It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Coinbase x Lightspark
- SEC Seeks Feedback Spot ETH ETFs
- $W Airdrop Claim is Live
- Project of the Day
- Crypto Corner
- BTC Milestones and Momentum
- Business and Political Insights
Market Watch
Top Gainers
- Bitget Token ($BGB): +14.4%
- Ethena ($ENA): +9.6%
- Bitcoin SV ($BSV): +5.2%
Top Losers
- Wormhole ($W): -13.8%
- dogwifhat ($WIF): -8.7%
- Pepe ($PEPE): -7.7%
Trending Crypto Sectors/Categories
- Cat-Themed Coins
- Base Meme Coins
- Solana Meme Coins
Total Crypto Market Cap – 2.593 Trillion
Fear and Greed Index – 70
Top NFT Sale
- CryptoPunks #7314 Sold for 50 ETH
Highlights of the Day
Coinbase x Lightspark
Coinbase has joined forces with Lightspark to introduce support for the Bitcoin Lightning Network, a move set to reshape the landscape of Bitcoin transactions. This collaboration promises Coinbase users instantaneous and cost-effective Bitcoin transactions, marking a significant development in the crypto world.
About the Partnership
Key to this integration are Lightspark’s APIs, SDKs, and developer tools, which will facilitate a seamless and intuitive user experience on the Coinbase platform. Furthermore, by leveraging Lightspark’s remote signing implementation, Coinbase can maintain control over private keys while harnessing the robust infrastructure provided by Lightspark for Lightning node hosting.
SEC Seeks Feedback Spot ETH ETFs
The Securities and Exchange Commission (SEC) is once again in the spotlight as it seeks public feedback on proposed spot Ethereum exchange-traded funds (ETFs) from industry giants Grayscale, Bitwise, and Fidelity. This move comes amidst dwindling optimism surrounding the SEC’s approval of these eagerly anticipated products in recent weeks.
What to Expect?
While the SEC’s decision to open up the proposals for public comment is seen as a positive step, analysts caution against expecting swift approval. The regulatory agency is expected to tread cautiously when it comes to granting direct spot cryptocurrency exposure to retail investors. Eric Balchunas, a seasoned ETF analyst at Bloomberg, has revised his estimate for the likelihood of approval by May from 70% down to a mere 30%. His sentiments are echoed by fellow Bloomberg analyst James Seyffart, who emphasized that the filings do not signal any shift in the SEC’s stance.
$W Airdrop Claim is Live
Wormhole, an innovative cross-chain communication protocol, has sparked excitement within the cryptocurrency community by introducing its governance token, $W, through a much-anticipated airdrop campaign. This event has not only generated fervor but has also provided eligible users with the opportunity to earn tens of thousands of dollars.
How to Claim?
To check if you qualify and claim your $W, please follow the steps below:
- Visit the designated airdrop claim page.
- Review and agree to the terms of the airdrop.
- Verify eligibility by selecting the networks with which you have interacted within the Wormhole ecosystem.
- Connect relevant wallets and/or Discord accounts to check allocation.
- Proceed to claim allocated tokens.
Project of the Day
Bitget Token
Bitget Token ($BGB) stands as the foundational utility token of Bitget, a centralized exchange (CEX). Introduced in July 2021, the updated $BGB token was rolled out with the primary goal of facilitating seamless transactions and interactions within the Bitget platform. The utility of $BGB extends across various functionalities within Bitget’s ecosystem. Traders leverage the token for staking, enabling social trading, participating in profit-sharing endeavors, and accessing discounted trading fees. Moreover, $BGB holders gain exclusive access to Bitget’s launchpad, offering them unique opportunities in the crypto market.
In terms of market performance, $BGB has exhibited substantial growth, boasting a market cap exceeding $1.9 billion and a price surpassing $1.35. A closer examination reveals a consistent upward trend with intermittent accumulation phases. Despite expected market fluctuations, $BGB showcases robust fundamentals when viewed over longer timeframes. Its resilience underscores its pivotal role in Bitget and the broader crypto landscape, attracting investors with its value proposition.
Crazy Day in Crypto
- Solana’s stablecoin supply has rebounded impressively, surpassing $3 billion from a low of $1.4 billion during the bear market, showcasing increased liquidity and capital inflow, fueled by the expansion of memecoins and DeFi activities on the network.
- VanEck predicts that Ethereum’s Layer-2 scaling solutions could reach a collective market cap of $1 trillion by 2030, highlighting their potential to enhance blockchain scalability and efficiency.
- Ethereum’s financial performance soared in Q1 2024, with earnings reaching $369 million, marking a substantial 210% year-over-year increase, while network usage expanded despite high costs, with total transactions growing by 8.4%.
BTC Milestones and Momentum
- Cathie Wood, CEO of Ark Invest, recently linked the surge in bitcoin’s value to the depreciation of global currencies, labeling bitcoin as a safeguard against erratic governments and unfavorable economic policies.
- Memecoins took the spotlight as the top-performing sector in the cryptocurrency market during the first quarter of 2024, significantly outperforming Bitcoin and other large-cap altcoins.
Business Talks & Political Insights
- Fed Chairman Jerome Powell stressed the necessity for further evidence of easing inflation before contemplating interest rate cuts, affirming that such cuts are probable this year, but decisions will be made on a meeting-by-meeting basis according to incoming data.
- Galaxy Digital intends to raise $100 million for its first venture fund, targeting early-stage investments in blockchain and digital assets, with plans to complete fundraising by mid-year.
- Despite Meta’s metaverse division accruing $40 billion in losses since 2021, the company still managed to achieve record quarterly revenue of $40.1 billion in Q4 2023, with expectations for continued gains into Q1 2024.
- KuCoin saw a sharp 50% decrease in daily trading volume and user assets due to legal action from U.S. authorities, leading to diminished confidence and a withdrawal of funds and market makers.
