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
  • peaq Secures a $15 Million Funding
  • Azuki Announces Collaboration with AnimeChain
  • Update on SEC vs. Coinbase Legal Battle
• Project of the Day
• Crypto Corner
• ETFs Gain Momentum
• Business and Political Insights 

Market Watch

Top Gainers

• Mantle ($MNT): +26.8%
• Gate ($GT) : +16.6%
• Ribbon Finance ($RBN): +11.4%

Top Losers

• Lido DAO  ($LDO): -10.8%
• Bittensor  ($TAO): -10.6%
• FLOKI ($FLOKI): -8.9%

Trending Crypto Sectors/Categories

• Liquid Restaking Governance Tokens
• Ether.fi Ecosystem
• Restaking

Total Crypto Market Cap – 2.73 Trillion

Fear and Greed Index – 80

Top NFT Sale

• CryptoPunks #5674 Sold for 45 ETH 

Highlights of the Day

peaq Secures a $15 Million Funding

German-based decentralized physical infrastructure network startup, peaq, secures $15 million in pre-launch funding, showcasing investor confidence in its vision for decentralizing physical infrastructure ahead of its mainnet launch in May 2024. 

Details of Funding Round

Led by Generative Ventures and Borderless Capital, the funding round also saw participation from Spartan Group, HV Capital, CMCC Global, Animoca Brands, Moonrock Capital, Fundamental Labs, and other investors. The funds will be utilized for ecosystem expansion, development of solutions for developers, and enhancements to the peaq SDK and Modular DePIN Functions.

Azuki Announces Collaboration with AnimeChain

Azuki has announced its collaboration with AnimeChain, a groundbreaking initiative at the intersection of blockchain technology and anime fandom. Spearheaded by Arbitrum, Azuki, and the Weeb3 Foundation, AnimeChain seeks to redefine the anime experience by harnessing the potential of Web3 technology.

Launch Partner Announcement 

The excitement surrounding AnimeChain reached new heights with the announcement that Azuki will be the launch partner for the project. Azuki, renowned as one of the first anime projects in the Web3 space, will be leveraging AnimeChain to launch its anime productions, games, and physical products. This partnership serves as a blueprint for other top-tier anime IPs to join the ecosystem, further enriching the AnimeChain brand.

Update on SEC vs. Coinbase Legal Battle

In a recent development, a federal judge overseeing the Securities and Exchange Commission’s (SEC) extensive lawsuit against Coinbase has ruled in favor of the regulator. The judge deemed the SEC’s arguments against the crypto exchange as largely credible, allowing the case to proceed and rejecting Coinbase’s motion to dismiss it entirely. 

What’s the Reaction Like?

The crypto community sees this ruling as a sign of upcoming challenges not only for Coinbase but also for the wider ongoing confrontation with federal regulators. Furthermore, Paul Grewal, Coinbase’s Chief Legal Officer, stated that he was not surprised by the ruling, noting that early motions against government entities usually face denial. He stressed that clarity remains the main objective, portraying the court’s decision as a step forward for Coinbase in this pursuit.

Project of the Day

Mantle

Mantle Network ($MNT) stands as a Layer-2 (L2) scaling solution employing Optimistic rollups to enable swift and cost-effective transactions. Through the bundling and execution of transactions off-chain, the network ensures efficiency while ultimately settling all transactions on-chain. Its modular architecture facilitates the segregation of transaction execution, data availability, and transaction finality into distinct modules, allowing for individual upgrades and the integration of cutting-edge innovations. Central to its operation is the native token, $MNT, utilized for paying gas fees, fostering ecosystem expansion, and facilitating community governance.

Recent developments surrounding $MNT have captured significant attention in the crypto space. With a market cap exceeding $3.87 billion and a price of approximately $1.2, $MNT experienced a surge in value following the launch of Mantle’s staking rewards system. This surge propelled $MNT to an all-time high of $2.15, accompanied by a market cap surpassing $4 billion for the first time. The introduction of staking rewards, offering annual percentage yields of up to 12%, has fueled increased staking activity and reduced the circulating supply of $MNT, contributing to its upward price trajectory. Looking forward, the Mantle team aims to further enhance $MNT’s utility with additional real-world applications, potentially driving further growth and adoption within its ecosystem.

Crazy Day in Crypto

• The Munchables NFT game hack, which took over 17,400 ETH, ended with the responsible developer returning the stolen $62.8 million in ETH after collaborative efforts with security experts, marking a rare resolution in crypto thefts.
• Jupiter DEX intends to launch its Jupiter DAO with a $137 million allocation, consisting of $10 million in USDC and 100 million JUP tokens.
• After US authorities announced charges against KuCoin for AML violations, withdrawals from the cryptocurrency exchange surged to over $1 billion on Tuesday.
• SingularityNet, Fetch.ai, and Ocean Protocol merged into the ‘Superintelligence Alliance‘ token, worth $7.5 billion, to collectively advance decentralized AI development while preserving individual platform operations.

ETFs Gain Momentum

• Larry Fink, CEO of BlackRock, expresses strong optimism regarding Bitcoin, noting that the firm’s Spot Bitcoin ETF has achieved unprecedented growth, making it the fastest-growing ETF in history.
• BlackRock’s CEO, Larry Fink, remains hopeful about the possibility of an ETH ETF, suggesting that regulatory approval might still be achievable despite the SEC potentially classifying ETH as a security.
• Fidelity has filed an application with the SEC for a spot Ethereum ETF, expanding from its initial November 2021 filing to trade on CBOE and include staking rewards to enhance investor appeal.

Business Talks & Political Insights

• The UK’s Financial Conduct Authority (FCA) issues a stern warning to financial influencers, advising them against sharing misleading cryptocurrency guidance online, emphasizing the risk of facing fines and imprisonment.
• Within a week of its launch, BlackRock’s $BUIDL tokenized fund received approximately $160 million in deposits, reflecting robust demand as the asset manager expands into digital assets.