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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | April 20 - April 26, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | April 20 - April 26, 2024

Van Thanh Le

Apr 26 2024

2 months ago6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

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Crypto Weekly Market Update

Table of Contents

Market and Regulatory Updates

  • Crypto Weekly Recap
  • ConsenSys Sues SEC Over Ethereum's Security Status
  • Bitcoin Mixer Founders Arrested Amid Privacy Debate
  • Blockchain Advocates Challenge SEC's Dealer Rule
  • Stablecoin Market Shows Remarkable Growth

Scandals and Controversies

  • ZKasino Scandal: Accusations of Exit Scam Emerge
  • ezETH Crisis Sparks DeFi Liquidation and Controversy
  • DeGods Considers Returning to Solana Amid Controversy
  • Yuga Labs Criticized for WEF Partnership

Crypto Exchanges and Platforms

  • Changpeng Zhao Faces Possible 3-Year Sentence
  • Shiba Inu Launches Privacy-Focused Blockchain Upgrade
  • OpenSea Sees Significant Drop in Monthly NFT Sales
  • Alien Punk CryptoPunk #635 Fetches $12.38 Million
  • "Buy Bitcoin" Notepad Sells for Over $1 Million

Crypto Weekly Recap


  • Weekly change: -0.81%
  • BTC passed its 4th halving calmly, reaching $65,500 over the weekend. The aftermath suggested a 2-3 month delay before significant market impacts.
  • Bitcoin's halving craze drove transaction fees to a new all-time high of $128, totaling $80M, mainly from the Runes fever pre-halving. During the week, fees began to decrease.
  • Bitcoin surged to a weekly high of nearly $67,200 on Monday but stabilized between $66,000 and $67,000 through Wednesday afternoon (UTC).
  • Mt. Gox updated its Bitcoin and fiat repayment timetable, and Fidelity shifted its Bitcoin outlook to neutral due to high prices in Q1 2024, which barely affected the market.
  • Bitcoin's rally hopes were dashed by a strengthening U.S. dollar, with the DXY hitting nearly 106 on Wednesday. The U.S. GDP growth of 1.6% in Q1 2024 fell short of the 2.2% expectation, raising concerns about economic sustainability amid high interest rates and global uncertainties. 
  • On Thursday, Bitcoin faced selling pressure, dropping to as low as $63,000 due to geopolitical concerns, a further rise in the DXY, Bitcoin ETF outflows, and continued SEC actions against crypto firms like Samourai Wallet and MetaMask.
  • The price briefly recovered to $65,000 on Thursday night but settled at $63,600 amid a DXY level of 106.
  • Silver linings included Bitcoin's issuance rate falling below gold's post-halving (Glassnode), Morgan Stanley's potential move to allow brokers to pitch Bitcoin ETFs, strengthening liquidity supporting sustained price increase (Kaiko), and IntoTheBlock's data showing a bullish pattern among long-term Bitcoin holders.


  • Weekly change: +1.66%
  • This was not a bullish week for Ethereum, as analysts and insider information cast doubt on the likelihood of its spot ETF approval.
  • From the weekend to Monday, Bitcoin's price rose 6%, peaking at $3,228 due to the halving effect.
  • It climbed to a weekly high of $3,283 before correcting to $3,090, and closed at $3,148.
  • Skepticism surrounded Ethereum Spot ETF approval earlier, with Polymarket odds at 11%. Reuters reported insider claims that the SEC might reject spot Ethereum ETFs in May.
  • Ethereum's circulating supply increased by 15,230 Ether, reaching a total of 12,078,565.7 ETH, fueled by low gas fees.
  • Consensys Software Inc. initiated legal action against the SEC, disputing Ether's classification as a security. This action sparked speculation on X that the SEC might have previously regarded ETH as a security at some point.
  • On a positive note, BlackRock and Grayscale revised their spot Ethereum ETF applications after the SEC delayed decisions on Ethereum ETF proposals, alongside notable whale accumulation and the popularity of liquid restaking platforms launching tokens.
  • Amid uncertainty, investors shifted their interest to memecoins, with notable memecoins on both Ethereum and Solana recording impressive gains, despite being criticized by an Andreessen Horowitz executive for “causing damage to the crypto sector.”
chart (1).webp


ConsenSys Sues SEC Over Ethereum's Security Status

ConsenSys, an Ethereum software company, challenges the SEC's authority by suing the regulator over its classification of Ethereum as a security. The lawsuit argues that Ethereum is not a security, MetaMask is not a securities broker, and the SEC's oversight exceeds its jurisdiction. The legal battle emphasizes the non-financial utility of Ethereum and the necessity to safeguard access to ether and decentralized technologies. 

Additionally, the SEC's recent meetings with ETF applicants, like VanEck and ARK Investment Management, could result in the rejection of proposed Ethereum-based ETFs, impacting the cryptocurrency market's stability and growth.  

Mosaic robot defends Ethereum coin in digital colosseum

Bitcoin Mixer Founders Arrested Amid Privacy Debate

The founders of the Bitcoin mixer Samourai Wallet, Keonne Rodriguez and William Lonergan Hill, were arrested by U.S. authorities for alleged money laundering and operating without a money transmitting license. The wallet reportedly facilitated over $2 billion in unlawful financial activities, with $100 million linked to money laundering from dark web markets. Additionally, Samourai Wallet's privacy features, such as Whirlpool and Ricochet, came under scrutiny for shielding illicit funds. 

This crackdown has sparked controversy, with privacy advocates like Edward Snowden condemning the move as an attack on financial privacy. The crypto community is divided on the implications of the arrests, reflecting a broader conflict between regulatory actions and digital privacy rights within the cryptocurrency space.  

Cybernetic raid by human agents on robotic figures, reflecting Samourai Wallet arrest theme

Blockchain Advocates Challenge SEC's Dealer Rule

The Blockchain Association and a Texas-based crypto activist group are suing the SEC over its "Dealer Rule" expansion, which they argue stifles innovation in the U.S. digital asset market. They claim the SEC overstepped its authority by broadly redefining "dealer" within the Securities Exchange Act of 1934, requiring more crypto participants to comply with federal securities laws, thus creating a vague regulatory environment. 

Meanwhile, the SEC has sued Geosyn Mining and its co-founders for allegedly defrauding investors out of $5.6 million. The co-founders are accused of misrepresenting the number of mining rigs and misappropriating funds for personal use, including lavish expenses. The SEC alleges that Geosyn failed to operate most of the mining rigs it claimed to have purchased and provided falsified documents to make investors believe their operations were profitable.

Stablecoin Market Shows Remarkable Growth

The stablecoin market is witnessing significant recovery and growth, with a current capitalization of $160 billion, aiming for a peak of $188 billion. Concurrently, the number of stablecoin holders has surged by 15% this year, totaling over 93.6 million, primarily driven by regulatory movements that might increase stablecoin adoption among banks. U.S. legislation on stablecoins is advancing, with bipartisan efforts nearing a consensus that could standardize and stabilize the regulatory framework for stablecoins. 

In Turkey, stablecoin transactions relative to GDP have reached 4.3%, indicating significant economic impact and adoption amid local currency volatility. Additionally, Visa has introduced a stablecoin analytics dashboard to provide refined and accessible data on stablecoin transactions across different blockchains, aiming to clarify the actual economic activity by filtering out bot-generated data. 

ZKasino Scandal: Accusations of Exit Scam Emerge

The ZKasino scandal revolves around a controversial pivot, moving away from refunding user funds to converting a substantial sum into its native ZKAS token. The shift led to widespread accusations of an "exit scam" and suspicion of fraudulent activities, including the transfer of funds to a staking protocol. Red flags raised by crypto security enthusiasts and distancing by early backers and partners further fueled allegations. 

Amidst increasing dissatisfaction, legal battles loomed, and a Telegram group emerged for potential legal action against the co-founders. Vitalik Buterin also condemned the project for misleading investors regarding its association with Zero-Knowledge (ZK) technology, intensifying the brewing storm.  

ezETH Crisis Sparks DeFi Liquidation and Controversy

Renzo's ezETH faced a crisis, dropping to $688 from its $1 peg, triggering $60 million in DeFi liquidations notably on Gearbox and Morpho. Controversy arose over REZ tokenomics and governance transparency, fueling a rebound to $3,172. Governance criticisms, fears of unfair distribution, and liquidity issues loomed large, with Aave delegate Marc Zeller critiquing governance failures by platforms like Morpho. 

The market's volatility allowed some to profit significantly, while others lost substantially to phishing attacks and leveraged positions. The chaos underscored the risks of thin liquidity and high leverage in DeFi, urging a reevaluation of risk management structures.  

Cubic humanoid robot symbolizing the Renzo Protocol's market turmoil

Changpeng Zhao Faces Possible 3-Year Sentence

Binance founder Changpeng Zhao, facing a 3-year sentence for violating U.S. anti-money laundering laws, has apologized and accepted full responsibility for his actions, while the Department of Justice pushes for a 36-month imprisonment, citing his willful law violations. Over 161 letters from family, friends, and colleagues have been submitted to the court seeking leniency, highlighting Zhao's integrity and philanthropic efforts, including significant donations to disaster areas and support for biotech startups. 

Notable figures and academics, including a former U.S. ambassador and university professors, have also vouched for his character and contributions to the cryptocurrency industry.

chart (2).webp

Shiba Inu Launches Privacy-Focused Blockchain Upgrade

Shiba Inu (SHIB) raised $12 million in a token sale to fund a new privacy-focused blockchain, attracting investors like Animoca Brands, Polygon Ventures, and others. The network will incorporate Fully Homomorphic Encryption to enhance privacy on its Ethereum-based layer-2 blockchain, Shibarium.

Meanwhile, Shibarium is preparing for a significant hard fork on May 2, aimed at improving scalability, reducing transaction costs, and setting the stage for future functionalities. This upgrade is expected to enhance the network's ability to handle increased demand and lower gas fees, thus improving overall user experience and network growth potential. 

chart (3).webp

Top Weekly Altcoin Gainers and Losers


Coin360 (2).png

Bonk BONK (+74.97%

Pepe PEPE (+47.21%

Hedera Hashgraph HBAR (+34.91%

Arweave AR (+26.81%

Akash Network AKT (+18.00%


Coin360 (1).png

Ethena ENA (-9.05%

Ronin RON (-8.64%

Pendle PENDLE (-6.66%

Starknet Token STRK (-6.66%

Bittensor TAO (-6.00%

NFT Market Map


DeGods Considers Returning to Solana Amid Controversy

DeGods, once the most valuable NFT project on Solana, migrated to Ethereum in March 2023 amidst the backdrop of FTX/Alameda's collapse. Founder Rohan Vohra, known as 'Frank', shared a test picture of bridging NFTs back to Solana, hinting at a potential return. DeGods initially thrived on Solana during the peak of its NFT ecosystem, but concerns arose as SOL's value declined. 

The decision to leave for Ethereum was attributed to challenges in growth on Solana. Now, the project is contemplating a return, prompting varied reactions. The speculation about moving back and forth between blockchains has stirred skepticism and criticism.  

Yuga Labs Criticized for WEF Partnership

Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, has sparked controversy once again by partnering with the World Economic Forum (WEF). The discovery of this partnership has led to significant backlash from members of the crypto community, with criticism focused on the WEF's association with increased government control, contrasting the core principles of the crypto industry.

While some have condemned Yuga Labs for being "sellouts" and labeled the union as "strange and unsettling," others view it as a strategic move. Yuga Labs is yet to issue an official statement regarding this development.  

OpenSea Sees Significant Drop in Monthly NFT Sales

In April, OpenSea's monthly NFT sales plunged to a multi-month low of $82 million, down by over 40% since the start of the month. This decline stems from a 22% decrease in active users, totaling 63,339, and a 48% year-to-date drop. Consequently, the platform witnessed the lowest NFT sales count of 110,000 in 25 days, the lowest since June 2021. 

Additionally, primary transaction fees amounted to $2.8 million, and royalties stood at $1.9 million. Contrastingly, despite having fewer users, the NFT marketplace Blur demonstrated a higher trading volume, with 79% of NFT transactions completed in a week executed on Blur, outpacing OpenSea at 21.3%.

Alien Punk CryptoPunk #635 Fetches $12.38 Million

A rare Alien Punk CryptoPunk #635 was sold for an impressive $12.38 million worth of Ethereum, emphasizing the ongoing high-value transactions within the CryptoPunks collection. This sale, facilitated by Fountain, joins recent multi-million dollar sales of Alien Punks, showcasing the sustained demand for these digital assets. 

While CryptoPunks remain a valuable and culturally significant NFT collection, the broader NFT market has shown a contrast in performance, with other popular collections like Bored Ape Yacht Club experiencing significant price declines. Despite market fluctuations, CryptoPunks continue to attract record-breaking sales and maintain their status as prized digital artifacts.  

"Buy Bitcoin" Notepad Sells for Over $1 Million

In 2017, Christian Langalis photobombed Janet Yellen with a "Buy Bitcoin" notepad, now sold for over $1 million. The auction concluded at the Pubkey Bar in NYC, where the highest bidder, "Squirrekkywrath," secured the iconic sign for 16 BTC, valuing over $1 million. Langalis' impromptu act during Yellen's televised congressional testimony led to a 3.7% surge in Bitcoin's price. 

Since then, Bitcoin has seen a remarkable 2,631% increase, reaching $73,750 in March 2024 from $2,700 in July 2017, signifying its enduring allure in the crypto market. This rare physical artifact symbolizes Bitcoin's influence in the global monetary landscape.  

This article has been refined and enhanced by ChatGPT.

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