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- Bitcoin, Ethereum, Cosmos and more Week 10 2024
Bitcoin, Ethereum, Cosmos and more Week 10 2024
All things crypto, web3 and blockchain across all the Coin Clubs
TLDR: Bitcoin Reach All-time High, The BlackRock Bitcoin ETF Overtakes MicroStrategy, The SEC Delays Spot Ethereum ETFs, Arbitrum's $2.2B Token Release, Injective inEVM Goes Live & Memecoins Join The U.S. Presidential Race.
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Market & Airdrop Update
Before we dive in, make sure to check out our recent Market and Airdrop update:
Bitcoin Highlights of the Week
Will BTC sustain its momentum? Bitcoin saw a surge this week, reaching all-time highs twice, with each peak followed by swift corrections. Following the first ATH, the cryptocurrency dipped to around $59k before bouncing back and surpassing $70k on Friday.
MicroStrategy is poised to raise $600 million to facilitate further Bitcoin purchases, solidifying its position as the largest corporate holder of the cryptocurrency. The funds will be acquired through senior convertible notes, which are set to mature in March 2030, unless repurchased, redeemed, or converted earlier in accordance with their terms.
BlackRock's spot Bitcoin exchange-traded fund (ETF) surpassed MicroStrategy’s Bitcoin holdings. BlackRock's IBIT currently holds 197,943 Bitcoin, valued at over $13.5B as of March 8. MicroStrategy holds 193,000 bitcoin.
The SEC delays its decision on allowing options trading for spot Bitcoin exchange-traded funds (ETFs). This move potentially impacts institutional investment in Bitcoin. The delayed decision is due April 24.
The Arizona State Senate is presently assessing a Bitcoin ETF proposal. The proposal entertains the investment portfolios of the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS). The proposal recommends that these retirement systems consider the possible integration of Bitcoin ETFs into their investment strategies.
Ethereum Highlights of the Week
The U.S. SEC postpones its decision regarding the approval or rejection of BlackRock and Fidelity's spot Ether ETFs. This delay follows the regulator's initial postponement of the crypto ETF applications in January, which occurred shortly after approving a selection of spot Bitcoin ETFs for launch. The SEC has the option to delay its decision up to three times.
Pantera Capital is in the process of raising funds to purchase $250M worth of SOL. This development holds significance as it provides Solana with a notable endorsement. Having an entity like Pantera onboard adds credibility to the platform. Following this news, $SOL has surged by +15%.
A Uniswap Foundation proposal to amend Uniswap's community governance has cleared a temperature check vote with unanimous approval. The proposal entails modifying the protocol's fee structure to incentivize users who delegate and stake their UNI tokens, advancing to an on-chain vote stage.
The restaking protocol EigenLayer has exceeded the total value locked (TVL) of Aave, becoming the second-largest protocol by TVL. This occurred following EigenLayer's temporary removal of deposit caps on its network. As of the latest update, EigenLayer's TVL stands at $11.2B, surpassing Aave's TVL of $10.7B.
In a few days, approximately $2.2B worth of ARB tokens, constituting 76% of the current circulating supply, will be unlocked. This marks one of the largest crypto releases in 2024. These tokens will be distributed to the team and investors.
Cosmos Highlights of the Week
Wormhole, the token bridging service, announced its intention to launch a W token. Wormhole further commits to distribute 617 million tokens, equivalent to 6% of the total token supply, to previous users in an airdrop.
Injective inEVM has been deployed on mainnet. This marks the debut of the inaugural rollup tailored to enhance concurrent VM development. This innovation empowers Ethereum developers to construct dApps with rapid processing speeds and minimal transaction fees, fostering composability across both WASM and EVM environments.
Having been part of the Dymension RollApp family for the past four months, Aigisos has put forth a proposal for a mainnet RollApp on the Dymension governance forum.
Evmos is now more accessible than ever with the addition of Leap and Rabby wallets. Evmos have expanded wallet support to provide a wider range of options for accessing their network.
The FairBlock Public Testnet is officially live after a grant from Atom Accelerator. FairBlock introduces the FairyRing chain, which empowers Cosmos developers with programmable privacy features. Next, it will expand to the Arbitrum, Optimism, and Celestia ecosystems, offering enhanced privacy solutions.
Other Highlights of the Week
In the ongoing international legal saga involving Terra founder Do Kwon, a new development emerged. Initially slated for extradition to the U.S., a court in Montenegro altered course, accepting Kwon's latest appeal and ruling for his extradition to South Korea after March 23rd.
The meme coin market experienced an unexpected surge. This surge was propelled by a coin named after U.S. President Joe Biden, $BODEN. $BODEN delivered remarkable returns for investors in its first days of trading.
Worldcoin encountered a setback when Spain, joining a growing cohort of skeptics, opted to temporarily ban the currency due to data and privacy apprehensions. This move mirrors the global concern over the handling of sensitive biometric data. Responding to the ban, Worldcoin filed a lawsuit alleging that it circumvented EU regulations and disseminated misinformation.