number of Web3 investment deals. Seed round deals saw the most growth, up 53% quarter-on-quarter, suggesting increased interest in early-stage deals. Quarterly number of Web3 investment deals, by round.

Instruction: Upbit suspends crypto transactions exceeding 1 million won Response: Upbit — one of South Korea’s largest crypto exchanges — will suspend deposits and withdrawals of digital assets of more than 1 million Korean won ($721). Ten&Ten helped the crypto exchange offer crypto deposits and withdrawals of over 1 million won. In the first quarter of 2024, the South Korean won surpassed the United States dollar in crypto trading volume. On March 5, Upbit recorded a daily trading volume of almost $15 billion, the exchange’s highest trading volume of 2024 so far. The crypto exchange’s surge in daily trading volume may be attributed to Bitcoin reaching a new all-time high of $69,200 on the same day.

Instruction: BTCFi is an ‘enormous opportunity’ to make Bitcoin a productive asset — Stacks Response: So there’s an enormous opportunity for protocols and layer-2s to make Bitcoin a productive asset.”Bitcoin-native DeFi, or BTCFi, is a recent development seeking to bring DeFi capabilities to the world’s first blockchain network. For instance, L2 network Stacks enable the creation of smart contracts on the Bitcoin network. Stacks’ Serrano argued that L2s for Bitcoin are more important than for Ethereum, which already comes with inherent smart contract capabilities. He added that L2s are necessary to scale the Bitcoin network beyond its current transaction limitations. With the current adoption rate, BTCFi could match the innovation of Ethereum DeFi, according to Nash Lee, co-founder of MerlinSwap.

Instruction: Stablecoin competition crucial for regulatory engagement — Tether CEO Response: Ripple’s move to launch its own stablecoin could add further legitimacy to the stablecoin landscape, according to Tether CEO Paolo Ardoino. The stablecoin ecosystem is an industry because there are many players,” Ardoino said. Related: Tether’s USDT stablecoin hits historic $100B market cap“I believe that there is space for everyone. Tether’s market dominanceTether (USDT) is the leading stablecoin by market capitalization, valued at $108 billion on April 17. USD Coin (USDC) trails USDT as the second biggest stablecoin by market cap at $32 billion.

Instruction: Crypto-like communication devices could break gov’t surveillance — Telegram founder Durov Response: Pavel Durov, founder of the encrypted instant messaging app Telegram Messenger, predicts that rising government surveillance will force the birth of secure communication devices inspired by cryptocurrency hardware wallets. In a Tucker Carlson interview on April 17, Durov recalled past experiences while expressing how government entities continue to suppress the private exchange of information:“The world is becoming less amenable. Durov said that the geopolitical neutrality of the United Arab Emirates (UAE) is ideal for entrepreneurs fighting for privacy and anti-surveillance:“It’s a small country that wants to be friends with everybody. However, he did raise funds for a few projects in the past, one of which was a cryptocurrency project. Magazine: The real risks to Ethena’s stablecoin model (are not the ones you think)

Instruction: Bollinger Band suggests further Bitcoin downside, but bull market still on: Traders Response: The price of Bitcoin (BTC) could see further downside in the near future without shutting down bull market momentum, according to traders using a widely used momentum indicator. Bollinger Bands are a technical analysis tool that uses price volatility to indicate potential entry and exit opportunities in trading. Traders forecasted that the increased daily volatility in the price range indicates that Bitcoin is positioned for further downward movement. Meanwhile, technical analyst Tony Severino suggests that Bitcoin’s price may experience significant volatility if the market cycle resembles that of 2017. If Bitcoin’s price rises just 1.15% from its current price to $65,000, $551 million in short positions will be liquidated.

Instruction: Ore creator proposes rewards to tackle Solana congestion Response: Hardhat Chad, the pseudonymous creator of the Ore project, has suggested that the Solana Foundation offer a reward if it intends to incentivize testnet activity. This suggestion comes after the Solana network faced congestion issues for nearly a week with a transaction failure rate as high as 75%. This proposal comes after Hardhat Chad announced via social media that the immediate cessation of mining operations was essential for the well-being of the Solana network and Ore’s stakeholders. However, Solana developers have released a mainnet beta update, v1.17.31, to address the ongoing network congestion on the Solana blockchain. This patch contains enhancements that will help with some of the ongoing network congestion, and further improvements will follow in v1.18.

Instruction: Withdrawals from real estate betting platform Parcl hit $74M after airdrop Response: Investors providing liquidity to the Solana-based real estate betting platform Parcl have pulled more than $74 million from the protocol following its airdrop snapshot earlier in April. Parcl distributed its native PRCL tokens to eligible users on April 15 after announcing that it had taken a snapshot of users' point balances on April 3. Source: DefiLlamaParcl is a decentralized real estate trading platform that allows users to speculate on the price movements of real estate markets in major cities. Its users who participated in the airdrop campaign were allocated 80 million PRCL tokens — 8% of the total 1 billion token supply. Similarly, TNSR — the native token of the Solana-based NFT platform Tensor — has tumbled 52.6% from its launch on April 3.

Instruction: Crypto market ‘underestimates the long-term impact’ of Bitcoin halving: Bitwise Response: The Bitcoin (BTC) halving is days away now, scheduled for April 20, but price action in the month that follows the highly anticipated event has been historically disappointing, said Bitwise Asset Management. In the month after the 2012 halving, Bitcoin gained 9% — but over the next year, it surged 8,839%. A similar pattern played out in the 2016 halving: Bitcoin fell 10% the month after and gained 285% to peak at $20,000 in 2017. “The market prices in the short-term impact of the halving but underestimates the long-term impact.”The current market cycle is the first time that Bitcoin has hit an all-time high before its halving. Magazine: Altseason on the horizon, SEC targets Uniswap, and BTC halving news: Hodler’s Digest, April 7–13

Instruction: Bitcoin drops as dollar eyes ‘best 5-day run’ in 14 months on expected rate cut hold Response: The United States dollar is eying its “best 5-day run” since February 2023, while Bitcoin (BTC) has dropped over that time as interest rates are expected to remain high along with volatility leading up to the April 20 halving. Meanwhile, Bitcoin has seen a 9% price decrease over the past five days to $63,936, per CoinMarketCap data. While not always correlated, Bitcoin and the dollar have shown an inverse relationship over the years. Bitcoin, which is seen as a more volatile asset, usually sees spikes in demand when the dollar weakens. Three days before the 2020 halving, Bitcoin dominance — a ratio of Bitcoin’s market cap compared to the cumulative market cap of all other cryptocurrencies — stood 15% higher than its current level.

Instruction: Bitcoin miner stocks drop on ‘unsubstantiated’ post-halving profit fears: Analyst Response: Investor confidence in the Bitcoin (BTC) mining sector’s profitability after the cryptocurrency halves its rewards has sent Bitcoin mining shares in the United States and abroad tumbling — but those fears aren’t well founded, an industry analyst said. “Investors will realize their fears were mostly unsubstantiated,” said Mitchell Askew, head analyst at Bitcoin mining firm Blockware Solutions. He cited post-halving profitability concerns and Bitcoin’s 7.5% price fall over the last week as the main catalysts behind miners’ falling stock prices. The price falls come as the fourth edition of the Bitcoin halving is expected on April 20, which will see Bitcoin mining rewards cut in half to 3.125 BTC — worth about $200,000. Askew said the post-halving profitability fears a evidenced by the performance of the Valkyrie Bitcoin Miners ETF (WGMI), an actively managed fund tracking the Bitcoin mining market, which has had a “near zero” correlation coefficient with Bitcoin in 2024.

Instruction: Why Bitcoin ETFs with ‘zero flows’ don’t mean what you think Response: Yesterday 2,903 of them had a flow of exactly zero.”Several market commentators voiced concerns about the low inflows into U.S.-based Bitcoin ETFs. In the case of the spot Bitcoin ETFs they are blocks of shares ranging from 5,000 shares to 50,000 shares,” he said. On April 16, Bitcoin ETFs posted $58 million in net outflows, according to data from Farside Investors. The outflows were led by GBTC, which saw $79.4 million in outflows and $12.9 million from ARK 21Shares Bitcoin ETF (ARKB). Source: Farside InvestorsThe recent net outflows for the Bitcoin ETFs follow several days of subpar price action for Bitcoin, which is down 7.8% on the week to $63,723, per TradingView data.

Instruction: Railgun denies being used by North Korea as it nears $1B total volume Response: Crypto privacy protocol Railgun has denied being used by North Korea and other United States-sanctioned entities to launder cryptocurrency, arguing its zero knowledge-based tech prevents this and the accusations have “no evidence.”It comes as the Railgun platform’s total volume nears the $1 billion mark, boosted by a recent X post from Ethereum co-founder Vitalik Buterin praising and defending the privacy protocol. Blockchain security firm Elliptic once labeled Railgun a “prime alternative to Tornado Cash” after the U.S. government imposed sanctions against the crypto mixer. In January 2023, the FBI stated that North Korean cyber attackers used Railgun to launder more than $60 million worth of Ether (ETH) from the 2022 Harmony Bridge heist. Private Proofs of Innocence — also known as Private POI — was launched by Railgun’s researchers and contributors in January 2023. Its token Railgun (RAIL) also rallied on April 15 after it was reported that Buterin had sent 100 ETH worth $325,000 to Railgun earlier that day.

Instruction: Andreessen Horowitz raises $7.2B for new venture funds Response: Venture capital firm Andreessen Horowitz (a16z) said it raised $7.2 billion to invest across several tech sectors, including gaming and artificial intelligence — but isn’t putting any more toward crypto. The firm’s “Growth” venture strategy — a bundle of funds backing a range of early-stage startups — will receive the largest chunk of the raise at $3.75 billion. Its "Infrastructure" and "Apps" will respectively receive $1.25 billion and $1 billion, a16z said in an April 16 statement. Its Infrastructure strategy mostly focuses on funding teams in the AI, computing and data industries, while the Apps funds focus on consumer, enterprise and fintech application builders. “From AI/infra, web3 games, VR/AR, 3D tooling, gamified apps, game studios, and much more.

Instruction: ‘FOMO’ once drove GameFi funding, but VCs say it’s different this time Response: Keiran Warwick, founder of GameFi studio Illuvium, who recently raised $12 million in VC funding, said he saw the same thing, with much of the investor fervor then driven by a fear of missing out (FOMO). Illuvium confirmed it secured a $12 million Series A funding round on March 26. His firm has invested in Yield Guild Games, Saga, Guildfi, Overworld and Moonveil. Among the other GameFi projects to have received funding in recent months are Helika Games, Parallel Studios and Elixer Games in $50 million, $35 million and $14 amounts, respectively. More than $2 billion was invested into GameFi projects in Q4 2021, but funding amounts fell for six consecutive quarters after the first quarter of 2022, according to RootData.

Instruction: Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage Response: Sherrod Brown, chair of the United States Senate Banking Committee, has reportedly revealed plans to advance a significant stablecoin bill by combining it with legislation related to marijuana businesses and clawing back compensation for bankers. In February, House Financial Services Committee Ranking Member Maxine Waters said Democrats and Republicans were “very close” to a compromise on a stablecoin bill. Related: Is a US stablecoin bill just around the corner? Control of the House, Senate and the Presidency is up for grabs. Representative Patrick McHenry, who chairs the House Financial Services Committee, announced in December that he did not intend to seek reelection.

Instruction: ‘Bitcoin will reach over $1M’ — Animoca founder at WebSummit Rio Response: Yat Siu, the founder of Animoca Brands, spoke at WebSummit Rio on April 16 on a panel titled "Bitcoin’s Revenge: Is Web3 Making a Comeback?”At the panel, Siu said he has no doubt that Bitcoin (BTC) will reach $1 million:"I do believe that Bitcoin could reach over a million dollars-plus over time. She said:"Web3 is about giving power to the people, to those who didn't have access to certain things." So I think that's what's going to be very different this year, the institutional embrace.”Web3 and spot Bitcoin ETFSiu stated that financial inclusion and its effects, particularly on blockchain and Web3 games, are more important than institutional adoption. I think one of the interesting things is that we are not done yet with the ETFs, broadly speaking, meaning Bitcoin ETF is going to emerge in other markets. [...] Now in Hong Kong, then there's Singapore, there's Tokyo, there's London, there's Europe.”Source: WebSummit RioDerek Andersen contributed to the English translation of this article.

Instruction: Israeli central bank official says CBDC competition with banks is good for economy Response: While the impact of central bank digital currency (CBDC) on commercial banks has often been seen as a source of concern, Bank of Israel deputy governor Andrew Abir took a contrarian view in a speech published on the central bank’s website. Abir confidently declared that the digital shekel, which is still in its planning stages, would enjoy public support:“The digital shekel will not be developed by some anonymous Satoshi Nakamoto. Related: Israel’s central bank says CBDC could be issued if stablecoin use increasesJust the option to hold digital shekels could incentivize banks to pay higher interest, Abir said. Thus the digital shekel would give the central bank a mechanism to influence the degree of transmission of central bank interest rates. The digital shekel reportedly has strong support among the Israeli public.

Instruction: Tokenholders approve $7.5B AI merger Response: Tokenholders of SingularityNet, Fetch.ai and Ocean protocols have approved a $7.5 billion merger that would create a combined Artificial Superintelligence Alliance (ASI) project. The ASI is currently examining three distinct product pipelines: deployment of AI agents in commercial settings, neural symbolic language learning models (LLMs), and AI data sharing and utilization. Based in Cambridge, Fetch.ai uses LLMs and AI agents for its computing marketplace that matches users with AI-powered services. Meanwhile, SingularityNET, headquartered in Zug, Switzerland, explores the use of AI in realms such as finance, robotics, biomedical AI, media, arts, and entertainment. Related: SingularityNet, Fetch.AI, Ocean Protocol merger will drive decentralized AI development: ChainGPT CEO

Instruction: Reversing layoffs of 2022? Crypto exchanges are adding staff members Response: Crypto.com CEO Kris Marszalek reportedly said the exchange has been adding people to its staff in a move that could increase the number of employees by roughly 1,400. Many major crypto and technology companies announced significant layoffs in 2022 and early 2023 amid a market downturn, resulting in firms including FTX, Celsius, BlockFi, and others filing for bankruptcy. Marszalek reportedly said Crypto.com had already hired 700 staff members since November 2023 and planned to onboard another 700 for customer service and corporate positions. Related: Coinbase to cut another 20% of its workforce in second wave of layoffsAt the time of publication, Coinbase listed 215 open positions on its website. Many crypto firms reduced their headcounts by up to 20% in 2023 amid regulatory scrutiny and falling token prices.

Instruction: Iraq commitment to capture flare gas sparks crypto mining speculation Response: Due to the remote location of many of Iraq’s oil fields, it’s long been considered economically infeasible to convert the flare gas and, as such, much of it ends up polluting the atmosphere. Bitcoin mining firm Giga, a Texas startup, uses the flare gas from local oil fields to power truckloads of portable mining rigs. As the world’s largest producer of flare gas pollutants, it would take an exceptional effort to convert 100% of its pollutants into usable electricity. While adding power to the grid could certainly help ease the nation’s burdens, converting a portion of that electricity into Bitcoin mining could have an even greater positive impact. Theoretically speaking, Iraq could not only reduce its own carbon footprint by capturing flare gas, but it could engage the international market by selling carbon credits via the blockchain.

Instruction: GameFi ecosystem makes a comeback amid surging crypto prices Response: Each NFT sneaker from Genesis Edition will be valued at 10,000 GMT ($2,200). Created by FSL in 2021, StepN allows users to earn rewards for walking, jogging, or running. Rewards are available after users purchase a virtual Sneaker NFT and link their smartphones. By interacting with the app, users earn GMT tokens, which have an inflationary mechanism, a supply cap of 6 billion and a current diluted market capitalization of $1.2 billion. StepN's NFT sneaker mechanicsFor other protocols, it's more about the hardware.

Instruction: UK trade association experiments with Regulated Liability Network Response: UK Finance, a banking and finance trade association based in the United Kingdom, has announced the beginning of an experimental phase focusing on the U.K. The final case study will use digital money for digital bond settlement. It studied the use of application programming interfaces (API) in banks’ interactions with central bank digital currency (CBDC). It places assets and liabilities on the same ledger and focuses on interoperability between regulated forms of money using blockchain. Participants included Citi, HSBC and Mastercard, which are participating in the UK RLN experimentation as well.

Instruction: DeepMind CEO says Google to spend more than $100B on AGI despite hype Response: Speaking at a TED conference in Canada, Hassabis recently went on the record saying that he expected Google to spend more than $100 billion on the development of artificial general intelligence (AGI) over time. StargateMicrosoft and OpenAI are reportedly in discussions to build a $100 billion supercomputer project for the purpose of training AI systems. It will instead spread out a series of computers across the U.S. in five phases with the last phase being the penultimate “Stargate” system. Both companies are vying to become the first organization to develop artificial general intelligence (AGI). An AGI system with access to a line of credit or a cryptocurrency wallet and the internet, for example, should be able to start and run its own business.

Instruction: Avalanche home loan tokenization protocol raises $10M in Series A Response: Homium, a home equity line of credit (HELOC) tokenization protocol built on Avalanche, has raised $10 million in a Series A funding round led by Sorenson Impact Group and Blizzard. By using Homium, homeowners pledge a portion of their home’s future appreciation as collateral for loan equity in maintenance and repairs, debt consolidation or inheritance. The Homium tokenization overview. The first such home tokenization loans are currently available in the United States state of Colorado. Regarding its technology, Homium explained:“Patented technology gives Homium investors a real time window into every loan in each pool including its origination value and current marked-to-market estimated value.

Instruction: Former NY Fed chief joins Binance.US board Response: United States-based cryptocurrency exchange Binance.US announced that a former chief compliance and ethics officer from the Federal Reserve Bank of New York has joined its board of directors. In an April 16 blog post, Binance.US said former NY Fed chief Martin Grant would be bringing his “regulatory, legal, and compliance” experience to the crypto exchange as one of its newest board members. Grant was the chief compliance and ethics officer at the NY Fed from 2005 to 2022, having joined the bank in 1990. According to Binance.US Interim CEO Norman Reed, adding Grant would help the exchange “continue to navigate the current regulatory environment “ in the U.S. Binance, Binance.US and Zhao still face a civil lawsuit initially filed by the U.S. Securities and Exchange Commission in June 2023 for allegedly offering unregistered securities.

Instruction: History of Crypto: Crippling inflation, rising debt, and the evolving crypto landscape Response: The United States also saw inflation hit a 40-year high as the country’s national debt figure continued to rise. Source: U.S. Bureau of Labor StatisticsSince June 2023, Bitcoin has soared over 135% from $30,480 to set a new all-time high above $73,000. However, the CPI inflation rate has risen 11.65% since November 2021, meaning Bitcoin still hasn’t hit its inflation-adjusted all-time high. U.S. national debt continues to soarThe U.S. national debt continued its exponential rise in 2022 and 2023, increasing 4.35% to $33.2 trillion over those two fiscal years, according to data from the U.S. Treasury. Change in U.S. national debt over the last 100 years.

Instruction: Bitcoin supply to run out on exchanges in 9 months — Bybit Response: Bitcoin supply on cryptocurrency exchanges will dry up in nine months thanks to the 50% supply issuance reduction of this week’s upcoming Bitcoin halving. Provided that demand from the United States Bitcoin exchange-traded funds (ETFs) continues, Bitcoin’s post-halving supply dynamic will see exchange reserves run out of Bitcoin (BTC), according to an April 15 report by Bybit:“Bitcoin reserves in all centralized exchanges have been depleting faster. Bitcoin: Exchange reserves on all exchanges. Bitcoin ETFs weekly net flows. Bybit noted that both crypto-native firms and traditional institutions are gaining increasing exposure to Bitcoin via ETFs or proxy stocks such as MicroStrategy.

Instruction: ICP’s Schnorr integration ushers in Bitcoin DeFi era Response: Schnorr signatures are a specific type of digital signature named after mathematician Claus Schnorr. The researcher added that the ability to inscribe Ordinals or etch Runes following the Bitcoin halving generally requires using Schnorr signatures. You can have an ICP smart contract that works alongside it to talk and write to Bitcoin,” Connolly explains. Related: Bitcoin Core Devs Reveal How Schnorr Signatures Can Help Scale BitcoinAnother consideration is how the integration will be received by the wider Bitcoin community. ICP introduced Bitcoin integration in 2022.

Instruction: Korean won becomes world’s most traded fiat for crypto traders: Report Response: The South Korean won became the world’s most-traded fiat currency against cryptocurrencies in the first quarter of 2024. The won accounted for over $456 billion worth of trading volume on centralized crypto exchanges, topping the $455 billion in U.S. dollar volume, according to an April 15 research report by Kaiko. Fiat Trade Volume Q1, 2024. Source: KaikoThe research firm attributes the rising dominance of the won to the “fee war” between Korean crypto exchanges. The report noted:“The improving macroeconomic environment and fierce competition among Korean exchanges has boosted trade volume on Korean markets which hit its highest level in more than two years in early March.

Instruction: How acclaimed composer Hans Zimmer got to write a crypto theme song Response: Hans Zimmer, the iconic movie composer, can now add the wild world of crypto to his expansive list of compositions after collaborating with Tron to create a theme song for Web3. The track, titled “The Tron Anthem — a song for the Web3 generation,” has classic Zimmer touches. It’s a musical world of epic and dramatic proportions that blends electronic music with traditional orchestral arrangements. Zimmer has composed music for some of the biggest contemporary blockbusters, including Interstellar, Dune, The Dark Knight and Gladiator. According to the announcement, this theme song has been in the works since the beginning of 2022, when the Tron founder and Zimmer opened discussions for the project.

Instruction: Bitcoin halving will lead to more sustainable BTC mining: Report Response: The upcoming Bitcoin halving could lead to a greener Bitcoin (BTC) mining network with more sustainable energy sources. In turn, this could lead miners to search for greater capital efficiency via sustainable energy sources, according to Matteo Greco, research analyst at Fineqia International. Bitcoin mining mechanics are also incentivizing greater efficiency, which could be among the main reasons for the network becoming increasingly more sustainable. This has caused a significant reduction of the emission intensity of the Chinese mining post-ban.”China’s Bitcoin mining hash rate. Source: CointelegraphRelated: 10 days until halving: Bitcoin mining profitability won’t necessarily fall

Instruction: Peter Schiff questions Bitcoin ETF demand and $100K BTC price target Response: Gold proponent Peter Schiff has questioned market pundits who have set a Bitcoin price target of $100,000 in the current bull run. Schiff also took a dig at spot Bitcoin (BTC) exchange-traded funds (ETFs) and the demand created by the products in the current market. Schiff is a known Bitcoin critic and often questions its market value and real-world use cases. Schiff called out analysts who claimed the BTC price could surpass $100,000, boosted by the significant demand created by spot BTC ETFs. He questioned why the high demand for BTC is not reflected in the stocks of companies linked to BTC.

Instruction: Ethereum liquid staking protocol Puffer Finance raises $18M in Series A Response: Puffer Finance, a liquid staking project built on Ethereum restaking protocol Eigenlayer, has secured $18 million in a Series A funding round to launch its mainnet. According to data from DefiLlama, shortly after its early test phase in February, Puffer Finance surpassed a total value locked (TVL) of $1.2 billion. Source: DefiLlama“Following this round, Puffer secured a strategic investment from Binance Labs, enhancing its position within the Liquid Restaking ecosystem,” Puffer Finance said in its announcement, alluding to “technological advancements” in tandem with its mainnet launch. In addition, users who stake Ether via Puffer receive Puffer liquid restaking tokens (nLRTs), which can then be used to farm yields in other decentralized finance protocols simultaneously with their Ethereum staking rewards. Related: Restaking protocol EigenLayer partially launches on Ethereum mainnet

Instruction: Stocks and crypto at the edge of ‘significant’ correction: 10x Research Response: The stock and cryptocurrency markets could be “ahead of a crucial tipping point” heading for a significant price correction, according to Markus Thielen, the founder of 10x Research. In an April 16 research note, the founder wrote:“The primary trigger is the unexpected and persistent inflation. Source: CMEThielen added that the company sold all its tech stocks at the open during Monday’s trading session:“We only hold a few high-conviction crypto coins. Is Bitcoin price overheated? Yet Bitcoin’s RSI has cooled significantly from its 2024 high of 88, hit on March 24, according to TradingView.

Instruction: UK to propose clearer crypto regulations by July Response: The United Kingdom Treasury intends to present a regulatory framework for crypto assets and stablecoins by July, with the aim of encouraging local innovation in digital assets and blockchain technology. IFGS 2024: Keynote Address from Bim Afolami, economic secretary to the Treasury. Source: YouTubeThe U.K. Treasury is working on the final proposals that “deal with stablecoin and (crypto) staking” and plans to deliver them by June or July. Related: Controversial UK legislation creates ‘positive frictions’ for crypto usersFrom April 26, U.K. authorities will be able to retrieve crypto assets directly from exchanges and custodian wallet providers. The Economic Crime and Corporate Transparency Act 2023.

Instruction: Crypto ATM firm says revenue unaffected by fluctuations in BTC price Response: The high volatility of cryptocurrency prices has had little to no effect on some major players in the industry, including Bitcoin Depot, a Bitcoin (BTC) ATM operator. While Bitcoin surged 155% in 2023, Bitcoin Depot’s year-over-year revenue growth amounted to just 6%, the company stated. Bitcoin price (from January 2022 to January 2024). Source: CoinGeckoAccording to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price comes partly from the nature of the services provided. Founded in 2016, Bitcoin Depot operates a major network of Bitcoin ATM machines globally.

Instruction: Microsoft pours $1.5B into UAE AI company, sets sights on global expansion Response: Microsoft continues its expansion into global artificial intelligence (AI) with a strategic partnership and $1.5 billion investment in the Abu Dhabi-based AI tech holding company, G42. As part of the collaboration, G42 will run its AI applications and services using Microsoft’s AI computing platform, Azure. Related: Nvidia eyes Indonesia for $200M AI center amid global AI scrambleThis investment comes as the latest in a string of multiple billion-dollar investments Microsoft has been making in countries all over the world. On Feb. 15, Microsoft pledged to invest the funds to boost AI infrastructure in Germany over the next two years with a $3 billion euro investment. Only a few days later, the company revealed that it would also invest $2 billion in AI infrastructure development in Spain, aiming to boost local capacity for the technology.

Instruction: Bitcoin halving impact on altcoins Response: The Bitcoin halving in 2024—like the previous three halving events—is set to leave a long-lasting impact on Bitcoin as well as the countless altcoin ecosystems it helped create over the years. Altcoins will react differently to the Bitcoin halving depending on various factors, including tokenomics, value proposition and its overall contribution toward financial freedom. The Bitcoin Halving 2024 will put five key dimensions of altcoins to the test — market sentiment, market price, technology stack, blockchain forks and allocation of reserves. Given that the Bitcoin price has soared after every halving, investors are eyeing altcoins that have the potential to skyrocket post-halving. Investors monitor short-term volatility in altcoins around the time of Bitcoin halving, intending to add altcoins into their portfolio.

Instruction: Arkham’s top 5 doxed crypto hodlers own $3.5B, but 35% is untouchable Response: The top five identified crypto whales with publicly known wallet addresses hold around $3.5 billion in crypto, according to a dashboard from blockchain intelligence firm Arkham. However, around 35% or $1.21 billion of that total has been flagged as ‘inaccessible.’Arkham’s crypto top fiveJustin Sun tops the list with a reported $1.06 billion in his crypto wallet. Rain Lõhmus, the founder of Estonia-based LHV Bank, is second on Arkham’s list with $769 million worth of Ether. Other notable crypto wallets in the top ten include early adopter Patricio Worthalter, who holds $219 million worth, primarily in ETH. General Partner at Cluster Capital, Winslow Strong, is listed as holding $27.5 million worth of digital assets.

Instruction: Bored Ape NFT floor price hits lowest point in over two and a half years Response: BAYC is now approaching a sub-10-ETH floor price after a 50% fall since March 1 alone, according to NFT Price Floor. BAYC’s change in NFT floor price since August 2021. Source: NFT Price FloorThe Yuga Labs-backed NFT project launched in April 2021 — meaning its NFT price floor is now where it was four months after it launched. Source: NFT Price FloorThe largest NFT collection by market cap, CryptoPunks, has also fallen from its peak floor price of 113.9 ETH, but only by 64%. Related: 5 ways to monetize your digital art with NFTsMeanwhile, industry commentators continue to ponder whether digital art NFTs can make a comeback.

Instruction: NSA ’just days from taking over the internet’ warns Edward Snowden Response: The United States National Security Agency (NSA) is only days away from “taking over the internet” with a massive expansion of its surveillance powers, according to NSA whistleblower Edward Snowden. The bill in question reforms and extends a part of the Foreign Intelligence Surveillance Act (FISA) known as Section 702. Currently, the NSA can force internet service providers such as Google and Verizon to hand over sensitive data concerning NSA targets. The bill initially received heavy pushback from privacy-conscious Republicans but passed through the U.S. House of Representatives on April 13. However, according to Goitein, the amendment did very little to reduce the scope of surveillance granted to the NSA.

Instruction: BlackRock’s Bitcoin ETF is the only fund with inflows since Friday Response: BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) has been the only United States-based spot Bitcoin fund to see inflows over the past two days, with all other ETFs posting zero inflows or lower. The iShares Bitcoin Trust (IBIT) posted net inflows of $73.4 million on April 15, down from the $111.1 million the day prior. However, IBIT’s inflows weren’t enough to outpace outflows from the Grayscale Bitcoin Trust (GBTC). All 10 spot Bitcoin ETFs saw net outflows across April 14 and 15 — $55.1 million and $36.7 million, respectively. Source: Farside InvestorsThe recent outflows for U.S. Bitcoin ETFs follow a rollercoaster weekend for Bitcoin, which is down 11.6% on the week to $63,410, per Cointelegraph Markets Pro.

Instruction: Musk to charge new X users to post, but some say it won’t stop the bots Response: Billionaire tech entrepreneur Elon Musk is planning to charge new users to tweet in an attempt to curb an ongoing spam problem on his microblogging platform X, though not everyone is convinced this will stem the tide of crypto-scam-touting bots. The announcement stated that X might be expanding its policy to charge new users to use basic functions such as posting, replying, liking or bookmarking a post. “This won’t stop bots completely, but it will be 1000X harder to manipulate the platform,” said Musk at the time. Many, however, argue that the new potential charges won’t prevent the onslaught of bots. Related: Elon Musk offers users free premium features on X, crypto scammers includedIn late March, Musk said that accounts with 2,500 verified subscribers as followers would no longer need to pay for “Premium” features.

Instruction: OKX launches Ethereum layer-2 network for lower fees & interoperability Response: Cryptocurrency exchange OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 network to provide lower fees and interoperability for users interacting with decentralized applications. OKX’s launched the public mainnet of X Layer, its zero-knowledge proof powered network, on April 15. An announcement shared with Cointelegraph notes that X Layer provides faster, cheaper transaction capabilities when interacting with on-chain applications. The network uses ZK-proofs, the underlying technology used by various Ethereum layer-2 networks for improved security and scalability. OKX notes that DApps including the Graph, Curve, LayerZero, QuickSwap, Galaxy and Timeswap are in the process of deploying on its proprietary layer-2 network.

Instruction: Cryptojacker conned $3.5M from cloud firms to mine crypto, feds allege Response: Cryptojacking is when an entity uses resources such as computing power or electricity without permission to mine crypto. Types of malware can inject software to mine crypto that drains a small amount of resources from a network of computers. Parks was arrested in Nebraska on April 13 and charged with wire fraud, money laundering and engaging in unlawful monetary transactions. He then “tricked and defrauded” the services into “approving heightened privileges and benefits, including elevated levels of cloud computing services and deferred billing accommodations,” the indictment alleges. Prosecutors claimed to have found multiple instances of Parkes moving $9,999 and smaller amounts from the crypto exchange to a bank account.

Instruction: Hong Kong’s Ether, Bitcoin ETFs will be ‘lucky to get $500m’ Response: On April 15, The Hong Kong Securities and Futures Commission (SFC) issued conditional approvals to three offshore Chinese asset managers to begin issuing spot Bitcoin and Ether ETFs. spot bitcoin ETFs have more assets than the entire HK ETF market,” wrote Balchunas in a follow-up post to X. U.S. spot Bitcoin ETFs currently use the cash-create model, with the SEC fearing that cash-create could lead to money laundering and fraud-related issues. The spot ETFs are slated for launch in roughly two weeks' time. Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO

Instruction: ‘Disable iMessages’ ASAP to avoid crypto zero-day exploit: Trust Wallet Response: Crypto wallet provider Trust Wallet is urging Apple users to disable iMessage, citing “credible intel” of a zero-day exploit that could allow hackers to take control of users’ phones. A zero-day exploit is a cyberattack vector that takes advantage of an unknown or unaddressed security flaw in computer software, hardware or firmware. Trust Wallet stressed that all crypto wallets held on an iPhone with iMessage switched on are at risk. The firm’s CEO, Eowyn Chen, shared a screenshot of which she claims to be a potential zero-day exploit, showing an asking price of $2 million for the exploit. More than 1.2 million X users viewed Trust Wallet’s alert on X over the first four hours.

Instruction: What to expect at Changpeng Zhao’s sentencing on April 30 Response: Former Binance CEO Changpeng “CZ” Zhao is scheduled to appear before a federal judge more than 160 days after pleading guilty to one felony count as part of a settlement agreement with United States authorities. Zhao’s sentencing hearing has already been pushed back once, but at the time of publication, it was expected to be held by the end of the month. Some have suggested that given his guilty plea and cooperation with authorities, Zhao could face no prison time. However, he speculated that the former Binance CEO could “see some leniency” from the judge due to Zhao's cooperation and guilty plea. In the wake of the Hamas attack, many reports have surfaced alleging connections to crypto being used to fund terrorist organizations.

Instruction: Senators Warren, Grassley want details on CFTC’s communications with FTX Response: United States Senators Elizabeth Warren and Charles Grassley have sent a letter to Commodity Futures Trading Commission (CFTC) chair Rostin Behnam asking for an accounting of Behnam’s contacts with former FTX CEO Sam Bankman-Fried before the cryptocurrency exchange’s collapse. The writers say they want to “renew requests” for that information and cite a letter addressed to Behnam and others by Sen. Josh Hawley. The senators are demanding accounts of all meetings, phone calls, written correspondence and conversations between Behnam or CFTC staff and Bankman-Fried, FTX, Alameda or associated executives. Related: CFTC Chairman Rostin Behnam cites LedgerX as success story amid FTX collapseRepublican Hawley wrote to Behnam, Attorney General Merrick Garland and Securities and Exchange Commission (SEC) Chairman Gary Gensler in November asking if their agencies had begun investigations into FTX or Alameda before their collapse or entered into confidential settlements with the companies or their executives. Magazine: Sam Bankman-Fried: The crypto whale who wants to give billions away

Instruction: BIS envisions global ‘Finternet’ running on unified ledger technology Response: The Bank for International Settlements has presented its fullest and strongest argument so far for unified ledger technology in a paper coauthored by BIS chief Agustin Carstens. The paper describes a “financial system for the future,” which it calls the Finternet, that would use unified ledgers as a vehicle. Unified ledgers could remove a host of the pain points in the current financial system by improving speed, compliance and privacy in the financial system, the BIS paper claimed. Related: SWIFT proposes a role for itself in a tokenized future on a unified ledgerHowever, the BIS does not envision a single unified ledger. Rather, multiple unified ledgers would interact among themselves and with the financial system beyond the Finternet through apps.

Instruction: Filecoin Foundation launches Chinese legal inquiry into STFIL incident Response: Filecoin Foundation, a nonprofit that promotes the development of Web3 storage protocol Filecoin, “has a lawyer in China” and is investigating the reported detention of Filecoin Liquid Staking (STFIL) team members, according to an April 13 social media post from foundation senior fellow Danny O’Brien. Source: Filecoin Foundation senior fellow Danny O’Brien. It requires storage providers to provide FIL tokens as collateral to guarantee that they store data per their agreements. When users deposit FIL into the STFIL protocol, they receive STFIL tokens in exchange. When the protocol is functioning correctly, these STFIL tokens can be redeemed for their underlying deposited FIL plus accumulated staking rewards.

Instruction: Blockchain for Good Alliance launches at Blockchain Life Dubai Response: The Blockchain for Good Alliance (BGA) announced its official launch on April 15, at the Blockchain Life Dubai event. Describing itself as a “collaborative network of organizations, projects, and individuals committed to leveraging blockchain technology to solve global social, environmental, and economic challenges,” the BGA has partnered with blockchain-based organizations of nearly every stripe. A spokesperson named Abbie, a representative of the Harvard Blockchain Club, said in a statement that:"We are thrilled to be a part of the Blockchain for Good Alliance (BGA) launch. According to Semenzin, many initiatives to “do good” through the use of blockchain technology are either motivated by profit seeking or largely ignorant to the realities of disparate class financial relativities. The Blockchain for Good Alliance will operate as a non-profit, something that should largely assuage the typical concerns associated with tech-based endeavors to do good.

Instruction: Hong Kong green lights first spot Bitcoin ETFs: Law Decoded Response: The Hong Kong Securities and Futures Commission (SFC) has reportedly approved three spot Bitcoin exchange-traded funds (ETFs). Following the initial approval, the Stock Exchange of Hong Kong will require approximately two weeks to finalize listing procedures and related arrangements. The approval of the first spot Bitcoin (BTC) ETFs in Hong Kong could catalyze Bitcoin’s post-halving rally, according to Herbert Sim, chief operating officer of crypto exchange Websea, who told Cointelegraph:“[The] halving is not the only thing to look out for in the price action. But rather the upcoming Bitcoin ETF approval in Hong Kong. The NGS companies have been accused of targeting local investors to establish self-managed superannuation funds and then convert the funds into cryptocurrency for investment in blockchain mining packages with promised fixed-rate returns.

Instruction: Fiji central bank warns against crypto use, disappointing Bitcoin hopes Response: The Reserve Bank of Fiji (RBF) has issued a warning to the public against using cryptocurrency for payment or investment. Fijian residents may even face criminal charges for investing in cryptocurrency abroad using “funds held in Fiji,” the release added. Source: Lord Fusitu'a. “I don’t think he’s been asked about it,” Lord Fusitu’a replied. Lord Fusitu’a was a vocal proponent of the introduction of Bitcoin in 2022, to the extent of converting the national treasury to the cryptocurrency.

Instruction: Meta announces VR education metaverse for ages 13 and up Response: Meta is bringing its enterprise level Quest services to the education sector, the social media giant announced on April 15. The company’s Quest virtual reality (VR) headsets have become “by far the most popular extended reality (XR) headsets on the market” according to Statista. If that prediction remains true, the VR sector will have demonstrated a compound annual growth rate of approximately 27.3% since 2020 when, according to Statista, the installed VR user base was about 14.2 million. In order to maintain its pole position, Meta recently unveiled a slew of products and services aimed at the enterprise metaverse market. Related: NASA created VR metaverse to prep astronauts for life on lunar space station

Instruction: Base asset tokenization protocol loses $1.7M due to private key leak Response: Real-world asset tokenization protocol Grand Base (GB), which operates on Coinbase’s native layer-2 blockchain, has suffered $1.7 million in losses after a private key compromise. A subsequent post from Grand Base staff claims that developers have “tracked all the wallets of the hacker” and are awaiting the next move. “We are in talks with CEXs [centralized exchanges] to freeze any funds that he might move,” Grand Base staff added. Before the minting attack, Grand Base had a maximum GB token cap of 50 million. The Grand Base tokenization protocol was launched less than five months ago.

Instruction: ETH price nears 3-year lows vs. Bitcoin — Will an Ethereum ETF stem the tide? Response: The price of Ether (ETH) in Bitcoin (BTC) is nearing a three-year low. Ethereum down 33% vs. Bitcoin since the MergeEthereum price in USD terms has more than doubled in price since switching to proof-of-stake in September 2022. But the picture is very different when priced in Bitcoin as the ETH/BTC pair is down roughly 33% since the Merge. Related: 'China is about to start bidding' — Will Hong Kong Bitcoin ETFs spark the halving rally? New BTC price prediction sees cycle top at $180KThis article does not contain investment advice or recommendations.

Instruction: History of Crypto: NFT mania and digital ownership Response: Welcome to the History of Crypto, a Cointelegraph series that brings readers back to the most significant events in the crypto space. NFTs represent unique digital assets stored on a blockchain, ensuring their scarcity and authenticity. However, it wasn’t until later, with the emergence of Ethereum smart contracts and the ERC-271 token standard in 2017, that nonfungible tokens specifically for digital assets became possible. Legal disputes also emerged over the ownership and authenticity of digital assets, highlighting the need for clear regulations and guidelines. Yet, all was not lost; with the ongoing crypto bull market, NFTs trading volume has recovered.

Instruction: South African exchange VALR wins dual crypto licenses Response: South African cryptocurrency exchange VALR has been granted new crypto asset service provider (CASP) licenses from the Financial Sector Conduct Authority (FSCA) following new requirements for industry firms. Related: South Africa to mandate crypto exchange licenses by end of 2023: Report“Our license underscores our unwavering dedication to compliance, security, and providing a trustworthy platform for the crypto community. We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation,” Ehsani said. The FSCA opened license applications in June 2023, giving crypto asset service providers six months to apply for a license to comply with South African regulations. South Africa became the first African country to formally license cryptocurrency exchanges through regulatory frameworks that have been in development since 2021.

Instruction: Norway passes data center legislation signaling more scrutiny for Bitcoin miners Response: Norway passed new legislation related to data centers, signaling more potential scrutiny for Bitcoin (BTC) miners. Yet, Aasland noted that Bitcoin mining firms aren’t desired in the country. Bitcoin miners are already under more pressure following this week’s upcoming halving. Bitcoin miners could liquidate $5 billion worth of BTC in the months after the halving, according to calculations by the head of research at 10x Research, Markus Thielen. Related: 10 days until halving: Bitcoin mining profitability won’t necessarily fall

Instruction: Hong Kong approves first Bitcoin and Ether ETFs Response: The Hong Kong Securities and Futures Commission (SFC) conditionally approved its first spot BTC and ETH ETFs on April 15, Reuters reported. The Hong Kong regulator reportedly approved that the spot Bitcoin and Ether ETFs will be launched as in-kind ETFs, meaning new ETF shares can be issued using BTC and ETH. Related: Hong Kong regulator fast-tracks Bitcoin spot ETF approvals“The in-kind subscription model for the spot BTC and ETH ETFs in Hong Kong represents a substantial innovation,” OSL board chairman and CEO Patrick Pan told Cointelegraph. However, it’s still early to expect when exactly the spot Bitcoin ETF will start trading in Hong Kong, he noted, adding:“The dates are not yet confirmed. The new approvals follow expectations that the SFC will green-light the first batch of spot Bitcoin ETFs on April 15.

Instruction: Samsung secures $6.4B grant to expand Texas chip manufacturing: Report Response: Samsung will receive $6.4 billion worth of grants from the United States government to expand its chip manufacturing in Texas. The South Korean manufacturing conglomerate secured the grants in a broader effort to expand chip manufacturing in the United States. The grants will support two production facilities, including a research center and a packaging facility, while also allowing Samsung to expand its semiconductor manufacturing facility in Austin, Texas, said Commerce Secretary Gina Raimondo. Bitcoin mining firm Riot Platforms outlined 12 continued risks for Bitcoin mining profitability in its 2023 annual report. Source: CointelegraphRelated: 10 days until halving: Bitcoin mining profitability won’t necessarily fall

Instruction: OKX launches WIF and MEW spot trading amid memecoin craze Response: Cryptocurrency exchange OKX is moving to capitalize on the ongoing memecoin craze by listing major rising Solana-based memecoins like the Dogwifhat (WIF) and the Cat in a Dog’s World (MEW). OKX has officially started spot trading for WIF and MEW, according to the exchange’s announcement on X. OKX users can now start depositing WIF and MEW tokens on the exchange to start trading the memecoins against the Tether (USDT) stablecoin. According to the announcement, WIF spot trading will open at 9:00 am UTC on April 15, or one hour after MEW spot trading was launched. WIF and MEW are among fast-growing memecoins, trading millions of dollars each day. At the time of writing, WIF is the 42nd-largest cryptocurrency by market cap and the third-largest memecoin after Elon Musk’s favorite memecoin, Dogecoin (DOGE), and Shiba Inu (SHIB), according to data from CoinGecko.

Instruction: Scam crypto projects using stolen funds for liquidity disappear Response: Three crypto projects disappeared from the internet hours after blockchain investigator ZachXBT traced their liquidity to funds looted from previous hacks. The scam crypto projects deleted the social media accounts. The trend suggests that the stolen funds are being repurposed to create scam crypto projects primed for pulling off rug pull or exit scams on unwary investors. Investors are advised to conduct thorough research on crypto projects before investing, including doing background checks on the founders and team and confirming the legitimacy of the audit report. Related: New crypto scam drains users’ wallets without transaction approvalEthereum layer-2 protocol Base saw an 18-fold increase in cryptocurrency funds stolen from phishing scams in March compared to January.

Instruction: Solana's mainnet beta update v1.17.31 aims to resolve congestion issues Response: Solana developers have released a mainnet beta update, v1.17.31, to deal with the ongoing network congestion on the Solana blockchain. The update was released on April 12, and now, after three days of testing, it is being recommended for general use by mainnet beta validators. This patch contains enhancements that will help with some of the ongoing network congestion and will be followed by further enhancements in v1.18. The current version will help improve the network congestion and issues with the open interest jump. While developers were working on the fix, a co-founder of Solana noted that the ongoing network congestion issues were merely a bug rather than a network issue.

Instruction: Germany’s largest federal bank to offer crypto custody services: Report Response: Germany’s largest federal bank, the Landesbank Baden-Württemberg, will start offering cryptocurrency custody solutions in the second half of 2024. The bank will start offering crypto custody services to institutional clients in partnership with the Austria-based Bitpanda cryptocurrency exchange. Bitpanda Custody is a crypto custody platform with decentralized finance (DeFi) capabilities, registered with the United Kingdom’s Financial Conduct Authority (FCA), according to Bitpanda’s homepage. German banks prepare for MiCA regulations by the end of 2024The Landesbank Baden-Württemberg isn’t the only German bank mulling crypto services. Deutsche Bank has also been working on digital asset custody services since September 2023, tapping Swiss crypto startup Taurus for crypto custody and tokenization services.

Instruction: How Solana developers are tackling network congestion challenges Response: The Solana Foundation has pinned recent network congestion issues on a combination of high demand for Solana block space and a failure to implement patches related to its networking stack in a timely manner. There’s a team of engineers across different core contributor groups working on building the Solana network, and sometimes, they don’t quite get it right,” Federa explained. Network developers have been planning fixes to “bottleneck” issues in a specific component of its networking stack implementation. There’s massive demand for the Solana block space, and there’s a huge demand for the network. Related: Solana devs target April 15 for failed TX fix — It’s ‘not a design flaw’As previously reported, Solana developers aimed to implement a fix for an “implementation bug” that recently caused the transaction failure rate on Solana to skyrocket.

Instruction: Weekend Wrap: Berachain raises $100M, Trump NFT sales dump and more Response: Berachain gets $100 million in Series B raiseLayer-1 blockchain Berachain — which is yet to announce its mainnet — has raised a $100 million Series B funding round. Trump NFT volumes drop 99% as criminal trial beginsTrading of nonfungible tokens (NFTs) spruiked by former United States President Donald Trump has tanked 99% as his New York criminal trial begins. The weekly trading volume (gray) and average price change (blue) of Trump’s original NFT collection over 90 days. The former president doesn’t own or control the NFT collection but instead licenses his image to a company that does called NFT International, LLC. Azuki is an NFT collection that features anime-style art characters — to which the holders own the intellectual property rights.

Instruction: PAXG hit new high amid Middle East tensions, raising questions about Bitcoin Response: The gold-backed digital asset from Paxos spiked to an all-time high over the weekend amid a backdrop of rising tensions in the Middle East, leading to some questioning Bitcoin’s (BTC) value as a geopolitical hedge. The PAXG gold-backed crypto token hit $2,855 on April 13 as Bitcoin prices conversely tanked $5,000 in a matter of hours from over $67,500 to bottom out at around $62,700 in a 7.5% daily rout, according to data from CoinGecko. BTC and PAXG prices. Source: Bob ElliottThe PAXG token could not sustain momentum, however, and retreated to its previous spot gold-linked price level of around $2,376 at the time of writing. “BTC largely traded randomly in a relatively tight range in the lead-up and following the invasion,” he added.

Instruction: Bitcoin miners could dump $5B in BTC after halving: 10x Research Response: There could be a large outflow of Bitcoin (BTC) from miners in the months following the Bitcoin halving as in previous cycles, according to a market analyst. Bitcoin miners could potentially liquidate $5 billion worth of BTC after the halving, according to calculations by the head of research at 10x Research, Markus Thielen, in an April 13 analyst note. BTC post-2020 halving prices. Source: 10x ResearchAdditionally, miners tend to stock up on BTC, “leading to a supply/demand imbalance and a subsequent rally in Bitcoin prices,” leading up to the halving, he said. Magazine: Altseason on the horizon, SEC targets Uniswap, and BTC halving news: Hodler’s Digest, April 7–13

Instruction: Only 6 altcoins in the top 50 have outperformed Bitcoin this year Response: Only six altcoins among the top 50 tokens by market capitalization have managed to outperform Bitcoin (BTC) so far this year, as Bitcoin dominance reached a three-year high over the weekend. Bitcoin dominance reached its highest level on April 14. Source: TradingViewThe Bitcoin dominance metric refers to the ratio of Bitcoin’s market cap compared to the cumulative market cap of all other cryptocurrencies. While Bitcoin recovered ground in the following days, the majority of smaller altcoins failed to find their footing and tumbled significantly in price. “Providing Bitcoin remains above the [$60,000–$58,000] support zone, we expect the uptrend to resume towards $80,000,” Sycamore wrote.

Instruction: John Deaton’s crypto backers help outraise Warren in Senate race Response: Pro-crypto lawyer John Deaton has outraised Senator Elizabeth Warren over the first quarter of this year for his bid to seize her Senate spot — bankrolling $1.36 million compared to Warren’s $1.09 million. Deaton’s top Senate campaign donors between January and March 2024. Deaton rose to prominence defending XRP (XRP) holders’ interests in the Securities and Exchange Commission’s legal fight against Ripple. He announced his bid for Warren’s Senate seat representing Massachusetts in February, running as a Republican against the 11-year Democratic Party incumbent. Cardano’s Hoskinson, Kraken’s Powell and Casa wallet founder Jameson Lopp each threw in $3,300 to Deaton’s primary campaign challenge, as did Ripple legal chief Stuart Alderoty.

Instruction: IRS investigation chief expects uptick in crypto tax evasion this year Response: The United States Internal Revenue Service says it’s gearing up for a significant rise in crypto tax crime cases going forward, as U.S. citizens hit the deadline to file their taxes on April 15. Speaking to CNBC at the Chainalysis Links event in New York, IRS criminal investigation chief Guy Ficco said his agency was getting ready to deal with an uptick in cases of tax fraud and evasion that have come along with it. Ficco said his agency is prepared for an increase in crypto tax crime. Ficco also outlined some basic rules for those looking to file their taxes properly and not get stung by the IRS. Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time

Instruction: TradFi firms now prefer public blockchains: Ex-Grayscale exec Response: Traditional financial institutions are more keen on tokenizing assets on public blockchains than ever before, says a former Grayscale executive. Speaking with Cointelegraph, Celisa Morin, who served as Vice President of Platform Distribution at Grayscale until mid-2022, said that a new BlackRock-led narrative among TradFi institutions could see more firms look to tokenize assets on public chains over private ones. “I think we see a preference for private chains with JPMorgan’s Onyx. The BUIDL fund now holds $288 million in assets per Dune Analytics data. Despite the potential legal troubles that come with opting to tokenize assets on public blockchains — instead of using a more KYC and AML-friendly private network, Morin said many firms would likely take the lead from BlackRock.

Instruction: Crypto sleuth warns of scammers behind DeFi protocol Response: Pseudonymous blockchain investigator ZachXBT issued a warning about a group of scammers attempting to entrap more victims in a new fraud using millions of stolen funds. In a thread on X, ZachXBT disclosed the findings of an investigation over Leaper Finance, a lending protocol based on Blast. According to the analysis, the group is behind several rug pulls, including those that hit users of Magnate ($6.5 million), Kokomo ($4 million), Solfire ($4.8 million) and Lendora. The group is also believed to be responsible for scams on Hash DAO, Glori Finance and ZebraDAO. Leaper Finance and Glori Finance accounts on X have been deactivated, and the projects’ websites have also gone dark.

Instruction: VC Roundup: Capital flows and alternative funding models fuel crypto startups Response: Venture capitalists are back in crypto, bringing with them liquidity for alternative funding methods for startups, such as grants and node sales. Founded in 2023 by Trevor Koverko, previously of Polymath, Sapien aims to solve an AI bottleneck: data labeling. The company uses blockchain technology to implement gamification in data labeling and rewards for labelers to produce higher-quality work. The global data labeling market is currently estimated at around $3 billion, primarily dominated by labeling farms in developing countries. The funding round, led by Ribbit Capital, also saw participation from Castle Island Ventures, Robot Ventures, and Axiom Capital.

Instruction: Nigeria’s Binance crackdown threatens Web3 industry Response: Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria’s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria's Blockchain Industry Coordinating Committee (BICCoN). According to Uwakwe, investors worry about potential repercussions similar to Binance’s fate when investing in local Web3 companies. Binance executives Tigran Gambaryan and Nadeem Anjarwalla came to Nigeria in February following claims that the exchange manipulated the country’s fiat currency, the naira. When asked about the possibility of the current trial resulting in an acquittal for the Binance executives, Uwakwe expressed skepticism.

Instruction: Blockchain fraud group shifts $1M to Blast for new schemes Response: A group with a history of blockchain fraud on platforms like Magnate, Kokomo, and Lendora is launching new schemes on Blast. Later, the assets were converted into Wrapped ETH (wETH) and moved across multiple blockchain networks via bridging services like Orbiter and Bungee. Investors are encouraged to exercise increased caution, specifically with new initiatives on platforms like Blast involving significant fund transfers. A nonfungible token (NFT) game called Munchables, built on Blast, suffered a $ 62 million exploit on March 26. Blast crossed $2.1 billion in total value locked (TVL) just days ahead of its newly announced mainnet launch — slated for the end of this month.

Instruction: Binance executive tracked to Kenya, extradition underway Response: The Nigerian Government has traced Binance executive Nadeem Arjarwalla to Kenya following his escape from custody and is currently taking steps to extradite him back to Nigeria. The Nigerian government is collaborating with Interpol and Kenyan police to bring Arjarwalla back to Nigeria to face charges leveled against him. Anjarwalla arrived in Nigeria in February following claims that the exchange manipulated the country’s fiat currency, the Nigerian naira. Arjarwalla was detained alongside another Binance executive after a meeting with the Nigerian government. While Arjarwalla remains out of the country, the other Binance executive, Tigran Gambaryan, pleaded not guilty to the charges, with his wife and others calling for his release after several weeks in detention.

Instruction: Solana open interest sheds nearly $440M as price slumps 11% Response: Solana open interest (OI) and its price have declined in the past 24 hours, mirroring a broader decline across the cryptocurrency market. At the time of publication, Solana’s price is $136.54, down 11% over the past 24 hours, per CoinMarketCap data. Solana futures open interest reached its peak for the year at the beginning of this month. Source: CoinGlassThe sudden drop in Solana’s price erased $36.55 million worth of traders’ long positions, potentially disappointing those anticipating a price spike leading up to the Bitcoin halving on April 20. Related: Solana memecoin frenzy raises questions about crypto utility, reputationThis comes amid multiple network issues with Solana in recent times.

Instruction: Bitcoin’s ‘normal drop’ leads to $256M longs liquidated — Analysts Response: Bitcoin’s price decline of over 7% in the last 24 hours has resulted in $256 million in losses for traders with long positions. Bitcoin’s price has gone right down to $60,919 in the past 24 hours. If Bitcoin’s price were to revert to its price level of $67,000 just 24 hours ago, short positions totaling $1.05 billion would face liquidation. A total of $319.15 million was liquidated in Bitcoin positions over the past 24 hours. Source: CoinGlassAlthough the entire cryptocurrency market experienced widespread pain as $945.9 million was liquidated from 253,554 traders over the last 24 hours.

Instruction: Bitcoin nosedives as political tensions escalate in the Middle East Response: Bitcoin price plummeted over 8.4% on April 13 after Iran launched an attack on Israel, escalating geopolitical conflicts in the Middle East. The price of Bitcoin (BTC) dropped from around $67,000 to $61,625, wiping out over $130 million in market capitalization within minutes following news of the attack. At the time of writing, Ether (ETH) was down 9.81% to $2,927, while Solana’s (SOL) sank 15.96% to $129. U.S. officials have been urging Israel not to escalate tensions in their response to Iran, a government source told CNN. Israel only informed a U.S. official when its planes were already en route to Syria, sources said.

Instruction: SEC breaks from past policy guidelines in Uniswap crackdown Response: The United States Securities and Exchange Commission (SEC) is contradicting years of its own policy guidelines with its latest action against decentralized crypto exchange Uniswap, according to Cinneamhain Ventures’ Adam Cochran. The SEC has previously issued “No-Action Letters” in 1986, 1991 and 1997 for entities seeking guidance on routing and matching trades electronically. According to Cochran, the entities were “looking to establish their first system for routing and matching trades electronically. The SEC provided this guidance to companies in 1979, 1996 and 1999, according to Cochran’s analysis. According to the team, the front end is separate from the Uniswap protocol, which is autonomous code released for public use.

Instruction: GBTC sees $166M outflows despite CEO’s ‘equilibrium’ remark Response: The Grayscale Bitcoin Trust (GBTC) continues to experience significant outflows, with over $166 million and more than 2,500 Bitcoin withdrawn from the fund’s holdings on Friday, April 12. Inflows into other spot Bitcoin ETFs have also slowed, indicating declining investor engagement. GBTC recorded significant outflows of $767 million this week, contributing to the net negative flows from spot Bitcoin ETFs. One potential reason behind the massive GBTC outflows is its comparatively high management fee of 1.5%, which is significantly higher than the 0.30% average fee charged by its competitors. According to Farside data, GBTC saw outflows of $17.5 million on April 10, a significant decrease from the $154.9 million outflows recorded on April 9.

Instruction: Hollywood union deal with music giants guards against AI use Response: Entertainment industry workers have struck a preliminary agreement with top record labels like Warner Music Group and Sony Music Entertainment to secure higher minimum wages and safeguards against using artificial intelligence (AI). The agreement comes as AI technology has become a significant concern in the entertainment sector, dominating discussions between SAG-AFTRA and major studios in 2023. With its greater creative flexibility and lower production costs, this technology has the potential to completely transform the filmmaking process. Despite its transformative power, the AI protection deal aims to ensure fair credit for industry contributors. Magazine: AI has killed the industry’: EasyTranslate boss on adapting to change

Instruction: Coinbase requests interlocutory appeal over SEC’s ‘controlling question’ Response: Cryptocurrency exchange Coinbase has requested a United States court to scrutinize a specific “controlling question” raised by the U.S. Securities and Exchange Commission (SEC) in its ongoing lawsuit against the exchange. Coinbase chief legal officer Paul Grewal explained in an April 12 post on X that the “controlling question” revolves around whether an investment contract requires “something contractual." “Whether an “investment contract” can exist absent any post-sale obligation is a pure, controlling question of law,” the exchange claims in the court filing. However, if the court decides to approve the interlocutory appeal, it could potentially significantly influence the case, which has been ongoing since June 2023. This is because the SEC asserted that Coinbase crypto transactions were investment contracts “despite an absence of any alleged contractual undertakings,” according to Coinbase.

Instruction: Winklevoss twins become co-owners of Bitcoin soccer club, inject $4.5M of BTC Response: Cameron and Tyler Winklevoss have joined as co-owners of Bitcoin podcaster Peter McCormack’s Real Bedford Football Club (RBFC) after investing $4.5 million worth of Bitcoin (BTC) to support the club’s plans. The Winklevoss twins executed the investment and acquisition through their investment firm, Winklevoss Capital, according to a recent statement. Related: Gemini mulled forming a ‘juggernaut’ with Genesis before it went to smoke“We are a long way from the Premier League. The Winklevoss twins share McCormack’s vision of bringing RBFC to the top league in the United Kingdom. “We’re not just investing in a football club, we’re investing in a dream to bring Premier League football to Bedford,” Cameron Winklevoss said.

Instruction: China is about to start bidding' — Will Hong Kong Bitcoin ETFs spark the halving rally? Response: The potential approval of the first batch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong could be a big catalyst for Bitcoin’s (BTC) halving rally, commentators say. Hong Kong could approve 4 Bitcoin ETFs before halvingHong Kong’s Securities and Futures Commission (SFC) could approve the first batch of spot Bitcoin ETFs by April 15, days before the Bitcoin halving is set to cut the supply issuance rate of BTC. The Hong Kong regulator has reportedly accelerated the approval process for four spot Bitcoin ETFs, according to local news media reports. But rather the upcoming Bitcoin ETF approval in Hong Kong, which also happens next week. Just ahead of Hong Kong ETF approvals and the halving.

Instruction: VeChain announces tokenized gloves in partnership with UFC — community responds Response: According to an April 12 blog post from VeChain, gloves worn by UFC fighters will soon be tokenized and their identities tracked on the VeChainThor network. After the fight, the athletes will “donate and give away" their gloves, making them into collectors’ items. VeChain UFC tokenized gloves. VeChain announced that an initial set of 12 exclusive gloves will be given to “A-list” celebrities, including Joe Rogan. On VeChain’s Reddit board, holders of the VeChainThor (VTHO) token had mixed reactions to the news.

Instruction: Crypto Biz: Tokenization spikes, SEC delays Bitcoin ETF options, and more Response: SEC defers decision on Bitwise, Grayscale Bitcoin ETF optionsThe U.S. securities regulator has delayed its decision to allow the New York Stock Exchange to offer options trading on spot Bitcoin (BTC) ETFs. According to the April 8 filing, the SEC’s pushback will impact options trading on the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust and any other trust that holds Bitcoin on the NYSE. The securities regulator reached the same outcome for Nasdaq in March, which requested options trading on BlackRock’s iShares Bitcoin Trust. The proposal, introduced on March 26, outlines the creation of Sushi Labs, an autonomous entity responsible for managing the Sushi ecosystem’s administrative, technical and operational aspects. Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.