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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 10, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 10, 2024

Van Thanh Le

Apr 10 2024

2 months ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Crypto Market and Regulatory Updates

  • Bitcoin Reacts to US CPI Surprise
  • SEC Likely to Nix Ethereum ETFs
  • EigenLayer's Mainnet Debut Shakes DeFi
  • Spot Bitcoin ETFs Eye Hong Kong Green Light
  • SEC Issues Warning to Uniswap, Prompting Impending Lawsuit  

Country-Specific Crypto Developments

  • Global Crackdown on Crypto Crimes Intensifies

Crypto Exchanges and Platforms

  • Crypto Fraud Exposed at ACE Exchange
  • STEPN Celebrates with $30M Airdrop
  • Friend.Tech Sees Surge Ahead of V2
  • ENA's Surge Challenges Luna's Legacy
  • Revolutionizing Compute with Hybrid GPU Marketplace
  • Olympus: A New Dawn for Web3 Projects
  • Toncoin Hits New Heights, Eyes IPO
  • Sui Blockchain Welcomes FDUSD Stablecoin
  • MANTRA Chain Tests Waters with Hongbai
  • Memecoin Market Takes a Hit Amid Corrections
  • Solana Pre-Sale Scams Rob Millions

Bitcoin Reacts to US CPI Surprise

Bitcoin briefly fell below $68,000 before recovering due to hotter than expected US CPI data, raising concerns for a local top, with speculation that the Fed's rate cut expectations might be delayed. The CPI data for March showed a 0.4% month-on-month rise, with core CPI also up by 0.4%, surpassing Dow Jones economists' survey estimates. 

Despite the initial panic caused by the price drop below $69,000, discussions about buying opportunities have emerged, especially with the halving event approaching. There's an indication that maintaining a level of panic could potentially serve as a catalyst for a rebound. 

Meanwhile, Bitcoin miners are depleting their coin stashes ahead of the halving, marking a shift from the accumulation strategy seen before the previous halving. This is likely a move to sell into the rising market for upgrading equipment and ensuring sustainability post-halving. Compared to the last bull run, retail interest and social media activity around cryptocurrencies are quite low

The upcoming Bitcoin halving is seen more as an insider event, potentially limiting broader public engagement. As per Glassnode, the distribution of assets between long-term Bitcoin holders and new demand indicates the market might be in the early stages of euphoria or price discovery, with historical euphoric stages experiencing significant price corrections.


SEC Likely to Nix Ethereum ETFs

The U.S. Securities and Exchange Commission (SEC) is anticipated to reject spot Ethereum exchange-traded fund (ETF) applications in May, as indicated by Vaneck’s CEO and Coinshares CEO. This skepticism arises from the feedback process and doubts about the SEC's willingness to approve such ETFs before the end of the year. JPMorgan also shares similar concerns.  

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EigenLayer's Mainnet Debut Shakes DeFi

EigenLayer, a restaking service on Ethereum, has launched on the mainnet with $12 billion in deposits, introducing pooled security technology to extend Ethereum's security to other protocols. EigenDA, a data-availability service, aims to support blockchain infrastructure. The mainnet launch restricts some features, excluding in-protocol payments and slashing, which are anticipated later this year. EigenLayer's total value locked has surpassed $13 billion, making it the second-largest DeFi protocol, largely due to its innovative points system speculated to be linked to future token allocations. 

Despite its success, concerns remain about the systemic risks posed by this new restaking model. The liquidity of liquid restaking tokens (LRTs), crucial for the DeFi ecosystem's stability, faces scrutiny. Kairos Research emphasizes the importance of token liquidity for LRTs, especially after withdrawals are enabled, highlighting potential fluctuations in LRT-ETH pegs and their implications for DeFi lending markets.

Spot Bitcoin ETFs Eye Hong Kong Green Light

The Securities and Futures Commission (SFC) of Hong Kong is set to approve four spot Bitcoin exchange-traded funds (ETFs) by April 15, signaling a significant move in the crypto investing landscape. Major financial entities are awaiting approval, demonstrating a growing interest in crypto investments globally, with the top Bitcoin ETFs holding $57 billion in assets.  

SEC Issues Warning to Uniswap, Prompting Impending Lawsuit  

The Securities and Exchange Commission (SEC) has issued a warning to Uniswap, signaling an imminent enforcement action. Uniswap's Hayden took to X to express his frustration. The looming lawsuit could significantly affect the decentralized finance (DeFi) market and regulatory framework. Uniswap Labs, the protocol's builder, is poised to defend its legitimacy against potential SEC allegations, emphasizing the unique legal challenges posed by DeFi technology.  

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Global Crackdown on Crypto Crimes Intensifies

The Queensland Crime and Corruption Commission (CCC) seeks to update the Criminal Proceeds Confiscation Act to address the ineffectiveness of current laws in seizing digital assets linked to organized crime. This comes in response to the increasing use of cryptocurrencies in criminal activities. Similar initiatives are also underway in South Korea and Spain to seize crypto assets for tax evasion.  

Crypto Fraud Exposed at ACE Exchange

Taiwanese prosecutors indicted David Pan, founder of ACE Exchange, and six others for alleged involvement in a $10.6 million crypto fraud case. The group developed a fraudulent digital asset wallet and defrauded at least 162 individuals. The court seized Pan's assets totaling $110,000. ACE emphasized its detachment from the fraudulent activities and assured users of continued operational integrity.  

STEPN Celebrates with $30M Airdrop

The move-to-earn lifestyle app STEPN is airdropping 100 million FSL points, valued at approximately $30 million, to its users as a token of gratitude. The FSL points are redeemable for STEPN’s GMT token and can be used in NFT mints. The app rewards users for physical activity and currently boasts over 5 million users.  

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Friend.Tech Sees Surge Ahead of V2

Friend.Tech is rallying, with a significant interest spike in its anticipated v2 and token launch, pushing its TVL to $40 million. The platform saw over $8 million influx last week, marking a 25% TVL increase and peak daily fees of $750,000 since last October. V2's launch, post-April 20, aims to extend its reach, leveraging keys for crypto insights and exclusive access. Despite past challenges, including a 98% fee drop and security concerns, Friend.Tech's recent tease of a FRIEND token has fueled user engagement speculations. 

ENA's Surge Challenges Luna's Legacy

Ethena (ENA) hit its ATH today while Charles Edwards of Capriole Investments compared it to "the Luna of this cycle," but with sustainable economic fundamentals. ENA is 100% collateralized and offers variable yields based on market forces. Since its launch on April 2, ENA has risen from under $0.30 to a high of $1.45. Its stablecoin, USDe, has reached a $2 billion supply in just over 100 days. However, concerns about yield sustainability exist, with risks including oracle risk, liquidation risk, custody risk, and exchange solvency risk.  

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Revolutionizing Compute with Hybrid GPU Marketplace

Aethir and Theta EdgeCloud are joining forces to launch the largest hybrid GPU marketplace, offering up to 30 times more power than existing networks. With Aethir's 40,000 GPUs and Theta's 80 PetaFLOPS, they aim to revolutionize AI and gaming industries by providing global, decentralized GPU compute capabilities, fostering innovation and scalability.  

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Olympus: A New Dawn for Web3 Projects

The DFINITY Foundation launched Olympus, a decentralized global acceleration platform supporting web3 technology. Initial funding of $15M from DFINITY and ICP Asia Alliance will transition to a DAO by 2024. Olympus facilitates project acceleration, funding, and mentorship, promoting decentralization and inclusivity. Multi-chain infrastructure and on-chain metrics verification drive its innovative approach.  

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Toncoin Hits New Heights, Eyes IPO

Toncoin (TON) has surged to an all-time high, surpassing $7 at one point with a market cap larger than Cardano and Avalanche. Telegram founder Pavel Durov hints at a potential IPO, aiming for profitability soon. Plans suggest a US listing, focusing on democratizing access to Telegram's value and possible shares allocation to users.  

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Sui Blockchain Welcomes FDUSD Stablecoin

FDUSD, a stablecoin by First Digital, now integrates with Sui blockchain alongside Ethereum and BNB Chain, aiming to expand its usage in the DeFi space. Sui's TVL surpassed $500 million in February, with FDUSD becoming the first top stablecoin native to the network. This move is expected to enhance liquidity and utility within the Sui community.  

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MANTRA Chain Tests Waters with Hongbai

MANTRA has launched the Hongbai incentivized testnet as the second phase of MANTRA Chain's development, targeting traditional finance and DeFi integration. With a focus on tokenizing real-world assets, the testnet aims to engage non-crypto and institutional users, offering enhanced features like the use of OM as the native token and a new user interface.  

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Solana Pre-Sale Scams Rob Millions

Blockaid, a blockchain security firm, disclosed that 50% of recent token pre-sale launches on Solana were fraudulent, with approximately $100 million invested over a weekend. Scammers targeted users through social media, exploiting the popularity of memecoins like book of meme (BOME). This surge in fraudulent activities is driven by the ease of conducting pre-sales and investors' fear of missing out.  

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Top Altcoin Gainers and Losers


Ethena ENA (+18.24%

Pendle PENDLE (+6.64%)

Nervos Network CKB (+6.62%


Bitcoin Cash BCH (-9.01%

NEAR Protocol NEAR (-6.78%

Polkadot DOT (-6.11%

NFT Market Map


This article has been refined and enhanced by ChatGPT. 

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