Crypto Weekly 04-07-2024

Apr 07, 2024

Crypto weekly is co-authored by @serdave


- Crypto Market Cap ($2.7T): -3% / +53%  
- BTC ($69,252): -2% / +63%  
- ETH ($3,425): -5% / +50%  
- SOL ($179): -9% / +75%  
- UNI ($11.33): -13% / +55%  
- MATIC ($0.92): -9% / -6% 
- Tether Mkt Cap ($107B): +2% / +17%  
- USDC Mkt Cap ($33B): +2% / +34%  
- BTC / ETH Dominance: 50% / 15%




- The FTX bankruptcy estate sold $2.6 billion SOL for $64 a token to a group of buyers. The tokens are locked up with a vesting schedule over 4 years. Link. Link.

- The price of Bitcoin fell from $71,000 to $66,000 early Tuesday morning, causing over $400 million in liquidations. The sell-off occurred on the back of high inflation readings and the Fed opting not to lower rates, as well as cooling interest in spot ETFs. Link. Link

- Solana experienced a high rate of failed transactions this week, peaking at 75% on Wednesday, due to a 10x increase in users and trading bots. Link. Tweet

- Cumulative trading volume on Uniswap surpassed $2 trillion this week. Link. Dashboard

- PayPal’s Xoom cross-border money transfer service now allows customers to send funds abroad for free using its PYUSD dollar-pegged stablecoin. Link. Press Release

- Terraform Labs and its CEO Do Kwon were found liable for fraud in the US government’s lawsuit over the $40 billion collapse of UST and Luna in 2022. Kwon is in Montenegro awaiting competing extradition requests from the US and South Korea. Link. Link. Link

- Volumes on centralized exchanges doubled to more than $2.5 trillion in March, the highest level since November 2021. Volumes are still 40% below the May 2021 peak of $4.2 trillion. Link

- The Bank of England is launching a “digital sandbox” to allow digital asset firms to test new products and services with real customers under modified financial rules, while a broader regulatory framework is developed. Link

- Goldman Sach’s CIO said in an interview that the firm does not believe in crypto, and does not view it as an investment asset class. Link. Link

- A US appellate court overturned a decision to dismiss a class action lawsuit against Coinbase due to an outdated user agreement that was cited. Link. Link

- Bankrupt crypto lender Genesis received permission to sell 36 million shares of GBTC to purchase over 32,000 BTC, worth over $2.1 billion. Link

- Sony Bank, the financial arm of Sony, will begin testing a stablecoin proof-of-concept on Polygon. The Japanese conglomerate filed multiple patents related to NFTs for in-game assets last year. Link

- Google is suing two developers for putting 87 different fraudulent crypto investment apps on the Google Play store. Link

- Ripple, the company behind XRP, announced plans for a US dollar pegged stablecoin. A launch date was not provided. Link. Link. Link

- Crypto venture fund Paradigm is in talks of raising $850 million for its latest fund. Link.

- A proposed bill in Paraguay would place a 180 day temporary ban on mining crypto in the country, an effort to fight the country’s growing energy crisis. Link

- Binance announced its NFT marketplace will no longer support Bitcoin NFTs. Link

- The Reserve Bank of India will allow non-bank payment providers like Google Pay to integrate the e-rupee through CBDC wallets. An earlier pilot restricted access to the e-rupee to banks, resulting in low transaction volumes. Link.