💸💸 Hong Kong Bitcoin ETF Approval Rumors Boost BTC and ETH Prices

Rumors of Hong Kong’s Securities and Futures Commission (SFC) approving spot BTC and ETH ETFs have led to a surge in the prices of both cryptocurrencies. According to CoinDesk Indices data, BTC has risen 2.8% over 24 hours, trading above $66,500, while ETH has advanced to $3,240. Several ETF applicants, including China Asset Management and Bosera Capital, posted on WeChat about receiving approval, but the SFC has not made an official announcement.

If confirmed, these ETFs could unlock institutional demand during Asia trading hours, providing a new avenue for exposure to the crypto market. However, macro events remain the more significant drivers of the market in the long run.

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⚠️ Trust Wallet Warns Apple Users of Potential iMessage Zero-Day Exploit

👮‍♀️ Trust Wallet, a crypto wallet provider, has advised Apple users to disable iMessage due to concerns about a zero-day exploit allegedly available on the dark web for $2 million. The exploit could potentially allow hackers to control users’ iPhones without any interaction. However, the warning has been met with skepticism from some in the industry, questioning the credibility of the intelligence based on a screenshot shared by Trust Wallet’s CEO, Eowyn Chen.

❗️Despite the controversy, Trust Wallet stands by its warning, citing information from its security team and partners. The alert comes amidst broader concerns about cybersecurity in the blockchain industry and recent emergency security updates from Apple for similar vulnerabilities.

Have you ever been a victim of a cryptocurrency wallet hacking scam?

👀 — Yeah, I’ve been there...

👍 — Never happened

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💸🕯 Bitcoin Rally Advocate Turns Bearish Amid Rising Bond Yields

🎥 Markus Thielen, the analyst who predicted Bitcoin’s bottom in November 2022 and its recent pre-halving surge, has turned bearish on risk assets, including cryptocurrencies and technology stocks. Thielen cites persistent inflation and rising bond yields as the primary triggers for his change in stance, with the 10-year Treasury yield surpassing 4.50%.

➡️ Traders have scaled back their expectations for Fed rate cuts this year, leading to a hawkish repricing that has dented the appeal of high-risk/high-return assets. Thielen notes that the Bitcoin rally was primarily driven by expectations of interest rate cuts, a narrative now being challenged.

🙂 Moreover, inflows into U.S.-listed spot Bitcoin ETFs, which fueled the cryptocurrency’s rise earlier this year, have dried up. Thielen suggests that investors might stay on the sidelines unless prices continue to increase. Some observers expect the correction to accelerate once the hype surrounding the upcoming Bitcoin halving subsides.

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❗️ Buy Bitcoin Miners Ahead of the Halving, Bernstein Says

🙂 Bernstein, a prominent broker, recommends investing in BTC miners Riot Platforms (RIOT) and CleanSpark (CLSK) ahead of the upcoming halving event. The firm expects BTC’s bullish trajectory to resume post-halving once mining hash rates adjust to lower rewards and ETF inflows persist.

🔵 Historically, BTC price surges have followed halving events, occasionally with a slight delay. Bernstein maintains its forecast of a $150,000 cycle high by 2025, supported by structural demand from spot Bitcoin ETFs. The broker’s insights highlight potential opportunities in the mining sector.

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💸❓ What Is ERC-1155, and How Does It Work?

In this edition of #Basics, we will look at the popular token standard ERC-1155, which is widely used by many projects focused on NFTs, GameFi, etc.

🌐 ERC-1155 is a token standard on Ethereum that optimizes the creation and management of crypto assets. It allows the combination of fungible, non-fungible, and semi-fungible tokens within a single smart contract, streamlining transactions and reducing costs.

💎 Imagine a blockchain game with various items like swords, shields, and coins. Before ERC-1155, each item required its own smart contract. ERC-1155 simplifies this by enabling diverse items to coexist in a single contract.

✔️ Key advantages of ERC-1155 include enhanced efficiency, versatility beyond gaming, reduction in redundancy, and a secure transfer mechanism that allows token reclamation if sent to the wrong address.

➡️ Projects such as Enjin, OpenSea, and OpenZeppelin are leveraging ERC-1155 to power their ecosystems, highlighting its significance in the blockchain world.

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❗️ 3 Big Indicators Point to Massive XRP Run

📎 Crypto analyst Mickle highlights three key indicators suggesting a potential XRP price surge as the Ripple vs. SEC case nears its end:

➡️ XRP is in a consolidation pattern, historically followed by significant price increases.

➡️ Bollinger Bands show a squeeze, indicating potential for substantial price movements.

➡️ XRP is entering a zone historically followed by exponential runs against Bitcoin.

Mickle also noted that a favorable outcome for Ripple, coupled with an expected reduction in interest rates by the Fed, could create the perfect conditions for a major XRP rally.

What do you think about the future of XRP?

👍 — Looks like something big is coming

👀 — No big deal

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💸 BlackRock Extends BTC ETF Inflows Lead as Category Demand Slows

💻 BlackRock’s iShares Bitcoin Trust (IBIT) continues to attract assets, outperforming its competitors in the U.S. spot BTC ETF market.

With over $15.3 billion in net inflows since its launch on Jan. 11, IBIT is well-positioned to surpass Grayscale’s Bitcoin Trust ETF (GBTC) in assets under management.

💡 Experts attribute IBIT’s success to BlackRock’s strong brand, competitive fees, and extensive distribution network, appealing to institutional investors. As the cryptocurrency space gains more institutional interest, IBIT is expected to maintain its leadership position in the digital asset management space.

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💸💸 Tether Expands Stablecoin Offerings to TON Network

💡 Tether, the issuer of the world’s largest stablecoin, USDT, has announced the expansion of its USDT and XAUT tokens to The Open Network (TON). This integration aims to facilitate seamless peer-to-peer payments and enhance financial experiences for Telegram’s substantial user base.

👕 By bringing its stablecoins to the TON ecosystem, Tether seeks to increase liquidity and activity within the network. Users will now have the opportunity to utilize USDT and XAUT in various decentralized finance (DeFi) applications on TON.

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💸 JPMorgan Predicts Bitcoin Price Drop Post-Halving

💻 JPMorgan, in a recent research report, has forecasted a weakening in BTC’s price following the upcoming block subsidy halving event, expected to occur around April 19–20.

The bank’s analysis of open interest in Bitcoin futures suggests that the cryptocurrency remains overbought.

🔵 According to JPMorgan, the current Bitcoin price of approximately $61,200 is still above its volatility-adjusted comparison with gold ($45,000) and its projected post-halving production cost of $42,000. The report also highlights subdued venture capital funding in the crypto market despite the recent resurgence.

👕 Mining companies are expected to be the most affected by the halving, with the bank anticipating a significant drop in the hash rate and consolidation among Bitcoin miners. Some mining firms may also seek to diversify into low energy cost regions to deploy their inefficient mining rigs and salvage value.

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🕯 Bitcoin Transaction Fees Skyrocket Above $100, Sparking Sell-Off Concerns

📈 Following the recent Bitcoin halving event, average transaction fees on the network have surged past $100 for the first time, reaching $105.69 in the last 24 hours. While miners benefit from higher fees, users and investors face negative consequences, such as holding unspendable dust balances and facing difficulties withdrawing from exchanges.

💬 The increased costs could also diminish profits in Bitcoin’s DeFi ecosystem and incentivize a sell-off for fiat or other cryptocurrencies. As the market awaits a potential drop in demand for block space, users must currently pay four times the world’s average daily income per BTC transaction.

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💸 Bitcoin Halving Arrives, Sparking Surge in Transaction Fees

🔵 The much-anticipated Bitcoin halving, occurring once every four years, took place on Saturday, April 22, at 00:09 UTC. As the 840,000th block was added to the Bitcoin blockchain, the event cut the rewards miners receive for creating new Bitcoin in half.

💻 While Bitcoin’s price remained relatively stable above $63,000, transaction fees on the network skyrocketed due to the launch of a new protocol called Runes. Developed by Casey Rodarmor, the creator of the Ordinals platform, Runes enables the minting of digital tokens atop the Bitcoin blockchain. Speculators rushed to etch these tokens, leading to a flurry of transactions and record-high fees.

👕 The halving block itself saw a staggering 37.6-BTC fee (worth over $2.4 million), with fees remaining significantly higher than normal in the following hour. The intense competition among miners and users to be part of this historic event has put unprecedented stress on the Bitcoin network, showcasing its potential for new use cases and revenue streams in the post-halving era.

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💸 👉 Runes Protocol Launches on Bitcoin, Sending Fees Soaring As Users Rush to Mint Tokens

🔵 Bitcoin’s halving event was overshadowed by the launch of Runes Protocol, allowing users to mint tokens on Bitcoin. Developed by Casey Rodarmor, creator of Ordinals, Runes protocol enables minting fungible tokens, unlike Ordinals’ nonfungible assets.

👕 Within hours, over $4.95 million in fees were paid to mint rare Runes projects like PEPE, WIT, and HONKERS. With hundreds of projects vying for attention, traders discussed strategies like acquiring early projects or those with pre-mined tokens reserved for creators. However, determining long-term value remains challenging in this chaotic, newfound meme coin ecosystem on Bitcoin.

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💸 Halving Excitement in Bitcoin Has Ended: What to Expect in Price From Now On?

🔵 Bitcoin’s hotly anticipated halving event occurred smoothly, reducing mining rewards by 50%. While the price remained stable at $64,000 post-halving, analysts expect the impact to unfold over time. Kok Kee Chong of AsiaNext believes the halving was “priced in” and a rally could follow if institutional interest continues.

👕 However, Edward Chin of Parataxis Capital cautions that macroeconomic pressures such as interest rate hikes and geopolitical tensions may lead to a price decline in the near-term until clarity emerges. For now, he sees ETF fund flows as the primary price driver for Bitcoin.

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🕯 FTX Estate to Proceed With the Sale of Locked Solana Tokens via Auction

🌐 The bankrupt crypto exchange FTX is auctioning off its remaining holdings of locked Solana (SOL) tokens, rather than selling at a fixed price. This follows two recent sales totaling $4.5 billion, with tokens sold at around $60 each to firms like Galaxy Digital—significantly below Solana’s current $150 price.

📊 Mike Cagney’s Figure Markets plans an investment vehicle to bid on the auction. While the locked tokens can’t be sold immediately, the potential discount has drawn interest from speculators betting Solana’s price will rise before the unlocking period.

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💸 Bitcoin Miners May Shift Focus to AI After Halving, CoinShares Says

💻 Bitcoin miners may pivot toward AI in energy-rich areas after the recent halving, according to CoinShares. With Bitcoin’s reduced mining rewards, operational costs for miners will nearly double to around $53,000 per Bitcoin.

Some major mining firms like BitDigital and Hive are already generating revenue from AI workloads.

💡 CoinShares suggests mining could gravitate to stranded energy sites, while AI investments grow in more stable locations, as miners seek higher profitability post-halving. The hash rate is projected to drop 10% initially as unprofitable miners go offline.

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💸 Opinion: Here’s How ETH Holders Could Push Price to a 12% Rally

📈 Ether’s (ETH) price has stabilized above $3,000 after recent losses, but a rally could be brewing thanks to holders refusing to sell. Data shows active deposits on the Ethereum network, which signal investors’ intention to sell, have dropped to a seven-month low.

🕯 Additionally, there has been a $2-billion shift from short-term to mid-term holders (one to three months), suggesting investors are opting to hold rather than take profits.

🖥 Technically, if Ether can break above the $3,376 level, representing a 50% Fibonacci retracement, it could continue rallying toward $3,582, a 12% gain from current prices. However, if it fails to clear $3,376, ETH risks dropping back below $3,000.

🛍 The resilience of Ether holders avoiding selling pressure is setting up a potential 12% price rally if the key $3,376 resistance can be overcome in the near-term.

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💡 BlackRock Predicts How Much the Fed Will Cut Interest Rates This Year

👕 BlackRock, the world’s largest asset manager, predicts the U.S. Federal Reserve could cut interest rates twice in 2024 as inflation cools.

👕 Rick Rieder, BlackRock’s chief investment officer of global fixed income, believes the Fed can achieve this despite recent stronger economic data. Market expectations currently price in around 40 basis points of rate cuts by the end of the year.

📎Rieder says BlackRock is reducing interest rate risk by favoring shorter-term investments for now but sees an opportunity to extend maturities once inflation reports show improvement and employment slows.

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👮‍♀️ Do Kwon, Terraform Labs Should Get $5.3B Fine, SEC Tells Court

🔵 The United States Securities and Exchange Commission (SEC) has asked a New York court to impose a massive $5.3-billion fine on Do Kwon and Terraform Labs over their roles in the $40-billion collapse of the Terra ecosystem last year.

🔵 The SEC states this “conservative” fine amount is a reasonable approximation of Kwon and Terraform’s “ill-gotten gains” from misleading investors about the stability of the TerraUSD stablecoin and Terra blockchain.

📎 The total includes $4.74 billion in disgorgement of profits and interest, as well as $520 million in civil penalties split between Terraform ($420 million) and Kwon ($100 million) personally.

Beyond the fines, the SEC is also seeking injunctions to permanently ban Kwon from serving as an officer of a public company and prohibit him and Terraform from selling any more crypto asset securities.

🔵 The SEC justified these measures by alleging Kwon has shown no remorse, with Terraform’s new CEO testifying they continue selling tokens, which the SEC called a “frank acknowledgment of likely recidivism.”

👕 Kwon’s lawyers argue he has no profits to disgorge, while Terraform says it should only face “appropriate” penalties provable in the U.S., given its bankruptcy status.

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💻 BlackRock tokenizes Money Market Fund on Hedera; HBAR Soars

👕 BlackRock tokenized shares of its money market fund on the Hedera blockchain in a major milestone for real-world asset tokenization. Enabled by Archax exchange, Ownera and the HBAR Foundation, it allows trading tokenized fund shares with benefits like instant transfer.

👕 The news sent Hedera’s HBAR token soaring over 46% to a four-week high above $0.13 as trading volume spiked over 600%, signaling confidence in Hedera’s ability to tokenize traditional assets for institutions like BlackRock.

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🌐 Ripple Says $10M Penalty Enough, Rejects SEC’s Ask of $1.95B Fine in Final Judgment

❓ Ripple Labs has opposed the SEC’s proposed $1.95-billion penalty in their long-running case, calling it “administrative overreach.” While the court found Ripple violated securities laws through institutional XRP sales, it dismissed broader allegations. Ripple argues the SEC’s requested $876-million disgorgement and $876-million civil penalty are excessive, stating:

“The Court should impose a civil penalty of no more than $10 million.”

🔖 Ripple claims it had no gains to disgorge after accounting for factors such as taxes and losses. The pushback highlights the high stakes as the case approaches final judgement.

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