Crypto Takes A Tumble 🔴
Crypto Takes A Tumble 🔴
April 2024 starts with a sea of red for crypto. SBF didn't think he was doing something illegal, really? $100M recovered from hackers in March. Solana-based Telegram trading bot Solareum shuts down.
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This is The Token Dispatch 🙌 you can hit us on telegram 🤟
Bitcoin is back at $65k (from $71K).
ETH at $3,311.
And, over half a billion dollars in crypto positions got liquidated.
Major exchanges like Binance and OKX saw the most carnage.
Bitcoin ETFs feeling the chill: A net outflow of $85 million occurred, with Grayscale's Bitcoin Trust (GBTC) taking a big hit ($302 million).
A Sign Of Altcoin Season?
Bitcoin’s total crypto market share has fallen from its post-FTX high of 55% to to 47%. Altcoin market cap has been rising during the same period.
And memecoins are back in the spotlight with rising leverage in the market.
Decentral Park Research Weekly Report
BTC dominance has been on a declining trend since March, dropping from the post-FTX high of 55% since the beginning of March . Meanwhile, the Altcoin market cap has been rising during the same period. BTC dominance was around 70% during the last halving in May 2020 and 90% in 2016. As the crypto market continues to expand, it’s likely that the peak BTC dominance level will continue to decrease. Therefore, this cycle’s peak could be around 50-60%, indicating that we may have entered the early stage of an Altcoin season as the BTC dominance trends toward its potential peak level.
But, $150,000 by Year-End?
Mark Yusko, CEO of Morgan Creek Capital Management, is predicting that BTC will hit $150,000 by the end of 2024, fueled by the upcoming Bitcoin halving.
Buffett Is In?
Warren Buffett, Bitcoin's biggest critic, might be indirectly embracing crypto after all.
Buffett's company, Berkshire Hathaway, scored big with their investment in Nu Holdings, a Brazilian fintech giant.
Nu Holdings launched a crypto trading platform, Nucripto, in 2022.
Block That Quote 🎙️
FTX CEO Sam “SBF” Bankman-Fried.
‘I never thought what I was doing was illegal’
Believe him, will ya?
In a recent email interview with ABC News, he claims he's remorseful about the consequences of his actions but maintains his innocence.
While acknowledging "bad decisions," he avoids direct responsibility for the FTX collapse, which devastated investors.
Binance Appoints its Inaugural Board Of Directors
Binance has taken a major step towards increased transparency by establishing its first-ever board of directors, according to Bloomberg News.
The seven-member board includes:
Internal members: CEO Richard Teng and three other executives - Heina Chen, Jinkai He, and Lilai Wang.
External members:
Gabriel Abed, a former diplomat with experience in the UAE.
Arnaud Ventura, a serial entrepreneur.
Xin Wang, an M&A advisor and CEO of Bayview Acquisition Corp.
In the Numbers 🔢
$100 million
The amount recovered from hackers in March.
Blockchain security firm PeckShield reports that over half ($98.8 million) of the nearly $100 million stolen in March attacks was actually recovered.
Over 30 hacking incidents occurred in March, leading to a total loss of $187 million.
52.8% of those stolen funds were retrieved.
Notable Hacks
Munchables: the play-to-earn game suffered the biggest hack (and recovery). Hackers initially made off with $62 million in crypto and then returned all the stolen funds.
Curio: Loss of $40 million. Negotiations are ongoing with the attacker, so a recovery might be possible.
Prisma Finance: A potential "white hat rescue" situation, with the hacker returning some or all of the stolen $11 million.
NFPrompt: Hackers Stole around $10 million.
WOOFi: Suffered losses of about $8.5 million.
What's Up In Telegram?
Popular Solana-based Telegram trading bot Solareum is throwing in the towel after a security breach that drained over $520,000 worth of SOL tokens from 300+ users.
Telegram is opening its wallet, offering channel owners a sweet 50% share of ad revenue.
You can earn crypto (Toncoin) for having a popular channel with at least 1,000 subscribers.
Ads will appear in your channel, relevant to your content (no more spam!).
The Surfer 🏄
BNB Chain is offering a $1 million reward to attract memecoin developers. The campaign, called "Meme Innovation Campaign," aims to accelerate the growth of memecoins on BNB Chain. Developers can apply to participate and deploy their tokens on the network from April 10 to May 9.
Crypto.com is setting up shop in South Korea. They're launching their platform later this month, replacing the recently acquired local exchange OK-BIT. Launch Date: April 29, 2024. Target Audience: Retail investors.
Coinbase and Circle are challenging the Basel Committee on Banking Supervision's proposed requirements for stablecoins. Coinbase expressed disappointment in the committee's approach, stating that many requirements are not based on the risk to banks.
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