Top Crypto Stories This Week: From HK's Weak ETF Launch to CZ's Weak Prison Sentence
A significant week for Hong Kong, which saw the launch of its highly anticipated crypto ETFs. But despite the fanfare, transaction numbers on debut day disappointed the market. Hitting just $12 million in trading volume, inflows paled in comparison to the US' $4.6 billion first day.
Speaking of disappointing numbers, Binance co-founder Changpeng Zhao also faced the music this week but danced to the tune of only 4 months behind bars, shy of the 36 anticipated. His secret? Simply being a nice guy, apparently.
Do Kwon's Terraform Labs are trying their luck too. The LUNA firm hasn't warmed to the idea of paying $5.3 billion in penalties to the United States Securities and Exchange Commission (SEC). $1 million is more a number they're willing to part with. But is Do Kwon as nice a guy as CZ? As long as he's not as bad as Sam Bankman-Fried...
Meanwhile, earnings season is upon us, with many crypto-related firms reporting positive numbers in the aftermath of the market's rally over the past few months. Luckily for them, the recent Bitcoin crash (dare we call it that?) to sub-$60K has come too late to affect their Q1 earnings.
Indeed, both Bitcoin and Ethereum have slipped (crashed) this week. Bitcoin has fallen almost 6% while Ethereum has dropped over 8%.
Risk appetites on the Fear & Greed Index have fallen from 70, "Greed" to 48, "Neutral."
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But what happens next? Bitcoin's recent drop may have unnerved investors but luckily for you, Blockhead's brn is here to serve:
"Whether this is a buying opportunity depends on your individual risk tolerance and investment horizon. Short-term volatility exists, and near-term price predictions remain unclear. As the $58,000 mark was an important support level, BTC/USD could dip as low as $52,000. While some analysts believe the recent selling may have subsided, we think further short-term volatility is likely. Investors seeking immediate gains may want to exercise caution," a brn analyst stated in a recent report.
For more analysis, subscribe to brn for early access. Ahead of the launch, newsletters featuring detailed insights will be free.
Hong Kong Bitcoin, Ethereum ETFs Kick Off With Weak Start
Hong Kong's Bitcoin and Ethereum ETFs have debuted but to a rather disappointing start.
Hype for the products rapidly intensified over the month as rumours quickly turned into reality. Ever since the US approved Bitcoin ETFs in January, eyes in Asia have been watching Hong Kong closely.
Changpeng Zhao's Four Months: How CZ Wormed His Way Out of a Real Sentence
Changpeng Zhao (CZ) has finally been sentenced. But with a jail time of nine times less than prosecutors had hoped for, is the Binance founder's sentence of just four months justified? More importantly, how did the international criminal avoid a lengthier sentence?
Terraform Labs Not Keen on SEC's $5.3B Penalty, Wants to Pay $1M Instead
Earlier this month, the US regulator requested $4.7 billion from Terraform Labs and Do Kwon's disgorgement and prejudgment interest. Additional civil penalties of $420 million and $100 million respectively were being sought respectively.
In an April 26 filing in U.S. District Court for the Southern District of New York, Terraform Lab's legal team instead suggested a maximum penalty of $1 million, stating the figure is “far more appropriate” than the SEC’s $5.3 billion.
Cake Group CTO Went "Too Far", Singapore Court Dismisses Wind-Up Bid
The Singapore High Court has dismissed an application from Cake Group CTO and co-founder, U-Zyn Chua, to wind up the company.
Judicial Commissioner Alex Wong said that it was inappropriate for Chua to seek liquidation and there were no grounds for shutting down the firm.
BlackRock Now Has Biggest Tokenized Treasury Fund, Leads Securitize Funding Round
BlackRock's BUIDL fund is now the largest tokenized treasury fund, knocking off Franklin Templeton from the top spot. Last week, the fund grew by $70 million and now has $375 million of deposits, representing 30% of the market since its debut on 21 March.
Franklin Templeton's Onchain US Government Money Fund (FOBXX) slipped to $368 million in assets under management (AUM) over the same period due to minor outflows.
Bitcoin Miner Riot Platforms Reports Record 1,000% Q1 Net Income Increase
Bitcoin mining firm Riot Platforms reported a company record for net income in Q1 2024 but failed to meet analysts' expectations for revenue.
In its most recent earnings announcement, Riot's net income came in at a record $211.8 million, marking a 1,000% increase from the same time last year.
Tether Reports Monster Q1 Profit, Net Equity Tops $11 Billion
In a sign of continued financial strength, stablecoin issuer Tether has announced a record-breaking profit of $4.52 billion for the first quarter of 2024 – a 61% increase from the previous quarter.
This impressive performance is accompanied by significant growth in Tether's reserves, which now exceed $90 billion, according to an announcement on Wednesday.
MicroStrategy Posts Loss Because of Bitcoin But Buys More Anyway
MicroStrategy has posted a Q1 loss due to an impairment charge against the value of its Bitcoin holdings.
The business intelligence firm reported a net loss of $53.1 million as a result of its $191.6 million digital asset impairment loss, which increased 10x from the previous year. Revenue fell 5.5% compared to the same quarter last year, reaching $115.2 million.
Where Have the Crypto Bulls Gone?
The euphoria of ETFs is cooling after the halving, with the latest data showing Bitcoin funds suffer their worst pullback in the 71-day boom run.
Blackrock's Bitcoin ETFs saw an outflow for the first time since it was approved by the SEC in January but why?
Bitcoin Spot ETFs to Launch on Top Aussie Exchange in 2024
Australia is set to launch a wave of Bitcoin ETFs on its top exchange by the end of this year.
Issuers including VanEck Associates and Sydney-based BetaShares Holdings have applied for listings with the Australian Securities Exchange (ASX). The exchange, which handles 80% of the country’s equity trading, is expected to approve the crypto ETFs by the end of 2024.
Blockcast EP 24 | How to (Not) Get a Job in Crypto - Randstad Associate Director, Rumi Mohd, Reveals Web3 Recruitment Secrets
With over 8 years in Web3 recruitment, Randstad Associate Director, Rumi Mohd, has seen it all. From ruthless mass layoffs to ambitious mass hirings, Mohd helped countless candidates rotate within the industry over the years.
Join us as Mohd reveals what it takes for candidates to survive in the Web3 workforce, as well as offering guidance for newcomers to the market. Mohd is a passionate leader in talent recruitment and employer consultancy services at Randstad Singapore, specialising in the sales, marketing, and communications industries.