Coin360 Daily Dispatch (Apr 25, 2023): Crypto Market Updates & Highlights
Apr 25 2023
Crypto Market Update: Google Cloud Launches Web3 Startups Program to Support Blockchain Innovators
Written by Van - Perfected by ChatGPT
Google Cloud has launched the Web3 Startups Program, which provides technical tools, cloud services, and grants to pre-seed to Series A Web3 companies. The program offers unique benefits, including a private Discord channel with Web3 product and engineering teams, Web3 training courses, and grants. Google Cloud has been working on Web3 products for several years and is looking to become the first choice for every Web3 startup and developer. The initiative also collaborates with Web3 native projects and foundation partners to provide a customizable service.
Coinbase Takes Legal Action to Compel SEC Overdue Guidance Petition Response
Coinbase has filed a narrow action in federal court to compel the US Securities and Exchange Commission (SEC) to respond to its pending rulemaking petition asking for overdue guidance for the cryptocurrency industry. Coinbase, like other industry players, has been pushing for regulatory clarity to ensure the long-term viability and growth of the crypto market. Its petition, submitted in July 2022, requested that the SEC use its formal rulemaking process to provide guidance for the industry, but to date, the SEC has not responded, leaving the industry in a state of uncertainty.
Visa Seeks Backend Developers With Blockchain Experience For Crypto Team
Visa is seeking backend developers with experience in blockchain technology and stablecoins to join its crypto team, according to a tweet from Cuy Sheffield, the company’s head of crypto. Visa is reportedly keen to drive mainstream adoption and is specifically looking for engineers with experience in AI-assisted backend development tools such as Github Copilot. The job listing also states that Visa is seeking candidates with a good understanding of testing frameworks, Layer-1 and Layer-2 solutions, solid knowledge of writing smart contracts using Solidity and an understanding of public and permissioned distributed ledger technology.
El Salvador Government Launches Bitcoin Developer Course
The government of El Salvador has started a Bitcoin and Lightning Network developer training course. Named CUBO+, the course was first announced in March and is targeted at university students in the nation. The program lasts for several months and includes an “advanced Bitcoin engineering program”. The government will incentivize students with a credit offer and placement for those who qualify for an inaugural fellowship. The courses are backed by Tether and Fulgur Ventures.
Digital Currency Group Parent Faces Setback In Genesis Capital’s Creditor Settlement Deal
Genesis Capital’s proposed settlement with creditors has been disrupted by renewed demands, according to parent company Digital Currency Group. In February, the crypto currency lender reached an “agreement in principle” which would have delivered creditors an 80% recovery of funds but high demands mean the court process is set to be prolonged. Genesis filed for Chapter 11 bankruptcy early this year; its parent company said it was “committed” to achieving a fair outcome.
Bitcoin Struggles to Recover Amidst Uncertainty for Future Trajectory
Bitcoin struggles to recover and hovers around \(27,000, with investors uncertain about its future trajectory. Traders who entered the market late are "eating up losses" as the leading [cryptocurrencies](https://coin360.com/) fall below \)30,000 and \(2,000. Upcoming US economic indicators could affect the possibility of a Federal Reserve interest rate hike, thereby triggering a break above \)30,000 for the Bitcoin price. The market is uncertain, and fluctuations could occur, but Bitcoin typically reacts to macro factors. The correlation of Bitcoin’s value with US equities means it’s still at risk, but some traders remain optimistic and are adding to their spot positions.
Ethereum Boost Market Confidence as Staked ETH Reaches All-Time High
The average transaction fees on the Ethereum network have decreased by 35% in the past week due to decreased network activity. However, data suggests that ETH 2.0 validators are re-staking their withdrawals on DeFi protocols, indicating a bullish outlook on Ethereum’s long-term prospects. Staked ETH on the network has reached an all-time high, with a current figure of 632,651 ETH pending withdrawal. However, concerns over a massive exodus of staked Ethereum following an upgrade have been quelled.
Source: Santiment
The recent decline in ETH balance on exchanges has coincided with an increase in smart contract holdings, indicating that bearish investors are regaining confidence in DeFi. The \(1,850 support level will likely hold, with potential for a rally towards \)2,450 if ETH breaks above \(1,950, but a sell-off from addresses holding 8.4 million ETH could pose a challenge. The next significant support level is at \)1,450.
Source: IntoTheBlock
Arbitrum Distributes $120 Million Worth of ARB to DAOs in Community Treasury Airdrop
Arbitrum has distributed over 90 million ARB, worth $120 million, to 125 DAO wallets as part of its roadmap. The top receivers include Treasure DAO, SushiSwap, Balancer, Aave, and DODO. The airdrop is aimed at localising governance decisions within sub-communities on the layer 2 networks and was distributed only to projects with a DAO and a community treasury. Factors such as deployment date, transaction volume, assets locked and liquidity moved were weighed in for eligibility. The airdrop to early adopters had been much-anticipated.
XRP Price Could Surge If Ripple Wins SEC Lawsuit, Advises Crypto Expert
XRP price falls as Bitcoin declines, with no major news updates on Ripple. The SEC civil lawsuit verdict is anticipated, with a fine or exoneration anticipated. Crypto investment expert, Edoardo Farina, has advised against selling XRP before the outcome of the SEC vs. Ripple lawsuit is revealed. The ongoing legal battle has had a negative impact on XRP’s growth and potential, with some believing the token’s price could increase if the case is decided in Ripple’s favor. Top influencers in the crypto community, including BitBoy, have shown support for XRP, with some predicting it will outperform other altcoins come the next bull market if Ripple emerges victorious.
Floki Inu Debuts on Binance.US, Surges Ahead of Competitors with 35.9% Gains
Floki Inu, a meme-inspired cryptocurrency, has finally debuted on Binance.US. Deposits for FLOKI on Binance.US have been opened, and trading is expected to begin on Tuesday, April 25, bringing the meme coin to the massive US market. The news has sparked confidence in the FLOKI community, and the surge in its price put it ahead of competitors such as Dogecoin and Shiba Inu in terms of gains. The surge in FLOKI’s price saw a massive surge in volume, and FLOKI was up 35.9% on the daily chart before marking a -10% loss, with a market cap of $380 million.
Bone Token Gains Listings on Huobi and OKX, Withdrawals to Open Soon
ShibaSwap’s BONE token has gained listings on Huobi and OKX, with withdrawals opening soon. The announcement briefly pushed the token’s value to \(1.16 before retracting to \)1.09. While gains have been made in 2023 so far, BONE is still down 54% from its $2.40 all-time high in August 2022.
LFG’s $100M Bitcoin Funds Reportedly Traced to Sygnum Bank in Switzerland
The Seoul Southern District Prosecutors’ Office is reportedly tracking down around $100m worth of bitcoin that was converted to cash and transferred to accounts at Swiss digital asset bank Sygnum. The funds belong to LFG (Luna Foundation Protection, UST Price Defense Organisation) and were moved offshore to avoid detection by South Korean authorities. The situation is made more complex by requests from US and South Korean investigators to freeze Sygnum bank accounts, with the Swiss authorities and the bank having to determine which request was received first.
DeFi Investors Lose $1 Million in Alleged Exit Scam by Ordinals Finance Protocol
Ordinals Finance, an Ethereum-based DeFi protocol, has been accused of performing an exit scam, resulting in a loss of \(1 million to investors. The protocol's developer withdrew 269 million OFI tokens, causing the [market capitalization](https://coin360.com/glossary/market-capitalization) for OFI to drop from \)2.3 million to slightly over $143,000. The project’s Twitter account has been deleted, and blockchain data shows that the tokens were deposited into Tornado Cash after being swapped for Ether.
Summary of Market Events and Price Action
As a summary of today’s events and price action in the market, it is crucial to note the following key points:
- Blockchain startups get support from Google Cloud
- Coinbase sues SEC for not responding to petition
- Visa seeks blockchain-experienced developers for crypto team
- El Salvador launches Bitcoin developer course with Tether’s backing
- Digital Currency Group’s creditor settlement deal faces setback
- Bitcoin struggles to recover amid uncertain future
- Staked ETH hits record high, boosting market confidence in Ethereum
- Arbitrum distributes $120M worth of ARB to community treasuries
- XRP price could rise if Ripple wins SEC lawsuit
- Floki Inu surges on Binance.US with 35.9% gains
- Bone Token listed on Huobi and OKX, withdrawals open soon
- LFG’s $100M Bitcoin funds traced to Sygnum Bank
- DeFi investors lose $1M in alleged Ordinals Finance exit scam
Top Altcoin Gainers and Losers
Gainers:
Injective INJ (+6.97%)
Cronos CRO (+4.49%)
Kaspa KAS (+4.44%)
Losers:
PancakeSwap CAKE (-6.93%)
Zilliqa ZIL (-5.46%)
Fantom FTM (-5.19%)
NFT Market Map
Traders in the non-fungible token (NFT) market are selling at a loss, with some losing up to 3,000 ETH in a day, according to data from NFTstatistics. This is a sharp contrast to the market’s peak in August 2021, when daily profits reached about 30,000 ETH. The floor prices of several NFT collections have also fallen significantly from their previous highs, with Bored Ape Yacht Club down by 11.73% in the past 30 days and Cryptopunks by 18.27%. Azuki is the only exception, posting a 13% rise in the same period.
Coinbase has launched an NFT collection called “Stand With Crypto” to support its push for a sensible regulatory environment in the crypto space. However, not all members of the community have been positive about the move, with some questioning the effectiveness of the NFT campaign. Crypto influencer Wendy O suggested that Coinbase should band together with other initiatives and include fighting for retail instead of pushing them out.
