cryptocurrency widget, price, heatmap
icon user

Log in

cryptocurrency widget, price, heatmap

Add watchlist

icon add
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 18, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 18, 2024

Van Thanh Le

Apr 18 2024

last month4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

This article comes to you with the generous support of Xtreme.game. Discover the excitement and rewards that await you at Xtreme.game with a 100% deposit bonus!

Crypto Market Update

Table of Contents

Cryptocurrency Market Updates

  • Cryptocurrency Markets Rally Post-Dip
  • Tether Restructures Divisions, Expands Bitcoin Holdings
  • Binance Converts $1 Billion SAFU to USDC
  • TON Launches Memelandia to Boost Meme Coin Ecosystem

DeFi and Blockchain Innovations

  • Layer N Initiates DeFi Liquidity Program
  • Polkadot Announces JAM Upgrade for Network Enhancement
  • Aptos Partners with Microsoft for DeFi Solutions

Regulatory and Economic Insights

  • Swedish Tax Agency Targets Crypto Miners
  • Ethena Labs Monitors Reserve Fund Amid Market Fluctuations

Exchange and Platform Developments

  • Omni Token Plummets Following Airdrop
  • Nym Technologies Enhances Bitcoin Layer-2 Privacy
  • Scroll Debuts Loyalty Program on Layer 2 Network
  • Nibiru Chain Introduces $15 Million Grant Program
  • Ondo Finance Offers Tokenized US Treasuries in Cosmos

Market Growth and User Engagement

  • Web3 Funding Surges in Q1 2024
  • Pi Network Hits 10 Million KYC-Verified Users
  • Yuga Labs Sells Game IPs to Focus on Core Projects
  • Popular Nightclub Meme to Be Sold as NFT
Coin360.png

Cryptocurrency Markets Rally Post-Dip

Cryptocurrencies rebounded with notable gains across several coins after a brief dip yesterday. Google Trends recorded peak interest in "Bitcoin halving", doubling the previous record from 2020, indicating heightened public curiosity. Analysts highlighted a deleveraging event in the Bitcoin market, which purged excess leverage and could stabilize prices. 

JPMorgan anticipates a post-halving drop in Bitcoin prices due to overbought conditions and potential miner consolidation. Meanwhile, Deutsche Bank expects no substantial rally post-halving, considering it already factored into prices. Instead, they anticipate sustained high prices due to potential ETH ETF approvals, central bank rate cuts, and regulatory shifts.  

chart.webp

Tether Restructures Divisions, Expands Bitcoin Holdings

Tether, known for USDT stablecoin, has reorganized into four divisions: Data, Finance, Power, and Edu. The company has expanded its investments in technology, digital asset services, sustainable Bitcoin mining, and digital education. With a $618 million Bitcoin purchase in March 2024, Tether’s total BTC holdings stand at 75,354 BTC.  


Binance Converts $1 Billion SAFU to USDC

Binance has converted its $1 billion Secure Asset Fund for Users (SAFU) into Circle's USD Coin (USDC), now representing 3% of USDC's total supply. The fund, originally held in Bitcoin, Tether, True USD, and BNB, was switched to USDC for enhanced reliability. A massive 800 million USDC transaction took place, along with transfers of 1.36 million BNB and 16,277 BTC. This marks the second conversion in over a year, following the regulatory issues with Binance USD (BUSD). Tether continues to dominate the stablecoin market, while USDC has seen a significant supply increase since December 2023, capturing 20% market share.  

chart (1).webp

TON Launches Memelandia to Boost Meme Coin Ecosystem

TON has introduced Memelandia, a platform aimed at enhancing the meme coin ecosystem. The platform includes the Ranked TOL, a leaderboard tracking meme coin performance based on metrics such as transaction volume, user engagement, and market growth. Memelandia supports meme coins with marketing campaigns, partnerships, accolades, and financial benefits to promote their visibility and development.  

chart (2).webp

Layer N Initiates DeFi Liquidity Program

Layer N, backed by Peter Thiel's Founders Fund, launched a liquidity program for DeFi apps built on its Ethereum layer-2 network. The program, with an initial $20 million investment from Amber Group, aims to foster innovation and sustainable liquidity. CEO Dima Romanov sees it as a pivotal moment for DeFi, paving the way for growth and innovation.  


Polkadot Announces JAM Upgrade for Network Enhancement

Polkadot's founder Gavin Wood introduced the JAM upgrade at the Token2049 crypto conference, aiming to enhance network capabilities. The upgrade aims to combine Polkadot and Ethereum elements to create a secure and scalable smart contract system. A 10 million DOT prize will incent diverse development of the JAM protocol, leveraging on-chain governance for community approval.  

chart (3).webp

Aptos Partners with Microsoft for DeFi Solutions

Aptos Labs has partnered with Microsoft, Brevan Howard, and SK Telecom to create Aptos Ascend, offering institutional solutions for decentralized finance. This will include privacy tools, KYC features, and regulatory support. Microsoft Azure and Brevan Howard's expertise will be leveraged for the financial suite, bridging the gap between traditional financial institutions and DeFi.  

chart (4).webp

Swedish Tax Agency Targets Crypto Miners

The Swedish Tax Agency uncovered tax misappropriations totaling $90 million by 18 crypto-mining firms between 2020 and 2023. The firms used misleading business descriptions to avoid VAT and import taxes, resulting in unpaid taxes and surcharges. Despite appeals, the administrative court upheld the $90 million demand. Hive Digital Technologies expanded its operations in Sweden, focusing on sustainable, green energy-powered Bitcoin production.  


Ethena Labs Monitors Reserve Fund Amid Market Fluctuations

USDe holders are advised to monitor Ethena Labs' reserve fund by CryptoQuant to mitigate risks from negative funding rates. With Ethena offering a 17.2% yield through a "cash and carry" trade, sustaining a keep rate above 32% is crucial for the reserve fund's sustainability, especially in bear markets or during market cap growth. 

chart (5).webp

Omni Token Plummets Following Airdrop

Omni Network's token, OMNI, plunged 55% post-airdrop, halving its market cap. The airdrop distributed 3 million tokens, 3% of the total supply, leading to a drop from $53.80 to $24. Another fake OMNI token rug pulled, dumping 1.7 quadrillion tokens, resulting in a $398,000 exit scam. Advisors and investors received OMNI tokens on staggered unlock schedules.  


Nym Technologies Enhances Bitcoin Layer-2 Privacy

Nym Technologies has joined Liquid Federation to enhance Bitcoin layer-2 privacy. As one of 15 functionary node operators for the Liquid Network, Nym will integrate Liquid functionality into its mixnet, providing a privacy boost for Bitcoin layer-2 users. This collaboration aims to bolster transaction confidentiality and elevate privacy standards, coinciding with Bitcoin's fourth halving event.  

chart (6).webp

Scroll Debuts Loyalty Program on Layer 2 Network

Scroll introduces the Scroll Sessions Loyalty Program on its Layer 2 network, rewarding community engagement with Scroll Marks. Chinese and U.S. users are excluded from participation. Session Zero commences with assets bridging and future sessions will introduce more opportunities. Scroll also plans to enhance user experience by introducing an interface to track Scroll Marks.  


Nibiru Chain Introduces $15 Million Grant Program

Nibiru Chain, backed by HashKey, Kraken Ventures, and Tribe Capital, launches a $15 million grant program, distributing tokens to developers for platform enhancement. $5 million is specifically allocated for Asian projects. Initiatives include hackathons with prizes up to $100,000, a developer reward system linked to transaction fees, and bounties for fulfilling protocol requests.  


Ondo Finance Offers Tokenized US Treasuries in Cosmos

Ondo Finance has teamed up with Noble chain to bring its tokenized U.S. Treasury offerings to the Cosmos ecosystem, targeting a 5.2% annual yield. This move, expanding its token offerings to over 90 blockchains, aims to increase adoption of its products backed by U.S. Treasuries as a savings, payment, and collateral asset.   

chart (7).webp

Web3 Funding Surges in Q1 2024

In Q1 2024, Web3 startup funding saw a 58% surge, reaching nearly $1.9 billion across 346 deals, according to Crunchbase. Despite this increase, VC funding remains lower year-over-year. Four Web3 firms attained unicorn status, driven by crypto market upticks. Notably, the industry anticipates growth with potential boosts from Bitcoin ETFs and halving events.  


Pi Network Hits 10 Million KYC-Verified Users

Pi Network has reached an impressive milestone by surpassing 10 million verified users through KYC. Despite this achievement, concerns have surfaced regarding the token's tradeability and its perceived value to users. The network plans to launch a mainnet contingent on reaching specific milestones, including further KYC verifications and app development goals.  

Top Altcoin Gainers and Losers

Gainers:

Akash Network AKT (+11.82%

Injective INJ (+11.30%

Gala GALA (+9.30%

Losers:

Core DAO CORE (-8.37%

Celestia TIA (-5.76%

Nervos Network CKB (-5.39%)

NFT Market Map

nft.webp

Yuga Labs Sells Game IPs to Focus on Core Projects

Yuga Labs has sold the intellectual property of games HV-MTL and Legends of the Mara to Faraway, aligning with an effort to shift focus. With Spencer Tucker joining Faraway as Chief Product Officer, this move reflects Yuga's aim to "unshackle" the Bored Ape Yacht Club team to execute their vision. Meanwhile, the BAYC collection's floor price has sharply decreased by 92% since May 2022.  


Popular Nightclub Meme to Be Sold as NFT

A popular meme photo of a guy "explaining" to an uninterested woman at a nightclub, named "Milk Edinburgh," will be auctioned as an Ethereum NFT. Originally captured in 2018 by photographer David Wilkinson, this meme will be auctioned on April 22 with a reserve price of 15 ETH, aiming to onboard more creators into crypto.  

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.14
© 2017 - 2024 COIN360.com. All Rights Reserved.