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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 6, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 6, 2024

Van Thanh Le

Apr 6 2024

3 months ago3 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Market Movements and Whale Activity

  • Genesis Offloads $2.1 Billion in Grayscale Shares
  • Bitcoin Hits New High with Whale Dominance
  • Bitcoin ETFs Attract Billions, Meme Coins Soar

Controversies and Legal Challenges

  • FTX Faces Criticism for SOL Discount Sale
  • Sushi's Governance Shake-Up Sparks Debate
  • Do Kwon and Terraform Labs Convicted
  • Support Rallies for Tornado Cash Developer

Regulatory Updates and Country-Specific News

  • Paraguay Eyes Ban on Crypto Mining
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Genesis Offloads $2.1 Billion in Grayscale Shares

Genesis, a bankrupt crypto lending firm, recently offloaded 36 million shares of Grayscale Bitcoin Trust for $2.1 billion to purchase 32,041 Bitcoin, valuing $2.18 billion. Coinbase assures that the sell-off won't significantly impact the crypto market. However, Genesis faces criticism for potentially overpaying creditors. The firm filed for bankruptcy in January 2023.  


Bitcoin Hits New High with Whale Dominance

In the first quarter of 2024, Bitcoin surged by 73% to a record high of $73,750 before experiencing significant price fluctuations. During this period, whales holding 100-100,000 BTC accumulated 319,310 BTC, while smaller holders offloaded 105,260 BTC. This accumulation trend, leading into the upcoming halving event, boosted the whales' market dominance by 1.4%.  

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Bitcoin ETFs Attract Billions, Meme Coins Soar

Bitcoin ETFs amassed over 4% of BTC supply in under three months post-SEC approvals, according to IntoTheBlock. Whales holding 1,000+ BTC saw balances surge. $14.2 billion flowed into Bitcoin, elevating prices. ETFs simplified investing, attracting both retail and institutional interest. Meme coins gained traction in Q1, with their market cap tripling. Ethereum's Dencun upgrade reduced gas fees, aiding meme coin resurgence.  


FTX Faces Criticism for SOL Discount Sale

FTX faced backlash for selling 30 million SOL at a 62% discount to repay creditors, locking the funds for four years. Criticism emerged for devaluing assets and prioritizing legal interests over creditors' losses. Peckshield data exposed $15 million crypto transfers, including major altcoins, amidst ongoing divestments, uncovering further financial intricacies post-FTX's collapse.  

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Sushi's Governance Shake-Up Sparks Debate

The governance proposal for Sushi's transition to a Labs model has sparked controversy, with criticism over proposed changes to empower Sushi Labs and limit the DAO's authority. Allegations of manipulation and discrepancies in the treasury content have fueled tensions. Proponents argue for a needed upgrade, anticipating streamlined governance and a decentralized structure.  

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Do Kwon and Terraform Labs Convicted

Do Kwon and Terraform Labs were found liable for a $40 billion fraud by a New York jury. The SEC alleged deception about crypto asset security, resulting in losses. Terra's token LUNA dropped 3.8%, with a market cap of $613 million. Terraform Labs disputes the verdict stating lack of evidence and questions SEC's authority, considering next legal steps.  

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Support Rallies for Tornado Cash Developer

Three blockchain advocacy groups filed amicus curiae briefs in support of Tornado Cash developer Roman Storm, aiming to dismiss criminal charges. They argued that the developers should not be held accountable for users' criminal activities, contending that the platform's protocol, self-executing nature, and lack of control over user assets exempt them from the charges.  

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Paraguay Eyes Ban on Crypto Mining

Paraguayan lawmakers have proposed a 180-day ban on cryptocurrency mining due to its impact on energy resources. The bill aims to regulate the creation, storage, and commercialization of virtual assets and crypto mining activities. Illegal operations have led to significant economic losses, potentially affecting global mining companies with operations in Paraguay.  

Top Altcoin Gainers and Losers

Gainers:

Nervos Network CKB (+25.30%)

Pendle PENDLE (+23.80%

Ethena ENA (+18.60%

Losers: 

Maker MKR (-2.68%

Bittensor TAO (-1.90%

KuCoin Token KCS (-1.29%

NFT Market Map

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This article has been refined and enhanced by ChatGPT. 

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