Home CryptocurrencyAltcoin Hodler's Digest, April 7-13 – Cointelegraph Magazine

Hodler's Digest, April 7-13 – Cointelegraph Magazine

by SuperiorInvest

This week's featured stories

SEC Issues Wells Notice to DeFi Protocol Uniswap

The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to the Uniswap decentralized exchange (DEX) on April 10. A Wells notice is a formal indication from the SEC that it plans to recommend enforcement actions. The SEC has been investigating Uniswap Labs, the main developer behind Uniswap, since 2021. In response to increasing regulatory scrutiny, the platform previously delisted several tokens. The native DEX token, Uniswap (UNI), fell 10% in the hours following the news, hitting a six-week low.

Technical charts suggest intense alt-season could be ahead: analysts

The famous “alt season” of cryptocurrencies could arrive very soon, according to market analysts. On April 11, pseudonymous trader and analyst Rekt Capital noted that altcoin market capitalization “has been the only constant” despite the ups and downs of Bitcoin's price in recent weeks. He has been steadily retesting the $315 billion level as support for weeks, he added. Historically, altcoin price appreciation lags behind Bitcoin, and charts like altcoin market cap and Bitcoin dominance can provide traders with some signals as to when altcoins may be entering their own bull season.

BTC Halving to Drive 'Crypto Asset Sell-Off' – Arthur Hayes

Bitcoin's April halving, combined with a “bag of tricks” from the US Federal Reserve and Treasury Department, will “add propellant to a furious sell-off in crypto assets” and depress the cryptocurrency market for weeks says BitMEX co-founder Arturo Hayes. In an April 8 blog post, Hayes wrote that he believed the Bitcoin halving would “inflate prices in the medium term,” but warned that cryptocurrency prices “directly before and after could be negative.” Hayes believes the halving also comes at a time when “dollar liquidity is tighter than usual” and outlined his theory on how U.S. Federal Reserve and Treasury policies impact the markets.

Sam Bankman-Fried asks to remain in Brooklyn prison to appeal

Former FTX CEO Sam “SBF” Bankman-Fried, recently sentenced to 25 years in federal prison, asked a judge to allow him to remain temporarily incarcerated in the New York City area instead of California. According to the legal team, SBF wanted to remain in the Brooklyn prison to “facilitate access to his appellate attorney” as part of his expected appeal of his conviction and sentence. Some legal experts have also suggested that the former FTX CEO could have years of prison time reduced for good behavior.

FTX Co-CEO Salame's Sentencing Moved to Late May

Sentencing for former FTX co-CEO Ryan Salame has been rescheduled for May 28, according to a filing in the Southern District Court of New York. Salame was one of four senior FTX managers charged by the US government, along with Sam Bankman-Fried, in connection with the collapse of the cryptocurrency exchange. Salame pleaded guilty to federal charges related to the FTX debacle. Additionally, he faces charges of campaign finance violations related to his girlfriend Michelle Bond's failed bid to represent New York's First District in the House of Representatives. Salame is free on $1 million bail.

Winners and losers

At the end of the week, Bitcoin (btc) I sat down $67,683Ether (ETH) in $3,273 and XRP in $0.54. The total market capitalization is $2.46 trillion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoins winners of the week are Neo (NEO) at 25.93%, Toncoin (TON) at 24.51% and Red Nervos (CKB) at 23.08%.

Top three altcoin losers of the week are Core (CENTER) at -38.99%, wormhole (W) at -38.71% and Uniswap (UNI) at -28.98%.

For more information on cryptocurrency prices, be sure to read Cointelegraph's market analysis.

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Most memorable quotes

“We expect persistent inflation and unsustainable budget deficits to contribute to continued demand for store-of-value assets, such as Bitcoin.”

Zach Pandlgeneral director of research at Grayscale

“Banks will become stablecoins […] and they will push for stablecoin legislation and make it a reality along the way.”

Ryan Sean Adamscrypto investor

“There is a lot of maturation to happen. A lot of technology will be developed on-chain, so there is a long way to go.”

Jan van EckCEO of VanEck

“Today's Wells notice against Uniswap is disappointing, but not unexpected from this SEC.”

Marvin AmmoriUniswap Chief Legal Officer

“Bitcoin now has a place at the table alongside gold, farmland and other alternative assets. If we go back five years, there is no chance that Bitcoin will even make the first cut for consideration. “That is great progress.”

Lucas KieliChief Investment Officer at Yield App

“The narrative that the halving is positive for cryptocurrency prices is well established. When the majority of market participants agree on a certain outcome, the opposite typically occurs.”

Arturo Hayesco-founder of BitMEX

Prediction of the week

Bitcoin Derivatives Metrics Suggest $70,000 Is Here to Stay

Since March 25, Bitcoin has struggled to maintain its value above the $71,000 mark, a trend that some may see as a sign of bearish momentum. However, insights from the BTC derivatives market reveal a more stable environment, as the previous atmosphere of unbridled optimism has noticeably diminished.

Currently, Bitcoin is finding it difficult to stay above the $70,000 threshold. However, some analysts believe that recent US inflation figures – which show unexpected resilience – and the US government's unsustainable fiscal trajectory create an ideal context for investing in scarce assets.

Bitcoin critics suggest that the S&P 500 index's recent drop from its all-time high of 5,265 on March 28 may indicate an upcoming economic recession. Given the strong correlation between Bitcoin and the stock market, which has exceeded 80% in the last month, the price of Bitcoin could initially fall if the problems in the stock market continue.

Data from the past few weeks shows that puts have consistently been outperformed by calls, with a significant average volume disparity of 35%. This indicates less demand for protection against a price decline, an intriguing trend considering Bitcoin's multiple tests of the $64,500 support level in early April.

FUD of the week

Ether ETFs 'likely to be rejected' in May: VanEck CEO

The CEO of investment firm VanEck said the US Securities and Exchange Commission is unlikely to approve spot Ether exchange-traded funds (ETFs) in May. In an interview with CNBC, Jan van Eck said his firm's Ethereum spot ETF application “will likely be rejected.” He noted that VanEck was the first to apply for a spot Ether ETF in the United States along with Cathie Wood's ARK Invest, both of which are awaiting a final decision on May 23 and 24, respectively.

Mango Markets heist is like fake diamond ring scam: Prosecutor

Prosecutors have accused Avraham “Avi” Eisenberg of running a $110 million fraudulent exploit on the Solana decentralized exchange Mango Markets, likening it to a fake diamond ring scam. During opening arguments in federal court in Manhattan, Assistant U.S. Attorney Tian Huang called Eisenberg's actions on Oct. 11, 2022, fraud and market manipulation. In contrast, Eisenberg maintained that his trading strategy was highly profitable and legal, and emphasized that it involved genuine open market actions. His defense noted that Eisenberg had risked $13 million of his own money, which he could have lost entirely if the trade had not been successful.

Former Ethereum Advisor Files $9.6 Billion Lawsuit Against US Government

Steven Nerayoff, an early Ethereum advisor, has filed a lawsuit against the US government, alleging unfair charges and mistreatment by federal agents between 2019 and 2023. He is seeking $9.6 billion in damages, stemming from of a racketeering case against him that was dismissed in May 2023. Nerayoff has accused some federal agents of knowingly filing unfounded charges, engaging in harassment, intimidation and even fabricating evidence. He maintains that the damage to his reputation and his businesses justifies suing under the Federal Tort Claims Act.

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Top magazine articles of the week

1 in 6 new Base memecoins are scams, 91% have vulnerabilities

Are you trying to get the memecoin jackpot trading tokens on Base? A honey or rug pull is more likely to occur.

Filecoin staking platform destroyed, Matrixport says 'ETH short': Asia Express

Betting platform Filecoin disappears after Chinese police heist, Matrixport bets against ETH, HashKey gets retail license in Hong Kong, and more.

Kain Warwick, founder of Synthetix: It's DeFi that's wrong, not the market

Synthetix founder Kain Warwick has a bold plan to make DeFi as easy as using an exchange.

The editorial staff

Cointelegraph magazine writers and reporters contributed to this article.

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