author | Wu Blockchain about blockchain
Top 10 News of the Week
1. The US March unadjusted CPI data was released, and the data exceeded expectations
The annual rate of the US unadjusted CPI in March was 3.5%, expected to be 3.4%, and the previous value was 3.2%. The annual rate of the US unadjusted core CPI in February was 3.8%, expected to be 3.70%, and the previous value was 3.8%. The annual rate of the US unadjusted CPI in March was the highest since September 2023. After the March CPI data, the swap market showed that the possibility of the Fed cutting interest rates in June decreased. The probability of the Fed keeping interest rates unchanged in May is 98.4%, and the probability of the Fed keeping interest rates unchanged in June is 76.8%.
According to the New York Times, US President Biden said on Wednesday that he still expects the Federal Reserve to cut interest rates this year despite the reacceleration of overall price growth in the economy, but he said new data showed that rate cuts may be delayed until later in the year. Wall Street analysts believe that the unexpected rise in inflation on Wednesday is a sign that the Federal Reserve may keep interest rates unchanged for longer than expected. This may mean no rate cuts before the November election.
2. Bitcoin miners’ BTC inventory drops to three-year low
According to CoinMetrics data, Bitcoin miners' holdings fell to 1.794 million this week, the lowest since 2021. Since November last year, miners' balances have decreased by 27,000, in contrast to the accumulation before the last halving in May 2020. At the same time, Bitcoin computing power has increased by 45% in the past five months, significantly higher than the 15% growth before the last halving.
3. Hong Kong Bitcoin spot ETF will be launched before the end of April at the earliest
In the early morning of April 10, the Hong Kong Securities and Futures Commission updated the list of fund companies managing virtual assets on its official website, adding Harvest Global Asset Management Co., Ltd. (hereinafter referred to as Harvest Global) and China Asset Management (Hong Kong) Co., Ltd. Tencent Finance's "First Line" exclusively learned from different sources that the Hong Kong Securities and Futures Commission urgently updated the list of virtual asset management funds in the early morning of April 10 because it planned to announce the list of the first batch of Bitcoin spot ETFs in Hong Kong on April 15. The Hong Kong Securities and Futures Commission originally planned to approve a total of 4 Bitcoin spot ETFs in the first batch, including China Asset Management, Bosera Funds and Value Partners Financial in addition to Harvest Global. According to Hong Kong's procedures, after the Hong Kong Securities and Futures Commission approved the first batch of Bitcoin spot ETFs on April 15, the Hong Kong Stock Exchange will need about 2 weeks to prepare for product listing and other matters.
Hong Kong may approve exchange-traded funds that invest directly in Bitcoin and Ethereum as early as Monday (April 15), according to Bloomberg. People familiar with the matter said that issuers such as Harvest Global and Bosera Fund are expected to obtain approval for these two types of spot crypto ETFs. It is worth noting that since the timetable has not yet been determined, it may still change at the last minute.
4. Vitalik shows the Ethereum ecosystem map, excluding L2 and Blast which do not use ETH DA
The Ethereum ecosystem diagram presented by Vitalik in his speech in Hong Kong includes: Arbitrum ecosystem, OP ecosystem (OP, Base ), Starknet ecosystem, zkSync , Metis, Linea, Scroll, Polygon ecosystem, Fuel, etc. It does not include "ETH L2" that does not use ETH as DA, such as using Celestia as DA. It also does not include the currently popular Blast.
5. Uniswap Labs received a notice from the U.S. SEC Wells, and the founder issued a statement saying that he would fight to the end
Hayden Adams , founder of Uniswap , announced that Uniswap Labs received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on April 11. Hayden Adams, founder of Uniswap, said, "I am not surprised, but annoyed, disappointed, and ready to fight back. I believe that the products we provide are legal, and our work is correct from a historical perspective. But it is clear that the SEC has not worked hard to formulate clear and sensible rules for so long, but has decided to focus on attacking long-term builders such as Uniswap and Coinbase . At the same time, bad actors such as FTX are at large. We must fight U.S. government agencies to protect our companies and industries. This fight will last for years and may go all the way to the Supreme Court.
6. Tether's net profit in 2023 is $6.2 billion, with only 100 employees
Bitwise President Teddy Fusaro cited Maelstrom data and said that the net profit of stablecoin issuer Tether in 2023 will be about $6.2 billion, which is 78% of Goldman Sachs ($7.9 billion) and 72% of Morgan Stanley ($8.5 billion). However, Tether has about 100 employees, while Goldman Sachs and Morgan Stanley have 49,000 and 82,000 employees, respectively.
7. Binance Weekly Updates
a. Binance was selected for the first time in the TOP10 of the 2024 Global Unicorn Rankings, becoming the only blockchain company on the list
According to the latest "2024 Global Unicorn Ranking" released by Hurun Research Institute, Binance entered the TOP10 list for the first time, ranking ninth. At the same time, Binance is also the only blockchain company and the youngest company in the TOP10 list. In addition, Binance is ranked sixth on the list of unicorns with the largest value growth, with a value increase of RMB 99 billion. In the list of unicorns with the largest value decline, Opensea ranked third, with a value decline of RMB 83 billion; Ripple ranked tenth, with a value decline of RMB 28 billion. In addition, among the blockchain representative companies in the main industries of global unicorns, in addition to Binance, there are Dunamu (Upbit's parent company) and Ripple .
b. Binance Chief Compliance Officer: Working with Nigeria to secure release of imprisoned executives
Binance Chief Compliance Officer Noah Perlman said Binance is doing its best to "work with" the Nigerian government to secure the release of imprisoned financial crime investigation chief Tigran Gambaryan. He is "optimistic" that Binance can reach a solution with the Nigerian government to release Tigran Gambaryan, but declined to disclose specific details.
8. Paraguay suspends proposed crypto mining ban
Paraguayan senators have paused progress on a ban on cryptocurrency mining, considering selling excess energy from the Itaipu hydroelectric plant to miners instead of exporting it to Brazil and Argentina. In a letter to Congress on April 8, Senator Salyn Buzarquis pointed out that by 2025, licensed mines are expected to bring in more than $125 million in revenue to the National Electricity Administration (ANDE). Previously, several Paraguayan lawmakers introduced a bill seeking to temporarily ban cryptocurrency mining operations in the country, claiming that it is stealing electricity and disrupting the country's power supply.
9. Arthur Hayes : Bitcoin and cryptocurrency prices in general will plummet around the halving
Arthur Hayes' latest blog post stated that he personally believes that Bitcoin and cryptocurrency prices in general will plummet around the halving. Given that the halving occurs at a time when US dollar liquidity is tighter than usual, this will add momentum to the frenzied sell-off of crypto assets. However, after May 1, the pace of QT slowed down and returned to the regular plan: asset inflation initiated by financial shenanigans by the Federal Reserve and the US Treasury.
10. Ripple CEO expects the total market value of the cryptocurrency market to double this year
Ripple CEO Brad Garlinghouse expects the total market value of the cryptocurrency market to double to over $5 trillion this year, citing various macro factors, including the emergence of the first spot Bitcoin ETF in the United States, Bitcoin halving, and possible positive regulatory momentum in the United States.
Key financing events
Monad Labs Closes $225 Million Funding Round Led by Paradigm
Bitcoin L2 developer Alpen Labs completes $10.6 million in financing, led by Ribbit Capital
Binance Labs Announces Investment in Bitcoin Restaking Infrastructure Platform BounceBit
DePIN platform Uplink announced the completion of US$10 million financing, led by Framework Ventures
Web3 beauty startup Kiki World completes $7 million seed round, with participation from a16z Crypto and others
SocialFi app Tomo has completed a $3.5 million seed round led by Polychain Capital
Thesis announces the launch of Bitcoin L2 named Mezo after receiving Series A funding
Lumoz Completes $6 Million Token Financing at $120 Million Valuation, with Participation from OKX Ventures and Others
Web3 social simulation game Today announces $5 million seed round
Decentralized AI network project Ritual receives millions of dollars in investment from Polychain Capital
Web3 game studio Sortium announces over $4 million in funding led by Signum Growth
GPU.net announces $5.25 million Series A funding
Auradine Raises $80 Million in Series B Round, with Participation from StepStone Group, Marathon Digital, and Others
Sapien raises $5 million in seed round, with Primitive Ventures and Animoca participating
For more industry financing events, please visit crypto-fundraising.info.
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