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
- Epic Games Store Coming to Android and iOS Users
- SEC is Targeting Ethereum
- Robinhood’s New Crypto Wallet
- Project of the Day
- Crypto Corner
- Web3 Gaming Developments
- Business and Political Insights
Market Watch
Top Gainers
- FLOKI ($FLOKI): +36.5%
- Axelar ($AXL) : +35.0%
- THORChain ($RUNE): +22.5%
Top Losers
- First Digital USD ($FDUSD): -0.4%
- USDC ($USDC): -0.4%
- Ethena USDe ($USDe): -0.2%
Trending Crypto Sectors/Categories
- Liquid Restaking Governance Tokens
- Ether.fi Ecosystem
- Real World Assets (RWA)
Total Crypto Market Cap – 2.676 Trillion
Fear and Greed Index – 78
Top NFT Sale
- CryptoPunks #7804 Sold for 4850 ETH
Highlights of the Day
Epic Games Store Coming to Android and iOS Users
Epic Games, renowned for Fortnite and Unreal Engine, has unveiled a pioneering initiative – the expansion of its Epic Games Store onto mobile platforms. This announcement heralds a notable transformation in the gaming space, as Epic Games endeavors to establish the first-ever game-centric, multiplatform store, seamlessly bridging Android, iOS, PC, and Mac.
Announcement Details
In a move set to reshape the gaming landscape, Epic Games has announced its intention to extend the Epic Games Store to Android and iOS platforms by the end of 2024. The mobile version of the Epic Games Store will feature a curated selection of titles, including Fortnite, alongside offerings from third-party partners. With a revenue-sharing model mirroring that of its PC platform (88/12), Epic Games aims to maintain its commitment to developers while introducing familiar programs such as Epic First Run and Epic Rewards.
SEC is Targeting Ethereum
The SEC is actively investigating whether Ethereum qualifies as a security, dealing a blow to hopes for Ethereum ETF approval and broader crypto acceptance. The investigation was initiated following Ethereum’s transition to a proof-of-stake consensus mechanism in September 2022, providing grounds for potential classification as a security.
SEC Delays Decision on VanEck Spot Ethereum ETF
In a recent filing, the SEC announced an extension of the standard 240-day review period for the VanEck Ethereum ETF, aiming to thoroughly evaluate the proposal. The SEC cited the need for additional time and invited public comments before reaching a final verdict. The review period was delayed until May 23, 2024, granting the SEC more than 300 days to assess VanEck’s spot Ethereum ETF proposal.
Robinhood’s New Crypto Wallet
Robinhood, a prominent trading platform, has taken a significant step forward in enhancing crypto accessibility by launching its crypto wallet for Android users. This latest development highlights Robinhood’s ongoing dedication to streamlining access to digital assets and promoting wider adoption within the DeFi space.
Features and Offerings
The new Robinhood crypto wallet for Android users boasts a range of functionalities, including:
- Self-Custody – Empowering users to manage private keys for complete control.
- Multi-Chain Support – Facilitating the handling of various cryptocurrencies across different networks.
- Seamless Swapping – Allowing for easy exchange of cryptocurrencies across multiple networks.
- Convenient Funding – Enabling direct funding of the wallet from Robinhood platform balances or other sources.
- Stay Informed – Providing users the ability to stay updated on the latest crypto news directly within the app.
Project of the Day
THORChain
THORChain ($RUNE) operates as a decentralized liquidity protocol enabling seamless cryptocurrency asset exchange across various networks like Bitcoin and Ethereum while ensuring users retain complete control over their assets. With THORChain, users can effortlessly trade one asset for another in a permissionless environment, eliminating the need for reliance on order books for liquidity. So, rather than traditional order book mechanisms, market prices are upheld by the asset ratio within a pool.
THORChain’s decentralized liquidity protocol is powered by the $RUNE token. $RUNE recently reached a high of over $11, its highest since March 2022, sparking increased interest in THORChain’s lending protocol. This surge was due to a significant burn of 60 million $RUNE from the Standby Reserve aimed to boost the collateral cap in the lending protocol, leading to a 12% reduction in total supply. Although, despite potential short-term fluctuations, the long-term outlook for $RUNE remains positive.
Crazy Day in Crypto
- Following the Fed rate announcement, Bitcoin rebounds to $67,000, with its long-term bullish case intact as long as it remains above $50,000.
- Ethereum’s Dencun upgrade reduces layer-2 gas fees by 90%, leading to increased transaction volumes on networks like Optimism, Arbitrum and Base.
- Coinbase faces transaction failures on its Ethereum scaling solution, Base, amid network congestion caused by increased activity following the Dencun upgrade.
- Bitcoin ETFs experienced their biggest single-day outflow yesterday, with a substantial $326 million exiting the market, briefly pushing Bitcoin’s price below $61,000.
- BitcoinMunger, an analyst, warns that if Bitcoin surpasses the $75,000 resistance level, it could trigger a short squeeze, potentially annihilating over $5 billion in shorts and causing prices to soar.
Web3 Gaming Developments
- Magmic, a mobile game developer, announces a MLB-themed Web3 game with official MLB licensing, merging traditional gameplay with Web3 features for a unique experience.
- Avalanche Studios’ highly anticipated first-person shooter, Shrapnel, unveils a marketplace for premium cosmetic items in its latest update, coinciding with the launch of an $80K in-game competition.
Business Talks & Political Insights
- The Federal Reserve maintains interest rates at 5.25% – 5.50% for the sixth consecutive meeting, as inflation stabilizes, but experts anticipate rate cuts soon, awaiting signals from Chair Jerome Powell.
- Saudi Arabia’s Public Investment Fund (PIF) eyes a $40 billion AI investment fund in partnership with Andreessen Horowitz, reflecting ambitious tech investments amidst diversification efforts.
The Ethereum Foundation, based in Switzerland, is reportedly under investigation by unspecified state authorities, raising questions amid Ethereum’s growth and potential SEC approval for an ETF.
